Graphano Reports 23 Metres Grading 8.91% Cg and Significantly Extends Zone with Trenching Program at the Standard Mine Project

Vancouver, June 14, 2023 - Graphano Energy Ltd. (TSXV: GEL) (OTCQB: GELEF) (FSE: 97G0) ("Graphano" or the "Company") is pleased to announce that all assay results from the 2023 spring trenching program at the historical Standard Mine Project have been received.

Graphano owns a 100% interest in four graphite properties in the Lac-Aux-Bouleaux ("LAB") mine region - all are within trucking distance to allow for the Company's resource consolidation strategy to feed a centralized processing plant at LAB. The historical resource at LAB, the recently announced Zone 3 discovery at LAB (news release dated February 8, 2023) and continued exciting results from the Standard Mine Project re-enforce the economic potential of this consolidation strategy.

Luisa Moreno, Chief Executive Officer of the Company, stated: "We are delighted with the consistently strong results at the Standard Mine Project, with the high-grade intersections from the surface. These results strengthen the short-term production potential of the historical Standard Mine site. Being in a graphite mining district with strong projects and immediate proximity to clean power, paved roads and water, Graphano is set to become a source of graphite for Western battery manufacturers."

The spring trenching program at the Standard Mine Project has intersected very significant graphite mineralization and successfully extended the mineralized zone by more than a 225-metre length. Trenching and drilling completed to date have discovered three major zones of mineralization which have been tested from surface to a maximum vertical depth of approximately 60 metres locally and remain open in all directions for further expansion (see Figure 1). The mineralized zones have an interpreted combined length of more than 1,300 metres.

Key Highlights (See Full Trench Assay Results in Table 1)

• Three major zones of graphite mineralization defined to date;
• The trenching program successfully extended the length of the graphite mineralized zones by more than 225 metres (m). Combined length now more than 1,300 m;
• One hundred-fifteen samples were collected from nine trenching locations, yielding the following highlight results:
  • NW Gf Trend: TR23-25, returned 8.91% graphitic carbon (Cg) over 23 m, including 12.09% Cg over 14 m and a second zone assaying 10.87% Cg over 6 m;
  • Hole 13 Gf Trend: TR23-26 returned 15.17% Cg over 7 m and a second zone of 15.30% Cg over 6 m;
  • SE Gf Trend: TR23-23 returned 8.6% Cg over 3 m, 4.62% Cg over 4 m and 10.01% Cg over 3m. TR23-27 assayed 10.27% over 3 m

(Note: All assay lengths reported have not been converted to the true width as noted in Table 1).

Figure 1 - Map with the location of the trenches and drill holes at the Standard Project

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A total 111 channel samples and four grab samples were collected from nine separate trenches during the 2023 spring program. Each channel sample from the trenching work was 100 cm long, 5 cm wide and 3-5 cm deep cut in bedrock.

All grab and channel samples were bagged and tagged using best practices and were delivered to Activation Laboratories ("ACTLABS"), Ancaster, Ontario, for sample preparation and analyses using laboratories' Code 4F-C Graphitic, analyzing C-Graphite (infrared) where the sample is subjected to a multistage furnace treatment to remove all forms of carbon with the exception of graphitic carbon; and C-Total (infrared). ACTLABS is an independent commercial, accredited ISO Certified Laboratory.

Table 1 - Surface Trenching Results

Notes:

UTM Nad 83, Zone 18:

All channel samples were taken perpendicular to the intrepreted strike of the mineralization

1. Mineralization in trenches TR 23-23, TR 23-25 and TR 23-26 is shallowly dipping to the southeast at ~30 deg. Thus the estimated true thickness is ~ 50% of the channel sample length (Ex. 23 m channel length = ~ 11.5 m true thickness.)
2. Mineralization in trench TR 23-27 is moderately dipping to the west at ~40 deg. Thus the estimated true thickness is ~ 64% of the channel sample length.
3. Mineralization in trenches TR 23-22, TR 23-24 & 24B, TR 23-28, and TR 23-29 require further work and mapping to establish a true thickness.

Qualified Person

The scientific technical content disclosed in this press release was reviewed and approved by Roger Dahn, B.Sc., P.Geo., a director of the Company and a "Qualified Person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), who has provided the technical information in this press release, and by Mr. Martin Ethier, Géo (#1520), who is a Member of the Order of Geologists of Québec and also a "Qualified Person" under NI 43-101.

About Graphano Energy

Graphano Energy Ltd. is an exploration and development company that is focused on evaluating, acquiring and developing energy metals resources from exploration to production.

Graphite is one of the most in-demand technology minerals that is required for a green and sustainable world. The Company's Lac Aux Bouleaux property, situated adjacent to Canada's only producing graphite mine, in Quebec, Canada, has historically been an active area for natural graphite. With the demand for graphite growing in some of the most prominent and cutting-edge industries, such as lithium batteries in electric cars and other energy storage technologies, the Company is developing its project to meet the demands of the future.

ON BEHALF OF THE BOARD OF DIRECTORS

Luisa Moreno
Chief Executive Officer and Director
E: info@graphano.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements:
This news release contains certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein, without limitation, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements in this news release relate to, among other things, a centralized processing plant at LAB and the Company's ability to become a future source of graphite. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Graphano, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, risks associated with possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of exploration results, and the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans. These risks, as well as others, are disclosed within the Company's filing on SEDAR, which investors are encouraged to review prior to any transaction involving the securities of the Company. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Graphano does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.

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