Graphano Expands Eastern Graphite Trend with Notable Near-Surface Mineralization Results at Standard Mine Graphite Project

Vancouver, February 29, 2024 - Graphano Energy Ltd. (TSXV: GEL) (OTCQB: GELEF) (FSE: 97G0) ("Graphano" or the "Company") is pleased to report the final assay results from the 2023-24 winter drilling program at its 100% owned Standard Mine Project ("Standard"). The primary focus of the drilling program was on graphite zone expansion, following up on the excellent results from the 2022-23 trenching and drilling programs.

Luisa Moreno, Chief Executive Officer of the Company, stated: "Leveraging the conclusive results from our winter drilling program at Standard, we are pleased to announce the identification of a promising sector of near-surface mineralization on the northern extension of our Eastern Trend. The assay results underscore the expanding potential of our graphite zones. This successful exploration sets the stage for our ongoing Mineral Resource estimation work and positions us strategically for continued expansion in 2024."

The four drill holes reported in this update were drilled as step-outs to extend mineralization along the Eastern Trend by an additional 250m strike length. The Eastern Trend has now been tested by trenching and drilling, at shallow depths over an approximate 500m strike length. The mineralization remains open in both the strike and dip directions.

Key Highlights from the Eastern Graphite Trend (See Full Results in Table 1)

Current Holes - North Extension

• Drill Hole ST23-31 intersected 6.09% graphitic carbon (Cg) over 13.06 metres (m) starting at 20.33m drilled depth, including 11.32% Cg over 4.47m at 20.33m drilled depth; and

• Drill Hole ST23-24 intersected 5.60% Cg over 4.75m at 52.96m drilled depth.

Previous Holes - South Extension

• Drill Hole ST23-26 intersected 9.79% Cg over 18.84m starting at 72.39 m drilled depth; and

• Drill Hole ST23-17 intersected 11.88% Cg over 13.32m at 28.61m drilled depth, including 14.44% Cg over 8.68 m at 31.13m drilled depth.

(Note: All intersections reported are based on drilled width and have not been converted to the true width. True widths are not currently known.)

Holes ST23-24, 28, 30 and 31 evaluated the northern extension of the Eastern Trend. Assay results from the four holes are presented in Table 1 and drill hole locations in Figure 2. The northern most holes of the program, ST23-24 and 31, both encountered significant graphite mineralization, with hole ST23-31 grading 6.09% Cg over a 13.06m down-hole thickness. These encouraging near surface results highlight the considerable untested potential at Standard. Further exploration is warranted to follow-up this new sector of mineralization on the property.

Table 1 - Drill Hole Results

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

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Select samples from the 17 holes drilled from Standard were submitted for assay analysis. A total of 1,991m were drilled during the program. All drill core samples were sampled, stored and shipped using industry 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. The core sample program also included field duplicates, blanks and a graphite standard sample for quality control and quality assurance (QA/QC) purposes.

Qualified Person

This news release has been 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"). Matthew Harrington, P.Geo of Mercator Geological Services Ltd. and an "Independent Qualified Person" as defined in NI 43-101, has reviewed and approved the scientific and technical information disclosed in this news release.

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, graphite zone expansion at Standard, ongoing mineral resource estimation work, and further advancing the Company's projects. 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, 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, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects. These risks, as well as others, are disclosed within the Company's filing on SEDAR+ at www.sedarplus.ca, the Canadian Securities Administrators' national system that all market participants use for filings and disclosure, 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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