Graphano Energy Ltd. reported initial assay results from the 2023-24 winter drilling program on Zone 3 at its 100% owned Lac Aux Bouleaux Graphite ("LAB") Property in Quebec. Zone 3, discovered by Graphano in 2022, represents a highly prospective mineralized trend defined by surface trenching and drilling over an approximate strike length of 500 metres. The primary focus of the drilling program was on graphite zone expansion to enlarge the "footprint" of mineralization in support of the Company's ongoing Mineral Resource estimation work at both the LAB and the Standard Mine projects. All holes intersected significant graphite mineralization. The mineralization remains open in both the strike and dip directions for continued expansion. The five drillholes totaling 356 metres reported in this update were drilled as step-outs to extend mineralization and to confirm structural interpretations of Zone 3. Mineralization is interpreted to occur within a near surface, synformal fold structure trending to the northeast. The drilling suggests the multiple graphite horizons are locally folded and structurally thickened which can enhance the potential for economic extraction. Holes LB23-60, 61 and 63 were drilled to evaluate the northern limb of the fold structure and holes LB23-62 and 64 the southern limb. All holes intersected significant graphite mineralization. The mineralization remains open in both the strike and dip directions for continued expansion. Further assay results are expected to be released from the LAB Zone 3 drilling in the coming weeks. Select samples from the 13 holes drilled from LAB were submitted for assay analysis. A total of 1,034m 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 assurance and quality control (QA/QC) purposes.