Graphano Energy Ltd. reported initial 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. Graphano owns a 100% interest in four graphite properties, which are all within trucking distance of the former mine and mill site at the Company's Lac-Aux-Bouleaux Project ("LAB"). Graphano has a deposit consolidation strategy to feed a centralized processing facility at LAB.

The continued exciting results from Standard, historically defined graphite mineralization at the LAB Pit Zone, and the new 2023 Zone 3 discovery also at LAB reinforce the economic potential of this consolidation strategy. The six drill holes reported in this update were drilled as step outs to extend the mineralization discovered by Graphano in early 2023 (holes ST23-10 & 11) on the eastern graphite trend at Standard. Holes ST23-17, 25 and 26 indicate a northwesterly dipping mineralized zone averaging 14 m in drilled thickness.

Holes ST23-32, 18 and 29 evaluated the strike length extension of this zone and encountered significant graphite mineralization over an approximate strike length of 150 m. Further assay results are expected to be released in the coming weeks. 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.