Brisbane, Queensland, Australia--(Newsfile Corp. - October 21, 2026) - Graphene Manufacturing Group Ltd. (TSXV: GMG) (OTCQX: GMGMF) ("GMG" or the "Company") is pleased to announce that it has commenced providing its fast-charging G®CELLS battery pouch cells to potential customers for early-stage testing and evaluation. The next generation graphene battery technology is being developed by GMG under a Joint Development Agreement with Rio Tinto, one of the world's largest metals and mining groups, and with the support of the Battery Innovation Center of Indiana ("BIC Indiana") in the United States of America.
Customer Sampling Program
GMG has dispatched the first set of what is expected to be over 100 G®CELLS before the end of 2026 of ~ 1.5 Ah pouch format cells designed for 6 minute charging to a number of potential customers, representing various initial target sectors, including defence and heavy mobile equipment amongst others. The cells were made with battery materials developed, manufactured and supplied by GMG from its Brisbane Battery Development Centre and assembled by BIC Indiana.
This customer sampling program represents early testing of the performance of G®CELLS. Its purpose is to allow potential customers to independently evaluate cell characteristics such as fast-charge capability, cycle life, energy efficiency and behaviour in their own test environments and duty cycles, and to provide feedback to GMG to guide ongoing cell development, optimisation and scale-up. The cells are pre-commercial evaluation samples and are not being supplied for use in commercial products.
This step is consistent with GMG's battery cell roadmap, which calls for the testing of cells with customers in 2026.
Technology Readiness — BTRL 4
The battery technology readiness level ("BTRL") of G®CELLS remains at Level 4. At BTRL 4, the cell technology has been demonstrated and validated in a laboratory environment, and work continues on optimising the electrochemical performance of the pouch cells. Customer evaluation at this stage is intended to generate early, application-relevant performance data and to inform the development steps required to progress the technology to higher readiness levels. Through collaboration with BIC Indiana, it is anticipated that the battery technology readiness will ultimately progress to BTRL 7 and 8, since the equipment and processes needed to produce G®CELLS are the same as those employed to manufacture lithium-ion batteries, though no definitive timeline for achievement can be provided at this time nor can any assurance be provided that GMG's battery technology will ever achieve BTRL 7 or 8.
Recent Performance Results
The cells being sampled follow GMG's most recent battery performance announcement on October 8, 2026¹, in which BIC Indiana data showed that G®CELLS:
- Cycled with no performance reduction after 1,000 cycles (as at October 7, 2026) while being charged and discharged in 6 minutes (at 7C);
- Achieved an energy density of 58 Wh/kg while being charged in 6 minutes (at 10C), a 48% increase over the previously reported 39 Wh/kg; and
- Demonstrated 94% energy efficiency at high charge and discharge rates, compared with 64% for a tested Lithium Titanate Oxide (LTO) cell.
These results were generated in a laboratory setting. Performance in customer testing may differ depending on test protocols, operating conditions and application requirements.
Comments
Craig Nicol, Chief Executive Officer and Managing Director of GMG, commented: "Putting G®CELLS into the hands of potential customers is an important milestone on our battery roadmap. Our technology is at BTRL 4, and this is early testing — but it is exactly the right time to get real-world feedback. Customers will test our cells against their own requirements, and what we learn will directly shape our next development sprints on energy density, 10C cycle life and larger cell formats. I want to thank the teams at BIC Indiana, our partners at Rio Tinto, and the companies who have agreed to evaluate our cells."
Bob Galyen, GMG Director and former Chief Technology Officer of CATL, commented: "In my experience, getting sample cells to customers early is one of the most valuable steps in any battery development program. Laboratory data tells you what a chemistry can do — customer testing tells you what it needs to do. At BTRL 4, G®CELLS have already shown fast-charge durability and energy efficiency that are rare at this stage of development. Independent evaluation by potential customers, under their own protocols and duty cycles, will give the team the feedback needed to prioritise the next round of optimisation and to plan the path to larger formats and higher readiness levels."
Jack Perkowski, Chairman of GMG, commented: "Sending G®CELLS to potential customers marks the point where our battery program begins to engage directly with the market. The Board is clear that this is early testing at BTRL 4, and we see it as a disciplined, necessary step — one that allows customers to tell us what matters most in their applications before we commit to the next phase of scale-up. With the continued support of Rio Tinto and BIC Indiana, I believe GMG is building the right foundations to move this technology toward commercial relevance, and the Board will continue to support management through the testing and optimisation work ahead."
Next Steps
GMG will work with the evaluating companies to collect test data and feedback over the coming months. In parallel, the Company will continue to optimise G®CELLS energy density and fast-charge cycle life and progress the scale-up of cell sizes. GMG intends to update the market on material outcomes of the customer testing programs as appropriate. Please see the following webpage for further details about the graphene batteries. The G®CELLS are in pouch format — as seen in Figure 1. The launch video link for G®CELLS is shown in Figure 2.
Figure 1: G Cell Pouch Cell Battery
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Launch video: https://youtu.be/pfHhh5-TLyU
Figure 2: G®CELLS Launch Video
About BIC Indiana:
BIC Indiana is a collaborative initiative designed to incorporate leadership from renowned universities, government agencies, and commercial enterprises. BIC Indiana is a public-private partnership and a not-for-profit organization focusing on the rapid development, testing and commercialization of safe, reliable and lightweight energy storage systems for defense and commercial customers. BIC Indiana is a unique organization that has been leading battery cell development for world leading battery companies for over 10 years and has carried out over 500 battery development projects.
About GMG
GMG is an Australian based clean-technology company which develops, makes and sells energy saving and energy storage solutions, enabled by graphene manufactured via in house production process. GMG uses its own proprietary production process to decompose natural gas (i.e. methane) into its natural elements, carbon (as graphene), hydrogen and some residual hydrocarbon gases. This process produces high quality, low cost, scalable, 'tuneable' and low/no contaminant graphene suitable for use in clean-technology and other applications.
The Company's present focus is to de-risk and develop commercial scale-up capabilities, and secure market applications. In the energy savings segment, GMG has initially focused on graphene enhanced heating, ventilation and air conditioning ("HVAC-R") coating (or energy-saving coating) which is now being marketed into other applications including electronic heat sinks, industrial process plants and data centres. Another product GMG has developed is the graphene lubricant additive focused on saving liquid fuels initially for diesel engines. GMG has also developed a graphene water based coolant additive focused on increasing heat transfer and reducing bacterial growth in cooling water circuits.
In the energy storage segment, GMG is working collaboratively with financial support from the Australian Government to progress R&D and commercialization of GMG Graphene Batteries. GMG has also developed a graphene additive slurry that is aimed to improve the performance of lithium-ion batteries.
GMG's 4 critical business objectives are:
- Produce Graphene and improve/scale cell production processes
- Build Revenue from Energy Savings Products
- Develop Next-Generation Battery
- Develop Supply Chain, Partners & Project Execution Capability
For further information please contact:
- Craig Nicol, Chief Executive Officer & Managing Director of the Company at craig.nicol@graphenemg.com.
- Leo Karabelas at Focus Communications Investor Relations, leo@fcir.ca, +1 647 689 6041
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends", "expects" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or will "potentially" or "likely" occur.
This information and these statements, referred to herein as "forward-looking statements", are not historical facts, are made as of the date of this news release and include, without limitation: statements regarding the customer sampling and evaluation program and the feedback and data expected from it; statements that G®CELLS are fast charging and that graphene can be used to increase their performance and cycle life; statements regarding the Company's ability to further improve the energy density, cycle life (including at a 10C charge rate) and energy efficiency of G®CELLS, and to scale the cell size; expectations that G®CELLS will progress to BTRL 7 and 8; expectations for R&D and commercialisation of GMG Graphene Batteries; GMG's focus on graphene enhanced heating, ventilation and air conditioning coating in the energy savings segment, saving liquid fuels for diesel engines and increasing heat transfer and reducing bacterial growth in colling water circuits; GMG's 4 critical business objectives; statements attributed to Craig Nicol, Bob Galyen and Jack Perkowski regarding the customer testing program, the performance of G®CELLS and the Company's development path; and the Company's four critical business objectives.
Such forward-looking statements are based on a number of assumptions of management, including, without limitation: that potential customers will test the cells and provide useful feedback; that customer testing results will be consistent with laboratory results; assumptions as to charging time, energy density, energy efficiency, cycle life, safety and thermal behaviour of GMG Graphene Batteries; that GMG Graphene Batteries will progress to BTRL 7 and 8; that a range of global companies in a variety of industries will be interested in working with GMG; that the service agreement with BIC Indiana will enable the Company to optimize its cell design and battery manufacturing equipment; and that the Company will be able to meet its overall timeline on the battery cell roadmap.
Additionally, forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of GMG to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: that potential customers will not complete testing, or that customer test results will not replicate the laboratory performance reported by the Company; that customer evaluation will not lead to further commercial engagement, offtake or sales; that GMG Graphene Batteries cannot be produced at lower cost, or that any of the assumptions as to charging time, energy density, energy efficiency, cycle life, scaling of the cell size, safety, thermal runaway risk and the need for a thermal management system cannot be achieved; that GMG Graphene Batteries will not progress to BTRL 7 and 8; that the Company will not be able to optimize the electrochemical behaviour of the pouch cell through laboratory experimentation or at all; that the Company will not be able to meet its overall timeline on the battery cell roadmap; that the Joint Development Agreement with Rio Tinto will not continue on the terms or timeline currently anticipated; that the battery will need further testing and approval to international battery standards and regulations before sale; unexpected development and production challenges; unanticipated costs; the volatility of global capital markets; and the risk factors set out under the heading "Risk Factors" in the Company's annual information form dated November 04, 2025, available for review on the Company's profile at www.sedarplus.ca.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that is incorporated by reference herein, except in accordance with applicable securities laws.
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