Graphano Expands Graphite Zones at the Black Pearl Graphite Project

The October 14, 2025, news release provides the final assay results from the September 2025 drilling program at Graphano's Black Pearl graphite project in Quebec. The program, consisting of nine holes totaling 620 metres, was designed to evaluate the project's larger scale potential and expand known graphite zones.

Key highlights from the final set of holes include: * Hole BP25-06: Intersected 12.25 metres of 4.81% graphitic carbon (Cg), which included a higher-grade section of 7.07 metres at 6.63% Cg, at a shallow vertical depth of 25 metres. * Hole ST25-08: Intersected two zones, including 3.20 metres of 9.92% Cg and 6.70 metres of 4.93% Cg, which contained a very high-grade interval of 1.60 metres at 15.95% Cg. * The company confirmed that all tested conductive trends are related to graphite mineralization, validating the effectiveness of their geophysical surveys. The mineralization remains open in all directions.

CEO Luisa Moreno stated the program successfully confirmed extensive near-surface graphite mineralization, underscoring the district-scale potential of the area.

The news is a positive, incremental development but is assessed as non-material. This release provides the final results from a small, 9-hole program for which initial, and arguably stronger, results were already released on October 7, 2025. That earlier release highlighted hole BP25-01 with 8.61 metres grading 11.33% Cg, setting a high benchmark for the program.

While the final results confirm the continuity and near-surface nature of the graphite mineralization, they do not present an intercept that surpasses the quality of the initial highlight hole. The results from BP25-06 are decent in width but lower in grade, and the high-grade intercept in ST25-08 is over a narrow width. Other reported holes (BP25-07 and BP25-09) were weak.

The primary impact is the confirmation that the exploration model is working and that the Black Pearl discovery has merit. However, this was largely established by the initial results. Therefore, this news serves more as a confirmation of expectations rather than a significant new catalyst. It solidifies the asset's potential but does not fundamentally change the company's valuation or risk profile. The market likely priced in a successful program completion after the October 7th announcement.

Graphano Energy Ltd. is a junior mineral exploration company focused on developing graphite projects in Quebec, Canada, to supply the growing electric vehicle and energy storage markets. The company holds a portfolio of properties including the Lac Aux Bouleaux (LAB) project, the Standard Mine project, and the new Black Pearl discovery.

The flagship asset is the Lac Saguay Graphite Project, which comprises the adjacent LAB and Standard properties. On July 17, 2025, the company announced a maiden NI 43-101 mineral resource estimate for this project, totaling: * Indicated: 1.64 million tonnes at 7.00% Cg. * Inferred: 1.58 million tonnes at 7.00% Cg.

The LAB property is located next to Canada's only producing graphite mine, operated by Northern Graphite.