Graphano Energy Completes Ground Geophysics, Identifies Three New Graphite Occurrences at Black Jack and Mobilizes Field Crew

Graphano confirms high-grade graphite zones and new discoveries, with key assays pending soon.

What the company is saying

Graphano Energy Ltd. highlights the completion of ground geophysical surveys at the Black Jack graphite discovery, emphasizing the identification of three new graphite occurrences (Black 3, 4, and 5) between Black Jack and Black Pearl. The company frames its narrative around a 4-kilometre-long conductive trend hosting multiple graphite occurrences, positioning the area as having district-scale potential. Luisa Moreno, CEO, underscores the significance of these results and the geological similarities to major graphite deposits in the Lac des Iles region. The announcement stresses imminent next steps, with a field crew mobilizing within two weeks for further stripping, mapping, and channel sampling. The company also notes that 28 grab samples from Black Jack returned graphitic carbon values ranging from 12.0% to 26.5% Cg, averaging 19.8% Cg, and that previous drilling at Black Pearl intersected 12.25 metres at 4.81% Cg and 8.61 metres at 11.33% Cg. The tone is confident, with technical content reviewed and approved by director and Qualified Person Roger Dahn.

What the data suggests

The operational data confirms completion of 9.85 line-kilometres of ground electromagnetic surveys and the identification of three new graphite zones. Black Jack's 28 grab samples show high graphitic carbon grades from 12.0% to 26.5% Cg, averaging 19.8% Cg, though these are selective and not representative of the entire zone. At Black Pearl, prior channel sampling yielded 14 metres at 15.1% Cg, and drilling intersected 12.25 metres at 4.81% Cg and 8.61 metres at 11.33% Cg, supporting the presence of significant near-surface graphite mineralization. Stripping at Black Jack defined mineralization over 125 metres in length with surface widths between 4 and 24 metres. Assays for 98 channel samples submitted on September 30, 2026, are still pending, representing the next major data catalyst. The evidence supports a geologically promising trend but lacks resource estimates or economic studies at this stage.

Analysis

The announcement provides a factual and measured update on Graphano Energy Ltd.'s graphite exploration activities, with specific operational milestones such as the completion of ground geophysical surveys, identification of new graphite occurrences, and submission of channel samples for assay. The majority of claims are realised and supported by concrete data (sample grades, survey lengths, and mineralization dimensions), while forward-looking statements are limited to the imminent mobilization of a field crew and pending assay results expected within weeks. There is no exaggerated language or overstatement of potential outcomes; the tone is positive but proportionate to the progress described. No large capital outlay or long-dated, uncertain returns are discussed, and the next steps are operational rather than financial. The absence of financial data is not a deficiency for an exploration-stage company. Overall, the gap between narrative and evidence is minimal, and the disclosure is credible and specific.

Risk flags

• ●Assay results for 98 channel samples are still pending, meaning the grade, width, and continuity of mineralization in the new zones remain unverified. If results disappoint, the perceived scale and quality of the discovery could be downgraded.
• ●The reported grades from grab samples are selective and may not reflect the average grade of the mineralized zone. This introduces uncertainty about the true economic potential of the discovery.
• ●No resource estimate or economic assessment has been disclosed, so investors have no basis to judge tonnage, recoverability, or project economics. The project remains at an early exploration stage, with significant technical and market risks before any value realization.
• ●Operational progress depends on successful fieldwork and laboratory turnaround for assays. Delays or negative results could stall momentum and investor interest.

Bottom line

Graphano Energy has delivered a credible operational update, confirming the presence of high-grade graphite at Black Jack and Black Pearl, and expanding the mineralized footprint with three new discoveries. The grades reported from grab and drill samples are strong for graphite, but the absence of a resource estimate or economic analysis means the scale and viability of the project are still unproven. The imminent catalyst is the release of assay results from 98 channel samples, which will provide a clearer picture of grade continuity and potential resource size. Until those results are available, the investment case rests on geological promise rather than defined value. The most important takeaway is that this is a pivotal data-driven period for Graphano; the next set of assays will determine whether the project advances toward resource definition or stalls at the exploration stage.

Announcement summary

(TSXV:GEL) (FSE:97G0) Graphano Energy Ltd. announced the completion of the ground geophysical phase of its exploration program at the Black Jack graphite discovery, located approximately one kilometre northwest of the Company's Black Pearl graphite discovery in Québec. During the field program, three new graphite occurrences, named Black 3, 4, and 5, were identified between the Black Jack and Black Pearl discoveries. Compilation of results to date supports a 4-kilometre-long conductive trend hosting multiple graphite occurrences. A field crew led by St Pierre Exploration will be mobilized back to the project to carry out stripping, mapping, and channel sampling of the new graphite zones within the next two weeks. Black Jack was identified during the Company's spring 2026 prospecting program. As previously reported on June 4, 2026, 28 grab samples collected from the exposed graphite-bearing horizon at Black Jack returned graphitic carbon values ranging from 12.0% Cg to 26.5% Cg, with an average grade of 19.8% Cg. Grab samples are selective by nature and are not necessarily representative of the average grade of the mineralized zone. Along the same trend, shallow drilling at Black Pearl in 2025, conducted to follow up surface channel sampling of 14 metres grading 15.1% Cg, confirmed extensive near-surface graphite mineralization in several conductive zones. Significant drill intersections included 12.25 metres grading 4.81% Cg and 8.61 metres grading 11.33% Cg. Assay results are currently pending for the 98 channel samples submitted for laboratory analysis on September 30, 2026, from the Company's prospecting and stripping program at Black Jack. Stripping defined graphite mineralization over a length of approximately 125 metres with surface widths ranging from 4 to 24 metres. During October, St Pierre Exploration completed a total of 9.85 line-kilometres of ground electromagnetic (EM) surveys, including horizontal loop electromagnetic (Max-Min II) and very low frequency electromagnetic (VLF-EM) surveys, to guide further prospecting and evaluate the extent of the graphite mineralization. The scientific and technical content of the release was 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. Luisa Moreno is the Chief Executive Officer and Director of Graphano Energy Ltd.

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