Graphano Energy Completes Prospecting Phase at Black Jack Graphite Discovery, Applies to Expand Exploration Area to the West and Announces Private Placement of up to $900,000

Graphano completes Black Jack prospecting and launches $900,000 private placement for further exploration.

What the company is saying

Graphano Energy Ltd. reports the completion of the prospecting phase at its Black Jack graphite discovery, with all collected samples now submitted for laboratory analysis. The company expects assay results within two to four weeks and will release them after review. It has applied for an additional exploration permit to expand the Black Jack area westward and plans further ground geophysical surveys. Dr. Luisa Moreno, CEO, frames these steps as advancing the understanding and potential of both Black Jack and the nearby Black Pearl graphite trends. The company also announces a non-brokered private placement of up to 12,000,000 units at $0.075 each, targeting gross proceeds of up to $900,000. Each unit includes a common share and a warrant exercisable at $0.12 for 36 months. Proceeds are earmarked for exploration at Black Jack and Black Pearl, including geophysics, drilling, and working capital.

What the data suggests

The company has completed the prospecting phase at Black Jack and shipped all collected samples for graphitic carbon analysis, with results due imminently. Prior grab sampling at Black Jack returned grades ranging from 12.0% to 26.5% Cg, averaging 19.8% Cg across 28 samples, but these are selective and not representative of the broader zone. The company is seeking to expand its exploration footprint through a new permit application and additional ground geophysics. Financing is being sought through a private placement of up to 12,000,000 units at $0.075 per unit, for potential gross proceeds of $900,000. Each unit includes a warrant exercisable at $0.12 for 36 months. The offering is subject to regulatory approval and includes a statutory hold period of four months and one day. Funds are allocated to further exploration at Black Jack and Black Pearl and for working capital. No new assay results or resource estimates are disclosed in this update.

Analysis

The announcement is proportionate in tone, providing a factual update on the completion of the prospecting phase at the Black Jack graphite discovery and the submission of samples for laboratory analysis. The company discloses specific technical data (28 grab samples, grades up to 26.5% Cg, average 19.8% Cg) and details of a planned $900,000 private placement, including unit and warrant terms. Most forward-looking statements concern the expected timing of assay results (2-4 weeks) and intended use of proceeds for further exploration, which are standard for an exploration-stage company. There is no exaggerated language or overstatement of imminent value creation; the benefits are appropriately described as pending further results and regulatory approvals. The capital raise is modest and targeted at ongoing exploration, not a large-scale development, so capital intensity is low. The gap between narrative and evidence is minimal, with no hype or inflation of progress.

Risk flags

• ●The main operational risk is that grab sample grades, while high, are selective and may not reflect the average grade or continuity of the mineralized zone; this could result in disappointing results when systematic drilling or trenching is conducted.
• ●Financing risk is present, as the $900,000 private placement is not yet completed and is subject to regulatory approval; failure to close the financing could delay planned exploration activities.
• ●There is permitting risk, as the application for an additional exploration permit to expand the area westward has been submitted but not yet approved, which could impact the scope or timing of future work.
• ●Execution risk remains around the planned ground geophysics and subsequent exploration steps, as the company has not disclosed a detailed schedule, budget, or contractor commitments for these activities.

Bottom line

Graphano Energy has finished prospecting at its Black Jack graphite discovery and is awaiting imminent assay results, which will be the next key technical milestone. The company is seeking to raise up to $900,000 via a private placement to fund further exploration at Black Jack and Black Pearl, but this financing is not yet secured and is subject to regulatory approval. The disclosed grades from prior grab samples are high but not necessarily representative, so the real test will be systematic results from the pending assays and future drilling. Investors should focus on the outcome of the lab results, the success of the financing, and the status of the new exploration permit application. The most important takeaway is that the company's near-term value hinges on the quality of upcoming assay results and its ability to secure funding for continued exploration.

Announcement summary

(TSXV:GEL) (FSE:97G0) Graphano Energy Ltd. has completed the prospecting 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. Samples collected during the program have been submitted to the laboratory for analysis, with results expected within the next two to four weeks. The Company has submitted an application for an additional exploration permit to expand the exploration area to the west and will conduct additional ground geophysics to potentially expand the prospecting area. 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. The Company has announced a non-brokered private placement of up to 12,000,000 units for gross proceeds of up to $900,000. Each unit will be priced at $0.075 and will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share at a price of $0.12 for a period of thirty-six months from the date the warrants are issued. The net proceeds of the offering will be used for exploration at Black Jack and Black Pearl, including ground geophysics and drilling, and for general working capital purposes. The Company may pay finder's fees to eligible finders in connection with the offering in accordance with the policies of the TSX Venture Exchange. Completion of the offering is subject to receipt of all necessary regulatory approvals, including the acceptance of the TSX Venture Exchange. All securities issued pursuant to the offering will be subject to a statutory hold period of four months and one day from the date of issuance in accordance with applicable securities legislation. The scientific and technical content disclosed in this news release has been 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. Dr. Luisa Moreno is the Chief Executive Officer and Director of Graphano Energy Ltd.

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