BLACK SWAN GRAPHENE PROVIDES UPDATE ON RECENT INDUSTRIAL PARK CONCRETE POUR AND HIGHLIGHTS TORONTO';S CARBON EMISSION INITIATIVE FOR NEW BUILDINGS

TORONTO, May 24, 2023 /PRNewswire/ - Black Swan Graphene Inc. ("Black Swan") (or the "Company") (TSXV: SWAN) (OTCQB: BSWGF) (Frankfurt: R96) is pleased to provide an update on the industrial park concrete pour discussed in the Company's press release dated May 8^th, 2023, and to discuss Toronto's recently announced initiative regarding limits on carbon emission for new buildings. Lastly, Black Swan anticipates sharing updates on recent progress achieved in collaboration with key customers actively engaged for polymer applications.

A shipment of product to Nationwide Engineering Research & Development ("NERD") was made earlier this month and is being used in a total of 180 tonnes of concrete using Concretene, NERD's graphene-enhanced admixture, for the construction of an industrial park near Redruth, Southwest England (see pictures below). This industrial park will offer 14 industrial units ranging from 2,500 and 3,500 sq ft, with the graphene-enhanced concrete being used for all external concrete aprons. The pour of 82.5 cubic meters was done with reinforced concrete designed to achieve a compressive strength of 40 to 50 megapascals (MPa) after curing, using the standard "CEM1" cementitious mix commonly used in construction.

Toronto's Building Carbon Initiative

In May 2023, Toronto, the fourth largest city in North America after Mexico City, New York and Los Angeles, became the first North American jurisdiction to require lower-carbon construction materials, limiting embodied carbon from new municipal building construction. New "City-owned" buildings must now limit upfront embodied emission intensity (emissions associated with manufacturing, transporting, and constructing major structural and envelope systems) to below 350 kilograms of CO2-equivalent per square metre of construction.¹ For "non-city" buildings, this requirement is a tier 2 requirement, meaning optional, in the latest version of the Toronto Green Standard ("TGS"), but private developers should take note as tier 2 measures usually transition into tier 1, meaning they become mandatory requirements, when the next version of the TGS is implemented and the tiers are adjusted accordingly.²

Simon Marcotte, President and Chief Executive Officer of Black Swan, commented: "Similar standards initiated in California played a pivotal role in sparking the electric vehicle revolution. With the concrete industry being responsible for more than 8%³ of global CO2 emissions, it is only a matter of time before similar building codes continue to spread across the globe. This shift necessitates practical solutions which we can provide. Black Swan is part of a recently established fully integrated supply chain, including NERD and ARUP, a multinational engineering consultancy headquartered in London, United Kingdom, with 18,000 experts working across 140 countries, to provide turnkey solutions to the construction industry."

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1 https://www.theenergymix.com/2023/05/14/toronto-limits-embodied-carbon-in-new-city-buildings/

2 https://mantledev.com/insights/toronto-becomes-first-jurisdiction-in-north-america-to-enact-whole-building-embodied-carbon-caps-on-new-city-owned-buildings/

3 https://www.bbc.com/news/science-environment-46455844

Corporate Matter

Black Swan announces the appointment of Ms. Deena Siblock as Corporate Secretary of the Company. Simon Marcotte commented: "One behalf of everyone at the Company, I would like to wish a warm welcome to Deena. I had the privilege to work with Deena at Arena Minerals Inc., which was recently acquired by Lithium Americas Corp., and I have seen firsthand her commitment to excellence. She will be a great asset to the Company."

About Black Swan Graphene Inc.

Black Swan is focused on the large-scale production and commercialization of patented high-performance and low-cost graphene products aimed at several industrial sectors, including concrete, polymers, Li-ion batteries, and others, which are expected to require large volumes of graphene. Black Swan aims to leverage the low cost and green hydroelectricity of the province of Québec as well as the proximity of the province's emerging graphite industry in order to establish an integrated supply chain, reduce overall costs, and accelerate the deployment of graphene usage. On March 27, 2023, Black Swan, Nationwide Engineering Research and Development Ltd. ("NERD") and Arup Group Limited ("Arup") announced strategic partnerships, establishing a fully integrated supply chain and providing a turnkey solution for the construction and concrete industries. Arup is a multinational engineering consultancy headquartered in London, United Kingdom, with 18,000 experts working across 140 countries. Black Swan's graphene processing technology was developed by Thomas Swan & Co. Ltd ("Thomas Swan") over the last decade. Thomas Swan is a United Kingdom-based global chemicals manufacturer, with a century-long track record and has been at the forefront of graphene innovation.

For more information, please visit: www.blackswangraphene.com

Black Swan Graphene Inc. on behalf of the Board of Directors
Simon Marcotte, CFA, President & Chief Executive Officer

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information

The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to the TSXV listing, risk related to the failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with the industry; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in development activities or the completion of feasibility studies; the uncertainty of profitability; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of a scoping and feasibility studies, and the possibility that future results will not be consistent with the Company's expectations; risks related to commodity prices fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Furthermore, performance results of graphene products as additives can vary widely depending on type and the specificity of the target material, the specifics of the graphene product itself, including but not limited to, carbon purity, particle size, surface agent, dispersion behavior, and application and usage methods. Investors are cautioned against attributing undue certainty to forward-looking statements and initial test results. These forward-looking statements and test results are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances, except in accordance with applicable securities laws. Actual events or results could differ materially from the Company's expectations or projections.

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SOURCE Black Swan Graphene Inc