COMPANY PROFILE / NANOTECHNOLOGY
Graphene Manufacturing Group
A small Brisbane materials company that makes graphene from natural gas and turns it into coatings for HVAC-R equipment, engine oil additives and battery materials
Graphene Manufacturing Group (GMG) is an Australian company that splits methane (natural gas) with electric plasma to make few-layer graphene, then processes it into its own products. Its main products are THERMAL-XR, a coating for the heat exchangers of air conditioners and refrigeration units; G LUBRICANT, an engine oil additive; G FLUID, a cooling-water additive for data centres; and SUPA G, a slurry for batteries. It is also developing a graphene aluminium-ion battery. The company is listed not in Australia but on the TSX Venture Exchange (TSXV) in Canada and on the U.S. OTCQX market. Revenue from operations in the year to June 2026 was just A$724 thousand; the net loss was A$29.8 million (of which A$14.7 million came from the change in fair value of warrants), and the company ended the year with negative equity (net liabilities of A$292 thousand). It discloses a material uncertainty about its ability to continue as a going concern. Drawing on the company's MD&A (management's discussion and analysis), website, press releases and the U.S. Federal Register, this article sets out what could be confirmed and what could not, and explains from a materials engineer's view the difference between making graphene and putting it to work.
- At a glance: GMG and its place in nanotechnology
- Logo and naming
- Where the company sits in nanotechnology
- Company scale
- Resources committed to nanotechnology
- Track record
- Plans
- What the company is aiming for in nanotechnology
- Partnership map for nanotechnology
- Technologies, products and services
- Risks
- Glossary
- References
- Claim-to-source audit
1. At a glance: GMG and its place in nanotechnology
(GMG)An Australian company. It describes itself as a clean-technology company
(Richlands)Manufacturing, management and head office on one site. In May 2026 it signed a further three-year lease at Richlands
OTCQX: GMGMFNot the ASX: listed in Canada on the TSXV in April 2021. Also quoted in Frankfurt (0GF). An Australian company with no listing on an Australian exchange
Devices (secondary)Graphene production is primary. Battery cells (G CELLS) are in development
made from natural gasMethane is split by electric plasma into carbon (graphene) and hydrogen (company description)
(started July 2026)Remaining installation and optimization work continues. The capacity of the earlier plant (Gen 1) could not be confirmed
GMG is a small company that tries to do both things itself: make the graphene and sell the products built from it. Its MD&A says the strategy is not to sell graphene powder but to focus on energy-saving products and battery materials that use it Sourced. On the other hand, it is also true that sales are small (A$724 thousand), losses are large and the finances are not stable; the company discloses that continuing the business depends on raising more funds. Its capacity (10 t a year at the Gen 2.0 plant, about 100 t a year at a future plant), its battery performance and further U.S. EPA approvals are all company plans and expectations, not settled outcomes Not yet confirmed.
2. Logo and naming
The logo is the one shown in the header of the company's official website (graphenemg.com): the letters "GMG" in green hexagons with the company name beside them. It is taken as it is, as an SVG. It has not been recreated with generated images.
Naming: the company is Graphene Manufacturing Group Ltd. (GMG). The product names THERMAL-XR, G LUBRICANT, G FLUID, SUPA G and G CELLS are the company's trademarks (® or ™) and are separate from the company name. G+AI (Graphene Aluminium-Ion) battery is the name of the battery technology being developed with the University of Queensland (UQ); UQ holds the patent and GMG is described as holding a worldwide exclusive licence to commercialize it.
Official site: https://graphenemg.com/3. Where the company sits in nanotechnology
GMG's primary type is nanomaterial producer, with devices & displays as a secondary type (battery cells, still in development). The core material is few-layer graphene. What could be confirmed in the company's materials is as follows.
| Material / product | Where it stands at GMG | Primary sources confirmed | Status |
|---|---|---|---|
| Graphene synthesis (plasma decomposition of methane) | The core technology. A continuous process that splits natural gas into carbon (graphene), hydrogen and some residual hydrocarbon gases; the company says it does not use graphite. No plan to sell the powder itself could be confirmed; the aim is to use it as feedstock for its own products | MD&A, website | Sourced (company description) |
| THERMAL-XR (coating for heat exchangers in air conditioning and refrigeration) | The most advanced product commercially. A water-based acrylic coating containing graphene, applied on site by certified applicators. Sales for FY2026 were A$724 thousand for the whole company (no breakdown by product) | MD&A, product page | Sourced (company description) |
| G LUBRICANT (engine oil additive) | Sold directly through the website from July 2025. Patent granted in the US in April 2026, accepted for grant in Europe in March 2026 and allowed in China | MD&A | Sourced (company description) |
| G FLUID (cooling-water additive for data centres and so on) | Launched 24 August 2026. Patent pending | Press release (August 2026) | Sourced / sales results not confirmed |
| SUPA G (graphene slurry for lithium-ion batteries) | Samples sent to large battery makers and to BIC for evaluation. No sales could be confirmed | MD&A, product page | Sourced (company description) / Not yet confirmed |
| G CELLS (graphene aluminium-ion battery) | In development. Battery technology readiness level (BTRL) remains level 4. It aims to finalize the pouch-cell electrochemistry in 2026 | MD&A | Sourced / target is Not yet confirmed |
| Hydrogen | Methane decomposition also yields hydrogen, but the only use described in the company's materials is to power its own plant (Gen 2.0 plant). No hydrogen sales business could be confirmed | MD&A, press release (September 2026) | Not confirmed |
4. Company scale
GMG is a small company listed on the TSXV, and it reports in Australian dollars. The main figures for FY2026 (July 2025 to June 2026) are shown below. Prior-year figures are the restated values, after the company corrected its accounting for the transaction costs of warrants Sourced.
| Item (A$ thousand) | FY2026 (year to June 2026) | FY2025 (restated) |
|---|---|---|
| Revenue from operations (sales) | 724 | 238 |
| Other income (mainly the R&D tax incentive) | 2,280 | 4,659 |
| Employee benefit expenses | 5,932 | 4,163 |
| Professional and consulting fees | 4,630 | 2,633 |
| Change in fair value of warrants | Loss 14,653 | Loss 821 |
| Loss before income tax (net loss) | 29,794 | 8,692 |
| EBITDA (non-IFRS measure; company definition) | Loss 13,291 | Loss 5,894 |
| Net cash used in operating activities | (12,163) | (4,445) |
| Cash and cash equivalents (year end) | 9,936 (plus restricted cash 321) | 7,417 |
| Total assets / total equity | 22,403 / (292) (negative equity) | 17,220 / 7,979 |
| Item | What was confirmed |
|---|---|
| Listing and shares | TSXV: GMG; OTCQX: GMGMF (trading began February 2024); Frankfurt: 0GF. 133,772,670 shares outstanding (at the date of the MD&A), about 4.55 million options, about 15.09 million warrants and about 2.42 million restricted share units |
| Recent financing | About C$6.9 million in September 2025 (a bought deal). A C$20 million at-the-market (ATM) program set up in July 2025. In September 2026, a US$10 million private placement to one investor (name not given) at C$2.15 a share, 6,465,336 shares |
| Going concern | The MD&A discloses "a material uncertainty that may cast significant doubt" on the company's ability to continue as a going concern. At year end, current liabilities exceeded current assets by A$5,672 thousand. The company says cash, warrant and option exercises, the R&D tax incentive and the September 2026 placement allow it to cope |
| Internal control | The company discloses "material weaknesses" in internal control over financial reporting (IT controls, process controls, documentation of accounting policies) and restated the prior-year statements |
| Employees | The headcount could not be confirmed in these materials (the Annual Information Form is due around 15 October 2026). More than 10 sales executives in Europe, and a team in the Asia-Pacific region (India, South Korea, Japan, Singapore) |
About half of the FY2026 net loss (A$29.8 million) is a non-cash loss of A$14.7 million from the change in fair value of warrants, which moves with the share price. For this reason the company also reports an "adjusted loss" excluding it (A$15.1 million). Even after the adjustment, costs are large against revenue of A$724 thousand, and cash used in operations was A$12.2 million. This article does not assess financial health, but the company's materials give no outlook for reaching profitability Not yet confirmed.
5. Resources committed to nanotechnology
The table sorts what could and could not be confirmed under four headings: people, money, outside investments and academia or public funds.
| Item | What was confirmed | Status |
|---|---|---|
| People (R&D sites and staff) | Research, manufacturing and head office are on one site at Richlands, Brisbane (including the Battery Development Centre). There is a technical advisory committee, and in April 2026 the company appointed Stuart Watson, formerly of Rio Tinto, as Chief Production Growth Officer. Headcount and the split for R&D could not be confirmed in these materials (employee benefit expense was A$5.9 million) | Sourced / not confirmed |
| Money (R&D spending and capital spending) | R&D by project in FY2026: G+AI battery A$1,336 thousand, G LUBRICANT A$362 thousand, SUPA G A$130 thousand, a total of A$1,828 thousand Our calculation (THERMAL-XR and others are not listed in this way, and the company-wide total R&D could not be confirmed). Capital spending: about A$2.3 million in total for the Gen 2.0 plant (a further A$1.4 million approved in March 2026) and A$1.2 million for the next stage of design and procurement for the new Fulcrum plant (approved July 2026) | Sourced / total not confirmed |
| Outside investments, acquisitions, joint ventures, divestitures | No investment, acquisition, joint venture or divestiture by GMG itself could be confirmed. On the receiving side, a joint development agreement (JDA) with Rio Tinto provided a funding component of A$6 million over two years (company statement; the funding component has ended and the other provisions remain in effect) | Sourced / not confirmed (own investments) |
| Universities, institutes and public funds | University of Queensland (UQ): holds the battery patent; GMG has a worldwide exclusive licence; a collaborative research agreement is in place. UQ received an Australian Government grant of A$880,000 for battery work. Battery Innovation Center (BIC), Indiana, USA: a service contract for building and testing battery cells. Australian R&D tax incentive: about A$2.03 million received in cash for FY2025, and about A$1.91 million expected for FY2026 (company expectation) | Sourced / expectation is Not yet confirmed |
Status of main production facilities
All capacities are the company's stated figures or plans. Actual output, utilization and yields are not published.
| Facility | Location | Scale (stated) | Stage | Date and source |
|---|---|---|---|---|
| Existing graphene production equipment (Gen 1) | Richlands, Brisbane | Could not be confirmed | Operating (makes the feedstock for THERMAL-XR and others) | MD&A (no capacity given) |
| Gen 2.0 Graphene Manufacturing Technology Plant | Richlands (same site as head office) | 10 t/year (expected once optimized). About A$2.3 million in total | Construction and start-up completed (6 July 2026). Remaining installation and optimization work due by the end of September and December 2026. Opening ceremony on 19 August 2026 (announced 16 September) | MD&A, press release (September 2026) |
| Gen 2.1 (replicated modules of Gen 2.0) | Australia, Canada, USA | No figures given | Planned. To be rolled out after Gen 2.0 is running | MD&A |
| Fulcrum Facility (new plant) | Location could not be confirmed | About 100 t/year; plus assembly of up to 12 modular units a year (an additional 240 t/year in total) | Design stage (A$1.2 million for the next stage approved 8 July 2026). Not yet confirmed | MD&A |
| Additional leased facility at Richlands | Richlands | To support production expansion and more staff | Lease signed (three years, 12 May 2026) | MD&A |
6. Track record
| When | What happened | What it means |
|---|---|---|
| April 2021 | Listed on the TSX Venture Exchange in Canada (announced 30 March 2021) | From a private to a public company |
| Early and May 2023 | Received Australian Government approval to produce and sell THERMAL-XR at scale (early 2023). Began a joint development agreement (JDA) with Rio Tinto in May | Start of serious selling and of battery co-development |
| February 2024 | Reached the target 1 Ah battery cell capacity. Began trading on the OTCQX (26-27 February) | Wider access to U.S. investors |
| July 2025 | Began direct sales of G LUBRICANT. The battery patent (held by UQ) was granted in Australia. Set up a C$20 million ATM program | Product launch and financing |
| October 2025 | Obtained EU REACH registration (THERMAL-XR can be sold in Europe). Beijer Ref began offering THERMAL-XR as an option at about 73 locations in Australia (from 17 November) | Regulatory readiness in Europe, and adoption by a large distributor |
| 16 March 2026 | The U.S. EPA issued a consent order under TSCA section 5(e) for PMN P-25-0018, authorizing export, distribution, sale, use and disposal of THERMAL-XR | The route to U.S. sales opens (manufacture is not included) |
| April 2026 | Certified as a Verified Graphene Producer by the Advanced Carbons Council. A G LUBRICANT patent was granted in the US | Third-party verification of the material and the facility |
| June-July 2026 | On 2 June it filed a significant new use notice (SNUN) with the EPA seeking authorization for U.S. manufacture and more. On 12 June, first bulk shipment to Nu Calgon. On 6 July, the Gen 2.0 plant started up. On 21 July, an MoU with Alstom on rail HVAC-R | Expansion in the U.S. and added capacity |
| August-October 2026 | Launched G FLUID on 24 August. Closed a US$10 million private placement in September. Published battery test data on 8 October | New product, financing and battery progress |
7. Plans
tuning through end-2026Remaining work due by the end of September and December 2026. Timing can shift with construction and commissioning
plus 240 t/year of modulesAt the design and long-lead procurement stage. Timing of a final investment decision and construction could not be confirmed
by the end of June 2027The SNUN seeks permission to manufacture, sell and use. Until the review ends, U.S. manufacturing is not authorized
in 2026The plan is to move from BTRL 4 to 7-8, then to customer sample testing and volume production
On the premise that Gen 2.0 is completed by the end of 2026, the company says it will deploy Gen 2.1 in Australia, Canada and the US to expand volume and spread its supply risk Not yet confirmed. For batteries, it says customers in mining, energy storage, aviation, rail and other fields have "confidentially expressed interest", but customer names, volumes and timing are not in the official materials.
None of the following appears in the primary sources Not yet confirmed.
Headcount / the capacity and actual output of the Gen 1 equipment / the location, total investment and timing of a final investment decision for the Fulcrum Facility / sales by product / the number of customers for THERMAL-XR, G LUBRICANT, G FLUID and SUPA G / a target date for profitability / timing of volume production and customer names for G CELLS / any plan to list on the ASX or another Australian exchange / the outcome of the EPA review.
8. What the company is aiming for in nanotechnology
This section includes points the company does not state directly. They are given as inferences drawn from the primary sources, with the basis.
| What can be read | Primary basis | Status |
|---|---|---|
| Graphene is meant to be the source of value in its own products, not a material to sell outright (vertical integration) | MD&A: management believes that narrowing to selected applications will give a higher return on in-house graphene production, and that vertical integration builds a long-term competitive advantage | Sourced (company description) |
| For now sales rest on energy-saving products (THERMAL-XR, G LUBRICANT, G FLUID), while batteries are being grown as a future option | Sales come from products, while the battery is in development (BTRL 4). The largest R&D spend is on the G+AI battery (A$1,336 thousand) | Inference |
| It is adding sales teams and distribution partnerships in the U.S., Europe and Asia-Pacific to sell graphene products worldwide | European sales team of more than 10 (March 2026), Asia-Pacific team (September 2026), Nu Calgon, Beijer Ref, Curran International | Sourced (company description) |
| It sees volume production and lower cost (Gen 2.0, then Gen 2.1, then Fulcrum) as essential to price competitiveness and battery supply | MD&A: Gen 2.0 is expected to deliver substantially lower production costs and higher quality. Replication of modular units is planned | Inference |
The reason for reading "sales for now come from energy-saving products, with batteries as an option" is the difference in how far each line has progressed. According to the MD&A, sales of THERMAL-XR and G LUBRICANT have begun, and approvals (EPA, REACH) and patents are moving forward. The G+AI battery, by contrast, stays at battery technology readiness level (BTRL) 4, and the company writes that it will not progress past that level until the pouch-cell electrochemistry is finalized. R&D spending is largest for batteries, but no battery sales could be confirmed. The 8 October 2026 announcement showed performance such as 1,000 cycles without loss, but the cells are 1.5 Ah prototypes, and the company itself says more work is needed to scale the cell size and to extend cycle life at the 10C condition. This is our reading of how the official statements fit together; whether the company intends to make batteries its main business cannot be confirmed from its materials Not yet confirmed.
9. Partnership map for nanotechnology
GMG's relationships center on distributors and battery development partners, and few customers are named. For most distributors, shipment volumes and contract values cannot be confirmed from official materials. The Rio Tinto JDA concerns batteries and is aimed at co-development for use in the mining and minerals industry Not yet confirmed.
10. Technologies, products and services
The following draws on the company's MD&A, website and press releases. All values are the company's own claims, and test conditions are limited to what the announcements state. They do not show superiority over any other maker's product Sourced.
| Product | Company description (company claims) | Conditions and cautions |
|---|---|---|
| THERMAL-XR ENHANCE | A coating of thermally conductive GMG graphene in a water-based acrylic resin. Certified applicators apply it to aluminium and copper heat exchangers (round-tube plate fin and microchannel). Corrosion protection, restored heat transfer, water repellency. No corrosion after more than 30,000 hours of salt-spray testing (ASTM B117-19), certified by an independent U.S. laboratory (9 July 2026) | Field energy savings vary widely by site, from 11.6% to 36.7% (for example 15.4% at a Singapore data centre, 18% on a chiller in Romania, 36.7% on a rooftop unit in Texas). The method, period and equipment condition are not on the page. The "10-50% energy reduction" is the company's statement |
| G LUBRICANT | Added to engine oil at 1% (1:100), giving a graphene concentration of about 1:10,000 in the oil. In a test verified by UQ, up to 8.4% better fuel efficiency in a diesel engine. On the same test equipment, a 10% gain in energy efficiency and a 33% cut in exhaust particulate matter. The company says that, in checks so far, it is safe for engine seals, sensors and catalytic converters | A rally car on one 3,850 km trip showed about 13.8% fuel savings, but this is a single case. "Up to 8.4%" is a best value, not a typical one. Approval by vehicle makers could not be confirmed |
| G FLUID | Additive for data-centre and industrial cooling water (1 litre into 100 litres). About 20% higher heat transfer (dosed at 1% into demineralized water, or 0.01 wt% graphene; internal preliminary test) and anti-microbial results of up to 87% (EN 1276, external laboratory) | Internal preliminary test. No third-party verification of heat transfer could be confirmed. The definition of the metric is not in the release. Market-size statements are market-research estimates and are not used here |
| SUPA G | Graphene slurry for battery electrodes. Loading 0.5-2 wt% (the company shows 2-5 wt% for common carbon additives). BET surface area about 250 m²/g, bulk density 0.3-0.4 g/cm³, particles from about 20 µm to sub-µm. The company reports "2.5 times lower mean ionic resistivity than standard graphite" | The comparison basis and test method are not detailed on the page. No third-party cell results could be confirmed (BIC is evaluating) |
| G CELLS (in development) | 1.5 Ah pouch cells (built by BIC with GMG materials). As of 7 October 2026, no performance loss over 1,000 cycles at 6-minute charge and discharge (7C), energy density of 58 Wh/kg at 6-minute charge and discharge (10C), up from 39 Wh/kg previously, and 94% energy efficiency | Compared with a "well-known lithium titanate oxide (LTO) battery" chosen by the company, whose product and conditions are not given. The company itself notes that results are preliminary and not necessarily indicative of realized performance. BTRL remains 4 |
(1) The feedstock is methane, not graphite. The company's method splits methane with electric plasma and recovers the carbon as few-layer graphene (hydrogen and some residual hydrocarbon gases are also produced). Because it does not start from graphite, the company says it does not depend on graphite supply or on an exfoliation step. It says independent testing by the Advanced Carbons Council confirmed few-layer graphene. The platelet width and uniformity are said to be adjustable for each use, but specific values such as the thickness distribution and the amount of defects are not published. See our explainer on graphene.
(2) In the products, what counts is the shape and arrangement of graphene in the resin. THERMAL-XR is a thin film of graphene dispersed in a water-based acrylic resin. It aims at the same time to build a path for heat, to block water and salt, and to make the surface water-repellent. The company writes "up to 300 m² of surface area per gram of graphene", but the method for that figure could not be confirmed. Film performance depends not only on how much graphene is in it, but on how evenly it is dispersed, how it is oriented in the film and how well it adheres to the metal (a general explanation; film thickness and loading are not public).
(3) Dispersing a tiny dose is the challenge. G LUBRICANT is an additive that puts graphene into oil at about 1:10,000. If the particles clump and settle they stop working and could clog filters, so dispersion stability in oil is the key. The company says it has found no problem for seals, sensors and catalytic converters within what it has verified, but the type of dispersant and numbers for long-term stability could not be confirmed. G FLUID likewise could face the question of long-term stability in cooling water and of not depositing on pipes and heat exchangers (inference).
(4) In batteries, volume and consistency are the biggest hurdles. A loading of 0.5-2% for SUPA G is a use as a conductive additive. For a battery maker to adopt it requires control of lot-to-lot variation in particle structure, impurities and moisture, a stable supply at tens of tonnes, and long cycle tests. The nameplate capacity of GMG's Gen 2.0 plant is 10 t a year, small compared with battery-material demand, and the company itself lists "large-scale commercial production" as a future goal. See also our explainers on graphene, carbon nanotubes, and silicon anodes and nanostructured electrodes.
11. Risks
| Risk | Details | Status |
|---|---|---|
| Financial continuity | Revenue from operations of A$724 thousand against cash used in operations of A$12.2 million. Negative equity at year end, and a disclosed material uncertainty about going concern. Continuing depends on further fundraising and on warrant and option exercises. Dilution (growth in the share count) is continuing | Sourced (company description) |
| Accounting and internal control | The FY2025 statements were restated (treatment of warrant transaction costs). The company discloses material weaknesses in internal control and says its limited resources as a small company are part of the cause | Sourced |
| Regulatory uncertainty | In the US, export, distribution, sale and use of THERMAL-XR are authorized, but manufacturing, and other products such as G LUBRICANT and G FLUID, are under review (the SNUN; completion expected by the end of June 2027). The EPA consent order carries conditions. In the EU, REACH registration (one tonne a year or more) allows sales, but the registration status of other products could not be confirmed | Sourced / outlook is Not yet confirmed |
| Capacity track record is not visible | Gen 2.0 has started but tuning continues, and 10 t a year is an expectation. The capacity and actual output of Gen 1 are not public. The Fulcrum plant is at design stage, and how it will be funded could not be confirmed | Not yet confirmed |
| Technology maturity | The battery is at technology readiness level (BTRL) 4 and the pouch-cell electrochemistry is not final. The published data are from 1.5 Ah prototype cells and the company notes they are preliminary. Volume production and customer evaluation have not been reached | Sourced (company description) |
| Spread in performance conditions | THERMAL-XR energy savings range from 11.6% to 36.7% across sites, with test conditions not published. "Up to 8.4%" for G LUBRICANT is a best value. Product advantages are not based on same-condition comparisons with other makers, and this article does not assess them | Sourced / not confirmed (comparisons) |
| Dependence on the R&D tax incentive | The Australian R&D tax incentive makes up most of other income (about A$1.9 million in FY2026). The company writes that if the scheme changed, its funding burden would rise | Sourced (company description) |
| Where it is listed | It is listed on the TSXV and the OTCQX, not on the ASX. The TSXV is a market for smaller companies, and its liquidity and disclosure requirements differ from those of Australia's main markets. This article does not assess the market's valuation | Sourced |
| Competitors and substitutes | Competition from other graphene companies and from substitute materials such as carbon black and carbon nanotubes. The company's materials do not discuss competitors, and this article does not assess them | Inference |
12. Glossary
- Graphene
- A one-atom-thick sheet of carbon atoms in a hexagonal pattern. GMG's powder consists of few-layer flakes.
- Methane pyrolysis (electric plasma)
- Splitting methane into carbon and hydrogen with the heat of a plasma. GMG recovers the carbon as graphene.
- THERMAL-XR
- GMG's graphene coating for heat exchangers, used in HVAC-R (air conditioning and refrigeration).
- HVAC-R
- Heating, ventilation, air conditioning and refrigeration.
- BTRL (battery technology readiness level)
- A scale showing how far a battery technology has progressed from basic research to volume production. GMG's battery is at 4 (pouch cells in the laboratory).
- JDA (joint development agreement)
- GMG's agreement with Rio Tinto on batteries.
- PMN / SNUN (TSCA)
- Under U.S. law, a premanufacture notice (PMN) for a new chemical and a significant new use notice (SNUN). The EPA reviews them and can attach conditions in a consent order.
- REACH
- The EU chemicals regulation. Registration is required for manufacture or import of one tonne a year or more.
- Warrant
- A right to buy shares at a set price. GMG's warrants are measured at fair value as liabilities, so a rising share price produces a loss.
- ATM (at-the-market) program
- A mechanism in which a company sells shares into the market from time to time to raise funds.
- Manufacturer's stated value / company claim
- A performance value or description given by the maker itself. Without test conditions and version, it cannot be compared with other products.
13. References
- Graphene Manufacturing Group Management’s Discussion and Analysis for the years ended 30 June 2026 and 2025 (dated 29 September 2026, in Australian dollars). Business overview, results, financial position, risks. https://graphenemg.com/wp-content/uploads/2026/10/GMG-FY26-MDA-12-Months-Ended-30-June-2026.pdf
- Graphene Manufacturing Group Management’s Discussion and Analysis for the years ended 30 June 2025 and 2024. The Gen 2.0 plant plan and the prior-year position. https://graphenemg.com/wp-content/uploads/2025/10/02.-GMG-MDA-12-Mths-Ended-30-June-2025.pdf
- Graphene Manufacturing Group Company website, About GMG. Business overview, location, listing. https://graphenemg.com/about-gmg/
- Graphene Manufacturing Group Company website, GMG Graphene & Liquid Graphene. How the graphene is made (natural gas and electric plasma), FAQ. https://graphenemg.com/about-gmg/gmg-graphene-liquid-graphene/
- Graphene Manufacturing Group Company website, Investors. Capital structure and list of financial documents. https://graphenemg.com/investors/
- Graphene Manufacturing Group Company website, THERMAL-XR. Coating composition, tests, field results. https://graphenemg.com/graphene-products/thermal-xr/
- Graphene Manufacturing Group Company website, SUPA G. Specifications of the graphene slurry for batteries. https://graphenemg.com/graphene-products/supa-g/
- Graphene Manufacturing Group GMG Announces 48% Increase in Energy Density, Doubling of Cycle Life and 94% Energy Efficiency for 6 Minute Fast Charge (press release, 8 October 2026). https://graphenemg.com/gmg-announces-48-increase-in-energy-density-doubling-of-cycle-life-and-94-energy-efficiency-for-6-minute-fast-charge/
- Graphene Manufacturing Group Critical Minerals Minister Officially Opens GMG’s Gen 2.0 Graphene Manufacturing Plant (press release, 16 September 2026). https://graphenemg.com/critical-minerals-minister-officially-opens-gmgs-gen-2-0-graphene-manufacturing-plant/
- Graphene Manufacturing Group GMG Launches New Graphene Water Coolant Additive for Data Centres: G FLUID (press release, 24 August 2026). https://graphenemg.com/gmg-launches-new-graphene-water-coolant-additive-for-data-centres-g-fluid/
- Graphene Manufacturing Group GMG Launches Asia Pacific Sales Team (press release, 8 September 2026). https://graphenemg.com/gmg-launches-asia-pacific-sales-team/
- Graphene Manufacturing Group GMG’s TSXV Listing – Approaching in April (press release, 30 March 2021). https://graphenemg.com/gmgs-tsxv-listing-approaching-in-april/
- Graphene Manufacturing Group Graphene Manufacturing Group Ltd. Commences Trading on OTCQX Under the Symbol GMGMF (press release, 26 February 2024). https://graphenemg.com/graphene-manufacturing-group-ltd-commences-trading-on-otcqx-under-the-symbol-gmgmf/
- U.S. EPA / Federal Register Certain New Chemicals; Receipt and Status Information for February 2025 (7 May 2025, document 2025-07941). Receipt of PMN P-25-0018 (submitter withheld as confidential; graphene platelets). https://www.federalregister.gov/documents/2025/05/07/2025-07941/certain-new-chemicals-receipt-and-status-information-for-february-2025
- Graphene Manufacturing Group Company website, home page (source of the logo image). https://graphenemg.com/
14. Claim-to-source audit
| Claim in the text | Status | Source |
|---|---|---|
| Listing (TSXV: GMG, OTCQX: GMGMF, Frankfurt: 0GF), warrants listed on the TSXV, TSXV listing in April 2021, OTCQX in February 2024 | Sourced | Reference 1, 3, 12, 13 https://graphenemg.com/wp-content/uploads/2026/10/GMG-FY26-MDA-12-Months-Ended-30-June-2026.pdf https://graphenemg.com/about-gmg/ https://graphenemg.com/gmgs-tsxv-listing-approaching-in-april/ https://graphenemg.com/graphene-manufacturing-group-ltd-commences-trading-on-otcqx-under-the-symbol-gmgmf/ |
| Head office, manufacturing and management at Richlands, Brisbane; company self-description | Sourced (company description) | Reference 3, 4 https://graphenemg.com/about-gmg/ https://graphenemg.com/about-gmg/gmg-graphene-liquid-graphene/ |
| How the graphene is made (plasma decomposition of methane), no graphite used, few-layer graphene, Advanced Carbons Council verification, ISO 9001:2015 | Sourced (company description) | Reference 1, 4 https://graphenemg.com/wp-content/uploads/2026/10/GMG-FY26-MDA-12-Months-Ended-30-June-2026.pdf https://graphenemg.com/about-gmg/gmg-graphene-liquid-graphene/ |
| FY2026 income statement, balance sheet and cash flow, prior-year restatement, going-concern uncertainty, internal-control weaknesses, shares, warrants and options | Sourced | Reference 1 https://graphenemg.com/wp-content/uploads/2026/10/GMG-FY26-MDA-12-Months-Ended-30-June-2026.pdf |
| R&D spending (G+AI battery A$1,336 thousand, G LUBRICANT A$362 thousand, SUPA G A$130 thousand), R&D tax incentive, the A$880,000 grant to UQ | Sourced | Reference 1 https://graphenemg.com/wp-content/uploads/2026/10/GMG-FY26-MDA-12-Months-Ended-30-June-2026.pdf |
| Gen 2.0 plant (10 t/year, about A$2.3 million, started 6 July 2026, opening ceremony 19 August 2026), Fulcrum Facility (about 100 t/year, an additional 240 t/year, A$1.2 million), the Richlands lease | Sourced / plans are not yet confirmed | Reference 1, 9 https://graphenemg.com/wp-content/uploads/2026/10/GMG-FY26-MDA-12-Months-Ended-30-June-2026.pdf https://graphenemg.com/critical-minerals-minister-officially-opens-gmgs-gen-2-0-graphene-manufacturing-plant/ |
| The Gen 2.0 plan as of 2025 and FY2025 finances | Sourced | Reference 2 https://graphenemg.com/wp-content/uploads/2025/10/02.-GMG-MDA-12-Mths-Ended-30-June-2025.pdf |
| Financing (C$20 million ATM, September 2025 bought deal, US$10 million placement in September 2026) | Sourced | Reference 1, 5 https://graphenemg.com/wp-content/uploads/2026/10/GMG-FY26-MDA-12-Months-Ended-30-June-2026.pdf https://graphenemg.com/investors/ |
| EPA: consent order for PMN P-25-0018 (16 March 2026), SNUN (2 June 2026, review expected to finish by end of June 2027), REACH registration (October 2025) | Sourced / expectation is not yet confirmed | Reference 1 https://graphenemg.com/wp-content/uploads/2026/10/GMG-FY26-MDA-12-Months-Ended-30-June-2026.pdf |
| Federal Register receipt list entry for P-25-0018 (graphene platelets, paint coating; submitter withheld as confidential) | Sourced | Reference 14 https://www.federalregister.gov/documents/2025/05/07/2025-07941/certain-new-chemicals-receipt-and-status-information-for-february-2025 |
| THERMAL-XR composition, the 30,000-hour salt-spray test, field results, 300 m² of surface area per gram | Sourced (company description) | Reference 6, 1 https://graphenemg.com/graphene-products/thermal-xr/ https://graphenemg.com/wp-content/uploads/2026/10/GMG-FY26-MDA-12-Months-Ended-30-June-2026.pdf |
| G LUBRICANT specification (1:100), the UQ-verified 8.4% fuel-efficiency gain, 10% energy efficiency and 33% particulate reduction, the 13.8% in the rally car | Sourced (company description) | Reference 1 https://graphenemg.com/wp-content/uploads/2026/10/GMG-FY26-MDA-12-Months-Ended-30-June-2026.pdf |
| G FLUID specification (about 20%, EN 1276) and launch | Sourced (company description) | Reference 10 https://graphenemg.com/gmg-launches-new-graphene-water-coolant-additive-for-data-centres-g-fluid/ |
| SUPA G specification (0.5-2 wt%, about 250 m²/g, 0.3-0.4 g/cm³, 2.5 times lower ionic resistivity) | Sourced (company description) | Reference 7, 1 https://graphenemg.com/graphene-products/supa-g/ https://graphenemg.com/wp-content/uploads/2026/10/GMG-FY26-MDA-12-Months-Ended-30-June-2026.pdf |
| G CELLS test data (1,000 cycles, 58 Wh/kg, 94%), testing at BIC, BTRL 4 | Sourced (company description) | Reference 8, 1 https://graphenemg.com/gmg-announces-48-increase-in-energy-density-doubling-of-cycle-life-and-94-energy-efficiency-for-6-minute-fast-charge/ https://graphenemg.com/wp-content/uploads/2026/10/GMG-FY26-MDA-12-Months-Ended-30-June-2026.pdf |
| Rio Tinto JDA (May 2023, A$6 million, two years), UQ, BIC, Nu Calgon, Beijer Ref, Curran International, Alstom, Tickford Racing | Sourced (company description) | Reference 1 https://graphenemg.com/wp-content/uploads/2026/10/GMG-FY26-MDA-12-Months-Ended-30-June-2026.pdf |
| European sales team of more than 10, Asia-Pacific sales team (India, South Korea, Japan, Singapore) | Sourced (company description) | Reference 1, 11 https://graphenemg.com/wp-content/uploads/2026/10/GMG-FY26-MDA-12-Months-Ended-30-June-2026.pdf https://graphenemg.com/gmg-launches-asia-pacific-sales-team/ |
| The logo image was taken from the logo published in the header of the official website | Sourced | Reference 15 https://graphenemg.com/ |
| Headcount, Gen 1 capacity, location and final investment decision for Fulcrum, sales by product, timing of profitability, timing of G CELLS volume production, any plan for an ASX listing | Not yet confirmed | Our own organization and reasoning (includes items the primary sources did not confirm; this article) |
| Readings such as "graphene is the source of value in its own products", "energy-saving products are the pillar for now", "Gen 2.0 lowers cost to aim at battery supply", and the dispersion challenge for G FLUID | Inference | Reference 1, 6, 8 https://graphenemg.com/wp-content/uploads/2026/10/GMG-FY26-MDA-12-Months-Ended-30-June-2026.pdf https://graphenemg.com/graphene-products/thermal-xr/ https://graphenemg.com/gmg-announces-48-increase-in-energy-density-doubling-of-cycle-life-and-94-energy-efficiency-for-6-minute-fast-charge/ |
| The classification of GMG as "nanomaterial producer (primary), devices (secondary)", the four-type grouping, and the total of three R&D projects | Our calculation | Our own organization and reasoning (includes items the primary sources did not confirm; this article) |
| Technical explanations such as dispersion and orientation of graphene in films, dispersion stability of tiny doses, and conditions for volume battery materials | Our calculation | Our own organization and reasoning (includes items the primary sources did not confirm; this article) |
Last updated: 9 October 2026 / Troy Technical
This article is based on GMG's MD&A (FY2026 and FY2025), website, press releases and the U.S. Federal Register. It uses no market-research estimates or press-based figures (the market-size statement in the G FLUID release is a market-research estimate and is not used). Items marked "Inference" are our reading of the primary sources and are not company disclosures. Product performance values are company claims and cannot be compared with values obtained under different conditions. Company plans and targets are not yet confirmed and are not guaranteed. This article does not advise individual readers on product use, safety or investment decisions.