Albany Graphite Corp. Engages AppEco for Independent Market Research and Economic Analysis

Rhea-AI Summary

Zentek (NASDAQ: ZTEK) subsidiary Albany Graphite engaged AppEco to produce an independent market research and economic analysis for the Albany Graphite Project near Hearst, Ontario.

Deliverables include a grade-specific price deck, 5‑ and 10‑year forecasts, North American/allied demand quantification, supply positioning versus Western pipelines, and valuation of 18 recoverable critical minerals from FBR scrubber exhaust. Bench-scale production of 5N+ graphite (99.9992 wt.% Cg) using a chlorine-free FBR process is cited as central to the study feeding into a PEA due this summer.

Positive

• Bench-scale 5N+ graphite (99.9992 wt.% Cg) demonstrated
• Independent grade-by-grade price deck and 5/10-year forecasts planned
• Co-product valuation of 18 critical minerals from FBR scrubber exhaust

Negative

• Co-product value depends on recoveries and further engineering
• No quantified financial guidance or revenue impacts reported yet

News Market Reaction – ZTEK

+4.44%

2 alerts

+4.44% Session close to close

-9.6% Trough Tracked

$55.91M Market Cap

0.0x Rel. Volume

In the Apr 16 session, ZTEK gained 4.44%, reflecting a moderate positive market reaction. Argus tracked a trough of -9.6% from its starting point during tracking. Our momentum scanner triggered 2 alerts that day, indicating moderate trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement outlines a structured effort to quantify pricing, demand, competitive positioning,...

Analysis

This announcement outlines a structured effort to quantify pricing, demand, competitive positioning, and co-product credits for Albany’s ultra-high-purity graphite, including 5N+ material at 99.9992 wt.% Cg. It connects the project to nuclear, defence, and advanced battery markets, while preparing inputs for a NI 43-101 compliant PEA. Investors should watch for AppEco’s workstream reports and the upcoming PEA to see how market data, co-product valuation and engineering assumptions translate into overall project economics.

Key Figures

Graphite purity: 99.9992 wt.% Cg (5N+) Critical minerals count: 18 critical minerals Rare earth elements: 13 rare earth elements +3 more

6 metrics

Graphite purity 99.9992 wt.% Cg (5N+) Bench-scale electrothermal FBR process for Albany graphite

Critical minerals count 18 critical minerals Potentially recoverable from FBR scrubber exhaust co-product stream

Rare earth elements 13 rare earth elements Subset of 18 critical minerals in co-product valuation workstream

Forecast horizon 5-year forecasts Price deck for high-purity graphite by grade and end market

Forecast horizon 10-year forecasts Longer-term graphite pricing across nuclear, defence, battery, industrial

Prior disclosure date September 22, 2025 Earlier disclosure of 5N+ purity graphite using FBR process

Historical Context

5 past events · Latest: Apr 14 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Apr 14	Platform advancement	Positive	-5.7%	Triera advanced its aptamer platform via ISC completion and OCI C2C funding.
Apr 09	Project study mandate	Positive	-0.9%	Albany Graphite engaged Micon to deliver a new NI 43-101 PEA.
Apr 01	Market-making deal	Positive	+3.6%	ICP Securities engagement aimed at improving liquidity and quote quality.
Mar 25	CRO services launch	Positive	-2.8%	Triera announced CRO services for custom aptamer discovery and biosensors.
Mar 13	Litigation outcome	Positive	-1.9%	Court dismissed most claims exceeding $6 million against Zentek.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent company updates, including positive operational and legal developments, have often been followed by negative price reactions, indicating a pattern of selling into news.

Recent Company History

Over the last month, Zentek has issued several corporate updates. On Mar 13, it reported a favorable litigation judgment, yet shares fell 1.86%. Subsequent news on Mar 25 and Apr 1 about Triera’s CRO launch and a new market-making agreement saw mixed reactions, with one modest gain and one decline. Engagements for a new Albany PEA on Apr 9 and an H5N1-related program update on Apr 14 were also followed by share price drops, showing weak alignment between seemingly constructive news and market response.

Key Terms

ni 43-101, preliminary economic assessment, small modular reactors, electrothermal fluidized bed reactor, +1 more

5 terms

ni 43-101 regulatory

"with the rigour required for a NI 43-101 compliant PEA."

A Canadian regulatory standard that sets the rules for how mining and exploration companies must report mineral resources and reserves, requiring technical reports prepared or signed off by an independent, certified expert. It matters to investors because it creates a consistent, transparent “inspection report” for mining projects, making it easier to compare prospects, judge the reliability of claims, and assess geological and financial risk before investing.

preliminary economic assessment regulatory

"in a form that the PEA requires. That is what AppEco is building"

A preliminary economic assessment is an initial analysis that estimates the potential profitability and feasibility of a project or resource, such as a new mineral deposit or development venture. It provides a rough idea of costs, benefits, and risks, helping investors decide whether to pursue more detailed studies. This early evaluation is important because it offers a snapshot of whether the project is worth further investment and development.

small modular reactors technical

"rapid buildout of small modular reactors across North America is creating"

Small modular reactors are compact nuclear power plants built from factory-made modules that are assembled onsite, like snapping together building blocks to add or replace capacity. They matter to investors because they aim to lower upfront costs and shorten construction time versus traditional reactors—potentially providing steady long-term power sales and service revenue—while still carrying regulatory, construction and waste-management risks that can affect returns.

electrothermal fluidized bed reactor technical

"using a chlorine-free electrothermal FBR process positions the Project"

An electrothermal fluidized bed reactor is an industrial vessel that keeps fine solid particles gently suspended by a flow of gas while electric heating controls their temperature; think of grains tumbling in a boiling pot of hot air that’s heated by electricity rather than a flame. Investors care because this design can speed up chemical reactions, improve product consistency, cut fuel use and emissions, and scale efficiently—factors that directly affect production costs, profit margins and regulatory risk.

fluidized bed reactor technical

"recoverable from the electrothermal fluidized bed reactor ("FBR") scrubber exhaust"

A fluidized bed reactor is an industrial vessel where solid particles are suspended and mixed by a rising stream of gas or liquid so they behave like a boiling fluid, allowing fast and even heat transfer and reaction. For investors, its use can mean higher production throughput, more consistent product quality, lower energy or catalyst costs, and potentially fewer emissions or safety issues compared with fixed-bed equipment, all of which affect operating margins and capital needs.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Independent study to deliver price deck, demand quantification, competitive positioning, and co-product valuation for Albany's high-purity graphite across nuclear, defence, battery, and industrial markets

Guelph, Ontario--(Newsfile Corp. - April 16, 2026) - Zentek Ltd. (TSXV: ZEN) (NASDAQ: ZTEK) ("Zentek" or the "Company") is pleased to announce that its wholly-owned subsidiary Albany Graphite Corp. ("AGC") has engaged AppEco Inc. ("AppEco"), an independent economic research and advisory firm, to complete a comprehensive market research and economic analysis study for the Albany Graphite Project (the "Project"), located near Hearst, Ontario.

Study Mandate and Deliverables

AppEco's work will encompass four core workstreams:

1. Independent Price Deck: Product pricing by grade (concentrate, 4N, 4N+, 5N+) across nuclear, defence, battery, and industrial end-markets, with current, 5-year, and 10-year forecasts.

2. Addressable Demand Quantification: North American and allied-nation demand segmented by nuclear/SMR, defence/aerospace, IRA/Canadian Critical Minerals-eligible battery, and industrial/specialty markets.

3. Supply-Side Competitive Positioning: Assessment of Albany's positioning versus the Western and allied-nation graphite pipeline, including synthetic substitution risk analysis.

4. Co-Product Credit Valuation: Valuation of 18 critical minerals, including 13 rare earth elements plus lithium, scandium, yttrium, niobium, and molybdenum, recoverable from the electrothermal fluidized bed reactor ("FBR") scrubber exhaust without the need for additional reactor capital, subject to further engineering and recovery assumptions.

AppEco will deliver an economic memo for each of the above workstreams, followed by a consolidated final report.

Why This Matters

The market for high-purity graphite is undergoing a structural shift. Government policy in both Canada and the United States now explicitly prioritizes domestic and allied-nation supply of critical minerals, including graphite.^1,2 The U.S. Inflation Reduction Act, the Canadian Critical Minerals Strategy, and recent Department of Energy funding initiatives all point in the same direction: Western economies need secure, traceable sources of advanced carbon materials for nuclear energy, defence systems, and next-generation batteries.^3,4,5

At the same time, the rapid buildout of small modular reactors across North America is creating a new demand category for nuclear-grade graphite that did not exist at meaningful scale a decade ago.^6,7 As previously disclosed by the Company on September 22, 2025, Albany's demonstrated ability to produce 5N+ purity graphite (99.9992 wt.% Cg) at bench scale using a chlorine-free electrothermal FBR process positions the Project as potentially relevant to these converging trends.

Yet the pricing and demand data available for ultra-high-purity, performance-grade graphite remain thin. Most public market studies focus on commodity-grade flake or battery anode material, where pricing bears little resemblance to what nuclear, defence, and semiconductor buyers pay. The AppEco engagement is designed to close that gap to produce independent, purity-specific pricing and demand data for the markets Albany is targeting, and to do so with the rigour required for a NI 43-101 compliant PEA.^8,9

The co-product valuation workstream is particularly notable: the same FBR process used to achieve 5N+ graphite purity generates a scrubber exhaust stream that may contain recoverable concentrations of 18 critical minerals potentially at zero additional reactor capital. AppEco will assess the potential value of these co-product credits.

Commentary

"The conventional approach to valuing a graphite deposit starts with commodity pricing for battery-grade material. That framework does not capture what Albany is," said Mohammed (Moe) Jiwan, CEO of Zentek. "When your process produces 5N graphite without chlorine, the relevant comparisons are not commodity flake prices - they are the procurement budgets of nuclear programs, defence primes, and semiconductor manufacturers. These are markets where supply security, purity certification, and traceability command pricing that is materially different from what conventional graphite studies assume."

"The purpose of this engagement is to develop independent data to inform and test those assumptions in a form that the PEA requires. That is what AppEco is building: grade-by-grade pricing, end-market demand quantification, competitive context, and co-product credit valuations - all from an independent source, all designed to feed directly into the economic model Micon is constructing. When you combine independent market data with independent engineering, you have the foundation for an economic case that we believe institutional investors and strategic partners can better evaluate."

"We believe it is also important to highlight the co-product opportunity. The same FBR process that purifies graphite to nuclear grade generates a scrubber exhaust that may contain recoverable concentrations of 18 critical minerals - 13 rare earths, plus lithium, scandium, yttrium, niobium, and molybdenum - potentially without the need for significant additional reactor capital subject to further engineering and recovery assumptions. If the independent valuation supports the preliminary indications, these credits could influence the project's economic profile; however, the magnitude of any impact will depend on recoveries, payable terms, market conditions, and other engineering and economic assumptions."

"We intend to share findings as each workstream is completed, and we expect to provide the market with meaningfully more information in connection with the PEA, which we anticipate will be published this summer."

Mr. Peter Wood, P.Eng., P.Geo., Vice President, Development of AGC, a "Qualified Person" under National Instrument 43-101, has reviewed and approved the technical information contained in this news release.

About Albany Graphite

The Albany Graphite Project is an igneous-hosted graphite deposit located in Northern Ontario, held through the Company's wholly-owned subsidiary Albany Graphite Corp. Independent bench-scale testing conducted in collaboration with American Energy Technologies Company as previously disclosed by the Company on September 22, 2025, has confirmed that Albany graphite achieves ultra-high purity of 99.9992% with an equivalent boron concentration of 2.60 ppm, which meets benchmarks for potential nuclear-grade applications, and has demonstrated near-theoretical electrochemical performance for lithium-ion battery anodes. The project is being advanced as a potential domestic North American source of critical-grade graphite for nuclear, battery, and defence supply chains. Graphite is designated a critical mineral by both the Government of Canada and the United States Department of Energy.

About Zentek

Zentek Ltd. is a Canadian intellectual property development and commercialization company advancing a portfolio of graphene-enabled and advanced material technologies across clean air, next-generation materials, and critical minerals. The Company's core platforms are Albany Graphite, ZenGUARD™, and Triera.

About AppEco

AppEco Inc. is an economics consulting firm delivering expert analysis and strategic insights to organizations across the public and private sectors. The firm is committed to producing independent, data-driven studies, combining rigorous economic methodology with clear communication to support decision-makers.

Forward-Looking Statements

This news release contains forward-looking statements. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although Zentek believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Zentek disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

References (public)

¹ U.S. Geological Survey (USGS). "2022 Final List of Critical Minerals" (Federal Register notice; Feb. 24, 2022). https://www.federalregister.gov/documents/2022/02/24/2022-04027/2022-final-list-of-critical-minerals
² Natural Resources Canada. "Government of Canada Releases Updated Critical Minerals List" (News release; June 10, 2024). https://www.canada.ca/en/natural-resources-canada/news/2024/06/government-of-canada-releases-updated-critical-minerals-list.html
³ Natural Resources Canada. "The Canadian Critical Minerals Strategy" (2022). https://www.canada.ca/en/campaign/critical-minerals-in-canada/canadian-critical-minerals-strategy.html
⁴ U.S. Department of the Treasury / Internal Revenue Service. "Clean Vehicle Credits Under Sections 25E and 30D; Transfer of Credits; Critical Minerals and Battery Components; Foreign Entities of Concern" (Final regulations; May 6, 2024; T.D. 9995). https://www.federalregister.gov/documents/2024/05/06/2024-09094/clean-vehicle-credits-under-sections-25e-and-30d-transfer-of-credits-critical-minerals-and-battery
⁵ U.S. Department of Energy. "Foreign Entity of Concern (FEOC) Interpretive Guidance" (May 2024). https://www.energy.gov/cmei/manufacturing/foreign-entity-concern-interpretive-guidance
⁶ Canada Energy Regulator. "Market Snapshot: Canada's role in small modular reactor (SMR) technology" (Aug. 20, 2025). https://www.cer-rec.gc.ca/en/data-analysis/energy-markets/market-snapshots/2025/market-snapshot-canadas-role-in-small-modular-reactor-smr-technology.html
⁷ U.S. Nuclear Regulatory Commission (NRC). "Advanced Reactor Highlights". https://www.nrc.gov/reactors/new-reactors/advanced/highlights/index.html
⁸ Fastmarkets. "Graphite prices & market insights". https://www.fastmarkets.com/metals-and-mining/battery-raw-materials/graphite/
⁹ Benchmark Mineral Intelligence. "Natural Graphite Prices". https://www.benchmarkminerals.com/natural-graphite/prices/

For more information:

Mohammed (Moe) Jiwan
Chief Executive Officer, Zentek Ltd.
T: 416-709-8876
E: mjiwan2@zentek.com
W: www.zentek.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/292873

FAQ

What will AppEco deliver for Albany Graphite (ZTEK) and when?

AppEco will deliver four workstreams plus consolidated reports, including price decks and co-product valuations. According to the company, workstreams cover pricing, demand, supply positioning, and 18-mineral co-product valuation, with findings intended to feed into the PEA expected this summer.

What purity level has Albany Graphite demonstrated for ZTEK's Albany Project?

Albany achieved bench-scale 5N+ purity (99.9992 wt.% Cg) for graphite. According to the company, this chlorine-free electrothermal FBR result underpins targeting of nuclear, defence, and semiconductor procurement budgets rather than commodity pricing.

Which markets will AppEco quantify demand for ZTEK's high-purity graphite?

AppEco will quantify North American and allied-nation demand across nuclear/SMR, defence/aerospace, IRA/Canadian-eligible battery, and industrial markets. According to the company, segmentation is grade- and end-market specific with 5- and 10-year forecasts.

What are the risks to co-product credits in the Albany Graphite (ZTEK) analysis?

Co-product credits rely on recoveries, payable terms, and further engineering assumptions. According to the company, the scrubber exhaust may contain 18 recoverable minerals but the economic magnitude depends on validated recoveries and market conditions.

How will AppEco's study affect the upcoming PEA for ZTEK's Albany Project?

AppEco's independent pricing and demand data are intended to supply inputs for the PEA economic model. According to the company, grade-specific pricing and co-product valuations will feed Micon's economic analysis to inform investor and partner evaluation.