Albany Graphite Corp. Engages Micon International to Complete New PEA for Albany Graphite Project

Rhea-AI Summary

Zentek (NASDAQ: ZTEK) subsidiary Albany Graphite engaged Micon to complete a new NI 43-101 Preliminary Economic Assessment (PEA) for the Albany Graphite Project near Hearst, Ontario, expected this summer (2026).

Micon will evaluate a tested 5N+ thermal purification route (99.9992% Cg from 86% flotation concentrate), update the Mineral Resource Estimate, produce PEA-level capex/opex estimates, and analyze economic sensitivities and environmental considerations.

Positive

• Bench-scale 5N+ graphite produced (99.9992% Cg)
• Indicated resources: 22.9 Mt @ 4.07% Cg (effective Apr 30, 2023)
• Inferred resources: 13.1 Mt @ 2.87% Cg
• New PEA completion targeted summer 2026
• PEA to deliver PEA-level capex and opex estimates

Negative

• Existing Mineral Resource Estimate is dated April 30, 2023
• Current results are bench-scale, not pilot or commercial validation
• PEA is a scoping-level study and not definitive feasibility

News Market Reaction – ZTEK

-0.86%

5 alerts

-0.86% Session close to close

-2.8% Trough in 1 hr 25 min

$56.99M Market Cap

0.9x Rel. Volume

In the Apr 9 session, ZTEK declined 0.86%, reflecting a mild negative market reaction. Argus tracked a trough of -2.8% from its starting point during tracking. Our momentum scanner triggered 5 alerts that day, indicating moderate trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement advances Zentek’s Albany Graphite strategy by commissioning Micon to deliver a new...

Analysis

This announcement advances Zentek’s Albany Graphite strategy by commissioning Micon to deliver a new NI 43-101-compliant PEA incorporating bench-scale 5N+ purity of 99.9992 wt.% Cg and an updated Mineral Resource Estimate. It builds on prior government and community engagement around Albany and its critical mineral positioning. Investors may watch for PEA outcomes on capital and operating costs, economic sensitivities, and how revised cut-off grades and the thermal purification route influence the project’s development options and role in high-purity graphite supply chains.

Key Figures

Graphite purity: 5N+ graphite (99.9992 wt.% Cg) Flotation concentrate grade: 86% Cg Open pit cut-off grade: 1.22% Cg +3 more

6 metrics

Graphite purity 5N+ graphite (99.9992 wt.% Cg) Bench-scale electrothermal fluidized bed reactor result

Flotation concentrate grade 86% Cg Feed grade for high-purity thermal purification pathway

Open pit cut-off grade 1.22% Cg Cut-off for open pit Mineral Resources in April 30, 2023 estimate

Underground cut-off grade 1.76% Cg Cut-off for underground Mineral Resources in April 30, 2023 estimate

Indicated Mineral Resources 22.9 million tonnes @ 4.07% Cg Most recent Mineral Resource Estimate effective April 30, 2023

Inferred Mineral Resources 13.1 million tonnes @ 2.87% Cg Most recent Mineral Resource Estimate effective April 30, 2023

Historical Context

5 past events · Latest: Apr 01 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Apr 01	Market-making engagement	Positive	+3.6%	ICP Securities engaged for automated market making to support liquidity.
Mar 25	CRO services launch	Positive	-2.8%	Triera launches contract research services for aptamer and biosensor work.
Mar 13	Litigation outcome	Positive	-1.9%	Court dismisses substantially all claims exceeding $6M against Zentek.
Mar 09	Albany engagement update	Positive	+0.5%	Government and First Nations engagement to position Albany as critical mineral asset.
Mar 04	HVAC pilot program	Positive	+0.0%	Pilot evaluation with Quality Filters for ZenGUARD air filtration media.

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

Pattern Detected

Recent news often reads positively, but price reactions have been mixed, with several positive operational or legal updates followed by flat or negative next-day moves.

Recent Company History

Over the past months, Zentek has highlighted Albany Graphite as a core platform, securing government and First Nations engagement and emphasizing plans for a new PEA and potential pre-feasibility work. Other updates included a favorable court judgment dismissing claims originally over $6 million, a pilot HVAC filtration program with Quality Filters, launch plans for Triera’s contract research services, and an automated market-making agreement with ICP Securities effective April 1, 2026. Today’s announcement of Micon preparing a new PEA continues this Albany-focused technical and economic de-risking trajectory.

Key Terms

preliminary economic assessment, national instrument 43-101, mineral resource estimate, cut-off grade, +4 more

8 terms

preliminary economic assessment technical

"to complete a new Preliminary Economic Assessment ("PEA") National Instrument 43-101"

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.

national instrument 43-101 regulatory

"new Preliminary Economic Assessment ("PEA") National Instrument 43-101 technical report"

National Instrument 43-101 is a set of rules and guidelines that govern how mineral exploration and mining companies must report information about their projects. It ensures that the details shared with investors are accurate, consistent, and reliable—similar to how a detailed, verified blueprint ensures a building’s safety. This helps investors make informed decisions based on trustworthy information about a company's mineral resources.

mineral resource estimate technical

"supported by an updated Mineral Resource Estimate. The study will evaluate"

A mineral resource estimate is a calculated approximation of how much metal or mineral material likely exists in a particular deposit and where it sits underground, similar to estimating how many cookies are in a jar by peeking at the layers. It matters to investors because it provides a data-based starting point for judging a project's potential value, future production and risks, while not guaranteeing recoverable or profitable amounts.

cut-off grade technical

"Updated Mineral Resource Estimate with revised cut-off grade analysis and current"

The cut-off grade is the minimum concentration of a mineral in rock that makes extraction and processing economically worthwhile; material below that level is treated as waste. It sets the boundary between ore and waste and directly affects reported reserves, projected mine life, and expected profits. Think of it like deciding which fruit on a tree is worth picking after accounting for the time and cost to harvest — raising or lowering that threshold can change how much “good” product a project appears to have.

indicated mineral resources technical

"reports, using cut-off grades... Indicated Mineral Resources of 22.9 million tonnes"

Indicated mineral resources are quantities and qualities of a mineral deposit estimated with a reasonable level of confidence based on spaced sampling and analysis, sitting between a rough guess and a high-certainty measurement. For investors, they matter because they support preliminary economic studies and mine planning—think of them as a reasonably reliable shopping list for a recipe, useful for deciding whether to invest further but not yet proof that profitable extraction is guaranteed.

inferred mineral resources technical

"Indicated Mineral Resources... and Inferred Mineral Resources of 13.1 million tonnes"

An inferred mineral resource is an estimate of the quantity and grade of minerals in the ground based on limited sampling and geological information, where confidence is low and continuity is uncertain. For investors it signals potential value but also higher risk—like a rough sketch of a hidden treasure that requires much more exploration and testing before you can reliably judge its size or economic worth.

electrothermal fluidized bed reactor technical

"using an electrothermal fluidized bed reactor, without the use of chlorine."

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.

small modular reactors medical

"expand nuclear baseload capacity including small modular reactors (SMRs) to support AI"

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.

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

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New PEA to evaluate demonstrated high-purity thermal purification pathway and assess Albany's role in emerging North American critical mineral supply chains for nuclear energy, defence, and energy security applications

Guelph, Ontario--(Newsfile Corp. - April 9, 2026) -  Zentek Ltd. (TSXV: ZEN) (NASDAQ: ZTEK) ("Zentek" or the "Company") is pleased to announce that its wholly-owned subsidiary Albany Graphite Corp. has engaged Micon International Limited ("Micon") to complete a new Preliminary Economic Assessment ("PEA") National Instrument 43-101 technical report for the Albany Graphite Project (the "Project"), located near Hearst, Ontario. Zentek expects the new PEA to be completed this summer.

High-Purity Pathway

A key differentiator that Micon will evaluate as part of its updated development case is Albany Graphite's tested bench-scale capability to produce 5N+ graphite (99.9992 wt.% Cg) directly from flotation concentrate (86% Cg) using an electrothermal fluidized bed reactor, without the use of chlorine. These results are intended to inform key process assumptions and product positioning to be assessed in the new PEA.

PEA Scope

Micon will prepare the new PEA as a scoping-level study supported by an updated Mineral Resource Estimate. The study will evaluate a development case that considers the thermal purification process and current market conditions.

Micon's work program will include:

• Updated Mineral Resource Estimate with revised cut-off grade analysis and current market pricing
• Conceptual mining method evaluation, pit design optimization, and high-level production scheduling
• Process flowsheet development and preliminary mass-balance assumptions, including evaluation of the thermal purification route
• Capital and operating cost estimates at PEA-level accuracy, supported by budgetary equipment quotes, infrastructure, logistics, and site-support concepts
• Tailings, water management, and environmental and social considerations at scoping level
• Economic and sensitivity analysis, and preparation of the NI 43-101 technical report for public disclosure

Mineral Resource Estimate

The most recently filed Mineral Resource Estimate for the Project (effective April 30, 2023) reports, using cut-off grades of 1.22% graphitic carbon (Cg) for open pit Mineral Resources and 1.76% Cg for underground Mineral Resources, Indicated Mineral Resources of 22.9 million tonnes grading 4.07% Cg and Inferred Mineral Resources of 13.1 million tonnes grading 2.87% Cg. As part of its work program, Micon will prepare an updated Mineral Resource Estimate evaluating revised cut-off grade parameters and current market pricing.

Next Steps

Following completion of the PEA, Zentek expects to use the results to define priority next steps for Albany, which may include:

• Advancing additional metallurgical work and product qualification
• Evaluating pilot-scale processing options
• Refining project execution and infrastructure concepts
• Considering the appropriate pathway for further engineering studies

Commentary

"This PEA is a key milestone as we work to rerate the value of Albany based on its demonstrated potential in high-purity applications," said Mohammed (Moe) Jiwan, CEO of Zentek. "We have already proven at bench scale that Albany graphite achieves 5N+ purity using an electrothermal fluidized bed reactor, and we expect the PEA to translate that technical foundation into a current, NI 43-101-compliant economic framework. At the same time, North American and allied-nation demand for secure sources of ultra-high-purity graphite is accelerating as governments invest in energy security infrastructure, expand nuclear baseload capacity including small modular reactors (SMRs) to support AI and data centre growth, and work to rebuild critical mineral supply chains independent of foreign sources. With graphite designated a critical mineral by both Canada and the United States, and NATO allies prioritizing secure supply of strategic materials, we believe Albany is uniquely positioned to serve those markets."

Mr. Peter Wood, P.Eng., P.Geo., Vice President, Development of AGC, a "Qualified Person" under National Instrument 43-101, has 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, meeting 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.

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.

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/290280

FAQ

What will Micon evaluate in the new ZTEK (Albany Graphite) PEA and when will it be finished?

The PEA will evaluate thermal purification, updated resources, and economics; completion is expected summer 2026. According to the company, Micon will update the Mineral Resource Estimate, develop process flowsheets, and produce PEA-level capex/opex and sensitivity analyses for public NI 43-101 disclosure.

How pure is the graphite Albany produced in bench-scale tests for ZTEK (NASDAQ: ZTEK)?

Albany produced 5N+ graphite (99.9992% Cg) at bench scale from flotation concentrate. According to the company, this purity was achieved using an electrothermal fluidized bed reactor directly on 86% Cg concentrate without chlorine, informing PEA process assumptions.

What are the reported Mineral Resources for the Albany Graphite Project (ZTEK) prior to the updated estimate?

Previously reported resources: Indicated 22.9 Mt @ 4.07% Cg and Inferred 13.1 Mt @ 2.87% Cg (effective April 30, 2023). According to the company, Micon will prepare an updated Mineral Resource Estimate with revised cut-off grades and current pricing.

Will the new PEA for ZTEK include capital and operating cost estimates and environmental considerations?

Yes. The PEA will include PEA-level capex and opex estimates plus tailings, water management, and ESG scoping-level considerations. According to the company, cost estimates will be supported by budgetary equipment quotes and logistics concepts.

What next steps might Zentek (ZTEK) take after the Albany PEA is completed?

Next steps may include pilot-scale testing, product qualification, and further engineering studies. According to the company, results will guide metallurgical work, pilot processing evaluation, and refinement of execution and infrastructure concepts.