Zentek (NASDAQ: ZTEK) taps AppEco to value high-purity Albany graphite

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

6-K

Rhea-AI Filing Summary

Zentek Ltd. reports that its wholly owned subsidiary, Albany Graphite Corp., has engaged AppEco Inc. to complete an independent market research and economic analysis for the Albany Graphite Project in Ontario. The study will develop grade-specific price forecasts, quantify North American and allied-nation demand, analyze Albany’s competitive position, and assess potential value from 18 critical-mineral co-products produced by its electrothermal fluidized bed reactor process.

AppEco’s work is intended to provide independent market data to support a NI 43-101 compliant preliminary economic assessment that engineering firm Micon is preparing. Zentek expects to share workstream findings and anticipates publishing the PEA in the summer.

Key Figures

Critical minerals evaluated: 18 minerals Rare earth elements included: 13 rare earth elements Graphite purity: 99.9992 wt.% Cg +1 more

4 metrics

Critical minerals evaluated 18 minerals Potential co-products in FBR scrubber exhaust

Rare earth elements included 13 rare earth elements Subset of 18 critical minerals in co-product study

Graphite purity 99.9992 wt.% Cg Bench-scale Albany graphite purity for nuclear-grade potential

Equivalent boron concentration 2.60 ppm Bench-scale Albany graphite benchmark for nuclear applications

Key Terms

NI 43-101, preliminary economic assessment, small modular reactors, critical minerals, +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 financial

"designed to feed directly into the economic model Micon is constructing for a preliminary economic assessment"

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

"the rapid buildout of small modular reactors across North America is creating a new demand category"

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.

critical minerals financial

"secure, traceable sources of advanced carbon materials for nuclear energy, defence systems, and next-generation batteries… including graphite"

Materials needed to build modern technologies—like batteries, electronics, renewable energy systems and defense equipment—that have few easy substitutes and often come from a small number of countries or mines. Investors care because their supply can be disrupted, expensive or slow to increase, which affects the cost, availability and growth prospects of companies and industries that rely on them; think of them as critical spare parts for the global economy.

electrothermal fluidized bed reactor technical

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

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.

Form 6-K: How Foreign Companies Report to the SEC →

04/16/2026 - 04:20 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of April 2026

Commission File Number: 001-41310

ZENTEK LTD.

(Registrant)

1123 York Road in

Guelph, Ontario N1G 5G5 Canada

(Address of Principal Executive Offices)

Indicate by check mark whether the Registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☐ Form 40-F ☒

Indicate by check mark if the Registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the Registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	ZENTEK LTD.
	(Registrant)

Date: April 16, 2026	By	/s/ Wendy Ford
		Wendy Ford
		Chief Financial Officer

EXHIBIT INDEX

Exhibit	Description of Exhibit

99.1	Press Release dated April 16, 2026 - Albany Graphite Corp. Engages AppEco for Independent Market Research and Economic Analysis

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

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

April 16, 2026 - Guelph, Ontario - Zentek Ltd. ("Zentek" or the "Company") (TSXV: ZEN) (NASDAQ: ZTEK) 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:

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

Source: View Original Filing on SEC EDGAR

FAQ

What did Zentek (ZTEK) announce in this Form 6-K?

Zentek announced that its subsidiary Albany Graphite Corp. hired AppEco Inc. to perform an independent market research and economic analysis for the Albany Graphite Project, supporting a NI 43-101 compliant preliminary economic assessment and providing market, pricing, and co-product valuation data.

What will AppEco analyze for Zentek’s Albany Graphite Project (ZTEK)?

AppEco will prepare an independent price deck by graphite grade, quantify addressable demand across nuclear, defence, battery, and industrial markets, assess Albany’s competitive position versus other Western projects, and value 18 potential critical-mineral co-products from the project’s electrothermal fluidized bed reactor process.

Why is the Albany Graphite Project important for Zentek (ZTEK)?

The Albany Graphite Project targets high-purity graphite markets, including nuclear, battery, and defence uses. Bench-scale testing showed 5N+ purity at 99.9992% carbon and 2.60 ppm equivalent boron, suggesting potential suitability for nuclear-grade applications and near-theoretical electrochemical performance for lithium-ion battery anodes.

How will AppEco’s work support Zentek’s NI 43-101 PEA?

AppEco’s independent pricing, demand, competitive, and co-product valuation studies are designed to feed directly into an economic model for the Albany Graphite Project, which engineering firm Micon is constructing for a NI 43-101 compliant preliminary economic assessment anticipated to be published in the summer.

What co-product opportunity is Zentek (ZTEK) evaluating at Albany?

The same electrothermal fluidized bed reactor process that purifies Albany graphite may generate a scrubber exhaust containing 18 critical minerals, including 13 rare earth elements plus lithium, scandium, yttrium, niobium, and molybdenum. AppEco will assess potential economic value, subject to engineering and recovery assumptions.

What markets is Zentek targeting with Albany’s high-purity graphite?

Zentek is focusing Albany’s high-purity graphite on nuclear and small modular reactors, defence and aerospace, Inflation Reduction Act and Canadian Critical Minerals-eligible batteries, and industrial or specialty applications where ultra-high-purity, traceable graphite commands pricing distinct from commodity graphite or standard battery anode material.

Filing Exhibits & Attachments

1 document

Press Releases

EX-99.1 EXHIBIT 99.1 17.2 KB