Zentek PEA pegs Albany graphite NPV at US$3.85B

Zentek reports first Canadian federal orders for ZenGUARD filters and a new ultra‑high‑purity graphite benchmark supporting its Albany PEA.

Rhea-AI Filing Summary

Zentek Ltd. (ZTEK) provides a corporate update covering research coverage, government procurement progress, and Albany graphite technical results. Atrium Research Corporation has begun sponsored research coverage on Zentek; the company notes it did not prepare the report and does not endorse Atrium’s rating, target, or conclusions.

Zentek has received its first orders for ZenGUARD™ enhanced HVAC air filters under a Government of Canada standing offer running to August 18, 2027, although the arrangement sets no minimum orders or purchase volume. The company also reports bench-scale purification of Albany graphite via a halogen-free fluidized bed reactor, producing certified 4N to 5N grades with a maximum measured purity of 99.99985 wt.% carbon and an average of 99.9995 wt.% carbon across three samples, improving on earlier 99.9992% results. These grades underpin the product specifications in the Albany Graphite Project Preliminary Economic Assessment, which describes a US$3.85 billion after-tax net present value based on selling specialized graphite products into nuclear and defence markets, while remaining preliminary in nature and subject to NI 43-101 cautions.

Positive

• Albany graphite purity significantly improved, with bench-scale tests reaching a maximum 99.99985 wt.% carbon and a 99.9995 wt.% carbon average across three samples, supporting premium graphite specifications for potential nuclear and defence applications.
• The Albany Graphite Project Preliminary Economic Assessment outlines an after-tax net present value of US$3.85 billion, based on selling specialized high-purity graphite products into nuclear and defence markets, highlighting the project’s potential scale if successfully developed.
• Zentek has received its first orders for ZenGUARD™ enhanced air filters under a Government of Canada standing offer, converting a previously approved supply arrangement into active federal procurement.

Negative

• None.

Filing Explained

First federal orders activate a no-volume-commitment supply offer; Albany remains at bench scale pending technical-report and lot-qualification steps.

As a Form 6-K interim report, this filing says Zentek has received first orders under the Government of Canada standing offer, making the approved arrangement active, while the offer sets no minimum orders or purchase volume.

That changes the disclosure from availability to actual orders, but not to a committed order volume.

For Albany, the filing keeps the evidence at bench scale: it says those results are not necessarily indicative of commercial-scale results, and the PEA’s projected outcomes are not certain.

The stated next checks are a technical report due within 45 days of August 10, 2026, plus qualification testing across production lots and customer evaluation of held material.

Key Figures

After-tax net present value: US$3.85 billion Maximum graphite purity: 99.99985 wt.% carbon Average graphite purity: 99.9995 wt.% carbon +4 more

7 metrics

After-tax net present value US$3.85 billion Albany Graphite Project Preliminary Economic Assessment based on specialized graphite sales into nuclear and defence markets

Maximum graphite purity 99.99985 wt.% carbon Peak bench-scale Albany graphite purity achieved using a halogen-free fluidized bed reactor

Average graphite purity 99.9995 wt.% carbon Average purity across three bench-scale Albany graphite samples

Previously reported graphite purity 99.9992% carbon Earlier independent bench-scale testing disclosed on September 22, 2025

Equivalent boron content 2.60 ppm Earlier Albany graphite testing meeting published benchmarks for potential nuclear-grade applications

Standing offer end date August 18, 2027 End date of Government of Canada standing offer for ZenGUARD enhanced HVAC filtration products

Technical report filing window Within 45 days NI 43-101 requirement to file the Albany PEA supporting technical report within 45 days of August 10, 2026

Key Terms

Preliminary Economic Assessment, NI 43-101, standing offer, fluidized bed reactor, +2 more

6 terms

Preliminary Economic Assessment financial

"The Albany Graphite Project PEA results, announced on August 10, 2026, are preliminary"

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.

NI 43-101 regulatory

"The technical report supporting the PEA will be filed on SEDAR+ within 45 days of August 10, 2026, as NI 43-101 requires"

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.

standing offer regulatory

"first orders under the Government of Canada standing offer announced on August 20, 2026"

Standing offer is a pre-arranged agreement in which a buyer (often a government or large organization) and a supplier agree on prices, delivery terms, and conditions for goods or services to be supplied over a set period, while actual orders are placed later as needs arise and no specific quantity is guaranteed. For investors, it signals an approved, on-call sales channel and potential recurring work—like a store keeping a vendor on speed dial to restock—providing visibility into future demand without promising firm revenue.

fluidized bed reactor technical

"One fluidized bed reactor route produced four grades, each with its own certificate of analysis"

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.

bench-scale purification technical

"additional details regarding the bench-scale purification work that supported the Preliminary Economic Assessment"

critical mineral regulatory

"Graphite is designated a critical mineral by both the Government of Canada and the United States Department of Energy"

A critical mineral is a naturally occurring element or metal that is essential for modern technologies—like batteries, electronics, clean energy systems and defense—and whose supply is vulnerable to disruption. Investors care because these minerals act like key building blocks: shortages, geopolitical controls, or production bottlenecks can sharply raise costs, stall product rollouts, change profit forecasts, and prompt government policy or subsidies that affect company valuations.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What new milestones did Zentek Ltd. (ZTEK) announce for its Albany Graphite Project?

Zentek reported bench-scale purification of Albany graphite using a halogen-free fluidized bed reactor, achieving a maximum 99.99985 wt.% carbon purity and a 99.9995 wt.% average across three samples, improving on prior 99.9992% results and underpinning PEA product specifications.

What is the net present value cited for Zentek’s Albany Graphite PEA?

The Preliminary Economic Assessment for the Albany Graphite Project cites an after-tax net present value of US$3.85 billion, based on selling specialized high-purity graphite products into nuclear and defence markets, while remaining preliminary and dependent on inferred resources.

What progress did Zentek (ZTEK) report on ZenGUARD enhanced air filters?

Zentek has received its first orders for ZenGUARD™ enhanced HVAC air filters under a Government of Canada standing offer for federal facilities in the National Capital Region. The standing offer runs to August 18, 2027 and does not guarantee any minimum order volume.

Has third-party research coverage been initiated on Zentek Ltd. (ZTEK)?

Yes. Atrium Research Corporation has initiated research coverage on Zentek. The company engaged Atrium as a sponsored research firm and states it did not prepare the report and does not endorse Atrium’s rating, target price, estimates, or conclusions.

How does Zentek plan to create value from the Albany Graphite Project?

Zentek states the Albany development plan focuses on completing purification and value-added processing in Ontario, targeting sales of specialized high-purity graphite into nuclear and defence markets instead of commodity-indexed markets, as described in the Albany PEA.

What are the key cautions around Zentek’s Albany Graphite PEA results?

The PEA is preliminary and includes inferred mineral resources that are too speculative geologically to be classified as reserves. There is no certainty the PEA results or projected economic outcomes will be realized, as disclosed under NI 43-101 guidance.

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

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Available on EDGAR 09/14/2026 - 02:32 PM Accepted by SEC EDGAR 09/14/2026 - 02:31 PM Learn about SEC filing dates

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
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of September 2026

Commission File Number: 001-41310

ZENTEK LTD.
(Translation of registrant's name into English)

1123 York Road
Guelph, Ontario N1E 6Z1 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 ☒

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: September 14, 2026	By	/s/ Wendy Ford
		Wendy Ford
		Chief Financial Officer

EXHIBIT INDEX

Exhibit		Description
99.1		News Release dated September 14, 2026 - Zentek Provides Corporate Update

Zentek Provides Corporate Update

Research coverage initiated by Atrium; first orders received under Government of Canada
standing offer; Albany bench-scale purification produces full 4N to 5N product range

Guelph, ON - September 14, 2026 - Zentek Ltd. ("Zentek" or the "Company") (TSXV: ZEN) (OTCQX: ZTEKF) today reported the initiation of research coverage, its first orders under a Government of Canada standing offer and results from bench-scale purification of Albany graphite.

Research Coverage

Atrium Research Corporation ("Atrium") has initiated research coverage on Zentek. Atrium is a sponsored research firm engaged by the Company as disclosed on July 15, 2026. The report was written by Ben Pirie and Nicholas Cortellucci, CFA, and is available directly from Atrium.

Zentek did not prepare the report and does not endorse its rating, target price, estimates, or conclusions. Investors should read the full report, including Atrium's assumptions, qualifications, risk factors, and disclosures. Management's discussions with Atrium followed Zentek's disclosure controls. No undisclosed material information was shared.

ZenGUARD™ Enhanced Air Filters

The Company has received its first orders under the Government of Canada standing offer announced on August 20, 2026, for the supply of HVAC filtration products to federal facilities in the National Capital Region. The standing offer runs to August 18, 2027. Federal departments order against it as they need product. It sets no minimum number of orders and no purchase volume. ZenGUARD™ Enhanced Air Filters are also available to every federal department and agency through the Innovative Solutions Canada Pathway to Commercialization source list.

Albany Graphite

The following provides additional details regarding the bench-scale purification work that supported the Preliminary Economic Assessment ("PEA") announced on August 10, 2026. The program was completed at an independent laboratory in the United States and established the product specifications used for the study's product mix and pricing. One fluidized bed reactor route produced four grades, each with its own certificate of analysis: a 5N thermally purified grade, a 4N+ thermally purified grade, a 4N spheroidized surface-coated grade, and a 4N non-spherical powder grade. The halogen-free fluidized bed reactor purification process also achieved a new performance milestone, producing graphite with a maximum measured purity of 99.99985 wt.% carbon (5N+) and an average purity of 99.9995 wt.% carbon across three bench-scale samples. This peak result represents a significant improvement over the previously reported 99.9992 wt.% carbon purity first disclosed on September 22, 2025, and further supports the premium product specifications incorporated into the PEA.

Qualification typically assesses consistency across production lots rather than a single sample. The Company holds multi-kilogram quantities of each grade for qualification testing and customer evaluation. The technical report supporting the PEA will be filed on SEDAR+ within 45 days of August 10, 2026, as NI 43-101 requires.

Management Commentary

"Canada mines critical minerals, but too often exports them before the value-added processing stages occur. Albany is designed to keep more of that value chain in Ontario. The Preliminary Economic Assessment announced on August 10 reflects a development plan that includes completing purification and other value-added processing steps locally, with the study's US$3.85 billion after-tax net present value based on selling specialized graphite products into nuclear and defence markets, rather than commodity-indexed markets," said Mohammed (Moe) Jiwan, Chief Executive Officer of Zentek. "Those buyers qualify on specification and consistency, and we now hold certified material, produced at bench scale, across the full 4N to 5N range for them to evaluate. On ZenGUARD™, our first orders under the standing offer turn an approved supply arrangement into an active one. We will continue to report progress as it is achieved."

Preliminary Economic Assessment

The Albany Graphite Project PEA results, announced on August 10, 2026, are preliminary in nature and include inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the PEA results or projected economic outcomes will be realized. Additional information is provided in the Company's news release dated August 10, 2026.

Mr. Peter Wood, P.Eng., P.Geo., Vice President, Development of Albany Graphite Corp., 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 in Northern Ontario, near Hearst, held through the Company's wholly owned subsidiary Albany Graphite Corp. Independent bench-scale testing disclosed on September 22, 2025, confirmed ultra-high purity of 99.9992% with an equivalent boron content of 2.60 ppm, meeting published benchmarks for potential nuclear-grade applications. The Project is being advanced as a potential domestic North American source of critical-grade graphite for nuclear, defence and allied-nation 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. Core platforms are Albany Graphite, ZenGUARD™, and Triera. Albany is the Company's principal critical minerals asset.

For more information:

Mohammed (Moe) Jiwan

Chief Executive Officer, Zentek Ltd.

T: 437-826-3779

E: mjiwan2@zentek.com

www.zentek.com

Forward-Looking Statements

This news release contains forward-looking statements. Forward-looking statements in this news release include, without limitation, the results of the Preliminary Economic Assessment including the estimated net present value, the filing of the technical report supporting the Preliminary Economic Assessment, the results of bench-scale purification work and the evaluation of certified material by prospective partners, and the issuance of call-ups under the Government of Canada standing offer. Bench-scale results are not necessarily indicative of results at commercial scale. Inclusion on a standing offer does not guarantee a minimum number of orders or any level of purchase volume. 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 because of new information, future events or otherwise, other than as required by law.

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

Filing Exhibits & Attachments

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Press Releases

• EX-99.1 EXHIBIT 99.1 11.1 KB