# Zentek Announces New PEA for Albany Graphite: US$3.85 Billion After-Tax NPV at a 5% Discount Rate, 27.4% After-Tax IRR, on an Acid-Free Route to 99.9992% Purity Graphite

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--3241f685-24cd-4157-93b4-2aa5d9077382

Original source: https://money.tmx.com/en/quote/ZEN/news/7302854020626726/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a-

Publisher: tmx

Original announcement: 2026-08-10T12:10:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: Unknown date

Atlas analysis updated: Unknown date

- Company: Zentek Ltd.

- Ticker: ZEN

- Exchange: TSX

- Region: Ontario, Canada

- Primary commodity: Graphite

- Secondary commodities: None reported

- Document categories: Resource update, Metallurgy

- Extracted: 2026-08-24 18:24:24 UTC

Narrative sentiment: 0.90 · Bullish

## Minestarters Atlas summary

Zentek Ltd. announced a new Preliminary Economic Assessment \(PEA\) for its Albany Graphite Project in Ontario, Canada, revealing a robust after-tax NPV of US$3.85 billion and an after-tax IRR of 27.4% at a 5% discount rate. The PEA outlines a 30-year mine life with an initial capital cost of US$817 million, focusing on an acid-free purification process to produce ultra-high-purity graphite for nuclear, defence, and other strategic critical mineral supply chains. The updated mineral resource estimate includes 23.1 Mt Indicated at 4.14% Cg and 13.3 Mt Inferred at 2.88% Cg, supporting the project's strong economic potential.

Reasoning: The new PEA for the Albany Graphite Project demonstrates robust economics with a US$3.85 billion after-tax NPV and 27.4% after-tax IRR, leveraging an acid-free route to produce ultra-high-purity graphite for critical mineral supply chains. The updated resource shows growth in both indicated and inferred categories. However, the preliminary nature of the PEA and the reliance on bench-scale metallurgical testwork for purification performance introduce some risk.

- Positive factor: High after-tax NPV \(US$3.85 billion\) and IRR \(27.4%\) demonstrate robust project economics.

- Positive factor: Acid-free purification route to ultra-high purity graphite \(99.9992% C\) is a significant technical advantage.

- Positive factor: Project targets critical mineral supply chains \(nuclear, defence\) in stable North American jurisdiction.

- Positive factor: Updated mineral resource estimate shows growth in both Indicated and Inferred categories and grades.

- Positive factor: NI 43-101 compliant PEA with QP/CP sign-off provides credibility.

- Negative factor: PEA is preliminary in nature and includes inferred mineral resources, which are considered speculative.

- Negative factor: Purification performance in the economic model is based on bench-scale testwork only, which carries higher risk than pilot-scale data.

Facts used in scoring: 35

## Classification and evidence

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: The document announces an updated mineral resource estimate as part of the new PEA, comparing it to a previously disclosed estimate.

Evidence · text

> Micon updated the mineral resource estimate previously disclosed in the "Technical Report on the Albany Graphite Project, Ontario, Canada Report for NI 43-101" prepared for Albany Graphite Corp. by SLR Consulting \(Canada\) Ltd. dated July 31, 2023, with an effective date of April 30, 2023.

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: The mineral resource estimates were prepared by Qualified Persons William Lewis, Oktay Erten, and Charley Murahwi, who are independent and have reviewed and approved the contents.

Evidence · text

> The PEA and mineral resource information for the Albany Graphite Project disclosed in this news release have been prepared by William Lewis, P. Geo., Oktay Erten, P.Eng., and Charley Murahwi, P. Geo, all employees of Micon and independent to the Company and to Albany Graphite Corp., and all "Qualified Persons" for the purpose of NI 43-101, and each has reviewed and approved the contents of this press release as it pertains to the PEA and mineral resource estimates.

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: The PEA and mineral resource estimates were prepared in accordance with National Instrument 43-101.

Evidence · text

> prepared by Micon International Limited \(" Micon "\) in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects \(" NI 43-101 "\).

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: The resource estimate includes a significant portion of Inferred Mineral Resources, totaling 13.3 Mt.

Evidence · table

> 13.3

Context: Total Inferred

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: The mineral resource estimate was updated as part of the new Preliminary Economic Assessment \(PEA\).

Evidence · text

> As part of the new PEA work, Micon updated the mineral resource estimate previously disclosed

**Tonnage Growth**

Polarity: positive

Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved.

Why it applies: Indicated Mineral Resources increased from 22.9 Mt to 23.1 Mt, and Inferred Mineral Resources increased from 13.1 Mt to 13.3 Mt compared to the previous estimate.

Evidence · text

> Compared to the 2023 SLR estimate, Indicated Mineral Resources have increased from 22.9 Mt at 4.07% Cg to 23.1 Mt at 4.14% Cg, and Inferred Mineral Resources have increased from 13.1 Mt at 2.87% Cg to 13.3 Mt at 2.88% Cg.

**Grade Improvement**

Polarity: positive

Definition: Average resource grade improved vs prior estimate — better deposit economics.

Why it applies: Indicated Mineral Resources grade increased from 4.07% Cg to 4.14% Cg, and Inferred Mineral Resources grade increased from 2.87% Cg to 2.88% Cg.

Evidence · text

> Compared to the 2023 SLR estimate, Indicated Mineral Resources have increased from 22.9 Mt at 4.07% Cg to 23.1 Mt at 4.14% Cg, and Inferred Mineral Resources have increased from 13.1 Mt at 2.87% Cg to 13.3 Mt at 2.88% Cg.

**Contained Metal Growth**

Polarity: positive

Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.

Why it applies: The increase in both tonnage and grade for both Indicated and Inferred resources implies an increase in contained graphitic carbon.

Evidence · text

> Compared to the 2023 SLR estimate, Indicated Mineral Resources have increased from 22.9 Mt at 4.07% Cg to 23.1 Mt at 4.14% Cg, and Inferred Mineral Resources have increased from 13.1 Mt at 2.87% Cg to 13.3 Mt at 2.88% Cg.

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: Cut-off grades of 1.48% Cg for open pit and 1.77% Cg for underground resources are clearly stated.

Evidence · text

> open pit mineral resources were reported within an optimized Datamine NPVS pit shell at a cut-off grade of 1.48% Cg and underground mineral resources were reported within underground resource reporting shapes, satisfying the minimum mining size and continuity criteria, and using a cut-off grade of 1.77% Cg.

**High Purity**

Polarity: positive

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: Bench-scale testing demonstrated purification to 99.9992% carbon, meeting benchmarks for nuclear-grade applications.

Evidence · text

> At bench scale, Albany material purified thermally to 99.9992% carbon with a boron equivalent content of 2.60 parts per million

**Bench Scale Only**

Polarity: negative

Definition: Only preliminary bench tests completed — no locked-cycle or pilot work.

Why it applies: Purification performance in the economic model is based on bench-scale testwork, which is a preliminary stage.

Evidence · text

> Purification performance in the economic model is based on bench-scale testwork.

**Free Milling**

Polarity: positive

Definition: Simple, clean ore amenable to standard processing without oxidation.

Why it applies: The flotation process does not require lime or acid pH modifiers, and the purification route is acid-free, indicating a relatively clean and simple process.

Evidence · text

> The flowsheet uses no hydrofluoric acid at any stage, and flotation requires no lime or acid pH modifiers.

**POX/BIOX Route**

Polarity: neutral

Definition: Pressure or bio-oxidation for refractory ore — high CAPEX and OPEX.

Why it applies: The FBR \(fluidized bed reactor\) thermal purification is a high-energy process used to achieve ultra-high purity, similar in concept to intensive processing for refractory ores.

Evidence · text

> Purification is carried out in a fluidized bed reactor. Concentrate is suspended in an upward flowing gas stream and treated at elevated temperature, which removes residual mineral impurities and raises carbon content well beyond what flotation alone can achieve.

**Critical Mineral**

Polarity: positive

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: Graphite is explicitly designated as a critical mineral by both the Government of Canada and the United States Department of Energy.

Evidence · text

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

## Extracted facts

Stored fact records: 35. Some facts used in scoring do not have a stored record.

## Resource Estimates (35)

### Fact 1

[Link to this fact](https://atlas-staging.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--3241f685-24cd-4157-93b4-2aa5d9077382#fact-resource-facts-0)

Albany Graphite Project · graphite

#### Identity

- Project: Albany Graphite Project
- Commodity: graphite
- Ticker: ZEN

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-10T00:00:00.000Z

Reasoning: The after-tax NPV of US$3.85 billion at a 5% discount rate is a very strong economic indicator for the project, demonstrating significant potential value, though it is based on a preliminary assessment.

- Positive factor: Very high after-tax NPV indicates strong project economics.

- Negative factor: PEA is preliminary in nature and includes inferred resources.

Evidence · table

> US$3,854.5M

Context: After-tax NPV at 5% discount rate

### Fact 2

[Link to this fact](https://atlas-staging.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--3241f685-24cd-4157-93b4-2aa5d9077382#fact-resource-facts-1)

Albany Graphite Project · graphite

#### Identity

- Project: Albany Graphite Project
- Commodity: graphite
- Ticker: ZEN

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-10T00:00:00.000Z

Reasoning: The after-tax IRR of 27.4% is a very strong indicator of project profitability, suggesting a highly attractive investment opportunity, despite the preliminary nature of the study.

- Positive factor: High after-tax IRR indicates strong project profitability and attractive returns.

- Negative factor: PEA is preliminary in nature and includes inferred resources.

Evidence · table

> 27.4%

Context: After-tax IRR

### Fact 3

[Link to this fact](https://atlas-staging.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--3241f685-24cd-4157-93b4-2aa5d9077382#fact-resource-facts-2)

Albany Graphite Project · graphite

#### Identity

- Project: Albany Graphite Project
- Commodity: graphite
- Ticker: ZEN

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-10T00:00:00.000Z

Reasoning: A short after-tax payback period of 4.4 years is a strong positive, indicating quick capital recovery and lower financial risk for the project, based on the PEA.

- Positive factor: Short payback period indicates rapid capital recovery and reduced investment risk.

- Negative factor: PEA is preliminary in nature and includes inferred resources.

Evidence · table

> 4.4 years

Context: After-tax payback period discounted

### Fact 4

[Link to this fact](https://atlas-staging.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--3241f685-24cd-4157-93b4-2aa5d9077382#fact-resource-facts-3)

Albany Graphite Project · graphite

#### Identity

- Project: Albany Graphite Project
- Commodity: graphite
- Ticker: ZEN

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-10T00:00:00.000Z

Reasoning: The initial capital cost of US$817 million is a significant but manageable investment for a project of this scale, contributing to the overall economic assessment, though it is a preliminary estimate.

- Positive factor: Initial capital cost is within expected range for a project of this scale and complexity.

- Negative factor: PEA is preliminary, so capital cost estimates have a lower level of accuracy.

Evidence · table

> US$817.0M

Context: Initial capital cost

### Fact 5

[Link to this fact](https://atlas-staging.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--3241f685-24cd-4157-93b4-2aa5d9077382#fact-resource-facts-4)

Albany Graphite Project · graphite

#### Identity

- Project: Albany Graphite Project
- Commodity: graphite
- Ticker: ZEN

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-10T00:00:00.000Z

Reasoning: The life-of-mine sustaining capital cost of US$1.16 billion is a considerable expense that will need to be managed over the project's lifespan, impacting overall cash flow, as estimated in the PEA.

- Negative factor: Sustaining capital cost is substantial over the life of mine, which could impact long-term profitability.

Evidence · table

> US$1,161.6M

Context: Sustaining capital cost

### Fact 6

[Link to this fact](https://atlas-staging.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--3241f685-24cd-4157-93b4-2aa5d9077382#fact-resource-facts-5)

Albany Graphite Project · graphite

#### Identity

- Project: Albany Graphite Project
- Commodity: graphite
- Ticker: ZEN

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-10T00:00:00.000Z

Reasoning: The life of mine operating cost of US$6.65 billion is a large figure, but its impact on profitability is mitigated by the high projected product price, as detailed in the PEA.

- Negative factor: High life of mine operating cost, though offset by high product price, requires efficient operations.

Evidence · table

> US$6,645.2M

Context: Life of mine operating cost

### Fact 7

[Link to this fact](https://atlas-staging.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--3241f685-24cd-4157-93b4-2aa5d9077382#fact-resource-facts-6)

Albany Graphite Project · graphite

#### Identity

- Project: Albany Graphite Project
- Commodity: graphite
- Ticker: ZEN

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-10T00:00:00.000Z

Reasoning: The operating cost of US$7,989.4 per tonne of finished graphite is high, but it is balanced by the premium pricing expected for the ultra-high-purity product, as outlined in the PEA.

- Negative factor: High operating cost per tonne, though justified by the ultra-high purity product and high realized price.

Evidence · table

> US$7,989.4 per tonne

Context: Operating cost per tonne of finished graphite products

### Fact 8

[Link to this fact](https://atlas-staging.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--3241f685-24cd-4157-93b4-2aa5d9077382#fact-resource-facts-7)

Albany Graphite Project · graphite

#### Identity

- Project: Albany Graphite Project
- Commodity: graphite
- Ticker: ZEN

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-10T00:00:00.000Z

Reasoning: The projected weighted average realized product price of US$23,485 per tonne is exceptionally high, reflecting the ultra-high purity graphite and specialized markets, which is a key driver of the project's strong economics.

- Positive factor: Very high realized product price reflects the ultra-high purity and specialized market, driving strong project economics.

- Negative factor: Product pricing is based on independent market research and pricing analysis, which carries some inherent uncertainty.

Evidence · table

> US$23,485 per tonne

Context: Weighted average realized product price

### Fact 9

[Link to this fact](https://atlas-staging.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--3241f685-24cd-4157-93b4-2aa5d9077382#fact-resource-facts-8)

Albany Graphite Project · graphite

#### Identity

- Project: Albany Graphite Project
- Commodity: graphite
- Ticker: ZEN

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-10T00:00:00.000Z

Reasoning: The average annual net revenue of US$639.3 million per year is a strong positive, indicating substantial cash generation potential, which underpins the project's robust economic metrics.

- Positive factor: High average annual net revenue indicates significant cash flow generation potential for the project.

- Negative factor: Revenue estimates are based on PEA-level assumptions and market research.

Evidence · table

> US$639.3M per year

Context: Average annual revenue, net of transport, insurance and royalty

### Fact 10

[Link to this fact](https://atlas-staging.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--3241f685-24cd-4157-93b4-2aa5d9077382#fact-resource-facts-9)

Albany Graphite Project · graphite

#### Identity

- Project: Albany Graphite Project
- Commodity: graphite
- Ticker: ZEN

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-10T00:00:00.000Z

Reasoning: A 35-year overall project life is a positive, indicating long-term operational stability and revenue generation, contributing to the project's overall value.

- Positive factor: Long overall project life provides sustained production and revenue generation.

Evidence · table

> 35

Context: Overall Project life inclusive of pre-production/closure \(years\)

### Fact 11

[Link to this fact](https://atlas-staging.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--3241f685-24cd-4157-93b4-2aa5d9077382#fact-resource-facts-10)

Albany Graphite Project · graphite

#### Identity

- Project: Albany Graphite Project
- Commodity: graphite
- Ticker: ZEN

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-10T00:00:00.000Z

Reasoning: A 30-year production period is a strong positive, indicating a long-life asset capable of sustained production and revenue generation, as projected in the PEA.

- Positive factor: Long production period ensures sustained output and revenue over several decades.

Evidence · table

> 30

Context: Production Period / Life of Mine \(years\)

### Fact 12

[Link to this fact](https://atlas-staging.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--3241f685-24cd-4157-93b4-2aa5d9077382#fact-resource-facts-11)

Albany Graphite Project · graphite

#### Identity

- Project: Albany Graphite Project
- Commodity: graphite
- Ticker: ZEN

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-10T00:00:00.000Z

Reasoning: The nominal annual processing rate of 894,454 tonnes per year is a key design parameter for the project, indicating the scale of operations, as presented in the PEA.

Evidence · table

> 894,454

Context: Nominal annual processing rate \(tonnes per year\)

### Fact 13

[Link to this fact](https://atlas-staging.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--3241f685-24cd-4157-93b4-2aa5d9077382#fact-resource-facts-12)

Albany Graphite Project · graphite

#### Identity

- Project: Albany Graphite Project
- Commodity: graphite
- Ticker: ZEN

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-10T00:00:00.000Z

Reasoning: The life of mine average head grade of 3.9% Cg is a solid grade for a graphite project, contributing positively to the economic assessment.

- Positive factor: Average head grade of 3.9% Cg is reasonable for a graphite project, supporting economic viability.

Evidence · table

> 3.9

Context: Life of mine average head grade \(% Cg\)

### Fact 14

[Link to this fact](https://atlas-staging.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--3241f685-24cd-4157-93b4-2aa5d9077382#fact-resource-facts-13)

Albany Graphite Project · graphite

#### Identity

- Project: Albany Graphite Project
- Commodity: graphite
- Ticker: ZEN

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-10T00:00:00.000Z

Reasoning: An 86% flotation recovery is a good result for graphite, indicating efficient separation of graphite from gangue, which is a positive for the processing route, though the overall purification relies on bench-scale data.

- Positive factor: Flotation recovery of 86% is a strong result for graphite, indicating efficient initial concentration.

- Negative factor: Purification performance is based on bench-scale testwork, which is a lower confidence level.

Evidence · table

> 86

Context: Flotation recovery \(%\)

### Fact 15

[Link to this fact](https://atlas-staging.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--3241f685-24cd-4157-93b4-2aa5d9077382#fact-resource-facts-14)

Albany Graphite Project · graphite

#### Identity

- Project: Albany Graphite Project
- Commodity: graphite
- Ticker: ZEN

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-10T00:00:00.000Z

Reasoning: The nominal annual flotation concentrate production of 34,483 tonnes is a key design parameter, indicating the intermediate product volume before final purification.

Evidence · table

> 34,483

Context: Nominal flotation concentrate production \(tonnes per year\)

### Fact 16

[Link to this fact](https://atlas-staging.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--3241f685-24cd-4157-93b4-2aa5d9077382#fact-resource-facts-15)

Albany Graphite Project · graphite

#### Identity

- Project: Albany Graphite Project
- Commodity: graphite
- Ticker: ZEN

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-10T00:00:00.000Z

Reasoning: The nominal annual finished product production of 30,000 tonnes is a substantial volume of ultra-high-purity graphite, contributing significantly to the project's revenue projections.

- Positive factor: Significant annual production of 30,000 tonnes of ultra-high-purity graphite supports substantial revenue generation.

Evidence · table

> 30,000

Context: Nominal finished product production \(tonnes per year\)

### Fact 17

[Link to this fact](https://atlas-staging.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--3241f685-24cd-4157-93b4-2aa5d9077382#fact-resource-facts-16)

Albany Graphite Project · graphite

#### Identity

- Project: Albany Graphite Project
- Commodity: graphite
- Ticker: ZEN

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-10T00:00:00.000Z

Reasoning: The total life-of-mine capital expenditures of US$1.98 billion represent the full capital investment required over the project's life, providing a comprehensive view of capital needs.

- Negative factor: Total capital expenditures are substantial, requiring significant financing.

Evidence · table

> 1,978.7

Context: Total Capital Expenditures

### Fact 18

[Link to this fact](https://atlas-staging.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--3241f685-24cd-4157-93b4-2aa5d9077382#fact-resource-facts-17)

Albany Graphite Project · graphite

#### Identity

- Project: Albany Graphite Project
- Commodity: graphite
- Ticker: ZEN

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-10T00:00:00.000Z

Reasoning: The preproduction capital of US$817 million is a key upfront investment, consistent with the initial capital cost reported in the economic highlights.

- Positive factor: Initial capital cost is within expected range for a project of this scale and complexity.

- Negative factor: PEA is preliminary, so capital cost estimates have a lower level of accuracy.

Evidence · table

> 817.0

Context: Preproduction Period Capital \(CAPEX\)

### Fact 19

[Link to this fact](https://atlas-staging.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--3241f685-24cd-4157-93b4-2aa5d9077382#fact-resource-facts-18)

Albany Graphite Project · graphite

#### Identity

- Project: Albany Graphite Project
- Commodity: graphite
- Ticker: ZEN

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-10T00:00:00.000Z

Reasoning: The life-of-mine sustaining capital of US$1.16 billion is a significant ongoing capital requirement, consistent with the sustaining capital cost reported in the economic highlights.

- Negative factor: Sustaining capital cost is substantial over the life of mine, which could impact long-term profitability.

Evidence · table

> 1,161.6

Context: Sustaining Capital \(total over project life\)

### Fact 20

[Link to this fact](https://atlas-staging.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--3241f685-24cd-4157-93b4-2aa5d9077382#fact-resource-facts-19)

Albany Graphite Project · graphite

#### Identity

- Project: Albany Graphite Project
- Commodity: graphite
- Ticker: ZEN

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-10T00:00:00.000Z

Reasoning: The total life of mine operating cost of US$6.65 billion is a large figure, consistent with the economic highlights, and represents the total operational expenses over the project's life.

- Negative factor: High life of mine operating cost, though offset by high product price, requires efficient operations.

Evidence · table

> 6,645.2

Context: Total

### Fact 21

[Link to this fact](https://atlas-staging.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--3241f685-24cd-4157-93b4-2aa5d9077382#fact-resource-facts-20)

Albany Graphite Project · graphite

#### Identity

- Project: Albany Graphite Project
- Commodity: graphite
- Ticker: ZEN

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-10T00:00:00.000Z

Reasoning: The total operating cost per tonne of US$7,989.4 is consistent with the economic highlights, reflecting the cost structure for producing the ultra-high-purity graphite.

- Negative factor: High operating cost per tonne, though justified by the ultra-high purity product and high realized price.

Evidence · table

> 7,989.4

Context: Total

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--3241f685-24cd-4157-93b4-2aa5d9077382#fact-resource-facts-21)

Albany Graphite Project · graphite

#### Identity

- Project: Albany Graphite Project
- Commodity: graphite
- Ticker: ZEN

#### Resource Data

- Category: indicated
- Tonnes: 23100000
- Grade: 4.14
- Grade Unit: % Cg
- Contained Metal: 957075
- Contained Unit: t Cg
- Cutoff Grade: 1.48

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-10T00:00:00.000Z

Reasoning: The open pit indicated resource of 23.1 Mt at 4.14% Cg is a substantial and high-confidence resource, forming the basis for the PEA's economic analysis and showing growth from the prior estimate.

- Positive factor: Significant indicated tonnage and grade for open pit mining, providing a strong foundation for the project.

- Positive factor: Category upgrade and tonnage/grade growth compared to previous estimate.

Evidence · table

> 23.1

Context: Indicated

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--3241f685-24cd-4157-93b4-2aa5d9077382#fact-resource-facts-22)

Albany Graphite Project · graphite

#### Identity

- Project: Albany Graphite Project
- Commodity: graphite
- Ticker: ZEN

#### Resource Data

- Category: inferred
- Tonnes: 9350000
- Grade: 2.73
- Grade Unit: % Cg
- Contained Metal: 254747
- Contained Unit: t Cg
- Cutoff Grade: 1.48

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-10T00:00:00.000Z

Reasoning: The open pit inferred resource adds significant potential tonnage, offering future growth opportunities, but its speculative nature means it cannot be directly included in economic studies at this stage.

- Positive factor: Additional inferred tonnage provides future exploration upside and potential for resource conversion.

- Negative factor: Inferred resources are considered too speculative for economic viability and cannot be converted to reserves.

Evidence · table

> 9.35

Context: Inferred

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--3241f685-24cd-4157-93b4-2aa5d9077382#fact-resource-facts-23)

Albany Graphite Project · graphite

#### Identity

- Project: Albany Graphite Project
- Commodity: graphite
- Ticker: ZEN

#### Resource Data

- Category: inferred
- Tonnes: 3940000
- Grade: 3.23
- Grade Unit: % Cg
- Contained Metal: 127383
- Contained Unit: t Cg
- Cutoff Grade: 1.77

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-10T00:00:00.000Z

Reasoning: The underground inferred resource contributes to the overall project potential, but its exclusion from the current PEA economic analysis and its speculative nature limit its immediate impact.

- Positive factor: Underground inferred resource adds to the overall resource base and future potential.

- Negative factor: Inferred resources are speculative and not included in the current economic analysis.

Evidence · table

> 3.94

Context: Inferred

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--3241f685-24cd-4157-93b4-2aa5d9077382#fact-resource-facts-24)

Albany Graphite Project · graphite

#### Identity

- Project: Albany Graphite Project
- Commodity: graphite
- Ticker: ZEN

#### Resource Data

- Category: indicated
- Tonnes: 23100000
- Grade: 4.14
- Grade Unit: % Cg
- Contained Metal: 957075
- Contained Unit: t Cg
- Cutoff Grade: 1.48

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-10T00:00:00.000Z

Reasoning: The total indicated resource of 23.1 Mt at 4.14% Cg represents a robust and high-confidence portion of the resource, crucial for advancing the project to higher study levels.

- Positive factor: Total indicated resource provides a strong, high-confidence base for project development.

- Positive factor: Tonnage and grade growth compared to previous estimate.

Evidence · table

> 23.1

Context: Total Indicated

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--3241f685-24cd-4157-93b4-2aa5d9077382#fact-resource-facts-25)

Albany Graphite Project · graphite

#### Identity

- Project: Albany Graphite Project
- Commodity: graphite
- Ticker: ZEN

#### Resource Data

- Category: inferred
- Tonnes: 13300000
- Grade: 2.88
- Grade Unit: % Cg
- Contained Metal: 382130
- Contained Unit: t Cg

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-10T00:00:00.000Z

Reasoning: The total inferred resource of 13.3 Mt at 2.88% Cg represents significant upside potential, but its lower confidence level means it cannot yet be used for definitive economic studies.

- Positive factor: Total inferred resource adds significant exploration potential and future growth opportunities.

- Negative factor: Inferred resources are speculative and not included in the current economic analysis.

Evidence · table

> 13.3

Context: Total Inferred

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--3241f685-24cd-4157-93b4-2aa5d9077382#fact-resource-facts-26)

Albany Graphite Project · graphite

#### Identity

- Project: Albany Graphite Project
- Commodity: graphite
- Ticker: ZEN

#### Resource Data

- Category: indicated
- Tonnes: 9440000
- Grade: 5.69
- Grade Unit: % Cg
- Contained Metal: 537031
- Contained Unit: t Cg
- Cutoff Grade: 1.48

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-10T00:00:00.000Z

Reasoning: The indicated open pit resource in the East Pipe, with its high grade of 5.69% Cg, is a particularly valuable component of the overall resource, enhancing project economics.

- Positive factor: High-grade indicated resource in the East Pipe contributes significantly to the project's overall value.

- Positive factor: Provides detailed breakdown of resource by domain.

Evidence · table

> 9.44

Context: East Pipe

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--3241f685-24cd-4157-93b4-2aa5d9077382#fact-resource-facts-27)

Albany Graphite Project · graphite

#### Identity

- Project: Albany Graphite Project
- Commodity: graphite
- Ticker: ZEN

#### Resource Data

- Category: indicated
- Tonnes: 13700000
- Grade: 3.07
- Grade Unit: % Cg
- Contained Metal: 420044
- Contained Unit: t Cg
- Cutoff Grade: 1.48

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-10T00:00:00.000Z

Reasoning: The indicated open pit resource in the West Pipe contributes a large tonnage to the project, providing a solid base for future production, as detailed in the resource update.

- Positive factor: Large indicated resource in the West Pipe adds substantial tonnage to the project.

- Positive factor: Provides detailed breakdown of resource by domain.

Evidence · table

> 13.7

Context: West Pipe

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--3241f685-24cd-4157-93b4-2aa5d9077382#fact-resource-facts-28)

Albany Graphite Project · graphite

#### Identity

- Project: Albany Graphite Project
- Commodity: graphite
- Ticker: ZEN

#### Resource Data

- Category: inferred
- Tonnes: 1620000
- Grade: 3.39
- Grade Unit: % Cg
- Contained Metal: 54786
- Contained Unit: t Cg
- Cutoff Grade: 1.48

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-10T00:00:00.000Z

Reasoning: The inferred open pit resource in the East Pipe adds to the project's overall potential, but its lower confidence level means it is not yet considered in economic studies.

- Positive factor: Inferred resource in the East Pipe adds to the overall potential of the project.

- Positive factor: Provides detailed breakdown of resource by domain.

- Negative factor: Inferred resources are speculative and not included in the current economic analysis.

Evidence · table

> 1.62

Context: East Pipe

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--3241f685-24cd-4157-93b4-2aa5d9077382#fact-resource-facts-29)

Albany Graphite Project · graphite

#### Identity

- Project: Albany Graphite Project
- Commodity: graphite
- Ticker: ZEN

#### Resource Data

- Category: inferred
- Tonnes: 7730000
- Grade: 2.59
- Grade Unit: % Cg
- Contained Metal: 199961
- Contained Unit: t Cg
- Cutoff Grade: 1.48

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-10T00:00:00.000Z

Reasoning: The inferred open pit resource in the West Pipe contributes substantial potential tonnage, offering future upside, but its speculative nature limits its current economic impact.

- Positive factor: Significant inferred resource in the West Pipe adds to the project's future growth potential.

- Positive factor: Provides detailed breakdown of resource by domain.

- Negative factor: Inferred resources are speculative and not included in the current economic analysis.

Evidence · table

> 7.73

Context: West Pipe

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--3241f685-24cd-4157-93b4-2aa5d9077382#fact-resource-facts-30)

Albany Graphite Project · graphite

#### Identity

- Project: Albany Graphite Project
- Commodity: graphite
- Ticker: ZEN

#### Resource Data

- Category: inferred
- Tonnes: 3180000
- Grade: 3.32
- Grade Unit: % Cg
- Contained Metal: 105631
- Contained Unit: t Cg
- Cutoff Grade: 1.77

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-10T00:00:00.000Z

Reasoning: The inferred underground resource in the East Pipe contributes to the project's overall potential, but its lower confidence and exclusion from the PEA's economic analysis limit its immediate significance.

- Positive factor: Underground inferred resource in the East Pipe adds to the overall resource base.

- Positive factor: Provides detailed breakdown of resource by domain.

- Negative factor: Inferred resources are speculative and not included in the current economic analysis.

Evidence · table

> 3.18

Context: East Pipe

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--3241f685-24cd-4157-93b4-2aa5d9077382#fact-resource-facts-31)

Albany Graphite Project · graphite

#### Identity

- Project: Albany Graphite Project
- Commodity: graphite
- Ticker: ZEN

#### Resource Data

- Category: inferred
- Tonnes: 760000
- Grade: 2.87
- Grade Unit: % Cg
- Contained Metal: 21752
- Contained Unit: t Cg
- Cutoff Grade: 1.77

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-10T00:00:00.000Z

Reasoning: The inferred underground resource in the West Pipe contributes to the project's overall potential, but its smaller size and lower confidence limit its immediate impact on the PEA.

- Positive factor: Underground inferred resource in the West Pipe adds to the overall resource base.

- Positive factor: Provides detailed breakdown of resource by domain.

- Negative factor: Inferred resources are speculative and not included in the current economic analysis.

Evidence · table

> 0.76

Context: West Pipe

### Fact 33

[Link to this fact](https://atlas-staging.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--3241f685-24cd-4157-93b4-2aa5d9077382#fact-resource-facts-32)

Albany Graphite Project · graphite

#### Identity

- Project: Albany Graphite Project
- Commodity: graphite
- Ticker: ZEN

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-10T00:00:00.000Z

Reasoning: The achievement of 99.9992% carbon purity via an acid-free thermal purification route at bench scale is a highly significant metallurgical breakthrough, positioning the project for high-value critical mineral markets, though scale-up validation is needed.

- Positive factor: Exceptional purity \(99.9992% C\) meets benchmarks for nuclear-grade applications.

- Positive factor: Acid-free purification process is environmentally friendly and reduces operational complexity.

- Positive factor: Low boron equivalent content is critical for nuclear applications.

- Negative factor: Purity achieved at bench scale, requiring further validation at larger scales.

Evidence · text

> Albany material purified thermally to 99.9992% carbon with a boron equivalent content of 2.60 parts per million, and it did so without hydrofluoric acid at any stage of the flowsheet.

### Fact 34

[Link to this fact](https://atlas-staging.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--3241f685-24cd-4157-93b4-2aa5d9077382#fact-resource-facts-33)

Albany Graphite Project · graphite

#### Identity

- Project: Albany Graphite Project
- Commodity: graphite
- Ticker: ZEN

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-10T00:00:00.000Z

Reasoning: The flotation process not requiring lime or acid pH modifiers is a positive, indicating a simpler and potentially lower-cost operation, contributing to the project's overall efficiency.

- Positive factor: Absence of lime or acid pH modifiers simplifies flotation process and reduces reagent costs.

- Positive factor: Environmentally friendly process.

Evidence · text

> flotation requires no lime or acid pH modifiers.

### Fact 35

[Link to this fact](https://atlas-staging.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--3241f685-24cd-4157-93b4-2aa5d9077382#fact-resource-facts-34)

Albany Graphite Project · graphite

#### Identity

- Project: Albany Graphite Project
- Commodity: graphite
- Ticker: ZEN

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-08-10T00:00:00.000Z

Reasoning: A flotation concentrate grade of approximately 87% Cg is a strong result, demonstrating effective initial upgrading of the graphite material before the final purification step.

- Positive factor: High concentrate grade of 87% Cg after flotation indicates efficient initial upgrading of the graphite.

Evidence · text

> producing a concentrate grading approximately 87% Cg.

## How Atlas produces this analysis

Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.