# Zentek Files Technical Report for the Albany Graphite PEA: US$3.85 Billion After-Tax NPV at a 5% Discount Rate, 27.4% After-Tax IRR, on an Acid-Free Route to Ultra-High-Purity Graphite Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/zentek-files-technical-report-for-the-albany-graphite-pea-us-3-85-billion-after--5404dfeb-62e1-4391-a63f-a23284b0812d Original source: https://orestocks.com/company/ZEN.V/press-releases/6158244542695071 Publisher: orestocks Original announcement: 2026-09-24T11:40:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-24T11:49:31.504Z Atlas analysis updated: 2026-09-24T11:49:31.504Z - Company: Zentek Ltd. - Ticker: ZEN.V - Exchange: Unavailable - Region: Northern Ontario - Primary commodity: Graphite - Secondary commodities: None reported - Document categories: Resource update, Other - Extracted: 2026-09-24 11:49:32 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Zentek has filed a NI 43-101 Preliminary Economic Assessment \(PEA\) for the Albany Graphite Project in Northern Ontario, reporting an after-tax NPV of US$3.85 billion and an IRR of 27.4%. The project utilizes an innovative acid-free thermal purification process to produce ultra-high-purity graphite. Micon recommends advancing the project to a Pre-Feasibility Study. Reasoning: The filing of a high-NPV Preliminary Economic Assessment for a critical mineral project with a novel, environmentally friendly purification process is highly material. - Positive factor: Strong economic metrics with US$3.85B NPV and 27.4% IRR - Positive factor: High-purity product potential \(5N+\) - Positive factor: Acid-free/halogen-free purification route reduces environmental/regulatory risk - Positive factor: Critical mineral designation in multiple jurisdictions - Negative factor: PEA is preliminary and lacks commercial scale validation - Negative factor: Significant capital expenditure required \(US$817M initial\) - Negative factor: Inferred resource component is substantial \(13.3 Mt\) Facts used in scoring: 2 ## Classification and evidence **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The technical report was prepared in accordance with NI 43-101 standards. Evidence · text > prepared by Micon International Limited \("Micon"\) in accordance with National Instrument 43-101 **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. Why it applies: The document presents a PEA which establishes the baseline resource for the project. Evidence · text > NI 43-101 Preliminary Economic Assessment \("PEA"\) Technical Report **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: A significant portion of the resource is in the Inferred category. Evidence · text > It includes inferred mineral resources that are considered too speculative geologically ## Extracted facts Stored fact records: 2. Some facts used in scoring do not have a stored record. ## Resource Estimates (2) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/zentek-files-technical-report-for-the-albany-graphite-pea-us-3-85-billion-after--5404dfeb-62e1-4391-a63f-a23284b0812d#fact-resource-facts-0) Albany Graphite Project · graphite #### Identity - Project: Albany Graphite Project - Commodity: graphite - Region: canada\_on - Reported Region: Northern Ontario - Ticker: ZEN.V #### Resource scope - Estimate type: resource - Effective date: 2026-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Charley Murahwi, Oktay Erten, Richard M. Gowans, Garth Liukko, Mohsin Hashmi, Becky Humphrey, Sepehr Aryan, Morwenna Rogers, Peter Wood - Resource group id: resource:7eecf973b44d8346126f - Deposit or zone: Albany - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 23100000 - Grade: 4.14 - Grade Unit: % Cg - Contained Metal: 957075 - Contained Unit: t cg #### Prior Estimate - Resource Date: 2026-06-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Indicated resource provides a solid foundation for the PEA economics. - Positive factor: Strong grade for an indicated resource Evidence · table > 4.14 Context: 23.1 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/zentek-files-technical-report-for-the-albany-graphite-pea-us-3-85-billion-after--5404dfeb-62e1-4391-a63f-a23284b0812d#fact-resource-facts-1) Albany Graphite Project · graphite #### Identity - Project: Albany Graphite Project - Commodity: graphite - Region: canada\_on - Reported Region: Northern Ontario - Ticker: ZEN.V #### Resource scope - Estimate type: resource - Effective date: 2026-06-30T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Charley Murahwi, Oktay Erten, Richard M. Gowans, Garth Liukko, Mohsin Hashmi, Becky Humphrey, Sepehr Aryan, Morwenna Rogers, Peter Wood - Resource group id: resource:f8d7f8bd7e6378b29b35 - Deposit or zone: Albany - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 13300000 - Grade: 2.88 - Grade Unit: % Cg - Contained Metal: 382130 - Contained Unit: t cg #### Prior Estimate - Resource Date: 2026-06-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-24T00:00:00.000Z Reasoning: Inferred resource adds volume but carries higher geological risk. - Negative factor: Speculative category Evidence · table > 2.88 Context: 13.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## 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.