Albany Graphite

Project Overview

The Albany Graphite Project is located in Northern Ontario near the communities of Hearst and Constance Lake First Nation, within roughly 30 kilometres of the Trans‑Canada Highway and close to existing road, power, rail and natural‑gas infrastructure.

The deposit is a rare igneous‑hosted, fluid‑derived graphite system. Graphite occurs in large breccia “pipes” beneath overburden, rather than as conventional flake graphite at surface. Zentek owns 100% of the rights to the deposit through Albany Graphite Corp., and has an implementation agreement with Constance Lake First Nation that sets out governance, roles, responsibilities and a framework for a future project partnership structure.

Resource and Geology

An updated mineral resource estimate has defined a significant graphite resource at Albany based on combined open‑pit and underground potential. The deposit’s geology and mineralogy make the graphite relatively easy to purify and exfoliate, which is important for both battery‑grade graphite and high‑quality graphene production.

Key geological characteristics include:

• Igneous‑hosted, fluid‑derived graphite breccia pipes with relatively uniform mineralization.

• Graphite that is easily upgraded to high purity, with a particle size and morphology suited to advanced technical uses.

• Proximity to surface and favourable geometry that supports potential open‑pit mining with underground options at depth.

Ultra‑High Purity and Nuclear Suitability

Albany graphite has demonstrated the ability to reach ultra‑high purity levels suitable for demanding applications.

• Five‑nines purity (approximately 99.999% graphite) has been achieved on Albany samples using existing purification processes, without hydrofluoric acid.

• Thermal purification using fluidized bed reactors has delivered extremely low total impurity levels, well below targets for advanced battery applications.

• Nuclear suitability testing has shown impurity and equivalent boron content values in line with stringent nuclear graphite specifications.

These results indicate that Albany graphite can be a candidate for both lithium‑ion battery anodes and nuclear‑grade graphite components.

Battery and Anode Development

Albany Graphite Corp. is working with technical partners to evaluate Albany material for lithium‑ion battery anodes and related applications.

• Preliminary and follow‑up anode tests have shown near‑theoretical electrochemical performance for graphite anodes made from Albany material.

• A multi‑year research program is underway to optimize Albany graphite for battery use, including shaping, coating and cycling performance.

• The project includes plans to produce several tonnes of flotation concentrate and ultra‑high purity graphite for testing with cell manufacturers and OEMs.

The long‑term objective is to position Albany as part of a vertically integrated, made‑in‑Canada anode solution.

Critical Minerals and Policy Context

Graphite is designated as a critical mineral in Canada and other jurisdictions due to its importance in EV batteries, energy storage and advanced manufacturing, and because current supply is heavily concentrated in a few countries.

Albany’s location in Ontario, its high‑purity performance and its advanced exploration status give it the potential to:

• Support North American efforts to localize and secure battery and nuclear supply chains.

• Benefit from federal and provincial funding programs and critical minerals strategies.

• Contribute to lower‑carbon, natural‑graphite‑based solutions versus imported synthetic graphite.

Recent support from government funding programs is helping to advance purification scale‑up, anode development and marketing samples for end‑users.

Development Status and Path Forward

The Albany Graphite Project has progressed through extensive drilling, metallurgical testing and a previous Preliminary Economic Assessment. Recent work has focused on:

• Updating the mineral resource estimate and confirming the deposit’s unique igneous‑hosted nature.

• Demonstrating repeatable ultra‑high purity results and nuclear suitability.

• Launching purification and anode‑development programs with leading technical partners.

• Advancing environmental and social baseline studies and strengthening engagement with Constance Lake First Nation and local communities.

Zentek and Albany Graphite Corp. are evaluating a range of strategic options for the project, including potential spin‑out, joint ventures, offtake agreements and royalty structures. The goal is to unlock the full value of Albany as a strategic critical‑minerals asset while supporting the energy transition and advanced‑materials markets.