Zenyatta announces signing of new MOU with Constance Lake First Nation

Zenyatta Ventures Ltd. ("Zenyatta" or the "Company") (TSXV: ZEN) is pleased to announce that it has signed a new Memorandum of Understanding (“MOU”) with Constance Lake First Nation (“CLFN”), under which a project partnership structure will be created in support of the development of the Albany Graphite Project (the “Project”). This new MOU reflects the transition of the Project from the exploration to the development stage. The original 2011 Exploration Agreement continues to be in effect until a formal agreement on a new project partnership structure is in place. This new agreement provides for more flexibility to accommodate alternative business models for the Project as it progresses toward becoming a graphene nano-materials technology business built on the unique properties of the Albany Graphite product. Under the agreement the parties have committed to creating a project partnership that will provide for:
  1. Shared governance, decision-making and support for community engagement for the Project;
  2. Shared objectives and expectations for the Project and
  3. Shared economic expectations and benefits for the Project.
Dr. Francis Dube, Head of Business Development for Zenyatta commented “we are delighted to enter this new MOU with the leadership of Constance Lake First Nation and work collaboratively towards creating a new partnership arrangement and maximizing the value of the Albany Graphite asset to the benefit of both our shareholders and the local community. The graphene market offers exceptional growth potential not only to establish a profitable producing mining business but, more importantly, to create a new value-added business in the many emerging high-value downstream applications for graphene.”CLFN Chief Rick Allen commented “We see the potential of the Albany Graphite Project to take advantage of the emerging graphene nano-materials market and become a highly profitable business with excellent growth potential. We are keen to get involved as a business partner at this early stage and share in the value that this unique resource in our traditional territory will ultimately create”.The parties intend to commence discussions immediately toward completing a formal agreement defining the future partnership structure and accelerating the development of the Albany Project.
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About Zentek Ltd.

Zentek is an IP development and commercialization company focused on next-gen healthcare solutions in the areas of prevention, detection and treatment. Zentek is currently focused on commercializing ZenGUARD™, a patent-pending coating with 99% antimicrobial activity, including against COVID-19, and the potential to use similar compounds as pharmaceutical products against infectious diseases. The company also has an exclusive agreement to be the global commercializing partner for a newly developed, highly scalable, aptamer-based rapid pathogen detection technology.

To find out more about Zentek Ltd., please visit our website at www.zentek.com. A copy of this news release and all material documents in respect of the Company may be obtained on Zentek's SEDAR profile at www.sedar.com.

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 (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information:

Tyler Dunn

Director, Marketing & Communications

tdunn@zentek.com

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