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

Filed on SEDAR+ on September 24, 2026, within 45 days of the August 10, 2026, announcement, as NI 43-101 requires. After-tax NPV of US$3.85 billion at a 5% discount with an after-tax IRR of 27.4% and a discounted payback of 4.4 years. Initial capital of US$817.0 million, a 30-year production period inside a 35-year Project life, and 30,000 tonnes per year of finished ultra-high-purity graphite products. Micon recommends advancing Albany to a Pre-Feasibility Study.

Guelph, Ontario--(Newsfile Corp. - September 24, 2026) - Zentek Ltd.  (TSXV: ZEN) (OTCQX: ZTEKF) (" Zentek " or the " Company ") announces the filing on SEDAR+ of the technical report titled "NI 43-101 Preliminary Economic Assessment (" PEA ") Technical Report on the Albany Graphite Project" (the " Technical Report ") for the Albany Graphite Project (" Albany " or the " Project "). Prepared by Micon International Limited (" Micon ") in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects (" NI 43-101 "), the Technical Report has an effective date of June 30, 2026, and a report date of September 18, 2026. The Technical Report supports the results previously disclosed in the Company's press release dated August 10, 2026.

Table 1: Economic Highlights Metric Technical Report, September 18, 2026 Pre-tax net present value ("NPV") at 5% discount rate US$4,179.3M After-tax NPV at 5% discount rate US$3,854.5M Pre-tax internal rate of return ("IRR") 27.7% After-tax IRR 27.4% Pre-tax payback period, discounted 4.4 years After-tax payback period, discounted 4.4 years Initial capital cost US$817.0M Sustaining capital cost US$1,161.6M Life of mine operating cost US$6,666.2M 1 Average annual operating cost US$222.2M per year 1 Operating cost per tonne of finished graphite products US$8,014 per tonne 1 Weighted average realized product price US$23,485 per tonne Average annual revenue, gross US$651.3M per year Average annual revenue, net of transport, insurance and royalty US$639.3M per year Overall Project life inclusive of pre-production and closure (years) 35   1 Life of mine operating cost, average annual operating cost and operating cost per tonne differ from the amounts disclosed in the Company's news release of August 10, 2026, by US$21.0 million, US$0.7 million and US$25 per tonne respectively, reflecting updated tabulation in the Technical Report presentation. There were no changes to the underlying economic model or to overall Project economics. All other figures are consistent with those previously disclosed on August 10, 2026.

Table 2: Design Parameters Metric Value Production Period / Life of Mine (years) 30 Nominal annual processing rate (tonnes per year) 894,454 Life of mine average head grade (% Cg) 3.9 Flotation recovery (%) 86 Nominal flotation concentrate production (tonnes per year) 34,483 Nominal finished product production (tonnes per year) 30,000   Purification performance and product specifications in the economic model are based on bench-scale testwork and have not yet been validated at continuous commercial scale or through customer qualification. " Cg " = graphitic carbon, " Mt " = million tonnes.