Current Report by Foreign Issuer (Form 6-K)

Qualified Persons:

Charley Murahwi, P.Geo.

Oktay Erten, P.Eng.

Richard M. Gowans, P.Eng.

Garth Liukko, P.Eng.

Mohsin Hashmi, P.Eng.

Becky Humphrey CEnv, MIMMM

Sepehr Aryan, P.Eng.

Morwenna Rogers, MSc., MIMMM

Report Prepared for

Albany Graphite Corp.,

wholly owned Subsidiary of

Zentek Ltd.

1123 York Road, Guelph

Ontario, Canada

N1E 6Z1

1

SUMMARY

1

2

INTRODUCTION

21

2.1

ISSUER

21

2.2

TERMS OF REFERENCE

21

2.3

PRINCIPAL SOURCES OF INFORMATION

21

2.4

QUALIFIED PERSON SITE VISIT AND PERSONAL INSPECTION

22

2.5

QUALIFIED PERSONS

22

2.6

UNITS OF MEASURE

23

2.7

ABBREVIATIONS AND ACRONYMS

24

3

RELIANCE ON OTHER EXPERTS

26

3.1

INTRODUCTION

26

3.2

PROPERTY AGREEMENTS, MINERAL TENURE, SURFACE RIGHTS AND ROYALTIES

26

3.3

METALLURGICAL TESTING AND RECOVERY METHODS

26

3.4

SITE WATER MANAGEMENT

26

3.5

ENVIRONMENTAL, PERMITTING, CLOSURE, SOCIAL AND COMMUNITY IMPACTS

26

3.6

TAXATION

26

3.7

MARKETS AND CONTRACTS

27

3.8

REMARKS

27

4

PROPERTY DESCRIPTION AND LOCATION

28

4.1

LOCATION AND AREA

28

4.2

LAND TENURE

28

4.3

ROYALTIES, OWNERSHIP HISTORY, AND AGREEMENT WITH CLIFFS

29

4.4

AGREEMENTS WITH CONSTANCE LAKE FIRST NATION

31

4.5

Other Significant Factors/Risks

32

5

ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY

33

5.1

ACCESSIBILITY

33

5.2

CLIMATE

33

5.3

LOCAL RESOURCES

33

5.4

INFRASTRUCTURE

33

5.5

PHYSIOGRAPHY

35

6

HISTORY

36

6.1

PRIOR OWNERSHIP

36

6.2

EXPLORATION AND DEVELOPMENT HISTORY

36

6.2.1

Summary of Historical Exploration

37

6.3

HISTORICAL DRILLING

38

6.4

HISTORICAL RESOURCE ESTIMATES

38

6.5

PAST PRODUCTION

38

7

GEOLOGICAL SETTING AND MINERALIZATION

39

7.1

REGIONAL GEOLOGY

39

7.1.1

The Quetico Sub-Province

40

7.1.2

The English River Sub-Province

40

7.1.3

Marmion Terrane/Sub-Province

40

7.1.4

Nagagami Alkalic Rock Complex

40

7.1.5

Albany Alkalic Rock Complex

41

7.2

PROPERTY GEOLOGY

41

7.2.1

Lithology Distribution

42

7.2.2

Overburden

42

7.3

MINERALIZATION

43

8

DEPOSIT TYPES

44

8.1

DEPOSIT TYPE

44

8.2

ORIGIN/GENETIC MODEL

44

8.2.1

Stage 1 - Emplacement of Host Syenites Forming the Albany Alkalic Complex

44

8.2.2

Stage 2 - Fluid Generation and Breccia Pipe Development

44

8.2.3

Stage 3 - Graphite Deposition

45

8.2.4

Stage 4 - Post-Mineralization Magmatic and Erosional Events

45

8.3

EXPLORATION CONCEPT

46

9

EXPLORATION

47

9.1

INTRODUCTION/OVERVIEW

47

9.2

2010 CAMPAIGN

47

9.3

2011 - 2022 CAMPAIGN

47

9.4

2013 CAMPAIGN

48

10

DRILLING

50

10.1

OVERVIEW

50

10.2

EXPLORATION/DELINEATION DRILLING (2011 - 2013)

50

10.2.1

Procedures

51

10.2.2

Drill Hole Targeting Results and Interpretation

52

10.3

BULK SAMPLING-METALLURGICAL DRILLING (2019)

54

10.4

QP OPINION ON THE DRILLING CAMPAIGNS AND RESULTS

54

11

SAMPLE PREPARATION, ANALYSES AND SECURITY

55

11.1

SAMPLE PREPARATION/QUALITY CONTROL MEASURES

55

11.1.1

Sample Preparation

55

11.1.2

Quality Control Measures

55

11.2

SAMPLE PACKAGING AND SECURITY

55

11.3

DETAILS OF LABORATORIES USED

56

11.4

LABORATORY SAMPLE PREPARATION AND ANALYSES

56

11.4.1

Sample Preparation

56

11.4.2

Sample Analysis

56

11.5

QUALITY ASSURANCE AND QUALITY CONTROL PROTOCOLS AND RESULTS OF PROGRAMS

56

11.5.1

Overview of Protocols

56

11.5.2

Results of QA/QC Programs

57

11.6

MICON QP OPINION AND COMMENTS

59

12

DATA VERIFICATION

60

12.1

INTRODUCTION

60

12.2

SITE VISIT

60

12.2.1

Aerial Inspection

60

12.2.2

Drill Core Review

61

12.3

REVIEW OF QA/QC PROTOCOLS AND RESULTS

63

12.4

RESOURCE DATABASE VALIDATION

63

12.5

QP OPINION ON THE ADEQUACY OF THE DATA

64

13

MINERAL PROCESSING AND METALLURGICAL TESTING

65

13.1

INTRODUCTION

65

13.2

METALLURGICAL TESTWORK - SGS 2013 - 2014

65

13.2.1

Metallurgical Samples

66

13.2.2

Comminution Tests

66

13.2.3

Flotation Tests

67

13.3

METALLURGICAL TESTWORK - SGS 2015/2016

70

13.3.1

Metallurgical Samples

70

13.3.2

Grindability Testwork

71

13.3.3

Flotation Testwork

71

13.4

METALLURGICAL TESTWORK - SGS 2017

74

13.4.1

Metallurgical Samples

74

13.4.2

2017 Pilot Plant Testwork

74

13.5

METALLURGICAL TESTWORK - SGS 2025

76

13.5.1

Metallurgical Samples

76

13.5.2

Bench Scale Validation Testing

76

13.5.3

Bulk Pilot Pant Testwork

77

13.6

THERMAL PURIFICATION TESTWORK

78

13.6.1

AETC Purification Testwork - 2025

78

13.6.2

AETC Purification Testwork - 2026

79

13.7

CONCLUSIONS AND RECOMMENDATIONS

80

14

MINERAL RESOURCE ESTIMATES

81

14.1

INTRODUCTION

81

14.2

MINERAL RESOURCE ESTIMATION METHODOLOGY

81

14.3

DATA REVIEW

81

14.4

GEOLOGICAL INTERPRETATION

81

14.5

DEPOSIT MODELLING

83

14.5.1

East Pipe

83

14.5.2

West Pipe

83

14.5.3

Other (Domain 55)

84

14.6

DATA ANALYSIS/TREATMENT

84

14.6.1

Compositing

84

14.6.2

Composites Statistics

85

14.6.3

Grade Capping

85

14.6.4

Variography/Spatial Analysis

85

14.7

RESOURCE BLOCK MODEL DEFINITION AND GRADE INTERPOLATION

86

14.7.1

Resource Block Model Definition

86

14.7.2

Block Grade Interpolation

86

14.7.3

Block Grade Validation

86

14.8

MINERAL RESOURCE DEFINITION

89

14.8.1

Bulk Density

89

14.8.2

Technical/Mining Parameters and Assumptions

89

14.8.3

Resource Classification

90

14.8.4

Mineral Resources Statement

90

14.8.5

Risks/Opportunities

91

15

MINERAL RESERVE ESTIMATES

92

16

MINING METHODS

93

16.1

OPEN PIT

93

16.1.1

Introduction

93

16.1.2

Summary

93

16.1.3

Geotechnical Considerations

93

16.1.4

Pit Limit Evaluations

95

16.1.5

Open Pit Optimization Parameters

95

16.1.6

Economic Evaluation and Differences from the Financial Model

100

16.1.7

Pit Designs

100

16.1.8

LoM Production Schedule

103

16.1.9

Open Pit Mining Operations

113

16.1.10

Drilling and Blasting

114

16.1.11

Labour Requirements

114

16.1.12

Waste Rock and Overburden Storage Areas

114

17

RECOVERY METHODS

118

17.1

PROCESS DESIGN BASIS

118

17.2

PROCESS DESIGN CRITERIA

120

17.3

PROCESS DESCRIPTION - BENEFICIATION PLANT

123

17.3.1

Crushing

123

17.3.2

Grinding Circuit

124

17.3.3

Flotation Circuit

125

17.3.4

Flotation Concentrate Dewatering and Handling

125

17.3.5

Tailings Handling

126

17.3.6

Reagents and Consumables, Handling and Storage

126

17.3.7

Plant Services

126

17.4

PURIFICATION FACILITY

127

17.4.1

Purification Process Description

127

18

PROJECT INFRASTRUCTURE

130

18.1

INTRODUCTION

130

18.2

SITE LAYOUT

130

18.2.1

Site Roads and Drainage

130

18.3

SITE INFRASTRUCTURE

132

18.3.1

Building and Ancillary Items

132

18.3.2

Mine Infrastructure

133

18.3.3

Truck Shop

133

18.3.4

Maintenance Facility and Warehouse Area

134

18.3.5

Main Administration Building

134

18.3.6

Main Dry

135

18.3.7

Explosive Storage

135

18.3.8

Concentrator

135

18.3.9

Administrative Offices

136

18.3.10

Assay Laboratory

136

18.3.11

Reagent Storage

136

18.3.12

Fuel Storage and Distribution

136

18.4

NON-MINING WASTE MANAGEMENT

137

18.4.1

Solid Waste

137

18.4.2

Sanitary Waste

137

18.5

POWER SUPPLY AND DISTRIBUTION

138

18.6

COMMUNICATIONS

138

18.7

OFF-SITE INFRASTRUCTURE

138

18.8

SITE WATER MANAGEMENT

139

18.8.1

Water Accounting Circuit

139

18.8.2

Water Supply

141

18.8.3

Pit Inflows

142

18.8.4

Discharge

145

18.8.5

Conclusion

145

18.9

TAILINGS DESIGN

145

18.9.1

Introduction

145

18.9.2

Design Criteria

146

18.9.3

Site Layout and Tailings System Arrangement

146

18.9.4

Tailings Characteristics

147

18.9.5

Tailings Pipeline Arrangement

148

18.9.6

Hydraulic Design

148

18.9.7

Tailings Pumping System

148

18.9.8

Tailings Pipeline Design

149

18.9.9

Tailings Storage Facility Concept

150

18.9.10

Hydraulic Design Summary

150

18.9.11

Spigotting System

151

18.9.12

Reclaim Water System

151

18.1

ALTERNATIVE TAILINGS MANAGEMENT OPTIONS

153

18.11

LIMITATIONS

154

18.12

CONCLUSION

155

19

MARKET STUDIES AND CONTRACTS

156

19.1

BASIS AND SOURCES OF INFORMATION

156

19.2

PRODUCT GRADES AND MARKET SEGMENTATION

157

19.3

MARKET SIZE AND GROWTH

157

19.4

SUPPLY

158

19.5

MARKET ENTRY STRATEGY

159

19.6

PRICES

160

19.6.1

Market Structure and Price Transparency

160

19.6.2

Observed Prices

160

19.6.3

Price Projections

160

19.6.4

Price Applied in This Assessment

161

19.7

SALES HISTORY AND CONTRACTS

162

20

ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL OR COMMUNITY IMPACT

163

20.1

REGULATORY FRAMEWORK AND PROJECT PERMITTING

163

20.1.1

Federal Environmental Assessment

163

20.1.2

Provincial Environmental Assessment

163

20.1.3

Permitting Process

164

20.1.4

Project Permitting Status

165

20.2

STATUS OF ENVIRONMENTAL AND SOCIAL STUDIES

165

20.3

ENVIRONMENTAL AND SOCIAL CONTEXT

166

20.3.1

Water Resources

166

20.3.2

Biodiversity and Protected Areas

168

20.3.3

Socio-Economic Conditions

169

20.4

STAKEHOLDER ENGAGEMENT

170

20.5

MANAGEMENT OF ENVIRONMENTAL AND SOCIAL RISKS

170

20.6

PROJECT CLOSURE PLANNING

172

20.7

RECOMMENDATIONS

173

21

CAPITAL AND OPERATING COSTS

174

21.1

INTRODUCTION

174

21.2

CAPITAL COSTS

175

21.2.1

Basis of Estimate

175

21.2.2

Pre-Production Capital Costs

175

21.2.3

Sustaining Capital Cost Summary

176

21.2.4

Geology Capital Costs

177

21.2.5

Open Pit Mine Capital Costs

177

21.2.6

Albany Mine Site Infrastructure Capital Costs

177

21.2.7

Albany Site Concentrator Capital Costs

178

21.2.8

Tailings and Water Management Capital Costs

178

21.2.9

Albany Mine Offsite Infrastructure Capital Costs

178

21.2.10

Graphite Purification Plant Site Capital Costs

179

21.2.11

Construction and Indirect Costs

179

21.2.12

Owner's Costs

180

21.2.13

Contingency Costs

180

21.2.14

Environmental, Mine Rehabilitation and Closure

180

21.2.15

Working Capital

181

21.2.16

Exclusions

181

21.3

OPERATING COSTS

181

21.3.1

Life-of Mine Operating Costs

181

21.3.2

Basis of Estimate

182

21.3.3

Open Pit Mine Operating Costs

182

21.3.4

Albany Site Concentrator Operating Costs

182

21.3.5

Graphite Purification Site Operating Costs

183

21.3.6

General and Administration Costs

183

21.3.7

Road Transport of Concentrate Costs

184

21.3.8

Royalties

184

22

ECONOMIC ANALYSIS

185

22.1

INTRODUCTION

185

22.2