Zentek Announces New PEA for Albany Graphite: US$3.85 Billion After-Tax NPV at a 5% Discount Rate, 27.4% After-Tax IRR, on an Acid-Free Route to 99.9992% Purity Graphite
Original announcement by tmx on
- Company
- Zentek Ltd.
- Ticker
- ZEN
- Exchange
- TSX
- Region
- Ontario, Canada
- Primary commodity
- Graphite
- Secondary commodities
- None reported
- Document categories
- Resource update, Economic study, Metallurgy
- Extracted
- 2026-09-17 06:25:52 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Zentek announced a new Preliminary Economic Assessment (PEA) for its Albany Graphite Project, revealing robust economics with a US$3.85 billion after-tax NPV and a 27.4% after-tax IRR, with a 4.4-year payback period over a 30-year mine life. The study highlights an acid-free route to produce ultra-high-purity graphite for strategic markets, supported by an updated mineral resource estimate showing growth in both Indicated and Inferred categories. While the project demonstrates strong potential in a stable jurisdiction, the PEA is preliminary, and purification performance is based on bench-scale testwork, with development permits still pending.
Reasoning: Zentek's new PEA for the Albany Graphite Project demonstrates robust economics with a US$3.85 billion after-tax NPV and 27.4% after-tax IRR, supported by an updated mineral resource estimate showing growth. The acid-free purification route to ultra-high-purity graphite is a key differentiator for specialized markets, though the purification testwork is currently at bench-scale and the study is preliminary.
Positive factors
- Strong after-tax NPV of US$3.85 billion and IRR of 27.4% at 5% discount rate.
- Fast after-tax payback period of 4.4 years.
- Long mine life of 30 years.
- Acid-free purification route to ultra-high-purity graphite (99.9992% Cg).
- Updated resource estimate shows growth in both Indicated and Inferred categories.
- Project located in a stable mining jurisdiction (Ontario, Canada).
- Graphite designated as a critical mineral by Canada and the US.
- No federal impact assessment expected, simplifying permitting.
Negative factors
- PEA is preliminary in nature and includes inferred mineral resources in the economic analysis.
- Purification performance is based on bench-scale testwork, requiring further validation at larger scale.
- High initial capital intensity of US$27,233 per annual tonne of finished product.
- High strip ratio of 6.6:1 for the open pit mine plan.
- Permits for development are still required, with only exploration permits currently obtained.
- Inferred share of mill feed for the economic analysis is not explicitly stated.
- Product pricing is based on specialized, non-indexed markets, which may carry higher risk.
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 15
Classification and evidence
PEA Onlyneutral
Only Class 4 / Initial Assessment economics available. Not bankable.
Why it applies: The document reports the results of a Preliminary Economic Assessment (PEA).
Evidence · text
“Preliminary Economic Assessment (" PEA ")”
High IRRpositive
Post-tax real unlevered IRR in the strong tier or better.
Why it applies: The after-tax IRR of 27.4% is above the strong tier (25%) for a greenfield project.
Evidence · table
“27.4%”
Context: After-tax IRR
Fast Paybackpositive
Payback in the strong tier or better, on the required basis.
Why it applies: The after-tax payback period of 4.4 years is within the strong tier (<=5 years).
Evidence · table
“4.4 years”
Context: After-tax payback period discounted
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document includes an updated mineral resource estimate as part of the PEA work.
Evidence · text
“Micon updated the mineral resource estimate previously disclosed”
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: Indicated Mineral Resources increased from 22.9 Mt to 23.1 Mt and Inferred Mineral Resources increased from 13.1 Mt to 13.3 Mt compared to the prior estimate.
Evidence · text
“Indicated Mineral Resources have increased from 22.9 Mt at 4.07% Cg to 23.1 Mt at 4.14% Cg, and Inferred Mineral Resources have increased from 13.1 Mt at 2.87% Cg to 13.3 Mt at 2.88% Cg.”
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: Indicated Mineral Resources grade increased from 4.07% Cg to 4.14% Cg and Inferred Mineral Resources grade increased from 2.87% Cg to 2.88% Cg compared to the prior estimate.
Evidence · text
“Indicated Mineral Resources have increased from 22.9 Mt at 4.07% Cg to 23.1 Mt at 4.14% Cg, and Inferred Mineral Resources have increased from 13.1 Mt at 2.87% Cg to 13.3 Mt at 2.88% Cg.”
Bench Scale Onlynegative
Only preliminary bench tests completed — no locked-cycle or pilot work.
Why it applies: Purification performance in the economic model is based on bench-scale testwork.
Evidence · text
“Purification performance in the economic model is based on bench-scale testwork.”
Refractory Orenegative
Ore requires oxidation/pressure treatment before recovery — a processing and recovery risk.
Why it applies: The FBR purification route is used to remove residual mineral impurities and achieve ultra-high purity, indicating complex ore requiring advanced processing.
Evidence · text
“FBR purification to produce ultra-high-purity graphite products”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The PEA and mineral resource estimate were prepared in accordance with National Instrument 43-101.
Evidence · text
“in accordance with National Instrument 43-101”
QP/CP Signedpositive
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: Qualified Persons William Lewis, Oktay Erten, and Charley Murahwi are named and responsible for the PEA and mineral resource estimates.
Evidence · text
“William Lewis, P. Geo., Oktay Erten, P.Eng., and Charley Murahwi, P. Geo, all employees of Micon and independent to the Company... and all "Qualified Persons" for the purpose of NI 43-101”
Long Reserve Lifepositive
Reserve life index in the top tier of the single ladder.
Why it applies: The project has a 30-year operating life, which is in the long-life tier (>=20 years).
Evidence · table
“30”
Context: Production Period / Life of Mine (years)
Permit Challenge Outstandingnegative
An appeal or legal challenge is unresolved, which can defer first production indefinitely.
Why it applies: Only exploration permits are obtained, and provincial approvals are still required for development.
Evidence · text
“Permits obtained for the Project to date cover exploration activities. Development of Albany would require provincial approvals”
High Capital Intensitynegative
Above the benchmark for its project type.
Why it applies: The initial capital intensity is US$27,233 per annual tonne of finished product, which is high.
Evidence · table
“US$817.0M”
Context: Initial capital cost
Aggressive Pricingnegative
The study only works on a stretched price deck.
Why it applies: The study uses a high average realized product price of US$23,485 per tonne for specialized markets, which are not referenced to an established index price and require supplier qualification.
Evidence · text
“The economic model applies an average realized product price of US$23,485 per tonne. This pricing assumption reflects Albany's potential position as a supplier of ultra-high-purity graphite to specialized, high-value markets rather than commodity or battery-grade markets.”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: A current resource fact retains the disclosed cut-off grade
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: the document describes a mill_cil route ("concentrator")
Extracted facts
Stored fact records: 14. Some facts used in scoring do not have a stored record.
Resource Estimates (13)
indicatedAlbany Graphite Project · graphiteTonnes: 23100000Grade: 4.14Grade Unit: % CgContained Metal: 957075Contained Unit: t cgView all detailsHide details
Identity
- Project
- Albany Graphite Project
- Commodity
- graphite
- Region
- canada_on
- Reported Region
- Ontario, Canada
- Ticker
- ZEN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-06-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- William Lewis, Oktay Erten, Charley Murahwi
- Resource group id
- resource:3c04581f20a9ffd88794
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 23100000
- Grade
- 4.14
- Grade Unit
- % Cg
- Contained Metal
- 957075
- Contained Unit
- t cg
- Cutoff Grade
- 1.48
- Cutoff Unit
- % Cg
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-08-10T00:00:00.000Z
Reasoning: The indicated open pit resource provides a solid foundation for the project, with substantial tonnage and grade, contributing to the project's economic viability.
Positive factors
- Significant indicated tonnage and contained graphite.
- Resource grade is good for open pit mining.
Evidence · table
“23.1”
Context: Open Pit | Indicated | 1.48
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredAlbany Graphite Project · graphiteTonnes: 9350000Grade: 2.73Grade Unit: % CgContained Metal: 254747Contained Unit: t cgView all detailsHide details
Identity
- Project
- Albany Graphite Project
- Commodity
- graphite
- Region
- canada_on
- Reported Region
- Ontario, Canada
- Ticker
- ZEN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-06-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- William Lewis, Oktay Erten, Charley Murahwi
- Resource group id
- resource:87f3ce81fc363681c516
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 9350000
- Grade
- 2.73
- Grade Unit
- % Cg
- Contained Metal
- 254747
- Contained Unit
- t cg
- Cutoff Grade
- 1.48
- Cutoff Unit
- % Cg
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-08-10T00:00:00.000Z
Reasoning: The inferred open pit resource provides additional tonnage but carries lower confidence, requiring further exploration to upgrade its classification and support economic studies.
Positive factors
- Adds to the overall resource base and potential project scale.
Negative factors
- Inferred category has lower geological confidence and cannot be converted to reserves without further drilling.
Evidence · table
“9.35”
Context: Open Pit | Inferred | 1.48
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredAlbany Graphite Project · graphiteTonnes: 3940000Grade: 3.23Grade Unit: % CgContained Metal: 127383Contained Unit: t cgView all detailsHide details
Identity
- Project
- Albany Graphite Project
- Commodity
- graphite
- Region
- canada_on
- Reported Region
- Ontario, Canada
- Ticker
- ZEN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-06-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- William Lewis, Oktay Erten, Charley Murahwi
- Resource group id
- resource:325a67ba810c11b65780
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 3940000
- Grade
- 3.23
- Grade Unit
- % Cg
- Contained Metal
- 127383
- Contained Unit
- t cg
- Cutoff Grade
- 1.77
- Cutoff Unit
- % Cg
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-08-10T00:00:00.000Z
Reasoning: The inferred underground resource indicates future potential but is not yet incorporated into the project's economic plan, and its low confidence requires further work.
Positive factors
- Identifies potential for underground mining and extends the resource at depth.
Negative factors
- Inferred category with lower confidence.
- Underground material is not included in the current PEA production schedule or economic analysis.
Evidence · table
“3.94”
Context: Underground | Inferred | 1.77
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedAlbany Graphite Project · graphiteTonnes: 23100000Grade: 4.14Grade Unit: % CgContained Metal: 957075Contained Unit: t cgView all detailsHide details
Identity
- Project
- Albany Graphite Project
- Commodity
- graphite
- Region
- canada_on
- Reported Region
- Ontario, Canada
- Ticker
- ZEN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-06-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- William Lewis, Oktay Erten, Charley Murahwi
- Resource group id
- resource:129d8673a8d36f55ae85
- 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
- Cutoff Grade
- 1.48
- Cutoff Unit
- % Cg
Prior Estimate
- Resource Date
- 2026-06-30
- Prior Tonnes
- 22900000
- Prior Grade
- 4.07
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-08-10T00:00:00.000Z
Reasoning: The total indicated resource shows a robust and growing foundation for the project, with increased tonnage and grade, enhancing confidence in the project's viability.
Positive factors
- Strong indicated resource base, providing high confidence for future studies.
- Increase in both tonnage and grade compared to the previous estimate.
Evidence · table
“23.1”
Context: Total Indicated | 1.48
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredAlbany Graphite Project · graphiteTonnes: 13300000Grade: 2.88Grade Unit: % CgContained Metal: 382130Contained Unit: t cgView all detailsHide details
Identity
- Project
- Albany Graphite Project
- Commodity
- graphite
- Region
- canada_on
- Reported Region
- Ontario, Canada
- Ticker
- ZEN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-06-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- William Lewis, Oktay Erten, Charley Murahwi
- Resource group id
- resource:cba8603c9dde251ef5d5
- 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
- Cutoff Unit
- % Cg
Prior Estimate
- Resource Date
- 2026-06-30
- Prior Tonnes
- 13100000
- Prior Grade
- 2.87
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-08-10T00:00:00.000Z
Reasoning: The total inferred resource shows an increase in potential, but its speculative nature means it requires significant further work to de-risk and upgrade.
Positive factors
- Growth in inferred tonnage and grade, indicating exploration upside.
Negative factors
- Inferred category carries lower confidence and cannot be used for reserve estimation.
Evidence · table
“13.3”
Context: Total Inferred | Variable
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedAlbany Graphite Project · graphiteTonnes: 9440000Grade: 5.69Grade Unit: % CgContained Metal: 537031Contained Unit: t cgView all detailsHide details
Identity
- Project
- Albany Graphite Project
- Commodity
- graphite
- Region
- canada_on
- Reported Region
- Ontario, Canada
- Ticker
- ZEN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-06-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- William Lewis, Oktay Erten, Charley Murahwi
- Resource group id
- resource:02abc20fdfcf0d517635
- Deposit or zone
- East Pipe
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 9440000
- Grade
- 5.69
- Grade Unit
- % Cg
- Contained Metal
- 537031
- Contained Unit
- t cg
- Cutoff Grade
- 1.48
- Cutoff Unit
- % Cg
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-08-10T00:00:00.000Z
Reasoning: The East Pipe indicated open pit resource is a high-grade component of the overall resource, contributing significantly to the project's value.
Positive factors
- High grade for an indicated open pit resource.
- Significant contained graphite in this domain.
Evidence · table
“9.44”
Context: Open Pit | Indicated | 1.48 | East Pipe
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedAlbany Graphite Project · graphiteTonnes: 13700000Grade: 3.07Grade Unit: % CgContained Metal: 420044Contained Unit: t cgView all detailsHide details
Identity
- Project
- Albany Graphite Project
- Commodity
- graphite
- Region
- canada_on
- Reported Region
- Ontario, Canada
- Ticker
- ZEN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-06-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- William Lewis, Oktay Erten, Charley Murahwi
- Resource group id
- resource:4271083eba586fb6af74
- Deposit or zone
- West Pipe
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 13700000
- Grade
- 3.07
- Grade Unit
- % Cg
- Contained Metal
- 420044
- Contained Unit
- t cg
- Cutoff Grade
- 1.48
- Cutoff Unit
- % Cg
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-08-10T00:00:00.000Z
Reasoning: The West Pipe indicated open pit resource adds substantial tonnage to the project, providing a strong base for future development.
Positive factors
- Large indicated tonnage in this domain.
- Good grade for open pit mining.
Evidence · table
“13.7”
Context: Open Pit | Indicated | 1.48 | West Pipe
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredAlbany Graphite Project · graphiteTonnes: 1620000Grade: 3.39Grade Unit: % CgContained Metal: 54786Contained Unit: t cgView all detailsHide details
Identity
- Project
- Albany Graphite Project
- Commodity
- graphite
- Region
- canada_on
- Reported Region
- Ontario, Canada
- Ticker
- ZEN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-06-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- William Lewis, Oktay Erten, Charley Murahwi
- Resource group id
- resource:39f7a7d3f3c1d5238583
- Deposit or zone
- East Pipe
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 1620000
- Grade
- 3.39
- Grade Unit
- % Cg
- Contained Metal
- 54786
- Contained Unit
- t cg
- Cutoff Grade
- 1.48
- Cutoff Unit
- % Cg
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-08-10T00:00:00.000Z
Reasoning: The inferred open pit resource in the East Pipe contributes to the project's overall potential but requires further drilling to improve confidence.
Positive factors
- Adds to the overall resource potential of the East Pipe.
Negative factors
- Inferred category with lower confidence.
Evidence · table
“1.62”
Context: Open Pit | Inferred | 1.48 | East Pipe
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredAlbany Graphite Project · graphiteTonnes: 7730000Grade: 2.59Grade Unit: % CgContained Metal: 199961Contained Unit: t cgView all detailsHide details
Identity
- Project
- Albany Graphite Project
- Commodity
- graphite
- Region
- canada_on
- Reported Region
- Ontario, Canada
- Ticker
- ZEN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-06-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- William Lewis, Oktay Erten, Charley Murahwi
- Resource group id
- resource:4fc135fab6ef58059022
- Deposit or zone
- West Pipe
- Mining method
- open_pit
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 7730000
- Grade
- 2.59
- Grade Unit
- % Cg
- Contained Metal
- 199961
- Contained Unit
- t cg
- Cutoff Grade
- 1.48
- Cutoff Unit
- % Cg
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-08-10T00:00:00.000Z
Reasoning: The inferred open pit resource in the West Pipe expands the project's potential, but its classification requires further work to de-risk.
Positive factors
- Adds significant inferred tonnage to the West Pipe, indicating exploration upside.
Negative factors
- Inferred category with lower confidence.
Evidence · table
“7.73”
Context: Open Pit | Inferred | 1.48 | West Pipe
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredAlbany Graphite Project · graphiteTonnes: 3180000Grade: 3.32Grade Unit: % CgContained Metal: 105631Contained Unit: t cgView all detailsHide details
Identity
- Project
- Albany Graphite Project
- Commodity
- graphite
- Region
- canada_on
- Reported Region
- Ontario, Canada
- Ticker
- ZEN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-06-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- William Lewis, Oktay Erten, Charley Murahwi
- Resource group id
- resource:0332d08b0f1855b91b21
- Deposit or zone
- East Pipe
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 3180000
- Grade
- 3.32
- Grade Unit
- % Cg
- Contained Metal
- 105631
- Contained Unit
- t cg
- Cutoff Grade
- 1.77
- Cutoff Unit
- % Cg
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-08-10T00:00:00.000Z
Reasoning: The inferred underground resource in the East Pipe suggests future potential but is not yet part of the project's economic plan and requires further de-risking.
Positive factors
- Indicates potential for underground extraction in the East Pipe.
Negative factors
- Inferred category with lower confidence.
- Underground material not included in current PEA economics.
Evidence · table
“3.18”
Context: Underground | Inferred | 1.77 | East Pipe
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredAlbany Graphite Project · graphiteTonnes: 760000Grade: 2.87Grade Unit: % CgContained Metal: 21752Contained Unit: t cgView all detailsHide details
Identity
- Project
- Albany Graphite Project
- Commodity
- graphite
- Region
- canada_on
- Reported Region
- Ontario, Canada
- Ticker
- ZEN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-06-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- William Lewis, Oktay Erten, Charley Murahwi
- Resource group id
- resource:df91a9474f810ae35c30
- Deposit or zone
- West Pipe
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 760000
- Grade
- 2.87
- Grade Unit
- % Cg
- Contained Metal
- 21752
- Contained Unit
- t cg
- Cutoff Grade
- 1.77
- Cutoff Unit
- % Cg
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-08-10T00:00:00.000Z
Reasoning: The inferred underground resource in the West Pipe is a minor component of the overall resource and requires substantial further work to be considered economically viable.
Positive factors
- Adds to the overall underground resource potential.
Negative factors
- Small inferred tonnage with lower confidence.
- Underground material not included in current PEA economics.
Evidence · table
“0.76”
Context: Underground | Inferred | 1.77 | West Pipe
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedAlbany Graphite Project · graphiteTonnes: 23100000Grade: 4.14Grade Unit: % CgContained Metal: 957075Contained Unit: t cgView all detailsHide details
Identity
- Project
- Albany Graphite Project
- Commodity
- graphite
- Region
- canada_on
- Reported Region
- Ontario, Canada
- Ticker
- ZEN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-06-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- William Lewis, Oktay Erten, Charley Murahwi
- Resource group id
- resource:ea35ed5ff7afc6af642d
- Deposit or zone
- East and West Pipes
- 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
- Cutoff Grade
- 1.48
- Cutoff Unit
- % Cg
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-08-10T00:00:00.000Z
Reasoning: The combined indicated resource for both pipes represents a substantial and high-confidence foundation for the project's development.
Positive factors
- Strong indicated resource base across both pipes, providing high confidence for future studies.
Evidence · table
“23.1”
Context: Total Indicated | Total Indicated | 1.48 | East and West Pipes
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredAlbany Graphite Project · graphiteTonnes: 13300000Grade: 2.88Grade Unit: % CgContained Metal: 382130Contained Unit: t cgView all detailsHide details
Identity
- Project
- Albany Graphite Project
- Commodity
- graphite
- Region
- canada_on
- Reported Region
- Ontario, Canada
- Ticker
- ZEN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-06-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- William Lewis, Oktay Erten, Charley Murahwi
- Resource group id
- resource:c05c88d5e5b03de34504
- Deposit or zone
- East and West Pipes
- 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
- Cutoff Unit
- % Cg
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-08-10T00:00:00.000Z
Reasoning: The combined inferred resource provides substantial upside potential but requires additional work to increase confidence and define economic viability.
Positive factors
- Significant inferred resource across both pipes, indicating further exploration potential.
Negative factors
- Inferred category with lower confidence and variable cut-off grade.
Evidence · table
“13.3”
Context: Total Inferred | Total Inferred | Variable | East and West Pipes
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
Metallurgical Results (1)
bench_scaleAlbany Graphite Project · graphiteHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Albany Graphite Project
- Commodity
- graphite
- Region
- canada_on
- Reported Region
- Ontario, Canada
- Ticker
- ZEN
Test Work
- Program Status
- scoping
- Test Type
- bench_scale
- Processing Route
- FBR purification
Reagents
- Reagent Notes
- The flowsheet uses no hydrofluoric acid at any stage
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-09-22T00:00:00.000Z
Dates
- Event date
- 2026-08-10T00:00:00.000Z
Reasoning: The historical bench-scale testwork demonstrates the project's ability to produce ultra-high-purity graphite via an acid-free route, which is a significant differentiator for specialized markets, though the early stage of testing warrants caution.
Positive factors
- Achieved ultra-high purity (99.9992% Cg) meeting nuclear-grade benchmarks.
- Acid-free purification route is environmentally favorable and reduces processing risks.
Negative factors
- Testwork is at bench-scale only, requiring further validation at larger scales.
- Results are historical, disclosed in 2025.
Evidence · text
“Independent bench-scale testing, disclosed on September 22, 2025, measured 99.9992% carbon with an equivalent boron content of 2.60 ppm”
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.