# 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 Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--8372a85b-f141-487b-9115-45bd8a8f1737 Original source: https://money.tmx.com/en/quote/ZEN/news/7302854020626726/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a- Publisher: tmx Original announcement: 2026-08-10T12:10:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - 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 Narrative sentiment: 0.70 · Bullish ## Minestarters Atlas 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 factor: Strong after-tax NPV of US$3.85 billion and IRR of 27.4% at 5% discount rate. - Positive factor: Fast after-tax payback period of 4.4 years. - Positive factor: Long mine life of 30 years. - Positive factor: Acid-free purification route to ultra-high-purity graphite \(99.9992% Cg\). - Positive factor: Updated resource estimate shows growth in both Indicated and Inferred categories. - Positive factor: Project located in a stable mining jurisdiction \(Ontario, Canada\). - Positive factor: Graphite designated as a critical mineral by Canada and the US. - Positive factor: No federal impact assessment expected, simplifying permitting. - Negative factor: PEA is preliminary in nature and includes inferred mineral resources in the economic analysis. - Negative factor: Purification performance is based on bench-scale testwork, requiring further validation at larger scale. - Negative factor: High initial capital intensity of US$27,233 per annual tonne of finished product. - Negative factor: High strip ratio of 6.6:1 for the open pit mine plan. - Negative factor: Permits for development are still required, with only exploration permits currently obtained. - Negative factor: Inferred share of mill feed for the economic analysis is not explicitly stated. - Negative factor: 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 Only** Polarity: neutral Definition: 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 IRR** Polarity: positive Definition: 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 Payback** Polarity: positive Definition: 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 Update** Polarity: neutral Definition: 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 Growth** Polarity: positive Definition: 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 Improvement** Polarity: positive Definition: 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 Only** Polarity: negative Definition: 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 Ore** Polarity: negative Definition: 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 Compliant** Polarity: positive Definition: 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 Signed** Polarity: positive Definition: 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 Life** Polarity: positive Definition: 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 Outstanding** Polarity: negative Definition: 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 Intensity** Polarity: negative Definition: 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 Pricing** Polarity: negative Definition: 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 Disclosed** Polarity: positive Definition: 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 Route** Polarity: neutral Definition: 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) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--8372a85b-f141-487b-9115-45bd8a8f1737#fact-resource-facts-1) Albany Graphite Project · graphite #### 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 factor: Significant indicated tonnage and contained graphite. - Positive factor: Resource grade is good for open pit mining. Evidence · table > 23.1 Context: Open Pit \| Indicated \| 1.48 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--8372a85b-f141-487b-9115-45bd8a8f1737#fact-resource-facts-2) Albany Graphite Project · graphite #### 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 factor: Adds to the overall resource base and potential project scale. - Negative factor: 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 Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--8372a85b-f141-487b-9115-45bd8a8f1737#fact-resource-facts-3) Albany Graphite Project · graphite #### 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 factor: Identifies potential for underground mining and extends the resource at depth. - Negative factor: Inferred category with lower confidence. - Negative factor: 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 Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--8372a85b-f141-487b-9115-45bd8a8f1737#fact-resource-facts-4) Albany Graphite Project · graphite #### 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 factor: Strong indicated resource base, providing high confidence for future studies. - Positive factor: 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 Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--8372a85b-f141-487b-9115-45bd8a8f1737#fact-resource-facts-5) Albany Graphite Project · graphite #### 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 factor: Growth in inferred tonnage and grade, indicating exploration upside. - Negative factor: 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 Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--8372a85b-f141-487b-9115-45bd8a8f1737#fact-resource-facts-6) Albany Graphite Project · graphite #### 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 factor: High grade for an indicated open pit resource. - Positive factor: Significant contained graphite in this domain. Evidence · table > 9.44 Context: Open Pit \| Indicated \| 1.48 \| East Pipe #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--8372a85b-f141-487b-9115-45bd8a8f1737#fact-resource-facts-7) Albany Graphite Project · graphite #### 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 factor: Large indicated tonnage in this domain. - Positive factor: Good grade for open pit mining. Evidence · table > 13.7 Context: Open Pit \| Indicated \| 1.48 \| West Pipe #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--8372a85b-f141-487b-9115-45bd8a8f1737#fact-resource-facts-8) Albany Graphite Project · graphite #### 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 factor: Adds to the overall resource potential of the East Pipe. - Negative factor: Inferred category with lower confidence. Evidence · table > 1.62 Context: Open Pit \| Inferred \| 1.48 \| East Pipe #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--8372a85b-f141-487b-9115-45bd8a8f1737#fact-resource-facts-9) Albany Graphite Project · graphite #### 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 factor: Adds significant inferred tonnage to the West Pipe, indicating exploration upside. - Negative factor: Inferred category with lower confidence. Evidence · table > 7.73 Context: Open Pit \| Inferred \| 1.48 \| West Pipe #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--8372a85b-f141-487b-9115-45bd8a8f1737#fact-resource-facts-10) Albany Graphite Project · graphite #### 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 factor: Indicates potential for underground extraction in the East Pipe. - Negative factor: Inferred category with lower confidence. - Negative factor: Underground material not included in current PEA economics. Evidence · table > 3.18 Context: Underground \| Inferred \| 1.77 \| East Pipe #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--8372a85b-f141-487b-9115-45bd8a8f1737#fact-resource-facts-11) Albany Graphite Project · graphite #### 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 factor: Adds to the overall underground resource potential. - Negative factor: Small inferred tonnage with lower confidence. - Negative factor: Underground material not included in current PEA economics. Evidence · table > 0.76 Context: Underground \| Inferred \| 1.77 \| West Pipe #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--8372a85b-f141-487b-9115-45bd8a8f1737#fact-resource-facts-12) Albany Graphite Project · graphite #### 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 factor: 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 Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--8372a85b-f141-487b-9115-45bd8a8f1737#fact-resource-facts-13) Albany Graphite Project · graphite #### 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 factor: Significant inferred resource across both pipes, indicating further exploration potential. - Negative factor: 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 Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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\_scale [Link to this fact](https://atlas-extractions.minestarters.com/news/zentek-announces-new-pea-for-albany-graphite-us-3-85-billion-after-tax-npv-at-a--8372a85b-f141-487b-9115-45bd8a8f1737#fact-metallurgical-facts-14) Albany Graphite Project · graphite Historical result Needs review: historical\_restatement #### 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 factor: Achieved ultra-high purity \(99.9992% Cg\) meeting nuclear-grade benchmarks. - Positive factor: Acid-free purification route is environmentally favorable and reduces processing risks. - Negative factor: Testwork is at bench-scale only, requiring further validation at larger scales. - Negative factor: 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.