Albany Graphite Corp. Engages Micon International to Complete New PEA for Albany Graphite Project

Executive Summary of Latest Release

• Date: April 9, 2026
• Event: Engagement of Micon International Limited to prepare a new NI 43-101 Preliminary Economic Assessment (PEA) for the Albany Graphite Project.
• Scope: Updated Mineral Resource Estimate, high-purity (5N+) graphite bench-scale results integration, and scoping-level economic model including thermal purification costs.
• Timeline: Completion expected summer 2026.
• Strategic Goal: To "rerate" the project's value for ultra-high-purity applications in nuclear, battery, and defense supply chains.

Context from Historical News

• This announcement follows a February 26, 2026 update where management outlined accelerated steps toward a Pre-Feasibility Study (PFS) and commissioning of a new PEA.
• It confirms the execution of the "Strategic Reset" announced in January 2026 under new CEO Mohammed Jiwan.
• Previous technical validation (Jan 2026, Oct 2025) confirmed nuclear-grade purity (99.9992%) and boron levels suitable for defense applications.

Evaluation of News Significance

• Expectation vs. Reality: The engagement was anticipated based on the February 2026 roadmap ("Mandate an engineering firm... to prepare a new PEA"). It is not a surprise development but rather a confirmation of execution.
• Valuation Impact: While positive for long-term project de-risking, it does not immediately alter financials or liquidity. The market has already priced in the potential value of Albany Graphite based on previous purity tests.
• Catalyst Status: This is an intermediate step. The actual PEA results (summer 2026) will be more material than the engagement announcement itself.

Risk Factors Highlighted by News

• Capital Needs: Preparing a PEA and advancing to PFS requires significant capital, which may necessitate further financing given current cash levels ($1.8M as of Dec 31, 2025).
• Timeline Pressure: The Nasdaq compliance deadline (August 24, 2026) creates a hard constraint on share price performance that must be met regardless of project progress.

Corporate Structure

• Parent: Zentek Ltd. (TSXV: ZEN / NASDAQ: ZTEK).
• Flagship Subsidiary: Albany Graphite Corp. (100% owned).
• Other Assets: ZenGUARD™ (Air filtration), Triera Biosciences (Aptamer diagnostics).

Albany Graphite Project Details

• Location: Northern Ontario, Canada.
• Resource Estimate (2023): Indicated 22.9 Mt @ 4.07% Cg; Inferred 13.1 Mt @ 2.87% Cg.
• Royalties: Subject to a Net Smelter Return (NSR) royalty of 0.75% on the 4F claim block (0.5% can be purchased for $500,000).
• Technical Status: Bench-scale testing confirms 5N+ purity (99.9992%) with boron <3ppm, suitable for nuclear and battery applications.

Strategic Focus

• Management has narrowed focus to three core platforms: Albany Graphite, ZenGUARD, and Triera.
• Non-core initiatives have been wound down to preserve cash.