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Technical Report on the Albany
Graphite Project, Ontario, Canada
Report for NI 43-101

Albany Graphite Corp.

SLR Project No: 233.03783.R0000

Effective Date:

April 30, 2023

Signature Date:

July 31, 2023

Prepared by:

SLR Consulting (Canada) Ltd.

Qualified Persons:

Marie-Christine Gosselin, P.Geo.

Katharine M. Masun, M.Sc., MSA, P.Geo.

Arun Vathavooran, CEng FIMMM

Technical Report on the Albany Graphite Project, Ontario, Canada

SLR Project No: 233.03783.R0000

Prepared by

SLR Consulting (Canada) Ltd.

55 University Ave., Suite 501

Toronto, ON M5J 2H7

for

Albany Graphite Corp.

49 High Street, 3rd Floor

Barrie, Ontario

L4N 5J4

Effective Date - April 30, 2023

Signature Date - July , 2023

Prepared by:

Marie-Christine Gosselin, P.Geo.

Katharine M. Masun, M.Sc., MSA, P.Geo.

Arun Vathavooran, CEng FIMMM

Peer Reviewed by:

Luke Evans, M.Sc., P.Eng., ing.

Lance Engelbrecht, P.Eng.

Approved by:

Project Manager

Katharine M. Masun, M.Sc., P.Geo.

Project Director

Jason J. Cox, P.Eng.

FINAL

Distribution: 1 copy - Albany Graphite Corp.

1 copy - SLR Consulting (Canada) Ltd.

CONTENTS

1.0 SUMMARY 1-7 1.1 Executive Summary 1-7 1.2 Conclusions 1-8 1.3 Recommendations 1-10 1.4 Technical Summary 1-11 2.0 INTRODUCTION 2-1 2.1 Sources of Information 2-1 2.2 List of Abbreviations 2-2 2.3 List of Acronyms 2-3 3.0 RELIANCE ON OTHER EXPERTS 3-1 4.0 PROPERTY DESCRIPTION AND LOCATION 4-1 4.1 Location 4-1 4.2 Land Tenure 4-4 4.3 Royalties, History of Ownership, and Agreement with Cliffs 4-6 4.4 Agreements with Constance Lake First Nation 4-6 5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY 5-1 5.1 Accessibility 5-1 5.2 Climate 5-1 5.3 Local Resources 5-1 5.4 Infrastructure 5-1 5.5 Physiography 5-2 6.0 HISTORY 6-1 6.1 Prior Ownership 6-1 6.2 Exploration and Development History 6-1 6.3 Historical Resource Estimates 6-3 6.4 Past Production 6-3 7.0 GEOLOGICAL SETTING AND MINERALIZATION 7-1 7.1 Regional Geology 7-1 7.2 Mineralization 7-6 8.0 DEPOSIT TYPES 8-1 8.1 Stage 1 - Emplacement of Host Syenites Forming the Albany Alkalic Complex 8-1 8.2 Stage 2 - Fluid Generation and Breccia Pipe Development 8-2 8.3 Stage 3 - Graphite Deposition 8-2

Albany Graphite Corp. | Albany Graphite Project, SLR Project No: 233.03783.R0000

NI 43-101 Technical Report - July 31, 2023 i
8.4 Stage 4 - Post-Mineralization Magmatic and Erosional Events 8-2 9.0 EXPLORATION 9-1 9.1 2010 9-1 9.2 2011 and 2012 9-1 9.3 2013 9-1 10.0 DRILLING 10-1 10.1 2012-2013 Diamond Drill Hole Programs 10-1 10.2 2019 Bulk Sample Program 10-4 11.0 SAMPLE PREPARATION, ANALYSES, AND SECURITY 11-1 11.1 Diamond Drill Hole Programs 11-1 11.2 Bulk Sample Program 11-12 12.0 DATA VERIFICATION 12-1 12.1 Manual Database Verification 12-1 12.2 SLR Site Visits 12-1 12.3 Independent Drill Core Sampling 12-2 13.0 MINERAL PROCESSING AND METALLURGICAL TESTING 13-1 13.1 Metallurgical Samples and Testing 13-1 14.0 MINERAL RESOURCE ESTIMATE 14-1 14.1 Summary 14-1 14.2 Geological Interpretation and 3D Solids 14-2 14.3 Statistical Analysis 14-8 14.4 Cutting High Grade Values 14-8 14.5 Compositing 14-10 14.6 Variography and Kriging Parameters 14-11 14.7 Bulk Density 14-17 14.8 Block Model 14-19 14.9 Open Pit and Underground Reporting and Cut-off Grade 14-20 14.10 Block Model Validation 14-23 14.11 Classification 14-24 14.12 Detailed Mineral Resource Report 14-26 14.13 Comparison with Previous Mineral Resource Estimate 14-30 15.0 MINERAL RESERVE ESTIMATE 15-1 16.0 MINING METHODS 16-1 17.0 RECOVERY METHODS 17-1 18.0 PROJECT INFRASTRUCTURE 18-1

Albany Graphite Corp. | Albany Graphite Project, SLR Project No: 233.03783.R0000

NI 43-101 Technical Report - July 31, 2023 ii
19.0 MARKET STUDIES AND CONTRACTS 19-1 20.0 ENVIRONMENTAL STUDIES, PERMITTING, AND SOCIAL OR COMMUNITY IMPACT 20-1 21.0 CAPITAL AND OPERATING COSTS 21-1 22.0 ECONOMIC ANALYSIS 22-1 23.0 ADJACENT PROPERTIES 23-1 24.0 OTHER RELEVANT DATA AND INFORMATION 24-1 25.0 INTERPRETATION AND CONCLUSIONS 25-1 25.1 Geology and Mineral Resources 25-1 25.2 Metallurgical Testing and Mineral Processing 25-2 26.0 RECOMMENDATIONS 26-1 26.1 Geology and Mineral Resources 26-1 26.2 Metallurgical Testing and Mineral Processing 26-1 26.3 Proposed Budget 26-1 27.0 REFERENCES 27-1 28.0 DATE AND SIGNATURE PAGE 28-1 29.0 CERTIFICATE OF QUALIFIED PERSON 29-1 29.1 Marie-Christine Gosselin 29-1 29.2 Katharine M. Masun 29-2 29.3 Arunasalam Vathavooran 29-3 30.0 APPENDIX 1 30-1 30.1 Mineral Claims 30-1

Albany Graphite Corp. | Albany Graphite Project, SLR Project No: 233.03783.R0000

NI 43-101 Technical Report - July 31, 2023 iii

TABLES

Table 1-1: Mineral Resource Estimate - April 30, 2023 1-8 Table 1-2: Proposed Budget 1-10 Table 1-3: Mineral Resource Estimate - April 30, 2023 1-14 Table 1-4: Graphite Purity and Recovery (2013 to 2015) 1-15 Table 2-1: Qualified Persons and Responsibilities 2-1 Table 6-1: Summary of Exploration 6-1 Table 6-2: Historical Drilling 6-3 Table 10-1: Summary of Drill Core Drilling 10-1 Table 10-2: Select Drill Hole Intersections 10-2 Table 10-3: Summary of Bulk Sample Drilling 10-4 Table 10-4: Select Bulk Sample Drill Hole Intersections 10-4 Table 11-1: Expected Values for Custom CRMs 11-3 Table 11-2: Summary of CRM Results for Drill Hole Programs 11-3 Table 11-3: Summary of Blank Results for Drill Hole Programs 11-5 Table 11-4: Drill Core Graphitic Carbon Duplicate Results 11-7 Table 11-5: Summary of Graphitic Carbon Reject Duplicate Results for Drill Hole Programs 11-8 Table 11-6: Check Sample Assay Results for Drill Hole Programs 11-10 Table 11-7: Summary of CRM Results for Bulks Sample Program 11-13 Table 11-8: Summary of Blank Results for Bulk Sampling Program 11-15 Table 12-1: Check Sample Summary 12-2 Table 13-1: Composite Head Assay Results 13-1 Table 13-2: Comminution Test Results 13-3 Table 13-3: Optimized Flotation Results 13-3 Table 13-4: Locked Cycle Flotation Results 13-4 Table 13-5: EP Pilot Plant Results 13-4 Table 13-6: WP Pilot Plant Results 13-5 Table 13-7: Optimized Flotation Results for Purification 13-6 Table 13-8: Flotation Pilot Plant Results (2017) 13-7 Table 13-9: Overall Test Results 13-8 Table 13-10: Concentrate Blend Assays 13-9 Table 13-11: Optimised Test Work Conditions 13-9 Table 13-12: Test Work Conditions for Second Stage Purification 13-10 Table 13-13: Alkaline Bake Test Sequence and Sample Details 13-11 Table 13-14: Alkaline Bake Results 13-11 Table 13-15: Concentrate Blend Assays 13-12 Table 14-1: Mineral Resource Estimate - April 30, 2023 14-1 Table 14-2: Albany Resource Domains 14-7 Table 14-3: Summary Statistics of Resource Assay Graphitic Carbon Values 14-8 Table 14-4: Summary Statistics of Graphitic Carbon Resource Composites 14-11 Table 14-5: Block Estimate Estimation Parameters 14-16 Table 14-6: Summary Statistics of Density Measurements 14-17 Table 14-7: Mineral Resource Cut-off Grade Assumptions 14-21 Table 14-8: Comparison of Grade Statistics for Assays, Composites, and Blocks 14-23 Table 14-9: Mineral Resource Estimate by Domain - April 30, 2023 14-26 Table 14-10: Comparison of Current Resource Estimate with 2015 14-30 Table 26-1: Proposed Budget 26-1

Albany Graphite Corp. | Albany Graphite Project, SLR Project No: 233.03783.R0000

NI 43-101 Technical Report - July 31, 2023 iv

FIGURES

Figure 4-1: Location Map 4-2 Figure 4-2: Detailed Location Map 4-3 Figure 4-3: Map of Albany Project Claims 4-5 Figure 7-1: Regional Geology Map 7-2 Figure 7-2: Property Geology Map 7-5 Figure 7-3: Core Photographs of Albany Graphite Mineralization 7-7 Figure 8-1: Albany Graphite Deposit Model 8-3 Figure 9-1: Map of VTEM Targets on Albany Claim Block 9-3 Figure 9-2: Map of Ground TDEM Survey Results 9-4 Figure 10-1: Drill Hole Plan Map 10-5 Figure 11-1: Certified Reference Material Results for Drill Hole Programs 11-3 Figure 11-2: Blank Results for Drill Hole Programs 11-5 Figure 11-3: Scatterplot of Drill Core Duplicates 11-6 Figure 11-4: Scatterplot of Reject Duplicates for Drill Hole Programs 11-7 Figure 11-5: Scatterplot of Graphitic Carbon Pulp Duplicates for Drill Hole Programs 11-8

Albany Graphite Corp. | Albany Graphite Project, SLR Project No: 233.03783.R0000

NI 43-101 Technical Report - July 31, 2023 v Figure 11-6: Scatterplot of Graphitic Carbon Check Samples Sent to SGS for Drill Hole Programs 11-10 Figure 11-7: Grade Versus RPD of Check Samples Sent to SGS for Drill Hole Programs 11-11 Figure 11-8: Certified Reference Material Results Certified Reference Material Results for the Bulk Sample Program 11-13 Figure 11-9: Blank Results for Bulk Sampling Program 11-15 Figure 11-10: Scatterplot of Bulk Sample Field Duplicates 11-16 Figure 11-11: Scatterplot of Bulk Sample Pulp Duplicates 11-17 Figure 13-1: Location of Metallurgical Drill Holes 13-2 Figure 13-2: Locked Cycle Test Flowsheet 13-13 Figure 13-3: Impurities in the Graphite Product After ZPL Testing 13-14 Figure 13-4: Impurities in the Graphite Product After ZHL Testing 13-14 Figure 14-1: 3D View of Wireframe Models 14-4 Figure 14-2: Vertical Cross Section of Wireframe Models 14-5 Figure 14-3: Histogram of Resource Assays 14-9 Figure 14-4: Cumulative Frequency Log Probability Plot 14-9 Figure 14-5: Percent Graphite Loss and Average Cut Grades 14-10 Figure 14-6: Histogram of Sample Lengths 14-11 Figure 14-7: West Pipe 3D Variograms 14-12 Figure 14-8: East Pipe 3D Variograms 14-13 Figure 14-9: West Pipe Interpolation Search Ellipsoids 14-14 Figure 14-10: East Pipe Interpolation Search Ellipsoids 14-15 Figure 14-11: Box Plots of Density by Domain 14-18 Figure 14-12: Scatterplots of Depth and Grade Versus Density 14-19 Figure 14-13: Wireframe Constraints Used for Underground Resource Reporting 14-22 Figure 14-14: 3D View of Mineral Resource Classification 14-25 Figure 14-15: 3D View of Block Model Graphite Grades 14-27 Figure 14-16: West Pipe Long Section View Looking Northwest 14-28 Figure 14-17: East Pipe Long Section View Looking Northeast 14-29

APPENDIX

Table 30-1: List of Claims 30-2

Albany Graphite Corp. | Albany Graphite Project, SLR Project No: 233.03783.R0000

NI 43-101 Technical Report - July 31, 2023 vi

1.0 SUMMARY

1.1 Executive Summary

SLR Consulting (Canada) Ltd. (SLR) was retained by Albany Graphite Corp. (AGC), a wholly owned subsidiary of Zentek Ltd. (Zentek), to prepare an independent Technical Report on the Albany Graphite Project (the Project or the Property), located in northern Ontario, Canada. The purpose of this report is to support the execution of a property purchase agreement (the Agreement) and the listing of AGC on a Canadian stock exchange and to update the Mineral Resource estimate on the Property. This Technical Report conforms to National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101). SLR visited the Project in 2013 and most recently on March 15, 2023.

Roscoe

[See full filing on EDGAR for complete text]