TSX-V: ZEN | NASDAQ: ZTEK
Dear Shareholders,
In February we laid out where we stood: a company with a sharpened strategy, real technical proof points, active government relationships, and commercial pathways beginning to open. We said the next 90 days would be about converting all of that into forward momentum you could see.
One month in, March started to deliver. A redesigned website that says plainly what we are building. A U.S. pilot program underway for ZenGUARD™ with a commercial partner engaged. Triera open for business as a contract research platform. Litigation resolved in our favour. And for Albany, something I didn't expect — I got to see firsthand what it looks like when our material enters a real-world application and becomes the beginning of a supply-chain story, not just a lab result.
Litigation Resolved
The Ontario Superior Court of Justice delivered its judgment in Eveleigh et al. v. Zentek Ltd. on March 12, 2026. The Court dismissed all monetary claims brought against the Company that exceeded $6 million. Zentek successfully defended every claim at trial. This removes a long-standing overhang and allows full management attention on execution.
New Front Door
The redesigned zentek.com is the clearest public expression of how we think about this company and what we are building. It lays out three structurally independent platforms — Albany, Graphene, and Triera — governed by a single model: industry funds the work, Zentek owns the IP. Client-funded development, IP retention, and government grants that offset a meaningful portion of R&D cost. Capital-efficient and IP-accumulating by design.
ZenGUARD™ — U.S. Pilot Active
In March, Quality Filters Inc., a U.S.-based HVAC and industrial air filtration manufacturer, initiated a formal pilot evaluation program designed to assess compatibility and real-world performance, with a potential long-term supply arrangement as the goal. That kind of direct, commercial validation from a prospective partner matters. The U.S. air filtration market is several times the size of the Canadian market. This is the entry point we have been building toward.
Albany — In the Lab and Beyond the Battery
I had the opportunity to visit the University of Toronto this month and spend time with Professor Mohini Sain, Ford Motor Canada Endowed Chair in Sustainable Materials, and Professor Ning Yan, Tier 1 Canada Research Chair in Sustainable Bioproducts. What made it memorable: coin cells, pouch batteries, and electrodes being carefully coated, hot-rolled, and assembled with Albany inside. Material formed approximately 1 billion years ago, now in a battery, here in Canada.
The conversation around AI is quickly becoming a conversation about energy and infrastructure. As data centre demand rises, power grids strain, and nuclear and SMR pathways gain serious policy and investment attention, the materials required to support that buildout are becoming as important as the generation technologies themselves. Graphite is one of those materials — and not just any graphite.
Based on our bench-scale testing, Albany may be positioned to meet the bar for nuclear-grade applications. With demonstrated purity at bench scale of 99.9992% and an equivalent boron content of 2.60 ppm — well inside the nuclear threshold — these results support differentiation relative to nuclear-grade requirements. Nuclear reactors require graphite with equivalent boron concentration below 3 parts per million; boron absorbs the neutrons that sustain the nuclear reaction. This was bench-scale testing — a laboratory demonstration of what is possible. The next stages are pilot-scale processing, then continuous-flow operations, then commercial production.
Updated PEA — The Right Partner, Not the Fastest Signing
We are advancing toward an updated Preliminary Economic Assessment. Finding the right partner matters more than finding the fastest one. Albany is not a commodity graphite story — it is a specialty materials opportunity that demands a team capable of modelling FBR thermal purification economics, nuclear-grade pricing tiers, and the multi-market commercial strategy across nuclear, defence, aerospace, and advanced battery applications. We are in detailed discussions with engineering firms that have this specific expertise. We will not sign an agreement simply to have one signed.
Triera CRO Services Now Open
In late March, Triera Biosciences formally launched contract research services for custom aptamer discovery, biosensor enablement, and machine-learning classification — opening a potential near-term, predictable revenue stream built on our underlying licensed IP. The platform is built on a 20-year exclusive McMaster University licence and over 21,000 published papers of foundational science.
The Team Behind This
None of this happens without people working nights and weekends, missing family dinners, and choosing to believe that what we are building matters. The people behind Zentek are not treating this as a job. They are treating it as a mission.
Forward Look
A U.S. commercial partner working toward real-world pilots. Albany graphite being built into real electrodes at one of Canada's top universities. Triera open for business. Litigation behind us. That is what a month of forward motion looks like. We are focused on converting pilots into partnerships, conversations into contracts, and science into revenue.
Thank you for your patience and your continued support. There is real work ahead and we are moving.
Mohammed (Moe) Jiwan
CEO, Zentek Ltd.
TSX-V: ZEN | NASDAQ: ZTEK
All statements consistent with previously disclosed public information. This letter contains forward-looking statements within the meaning of applicable Canadian and United States securities legislation. Forward-looking statements are based on current expectations and assumptions subject to risks and uncertainties that may cause actual results to differ materially. The Company undertakes no obligation to update forward-looking statements except as required by law.