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They're like a specialized, next-generation 3M or DuPont, but entirely focused on commercializing breakthrough graphene technology for diverse applications, starting with antimicrobial coatings for PPE and filters.

Imagine them as a 'Corning for graphene,' developing an advanced material that can be integrated into a wide range of products—initially, to make things like masks and air filters antimicrobial.

Think of them as a material science company similar to Gore-Tex, providing a specialized 'ingredient' technology (graphene-based antimicrobial coatings) that other manufacturers incorporate into their products, like masks and filters.

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• ZenGUARD™: A graphene-based antimicrobial coating primarily designed for personal protective equipment like face masks, offering broad-spectrum pathogen protection.
• Graphene-based Icephobic Coating: A nanotechnology solution developed to prevent ice adhesion on surfaces, applicable to industries such as aviation and renewable energy.
• Graphene-based Thermal Management Solutions: Advanced materials utilizing graphene's high thermal conductivity for applications requiring efficient heat dissipation, such as in electronics.
• Graphene-enhanced Battery Technology: Research and development focused on incorporating graphene into battery components to improve performance, capacity, and charge/discharge rates.
• High-Quality Graphene Material: Production and supply of various types of graphene and graphene oxide materials for internal product development and external commercial applications.

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Zentek (ZTEK) primarily sells its advanced materials and technologies to other companies (B2B).

Its major customers and partners include:

• Trebor Rx Corp.: A private Canadian company that manufactures and distributes personal protective equipment. Trebor Rx has an exclusive co-development and commercialization agreement with Zentek for its ZenGUARD™-enhanced surgical masks, making them a key partner and customer for Zentek's flagship antimicrobial coating technology.
• Other companies in the healthcare, defense, construction, and energy sectors who license or purchase Zentek's graphene-based technologies such as ZenGUARD™, ZenARMOR™, ZenDAL™, and for energy storage applications. Specific major public customers are not consistently disclosed for these developing product lines at this stage.

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Mohammed (Moe) Jiwan, Chief Executive Officer and Director

Moe Jiwan was appointed Chief Executive Officer and a director of Zentek, effective December 1, 2025. He brings over 20 years of leadership experience in operations, capital markets, and innovation within public companies and high-growth ventures across the technology, healthcare, and life sciences sectors. He has a proven track record of transforming advanced technologies into scalable businesses, building high-performing teams, and adeptly navigating regulated environments. Mr. Jiwan has led significant public-company transactions, secured substantial equity and debt financing, and orchestrated multiple innovation awards, strategic partnerships, and M&A outcomes, generating considerable value for shareholders and stakeholders.

Wendy Ford, Chief Financial Officer

Wendy Ford was appointed Chief Financial Officer of Zentek in May 2022. She possesses over three decades of extensive experience in finance and accounting leadership roles within both private and publicly traded companies. Prior to joining Zentek, Ms. Ford served as the VP of Finance and CFO of Mancor Industries, a precision manufacturer of metal components. Before that, she held the position of CFO at AirBoss of America, a publicly traded company on the TSX. Her leadership experience encompasses financial reporting, auditing, taxation, and compliance. Ms. Ford also served as Interim CEO of Zentek from September to December 2025.

Peter Wood, VP, Development

Peter Wood is a geological engineer with more than 35 years of experience in exploration and project management within the mining industry. His career includes work with major mining companies such as Newmont, Homestake, and HudBay. He has also been actively involved in the exploration and development of gold, base metal, platinum-group element, and magmatic nickel-copper deposits with various junior exploration companies. Mr. Wood joined Zentek as Vice President, Exploration in January 2013, where he was responsible for completing the company's NI 43-101 compliant initial resource estimate and subsequent Preliminary Economic Assessment (PEA) study, as well as contributing to market development and R&D initiatives. He was promoted to Vice President and then President in 2018.

Ryan Shacklock, Senior Vice President, Strategy and Business Development

Ryan Shacklock spent nearly 15 years working in large public companies before joining Zentek. Most recently, he was with Nutrien Ltd. (formerly Potash Corporation of Saskatchewan Inc.), where he held various positions of increasing responsibility in Investor Relations, Risk Management, Corporate and Sustainability Reporting, Treasury, Internal Control Compliance, and Finance Transformation. Mr. Shacklock is a graduate of the University of Saskatchewan and holds designations as a Chartered Professional Accountant and Certified Treasury Professional.

Colin Van Der Kuur, Chief Science Officer

Colin Van Der Kuur is the Chief Science Officer (also listed as VP, Science & Research) at Zentek.

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The key risks for Zentek (ZTEK) are primarily centered around its financial viability, challenges in commercializing its innovative technologies, and the associated regulatory and market hurdles.

1. Going Concern and Commercialization Challenges: Zentek is currently operating as a pre-profit company with ongoing net losses and a significant accumulated deficit. The company's management has explicitly highlighted a "material uncertainty about the company's ability to continue as a going concern" due to these persistent losses and its dependence on future financing. While Zentek is actively pivoting towards commercialization of its graphene-based nanomaterials and ZenGUARD antimicrobial coating, past efforts, such as its face mask venture, have yielded limited revenue. The success of its transition from a research and development-heavy model to generating substantial revenue from products like ZenGUARD-enhanced HVAC filters and GraphGel fire-retardant technology remains critical and faces inherent execution risks within a capital-intensive sector.
2. Intellectual Property and Regulatory Risks: Zentek's business model heavily relies on its proprietary intellectual property (IP) in graphene and related nanomaterials. This makes the company vulnerable to IP-related disputes. A former partner has alleged IP theft concerning Zentek's graphene-based antimicrobial coating technology. Although Zentek recently received a favorable court ruling in a separate legal dispute with its former CEO, the ongoing or potential for IP litigation represents a significant risk to its core business. Furthermore, operating within the healthcare sector with products like ZenGUARD for medical instruments and supplies subjects Zentek to rigorous regulatory challenges and competitive pressures.
3. Nasdaq Delisting Risk: Zentek has received a notification from Nasdaq regarding its failure to maintain a minimum bid price of US$1.00 per share, as required by Nasdaq Listing Rule 5550(a)(2). While this notification does not result in immediate delisting, continued non-compliance could lead to its shares being delisted from the Nasdaq Capital Market. Such an event could negatively impact the company's visibility, liquidity, and ability to attract future capital.

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The primary emerging threat for Zentek (ZTEK) is the **diminishing demand for high-performance personal protective equipment (PPE)**, particularly antimicrobial masks, which was a significant initial market for its ZenGUARD™ graphene-based antimicrobial coating during the COVID-19 pandemic. As the urgency and market conditions created by the pandemic subside, Zentek faces the challenge of rapidly diversifying ZenGUARD™ into other applications such as HVAC filtration, medical devices, and textiles, and securing widespread market adoption in these new segments. Failure to successfully pivot and gain significant traction in these alternative markets could negatively impact the commercial viability and growth prospects of one of its key products.

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Zentek (NASDAQ: ZTEK) is an intellectual property development and commercialization company that specializes in graphene and related nanomaterials. The company's main products and services include ZenGUARD™ antimicrobial coatings for surgical masks and HVAC filters, ZenARMOR™ for corrosion protection, and its Albany Graphite project, which aims to supply graphite for electric vehicle (EV) battery anodes.

The addressable markets for Zentek's main products and services are primarily within the broader graphene market and its various applications:

• Graphene Market (Overall): The global graphene market size was estimated at USD 195.7 million in 2023 and is projected to reach USD 1,609.3 million by 2030, growing at a compound annual growth rate (CAGR) of 35.1% from 2024 to 2030. Other estimates for the global graphene market include a valuation of USD 2.09 billion in 2025, projected to grow to USD 15.20 billion by 2031 at a CAGR of 39.18% (2026-2031). North America accounted for approximately 36% of total revenues in the global graphene market in 2024.

• ZenGUARD™ Antimicrobial Coatings (for Masks and HVAC Filters): While a specific market size for "graphene antimicrobial coatings for masks and HVAC filters" is not readily available, the broader applications of graphene in relevant sectors indicate significant potential. The medical sector is actively exploring graphene's potential, with the biomedical and healthcare segment within the graphene market expected to advance at a 46.07% CAGR through 2031. For HVAC applications, the global graphene heater market, a related area, is projected to reach USD 17 million by 2025 and expand significantly to hundreds of millions of USD by 2033.

• ZenARMOR™ (Graphene-based Corrosion Protection): This technology falls under industrial applications of graphene, particularly in coatings and composites. The composites segment held the largest market share within the graphene market in 2024, at 52%. Graphene is also increasingly adopted in coatings and paints for its properties.

• Albany Graphite Project (for EV Battery Anodes): This aligns with the rapidly growing graphene battery market, as graphene can enhance battery performance. The global graphene battery market size was estimated at USD 170.86 million in 2023 and is projected to reach USD 848.27 million by 2030, with a CAGR of 26.3% from 2024 to 2030. Another report indicates a global market size of USD 211.87 million in 2025, projected to grow to USD 1508.75 million by 2034, exhibiting a CAGR of 24.37% (2026-2034). The automotive segment held nearly 35% of the graphene battery market share in 2025. The Asia Pacific region is a leading market for graphene batteries.

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Zentek (ZTEK) is an intellectual property development and commercialization company focused on graphene and related nanomaterials, with several key initiatives expected to drive future revenue growth over the next 2-3 years.

1. Commercialization and Market Expansion of ZenGUARD™: Zentek anticipates revenue growth from the continued commercialization and global expansion of its ZenGUARD™ platform. This includes graphene-based antimicrobial coatings for surgical masks and HVAC air filters. The company is actively working to advance ZenGUARD™ in Canadian and international markets, including a U.S. distribution agreement for ZenGUARD™-enhanced surgical masks. Ongoing engagement with Health Canada aims to establish a clear regulatory pathway for ZenGUARD™ Enhanced Air Filters in Canada.
2. Development and Commercialization of Albany Graphite: The Albany Graphite Project is a significant driver, with Zentek focused on producing ultra-high purity graphite for high-value markets. This includes applications in nuclear technology, electric vehicle (EV) battery anodes, and advanced materials within North American critical mineral supply chains. Independent testing has already demonstrated nuclear-grade performance and near-theoretical anode performance for lithium-ion batteries. Zentek plans to further de-risk the project, aiming for a spin-out, strategic partnership, or other value-realization structure within 12 to 18 months.
3. Advancement of Triera Biosciences' Aptamer-Based Technologies: Revenue growth is also expected from the progress of Zentek's wholly owned subsidiary, Triera Biosciences. This entity is dedicated to developing multivalent aptamer countermeasures against infectious diseases, such as influenza, and rapid pathogen detection technologies, targeting both diagnostic and therapeutic markets. Positive results against Avian Influenza (H5N1) have been reported using this technology.
4. Commercialization of Graphite Gel-Based Fire-Retardant (GBFR) Product: The recent development of a novel Graphite Gel-Based Fire-Retardant product, GraphGel™, and an exclusive licensing agreement with Altek Advanced Materials Inc. for U.S. commercialization, is another projected revenue driver. Altek will fund further advancements, testing, and commercialization in the U.S., with Zentek set to receive royalties based on net sales.
5. "Development-on-Demand" and Strategic Partnerships: Zentek aims to generate additional value through a "development-on-demand" model. This involves collaborating with partners on targeted research and development programs that leverage Zentek's intellectual property, ZenGUARD™ production capabilities, and screening tools for various advanced surface applications. This approach is designed to build capabilities, data, and relationships crucial for future off-take agreements, joint ventures, or other strategic arrangements, offering multiple avenues for revenue generation, including product sales, government contracts, grants, and royalty structures.

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Share Issuance

• Zentek's number of shares outstanding increased by 2.89% in one year.
• From 2022 to 2025, the number of shares increased from 92 million to 103 million, representing a 12% increase.
• The company intends to link future capital raises to specific, evidence-based milestones.

Inbound Investments

• Zentek is actively pursuing non-dilutive government funding to advance its Albany Graphite project.
• The company aligns with Canada's $2-billion Critical Minerals Sovereign Fund, which supports strategic mining projects through equity investments, loan guarantees, and off-take agreements.
• Zentek is also positioned to benefit from Ontario's Critical Minerals Processing Fund ($500 million) and the Critical Minerals Innovation Fund ($25 million), both supporting processing facility development and innovation.

Capital Expenditures

• Capital expenditures were approximately -$449,906 in the last 12 months.
• Capital expenditures significantly moderated from $3.18 million in 2022 to $133,000 in 2025, a 96% reduction.
• Future capital expenditures are focused on advancing the Albany Graphite Project, including a new Preliminary Economic Assessment (PEA) and Pre-Feasibility Study (PFS), and supporting its core platforms: Albany Graphite, ZenGUARD™, and Triera.