Mr. Ryan Shacklock reports

ZENTEK ANNOUNCES US$30 MILLION AT-THE-MARKET OFFERING IN THE UNITED STATES

Zentek Ltd. has entered into an at-the-market offering agreement dated as of March 3, 2025, pursuant to which the company proposes to issue and sell such number of common shares in the capital of the company as would result in aggregate gross proceeds to the company of up to $30-million (U.S.).

Rodman & Renshaw LLC is acting as the exclusive sales agent for the offering.

Sales of common shares will be made through an at-the-market offering as defined in Rule 415(a)(4) promulgated under the U.S. Securities Act of 1933, as amended, made directly on the Nasdaq Capital Markets or any other recognized marketplace on which the common shares are listed, quoted or traded in the United States or through a market-maker. No offers or sales of common shares will be made in Canada on the TSX Venture Exchange or other trading markets in Canada.

The offering will remain in effect until the aggregate gross sales proceeds of common shares sold pursuant to the ATM agreement equal $30-million (U.S.), unless terminated prior to such date by any of the parties in accordance with the ATM agreement. Sales of common shares, if any, will be made at or related to then prevailing market prices, and, as a result, prices may vary. Net proceeds from the offering, if any, will be used for corporate purposes as described in the prospectus supplement referenced below.

The common shares will be issued pursuant to a prospectus supplement dated March 3, 2025, to the base prospectus included in the company's existing U.S. registration statement on Form F-3 (file No. 333-278886) dated April 23, 2024, as amended on April 24, 2024, and April 30, 2024, and declared effective by the U.S. Securities and Exchange Commission on May 3, 2024. The offering is being made only by means of the prospectus supplement forming part of the effective registration statement. The prospectus supplement relating to the offering has been filed with the SEC. Electronic copies of the prospectus supplement may be obtained on the SEC's website and may also be obtained by contacting Rodman & Renshaw at 600 Lexington Ave., 32nd floor, New York, N.Y., 10022, by telephone at 212-540-4414, or by e-mail at info@rodm.com.

About Zentek Ltd.

Zentek is an ISO 13485:2016 certified intellectual property technology company focused on the research, development and commercialization of novel products seeking to give the company's commercial partners a competitive advantage by making their products better, safer and greener.

Zentek's patented technology platform ZenGUARD is shown to have enhanced viral filtration efficiency for surgical masks and HVAC (heating, ventilation and air conditioning) systems. Zentek's ZenGUARD production facility is located in Guelph, Ont.

Zentek has a global exclusive licence to the Aptamer-based platform technology developed by McMaster University, which is being jointly developed by Zentek and McMaster for both the diagnostic and therapeutic markets.

We seek Safe Harbor.