Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13

COMPANY NOTE|

Matt Koranda, (949) 720-7119 mkoranda@roth.com

Philip Shen, (949) 720-7198 pshen@roth.com

Sales (800) 933-6830, Trading (800) 933-6820

EQUITY RESEARCH|December 3, 2013

Cleantech Zenyatta Ventures, Ltd. (OTC: ZENYF) | ZEN.V - C$2.10 - TSX | Buy

Company Update

Stock Data

52-Week Low - High Shares Out. (mil) Mkt. Cap.(mil) 3-Mo. Avg. Vol. 12-Mo.Price Target Cash (mil)

Tot. Debt (mil) Est. 3Yr. EPS Growth Pricing information reflects data from the securities primary listing, in this case the Toronto Venture exchange.

ZEN: Key Milestone Achieved With Release of

NI 43-101; Reiterate Buy

On 12/2, ZEN released results from its NI 43-101 resource estimate. ZEN’s deposit came in ahead of our expectations for contained ore and graphite. Importantly, we believe ZEN’s official NI 43-101 estimate serves as a potential catalyst for greater institutional investor involvement, as it represents the first independent qualification of ZEN’s resource. As a result, we reiterate our Buy rating. Effective with this note, we transfer lead coverage to Matt Koranda.

C$0.61 - C$5.00 55.41 C$116.4 430,211

—2014E—

Curr

$6.00 $6.6 $0.0 NM

■

Initial NI 43-101 results show a larger-than-expected resource. ZEN’s NI 43-101 resource estimate was delivered on-time (management had been targeting NI 43-101 completion by CQ4’13) and ahead of our size expectations. Indicated resources in the East and West pipes totaled 25.1mn tonnes at a grade of 3.89%, yielding 977k tonnes of graphitic carbon (Cg). Additionally, ZEN provided an estimate of inferred resources of 20.1mn tonnes of ore at 2.20% grade, yielding 441k tonnes of Cg. This compares to our preliminary estimate of 23.4mn tonnes at an average grade of 4.00%, which resulted in ~964k tonnes of Cg.

Why is the NI 43-101-compliant estimate important? Beyond providing an estimate of the Albany project that came in ahead of our expectations, the NI 43-101 report is significant because it represents an independent estimate of ZEN’s Albany Project. In our view, this could give some institutional investors the independent data points needed to get involved in the stock.

The next key milestone, ZEN’s Preliminary Economic Analysis (PEA), is expected by CQ2’14. We expect ZEN’s forthcoming PEA to provide details on the economics of extracting graphite from the Albany deposit. Ongoing testing data from SGS Lakefield will likely be used to provide independent verification of ZEN’s extraction process and the costs of production. Additionally, we would expect a PEA to include further details on potential end markets and pricing for ZEN’s expected high-purity product.

EPS $

Yr Mar

—2013—

—2015E—

Curr

1Q(0.01)A

2Q(0.01)A

3Q(0.01)A

4Q(0.02)A

YEAR(0.06)A

(0.02)A(0.02)E

(0.02)A(0.02)E

(0.02)E(0.02)E

(0.02)E(0.02)E

(0.08)E(0.08)E

P/E NM NM NM■

Revenue ($ millions)

Yr Mar—2013—

1Q0.0A

2Q0.0A

3Q0.0A

4Q0.0A

YEAR0.0A

—2014E——2015E—

CurrCurr

0.0A0.0E

0.0A0.0E

0.0E0.0E

0.0E0.0E

0.0E0.0E

■

5.0 4.0 3.0 2.0 1.0 0.0

Vol (m)

ZEN.V One-Year Price and Volume History

6.00 5.00 4.00 3.00 2.00 1.00 0.00 Price

■ We reiterate our Buy rating given the key catalysts ahead. Catalysts include: (1) potentially favorable beneficiation test results from SGS Lakefield; (2) the CQ2’14 target release for ZEN’s PEA; and (3) potential MOUs with customers. As a result, we reiterate our Buy rating.

Important Disclosures & Regulation AC Certification(s) are located on page 7 to 8 of this report.

Roth Capital Partners, LLC | 888 San Clemente Drive | Newport Beach CA 92660 | 949 720 5700 | Member FINRA/SIPC

ZENYATTA VENTURES, LTD. (OTC: ZENYF)Company Note - December 3, 2013

NI 43-101 RESOURCE ESTIMATE

Beyond its resource estimate, we see several other positive developments at ZEN.

On 11/19, ZEN announced that it had hired Dr. Bharat Chahar as VP Market Development. Dr. Chahar, a Ph.D. in Chemical Engineering from Rice University, has >30 years of carbon R&D experience with ConocoPhillips (COP). From 2002 to 2013, Dr. Chahar served as Global Marketing and Product Manager for CPREME Graphite Materials at COP, where he led business development efforts to produce and supply graphite anode material for lithium- ion batteries. During this time, CPREME was the largest global supplier of anode materials for Li-ion batteries. Given his background, Dr. Chahar appears ideal to advance the testing and marketing of the ZEN’s Albany deposit graphite.

Additionally, on 11/11, ZEN announced that it had received support from the National Research Council of Canada (NRCC). The NRCC will provide up to $350k toward metallurgical testing of ZEN’s product at SGS Lakefield. In our view, the NRCC relationship is also important because of it contains a technical advisory component, which may provide ZEN with access to key R&D personnel at research institutions.

Exhibit 1: ZEN’s NI 43-101 resource estimate shows a larger-than-expected deposit vs. ROTHe.

(1) Total indicated and inferred grade was calculated by taking the weighted average of the total indicated and total inferred lines. This may notdirectly compare with the overall ROTHe for grade.

Source: ZEN company press releases; ROTH Capital Partners.

Exhibit 2: Our $6 PT is based on a 0.4x multiple of our estimate for the Albany Project’s pre-production NAV. For conservatism, we include only indicated resources in our production estimates.

Source: ROTH Capital Partners estimates.

Albany Project

Tonnage (mn tonnes)

Grade (% Cg)

Tonnes Graphitic Carbon (Cg)

Indicated

East Pipe West Pipe

10.0 15.1

5.60 2.76

560,000 417,000

Total Indicated

25.1

3.89

977,000

Inferred

East Pipe West Pipe

7.6 12.5

2.04 2.29

155,000 286,000

Total Inferred

20.1

2.20

441,000

Total Indicated & Inferred

45.2

3.14 (1)

1,418,000

vs. Total ROTHe

23.4

4.00

936,000

NAV SummaryUnitsValue

Stage 1 -- Pre-production

P/NAV multiplex0.4x

ZEN -- NAV -- pre-production$/share$6.25

Stage 2 -- Production

Albany Project production discount rate Albany Project NPV -- production year 0 Fully diluted shares outstanding

%12% $mn1,212.0 shares77.6

ZEN -- NAV -- production$/share$15.62

Page 2 of 8

ZENYATTA VENTURES, LTD. (OTC: ZENYF)Company Note - December 3, 2013

VALUATION

■Assuming an $8k/tonne blended ASP for ZEN’s graphite product, output of ~40k tpa, and a 12% discount rate to resulting free cash flows, we derived an NAV for the Albany Project. Applying a 0.4x P/NAV multiple to the NAV, we arrive at our $6 price target.

■Risks that would prevent shares of ZEN from reaching our price target include: (1) a substantial collapse in synthetic graphite pricing; (2) a significant reduction in graphite demand; (3) a lower-than-expected grade or smaller-than-expected ore body at the Albany property; (4) material delays in the development schedule of the Albany project; or (5) lack of commercial verification of ZEN’s graphite product.

RISKS

■ Resource uncertainty. ZEN has not yet produced an NI 43-101-compliant resource estimate or other independently-verified estimates such as feasibility studies. If ZEN’s resource is significantly smaller, or grade is materially lower than expected, ZEN shares may be negatively impacted.

■Commercial verification. ZEN has not provided potential off takers with graphite samples for commercial verification. If ZEN’s graphite quality were to fall short of market requirements for synthetic graphite, ZEN could be negatively affected.

■Graphite pricing. Our forecast is based on steady synthetic graphite pricing. If synthetic graphite pricing is lower-than-expected, ZEN could be negatively affected.

■Graphite demand. Demand for graphite is dependent on a number of major end markets that drive current and future growth. If demand falls short of expectations, ZEN may be materially impacted.

■Substitution. While graphite it valued for its various properties in industrial and high tech applications, if a substitute material were to be discovered to better fit these applications, the demand for graphite could be dramatically reduced.

■Access to capital. ZEN is a pre-revenue company and must access financing to continue its development efforts. If the company is unable to secure additional financing, it may not be able to continue operations. ■Regulatory compliance. The company’s Albany project is subject to regulatory compliance. If the site does

not maintain full compliance with all regulations, it could be shut down.

■Recoverability of reserves. ZEN has identified a large, high-purity graphite deposit, but the economics of extraction have not yet been fully verified by an independent third party.

■Lack of an operating history. ZEN is in the preliminary stages of operation and has not generated any revenue to date. Without a proven track record, the company may not be able to finance its operations going forward.

■A history of operating losses. ZEN has a history of operating losses and an accumulated shareholder deficit. If the company continues to incur losses without generating revenues, it may not be able to continue operations.

COMPANY DESCRIPTION

ZEN (TSXV: ZEN.V) plans to produce high-purity graphite, which it anticipates will compete with premium synthetic graphite products at a lower cost structure. ZEN is a junior mineral exploration company focused on developing its flagship graphite deposit, the Albany Project, in Northern Ontario, Canada. The Albany Project is a vein-type (hydrothermal) graphite deposit, which is a very rare and pure form of naturally occurring graphite that accounts for less than 1% of global production. ZEN is currently proving out its resource, and expects to release an NI 43-101-compliant estimate later in 2013.

Page 3 of 8

ZENYATTA VENTURES, LTD. (OTC: ZENYF)

Company Note - December 3, 2013

Zenyatta Ventures Ltd

(TSXV: ZEN.V)

EPS

($0.06)

($0.02)

($0.02)

($0.02)

($0.02)

($0.08)

($0.02)

Matt Koranda, Roth Capital Partners mkoranda@roth.com, 949 720-7119

($0.02)($0.02)($0.02)($0.08)

Income Statement

CAD in millions (except per share data)

FY'13

Mar-13

FQ1'14 FQ2'14 FQ3'14E FQ4'14E

Jun-13Sep-13Dec-13Mar-14

FY'14E

Mar-14

FQ1'15E FQ2'15E FQ3'15E FQ4'15E

Jun-14Sep-14Dec-14Mar-15

FY'15E

Mar-15

Revenue

YoY growth

COGS

0.0

NA

0.0

0.00.00.00.0

NA NA NA NA

0.00.00.00.0

0.0

NA

0.0

0.00.00.00.0

NA NA NA NA

0.00.00.00.0

0.0

NA

0.0

Gross profit

0.0

0.00.00.00.0

0.0

0.00.00.00.0

0.0

Gross margin

Amortization

% of revenue

Consulting fees

% of revenue

G&A

% of revenue

Investor relations and promotion

% of revenue

Professional fees

% of revenue

Stock-based compensation costs

% of revenue

Total operating expense

NA

0.0

NA

0.1

NA

1.2

NA

0.1

NA

0.2

NA

1.1

NA

2.7

NA NA NA NA

0.00.00.00.0

NA NA NA NA

0.20.20.20.2

NA NA NA NA

0.40.30.60.6

NA NA NA NA

0.00.10.10.1

NA NA NA NA

0.00.10.10.1

NA NA NA NA

0.30.20.20.2

NA NA NA NA

0.90.91.21.2

NA

0.0

NA

0.8

NA

1.9

NA

0.3

NA

0.3

NA

0.9

NA

4.2

NA NA NA NA

0.00.00.00.0

NA NA NA NA

0.20.20.20.2

NA NA NA NA

0.60.60.60.6

NA NA NA NA

0.20.20.20.2

NA NA NA NA

0.10.10.10.1

NA NA NA NA

0.30.30.30.3

NA NA NA NA

1.31.31.31.3

NA

0.0

NA

0.7

NA

2.4

NA

0.6

NA

0.3

NA

1.2

NA

5.3

Operating income/(loss)

(2.7)

(0.9)(0.9)(1.2)(1.2)

(4.2)

(1.3)(1.3)(1.3)(1.3)

(5.3)

Operating margin

Interest Income

NA

0.0

NA NA NA NA

0.00.00.00.0

NA

0.1

NA NA NA NA

0.00.00.00.0

NA

0.1

EBT

(2.7)

(0.8)(0.9)(1.2)(1.2)

(4.1)

(1.3)(1.3)(1.3)(1.3)

(5.2)

Income tax expense (benefit)

Effective tax rate

(0.3)

12.6%

0.00.00.00.0 0.0%0.0%0.0%0.0%

0.0

0.0%

0.00.00.00.0

0.0%0.0%0.0%0.0%

0.0

0.0%

Net income -- Continuing

(2.4)

(0.8)(0.9)(1.2)(1.2)

(4.1)

(1.3)(1.3)(1.3)(1.3)

(5.2)

Net margin

Extraordinary items/Non-recurring items Discontinued operations

NA

0.0 0.0

NA NA NA NA

0.00.00.00.0 0.00.00.00.0

NA

0.0 0.0

NA NA NA NA

0.00.00.00.0 0.00.00.00.0

NA

0.0 0.0

Net income -- Reported

(2.4)

(0.8)(0.9)(1.2)(1.2)

(4.1)

(1.3)(1.3)(1.3)(1.3)

(5.2)

EPS -- Continuing, diluted shares

($0.06)

($0.02)($0.02)($0.02)($0.02)

($0.08)

($0.02)($0.02)($0.02)($0.02)

($0.08)

Extraordinary items/Non-recurring items Discontinued operations

$0.00 $0.00

$0.00$0.00$0.00$0.00 $0.00$0.00$0.00$0.00

$0.00 $0.00

$0.00$0.00$0.00$0.00 $0.00$0.00$0.00$0.00

$0.00 $0.00

EPS -- Reported

($0.06)

($0.02)($0.02)($0.02)($0.02)

($0.08)

($0.02)($0.02)($0.02)($0.02)

($0.08)

Weighted average shares -- Basic Weighted average shares -- Diluted

41.1 41.1

51.953.455.456.6 55.153.455.456.6

54.3 55.1

57.761.064.164.1 57.761.064.164.1

61.7 61.7

Source: Company filings and press releases; ROTH Capital Partners estimates.

Page 4 of 8

ZENYATTA VENTURES, LTD. (OTC: ZENYF)

Company Note - December 3, 2013

Zenyatta Ventures Ltd

(TSXV: ZEN.V)

Check

Source: Company filings and press releases; ROTH Capital Partners estimates.

(0.0)

0.00.0

0.00.0

0.00.0

Matt Koranda, Roth Capital Partners mkoranda@roth.com, 949 720-7119

0.00.00.00.0

Balance Sheet

CAD in millions (except per share data)

FY'13

Mar-13

FQ1'14 FQ2'14 FQ3'14E FQ4'14E

Jun-13Sep-13Dec-13Mar-14

FY'14E

Mar-14

FQ1'15E FQ2'15E FQ3'15E FQ4'15E

Jun-14Sep-14Dec-14Mar-15

FY'15E

Mar-15

Surplus funds

Cash and cash equivalent

5.3

4.611.0

9.66.6

11.0

4.923.812.811.9

11.9

Total cash

5.3

9.66.64.611.0

11.0

4.923.812.811.9

11.9

Temporary investment GST/HST receivables Prepaid expense

1.3 0.2 0.0

1.31.3 0.20.4 0.00.0

1.31.3 0.40.4 0.00.0

1.3 0.4 0.0

1.3 0.4 0.0

1.31.31.3 0.40.40.4 0.00.00.0

1.3 0.4 0.0

Total current assets

6.9

11.28.46.312.7

12.7

6.625.514.513.6

13.6

Future income tax Property and equipments Interest in mineral properties and deferred exploration costs Exploration and evaluation assets

0.0 0.1 0.0

10.0

0.0 0.1 0.0

11.7

0.00.00.0 0.10.10.1 0.00.00.0

15.015.918.2

0.0

0.1

0.0

18.2

0.0

0.1

0.0

23.0

0.00.00.0

0.10.10.1

0.00.00.0

27.837.537.1

0.0

0.1

0.0

37.1

Total noncurrent assets

10.1

11.815.115.918.3

18.3

23.127.937.637.2

37.2

Total assets

16.9

22.923.422.331.0

31.0

29.753.452.150.8

50.8

Necessary to finance

Accounts payable and accrued liabilities Other liabilities

0.5 0.0

0.00.0

0.41.41.41.4 0.00.00.00.0

0.0

1.4 0.0

0.0

1.4 0.0

0.00.00.0

1.41.41.4 0.00.00.0

0.0

1.4 0.0

Total current liabilities

0.5

0.41.41.41.4

1.4

1.41.41.41.4

1.4

Deferred tax Long term debt

0.0

0.00.00.00.0

0.00.0

0.0

0.0

0.00.00.00.0

0.00.00.00.0

0.0

0.0

Total liabilities

0.5

0.41.41.41.4

1.4

1.41.41.41.4

1.4

Total equity

16.4

22.622.120.929.7

29.7

28.452.150.849.5

49.5

Total liabilities and equity

16.9

22.923.422.331.031.029.753.452.150.850.8

Balance Sheet Supporting Schedules

USD in millions (except per share data)

FY'13

Mar-13

FQ1'14 FQ2'14 FQ3'14E FQ4'14E

Jun-13Sep-13Dec-13Mar-14

FY'14E

Mar-14

FQ1'15E FQ2'15E FQ3'15E FQ4'15E

Jun-14Sep-14Dec-14Mar-15

FY'15E

Mar-15

Working Capital

A/R turnover Inventory turnover A/P turnover

Change in working Capital

Current Assets (excluding cash) Current Liabilities

0.0x NA 0.0x

1.5 0.5

0.0x0.0x0.0x0.0x NA NA NA NA

0.0x

1.6 0.4

0.0x0.0x0.0x

1.71.71.7 1.41.41.4

0.0x NA 0.0x

1.7 1.4

0.0x0.0x0.0x0.0x NA NA NA NA

0.0x

1.7 1.4

0.0x0.0x0.0x

1.71.71.7 1.41.41.4

0.0x NA 0.0x

1.7 1.4

Working Capital

1.0

1.20.40.40.4

0.4

0.40.40.40.4

0.4

(Increase)/Decrease in working capital

0.7

(0.1)0.80.00.0

0.7

0.00.00.00.0

0.0

Liquidity

Current ratio Quick ratio Cash ratio

Financial Leverage, ending

Debt / equity Debt / total capital Debt / EBITDA, annualized Net Debt / total capital Net Debt / EBITDA, annualized

Financial Returns ROE Decomposition - Dupont Formula Return on sales Asset turnover

13.7x 11.0x 10.6x

NA NA NA NA NA

NA NA

28.6x 25.2x 24.6x

NA NA NA NA NA

NA NA

6.1x4.6x9.3x 5.1x0.3x0.3x 4.8x0.0x0.0x

NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA

9.3x 0.3x 0.0x

NA NA NA NA NA

NA NA

4.8x18.6x10.6x9.9x 0.3x0.3x0.3x0.3x 0.0x0.0x0.0x0.0x

NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA

9.9x 0.3x 0.0x

NA NA NA NA NA

NA NA

Return on assets, after taxes

NA

NA NA NA NA

NA

NA NA NA NA

NA

Financial leverage

NA

NA NA NA NA

NA

NA NA NA NA

NA

Return on equity (avg equity)

NA

NA NA NA NA

NA

NA NA NA NA

NA

Check

Return on equity (beginning equity) Return on capital (ROC)

NA

NA NA

NA NA NA NA

NA NA NA NA NA NA NA NA

NA

NA NA

NA NA NA NA

NA NA NA NA NA NA NA NA

NA

NA NA

Page 5 of 8

ZENYATTA VENTURES, LTD. (OTC: ZENYF)

Company Note - December 3, 2013

Matt Koranda, Roth Capital Partners mkoranda@roth.com, 949 720-7119

0.00.00.0(0.0)0.0

Zenyatta Ventures Ltd

(TSXV: ZEN.V)

Check

(0.0)

0.00.00.0

0.00.0

Cash Flow Statement

CAD in millions (except per share data)

FY'13

Mar-13

FQ1'14 FQ2'14 FQ3'14E FQ4'14E

Jun-13Sep-13Dec-13Mar-14

FY'14E

Mar-14

FQ1'15E FQ2'15E FQ3'15E FQ4'15E

Jun-14Sep-14Dec-14Mar-15

FY'15E

Mar-15

Net Income (Loss) D&A Income tax expense (benefit) Stock based compensation Interest Income GST/HST receivables Recoveries receivables Prepaid expenses and other assets Account payable and accrued liabilities Change in working capital

(2.4)

0.0 (0.3) 1.1 0.0 0.0 0.0 0.0 (0.1)

(0.8)

0.0 0.30.2

(0.9)(1.2)(1.2) 0.00.20.2

(0.0)

(0.1)

0.00.0

(4.1)

0.3 0.5

(0.1)

(1.3) 0.2

0.0

(1.3)(1.3)(1.3) 0.20.30.4

0.00.00.0

(5.2)

1.1

0.0

Cash used in operating activities

(1.6)

(0.6)(0.7)(1.0)(1.1)

(3.4)

(1.1)(1.1)(1.0)(0.9)

(4.1)

Mineral exploration and evaluation expenditures Purchase temporary investments Redemption of temporary investments Interest in mineral properties and deferred exploration costs Purchase of equipment

(2.4) (1.3) 2.6 0.0 (0.0)

(1.8)(2.4)(1.0)(2.5) 0.0

(0.0)(0.0)(0.0)(0.0)

(7.7)

(0.0)

(5.0)(5.0)(10.0)0.0

(0.0)(0.0)(0.0)(0.0)

(20.0)

(0.0)

Cash provided (used in) investing activities

(1.2)

(1.8)(2.4)(1.0)(2.5)

(7.7)

(5.0)(5.0)(10.0)(0.0)

(20.0)

Common shares issued Warrants exercised Long term debt issued Warrants issued

Share issue costs Stock options exercised Necessary to Finance

0.0 7.0

0.0 0.0

0.0

0.010.0 6.70.00.00.0 0.00.0

0.2

0.00.0

10.0 6.7 0.0

0.0

0.025.0 0.00.0 0.00.0

0.00.0

0.00.0 0.00.0 0.00.0

0.00.0

25.0

0.0

0.0

0.0

Cash provided by financing activities

7.0

6.70.20.010.0

16.9

0.025.00.00.0

25.0

Cash at beginning of period

Cash at end of period

1.1 5.3

5.39.66.64.6 9.66.64.611.0

5.3 11.0

11.04.923.812.8 4.923.812.811.8

11.0 11.8

Net increase/(decrease) in cash and cash equivalents

4.2

4.3(3.0)(2.0)6.4

5.7

(6.1)18.9(11.0)(0.9)

0.8

B/S Beginning cash and equivalents B/S Ending cash and equivalents

1.1 5.3

5.39.66.64.6 9.66.64.611.0

5.3 11.0

11.04.923.812.8 4.923.812.811.9

11.0 11.9

B/S Net change in cash

4.2

4.3(3.0)(2.1)6.4

5.7

(6.1)18.9(11.0)(0.9)

0.8

Cash Flow Ratios

EBITDA

EBITDA margin EBITDA growth -- Y/Y

EBITDAS

CFO

CFO margin CFO growth -- Y/Y

EBIT

Effective tax rate

FY'13

(2.7)

NA

-58.9%

(1.6)

(1.6)

NA

-22.3%

(2.7)

12.6%

FQ1'14 FQ2'14 FQ3'14E FQ4'14E

(0.8)(0.9)(1.1)(1.1)

NA NA NA NA

-113.2%

(0.6)

(0.6)

-208.0%

(0.7) (0.7)

-90.0%

(1.1)

(1.0)

25.5%

(1.1)

(1.1)

NA NA NA NA

-45.8%

(0.9)

0.0%

-320.0%

(0.9)

0.0%

-239.0%

(1.2)

0.0%

-43.2%

(1.2)

0.0%

FY'14E

(3.9)

NA

-44.0%

(3.4)

(3.4)

NA

-109.8%

(4.2)

0.0%

FQ1'15E FQ2'15E FQ3'15E FQ4'15E

(1.1)(1.1)(1.0)(0.9)

NA NA NA NA

-32.8%

(1.1)

(1.1)

-20.8%

(1.1) (1.1)

1.5%

(1.0)

(1.0)

13.3%

(0.9)

(0.9)

NA NA NA NA

-84.0%

(1.3)

0.0%

-45.7%

(1.3)

0.0%

1.5%13.5%

(1.3)(1.3)

0.0%0.0%

FY'15E

(4.2)

NA

-7.9%

(4.2)

(4.1)

NA

-19.8%

(5.3)

0.0%

EBIT, tax adjusted

(2.4)

(0.9)(0.9)(1.2)(1.2)

(4.2)

(1.3)(1.3)(1.3)(1.3)

(5.3)

Plus: Depreciation & amortization Less: Increase in working capital Less: Capex and other PP&E

0.0

1.0

(0.0)

0.0

0.3

(0.0)

0.00.20.2 0.20.00.0

(0.0)(0.0)

(0.0)

0.3

0.5

(0.0)

0.20.2 0.00.0 0.00.0

0.30.4 0.00.0 0.00.0

1.1 0.0 0.0

FCFF

(1.3)

(0.6)(0.7)(1.1)(1.1)

(3.4)

(1.1)(1.1)(1.0)(0.9)

(4.2)

Source: Company filings and press releases; ROTH Capital Partners estimates.

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ZENYATTA VENTURES, LTD. (OTC: ZENYF)Company Note - December 3, 2013

Regulation Analyst Certification ("Reg AC"): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

Disclosures:

Within the last twelve months, ROTH has received compensation for investment banking services from Zenyatta Ventures, Ltd. (OTC: ZENYF).

ROTH makes a market in shares of Zenyatta Ventures, Ltd. (OTC: ZENYF) and as such, buys and sells from customers on a principal basis.

Shares of Zenyatta Ventures, Ltd. (OTC: ZENYF) may be subject to the Securities and Exchange Commission's Penny Stock Rules, which may set forth sales practice requirements for certain low-priced securities.

Shares of Zenyatta Ventures, Ltd. (OTC: ZENYF) may not be eligible for sale in one or more states.

On September 28, 2010, ROTH changed its rating system in order to replace the Hold rating with Neutral. On May 26, 2011, ROTH changed its rating system in order to incorporate coverage that is Under Review.

Each box on the Rating and Price Target History chart above represents a date on which an analyst made a change to a rating or price target, except for the first box, which may only represent the first note written during the past three years. Distribution Ratings/IB Services shows the number of companies in each rating category from which Roth or an affiliate received compensation for investment banking services in the past 12 month.

Distribution of IB Services Firmwide

Rating Count

Percent

71.49 15.84 0.90 11.76

IB Serv./Past 12 Mos. as of 12/02/13

CountPercent

8654.43 1131.43 00 1038.46

Buy [B] Neutral [N] Sell [S] Under Review [UR]

158 35 2 26

Our rating system attempts to incorporate industry, company and/or overall market risk and volatility. Consequently, at any given point in time, our investment rating on a stock and its implied price movement may not correspond to the stated 12- month price target.

Ratings System Definitions - ROTH employs a rating system based on the following:

Buy: A rating, which at the time it is instituted and or reiterated, that indicates an expectation of a total return of at least 10% over the next 12 months.

Neutral: A rating, which at the time it is instituted and or reiterated, that indicates an expectation of a total return between negative 10% and 10% over the next 12 months.

Sell: A rating, which at the time it is instituted and or reiterated, that indicates an expectation that the price will depreciate by more than 10% over the next 12 months.

Page 7 of 8

ZENYATTA VENTURES, LTD. (OTC: ZENYF)Company Note - December 3, 2013

Under Review [UR]: A rating, which at the time it is instituted and or reiterated, indicates the temporary removal of the prior rating, price target and estimates for the security. Prior rating, price target and estimates should no longer be relied upon for UR-rated securities.

Not Covered [NC]: ROTH does not publish research or have an opinion about this security.

ROTH Capital Partners, LLC expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months. The material, information and facts discussed in this report other than the information regarding ROTH Capital Partners, LLC and its affiliates, are from sources believed to be reliable, but are in no way guaranteed to be complete or accurate. This report should not be used as a complete analysis of the company, industry or security discussed in the report. Additional information is available upon request. This is not, however, an offer or solicitation of the securities discussed. Any opinions or estimates in this report are subject to change without notice. An investment in the stock may involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Additionally, an investment in the stock may involve a high degree of risk and may not be suitable for all investors. No part of this report may be reproduced in any form without the express written permission of ROTH. Copyright 2013. Member: FINRA/SIPC.

Page 8 of 8