I think we are in the final stretch per both NR's, I have highlighted only relevant sections:

It seems they are even targeting to satisfy nuclear customer specs at the same time and I would say this is taking time as they likely want PEA to have varying price points and by including nuclear price point will the highest price point. On the cost equation side , new flowsheet has lowered the costs per Dec 16NR.

IMO it is all good, and with Dr Chahar and Mr Stowe not on payroll but have options at $2.11 per Aug 12 NR, they are not here for small bucks either.

Zenyatta Ventures Ltd. Provides an Update on Metallurgical Process Development at SGS Canada Inc. to Yield High Purity & Highly Crystalline Graphite Products

Thunder Bay, ON

16 December 2014

Highlights:

• A higher grade flotation concentrate of up to 92.5% graphitic carbon (‘Cg’) was produced compared to the previous 78.3% Cg concentrate; • For the first time a fully engineered purification process has been completed providing data for energy requirements, water treatment, reagent consumption & equipment sizing;

• Optimization of NaOH consumption was achieved such that re-cycling was eliminated thereby reducing costs related to introduction of re-cycling engineering & equipment; • Significant (~86%) reduction in the NaOH reagent dosage;

• A technically feasible & distinctive process flow sheet was developed and work continues to fully optimize it to meet customer expectations on purity.

Alex Mezei, M.Sc., P.Eng., Director, Engineering Technical Services at SGS stated We will now proceed towards improving the flow sheet further using the same consistent and balanced approach, with emphasis on ensuring commercial applicability whilst defining the requirements for further increase of the final product purity. This is very important for a robust and cost effective process in the long run.”

Aubrey Eveleigh, President & CEO at Zenyatta commented, Further purification test work is underway to produce a potential range of purities that are required by end-users. This is based on discussions with interested end users related to strict specifications under signed confidentiality agreements.

Zenyatta Ventures Ltd. Successfully Completes Pilot Plant & Metallurgical Testing to Produce High Purity & Highly Crystalline Graphite Product

Thunder Bay, ON

2 September 2014

Zenyatta Ventures Ltd. (“Zenyatta” or “Company”) (TSXV : ZEN) is pleased to provide an update of the pilot plant & metallurgical testing at SGS Canada Inc. (‘SGS’) facility in Lakefield, Ontario. The flotation pilot plant results, while confirming earlier bench-scale testing, produced a concentrate that has been upgraded at laboratory scale to a high purity and highly crystalline graphite product using a caustic bake based process.

Highlights:

• Glow Discharge Mass Spectrometry (‘GDMS’) results show less than 0.05% elemental impurities (or >99.95% purity of highly crystalline graphitic carbon (“Cg”));
• No deleterious elemental concerns and verifying good crystal structure (hexagonal with real density of 2.25 g/cc);
• Produced samples of high purity graphite material for market evaluation & testing by more than 20 end users.

Additional test work is underway to produce a higher grade flotation concentrate feed to further optimize the purification process and provide extra high purity material for testing by interested parties. This optimization work will provide additional information for the flow sheet and the preliminary economic assessment (PEA) which is to be completed in the 4th quarter.

Bharat Chahar, VP Market Development of Zenyatta stated “The recent work has produced high purity graphite material which has been sent to various potential customers for testing and evaluation and will be sent to others in the coming days. Test work completed to date has confirmed the Zenyatta graphite to have a very good crystal structure (hexagonal) with a very desirable real density of 2.25 g/cc. We have no elemental purity concerns, including sulphur (67 ppm), boron (0.12 ppm) and equivalent boron content (‘EBC’) of 0.919 ppm. The sulphur and boron are very low with EBC measuring well below the recommended maximum of 5ppm for nuclear applications. The Company will continue to produce a high purity graphite product (for various applications) with strict specifications based on dialogue with interested end users under a signed confidentiality agreement.”

Peter Wood, VP Exploration of Zenyatta stated, “The pilot plant has proven to be very useful in the early evaluation and troubleshooting for the flow sheet design. The test-work will continue and provide the necessary engineering data for energy requirements, water treatment, reagent consumption and equipment sizing. We expect to develop a distinctive process for this unique graphite deposit.”