Guelph, ON

March 8, 2022

Zentek Ltd. (“ZEN” or the “Company”) (TSX-V:ZEN and OTC:ZENYF), a Canadian IP development and commercialization company focused on next-gen healthcare solutions has become aware of certain rumours and allegations being circulated, and categorically refutes the egregious allegation regarding the theft of intellectual property from Graphene Composites Ltd. 
On January 29, 2021, the Company was served with a statement claim issued by Graphene Composites Ltd. and is in the process of defending the action, which it considers frivolous and without merit. The Company has considered the allegations as set out in the claim and, in light of the facts, the lack of clarity in the claim, and, based on discussions with the Company’s litigation counsel, the assessment of the merits of the claim and the defenses available to the Company, and the Company’s conclusion is that the risk of the Company suffering loss in respect of the claim is remote, and therefore the Company determined the claim not to be material or constituting ”significant litigation” pursuant to the policies of the TSX Venture Exchange. The Company continues to view this claim as frivolous and will continue to vigorously defend itself against these allegations.

The Company is aware of a 2,904,839 share Consolidated Short Position (less than 3% of total shares outstanding) in the marketplace as of March 1, 2022.  Furthermore, the Company believes these false allegations were meant to hurt the Company’s credibility.

About Zentek Ltd.
Zentek is an IP development and commercialization company focused on next-gen healthcare solutions in the areas of prevention, detection and treatment. Zentek is commercializing ZenGUARD™, a patent-pending coating with 99% antimicrobial activity, including against COVID-19, and the potential to use similar compounds as pharmaceutical products against infectious diseases. The Company also has an exclusive agreement to be the global exclusive commercializing partner for a newly developed, highly scalable, aptamer-based rapid pathogen detection technology.
 
For further information:
Matt Blazei 
Tel: (212) 655-0924 
Email: mattb@coreir.com