Zentek Balance Sheet

Financials in millions CAD. Fiscal year is April - March.

Millions CAD. Fiscal year is Apr - Mar.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023	Mar '22 Mar 31, 2022	Mar '21 Mar 31, 2021
Cash & Equivalents	1.8	0.12	3.52	10.36	26.68	3.09
Cash & Short-Term Investments	1.8	0.12	3.52	10.36	26.68	3.09
Cash Growth	21.31%	-96.55%	-66.00%	-61.17%	762.84%	283.59%
Accounts Receivable	0.08	0.85	0	0.01	0.31	-
Other Receivables	0.37	0.35	0.3	0.56	0.34	0.12
Receivables	0.45	1.2	0.84	3.55	3.61	0.12
Inventory	0.84	0.89	1.42	2.96	1.52	-
Prepaid Expenses	0.23	0.28	0.47	1.08	0.16	0.17
Other Current Assets	-	1.88	-	-	-	-
Total Current Assets	3.32	4.37	6.25	17.95	31.96	3.39
Property, Plant & Equipment	12.78	12.73	15.04	15.34	13.03	26.86
Other Long-Term Assets	1.29	1.29	1.29	-	-	-
Total Assets	17.38	18.4	22.59	33.29	44.98	30.25
Accounts Payable	1.84	2.01	0.54	0.91	1.04	0.35
Accrued Expenses	0.89	0.44	0.63	0.38	0.16	0.03
Current Portion of Long-Term Debt	-	0.35	0.5	1	0.95	-
Current Portion of Leases	0.19	0.17	0.15	0.13	0.15	0.12
Current Income Taxes Payable	0.01	0.09	-	-	-	-
Current Unearned Revenue	-	-	-	-	-	0
Other Current Liabilities	0.4	0.43	-	-	-	2.01
Total Current Liabilities	3.33	3.49	1.82	2.42	2.3	2.51
Long-Term Debt	1.69	-	0.26	-	1	-
Long-Term Leases	0.02	0.16	0.33	0.48	0.13	0.28
Total Liabilities	5.04	3.65	2.41	2.9	3.44	2.79
Common Stock	91.85	89.48	86.11	85.75	85.49	43.8
Retained Earnings	-87.26	-83.85	-76.62	-66.2	-52.18	-20.49
Comprehensive Income & Other	7.75	9.13	10.69	10.83	8.23	4.15
Shareholders' Equity	12.34	14.75	20.17	30.38	41.55	27.46
Total Liabilities & Equity	17.38	18.4	22.59	33.29	44.98	30.25
Total Debt	1.9	0.68	1.24	1.61	2.23	0.4
Net Cash (Debt)	-0.1	-0.56	2.28	8.75	24.44	2.69
Net Cash Growth	-	-	-73.94%	-64.22%	809.64%	233.42%
Net Cash Per Share	-0.00	-0.01	0.02	0.09	0.27	0.03
Filing Date Shares Outstanding	107.54	104.71	101.23	99.59	99.36	89
Total Common Shares Outstanding	107.37	104.39	100.82	99.53	99.25	86.2
Working Capital	-0.01	0.88	4.43	15.53	29.65	0.88
Book Value Per Share	0.11	0.14	0.20	0.31	0.42	0.32
Tangible Book Value	12.34	14.75	20.17	30.38	41.55	27.46
Tangible Book Value Per Share	0.11	0.14	0.20	0.31	0.42	0.32
Land	-	2.06	2.06	-	2.06	-
Buildings	-	-	-	2.06	-	-
Machinery	-	6.06	6.1	4.27	1.63	0.33
Construction In Progress	-	0.05	0.05	1.95	2.44	-
Leasehold Improvements	-	0.35	0.35	0.35	0.26	0.11

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.