Zenyatta Ventures Ltd.
ZEN-TSXV
November 13, 2014 Last: C$1.85
Share Statistics
Share price
52-week high/low
Market Cap. (C$mm)
EV (C$mm)
C$1.85
C$1.48/$3.60
$99.3
$98.3
Company profile
ZEN is a junior mineral exploration company
focused on developing the 100% owned
Albany Hydrothermal Graphite Deposit
located in northern Ontario, Canada.
Ian Parkinson (416) 943-6639
iparkinson@gmpsecurities.com
Spencer Langley, CFA (416) 943-6115
slangley@gmpsecurities.com
High purity, low-cost graphite play
 Zenyatta is focused on developing the largest known hydrothermal
graphite deposit in the world. The Albany deposit is a unique
hydrothermally derived graphite deposit; the purest naturally
occurring form of graphite. Indications are that Zenyatta’s graphite
could compete with the highest purity type of graphite, synthetic
graphite, resulting in revenue per tonne at the highest end of the
graphite price range.
Why Zenyatta above the dozens of other choices?
 High purity: Metallurgical testing has indicated that the company’s
Albany deposit graphite can be upgraded to >99.95% purity using
low-cost conventional processing techniques and without the use of
aggressive acids. The planned flow sheet for the Albany project is
relatively simple consisting of a grind (3–5% Cg), flotation (80–90%
Cg) and caustic baking (>99.9% Cg) process. Graphite samples have
been provided to more than 20 end users for market evaluation and
testing.
 Environmental advantage: The complete environmental footprint of
the Albany Deposit benefits from its hydrothermal graphite which
can be concentrated using conventional methods and purified using
a caustic bake process flow sheet which has much less
environmental impact than the alternatives. Other types of graphite
are upgraded using hydrofluoric acid or very high temperature
roasting. The use of conventional and environmentally friendly
processing at Albany would be attractive for end users who are
increasingly demanding full environmental product stewardship.
 Location & infrastructure: The Albany deposit is located in northern
Ontario, 30 km north of the Trans-Canada Highway and 50 km
northwest from the town of Hearst, and well served by existing
infrastructure.

Company description
 Zenyatta is a junior mineral exploration company focused on the 100%-owned, high grade Albany
Hydrothermal Graphite Project located in northern Ontario. The Albany project is quickly becoming a
leading high-purity graphite development project. The Albany project has the potential to compete in
the synthetic graphite market which is the highest purity and highest cost type of graphite. The
company released positive results from the pilot plant and metallurgical testing results on September
2, 2014, and expects a preliminary economic assessment to be completed in Q4/14. We remain
hopeful for more positive results as the company continues to de-risk the project.
Figure 1. Albany Project location
Source: Company reports
Albany Graphite Deposit
 The Albany Graphite Deposit is the first large high-purity hydrothermal graphite deposit being
developed in the world. The company is in a development cycle with targeted completion of a
Preliminary Economic Assessment (PEA) in Q4/14.
 The project is very well served by infrastructure with road access, hydro and rail access located very
close to the project area.
 Resource estimates performed by RPA Inc. showed Indicated Mineral Resources totaling 25.1 million
tonnes at 3.89% graphitic carbon (Cg), containing 977,000 tonnes of Cg. In addition, Inferred Mineral
Resources delineated to date are estimated to total 20.1 million tonnes at an average grade of 2.20%
Cg, containing 441,000 tonnes of Cg.
 The resource demonstrates the possibility of a >20 year mine life at 30k tonnes of graphite per year
making Zenyatta a potential major player in the high-purity graphite market.
 A PEA is currently being completed and will include additional analysis of open pit mining methods,
metallurgy and processing, infrastructure, environment, along with other project parameters.

Following extensive metallurgical test work, the company believes that the Albany Project’s
hydrothermal graphite can be upgraded to 99.95% carbon without the use of aggressive acids. On
September 2nd
, 2014, Zenyatta released results indicating an end product of >99.95% C can be
produced from the Albany deposit using conventional flotation and caustic bake purification flow
sheet.
 The planned flow sheet for the Albany Project is a relatively basic process consisting of a grind (3–5%
Cg), floatation (80–90% Cg) and caustic baking (>99.9% Cg) process.
 The graphite produced is expected to demand a much higher price than both flake and amorphous
graphite.
 Zenyatta now owns 100% of the Albany Project, subject to a NSR. Zenyatta acquired 25% of the Albany
Project in 2009 from Cliffs Natural Resources, an additional 55% ownership in October 2012, and the
remaining 20% ownership in November 2012. The necessary surface rights have yet to be secured from
the government. The company is currently debt free.
 The Albany Project has two NSR royalties on the deposit which can both be partially repurchased.
Payment terms are a 2% net smelter return royalty to Eveleigh Geological Consulting Inc. (‘EGC’
related party) granted by Cliffs Natural Resources Exploration Inc. (CNRE) in 2010 for the geological
exploration model developed by EGC. 1% can be purchased at any time for $1,000,000 leaving a 1%
NSR. An additional $250,000 is due to EGC upon commencement of the first pre-feasibility study. A
0.75% NSR royalty was granted to CNRE, during the 100% purchase of the Albany graphite deposit, of
which 0.5% can be purchased at any time for $500,000. Zenyatta must issue 250,000 shares to CNRE
upon completion of a pre-feasibility study and another 500,000 shares upon completion of a feasibility
study.
Metallurgical de-risking – Critical revenue clarity
 On September 2, 2014, Zenyatta released results from a flotation pilot plant and metallurgical testing
at SGS Canada. Overall, the metallurgical results were positive, as graphite with greater than 99.95%
purity was produced. The flotation pilot plant results produced a concentrate that was upgraded at
laboratory scale to a high-purity and highly crystalline graphite product using a caustic bake based
process.
 Glow discharge mass spectrometry results show greater than 99.95% purity of highly crystalline
graphitic carbon. Test work has confirmed the Zenyatta graphite to have a hexagonal crystal structure
with a real density of 2.25 g/cc. There are 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, and EBC measures well below the maximum of 5 ppm for nuclear applications.
 Graphite samples have been produced for market evaluation and 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 higher purity material for testing by interested parties.
This optimization work will provide additional information for the flow sheet and PEA, to be completed
in Q4/14.
 Zenyatta expects to develop a distinctive refining process for this unique graphite deposit.

The metallurgical test work checks many boxes that other graphite deposits have been unable to
complete.
High-purity graphite
 Graphite is a non-metal that is an excellent conductor of electricity and heat, great lubricator and is
chemically inert. The primary users of graphite are broadly in the steel and energy/green technology
industries. In the steel industry, graphite is added to bricks which line furnaces, it lines ladles and
crucibles, and it is added to steel to increase carbon content. In the automobile industry, it is used in
gaskets, brake linings and clutch materials. In the energy sector, it is a major component of
rechargeable batteries found in smartphones and electric vehicles.
 The graphite industry is approximately a $16B market differentiated between high purity $15B and low
purity $1B. A portion of the high purity end of the market spectrum is the target for Zenyatta given
they plan to produce >99.95% Cg.
 There are three types of natural graphite, with the Albany Deposit being Volcanogenic/Hydrothermal.
Synthetic graphite is not considered naturally occurring and is derived from petroleum coke targeting
the high end of the purity scale. Below are the types of graphite and associated purities:
 Synthetic (>99% C) – high purity
 Hydrothermal (>99% C) – high purity
 Flake (90% - 98% C) – moderate purity
 Amorphous (75% - 90% C) – low purity
 The natural and synthetic graphite industries have limited crossover in end-uses with the exception of
graphite derived from hydrothermal sources which can compete against synthetic and the high end of
purity range. Zenyatta is targeting the synthetic graphite market.
Figure 5. Graphite pricing vs. purity
Source: Company reports
Catalysts
 September 2, 2014: The company released the results from pilot plant and metallurgical testing.
 Q4/14: The company expects to release a Preliminary Economic Assessment (PEA) and thereafter
proceed with a pre-feasibility.
Price Purity
(USD/t) (% C)
Amorphous $500 80% - 90%
Flake $1,000 - $1,800 >90%
Synthetic $6,000 - $9,000 99.5%
$20,000 - $30,000 99.9%
Hydrothermal >99.9%

2014/2015: Marketing and testing of the Albany Deposit’s graphite to end users. Graphite samples
have been provided to more than 20 end users for market evaluation and testing.
 TBD: Eventual end-use sign-off by downstream user.
Major shareholders
 Directors, Management and Advisors - ~25%
 Institutional - ~19%
 Retail - ~56%