The assets Val Vedello and Novazza were historically identified and explored by AGIP Nucleare S.p.A. but have remained undeveloped since the 1987 national referendum that suspended nuclear-related activities in Italy. The submission represents a strategic pivot for Zenith, expanding its focus from oil, gas, and solar energy into a critical raw material sector that is increasingly prioritized under both EU and national energy security frameworks.

Zenith Energy announced also on November 17, 2025, that its wholly owned Italian subsidiary, WESOLAR S.R.L., has signed a new agreement to acquire a solar energy development project in the Puglia region of Italy. The acquisition comprises approximately 12 MWp of photovoltaic capacity and an integrated 3 MW battery energy storage system (BESS), located on 15 hectares of flat land. The total transaction value is EUR 1.05 million, including the associated land, and is structured with milestone-based payments contingent on the completion of permitting and grid connection. With this latest acquisition, Zenith’s development portfolio now exceeds 110 MWp, comprising operational, ready-to-build, and development-stage assets, consolidating its presence across Italy’s most attractive solar regions and advancing its strategy to combine short-term development monetisation with long-term energy production revenue.

Summary

Zenith’s uranium initiative marks a transformational development in the Company’s growth strategy. The two projects combine favourable geological characteristics, strategic location, and a substantial historical exploration record, strengthening the outlook for advancing the assets and potentially establishing a key position within Italy’s and Europe’s uranium sector. The formal acceptance of the exploration permit applications by the Region of Lombardy constitutes a significant milestone, even though additional regulatory steps remain. Analyst Group views Zenith’s entry into the uranium market as a high-potential and well-timed strategic move, albeit one that remains contingent on execution and permitting progress. As previously highlighted, based on historical, but non-compliant data under current NI 43-101 standards, the combined exploration target across Val Vedello and Novazza is estimated at approximately 15 million pounds (Mlbs) of U₃O₈. At current spot prices of around USD 80/lb, this would imply a theoretical gross in-situ metal value exceeding USD 1 billion. Although such figures represent an early-stage, conceptual valuation metric, they illustrate the considerable scale of the opportunity underpinning Zenith’s uranium strategy.

The newly announced Puglia acquisition also highlights Zenith’s continued operational execution across its renewable energy division. Analyst Group notes that the Company’s solar development pipeline has now exceeded 110 MWp, supported by favourable site selection, grid access, and diversification across key Italian regions. This momentum strengthens Zenith’s position in the renewable energy sector while complementing its long-term value creation strategy in critical raw materials through its uranium initiative.

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