Zenith Energy (“Zenith” or “the Company”) has a proven track record of well-timed acquisitions at attractive valuations, demonstrated by the acquisition of oil assets in Tunisia during the COVID-19 period and the subsequent strategic shift toward Italian power generation. The core business is supported by a rapidly scaling renewables platform, where Zenith controls a regionally diversified 110.5 MWp solar development pipeline, complemented by strategically positioned uranium projects in Lombardy and profitable gas-to-electricity operations in Italy. The Company’s most significant potential value catalyst remains the ongoing ICSID arbitration under the UK–Tunisia investment treaty, where Zenith is pursuing an upwardly revised claim of USD 573m in damages. Analysis of comparable treaty arbitration outcomes indicates a high likelihood of success. Analyst Group estimates that a probability-weighted cash injection of USD 134m, combined with a sum-of-the-parts valuation of Zenith’s core operations, including uranium projects, at USD 112m, supports a potential value of NOK 3.8 per share in a Base scenario.