ZENA: Acquisition of 10 MWp PV Development Project in Lombardy and Italian Production Update

October 19, 2026

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Acquisition of 10 MWp PV Development Project in Lombardy and Italian Production
Update

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA; XSAT: ZENA SDR), the international
energy production and development company, is pleased to announce the
acquisition of a further ground-mounted photovoltaic development project with an
indicative installed capacity of approximately 10 MWp, located in the Province
of Pavia, in the Lombardy region of Italy (the "Project" or the "Acquisition").

The Project follows Stradella 1, 2 and 3, bringing Zenith's cluster in the
Province of Pavia to approximately 30 MWp across four projects, and increases
the Company's total solar development pipeline to approximately 233 MWp, taking
another step towards its target of 240 MWp by the end of 2026.

Overview of the Project

-	The site is located within 300 metres of the motorway network, on land
designated by law as a suitable area, known as an "area idonea", for
ground-mounted solar PV under Article 11-bis of Legislative Decree 190/2024.
-	As a project below 12 MW in an area idonea, it qualifies for the Simplified
Authorisation Procedure (Procedura Abilitativa Semplificata, or PAS), with a
statutory municipal review period of 30 to 60 days, deemed approval by silent
consent if no decision is issued, and exemption from environmental impact
assessment.
-	The Company expects the Project to reach Ready-to-Build status within 10 to 12
months, including grid connection, final design and the PAS procedure.
-	The Acquisition is classified as being in the development stage.
-	The land purchase comprises approximately 11 hectares at EUR 98,000 per
hectare, for a total consideration of approximately EUR 1,078,000. The
consideration becomes payable only once the Project achieves Ready-to-Build
status, limiting the Company's financial exposure until the Project is fully
authorised.

Solar Development Strategy

Lombardy is Italy's most industrialised region and its largest electricity
consumer, at almost 70 billion kWh per year. In little more than a month, Zenith
has built a four-project cluster in the Province of Pavia, providing strong
fundamentals for the long-term commercialisation of the electricity to be
produced.

Construction of the three solar plants comprising Zenith's 7 MWp Under
Construction Portfolio in Puglia is proceeding, with commissioning and grid
connection still targeted before the end of 2026 and, in line with its strategy
of monetising projects as they move along the development pathway the Company
continues to advance negotiations for the sale of selected development assets.

Italian Electricity Production

The Torrente Cigno concession continues to produce approximately 1,000 MWh per
month and contributed an estimated EUR 440,000, net of operating costs, in the
third quarter of 2026. The Italian PUN Index rose from EUR 180 per MWh in August
to EUR 208 per MWh in September 2026, and is tracking at approximately EUR 212
per MWh for October 2026. At current pricing, October is on track to be the
concession's strongest month of the year.

Andrea Cattaneo, Chief Executive Officer, commented:

"Four projects and approximately 30 MWp in Pavia in little more than a month
gives us real scale in Italy's largest electricity market. This site sits on
land designated by law for solar, qualifies for the fast-track PAS route, and we
pay for it only once it is Ready-to-Build. This reflects the approach we take to
every acquisition.
Italian power prices have climbed steadily since the summer, supporting the
value of every megawatt in our pipeline. With our pipeline at approximately 233
MWp, we are firmly on course to meet our 240 MWp target by the end of 2026.
Negotiations on a number of sales are ongoing and, if concluded, could deliver
significant revenue around the turn of the year."

Further Information:

Zenith Energy Ltd

Andrea Cattaneo, Chief Executive Officer	 
 
Tel: +1 (587) 315 1279
 
E:     info@zenithenergy.ca

Notes to Editors:

Zenith Energy Ltd. is a revenue generating, independent energy company with
energy production, exploration and development assets in North Africa, the US
and Europe. The Company is listed on the London Stock Exchange Main Market (LSE:
ZEN), the Euronext Growth of the Oslo Stock Exchange (OSE: ZENA) and on the
Spotlight Stock Market in Sweden (XSAT: ZENA SDR).

Zenith's strategic focus is on pursuing development opportunities through the
development of proven revenue generating energy production assets, as well as
low-risk exploration activities in assets with existing production.

For more information, please visit: www.zenithenergy.ca
Twitter: @zenithenergyltd

Market Abuse Regulation (MAR) Disclosure

The information included in this announcement is defined as inside information
pursuant to MAR article 7 and is publicly disclosed in accordance with MAR
article 17 and section 5-12 of the Norwegian Securities Trading Act. The
announcement is made by the contact person.
blicly disclosed in accordance with MAR\
article 17 and section 5-12 of the Norwegian Securities Trading Act. The\
announcement is made by the contact person.\