ZENA: Acquisition of 9 MWp PV development project in Lombardy

September 17, 2026

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Acquisition of 9 MWp PV development project in Lombardy

Zenith (LSE: ZEN; OSE: ZENA; XSAT: ZENA SDR), the international energy
production and development company, is pleased to announce the acquisition of
Stradella 1, a ground-mounted photovoltaic development project with an
indicative installed capacity of approximately 9 MWp, located in the Province of
Pavia, in the Lombardy region of Italy (the "Project"). Stradella 1 is the
Company's first solar development project in Lombardy.

Lombardy, home to Milan, is the most energy-intensive region in Italy and
accounts for the largest share of national electricity consumption, providing
strong fundamentals for the long-term commercialisation of the electricity to be
produced by the Project.

The Acquisition increases Zenith's total solar development pipeline to
approximately 212 MWp, taking another step towards the Company's target of 240
MWp by the end of 2026.

Overview of the Project

o	The Project extends over approximately 9.5 hectares of completely level land,
approximately 350 metres from an operational industrial area and 300 metres from
the motorway.

o	The site is only 2 kilometres from the Broni-Stradella electricity
infrastructure, including the Terna and e-distribuzione substations so grid
connection is not expected to present any particular complexity. 

o	Final grid connection terms will be confirmed through the STMG (Soluzione
Tecnica Minima Generale), the grid operator's formal proposal setting out the
connection point, technical solution and connection costs for the plant.
o	The Acquisition is classified as being in the development stage and with
installed capacity below 10 MW, the Project is expected to qualify for the PAS
simplified authorisation procedure.

o	The agreed land price is EUR 8.50 per square metre (EUR 85,000 per hectare),
for a total consideration of approximately EUR 807,500. The deposit becomes
payable only following formal acceptance of the STMG, limiting the Company's
financial exposure until the grid connection conditions are confirmed.

Solar Development Strategy

Construction is underway across all three solar plants comprising Zenith's 7 MWp
Under Construction Portfolio in Puglia, with commissioning and grid connection
targeted before the end of 2026. These assets are expected to benefit from the
EUR23 billion Italian State aid scheme supporting renewable electricity
production, approved by the European Commission on 8 June 2026, which will
provide long-term price contracts for eligible projects within the Company's
portfolio.

The Acquisition follows the recently signed Memorandum of Understanding for the
proposed sale of the Company's approximately 50 MWp South Piedmont Portfolio for
EUR 12 million, announced on July 15, 2026,
The Company also continues to progress the monetisation of its acquired assets
as they move further along their development pathway, including further
disposals of smaller licenses at higher unit values.   Negotiations are ongoing
on a number of sales and the Company expects a significant proportion of value
to be generated by Q3 2026 or Q1 2027.

Andrea Cattaneo, Chief Executive Officer, commented:

"Stradella 1 is our first step into Lombardy on a well-located site of exactly
the type we look for. Just as importantly, we will commit capital only once the
grid connection has been confirmed through the STMG, which is the discipline we
apply to every acquisition.

Only weeks after raising our target to 240 MWp, we continue to build scale
across Italy. Our objective remains to reach, and if possible exceed, that
target by the end of 2026, and to convert this scale into tangible value for
Zenith shareholders. We are actively in discussions with interested buyers on
asset monetisation, and expect to generate significant revenue from these sales
towards the end of this year or the beginning of 2027 - demonstrating the
strength and value of Zenith's solar development conveyor."

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.
 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.\