REG - Zenith Energy Ltd - Application for Italy’s largest Uranium Deposits

Zenith EnergyAnnouncement

11/11/2025 07:00

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RNS Number : 0306H  Zenith Energy Ltd  11 November 2025

November 11, 2025

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Acceptance of Exploration Permit applications for Italy's largest Uranium
Deposits: Val Vedello and Novazza

Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA; XSAT:
ZENA SDR), the listed international energy production and development
company, is pleased to announce that its fully controlled Italian
subsidiary, Canoel Italia S.p.A. ("Canoel Italia"), has submitted two
applications for exploration permits (permessi di ricerca) covering Italy's
two largest uranium deposits, located in the Lombardy region: the Val
Vedello deposit in the Province of Sondrio ("Val Vedello") and the Novazza
deposit in the Province of Bergamo ("Novazza").

 

History

 

Val Vedello and Novazza were first discovered and developed by AGIP Nucleare
S.p.A., a former subsidiary of Italy's national oil company during the
period 1959-1982 as part of the Italian National Nuclear Energy Program.

 

The deposits were identified through extensive geomineral exploration
campaigns promoted by the Comitato Nazionale per l'Energia Nucleare (CNEN).
These programs established Val Vedello and Novazza as Italy's most
significant uranium-polymetallic systems, marking an important chapter in the
country's scientific and industrial development.

 

Geology

 

Both deposits are hosted within Lower Permian volcanic and sedimentary
successions developed in fault-controlled extensional basins overlying
a metamorphic basement. The mineralisation is vein-hosted and volcanogenic,
formed by hydrothermal fluids associated with post-Variscan volcanic
activity, which transported and precipitated uranium oxide
(pitchblende) together with base-metal sulphides, predominantly sphalerite,
along faults and fractures during post-orogenic crustal extension.

 

Historical Development and Resource Potential

 

Exploration by CNEN and AGIP subsidiaries defined estimated resources of
approximately 1,000 tonnes of metallic uranium (U) at Novazza and
around 6,000 tonnes of uranium oxide (U₃O₈) at Val Vedello,
with average grades up to 0.1 % U₃O₈.

 

At Novazza, underground development reached four levels, with over 100
diamond drill holes and more than 6 km of underground workings. Historical
studies outlined an Exploration Target of 2.5-3.0 million lb at 0.1-0.2 %
U₃O₈.

 

The Val Vedello deposit, about 15 km north of Novazza at higher altitude,
is reported to be larger, with 11,000 m of underground
development and 60,000m of drilling recorded.

 

Taken together, Val Vedello and Novazza constitute Italy's largest known
uranium resource base, distinguished by an extensive, well-engineered
underground mining network-multi-level, vehicle-accessible, and ready for
immediate re-entry. This legacy infrastructure enables modern exploration to
proceed rapidly and at minimal cost, without the need for new tunnelling,
providing a uniquely advanced starting point for redevelopment.

 

Renewed Development Initiative

 

To facilitate the advancement of its Italian uranium projects, Zenith
Energy has incorporated Futuro Energetico Italiano SRL ("FEI"), a special
purpose vehicle established to hold and develop the Val
Vedello and Novazza uranium projects.

It is planned that the exploration licences will be registered under FEI,
reflecting both the Italian identity of these assets and Zenith's commitment
to a sustainable development model that delivers long-term benefits to Italy,
local communities, and shareholders.

The Region of Lombardy has formally accepted both exploration permit
applications, marking the successful completion of the initial phase of the
authorisation process-a milestone no previous applicant has achieved.
The forthcoming and final procedural stage involves the submission of the
Environmental Impact Assessment (EIA) - Valutazione di Impatto Ambientale
(VIA) - to the Italian Ministry for Environment and Energy Security (MASE).
Following submission, a dedicated commission (Commissione Tecnica VIA) will
be established to evaluate both EIAs in accordance with national and EU
environmental regulations. This process constitutes the final requirement
prior to the issuance of the exploration licences.

Canoel Italia, a subsidiary of Zenith Energy, is regarded as a strong
applicant due to its decade-long record of responsible energy-production
activities in Italy, supported by proven technical and financial capability,
formally recognised by MASE. These credentials strengthen the credibility of
the applications and support a positive outcome in the permitting process.

The Company will evaluate the possibility of reversing or spinning
out FEI into a separately listed vehicle, either fully or majority owned by
the Company and other alternative routes to funding development of the
projects. This uranium-focused entity, which is expected to command
a significant independent market valuation, would operate independently
from Zenith's ongoing arbitration and renewable energy activities, while
enabling targeted institutional financing and strategic
partnerships specific to the uranium sector and representing another major
value-generation opportunity for Zenith Energy.

 

Environmental Impact Assessment ("EIA") - Valutazione di Impatto Ambientale
("VIA") Approval Timeline

Preparation of the Environmental Impact Assessment ("EIA") - Valutazione di
Impatto Ambientale ("VIA") - for both the Novazza and Val Vedello uranium
projects is currently underway. The process includes detailed baseline
environmental, hydrological, and ecological studies, along with stakeholder
consultations conducted in accordance with Italian and EU regulatory
frameworks.

The comprehensive EIA documentation will consolidate the results of multiple
technical studies into a single submission to the Italian Ministry for
Environment and Energy Security (MASE), scheduled for January 2026. The
approval process is expected to take approximately six months,
positioning final licence issuance for mid-2026, subject to regulatory review
and consultation outcomes.

This timeline aligns with the commencement of FEI's exploration program and
establishes a clear regulatory pathway toward the development of Val Vedello
and Novazza.

 

Strategy, Future Development and Funding (2026-2028)

The 2025-2027 exploration program will begin immediately following VIA
approval and the issuance of two exploration permits. The initial phase will
involve comprehensive collection and analysis of historical geological and
mining data, followed by modern geological mapping, structural analysis, and
surveying of existing underground access.

If preliminary technical conditions are met, targeted core drilling will be
undertaken-primarily within existing mine tunnels-to verify and update
resources originally identified by ENI Group companies in the 1960s and
1980s. This work will confirm historical data, remodel the deposits, and
support the preparation of maiden Mineral Resource Estimates (MREs) for both
projects, in accordance with international reporting and certification
standards as determined by CRIRSCO, specifically the NI 43-101
(Canada) and JORC 2012 (Australia) codes.

The historical figures for Val Vedello and Novazza were generated prior to
the adoption of modern reporting frameworks and are therefore not compliant
with JORC, NI 43-101, or any other recognized code. Zenith
Energy's exploration activities are designed to quantify the mineral
resources to internationally accredited standards, culminating in
independently verified MREs prepared by Qualified Persons (QPs) as defined
under NI 43-101 regulations.

To minimise environmental impact and cost, the program will focus
on historic-data validation, reactivation of existing underground access,
and confirmatory sampling, supplemented by radiometric surveys and NI
43-101-compliant resource-definition drilling.

Funding for the initial exploration phase, estimated to be capped at
approximately US$5 million over three years, is expected to be provided
through Zenith's internal financial resources and strategic investments from
institutional funds. The company is also pursuing Italian and EU subsidies,
along with public-sector support under the EU Critical Raw Materials Act, to
co-finance exploration activities.  No external funding has yet been agreed.

Commitment to Sustainability and Community Engagement

 

The Company is committed to responsible mineral development, transparent
stakeholder engagement, and rigorous environmental oversight. Early dialogue
with local and regional authorities is ongoing to ensure alignment with
community priorities and regulatory frameworks.

 

All exploration activities will adhere to Italy's Environmental Impact
Assessment (EIA) procedures and incorporate best-practice radioprotection,
ventilation, waste, and water-management systems, ensuring the Alpine
environment remains protected throughout all stages of exploration and
development.

 

Market Context and Strategic Outlook

 

Italy phased out nuclear power following the 1987 national referendum, and
a 2011 referendum later reaffirmed the Italy's decision not to reintroduce
nuclear generation, the European energy context has since evolved materially.

In the aftermath of the Ukraine conflict, Europe has placed renewed emphasis
on energy security, supply independence, and critical-mineral resilience.
Within this context, the Italian Government has signalled increasing
openness toward nuclear energy and the development of strategic mineral
resources, including uranium, as part of a sustainable, EU-aligned
energy-security strategy.

 

The Council of Ministers has recently advanced a draft bill to reintroduce
nuclear energy through the establishment of a national programme for
sustainable nuclear power, focusing on next-generation technologies such
as small modular reactors (SMRs) and fusion research. This shift reflects a
broader effort to diversify Italy's energy mix, reduce dependence on imported
natural gas, and strengthen long-term energy resilience in line with EU
decarbonisation goals.

 

Public opinion in Italy has also shifted noticeably, with growing recognition
of the role that uranium and other strategic minerals can play in supporting
a secure and decarbonised energy future. Many observers believe that if a
referendum on nuclear energy were held today, the outcome would likely
be materially different from past votes, reflecting the evolving public and
political landscape.

 

While Italy currently has no operational nuclear power plants, nuclear
facilities operate across its borders, underscoring the interconnected nature
of Europe's energy system. Importantly, uranium exploration and
extraction are industrial mining activities-entirely distinct from nuclear
power generation-and are conducted under stringent international safety and
environmental standards.

 

As demonstrated by Australia, one of the world's leading uranium exporters
despite maintaining a domestic ban on nuclear power, a country's
nuclear-energy policy does not preclude the responsible development of uranium
resources.

 

A New Chapter for Italy's Energy Future

 

The story of Novazza and Val Vedello represents a defining chapter in
Italy's mining and scientific heritage. Today, at an unprecedented moment
marked by shifting perceptions, a continental transition to clean power, and
a renewed focus on energy independence and autonomy, these historic deposits
stand ready to be responsibly redeveloped.

 

Through sustainable mining practices, the projects aim to create local
employment, strengthen regional economies, and deliver long-term
value for Italy, its communities, and Europe's energy future.

 

 

Project Development and Management

 

The Company commenced the preparation for the application in June 2024,
working closely with expert geological consultants in Italy specialising
in environmental impact assessment (EIA) and the preparation of
compliant VIA documentation required under Italian and EU legislation.

 

Mr. Ippolito Ingo Cattaneo, who holds Italian nationality and first conceived
and initiated the Val Vedello and Novazza applications, will serve as a
Director of FEI.

Mr. Cattaneo is the Chief Executive Officer and Founder of Ajax Resources
Plc, a natural resources investment company listed in London, with a focus on
the exploration and development of advanced mining assets with significant
unexplored potential and strategic importance. He brings valuable experience
in the financing, acquisition, and development of mining projects, together
with a strong network within the Italian and international mining and
investment community.

Community Partnership and Local Engagement

 

Dissimilar to previous applicants who were ultimately unsuccessful in
advancing these historic uranium projects, the Company firmly believes that
the path to successful development lies in the full and transparent
involvement of local communities.

 

To this end, representatives of the Company have met with the Mayors of both
municipalities relevant to the Val Vedello and Novazza projects,
receiving positive indications of institutional and community support. These
meetings have helped establish the foundation for a collaborative and
long-term dialogue with all stakeholders - including local administrations,
environmental authorities, and regional development bodies.

 

The Company's approach is guided by the principle that modern resource
development must deliver tangible benefits to the regions in which it
operates, through employment creation, local economic participation, and
environmental responsibility.

 

 

Andrea Cattaneo, Chief Executive Officer, commented:

"The acceptance of our two uranium exploration licence applications by the
Lombardy Region authorities marks a highly significant milestone for Zenith.
With the Val Vedello and Novazza projects now solely subject to the VIA
(Environmental Impact Assessment) process, Zenith has achieved a clear and
exclusive pathway toward securing control of Italy's largest known uranium
deposits, historically estimated at approximately 15 million pounds (lbs) of
U₃O₈, representing an indicative in-situ metal value exceeding US$1
billion at current prices.

These projects are uniquely advanced, benefiting from extensive underground
infrastructure established through historic work undertaken by AGIP Nucleare -
the former nuclear division of Italy's national oil company. This legacy
infrastructure provides a substantial strategic advantage, significantly
reducing future investment requirements and enabling a rapid pathway to
recommence exploration and development.

Preliminary analysis also indicates that the scale of mineralisation may be
considerably greater than historical records suggest, with modern exploration
technologies offering the potential to materially enhance our understanding of
the resources and their economic significance.

Importantly, this Italian-led initiative is not driven by financial
speculation, as has often been the case with foreign-listed companies pursuing
short-term resource acquisitions. Instead, the Val Vedello and Novazza
projects are conceived as strategic, community-rooted, and sustainable
development initiatives designed to deliver long-term benefits to all
stakeholders - local, regional, and national - while contributing to Europe's
clean-energy transition objectives.

Our immediate priority is the preparation and submission of a high-quality
Environmental Impact Assessment (VIA), conducted with the utmost care and full
consideration of environmental and community factors. Zenith remains fully
committed to transparent engagement and ensuring that stakeholders clearly
understand the compelling case for responsible development and the long-term
benefits these projects can deliver.

The combination of exceptional historical grades, proven underground access,
and alignment with the European Union's energy-transition objectives provides
Zenith with an outstanding foundation for sustainable value creation.

We look forward with great enthusiasm to 2026, a year that we expect will
deliver definitive developments on multiple fronts for the Company."

Further Information:

 Zenith Energy Ltd

Andrea Cattaneo, Chief Executive Officer  Tel: +1 (587) 315 1279

                                            E:       info@zenithenergy.ca (mailto: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
(http://www.zenithenergy.ca)

Twitter: @zenithenergyltd

LinkedIn: https://bit.ly/3A5PRJb (https://bit.ly/3A5PRJb)

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK domestic law by virtue of
the European Union (Withdrawal) Act 2018 ("MAR"). Upon the publication of
this announcement via a Regulatory Information Service ("RIS"), this inside
information is now considered to be in the public domain.

 

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