REG - Zenith Energy Ltd - Submission of Novazza EIA

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RNS Number : 7036A  Zenith Energy Ltd  16 April 2026

April 16, 2026

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Submission of Novazza EIA

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA; XSAT: ZENA SDR), is pleased to
provide an update in connection with its two applications for exploration
permits 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").

 

Further to its regulatory news announcement dated November 11, 2025, the
Company's fully owned Italian subsidiary, Futuro Energetico Italiano S.r.l.
("FEI"), a special purpose vehicle established to hold and develop the Val
Vedello and Novazza uranium projects in Italy, has now submitted a
comprehensive Environmental Impact Assessment ("EIA") - Valutazione di
Impatto Ambientale (VIA) - to the Italian Ministry for Environment and Energy
Security (MASE) for Novazza (the "Novazza EIA").

 

Following submission, an ad hoc commission (Commissione Tecnica VIA) will now
be established to evaluate the Novazza EIA in accordance with national and EU
environmental regulations. This step marks  the final requirement prior to
the issuance of the exploration licence.

 

The approval process is expected to take approximately six months from the
date of submission.

 

Val Vedello EIA

 

The Company has requested and received an extension until July 15, 2026, to
present an EIA for Val Vedello. The extension was necessary due to delays in
accessing the site, inter alia, as a result of adverse weather conditions.

 

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 programmes 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.

 

Resource Potential

 

Exploration by CNEN and AGIP subsidiaries defined a now historical estimated
resource 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 11,000m of underground
development and 60,000m of drilling recorded.

 

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 an advanced
starting point for redevelopment.

 

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 exited nuclear power following the 1987 Italian nuclear referendum, a
decision later reaffirmed by the 2011 Italian nuclear referendum. However,
the European energy landscape has since undergone a profound transformation.

In the wake of the Russian invasion of Ukraine, and more recent instability
across parts of the Middle East, energy security, supply independence, and
critical-mineral resilience have become central policy priorities across
Europe. These developments have underscored the fragility of global energy
markets and reinforced a shift among European policymakers toward greater
energy autonomy, with increasing emphasis on domestically anchored or
politically secure sources of energy and fuel inputs.

Public sentiment in Italy also appears to be evolving. There is increasing
recognition of the potential role that nuclear energy, and the uranium supply
chain, can play in delivering a stable, low-carbon energy system. Many
analysts suggest that, were a referendum held today, the outcome could differ
materially from past votes, indicating a shift in both public perception and
political feasibility.

As evidenced by Australia, one of the world's largest uranium producers
despite maintaining a domestic prohibition on nuclear power generation, a
country's nuclear policy does not preclude the responsible development of
uranium resources. This distinction reinforces the strategic opportunity for
Italy to participate in the nuclear fuel value chain while maintaining
flexibility in its domestic energy policy.

Andrea Cattaneo, Chief Executive Officer, commented:

"The submission of the Novazza Environmental Impact Assessment represents a
highly significant milestone in the advancement of our Italian uranium
portfolio.

With Novazza now formally under evaluation as part of the VIA (Environmental
Impact Assessment) process, we have entered the final stage prior to the award
of an exploration licence for Italy's most significant historical uranium
deposits. Novazza benefits from extensive legacy work and existing underground
infrastructure developed by AGIP Nucleare, which we believe provides valuable
strategic and economic advantage.

We continue to prioritise open and constructive engagement with local
communities, regional authorities, and all relevant stakeholders. We firmly
believe that responsible resource development must be underpinned by trust,
collaboration, and the delivery of tangible long-term benefits.

Against a backdrop of evolving European energy policy, ongoing geopolitical
tensions in the Middle East, and the resulting volatility in global oil
markets, energy security and supply independence have become increasingly
urgent priorities. In this context, we believe Val Vedello and Novazza are
well aligned with broader strategic objectives. The combination of historical
resource potential, existing infrastructure, and a clear regulatory pathway
positions FEI to play a role in supporting Italy's energy transition and
energy security ambitions.

We look forward with confidence to the months ahead as the Novazza EIA
progresses through its evaluation phase and as we continue to advance Val
Vedello towards submission."

 

Further Information:

  Zenith Energy Ltd                          Tel: +1 (587) 315 1279

 Andrea Cattaneo, Chief Executive Officer   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

Twitter: @zenithenergyltd

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

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