REG - Zenith Energy Ltd - Spin-out and Investment into Reveille Resources

Zenith EnergyAnnouncement

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RNS Number : 4826C  Zenith Energy Ltd  30 April 2026

30 April 2026

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Spin-Out of Uranium portfolio and Investment into Reveille Resources

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA; XSAT: ZENA SDR), the listed
international energy production and development company, is pleased to
announce that it is progressing the spin-out of its Italian uranium
exploration business into Reveille Resources Limited, a European-focused
investment company incorporated in the United Kingdom.

 

As announced on 11 November 2025 (the "Announcement"), its fully controlled
Italian subsidiary, Canoel Italia S.p.A. ("Canoel Italia"), had
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") (together, the "Lombardy Project"). As set out in the
Announcement and confirmed in the update of 16 April 2026, these licence
applications have been transferred to Futuro Energetico Italiano Srl ("FEI"),
a special purpose vehicle established to hold and develop the Val
Vedello and Novazza uranium projects. Zenith has now formalised plans to
spin out FEI into a publicly traded issuer.

Background of Reveille Resources

Reveille Resources Limited ("Reveille") has been incorporated with a view to
conversion to a public limited company and, in turn, to apply for admission to
trading on the Aquis Growth Market. Zenith has agreed to spin out FEI to
Reveille on a "no profit, no loss basis" for the expenditure incurred to date
(the "FEI Spin Out"). Zenith has also agreed to make an equity investment in
Reveille, enabling Zenith shareholders to maintain material exposure to the
significant upside potential of the highly prospective Lombardy Project.

 

Reveille has been established to pursue a strategy focused on identifying
undervalued historical mineral deposits with significant exploration potential
across Europe. The primary strategic concentration of Reveille will be towards
opportunities associated with deposits that were previously explored and
benefit from substantial existing infrastructure and past investment, but
which, for geopolitical, technological, financial, or historical reasons, may
not have achieved full value realisation.  The Lombardy Project will be
Reveille's flagship project.

 

Reveille was founded by Ippolito Ingo Cattaneo, Chief Executive Officer and
Founder of Ajax Resources PLC (AQSE:AJAX) ("Ajax") and Andrea Cattaneo, Chief
Executive Officer and Founder of Zenith.

 

Both Zenith and Ajax have each agreed to invest an initial £200,000 in
Reveille, each securing a 25% interest in the issued share capital. Reveille
intends to utilise these funds to advance its strategy of seeking admission of
its shares to trading on the Aquis Growth Market.

 

In addition, Zenith will be reimbursed in Reveille ordinary shares at the IPO
price for all costs incurred in connection with the FEI Spin-Out and the
acquisition of the Lombardy project licences, totalling £350,000.

 

 

 

Andrea Cattaneo, Chief Executive Officer of Zenith, commented:

 

"Our strategy remains focused on building shareholder value through investment
in highly prospective natural resource assets. In this context, we determined
that creating a separate, European-focused natural resources investment
vehicle represents the most compelling value proposition for Zenith
shareholders. This structure provides a clean, coherent, and readily
understandable strategic narrative, centred on pursuing opportunities across
Europe, with uranium exploration in Italy positioned as the flagship core
project.

 

This approach is underpinned by strong uranium market fundamentals and the
growing strategic recognition of nuclear energy as a critical component of
Europe's energy security and decarbonisation agenda.

 

We intend to inject further capital into Reveille through a second investment
at IPO, reinforcing our long-term commitment to the company's growth. In
addition, we expect to recoup all costs associated with the licence
applications and environmental impact studies, totalling £350,000, through
the receipt of equity in Reveille at IPO. This will further strengthen our
strategic position as the largest shareholder in Reveille, ensuring we retain
the most exposure to the company's significant future upside."

 

 

Background on the Lombardy Project

 

Italy invested heavily in nuclear power during the Cold War, then reversed
this policy following the Chernobyl disaster.

 

Evidence of uranium mineralisation in north-west Italy was first identified as
early as 1912. A more concerted exploration effort began in 1957, led by AGIP
Nucleare, a subsidiary of Eni (Ente Nazionale Idrocarburi), as part of
Italy's national nuclear energy programme and concurrent with the construction
of the country's first nuclear power plants. The Novazza deposit was
identified in 1959, with development commencing in the 1970s, while the Val
Vedello deposit was discovered in 1975. Underground mine development took
place at both sites during the late 1970s before ceasing in 1979, with
exploration activities continuing into the 1980s.

 

The Russian invasion of Ukraine and its significant impact on European
natural gas markets prompted a reassessment of Italian energy policy. By 2020,
natural gas accounted for approximately half of Italy's electricity
generation, with over 90% of supply imported, around half of which was sourced
from Russia via pipeline. Russian gas imports have since fallen to negligible
levels and are expected to be fully phased out by 2027. In the near term,
supplies have been diversified toward Algeria, Azerbaijan, and Qatar. However,
the Italian Government has renewed its interest in nuclear power as a
reliable, low-carbon energy source. Ongoing geopolitical tensions in the
Middle East, affecting shipments of Qatari liquefied natural gas, are likely
to reinforce this shift.

 

The current Italian Government, led by Giorgia Meloni, has proposed
reintroducing nuclear power through small modular reactors, rather than
traditional large-scale plants. In parallel, Italy adopted the EU's Critical
Raw Materials Act into domestic law in June 2025, streamlining permitting
processes for the exploration and extraction of critical raw materials.
Although uranium is not specifically covered by this legislation, the broader
regulatory framework, together with the Government's updated National
Integrated Energy and Climate Plan submitted to the EU in 2024, which
envisages nuclear providing between 11% and 22% of Italy's electricity by
2050, is supportive of the potential redevelopment of the Lombardy Project.

 

Historical Development and Resource Potential

The historical exploration described above defined estimated resources of
approximately 1,000 tonnes of metallic uranium at Novazza and around 6,000
tonnes of uranium oxide (U₃O₈) at Val Vedello, with average grades of up
to 0.1% U₃O₈.

At Novazza, underground development reached four levels, supported by more
than 100 diamond drill holes and over 6 km of underground workings.
Mineralisation is associated with pitchblende hosted within Permian volcanic
rocks, alongside disseminated sulphides including sphalerite, chalcopyrite and
galena. Historical studies outlined an Exploration Target of approximately
2.5-3.0 million lbs of U₃O₈ at grades of 0.1-0.2%.

The Val Vedello deposit, located approximately 15 km north of Novazza at
higher altitude, is considered the larger of the two systems. Mineralisation
is structurally controlled and occurs at the contact between the crystalline
basement and Lower Permian volcaniclastic units, comprising pitchblende,
uraninite and brannerite. Historical estimates indicate approximately 6,000
tonnes of U₃O₈ at an average grade of approximately 0.08% U₃O₈.
Exploration included approximately 10.5 km of underground development and more
than 60,000 metres of drilling, including extensive underground drilling
campaigns.

Val Vedello and Novazza together constitute Italy's largest known uranium
resource base. The projects are distinguished by an extensive, well-engineered
underground mining network comprising multi-level, vehicle-accessible workings
that remain in place and accessible for modern exploration activities.

This legacy infrastructure provides a significant advantage, enabling
exploration programmes to be conducted rapidly and at comparatively low cost,
without the need for substantial new underground development. In addition,
planned modern exploration programmes, including over 30,000 metres of
underground drilling across both deposits, are designed to validate historical
data and define mineral resources to current international reporting
standards.

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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