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

11 Nov 2025 04:45 CET

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 the United Kingdom, 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


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
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