Zenith Energy Ltd. (“Zenith” or the “Company”) announced on November 11, 2025, that its fully controlled Italian subsidiary, Canoel Italia S.p.A., has formally received confirmation that the Region of Lombardy has accepted two applications for exploration permits (“Permessi di ricerca”) covering Italy’s only known historical uranium deposits: Val Vedello and Novazza. Both projects are located in the Lombardy region of northern Italy.
The assets Val Vedello and Novazza were historically identified and explored by AGIP Nucleare S.p.A. but have remained undeveloped since the 1987 national referendum that suspended nuclear-related activities in Italy. The submission represents a strategic pivot for Zenith, expanding its focus from oil, gas, and solar energy into a critical raw material sector that is increasingly prioritized under both EU and national energy security frameworks.
Zenith Energy announced also on November 17, 2025, that its wholly owned Italian subsidiary, WESOLAR S.R.L., has signed a new agreement to acquire a solar energy development project in the Puglia region of Italy. The acquisition comprises approximately 12 MWp of photovoltaic capacity and an integrated 3 MW battery energy storage system (BESS), located on 15 hectares of flat land. The total transaction value is EUR 1.05 million, including the associated land, and is structured with milestone-based payments contingent on the completion of permitting and grid connection. With this latest acquisition, Zenith’s development portfolio now exceeds 110 MWp, comprising operational, ready-to-build, and development-stage assets, consolidating its presence across Italy’s most attractive solar regions and advancing its strategy to combine short-term development monetisation with long-term energy production revenue.
Analyst Group’s View on the Uranium Strategy and Development Outlook
Zenith’s uranium initiative represents a strategically significant diversification step into the critical raw material sector. From a timing perspective, the strategic relevance of uranium has increased significantly due to Europe’s shift toward energy autonomy, reinforced by the EU Critical Raw Materials Act in 2024.
The Novazza and Val Vedello projects together represent Italy’s only known uranium deposits with published historic exploration data. Based on underground development, surface sampling, and core data compiled during the 1970s and 1980s, Zenith refers to a combined historical exploration target of approximately 15 million pounds (Mlbs) U₃O₈, with reported average grades ranging between 0.07% and 0.10% U₃O₈. The initial work program focuses on validation of historic data and confirmatory sampling. These deposits were never brought into production due to the 1987 referendum outcome, which halted nuclear energy development in Italy. Zenith has stated that future technical studies will be carried out in accordance with international reporting standards, with the Company aiming to obtain a NI 43-101-compliant Mineral Resource Estimate.
Analyst Group highlights that these figures are historical in nature and non-compliant under modern disclosure standards such as NI 43-101 or JORC. Accordingly, a modern Mineral Resource Estimate (MRE) remains a critical milestone before definitive valuation assumptions can be made. To illustrate the potential scale, Analyst Group has calculated a theoretical gross in-situ metal value using an assumed uranium price of USD 80/lb U₃O₈. Under this scenario, the combined 15 Mlbs U₃O₈ would imply a gross in-situ value of approximately USD 1.2 billion. It is essential to emphasise that this is a conceptual valuation metric based on total metal content in the ground and does not reflect potential recoverability, operating costs, discounting, or technical constraints. It is not a proxy for net asset value, but a reference point to illustrate the scale of the uranium endowment currently being pursued.
Zenith’s advantage lies in project location: both Novazza and Val Vedello are located in an industrialized region with robust grid access, existing infrastructure, and proximity to Switzerland and Northern Italy’s energy-intensive manufacturing base.
Zenith has announced that the initial three-year exploration phase is expected to be capped at approximately USD 5 million. Funding will be sourced through a combination of internal resources and targeted investments from institutional partners, while the Company is also actively applying for Italian and EU-level co-financing, including public-sector support under the EU Critical Raw Materials Act. This multi-channel funding strategy is consistent with broader policy incentives aimed at bolstering Europe’s domestic supply chains for critical materials.
In terms of comparative context, Zenith’s reported grades of 0.10–0.20% U₃O₈ are favorable relative to peer-stage European projects. District Metals Corp., an active uranium explorer in Sweden, controls the Viken Energy Metals Deposit, which holds an inferred uranium grade of 0.0161% U₃O₈. For perspective, District Metals currently trades at a market value of approximately SEK 1,184M, equivalent to approximately USD 125M. While Viken offers large-scale tonnage, the lower grade contrasts with Zenith’s Lombardy assets, which may offer smaller but higher-grade and potentially economically robust development opportunities, especially if underpinned by modern resource classification, strong infrastructure, and permitting momentum.
History and Resource Potential: Novazza and Val Vedello
The Novazza and Val Vedello uranium projects, historically explored by AGIP Nucleare (a former subsidiary of ENI S.p.A.), represent Italy’s only known uranium deposits. Systematic exploration campaigns were conducted from the 1950s through the 1980s and included underground development, diamond drilling, surface sampling, and tunnel construction.
At Novazza, extensive underground development reached four levels, with over 100 diamond drill holes and more than 6 km of mapped tunnels. Historical reports describe uranium mineralisation across six identified zones, hosted primarily in metasomatized amphibolites and chlorite-rich schists. Surface access is favourable, with road connectivity and nearby electrical infrastructure, while the area benefits from stable topography suitable for low-impact exploration.
Val Vedello, located approximately 70 km north of Novazza, is a smaller but geologically prospective deposit. AGIP exploration identified uranium mineralisation hosted in vein structures and metasomatic rocks, with surface grab samples historically reporting grades up to 0.23% U₃O₈. The site is accessible via historic forestry roads within an alpine setting and lies approximately 25 km from the Swiss border.
Combined, the two projects are estimated to contain a historical exploration target of approximately 15 million pounds (Mlbs) U₃O₈, with average grades ranging between 0.07% and 0.10% U₃O₈. This suggests a significant historical uranium endowment, supported by extensive prior exploration, which is expected to provide a robust foundation for Zenith’s goal of advancing toward an NI 43-101-compliant Mineral Resource Estimate (MRE). While these figures remain non-compliant with current standards, they underscore the strategic potential of the assets. As the only known uranium deposits in Italy, Novazza and Val Vedello represent a rare opportunity in the European uranium landscape. Combined with brownfield infrastructure, prior underground access, and historical geological work, the assets offer a significant first-mover advantage, particularly as the EU accelerates efforts to secure domestic supplies of critical raw materials like uranium.
Regulatory and Project Structuring Milestones
According to the Company, the current priority is the granting of exploration permits (“Permessi di ricerca”) in the Lombardy region. The Company has confirmed that the Region of Lombardy has formally accepted both applications, thereby concluding the initial procedural phase. The remaining regulatory step involves the submission of a Valutazione di Impatto Ambientale (VIA) – Environmental Impact Assessment (EIA) to Italy’s Ministry for Environment and Energy Security (MASE).
Following submission, the Commissione Tecnica VIA will be formed to assess the EIA documentation in accordance with Italian and EU environmental legislation. This constitutes the final requirement before exploration permits can be officially issued. No drilling or physical exploration activities may be undertaken before this final authorisation is obtained.
In parallel, Zenith is expected to engage independent technical consultants to initiate the preparation of an NI 43-101 or JORC-compliant Mineral Resource Estimate (MRE), contingent on successful permitting and field validation. Specific details regarding capital allocation, joint venture structures, or exploration financing beyond the initial three-year USD 5M budget have not yet been disclosed and will require further clarification as the permitting process advances.
Zenith’s New Solar Acquisition in Puglia and Strategic Milestone
Zenith announced on November 17, 2025, that its wholly owned Italian subsidiary, WESOLAR S.R.L., has signed a new agreement to acquire a solar development project in the Puglia region with a planned capacity of 12 MWp and an integrated Battery Energy Storage System (BESS) of up to 3 MW. The transaction strengthens the Company’s presence in southern Italy and further expands Zenith’s renewable energy portfolio, which now totals 110.5 MWp across key regions such as Puglia, Lazio, and Piedmont. The total consideration amounts to EUR 1.05 million and includes associated land. Payment will be made upon completion of permitting and achievement of Ready-to-Build status. The project is expected to reach RtB within 12–16 months.
With this acquisition, Zenith’s development pipeline now totals 110.5 MWp across multiple key Italian regions, including Puglia, Lazio, and Piedmont. Puglia continues to stand out as one of the most attractive solar geographies in Italy, supported by high solar irradiation levels, flat and well-graded terrain, and favorable grid conditions. The inclusion of BESS infrastructure enables electricity storage and time-shifted dispatch, offering enhanced project economics through peak-hour price arbitrage under Italy’s time-of-use (fasce orarie) tariff system. From a strategic perspective, the acquisition reflects consistent execution on Zenith’s regional clustering strategy and marks a key step beyond the Company’s original 100 MWp development target. As noted in prior communications, Zenith intends to monetise selected RtB projects while advancing others into construction, thereby combining near-term profitability with long-term revenue from production assets.
Summary
Zenith’s uranium initiative marks a transformational development in the Company’s growth strategy. The two projects combine favourable geological characteristics, strategic location, and a substantial historical exploration record, strengthening the outlook for advancing the assets and potentially establishing a key position within Italy’s and Europe’s uranium sector. The formal acceptance of the exploration permit applications by the Region of Lombardy constitutes a significant milestone, even though additional regulatory steps remain. Analyst Group views Zenith’s entry into the uranium market as a high-potential and well-timed strategic move, albeit one that remains contingent on execution and permitting progress. As previously highlighted, based on historical, but non-compliant data under current NI 43-101 standards, the combined exploration target across Val Vedello and Novazza is estimated at approximately 15 million pounds (Mlbs) of U₃O₈. At current spot prices of around USD 80/lb, this would imply a theoretical gross in-situ metal value exceeding USD 1 billion. Although such figures represent an early-stage, conceptual valuation metric, they illustrate the considerable scale of the opportunity underpinning Zenith’s uranium strategy.
The newly announced Puglia acquisition also highlights Zenith’s continued operational execution across its renewable energy division. Analyst Group notes that the Company’s solar development pipeline has now exceeded 110 MWp, supported by favourable site selection, grid access, and diversification across key Italian regions. This momentum strengthens Zenith’s position in the renewable energy sector while complementing its long-term value creation strategy in critical raw materials through its uranium initiative.
Andrea Cattaneo, Chief Executive Officer, commented:
“The acceptance of our two uranium exploration licence applications by the Region of Lombardy 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 ENI — under the leadership of Enrico Mattei. 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.”
