110.5 MWp in Solar Projects

November 17, 2025

ZENITH ENERGY LTD.

("Zenith" or the "Company")

110.5 MWp in Solar Projects

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 the signing of a new agreement to acquire a solar energy development project located in the Puglia region of Italy (the "Puglia Acquisition") by its wholly-owned Italian subsidiary created to manage its solar energy portfolio, WESOLAR S.R.L. ("WESOLAR").

Overview of the Acquisitions

• The Puglia Acquisition is located in Italy’s Puglia region and comprises approximately12 MWpof ground-mounted PV capacity across roughly15 hectaresof flat, well-levelled land, resulting in minimal earth-moving requirements.
• In addition, the Company has secured sufficient land to accommodate an integrated3 MW Battery Energy Storage System (“BESS”)to optimise energy dispatch and support the local grid.
• A BESS is designed to store electricity generated during low-price periods and discharge it during higher-pricedfasce orarie(time-of-use tariff periods), thereby maximising revenue. In Italy, electricity prices fluctuate throughout the day—with peak hours (fasce orarie di punta) commanding materially higher prices—allowing strategic storage and release to enhance project returns.
• The Puglia Acquisition is currently classified as being in the ‘Development’stage.
• Puglia is among Italy’s most favourable regions for solar power generation, benefiting from high solar irradiation levels that support superior economic performance for photovoltaic projects.
• The Puglia Acquisition strengthens the Company’s presence in the region and complements its existing development pipeline in Piedmont and Lazio. Together, these three clusters form a strategically significant solar development portfolio across some of Italy’s most attractive and highly sought-after renewable-energy generation areas.
• Italy continues to rank among the global leaders in photovoltaic technology, deployment, and installed capacity.
• The Company expects the project to reachReady-to-Buildstatus within12–16 months.
• The total consideration for the Puglia Acquisition isEUR 1,050,000, including the associated land. Payment will be made upon securing all required permits and achieving Ready-to-Build status at the conclusion of the development process.

Strategy Overview

In the solar energy industry, a “pipeline” refers to the aggregate portfolio of development projects being actively advanced toward construction. Zenith’s pipeline is composed of projects progressing daily through design, permitting, and grid-connection milestones, moving step by step toward Ready-to-Build (“RtB”) status. This expanding portfolio already carries tangible market value, which increases as projects mature and de-risk through successive development stages. Owing to Zenith’s optimised site selection and high-quality development standards, portions of the portfolio could already be monetised with professional counterparties, reflecting its strong commercial quality and competitiveness.

Zenith plans to sell only a portion of its development portfolio. This strategic divestment will generate immediate profit and strengthen both profitability and liquidity, while allowing the Company to continue expanding its project base and initiate construction of selected solar assets.

To ensure full transparency and effective communication with shareholders, Zenith is commissioning an independent valuation of its development portfolio, illustrating the progress achieved since the Company’s strategic shift in early 2025 toward solar energy development and production.

With the original100 MWpdevelopment target now substantially met, Zenith will define a new capacity objective and broaden its strategy to support continued growth in electricity production.

The Company has also initiated development activities in BESS segment, a highly attractive and complementary market that enhances grid stability and long-term value creation.

As previously announced, funding for these next phases will be secured throughfinancing from specialised renewable-energy lendersand through the sale of selected portions of the existing development portfolio to interested professional counterparties.

Transition to Production: Creating Tangible and Recurring Revenue

As part of its long-term growth strategy, Zenith intends not only to develop and sell projects, but also toselect certain RtB assets and construct them, enabling the Company to generatedirect, tangible revenue from electricity production.

While development-stage asset sales generate strong near-term profitability, owning and operating selected plants provides stable, predictable, and recurring cash flows supported by Italy’s favourable solar-generation economics. Production assets benefit from long operating lives, low operating costs, and exposure to steady market demand for clean electricity. This dual-track model strengthens Zenith’s financial profile by combiningshort-term value creation from development saleswithlong-term revenue generation from energy production.

By constructing and operating a portion of its RtB pipeline, Zenith enhances its revenue base, builds tangible asset value on the balance sheet, and demonstrates its capability as a fully integrated renewable-energy operator.

Overview of Zenith Energy's Solar Portfolio (as of November 17, 2025)

Andrea Cattaneo, Chief Executive Officer of Zenith Energy, commented:

“We are pleased to expand our presence in Puglia, further strengthening Zenith’s strategic cluster in one of Italy’s most attractive solar regions. With this latest addition, our development portfolio now surpasses the 100 MWp milestone, reflecting consistent progress and strong execution.

The Puglia acquisition also reinforces our commitment to Battery Energy Storage Systems, a core element of our strategy to enhance flexibility, resilience, and long-term project value.

With a solid development base in place, our next priority is to bring selected Ready-to-Build assets into construction, supported by specialised lenders. This will provide tangible production revenue and further demonstrate the quality and bankability of Zenith’s portfolio.

As outlined, we will divest a portion of our pipeline to realise immediate value while continuing to expand and advance our project base. This balanced model positions Zenith for sustained profitability and long-term growth across both solar and storage.”

Further Information:

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

Market Abuse Regulation (MAR) Disclosure

The information included in this announcement is defined as inside information pursuant to MAR article 7 and is publicly disclosed in accordance with MAR article 17. The announcement is made by the contact person.

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