Acceptance of Exploration Permit applications for Italy’s largest Uranium Deposits: Val Vedello and Novazza
11 november, 04:48
Acceptance of Exploration Permit applications for Italy’s largest Uranium Deposits: Val Vedello and Novazza
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. (“CanoelItalia”), has submittedtwo applications for exploration permits (permessi di ricerca)coveringItaly’s two largest uranium deposits, located in theLombardy region: theVal Vedello depositin the Province ofSondrio(“Val Vedello”) and theNovazza depositin the Province ofBergamo(“Novazza”).
History
Val Vedello and Novazza were first discovered and developed byAGIP Nucleare S.p.A., a former subsidiary of Italy’s national oil company during the period1959–1982as part of theItalian National Nuclear Energy Program.
The deposits were identified through extensivegeomineral exploration campaignspromoted by theComitato Nazionale per l’Energia Nucleare (CNEN). These programs establishedVal VedelloandNovazzaasItaly’s most significant uranium–polymetallic systems, marking an important chapter in the country’s scientific and industrial development.
Geology
Both deposits are hosted withinLower Permian volcanic and sedimentary successionsdeveloped infault-controlled extensional basinsoverlying ametamorphic basement. The mineralisation isvein-hosted and volcanogenic, formed byhydrothermal fluids associated with post-Variscan volcanic activity, which transported and precipitateduranium oxide (pitchblende)together withbase-metal sulphides, predominantlysphalerite, along faults and fractures during post-orogenic crustal extension.
Historical Development and Resource Potential
Exploration by CNEN and AGIP subsidiaries definedestimated resourcesof approximately1,000 tonnes of metallic uranium (U)atNovazzaand around6,000 tonnes of uranium oxide (U₃O₈)atVal Vedello, withaverage grades up to 0.1 % U₃O₈.
AtNovazza, underground development reachedfour levels, withover 100 diamond drill holesandmore than 6 km of underground workings. Historical studies outlined anExploration Targetof2.5–3.0 million lb at 0.1–0.2 % U₃O₈.
TheVal Vedello deposit, about15 km north of Novazzaat higher altitude, is reported to belarger, with11,000 m of underground developmentand60,000m of drillingrecorded.
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 Energyhas incorporatedFuturo Energetico Italiano SRL (“FEI”), a special purpose vehicle established to hold and develop theVal VedelloandNovazzauranium projects.
It is planned that the exploration licences will be registered underFEI, reflecting both the Italian identity of these assets and Zenith’s commitment to a sustainable development model that delivers long-term benefits toItaly, local communities, and shareholders.
TheRegion of Lombardyhas 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. Theforthcoming and final procedural stageinvolves thesubmission of the Environmental Impact Assessment (EIA) –Valutazione di Impatto Ambientale (VIA)– to the Italian Ministry for Environment and Energy Security (MASE). Following submission, adedicated commission (Commissione Tecnica VIA)will be established toevaluate both EIAsin accordance with national and EU environmental regulations. This process constitutes thefinal 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 proventechnical and financial capability, formally recognised byMASE. These credentials strengthen the credibility of the applications and support a positive outcome in the permitting process.
The Company will evaluate the possibility ofreversing orspinning outFEIinto aseparately listed vehicle, either fully or majority owned by the Companyand other alternative routes to funding development of the projects. This uranium-focused entity, which is expected to command asignificant independent market valuation, would operate independently fromZenith’s ongoing arbitration and renewable energy activities, while enablingtargeted institutional financing and strategic partnershipsspecific to the uranium sector and representinganother major value-generation opportunity for Zenith Energy.
Environmental Impact Assessment (“EIA”) - Valutazione di Impatto Ambientale (“VIA”) Approval Timeline
Preparation of theEnvironmental Impact Assessment (“EIA”)–Valutazione di Impatto Ambientale (“VIA”)– for both theNovazzaandVal Vedellouranium 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 theItalian Ministry for Environment and Energy Security (MASE), scheduled forJanuary 2026. The approval process is expected to take approximatelysix months, positioningfinal licence issuance for mid-2026, subject to regulatory review and consultation outcomes.
This timeline aligns with the commencement ofFEI’s exploration programand establishes a clear regulatory pathway toward thedevelopment of Val Vedello and Novazza.
Strategy, Future Development and Funding (2026–2028)
The2025–2027 exploration programwill begin immediately following VIA approval and the issuance of two exploration permits. The initial phase will involvecomprehensive collection and analysis of historical geological and mining data, followed bymodern geological mapping, structural analysis, and surveying of existing underground access.
If preliminary technical conditions are met,targeted core drillingwill be undertaken—primarily within existing mine tunnels—to verify and update resources originally identified byENI Group companiesin the 1960s and 1980s. This work willconfirm historical data, remodel the deposits, and support the preparation ofmaiden Mineral Resource Estimates (MREs)for both projects, in accordance with international reporting and certification standards as determined byCRIRSCO, specifically theNI 43-101 (Canada)andJORC 2012 (Australia)codes.
Thehistorical figuresfor Val Vedello and Novazza were generated prior to the adoption of modern reporting frameworks and are thereforenot compliant with JORC, NI 43-101, or any other recognized code.Zenith Energy’sexploration activities are designed toquantify the mineral resources to internationally accredited standards, culminating in independently verifiedMREsprepared byQualified Persons (QPs)as defined underNI 43-101regulations.
To minimise environmental impact and cost, the program will focus onhistoric-data validation,reactivation of existing underground access, andconfirmatory sampling, supplemented byradiometric surveysandNI 43-101-compliant resource-definition drilling.
Funding for the initial exploration phase, estimated to becapped at approximately US$5 million over three years, is expected to be provided through Zenith’s internal financial resources andstrategic investments from institutional funds. The company is also pursuingItalian and EU subsidies, along withpublic-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 toresponsible mineral development,transparent stakeholder engagement, andrigorous environmental oversight. Early dialogue withlocal and regional authoritiesis ongoing to ensure alignment with community priorities and regulatory frameworks.
All exploration activities will adhere toItaly’s Environmental Impact Assessment (EIA)procedures and incorporatebest-practice radioprotection, ventilation, waste, and water-management systems, ensuring theAlpine environment remains protectedthroughout all stages of exploration and development.
Market Context and Strategic Outlook
Italyphased out nuclear power following the 1987 national referendum, and a2011 referendum later reaffirmed the Italy’s decision not to reintroduce nuclear generation, theEuropean energy context has since evolved materially.
In the aftermath of theUkraine conflict, Europe has placed renewed emphasis onenergy security, supply independence, and critical-mineral resilience. Within this context, theItalian Governmenthas signalled increasing openness towardnuclear energyand thedevelopment of strategic mineral resources, including uranium, as part of a sustainable, EU-aligned energy-security strategy.
TheCouncil of Ministershas recently advanced adraft billto reintroduce nuclear energy through the establishment of anational programme for sustainable nuclear power, focusing on next-generation technologies such assmall modular reactors (SMRs)andfusion 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 thaturanium and other strategic mineralscan 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 bematerially differentfrom past votes, reflecting the evolving public and political landscape.
While Italy currently hasno operational nuclear power plants, nuclear facilities operate across its borders, underscoring theinterconnected nature of Europe’s energy system. Importantly,uranium exploration and extractionare industrial mining activities—entirely distinct from nuclear power generation—and are conducted understringent international safety and environmental standards.
As demonstrated byAustralia, 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 ofNovazza and Val Vedellorepresents a defining chapter in Italy’s mining and scientific heritage. Today, at anunprecedented moment marked by shifting perceptions, acontinental transition to clean power, and arenewed focus on energy independence and autonomy, these historic deposits stand ready to beresponsibly redeveloped.
Throughsustainable mining practices, the projects aim to createlocal employment, strengthenregional economies, and deliverlong-term valueforItaly, its communities, and Europe’s energy future.
Project Development and Management
The Company commenced the preparation for the application in June 2024, working closely withexpert geological consultants in Italyspecialising inenvironmental impact assessment (EIA)and the preparation of compliantVIA documentation required under Italian and EU legislation.
Mr. Ippolito Ingo Cattaneo, who holds Italian nationality and firstconceived and initiated the Val Vedello and Novazza applications, will serve as a Director of FEI.
Mr. Cattaneo is theChief Executive Officer and Founder of Ajax Resources Plc, anatural resources investment company listed in the United Kingdom, with a focus on theexploration and development of advanced mining assets with significant unexplored potential and strategic importance. He bringsvaluable experience in the financing, acquisition, and development of mining projects, together with astrong 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 thepath to successful development lies in the full and transparent involvement of local communities.
To this end, representatives of the Company havemet with the Mayors of both municipalities relevant to the Val Vedello and Novazza projects, receivingpositive indications of institutional and community support. These meetings have helped establish the foundation for acollaborative and long-term dialoguewith all stakeholders — including local administrations, environmental authorities, and regional development bodies.
The Company’s approach is guided by the principle thatmodern resource development must deliver tangible benefits to the regions in which it operates, throughemployment 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 | Tel: +1 (587) 315 1279 |
Notes toEditors:
Zenith Energy Ltd.is a revenue generating, independent energy company with energy production, exploration and development assets inNorth Africa, the US andEurope. The Company is listed on the London Stock Exchange Main Market (LSE: ZEN), the Euronext Growth of theOslo 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 existingproduction.
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.
Ämnen i artikeln
Acceptance of Exploration Permit applications for Italy’s largest Uranium Deposits: Val Vedello and Novazza
11 november, 04:48
Acceptance of Exploration Permit applications for Italy’s largest Uranium Deposits: Val Vedello and Novazza
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. (“CanoelItalia”), has submittedtwo applications for exploration permits (permessi di ricerca)coveringItaly’s two largest uranium deposits, located in theLombardy region: theVal Vedello depositin the Province ofSondrio(“Val Vedello”) and theNovazza depositin the Province ofBergamo(“Novazza”).
History
Val Vedello and Novazza were first discovered and developed byAGIP Nucleare S.p.A., a former subsidiary of Italy’s national oil company during the period1959–1982as part of theItalian National Nuclear Energy Program.
The deposits were identified through extensivegeomineral exploration campaignspromoted by theComitato Nazionale per l’Energia Nucleare (CNEN). These programs establishedVal VedelloandNovazzaasItaly’s most significant uranium–polymetallic systems, marking an important chapter in the country’s scientific and industrial development.
Geology
Both deposits are hosted withinLower Permian volcanic and sedimentary successionsdeveloped infault-controlled extensional basinsoverlying ametamorphic basement. The mineralisation isvein-hosted and volcanogenic, formed byhydrothermal fluids associated with post-Variscan volcanic activity, which transported and precipitateduranium oxide (pitchblende)together withbase-metal sulphides, predominantlysphalerite, along faults and fractures during post-orogenic crustal extension.
Historical Development and Resource Potential
Exploration by CNEN and AGIP subsidiaries definedestimated resourcesof approximately1,000 tonnes of metallic uranium (U)atNovazzaand around6,000 tonnes of uranium oxide (U₃O₈)atVal Vedello, withaverage grades up to 0.1 % U₃O₈.
AtNovazza, underground development reachedfour levels, withover 100 diamond drill holesandmore than 6 km of underground workings. Historical studies outlined anExploration Targetof2.5–3.0 million lb at 0.1–0.2 % U₃O₈.
TheVal Vedello deposit, about15 km north of Novazzaat higher altitude, is reported to belarger, with11,000 m of underground developmentand60,000m of drillingrecorded.
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 Energyhas incorporatedFuturo Energetico Italiano SRL (“FEI”), a special purpose vehicle established to hold and develop theVal VedelloandNovazzauranium projects.
It is planned that the exploration licences will be registered underFEI, reflecting both the Italian identity of these assets and Zenith’s commitment to a sustainable development model that delivers long-term benefits toItaly, local communities, and shareholders.
TheRegion of Lombardyhas 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. Theforthcoming and final procedural stageinvolves thesubmission of the Environmental Impact Assessment (EIA) –Valutazione di Impatto Ambientale (VIA)– to the Italian Ministry for Environment and Energy Security (MASE). Following submission, adedicated commission (Commissione Tecnica VIA)will be established toevaluate both EIAsin accordance with national and EU environmental regulations. This process constitutes thefinal 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 proventechnical and financial capability, formally recognised byMASE. These credentials strengthen the credibility of the applications and support a positive outcome in the permitting process.
The Company will evaluate the possibility ofreversing orspinning outFEIinto aseparately listed vehicle, either fully or majority owned by the Companyand other alternative routes to funding development of the projects. This uranium-focused entity, which is expected to command asignificant independent market valuation, would operate independently fromZenith’s ongoing arbitration and renewable energy activities, while enablingtargeted institutional financing and strategic partnershipsspecific to the uranium sector and representinganother major value-generation opportunity for Zenith Energy.
Environmental Impact Assessment (“EIA”) - Valutazione di Impatto Ambientale (“VIA”) Approval Timeline
Preparation of theEnvironmental Impact Assessment (“EIA”)–Valutazione di Impatto Ambientale (“VIA”)– for both theNovazzaandVal Vedellouranium 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 theItalian Ministry for Environment and Energy Security (MASE), scheduled forJanuary 2026. The approval process is expected to take approximatelysix months, positioningfinal licence issuance for mid-2026, subject to regulatory review and consultation outcomes.
This timeline aligns with the commencement ofFEI’s exploration programand establishes a clear regulatory pathway toward thedevelopment of Val Vedello and Novazza.
Strategy, Future Development and Funding (2026–2028)
The2025–2027 exploration programwill begin immediately following VIA approval and the issuance of two exploration permits. The initial phase will involvecomprehensive collection and analysis of historical geological and mining data, followed bymodern geological mapping, structural analysis, and surveying of existing underground access.
If preliminary technical conditions are met,targeted core drillingwill be undertaken—primarily within existing mine tunnels—to verify and update resources originally identified byENI Group companiesin the 1960s and 1980s. This work willconfirm historical data, remodel the deposits, and support the preparation ofmaiden Mineral Resource Estimates (MREs)for both projects, in accordance with international reporting and certification standards as determined byCRIRSCO, specifically theNI 43-101 (Canada)andJORC 2012 (Australia)codes.
Thehistorical figuresfor Val Vedello and Novazza were generated prior to the adoption of modern reporting frameworks and are thereforenot compliant with JORC, NI 43-101, or any other recognized code.Zenith Energy’sexploration activities are designed toquantify the mineral resources to internationally accredited standards, culminating in independently verifiedMREsprepared byQualified Persons (QPs)as defined underNI 43-101regulations.
To minimise environmental impact and cost, the program will focus onhistoric-data validation,reactivation of existing underground access, andconfirmatory sampling, supplemented byradiometric surveysandNI 43-101-compliant resource-definition drilling.
Funding for the initial exploration phase, estimated to becapped at approximately US$5 million over three years, is expected to be provided through Zenith’s internal financial resources andstrategic investments from institutional funds. The company is also pursuingItalian and EU subsidies, along withpublic-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 toresponsible mineral development,transparent stakeholder engagement, andrigorous environmental oversight. Early dialogue withlocal and regional authoritiesis ongoing to ensure alignment with community priorities and regulatory frameworks.
All exploration activities will adhere toItaly’s Environmental Impact Assessment (EIA)procedures and incorporatebest-practice radioprotection, ventilation, waste, and water-management systems, ensuring theAlpine environment remains protectedthroughout all stages of exploration and development.
Market Context and Strategic Outlook
Italyphased out nuclear power following the 1987 national referendum, and a2011 referendum later reaffirmed the Italy’s decision not to reintroduce nuclear generation, theEuropean energy context has since evolved materially.
In the aftermath of theUkraine conflict, Europe has placed renewed emphasis onenergy security, supply independence, and critical-mineral resilience. Within this context, theItalian Governmenthas signalled increasing openness towardnuclear energyand thedevelopment of strategic mineral resources, including uranium, as part of a sustainable, EU-aligned energy-security strategy.
TheCouncil of Ministershas recently advanced adraft billto reintroduce nuclear energy through the establishment of anational programme for sustainable nuclear power, focusing on next-generation technologies such assmall modular reactors (SMRs)andfusion 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 thaturanium and other strategic mineralscan 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 bematerially differentfrom past votes, reflecting the evolving public and political landscape.
While Italy currently hasno operational nuclear power plants, nuclear facilities operate across its borders, underscoring theinterconnected nature of Europe’s energy system. Importantly,uranium exploration and extractionare industrial mining activities—entirely distinct from nuclear power generation—and are conducted understringent international safety and environmental standards.
As demonstrated byAustralia, 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 ofNovazza and Val Vedellorepresents a defining chapter in Italy’s mining and scientific heritage. Today, at anunprecedented moment marked by shifting perceptions, acontinental transition to clean power, and arenewed focus on energy independence and autonomy, these historic deposits stand ready to beresponsibly redeveloped.
Throughsustainable mining practices, the projects aim to createlocal employment, strengthenregional economies, and deliverlong-term valueforItaly, its communities, and Europe’s energy future.
Project Development and Management
The Company commenced the preparation for the application in June 2024, working closely withexpert geological consultants in Italyspecialising inenvironmental impact assessment (EIA)and the preparation of compliantVIA documentation required under Italian and EU legislation.
Mr. Ippolito Ingo Cattaneo, who holds Italian nationality and firstconceived and initiated the Val Vedello and Novazza applications, will serve as a Director of FEI.
Mr. Cattaneo is theChief Executive Officer and Founder of Ajax Resources Plc, anatural resources investment company listed in the United Kingdom, with a focus on theexploration and development of advanced mining assets with significant unexplored potential and strategic importance. He bringsvaluable experience in the financing, acquisition, and development of mining projects, together with astrong 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 thepath to successful development lies in the full and transparent involvement of local communities.
To this end, representatives of the Company havemet with the Mayors of both municipalities relevant to the Val Vedello and Novazza projects, receivingpositive indications of institutional and community support. These meetings have helped establish the foundation for acollaborative and long-term dialoguewith all stakeholders — including local administrations, environmental authorities, and regional development bodies.
The Company’s approach is guided by the principle thatmodern resource development must deliver tangible benefits to the regions in which it operates, throughemployment 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 | Tel: +1 (587) 315 1279 |
Notes toEditors:
Zenith Energy Ltd.is a revenue generating, independent energy company with energy production, exploration and development assets inNorth Africa, the US andEurope. The Company is listed on the London Stock Exchange Main Market (LSE: ZEN), the Euronext Growth of theOslo 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 existingproduction.
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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