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ZENA: Independent Valuation of Italian Solar Development Pipeline Rises to EUR 85.6 Million

ZENA SDRRegulatory press release03.11.2026 klo 07.52

Read the release

November 3, 2026

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Independent Valuation of Italian Solar Development Pipeline Rises to EUR 85.6
Million

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA; XSAT: ZENA SDR), the international
energy production and development company, is pleased to announce that it has
received an updated independent valuation of its Italian solar development
pipeline (the "Development Pipeline") from Gruppo Amira S.r.l.s. (the "Valuer"),
a Genoa-based consultancy specialising in the Italian energy sector, including
regulatory, grid and incentive matters with ARERA, GSE and Terna, and an
operating member of Italia Solare, the Italian solar industry association.
The valuation reflects a diversified Development Pipeline spanning the
permitting phase through to Ready-to-Build ("RtB") and construction readiness
and is based on specific assumptions and currently available information.

Highlights
-	Independent valuation of the Development Pipeline: EUR 85.6 million, up 56%
from EUR 54.7 million announced on March 31, 2026, and up 211% from EUR 27.5
million announced on December 4, 2025.
-	Development Pipeline capacity increased to 238 MWp, from 173.5 MWp in March
2026.
-	Total agreed acquisition consideration for the entire Development Pipeline is
EUR 22.1 million, an average of approximately EUR 93,000 per MWp. This
represents a value uplift of EUR 63.5 million, with the Development Pipeline now
valued at nearly four times its acquisition cost.
-	The acquisition considerations are only payable once permits are approved, so
value is being created without the Company committing significant acquisition
capital in advance.
-	Average value per MWp increased from approximately EUR 315,000 to EUR 360,000,
despite the addition of approximately 65 MWp of newly acquired, early-stage
projects. The uplift reflects higher Italian power prices, of which the Valuer
has applied only a fraction.

Indicative value per MWp:
-	Average acquisition cost: EUR 93,000 per MWp.
-	Permitting Phase (post land acquisition, pre-RtB): EUR 354,000 per MWp (March
2026: EUR 300,000 per MWp).
-	Ready-to-Build (RtB) stage and under construction: EUR 590,000 per MWp (March
2026: EUR 500,000 per MWp).


Cash Generation Strategy

Zenith expects to complete its first disposals of solar assets between February
and April 2027. These comprise approximately 89 MWp in Piedmont and Lazio, with
expected gross proceeds of approximately EUR 28.3 million (approximately EUR
318,000 per MWp). Pricing for these disposals was negotiated against the March
2026 valuation, when permitting-phase projects were valued at EUR 300,000 per
MWp, representing a premium of approximately 6% to independent value at that
time.

The proceeds will support the progression of the Company's retained Development
Pipeline of 149 MWp towards construction and production. 

The Company's first solar plants in Puglia are under construction and are
expected to begin generating revenue at the beginning of 2027.

Basis of the Valuation

The valuation covers the approximately 238 MWp Development Pipeline, excluding
the Company's 0.5 MWp operational asset in Liguria. Of this, 7 MWp is at RtB
stage or under construction and the remainder is in the permitting phase.
The increase compared with March 2026 reflects two factors: the growth of the
Development Pipeline from 173.5 MWp to approximately 238 MWp, and a
like-for-like increase of approximately 18% in the value per MWp. This reflects
higher Italian electricity forward prices, which on October 23, 2026, were
priced on the EEX at EUR 173.96 per megawatt hour (MWh), compared with EUR
109.91 per MWh on March 24, 2026, an increase of approximately 58%. Higher
expected electricity prices increase the expected revenue of a solar plant, and
therefore the value of the projects.

Andrea Cattaneo, Chief Executive Officer, commented:

"This valuation confirms that our solar strategy is working. We have assembled
238 MWp of projects for EUR 22.1 million, and they are now independently valued
at EUR 85.6 million, nearly four times what we have agreed to pay, without tying
up our shareholders' capital.

Just as importantly, the value per MWp has continued to rise even as we add new
early-stage projects. The uplift reflects market prices, and the Valuer has
applied only a fraction of the 58% increase in prices.
Next year marks a turning point. Our first sales will convert development value
into cash, with expected proceeds of approximately EUR 28 million from projects
acquired for approximately EUR 9 million, and our first plants will begin
generating revenue.

I firmly believe Zenith's current market valuation does not reflect the value of
this Development Pipeline, let alone our gas production assets and our
international arbitration claims. This is only the beginning of what our solar
business will deliver for shareholders."

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

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 and section 5-12 of the Norwegian Securities Trading Act. The
announcement is made by the contact person.
ant to MAR article 7 and is publicly disclosed in accordance with MAR\
article 17 and section 5-12 of the Norwegian Securities Trading Act. The\
announcement is made by the contact person.\

ZENA: Independent Valuation of Italian Solar Development Pipeline Rises to EUR 85.6 Million

ZENA SDRRegulatory press release03.11.2026 klo 07.52

Read the release

November 3, 2026

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Independent Valuation of Italian Solar Development Pipeline Rises to EUR 85.6
Million

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA; XSAT: ZENA SDR), the international
energy production and development company, is pleased to announce that it has
received an updated independent valuation of its Italian solar development
pipeline (the "Development Pipeline") from Gruppo Amira S.r.l.s. (the "Valuer"),
a Genoa-based consultancy specialising in the Italian energy sector, including
regulatory, grid and incentive matters with ARERA, GSE and Terna, and an
operating member of Italia Solare, the Italian solar industry association.
The valuation reflects a diversified Development Pipeline spanning the
permitting phase through to Ready-to-Build ("RtB") and construction readiness
and is based on specific assumptions and currently available information.

Highlights
-	Independent valuation of the Development Pipeline: EUR 85.6 million, up 56%
from EUR 54.7 million announced on March 31, 2026, and up 211% from EUR 27.5
million announced on December 4, 2025.
-	Development Pipeline capacity increased to 238 MWp, from 173.5 MWp in March
2026.
-	Total agreed acquisition consideration for the entire Development Pipeline is
EUR 22.1 million, an average of approximately EUR 93,000 per MWp. This
represents a value uplift of EUR 63.5 million, with the Development Pipeline now
valued at nearly four times its acquisition cost.
-	The acquisition considerations are only payable once permits are approved, so
value is being created without the Company committing significant acquisition
capital in advance.
-	Average value per MWp increased from approximately EUR 315,000 to EUR 360,000,
despite the addition of approximately 65 MWp of newly acquired, early-stage
projects. The uplift reflects higher Italian power prices, of which the Valuer
has applied only a fraction.

Indicative value per MWp:
-	Average acquisition cost: EUR 93,000 per MWp.
-	Permitting Phase (post land acquisition, pre-RtB): EUR 354,000 per MWp (March
2026: EUR 300,000 per MWp).
-	Ready-to-Build (RtB) stage and under construction: EUR 590,000 per MWp (March
2026: EUR 500,000 per MWp).


Cash Generation Strategy

Zenith expects to complete its first disposals of solar assets between February
and April 2027. These comprise approximately 89 MWp in Piedmont and Lazio, with
expected gross proceeds of approximately EUR 28.3 million (approximately EUR
318,000 per MWp). Pricing for these disposals was negotiated against the March
2026 valuation, when permitting-phase projects were valued at EUR 300,000 per
MWp, representing a premium of approximately 6% to independent value at that
time.

The proceeds will support the progression of the Company's retained Development
Pipeline of 149 MWp towards construction and production. 

The Company's first solar plants in Puglia are under construction and are
expected to begin generating revenue at the beginning of 2027.

Basis of the Valuation

The valuation covers the approximately 238 MWp Development Pipeline, excluding
the Company's 0.5 MWp operational asset in Liguria. Of this, 7 MWp is at RtB
stage or under construction and the remainder is in the permitting phase.
The increase compared with March 2026 reflects two factors: the growth of the
Development Pipeline from 173.5 MWp to approximately 238 MWp, and a
like-for-like increase of approximately 18% in the value per MWp. This reflects
higher Italian electricity forward prices, which on October 23, 2026, were
priced on the EEX at EUR 173.96 per megawatt hour (MWh), compared with EUR
109.91 per MWh on March 24, 2026, an increase of approximately 58%. Higher
expected electricity prices increase the expected revenue of a solar plant, and
therefore the value of the projects.

Andrea Cattaneo, Chief Executive Officer, commented:

"This valuation confirms that our solar strategy is working. We have assembled
238 MWp of projects for EUR 22.1 million, and they are now independently valued
at EUR 85.6 million, nearly four times what we have agreed to pay, without tying
up our shareholders' capital.

Just as importantly, the value per MWp has continued to rise even as we add new
early-stage projects. The uplift reflects market prices, and the Valuer has
applied only a fraction of the 58% increase in prices.
Next year marks a turning point. Our first sales will convert development value
into cash, with expected proceeds of approximately EUR 28 million from projects
acquired for approximately EUR 9 million, and our first plants will begin
generating revenue.

I firmly believe Zenith's current market valuation does not reflect the value of
this Development Pipeline, let alone our gas production assets and our
international arbitration claims. This is only the beginning of what our solar
business will deliver for shareholders."

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

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 and section 5-12 of the Norwegian Securities Trading Act. The
announcement is made by the contact person.
ant to MAR article 7 and is publicly disclosed in accordance with MAR\
article 17 and section 5-12 of the Norwegian Securities Trading Act. The\
announcement is made by the contact person.\