Zenith Energy

M&A Activity • Aug 27, 2025

ZENITH ENERGY LTD.

("Zenith" or the "Company")

New acquisi>on of Agrivoltaic Development Project in Lazio, Italy

Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA), the listed interna=onal energy produc=on and development company, is pleased to announce the acquisi=on of an addi=onal agrivoltaic solar energy development project located in the Lazio region of Italy (the "Lazio Acquisi>on").

Key Highlights

• On August 6, 2025, the Company announced the acquisi=on of its first agrivoltaic development project in Lazio.
• The Company has now completed the acquisi=on of an addi>onal 10 hectares of farmland in Lazio for the development of a 5 MWp agrivoltaic solar energy project.
• The total considera=on for the Lazio Acquisi=on is EUR 650,000, including the purchase of the land hos>ng the project, and will be payable condi>onal upon the successful conclusion of the permiXng process and the start of construc>on.
• Agrivoltaic technology enables the dual use of land, combining agricultural produc=on with solar energy genera=on, thereby op=mising land produc=vity.
• The Lazio Acquisi=on enables Zenith to consolidate its presence in Lazio, while at the same =me complemen=ng its established pipeline in Piedmont. Together, these acquisi=ons provide the Company with two significant development porPolios in Lazio and Piedmont, two of Italy's most aRrac=ve and strategically important regions for solar energy.

Project / Stage	Capacity (MWp)	Status	Notes
Liguria Solar Asset	0.5	Produc=on Upgrade	Currently producing 0.2 MWp, upgrade to 0.5 MWp planned.
Puglia Solar Asset	3.0	Ready-to-Build	All permits obtained, grid connec=on ready, announced on July 30, 2025.
Piedmont Agrivoltaic Project	10.0	Development	Reclassified from agrivoltaic to photovoltaic as announced on August 22, 2025.
Lazio Agrivoltaic Projects 15.0		Development	First Lazio acquisi=on (10 MWp) announced Aug 6, 2025. Second acquisi=on (5 MWp) announced on August 27, 2025.
Piedmont Agrivoltaic Development Projects	30.0	Development	Mul=-site acquisi=on announced on August 11, 2025.
Total PorYolio	58.5

Zenith Energy Solar PorYolio (as of August 26, 2025)

Revenues Es>ma>on from 55 MWp Solar Energy PorYolio

Zenith has commissioned a financial projec=on, from an expert consultant in the Italian solar energy industry, to forecast revenues from a 55 MWp solar energy porPolio, applying an assump=on of an alloca=on of 40 MWp in the North of Italy and 15 MWp in the Southern and Central part of the Italian peninsula and using EEX power futures for 2026–2035 (the "Study"). The Study projects annual genera=on of 97,795 MWh and average revenues of about EUR 9 million per year from 2026–2031, easing to roughly EUR 8 million per year thereager. Over the first decade of opera=on, this equates to an es=mated EUR 85.5 million in gross revenue, with a total expected infrastructure life expectancy of approximately 25 years.

Andrea Ca^aneo, Chief Execu>ve Officer, commented:

"The addi)on of a second agrivoltaic project in Lazio increases our regional development capacity to 15 MWp and marks a further step in strengthening Zenith's Italian solar porColio.

Together with our development pipeline in Piedmont, the Lazio Acquisi)on establishes two development clusters in the two most aKrac)ve regions of Italy for solar energy produc)on. This cluster approach is expected to drive opera)ng efficiencies, improve development and construc)on economics, and enhance longterm porColio value.

We remain focused on a disciplined, step-by-step strategy to build a diversified, scalable and cash-genera)ve solar porColio. Based the recent Study commissioned by the Company, a porColio of 55 MWp is projected to generate approximately EUR 8–9 million per annum at steady state once fully opera)onal.

We will con)nue to grow assets under management as opportuni)es arise to build an opera)on with substan)al realisable value that delivers sustainable value 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) and the Euronext Growth of the Oslo Stock Exchange (OSE: ZENA).

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 Regula>on (MAR) Disclosure

The informa=on included in this announcement is defined as inside informa=on pursuant to MAR ar=cle 7 and is publicly disclosed in accordance with MAR ar=cle 17 and sec=on 5 -12 of the Norwegian Securi=es Trading Act. The announcement is made by the contact person.