Zenith Energy — M&A Activity 2025

Sep 16, 2025

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Acquisi>on of Solar Energy Project

Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA), the listed international energy production and development company, is pleased to announce the signing of an agreement to acquire a solar energy development project located in the Puglia region of Italy (the "Puglia Acquisition") by its whollyowned Italian subsidiary created to manage its solar energy portfolio, WESOLAR S.R.L. ("WESOLAR").

Key Highlights

• The Puglia AcquisiOon will have a total installed capacity of approximately 6 MWp.
• The Puglia AcquisiOon is categorised as being at 'Development' stage.
• Puglia is one of Italy's most favourable regions for solar energy, having higher solar irradiaOon hours compared to other regions. This results in a superior economic yield for solar energy plants.
• The Puglia AcquisiOon enables Zenith to consolidate its presence in Puglia, while at the same Ome complemenOng its established pipeline in Piedmont and Lazio. Together, these acquisiOons provide the Company with significant development porXolios in Puglia, Lazio and Piedmont, three of Italy's most aZracOve and strategically important regions for solar energy.
• The consideraOon for the Puglia AcquisiOon is EUR 750,000, which includes the purchase of the land hosOng the Puglia AcquisiOon, and will be condiOonal to the achievement of all the necessary permits for it to achieve 'Ready-to-Build' categorisaOon.

Project / Stage	Capacity (MWp)	Status	Notes
Liguria Solar Asset	0.5	ProducOon Upgrade	Currently producing 0.2 MWp, upgrade to 0.5 MWp planned.
Puglia Solar Asset	3.0	Ready-to-Build	All permits obtained, grid connecOon ready, announced on July 30, 2025.
Piedmont Photovoltaic Project	10.0	Development	Originally an agrivoltaics project, but then reclassified to photovoltaic as announced on August 22, 2025.
Lazio Agrivoltaic Projects	15.0	Development	First Lazio acquisiOon (10 MWp) announced Aug 6, 2025. Second acquisiOon (5 MWp) announced on August 27, 2025.
Piedmont Agrivoltaic Development Projects	30.0	Development	MulO-site acquisiOon announced on August 11, 2025.
Puglia Solar Development Asset	6.0	Development	AcquisiOon signed on September 16, 2025.
Total PorKolio	64.5

Zenith Energy Solar PorKolio (as of September 16, 2025)

Andrea Ca[aneo, Chief Execu>ve Officer of Zenith Energy, commented:

"The addi)on of a second solar energy project in Puglia increases our regional development capacity to 9 MWp and marks a further step in strengthening Zenith's Italian solar porAolio.

Together with our development pipeline in Piedmont and Lazio, the Puglia Acquisi)on establishes three development clusters in the most aJrac)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 long-term porAolio value.

We remain focused on a disciplined, step-by-step strategy to build a diversified, scalable and cash-genera)ve solar porAolio.

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 Informa>on:

Zenith Energy Ltd
Andrea CaZaneo, Chief ExecuOve 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 has received conditional approval for listing on the Spotlight Stock Market in Sweden.

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.