Zenith Energy

Report Publication Announcement • Jul 22, 2025

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Publica>on of 2025 FY annual audited report

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA; OTCQB: ZENAF), the interna;onal energy produc;on and development company, is pleased to publish its independently audited financial results for the financial year ended March 31, 2025 (the "Annual Report").

The Annual Report has been provided as an aJachment to this regulatory news announcement.

A copy of the Annual Report will also be made available for review on the Company's website: www.zenithenergy.ca.

Key Highlights

During the financial year ended March 31, 2025:

• The Group generated revenues from oil and natural gas of CAD\$2,147k (2024 CAD\$1,788k)
• As of March 31, 2025, inventory consisted of CAD\$2,412k (2024 CAD\$2,031k) related to 11,871 barrels of crude oil that has been produced but not yet sold in Tunisia.
• The Company sold 185,080 Mcf of natural gas from its Italian assets, as compared to 159,119 Mcf of natural gas in the same period for 2024.
• The Company sold 11,321 MWh of electricity from its Italian assets, as compared to 10,270 MWh of electricity in the same period for 2024.

Andrea CaPaneo, Chief Execu>ve Officer, commented:

"The annual audited results for the 2025 FY evidence the con7nued strength of our Italian electricity produc7on ac7vi7es.

As previously announced, we intend to significantly increase our electricity genera7on ac7vi7es in Italy by incrementally building and commissioning a solar energy produc7on porColio, with the first milestone being the achievement of a produc7on output of 20 MWp by the close of 2025.

We regard the recent, deeply disappoin7ng decision in the ICC-2 arbitra7on as a temporary setback. The outcome of ICC-2 reflects a flawed proceeding, marred by serious and repeated procedural irregulari7es, which stands in stark contradic7on to the successful precedent established in ICC-1. It does not in any way diminish the strength of our well-founded claims for damages, which we are confident will be fully recognised in the forthcoming ICSID arbitra7on.

The Board and management team hold unwavering confidence in the Company's ability to deliver significant value to shareholders. This will be driven not only by the compensatory damages expected from a successful ICSID claim and the annulment of the ICC-2 arbitra7on decision, but also by Zenith's growing energy produc7on porColio in Italy, with a focus on renewables and other cri7cal natural resources."

Further Informa>on:

Zenith Energy Ltd
Andrea CaJaneo, Chief Execu;ve Officer	Tel: +1 (587) 315 1279
	E: info@zenithenergy.ca

Notes to Editors:

Zenith Energy Ltd. is a revenue genera;ng, independent energy company with energy produc;on, explora;on 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 the Pink Markets of the OTC (OTC PINK: ZENAF).

Zenith's strategic focus is on pursuing development opportuni;es through the development of proven revenue genera;ng energy produc;on assets, as well as low-risk explora;on ac;vi;es in assets with exis;ng produc;on.

For more informa;on, please visit: www.zenithenergy.ca

TwiJer: @zenithenergyltd

LinkedIn: hJps://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.