December 4, 2025
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Independent valuation of Zenith's solar energy development pipeline
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA; XSAT:ZENASDR), the listed international energy production and development company, ispleased to announce that it has received the results of an independentvaluationof its existing solar energy development pipeline (the "DevelopmentPipeline").
The independent valuation has been conducted by a prominent Italianconsultancyfirm with recognised expertise in the renewable energy and solar industries.Asit is based on specific assumptions and information, the valuation remainssubject to the inherent risks and uncertainties typical of renewable energyproject development.
Highlightso Total Development Pipeline capacity: 110.5 MWp.o Independent valuation of the Development Pipeline: EUR27,500,000.00(approximately US$32 million / NOK 322 million / SEK 300 million).
Zenith has previously informed the market of its intention to sell a 50%interest in the portfolio once projects reach Ready-to-Build ("RTB") status.Based on the independent valuation, the implied value of a 50% interest isEUR13.75 million.
The Development Pipeline comprises a continuous stream of projects progressingthrough key development milestones, including:
o Securing control of project sites.o Permitting and authorisations for the installation of Photovoltaicpanels andassociated equipment.o Securing connection to the power grid.
RTB is the stage at which the principal permits, authorisations and gridconnection requirements are in place, enabling construction to commence.Following RTB, projects progress through construction and commissioning, withcommercial revenues generated once projects are connected and operational.
Andrea Cattaneo, Chief Executive Officer, commented:
"Zenith is an industrial company with a strong track record of bringing energyassets into production. We began producing oil in July 2010, natural gas inJune2013, and electricity in July 2014.Following the asset seizures carried out by the Republic of Tunisia, we madethestrategic decision to broaden our industrial base by focusing on Europe andexpanding into the development and construction of solar parks. As part ofthisstrategy, we have grown our solar development pipeline from an initial targetof20 MWp to 110.5 MWp.The independent valuation we have received supports this strategic directionandconfirms the potential attractiveness of the 50% interest we plan to offer forsale once the projects reach RTB status. We believe this provides shareholderswith additional reassurance regarding the value-creation potential of ourrenewable energy development activities."
Further Information:Zenith Energy LtdAndrea Cattaneo, Chief Executive Officer Tel: +1 (587) 315 1279E: info@zenithenergy.ca Notes to Editors:
Zenith Energy Ltd. is a revenue generating, independent energy company withenergy production, exploration and development assets in North Africa, the USand Europe.
Zenith Energy is listed on the London Stock Exchange Main Market LSE:ZEN, has its entire common share capital admitted to trading on the Euronext Growth of the Oslo Stock Exchange (OSE:ZENA), and has Swedish Depository Receipts admitted to the Spotlight Stock Market in Sweden (XSAT: ZENA SDR).
Zenith's strategic focus is on pursuing development opportunities through thedevelopment of proven revenue generating energy production assets, as well aslow-risk exploration activities in assets with existing production.
For more information, please visit: www.zenithenergy.ca
Twitter: @zenithenergyltd
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