Zenith Energy Ltd. · OSL:ZENA
Zenith Energy — Investor Presentation (October 2026)
30 slides from Zenith Energy's investor presentation, October 2026
Slide 1: Presentation
Listed on three European Exchanges: LSE: ZEN OSE: ZENA SPOTLIGHT: ZENA SDR Presentation www.zenithenergy.ca @zenithenergyltd
Slide 2: Zenith Listing History
2 Zenith Energy was founded in Canada by a ZENITH group of entrepreneurs including Andrea LISTING HISTORY Cattaneo in 2007. Its shares currently trade on the Main Market of LSE in London, Euronext Growth Oslo and Stockholm Spotlight. LONDON OSLO STOCKHOLM On January 11, 2017 Zenith Zenith added a se
Slide 3: Three independent value drivers over the next 18 months
3 Zenith Energy is positioned to deliver significant shareholder value over the next 18 months through three independent value drivers: Solar Arbitrations Uranium Turn-key value ICSID Arbitration Combined historical estimates Euro 314.55 million on US $573 million Claim Against of 15 million pounds
Slide 4: Oil & Gas Production
OIL & GAS PRODUCTION
Slide 5: Anticipated increased profits from Italian gas to electricity division
5 IN ADDITION, ZENITH ANTICIPATES INCREASED PROFITS FROM ITS ITALIAN GAS TO ELECTRICITY DIVISION A low-risk jurisdiction with a strong EU regulatory framework • Production was stable: about 8,000 MWh in the eight months to 30 September, broadly flat on 2025. • Price is rising: the PUN Index electric
Slide 6: European Electricity Future Prices
6 EUROPEAN ELECTRICITY FUTURE PRICES • Since the start of hostilities involving the US/Israel and Iran, the European gas benchmark (TTF) has risen to €84/MWh on 14 September, its highest since December 2022 and around 2.5 times the level a year earlier. • Italian gas: day-ahead averaged about €77/MW
Slide 7: Solar Portfolio
SOLAR PORTFOLIO
Slide 8: Italy - Photovoltaic plant development pipeline
8 ITALY- REVENUE GENERATION FROM PHOTOVOLTAIC (SOLAR) PLANT DEVELOPMENT PIPELINE Zenith, through its local subsidiary, WeSolar, is developing a Assets Total Acquisitions pipeline of photovoltaic plants strategically designed to convert Already Acquired planned for 2026 Italy’s high irradiation and s
Slide 9: Capital Recycling Strategy: Compounding Value Creation
9 CAPITAL RECYCLING STRATEGY: COMPOUNDING VALUE CREATION By selling stakes in completed projects and reinvesting the proceeds into new developments, Zenith can multiply value creation, accelerate portfolio growth, and maintain control of operations — all without issuing new equity or taking on new d
Slide 10: Key Solar Valuation Figures
10 KEY SOLAR VALUATION FIGURES Land Acquisition Cost (Average): €96,904 per MWp Park Value at RTB stage: €350,000 per MWp Park Construction Costs from RTB to Electricity Production: €550,000 per MWp Park Sale Value once in Electricity Production: €1,350,000 per MWp Park Predicted Annual Revenue: €17
Slide 11: Valuation of Zenith's Solar Development Pipeline
11 OCTOBER 2026 VALUATION OF ZENITH’S SOLAR DEVELOPMENT PIPELINE Zenith Energy has received the results of an independent valuation of its Italian solar energy development pipeline, conducted by a leading Italian consultancy with specialist expertise in renewable and solar energy projects. The valua
Slide 12: 12 Months Solar Cashflow Outlook
12 12 MONTHS SOLAR CASHFLOW OUTLOOK Limited near-term investment unlocks asset-sale proceeds and recurring production revenue RTB Period Asset disposal Construction/Installation period Income in Production Capacity Total Net Photovoltaic Cash Flow Mwp Sep 26 Oct 26 Nov 26 Dec 26 Jan 27 Feb 27 Mar 27
Slide 13: The Zenith Advantage - Proven Local Operator
13 THE ZENITH ADVANTAGE - A PROVEN LOCAL OPERATOR EXECUTING A STRATEGIC SHIFT FROM GAS TO SOLAR Zenith is not a new entrant — it is an experienced operator now deploying its existing platform to capture high-margin solar growth. Zenith has operated in Italy’s energy market since 2013, building the r
Slide 14: Why Zenith? Why Now?
14 WHY ZENITH? WHY NOW? Zenith possesses the technical permits, regulatory expertise, and established industry relationships needed to efficiently advance solar projects in Italy through government approvals and national grid integration. • Low Economic Risk High and stable prices All acquisitions a
Slide 15: Southern Europe: The Core of Solar Profitability
15 SOUTHERN EUROPE: THE CORE OF SOLAR PROFITABILITY Unlike energy-secure Scandinavia, Italy’s heavy reliance on imported gas (~75%) is driving a powerful surge in renewable demand — at electricity prices up to three times higher than in the Nordics. Solar Irradiation Advantage Higher Revenue & Stron
Slide 16: Arbitrations
ARBITRATIONS
Slide 17: ICSID Arbitration - Current Claim Value: $573 Million
17 ICSID ARBITRATION – CURRENT CLAIM VALUE: $573 MILLION THE HEARINGS FOR THE ICSID ARBITRATION WERE HELD IN THE LAST WEEK OF APRIL 2026, WITH A FINAL DECISION ANTICIPATED IN THE FIRST QUARTER OF 2027. Background of ICSID Arbitration Key Issues in the Arbitration In June 2023, Zenith Energy Africa L
Slide 18: ICSID Arbitration: Calculating the Quantum of the Claim
18 ICSID ARBITRATION CALCULATING THE QUANTUM OF THE CLAIM Appointment of Experts for Revised Claim Explanation of Claims Analysis The value of claims in the ICSID hearing covers the To reflect the full extent of damages sustained, Zenith damages for all harm done to all Zenith assets by the Energy e
Slide 19: Our Legal Team
19 OUR LEGAL TEAM PROFESSOR THOMAS CLAY CHARLES MICHEL CLAY ARBITRATION CLAY ARBITRATION Clay Arbitration is a boutique law firm specialising Charles Michel is the former President of the European in arbitration, founded by Professor Thomas Clay, a Council (2019-2024) and former Prime Minister of Be
Slide 20: Our Legal Team
20 OUR LEGAL TEAM MAITRE SIMON LE WITA BEN JURATOWITCH KC CHARLES RUSSELL SPEECHLYS (CRS), PARIS ESSEX COURT CHAMBERS, LONDON Maitre Simon Le Wita is a partner in the Litigation team of Ben Juratowitch KC is a specialist in public international Charles Russell Speechlys, Paris. He specialises in nat
Slide 21: Our Legal Team
21 OUR LEGAL TEAM JULIE SPINELLI LAW FIRM 16 - PARIS Julie Spinelli is a qualified avocat in France and a specialist in international arbitration, with a focus on investor-State and complex commercial disputes. She has acted as both counsel and arbitrator under leading institutional frameworks, incl
Slide 22: Uranium
URANIUM
Slide 23: Uranium assets spun into Reveille Resources
23 ZENITH HAS SPUN ITS URANIUM ASSETS INTO A STAND- ALONE LISTED COMPANY: REVEILLE RESOURCES A Deliberate Structural Move to Maximise Shareholder Returns Zenith Energy is the largest shareholder in Reveille Resources PLC (AQSE: REV), holding a 25.26% stake in the newly listed company. Reveille holds
Slide 24: The Reveille Board of Directors
24 THE REVEILLE BOARD OF DIRECTORS A board chaired by Mike Pompeo, former director of the CIA and the 70th US Secretary of Michael R. Pompeo Andrea Cattaneo Ippolito Cattaneo State gives us the NON-EXECUTIVE FOUNDER & FOUNDER & access, capital and CHAIRMAN DEPUTY CHAIRMAN E X E C U T I V E D I R E C
Slide 25: Reveille's Uranium Assets: Key Highlights
25 REVEILLE’S URANIUM ASSETS Key Highlights Exclusive Italian Uranium Rights: Val Vedello and Novazza EXTENSIVE UNDERGROUND INFRASTRUCTURE are Italy’s only known uranium mines. 25 KM OF UNDERGROUND WORKINGS • Large Historic Resource Base: Combined historical estimates of 5,000–7,000 tonnes U₃O₈ (~15
Slide 26: Economic Potential
26 ECONOMIC POTENTIAL • Reveille’s Italian uranium project combines the high grades and compact scale of Val Vedello and Novazza with a low initial capital requirement. • The Company’s strategy focuses on building value through resource definition, technical validation, and eventual joint- venture o
Slide 27: Benchmark Comparison
27 BENCHMARK COMPARISON WITHIN THE GLOBAL AND EUROPEAN URANIUM LANDSCAPES ONCE REVEILLE DELIVERS ITS MAIDEN RESERVE REPORT. Reveille Market Enterprise at peer Resources Grade cap* Value US$/lb Ticker Operator Country (Mlb U3O8) (ppm) Production (US$m) (US$m) US$/lb EV/lb (US$m) NYSE: CCJ Cameco Can
Slide 28: Leopard Energy Inc
28 LEOPARD ENERGY INC USA, HOUSTON, TEXAS Leopard Energy Inc. is a US-based oil and gas company that is headquartered in Houston, Texas. It is listed on the OTC market with the symbol: OTCQB: LEEN. • Leopard has 1,270,000 shares in issue and is controlled by Zenith Energy Ltd which acquired 100,000
Slide 29: Team: Directors & Senior Management
29 TEAM Directors Luca Benedetto Dr. Dario Sodero & Senior Management Chief Financial Officer & Executive Director Non-executive Director, Experienced energy industry executive Luca Benedetto trained in Italy as a with strong geological, technical and registered accountant with further exploration e
Slide 30: Contact
CONTACT Zenith Energy Ltd. Andrea Cattaneo Chief Executive Officer E-mail: [email protected] Tel: +1 (587) 315 9031 www.zenithenergy.ca @zenithenergyltd