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Well, Zenith is certainly excelerating its transformation into a renewables powerhouse!

Today's RNS confirms the commencement of construction-phase activities for a 7 MWp solar portfolio in Puglia, Italy (Andria-1, Andria-3, and Andria-4), with physical build-out targeted for July 2026 and an estimated €9.1 million sale value once operational—highlighting strong monetization potential from low €3.87 million development costs.

Through WESOLAR, Zenith is efficiently advancing grid connections and financing discussions, de-risking projects while expanding its Italian solar pipeline toward 200 MWp by year-end.

Next, an update on Urainium? Possibly a further update on more solar acquisitions/green loan or a news update on ICSID...?

Genuinely sorry, wrong forum.

Well, Zenith is certainly excelerating its transformation into a renewables powerhouse!

Today's RNS confirms the commencement of construction-phase activities for a 7 MWp solar portfolio in Puglia, Italy (Andria-1, Andria-3, and Andria-4), with physical build-out targeted for July 2026 and an estimated €9.1 million sale value once operational—highlighting strong monetization potential from low €3.87 million development costs.

Through WESOLAR, Zenith is efficiently advancing grid connections and financing discussions, de-risking projects while expanding its Italian solar pipeline toward 200 MWp by year-end.

Next, an update on Urainium? Possibly a further update on more solar acquisitions/green loan or a news update on ICSID...?

Did anyone notice in the interview, the interviewer said about Zeniths current assets being a multiple of its current market cap 18:20 mins in... and perhaps even more exciting they said "We will cover the whole of Zenith in a couple of weeks when we do a full roast with you" Sunday 12th of February... must be some exciting news coming before then otherwise why was it not dicussed now.

Maggoo good find, link https://podcasts.apple.com/gb/podcast/midweek-takeaway-with-andrea-cattaneo-ceo-of/id1593750832?i=1000746817811

Has anyone noticed how Andrea Cattaneo’s language is shifting?

I’ve been going back through the RNS history and the confidence level is night and day compared to 2023.

Back then, it was all about "regret" and "decisive action" to protect the site. Now? He’s using words like "unshakable assessment" and "well-grounded optimism."

But the real "code" is that mention of a "transformational impact" over the "next months." , you don't use the word "transformational" unless there's a massive cash event on the horizon. Since the final court ruling isn't even due until late 2026, IMO it really feels like he's hinting at a settlement being negotiated right now.

By hiring Pinna and the ICJ experts It looks like they’re giving Tunisia one last chance to settle before they go for the full $640M and start seizing planes. "Transformational" indeed.

ZEN legal team is now a four-headed monster...

Just seen the RNS on Andrea Pinna joining the Zenith legal squad for the Tunisia ICSID case. If you look at the names they’ve assembled now, it’s actually a mental lineup. They aren't just hiring "lawyers"; they’ve basically built a four-stage weapon system to make sure Tunisia has zero escape routes:

• Professor Thomas Clay (The Architect): He’s the brains behind the whole strategy. One of the top arbitration minds in France, he knows the treaty law inside out.

• Charles Russell Speechlys (The Muscle): They provide the massive global firm resources to handle the thousands of pages of evidence and the heavy lifting.

• Ben Juratowitch KC (The Trial Specialist): The "ICJ" guy. He’s there for the April hearings to handle the cross-examinations. He’s the one who makes government officials sweat in front of a judge.

• Andrea Pinna (The Repo Man): This is the new RNS. He’s an expert in sovereign immunity. His job is to make sure that once they win, they actually get paid. He knows how to seize state assets (planes, oil, bank accounts) if they try to dodge the bill.

What’s interesting is that Pinna has actually represented Sovereign States before. Zenith has basically hired the guy who knows all the tricks Tunisia might use to avoid paying.

It’s a massive signal. You don’t put together a "dream team" like this—spanning Paris, London, and Washington—if you're planning on taking a small settlement. The CEO's comment about the next few months being "transformational" hits different when you realize he’s hired the best people on the planet to enforce a $640M claim. Tunisia is facing a total "no-exit" scenario come April.

Scoutt its a valid question but, Tunisia trying to buy Zenith won't happen.

Sounds simple but it's not that easy for a few reasons, first off, Zenith is a public company listed on several stock exchanges (London, Oslo, etc.). A takeover wouldn't be a quiet chat, it would be a very public, complicated "hostile takeover bid", lots of rules and regulations there.

Second, the price of £50m is likely way off. shareholders would never agree to sell for that little when they are hoping for a $640 million win in the courts, the company's actual assets in Italy and elsewhere are also worth way more than simple estimates, the board would instantly shut that offer down.

Finally, the whole thing is just politically messy, a sovereign country essentially doing a corporate raid on a foreign company to dodge a debt, that would open up a whole new can of worms legally and diplomatically. It just seems too difficult and risky to pull off.

Tunisaia IMO will have to make an offer at some stage, before, during or after, that is the question, if they ride this to the end that could be risky, but giving a silly low ball offer initially isnt in anyones interest as they know it will simply be rebuffed. Where and what price to start at is the question and the clock is ticking.

AdiAMc69

I can only guess that a strong case like Zenith promotes, the chance of Tunisia making an offer before the hearings has a decent potential, maybe around 30- 40%?

I would also think that the potential award is big enough that Tunisia would probably want to avoid a headline-grabbing loss, but at the same time they might wait to see how the hearings play out or worry about domestic politics.

My opinion only… I would say there’s still a decent chance some kind of offer could come before April but if it doesn’t and if Zeniths case is strong, my my how exciting will it be during April ..

I do still question what significant news will come first, Arbitration, Solar or Urainium .. busy first quarter thats for sure.

AdiMcC69

Issues around company registration and licence approvals are always examined in depth, given the arbitration is now at final submissions with hearings scheduled, it’s highly unlikely this would be a surprise comment used by Tunisia, but if there were a fatal defect, the case would probably not have progressed this far, this has already been discussed, checked and signed off, Tunisia could not have benefitted financial for years accepting Zeniths accurate procedures only to complain at this point.

You are right though, Tunisia will almost certainly argue illegality anyway, apparently it’s a common and expected line of defence in investor state disputes.

Looking ahead to April, there are a few tangible things that could move ZEN, even if they’re just potential updates.

ICSID Arbitration progress – The April deadline marks the last point for Tunisia to make an offer, even a preliminary settlement or meaningful update could be enough to shift market sentiment.

RNS updates, legal signals – the company has expanded its legal team and is preparing for arbitration, any language in upcoming RNSs that hints at progress could be a positive signal.

Solar pipeline milestones – the 110MWp portfolio has been valued at €27.5m, and any news on permitting or JV talks could start converting this optionality into something the market can price.

Uranium project optionality – while still early, even small announcements about potential partners or next steps could be recognized as positive optionality by investors?

The above are all things that could realistically happen before April, going to be exciting over the next couple of months, especially considering how anticipation of past arbitrations drove ZEN from under 5p to 17p.

Would be good to get poeples thoughts on what info they expect to land first? Solar, Urainium or Arbitration?

With the ICSID arbitration deadline in April approaching fast, and considering that the last ICC arbitration was for a substantially smaller sum than the current claim (~$572m), it’s interesting to note that ZEN is still trading around 3.3p. Historically, anticipation of arbitration has driven the stock to 17p. Are we potentially seeing a low before the market reprices?

Maze runner - appreciated.

If the uranium is to be removed as a separate entity listed on the stock exchange, does that mean that it will still be part of Zenith Energy’s portfolio for which we will receive profits or losses or when the entity is to be created, will Zenith Energy receive funds for the removal of this item?

Some decent buying today, expect to see 4p tomorrow.

Must admit, a tad disapointed with the promotion of the Urianium and valuation of the solar pojects only to get a private placing and possibly see as low as 3.2p this week when admission hits on the 16th of December although its likely feeding through now any way, a buy maybe later in the week.

Went through two cups of tea reading that, very interesting read, many thanks.

Construction of 3 solar energy assets in the Puglia region of Italy, one ready to build right now and a further two in the next four months.

90% funding secured through banks with the remaining 10% likely through existing cashflow.

Looking very very good here as potential solar assets are now being converted in to fixed assets.

4.3p to buy now in UK and folks are buying, long way to run... steady as she goes.

Oh I do like an auction now and again.

I am liking this .. Zenith says it plans to use internal funds (cash reserves and operational income), and strategic institutional investment (potentially from outside investors or partnerships), possibly supplemented by government/EU grants.

Existing shareholders aren’t being asked to contribute any additional capital for a project with an indicative in-situ metal value exceeding US$1 billion at current prices. which could equate to $100 million to $200 million in net profit.

Multiple revenue streams all stacking up.

Confidence in Zenith now comes from Italian regional and national authorities (Lombardy & MASE), local municipalities, EU policy bodies, institutional investors via FEI, and existing shareholders, all recognizing its credibility to responsibly redevelop Italy’s largest uranium deposits.

Fantastic RNS.