RE: Joint Venture with Zenith Energy1 May 2026 08:06
Decent post from finansavisen
At first glance this spin-out looks complicated and a bit messy, but if you strip it back to the fundamentals, there are some very strong positives here for Zenith shareholders.
The key point is the underlying asset. The Lombardy Project represents Italy’s largest known uranium resource base, with historical estimates equivalent to roughly 15 million lbs of uranium across Novazza and Val Vedello. At a uranium price of around $86/lb, that implies a potential in-ground value in excess of $1.2 billion before any exploration upside or resource upgrades.
Where some confusion is coming in is around the £200k investments by Zenith and Ajax for 25% each. This is not a valuation of the uranium assets. The RNS is clear that this capital is being used to fund the IPO process and establish Reveille as a listed vehicle. In other words, this is setup capital, not asset pricing.
The real valuation event will come at IPO and, more importantly, in the months that follow once the market begins to properly price the assets based on updated exploration, modern resource definitions, and uranium market sentiment. Early-stage listings are often conservative by design; the upside is realised as the story develops.
Another important point that shouldn’t be overlooked is that Zenith is not exiting the asset — it is restructuring ownership. Zenith will not only retain a significant equity stake but will also be reimbursed £350k in shares at IPO price for costs already incurred. The company has also indicated it may invest further at IPO, reinforcing its position as a major shareholder.
Strategically, this actually makes a lot of sense. Zenith is an energy company, not a mining developer. Spinning the asset into a dedicated, Europe-focused vehicle with a clear mining and exploration mandate creates a much cleaner story for the market. It also allows the uranium assets to be valued on their own merits rather than being buried inside a broader oil and gas business.
Yes, the 25/25 structure with Ajax raises questions, particularly given Zenith originally held the asset. But if Ajax is effectively providing operational execution, public market experience (via Aquis), and driving the listing process, then there is a logic to sharing equity at this stage — especially if it accelerates development and unlocks value faster.
Zenith were always going to need a partner in the mining industry and at least this way we have gone one that we can trust. Ippolito is going to be managing the project on behalf of Ajax and Zenith and at least we know he is not going to screw over his dad (and therefor us as Zenith shareholders).
The bigger picture here is what matters. Europe is actively reassessing nuclear as part of its long-term energy strategy, and Italy itself is moving back towards nuclear generation. That macro backdrop, combined with existing underground infrastructure and historical exploration, puts these assets in a far stronger
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