ZENA: Publication of 2026 FY Annual Audited Report

July 27, 2026

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Publication of 2026 FY Annual Audited Report

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA; XSAT: ZENA SDR), the international
energy production and development company, is pleased to publish its
independently audited financial results for the financial year ended March 31,
2026 (the "Annual Report"). 

The Annual Report has been provided as an attachment 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, 2026:
o	The Group generated revenues from oil and natural gas of CAD$ 2,327k (2025 -
CAD$ 2,147k) 
o	Inventory consists of CAD$ 1,108k (2025 - 2,412k) related to 11,871 barrels of
crude oil that has been produced but not yet sold in Tunisia.
o	The Company sold 178,778 thousand cubic feet of natural gas ("Mcf") of natural
gas from its Italian assets, as compared to 185,080 mcf of natural gas in the
2025 similar period. 
o	The Company sold 12,121 Megawatt-hour ("MWh") of electricity from its Italian
assets, as compared to 11,321 MWh of electricity in the 2025 similar period. 

The loss for the financial year was significantly impacted by the following
extraordinary items:
o	Extraordinary legal, advisory, administrative and Court costs related to the
arbitration proceedings against the Republic of Tunisia, including the hearing
held in April 2026, totalling CAD$8,041k.
o	Non-cash items, including the fair value calculation of the stock options
issued, totalling CAD$1,397k.
o	Costs associated with the listing on the Spotlight Stock Market in Stockholm,
totalling CAD$1,670k.

In addition, in light of the continuing uncertainty arising from the actions of
the Republic of Tunisia, the Board has decided to make certain adjustments to
present the Company's assets on the most prudent basis possible, whilst
remaining confident of a positive outcome in the ongoing arbitration
proceedings:

o	Impairment of the Company's asset in Tunisia: CAD$5,557k.
o	Impairment of the inventory of oil produced in Tunisia: CAD$1,232k.


Andrea Cattaneo, Chief Executive Officer, commented:

"The financial results for the year reflect a period of significant strategic
investment rather than the underlying performance of the business. The reported
loss was primarily driven by non-recurring legal costs sustained in advancing
our international arbitration proceedings against the Republic of Tunisia,
together with prudent non-cash impairments and other exceptional items. At the
same time, our Italian operations continued to generate revenues while we
executed a number of important strategic initiatives that have materially
strengthened the Company.
During the year, we continued to transform Zenith into a more diversified
international energy company. We significantly expanded our renewable energy
platform in Italy, successfully completed the creation and listing of Reveille
Resources Plc as a dedicated uranium company, commenced construction of our
first solar projects and continued progressing towards our strategic objective
of developing approximately 200 MWp of renewable energy capacity. We also
advanced a number of strategic acquisitions intended to increase future
production and establish additional long-term recurring revenue streams.

Our international legal proceedings remain one of the Company's most significant
value drivers. Across the ICSID and ICC proceedings, our wholly owned subsidiary
claimants are pursuing aggregate claims of approximately US$700 million, while
separately continuing to enforce the final ICC-1 arbitration award already
obtained. Although the timing and outcome of these proceedings remain matters
for the relevant tribunals and courts, we remain extremely confident in the
merits of our claims. Developments following the conclusion of the final ICSID
hearing have further strengthened that confidence and have been of considerable
significance to our legal position. We believe the evidence presented by our
legal team, factual witnesses and independent experts has established a
compelling case, and we look forward to updating shareholders as these
proceedings continue to advance.

The Company enters the new financial year with considerable momentum across each
of its core strategic pillars. Alongside the continued advancement of the
arbitration proceedings, we are progressing a growing portfolio of energy assets
spanning conventional energy, renewable power and uranium, with a clear focus on
creating sustainable long-term shareholder value. The foundations established
during the year position Zenith strongly for the opportunities ahead."
 
Further Information:

 Zenith Energy Ltd
Andrea Cattaneo, Chief Executive Officer
 	 Tel: +1 (587) 315 1279
E: info@zenithenergy.ca

 
Notes to Editors:

Zenith Energy Ltd. is a revenue generating, independent energy company with
energy production, exploration 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 on the
Spotlight Stock Market in Sweden (XSAT: ZENA SDR).

Zenith's strategic focus is on pursuing development opportunities through the
development of proven revenue generating energy production assets, as well as
low-risk exploration activities in assets with existing production.
 

For more information, please visit: www.zenithenergy.ca

Twitter: @zenithenergyltd

LinkedIn: https://bit.ly/3A5PRJb

Market Abuse Regulation (MAR) Disclosure

The information included in this announcement is defined as inside information
pursuant to MAR article 7 and is publicly disclosed in accordance with MAR
article 17 and section 5 -12 of the Norwegian Securities Trading Act. The
announcement is made by the contact person. 
 
cle 7 and is publicly disclosed in accordance with MAR\
article 17 and section 5 -12 of the Norwegian Securities Trading Act. The\
announcement is made by the contact person. \
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