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Zenith Energy's uranium exploration in Italy advances with Lombardy's green light and 2026 EIA submission on the horizon.
This article covers information on Zenith Energy Ltd.
LON:ZENZenith Energy has moved a big step closer to reviving Italy’s historic uranium sector. The Lombardy Region has formally accepted exploration permit applications for Val Vedello (Sondrio) and Novazza (Bergamo) – the country’s largest known uranium deposits. That completes the initial authorisation phase. The final hurdle now is the Environmental Impact Assessment (EIA, or VIA in Italian) with the Ministry for Environment and Energy Security (MASE).
Zenith plans to submit both EIAs in January 2026. The review is expected to take about six months, which could position the exploration licences for mid-2026, subject to regulatory outcomes. For a country that hasn’t exactly raced back to nuclear, this is a notable regulatory milestone.
These deposits aren’t greenfield. They were discovered and developed by AGIP Nucleare from 1959 to 1982, with extensive underground workings and drilling. That legacy infrastructure – multi-level, vehicle-accessible and “ready for immediate re-entry” per the RNS – gives Zenith a fast track for modern exploration without new tunnelling.
Historically, CNEN and AGIP subsidiaries outlined approximately 1,000 tonnes of metallic uranium at Novazza and around 6,000 tonnes of U₃O₈ at Val Vedello, with average grades up to 0.1% U₃O₈. At Novazza, work reached four levels with over 100 diamond drill holes and more than 6 km of underground development, and an Exploration Target of 2.5-3.0 million lb at 0.1-0.2% U₃O₈ was outlined in historical studies. Val Vedello is reported as larger, with 11,000 m of underground development and 60,000 m of drilling.
Important caveat: these figures pre-date modern reporting codes. They are not JORC or NI 43-101 compliant. Zenith’s plan is to verify and remodel the deposits, then publish maiden Mineral Resource Estimates (MREs) to international standards.
The exploration applications have been accepted – a first for any applicant according to the company. The remaining process is structured and time-bound:
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Zenith has established a new Italian special purpose vehicle, Futuro Energetico Italiano SRL (FEI), to hold the projects. The company will consider spinning out or reversing FEI into a separately listed vehicle to attract uranium-focused institutional capital, independent of Zenith’s arbitration and renewables activities.
| Item | Detail |
|---|---|
| Projects | Val Vedello (Sondrio), Novazza (Bergamo), Lombardy |
| Regulatory status | Exploration applications accepted by Lombardy; EIA (VIA) to MASE pending |
| EIA submission | January 2026 (scheduled) |
| Expected licence timing | Mid-2026, subject to approvals |
| Historical work | Novazza: 4 levels, 100+ DDH, >6 km underground; Val Vedello: 11,000 m underground, 60,000 m drilling |
| Historical tonnages | Novazza ~1,000 tonnes U (metallic); Val Vedello ~6,000 tonnes U₃O₈; grades up to 0.1% U₃O₈ |
| Exploration Target (Novazza) | 2.5-3.0 million lb at 0.1-0.2% U₃O₈ (historical studies) |
| CEO historical estimate | ~15 million lb U₃O₈, indicative in-situ metal value exceeding US$1 billion at current prices |
| Initial exploration budget | Approx. US$5 million over three years |
| Funding | Internal resources + potential institutional investment; EU/Italian subsidies pursued; no external funding agreed |
| Corporate vehicle | Futuro Energetico Italiano SRL; potential spin-out or reverse listing |
Zenith’s fieldwork will focus on low-impact, cost-effective steps: digitising and validating historic data, re-surveying existing underground access, confirmatory sampling, radiometric surveys and targeted core drilling from within the mine workings. The aim is to convert decades-old datasets into modern, independently verified MREs under CRIRSCO-aligned codes – specifically NI 43-101 (Canada) and JORC 2012 (Australia).
The company estimates the initial phase will be capped at approximately US$5 million over three years, funded from internal resources and potential institutional investment, with possible support from Italian/EU subsidies under the EU Critical Raw Materials Act. No external funding has yet been agreed.
Note on timelines: the section header references 2026-2028, while a paragraph mentions a 2025-2027 programme commencing post-VIA approval. Given approvals are targeted for mid-2026, the practical start looks like 2026 onwards.
Italy phased out nuclear after the 1987 referendum, reaffirmed in 2011. Since the Ukraine conflict, Europe has refocused on energy security and critical minerals. In that context, the Italian Government has advanced a draft bill to reintroduce nuclear via a national programme focusing on next-generation technologies such as small modular reactors and fusion research.
Public opinion appears to be warming, and uranium mining is distinct from nuclear power generation. The RNS draws a parallel with Australia – a major uranium exporter despite a domestic nuclear ban – to underline that uranium extraction can proceed under robust environmental and safety standards regardless of power policy.
Zenith has formed FEI as an Italian vehicle and has met the Mayors in both municipalities, reporting positive indications of institutional and community support. Early dialogue with authorities is ongoing, with a stated focus on radioprotection, ventilation, waste and water management to protect the Alpine environment during exploration.
Mr. Ippolito Ingo Cattaneo, who initiated the applications, will serve as a Director of FEI. He is CEO and Founder of Ajax Resources Plc and brings financing and development experience in mining projects.
This is one of the more meaningful Italian uranium updates we’ve seen. Acceptance of the applications by Lombardy is progress that previous applicants didn’t achieve. Add ready-to-enter underground infrastructure and a modest initial spend, and Zenith has a credible plan to convert an historic dataset into modern, bankable resources.
On the flip side, nothing replaces compliant MREs, and all the value talk remains indicative until QPs sign off. The EIA process will test community and regulatory alignment, and the funding pathway beyond the first US$5 million is still to be fleshed out. The potential FEI spin-out is interesting – it could surface value and attract specialist institutions – but it is not guaranteed.
Near-term watch list: January 2026 EIA submissions, clarity on exploration timelines, any funding announcements or subsidies, and more detail on the FEI structure. If approvals land by mid-2026 as expected, the story could move quickly from paperwork to drill core.
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