Zenith Energy Advances Exploration for Italy's Largest Uranium Deposits

Zenith Energy’s Lombardy green light: exploration applications accepted for Val Vedello and Novazza

Zenith 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.

Why Val Vedello and Novazza matter: scale, history and a head start underground

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.

Permitting timeline and catalysts investors should watch

The exploration applications have been accepted – a first for any applicant according to the company. The remaining process is structured and time-bound:

• EIA/VIA preparation: underway now, covering baseline environmental, hydrological and ecological studies with stakeholder consultation.
• Submission to MASE: scheduled for January 2026. MASE will form a technical commission (Commissione Tecnica VIA) to evaluate the EIAs.
• Expected licence timing: approximately six months after submission, positioning mid-2026, subject to regulatory review and consultation.

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

Exploration plan: use the tunnels, verify the data, publish compliant resources

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’s shifting energy landscape: why timing could be favourable

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.

Community engagement and governance: a locally anchored approach

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.

Risks and unknowns: what could go wrong

• Permitting risk: EIA approval is still ahead. Timelines and outcomes are subject to review and consultation.
• Political risk: Italy’s policy is evolving, but there is no operational nuclear fleet today. Policy shifts could affect sentiment.
• Resource verification: All historical figures are non-compliant. Modern drilling and QP sign-off are required before any compliant MREs.
• Funding: The initial US$5 million plan looks modest, but no external funding is agreed yet. Future phases will likely require more capital.
• Commodity prices: Project economics will be sensitive to the uranium price cycle.
• Timeline clarity: Minor inconsistency in programme dates; investors should watch for a definitive schedule after VIA submissions.

Josh’s take: a genuine milestone with real potential – and real work to do

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.