Outcome of Swedish Offering

Zenith announces the outcome of its offering of Swedish Depository Receipts in connection with the planned listing on Spotlight Stock Market - trading is expected to commence on October 7, 2025

The subscription period in Zenith Energy Ltd.'s ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA) issue of Swedish Depository Receipts ("SDR") in connection with the listing on Spotlight Stock Market (the "Offering") ended on September 23, 2025. The Offering was subscribed to approximately SEK 6.9 million, corresponding to a subscription rate of approximately 27.5 percent. The remaining portion up to approximately 79.7 percent subscription of the Offering, corresponding to approximately SEK 13.0 million or approximately 52.2 percent of the Offering, is allocated to guarantors in accordance with entered top-down guarantee commitments. Zenith will receive approximately SEK 19.9 million before issue costs. Through the Offering, Zenith will have over 300 SDR holders. The Company's SDRs are expected to start trading on October 7, 2025, under the ticker ZENA SDR with ISIN-code SE0025938210.

We are very pleased with the strong interest shown in connection with our Swedish listing, and would like to warmly welcome all new investors to Zenith Energy. I look forward to continuing our growth journey together with both current and new investors.", commented Andrea Cattaneo, CEO of Zenith Energy Ltd.

"We are very pleased with the strong interest shown in connection with our Swedish listing and would like to warmly welcome all new investors to Zenith Energy. I look forward to continue on our growth journey together with both current and new investors.", commented Andrea Cattaneo, CEO of Zenith Energy Ltd.

Outcome of the Offering

The subscription period for the Company's Offering of SDRs ended on September 23, 2025. The Offering was subscribed to approximately SEK 6.9 million, corresponding to a subscription rate of approximately 27.5 percent. The remaining portion up to approximately 79.7 percent subscription of the Offering, corresponding to approximately SEK 13.0 million or approximately 52.2 percent of the Offering, is allocated to guarantors in accordance with entered top-down guarantee commitments.

The subscription price in the Offering was SEK 0.45 per SDR. Through the Offering, Zenith will receive approximately SEK 19.9 million before the deduction of issue costs of approximately SEK 1.4 million and cash guarantee compensation of approximately SEK 1.6 million.

Allocation

Decision on the allocation of SDRs has been made in accordance with the principles set out in the memorandum that the Company published on September 8, 2025. In total, approximately 308 accounts have been allocated SDRs. Notification of the allocation of SDRs will be communicated through issuance of transaction notes. Allocated SDRs must be paid for in accordance with the instructions on the transaction note. Notifications will only be sent to those who have been allocated SDRs.

Preliminary timetable

September 24, 2025: Transaction notes are expected to be delivered

September 29, 2025: Settlement date

October 7, 2025: New expected first day of trading in the Company's SDRs

Share Capital, SDRs and dilution

The share capital in the Company will increase by approximately CAD 2,721,418 from CAD 87,490,000 to approximately CAD 90,211,418 and the represented number of outstanding shares will increase by 44,304,602 newly issued shares from 503,985,620 to 548,290,222, resulting in a dilution of approximately 8.1 percent.

All values relating to the share capital increase in CAD are preliminary and based on the CAD/SEK exchange rate of SEK 6.81683 as published by the Riksbank on September 5, 2025.

Advisors

Eminova Partners Corporate Finance AB acts as financial advisor and Advokatfirman Schjødt acts as legal advisor as to Swedish law and McCarthy Tétrault LLP acts as legal advisor as to Canadian law in connection with the Offering. Eminova Fondkommission AB acts as the issue agent.

Information to distributors