LONDON: Zenith Energy Ltd. will spin out its Italian uranium exploration business into a newly formed investment company, Reveille Resources Ltd., in a move aimed at unlocking shareholder value from what it calls Italy’s largest known uranium deposits, company said.
The London-listed energy production and development company has agreed to transfer two exploration permit applications for deposits in Italy’s Lombardy region — Val Vedello and Novazza — to Reveille on a “no profit, no loss basis.” Zenith will also make an equity investment in the new entity, which plans to seek admission to trading on the Aquis Growth Market.
Reveille was founded by Ippolito Ingo Cattaneo, CEO of Ajax Resources PLC, and Andrea Cattaneo, CEO of Zenith. Each company has agreed to invest an initial £200,000, securing 25% interests in Reveille’s issued share capital. Zenith will also receive additional Reveille shares valued at £350,000 to reimburse costs incurred on the licence applications and environmental studies.
The Lombardy Project comprises two historically explored uranium deposits. According to Zenith, historical estimates suggest approximately 1,000 tonnes of metallic uranium at Novazza and around 6,000 tonnes of uranium oxide at Val Vedello, with average grades up to 0.1% U₃O₈. The deposits benefit from existing underground workings — more than 16 kilometres of vehicle-accessible tunnels — that could enable lower-cost modern exploration.
Italy banned nuclear power following the 1986 Chernobyl disaster, but the current government led by Giorgia Meloni has proposed reintroducing nuclear energy through small modular reactors. The country’s updated National Integrated Energy and Climate Plan, submitted to the EU in 2024, envisions nuclear providing between 11% and 22% of Italy’s electricity by 2050.
“Our strategy remains focused on building shareholder value through investment in highly prospective natural resource assets,” said Andrea Cattaneo, Zenith’s chief executive. “Creating a separate, European-focused natural resources investment vehicle represents the most compelling value proposition for Zenith shareholders.”
Reveille plans to focus on undervalued historical mineral deposits across Europe that benefit from existing infrastructure but have not achieved full value realisation for geopolitical, technological or historical reasons.
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**EDITOR’S COMMENTARY**
*By [Name], Energy Editor*
Let me start with what this announcement gets right: the infrastructure argument is compelling. Sixteen kilometres of drivable underground tunnels isn’t just a line item — it’s a serious cost advantage. Most junior explorers burn millions just to reach mineralisation. Zenith is essentially inheriting a subway system.
But here’s where my antenna goes up.
The headline resource numbers — 1,000 tonnes of metallic uranium at Novazza, 6,000 tonnes of uranium oxide at Val Vedello — are described as “historical estimates.” That’s code, and regular readers should recognise it. These figures date back to exploration work done in the 1970s and early 1980s. They are not compliant with modern reporting standards like JORC or NI 43-101. The company acknowledges this — the planned 30,000 metres of underground drilling is explicitly designed to “validate historical data” — but the press release places the historical numbers front and centre, where they’ll do the most narrative work.
Politically, the tailwind is real but fragile. Italy’s nuclear reversal is genuine — the Meloni government has moved faster than many expected. But “envisaging” 11-22% nuclear by 2050 is not a permit. The EU’s Critical Raw Materials Act, which Italy adopted in June 2025, notably does not cover uranium. That’s not a deal-breaker, but the press release’s phrasing — “the broader regulatory framework is supportive” — is doing some heavy lifting.
The structure also deserves scrutiny. Zenith is spinning out the asset to Reveille, taking 25% upfront plus additional shares for cost reimbursement, and promising a second IPO investment. That’s not a clean exit — it’s a re-levering. Zenith shareholders retain “material exposure” but through a separate, publicly traded vehicle with its own board, its own fiduciary duties and its own risk profile. Andrea Cattaneo will have a seat on both sides of the table. That’s not unusual in the junior mining space, but it’s worth flagging for governance-watchful investors.
One last thing: the £200,000 initial investment from each of Zenith and Ajax is small for a project of this scale. That suggests the near-term priority is the Aquis listing itself, not aggressive exploration. Investors should watch for how much capital Reveille actually raises at IPO — and how much of it is earmarked for drilling versus administrative costs.
Bottom line: the assets are genuinely interesting. The political context is genuinely improved. But the promotional register of this announcement — “highly prospective,” “significant upside potential,” “flagship project” — is writing cheques that 30,000 metres of underground drilling will eventually have to cash. I’d want to see updated resource estimates before calling this a story, rather than a structure.