Reveille Resources Advances Italian Uranium Projects with Val Vedello EIA Submission and Novazza Site Visit

Val Vedello EIA Submission Initiates Final Regulatory Review in Sondrio Province

The submission of the Val Vedello Environmental Impact Assessment — referred to in Italian as the Valutazione di Impatto Ambientale ("VIA") — to MASE (Ministero dell'Ambiente e della Sicurezza Energetica) marks the start of the final regulatory review process before the exploration licence can be granted. Located in northern Italy's Lombardy region, Province of Sondrio, the Val Vedello project is one of Reveille's two primary uranium assets. The EIA was submitted by FEI, the company's fully owned Italian special purpose vehicle created to hold and develop both the Val Vedello and Novazza uranium projects.

Following the submission, MASE's Commissione Tecnica VIA will conduct an extensive review in compliance with Italian and European Union environmental regulations. This environmental review is the main regulatory step preceding licence issuance. The company expects, based on the permitting schedule, that the Val Vedello EIA review will be completed within six to nine months of submission. Upon approval, the exploration licence is anticipated to be granted, though regulatory timelines may vary depending on the complexity of the review.

Simultaneous Progress of Val Vedello and Novazza Through Environmental Permitting

A key update in the 16 July 2026 announcement is that both of Reveille's uranium projects in Lombardy are now advancing concurrently through Italy's environmental permitting process. FEI previously submitted the Novazza EIA, as announced by Zenith Energy Ltd on 16 April 2026. The Novazza project is located in Valgoglio municipality, Province of Bergamo, Lombardy. The parallel progression of these two EIA processes is a significant operational milestone for Reveille, reflecting its dual-project strategy in northern Italy.

Executive Director Ippolito Ingo Cattaneo commented that the Val Vedello EIA submission means "both of our uranium projects are now progressing through the Italian environmental permitting process." This simultaneous advancement highlights the company's commitment to its Italian strategy and its capability to manage regulatory procedures across multiple assets. Investors may consider whether managing two concurrent EIAs imposes operational or financial pressures at this early exploration stage, although the announcement does not elaborate on this aspect.

MASE Conducts Official Novazza Site Visit on 10 July 2026, Marking Procedural Progress

On 10 July 2026, MASE carried out an official site visit to the Novazza uranium project in Valgoglio, Bergamo Province. The inspection involved MASE representatives and a broad group of national, regional, and local authorities, including the Mayor of Valgoglio, officials from the Lombardy Regional Administration, the Province of Bergamo, and the Italian Institute for Environmental Protection and Research ("ISPRA"). This diverse attendance underscores the importance of the site visit within the statutory environmental review process.

The company regards the site visit as a crucial milestone in advancing the Novazza EIA. Following the inspection, MASE is expected to issue technical observations and requests for additional information to FEI as part of the standard Italian EIA procedure. This step does not imply any negative outcome but represents further progress toward completing the Novazza environmental review. Investors should watch for forthcoming MASE communications regarding Novazza.

Historical Significance of Novazza and Val Vedello Supports Reveille's Italian Focus

Reveille's key assets—the Novazza and Val Vedello uranium deposits in northern Italy—are described as constituting one of Europe's most significant historical uranium districts. According to the announcement's Notes to Editors, the two projects have benefited from over 87,000 metres of historical drilling, approximately 17 kilometres of underground mine development, and an estimated equivalent of hundreds of millions of euros in exploration and development expenditure if replicated today. These substantial historical data underpin the company's geological evaluation.

Historical estimates suggest a combined exploration target of around 15 million pounds of UO8 across both projects. However, the announcement clarifies these figures are historical and not compliant with current internationally recognised mineral resource reporting standards. Reveille's strategy involves applying modern exploration techniques and reporting standards to validate this data and progress toward resource delineation aligned with current standards. This verification process is central to the company's value creation and a material consideration for investors assessing its development stage.

Italian Board and Management Reflect Reveille's Long-Term Commitment to Lombardy

A notable aspect of Reveille's corporate structure, highlighted by Executive Director Ippolito Ingo Cattaneo, is that the board and management team are entirely Italian. Mr Cattaneo stated this reflects the company's "long-term commitment to Italy" and confidence in the country's geological potential. This Italian management composition is a strategic advantage, facilitating effective engagement with Italian government bodies, regional authorities, and local communities throughout permitting and development.

The announcement also notes constructive collaboration with the Italian Government, national, regional, and local authorities, and communities. Mr Cattaneo acknowledged the professionalism and cooperation of MASE representatives, the Mayor of Valgoglio, and other authorities involved in the Novazza site visit. For investors, such stakeholder engagement quality can be an important indicator of project risk, although the announcement does not quantify this factor financially.

Reveille's AQSE Listing and Market Response Since Admission

The 16 July 2026 announcement references Reveille's recent admission to the Aquis Growth Market ("AQSE") earlier that month. Mr Cattaneo noted that since listing, the company has "been encouraged by the strong support shown by investors, reflected in the significant appreciation of the Company's market value." However, the announcement does not provide specific share price, market capitalisation, or percentage change data. Investors seeking detailed market information should consult publicly available trading sources.

This investor support is framed as growing recognition of the "attractive and well-timed opportunity" presented by Reveille's portfolio and strategy. As a newly admitted AQSE company, Reveille remains at an early stage, focusing on establishing regulatory and permitting credentials in Italy rather than financial milestones. The immediate market impact of the 16 July 2026 announcement was not evident from public data. Investors should be aware that shares in early-stage exploration firms on growth markets often exhibit higher volatility compared to established listed companies.

European Energy Security and Increasing Demand for Domestic Uranium Resources

The announcement situates Reveille's Italian uranium projects within the broader European context of rising interest in secure domestic sources of critical raw materials and nuclear fuel. Mr Cattaneo described the Novazza and Val Vedello projects as "a nationally significant opportunity for Italy," potentially contributing to "improving the understanding and responsible development of the country's uranium resources amid growing European interest in secure domestic critical raw materials and nuclear fuel." This positions the company within ongoing European policy discussions on energy security and nuclear fuel supply diversification.

Italy's nuclear energy history is complex, and its regulatory and political landscape regarding uranium exploration may evolve. Reveille's approach of operating within Italy's established regulatory framework—including the MASE EIA process—demonstrates its strategy to navigate this environment. The company also intends to evaluate additional uranium opportunities in Europe and other Western jurisdictions, though no specific targets were disclosed. While the European nuclear energy debate may support uranium exploration firms, investors should independently assess regulatory and geopolitical risks specific to this sector and region.

FEI as the Italian Special Purpose Vehicle Holding Both Uranium Assets

Futuro Energetico Italiano S.r.l. ("FEI") is Reveille Resources Plc's fully owned Italian subsidiary and the legal entity holding and developing both the Val Vedello and Novazza uranium projects. FEI was established as a special purpose vehicle for this purpose. It is through FEI that EIA submissions to MASE have been made, and FEI acts as the primary legal counterparty in Italian regulatory and permitting processes. This corporate structure—a UK-listed parent company with an Italian SPV engaging directly with Italian regulators—is common for international resource companies operating under country-specific regulatory regimes.

The announcement confirms FEI has submitted EIA applications for both projects: Novazza's EIA was submitted prior to 16 April 2026, and Val Vedello's EIA was submitted before the 16 July 2026 announcement. Holding both assets under a single Italian SPV may facilitate regulatory engagement, though investors should consider any risks related to concentrating both projects within one entity; the announcement does not address this specifically.

Expected Six-to-Nine Month EIA Review and Next Steps Toward Exploration Licences

Reveille provided an indicative timeline for the Val Vedello EIA review, expecting completion within approximately six to nine months of submission. This estimate is based on the permitting schedule and is not guaranteed. Upon successful environmental review and approval from MASE, the exploration licence for Val Vedello is expected to be granted. The announcement does not specify the timeline for Novazza's EIA review, which is at a different stage following the 10 July 2026 site visit, with further technical feedback anticipated.

For investors, obtaining exploration licences for both projects would represent a key de-risking milestone, enabling Reveille to advance its exploration and development plans. The company intends to validate historical data, progress exploration, and delineate mineral resources according to internationally recognised standards. Until licences are granted, Reveille remains in the permitting phase, with inherent uncertainties in timing and outcomes. The company's AQSE admission and advisor Allenby Capital Limited provide governance and market oversight relevant to investors evaluating Reveille at this stage.

Risks Specific to Reveille's Italian Uranium Permitting Process

As an early-stage uranium exploration company focused on a single jurisdiction, Reveille carries a distinct risk profile. Its operational progress depends entirely on successful completion of environmental permitting by Italian and EU authorities. Any delays, adverse findings, or additional information requests from MASE during review of the Val Vedello or Novazza EIAs could extend timelines for exploration licence issuance and project advancement.

Moreover, the historical resource estimates cited—including the combined exploration target of about 15 million pounds UO8—are not compliant with current international mineral resource reporting standards. Until Reveille completes modern exploration and reports resources under current standards, these historical figures should not be relied upon as definitive indicators of economic value. Additionally, uranium is a regulated commodity subject to nuclear non-proliferation, national energy policy, and environmental regulations, all potentially impacting long-term project development. The announcement does not disclose financial metrics such as cash reserves, burn rate, or exploration budget.