Zenith Energy Limited advised that the term of its Manage Operate and Maintain (MOM) contract with Incitec Pivot's Phosphate Hill Project is scheduled to come to completion on August 17, 2019. Zenith and Incitec Pivot have ceased negotiations to further extend the contract. Zenith is proud to have provided MOM services to IPL Phosphate Hill since the 2015 initiation of the current agreement, which was extended for 12 months in 2017, and again in 2018. Since then Zenith Energy has continued to grow its Build Own Operate segment portfolio, and the Company has elected to focus its efforts and resources on this segment as it moves forward.

Discontinuation of the IPL Phosphate Hill MOM contract will impact Zeniths fiscal year 2020 forecast EBITDA results by less than $200,000.00, and the company maintains its current fiscal year 2020 guidance as previously disclosed.