Mr. Mark Brennan reports

ASCENDANT RESOURCES ENTERS TENDER PHASE FOR MANDATED LEAD ARRANGER FOR ITS EXPORT CREDIT AGENCY SUPPORTED PROJECT FINANCING AT ITS LAGOA SALGADA PROJECT IN PORTUGAL

Ascendant Resources Inc. has commenced the tender phase for the mandated lead arranger (MLA) of its export credit agency (ECA) project financing program. As of Sept. 4, 2023, the company and its advisers have issued detailed banking information memorandums to a number of project finance banks which have indicated an interest in being the mandated lead arranger as part of the UKEF-supported (U.K. Export Finance) export credit facilities for the company's 80-per-cent-owned Lagoa Salgada project in Portugal (see press release dated July 5, 2023).

The selection of the MLA is expected to be completed by the end of September. Once an MLA has been appointed, detailed due diligence will commence with the aim of receiving final terms for the ECA-backed project financing at Lagoa toward the end of the year.

As outlined previously, UKEF has expressed an interest to provide support for up to $190-million (U.S.) for the Lagoa project, representing 70 per cent of total capital expenditure, interest payable during construction, the political risk insurance premium as well as other approved expenditures for each project.

As previously announced on April 17, 2023, the company appointed SD Capital Advisory Ltd. and GKB Ventures Ltd. (S&G) to solicit interest for ECA-backed project financing. As a result of this process the company appointed U.K. Export Finance to support potential export credit facility.

UKEF is a department of the U.K. government and is the United Kingdom's official export credit agency. UKEF operates under an act of parliament to support U.K. exports, predominately through the provision of 100-per-cent unconditional guarantees backed by the U.K. government.

Mark Brennan, executive chairman, commented: "We are very pleased to be moving forward to the next stage of determining project financing support to bring the Lagoa Salgada project into development. We look forward to working with UKEF and the future appointed MLA to complete project financing in the coming months."

About Ascendant Resources Inc.

Ascendant Resources is a Toronto-based mining company focused on the exploration and development of the highly prospective Lagoa Salgada volcanogenic massive sulphide project located on the prolific Iberian pyrite belt in Portugal. The Lagoa Salgada project is a high-grade polymetallic project, demonstrating a typical mineralization endowment of zinc, copper, lead, tin, silver and gold. Extensive exploration upside potential lies both near deposit and at prospective stepout targets across the large 7,209-hectare property concession.

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