Mr. Mark Brennan reports

TENDER PROCESS OVERSUBSCRIBED AND INTERNATIONAL BANK SELECTED TO ACT AS MANDATED LEAD ARRANGER FOR EXPORT CREDIT AGENCY SUPPORTED NON-RECOURSE PROJECT FINANCING FOR ITS LAGOA SALGADA PROJECT IN PORTUGAL

Following a successful and oversubscribed tender process, Ascendant Resources Inc. has selected an international bank to act as the mandated lead arranger for its export-credit-agency-supported non-recourse project financing at its Lagoa Salgada project in Portugal. The company is currently in the process of reviewing the engagement letter and expects to announce the bank and terms in early November.

As announced on Sept. 5, the company together with its advisers, SD Capital Advisory Ltd. and GKB Ventures Ltd., initiated a tender process to solicit interest from a number of global project finance banks to act as MLA for the company's export-credit-agency-supported non-recourse project financing, supported by the U.K. Export Finance agency (UKEF). The tender process resulted in the company receiving several compelling bids, and has evaluated the bids based on experience, execution capabilities and financial terms. The institution selected has extensive experience in ECA financing, a strong position and understanding of Portugal, and a long-standing relationship with UKEF, and presented competitive terms for the financing. The company is currently undertaking a review of a formal engagement letter with the bank and will announce terms once signed. Once engaged, the next phase of the process will comprise a formal due diligence period before final binding offers and documentation, which are expected to be completed in second quarter 2024.

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

Mark Brennan, executive chairman of Ascendant, stated, "After receiving several compelling offers, we are confident that we have selected a strong partner to lead our project financing and help bring our project towards a fully funded construction decision in Q2 2024."

About Ascendant Resources Inc.

Ascendant 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.

Located just 80 kilometres from Lisbon and surrounded by exceptional infrastructure, Lagoa Salgada offers a low-cost entry to a significant exploration and development opportunity, already showing its minable scale and cash flow generation potential.

Ascendant currently holds an 80-per-cent interest in the Lagoa Salgada project through its position in Redcorp -- Empreendimentos Mineiros Lda. The company's common shares are principally listed on the Toronto Stock Exchange under the symbol ASND.

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