Mr. Mark Brennan reports

ASCENDANT ANNOUNCES ADDITIONAL US$4 MILLION FUNDING FOR ITS LAGOA SALGADA VMS PROJECT IN PORTUGAL

Ascendant Resources Inc. is finalizing an amendment to the existing metals purchase and sale agreement with Sprott Resource and Streaming Royalty Corp., including an increased deposit of $4-million (U.S.) against future production at its Lagoa Salgada VMS (volcanic massive sulphide) project in Portugal. The agreement is being amended to increase the stream percentage to 2.75 per cent of gross metals from 1.75 per cent. To facilitate financing in advance of commercial production, the parties intend to amend the existing 10 per cent secured note from $15-million (U.S.) to $19-million (U.S.).

The amendments are expected to be completed and financed on or about Nov. 29, 2023, although there is no assurance that the transactions will close and the amendments are not legally binding until such time as definitive agreements are executed.

Proceeds will finance development works, including metallurgical work aimed to further enhance both recoveries and concentrate qualities at Lagoa Salgada, as well as optimizing the mine plan, production scheduling and plant size which are expected to improve project economics.

The works will be led by Val Coetzee who has been appointed as director of process development at Ascendant (as announced on Oct. 16, 2023) in conjunction with independent technical consultant DRA Global Ltd. Based on this work, an updated feasibility study is expected to be completed by early Q2 2024.

Mark Brennan, executive chairman of Ascendant, stated: "We are extremely pleased by the continued support of our partners at Sprott Streaming to drive the next stage of development at the Lagoa Salgada project. With this funding in place, we are now able to pursue various work programs that we believe will provide improvement to the operational process that will add significant economic enhancement to the recently completed feasibility study."

Additionally, following a request by Empresa de Desenvolvimento Mineiro SA (EDM), the Portuguese state mining development agency, for a 60-day extension to its existing option to participate in or sell up to a 15-per-cent interest in the project by making its election by Feb. 3, 2024 (previously Dec. 2, 2023), Ascendant and Mineral and Financial Investments AG (M&FI) have agreed to amend the terms of their respective call and put options.

Under the amendments, EDM shall have the right and option, but not the obligation to participate in or sell up to a 15-per-cent interest in the project by making its election by Feb. 3, 2024. If EDM elects to exercise its option, then the company is entitled to exercise call options causing the transfer of M&FI held shares of the Lagoa Salgada concessionaire, Redcorp Empreendimentos Mineiros Lda., to Ascendant such that Ascendant will continue to own an 80-per-cent interest in the project.

The amendments also provide that M&FI shall have the right and option, but not the obligation, to exercise its put option commencing on the date on which EDM makes its election and terminating four months thereafter, to require Ascendant to purchase all of the Redcorp shares then held by M&FI, representing a 5-per-cent interest in Redcorp by paying the put price to M&FI.

The put price would be an amount in United States dollars, payable in cash, equal to 5 per cent of the posttax net present value of the project provided in the then current feasibility study using a 10.5-per-cent discount rate.

About Ascendant Resources Inc.

Ascendant Resources is a Toronto-based mining company focused on the exploration and development of the highly prospective Lagoa Salgada VMS project located on the prolific Iberian pyrite belt in Portugal.

We seek Safe Harbor.