Mr. Mark Brennan reports

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

Ascendant Resources Inc. has closed the transaction to amend the metals purchase and sale agreement and related secured note with Sprott Resource and Streaming Royalty Corp. for an increased deposit of $4-million (U.S.). The streaming agreement has been amended to increase the stream percentage to 2.75 per cent of gross metals from 1.75 per cent and the existing 10 per cent secured note has been increased from $15-million (U.S.) to $19-million (U.S.) to facilitate financing in advance of commercial production.

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

Mark Brennan, executive chairman of Ascendant, stated, "We are very pleased by the continued support of Sprott Streaming to enhance Lagoa Salgada to what we believe is its full potential; with this funding in place we are now able to continue to advance our optimization studies, project permitting and project funding."

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.

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