Mr. Mark Brennan reports

ASCENDANT RESOURCES ANNOUNCES NON-BROKERED PRIVATE PLACEMENT

Ascendant Resources Inc. has arranged a non-brokered private placement for aggregate gross proceeds of up to $2,776,000. The company intends to issue up to 34.7 million common shares of the company at a price of eight cents per common share.

The company intends to use the net proceeds from the offering toward: completing an optimized feasibility study report focused on improved metallurgy and mine sequencing in the second quarter of 2024; progressing project financing; and working capital and general corporate purposes.

Mark Brennan, Ascendant's executive chairman, stated: "In conjunction with the recently announced $4-million (U.S.) funding by Sprott Resources Streaming and Royalty Corp., we are raising additional funds to take Lagoa Salgada to construction funding, which is expected by the end of the third quarter of 2024. We have project funding support from UKEF [U.K. Export Finance], the U.K. export credit agency, to provide up to $158-million (U.S.), or up to 70 per cent of our capital requirement, to build the Lagoa Salgada project. We believe the Lagoa Salgada project has the strong funding support to make it the next producing mine on the Iberian pyrite belt, which straddles the border of Portugal and Spain."

The company expects to close the offering on or about Dec. 15, 2023, and may elect to close the offering in one or more tranches. The offering is subject to customary conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange, as well as the satisfaction of other customary closing conditions.

The common shares will be offered on a private placement basis, pursuant to the accredited investor exemption or other available and agreed-upon exemptions from prospectus requirements.

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 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.

We seek Safe Harbor.