Mr. Mike McAllister reports

ASCENDANT CLOSES FIRST TRANCHE OF C$2.7 MILLION NON-BROKERED PRIVATE PLACEMENT

Ascendant Resources Inc. has closed the first tranche of its non-brokered private placement announced Dec. 7, 2023. The second and final tranche to complete the offering is expected to close on or about Jan. 5, 2024. The offering is fully subscribed and the company is completing final settlement for the balance of the offering.

Under the first tranche, the company has issued 18,469,375 common shares of the company at a price of eight cents per share for gross proceeds of $1,477,550 in the first tranche. The company intends to use the proceeds from the offering to complete an optimized feasibility study report focused on improved metallurgy and mine sequencing in Q22024, progressing project financing, and for working capital and general corporate purposes.

Securities issued in connection with the offering to persons subject to Canadian securities laws are subject to a hold period of four months and one day in accordance with applicable securities legislation. Certain other securities were issued to persons in offshore jurisdictions pursuant to Ontario Securities Commission Rule 72-503 -- Distributions Outside Canada and such securities are not subject to a statutory hold period.

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.