Mr. Mark Brennan reports

ASCENDANT RESOURCES INC. ANNOUNCES SUBMISSION OF THE ENVIRONMENTAL IMPACT ASSESSMENT ("EIA") FOR ITS LAGOA SALGADA VMS PROJECT, IN PORTUGAL

Ascendant Resources Inc., through its subsidiary, Redcorp -- Empreendimentos Mineiros Ltda. (REM), submitted the environmental impact assessment report (EIA) for its Lagoa Salgada project to the Portuguese environmental authority, APA (Agencia Portuguesa do Ambiente), on Dec. 21, 2023.

The submission of the EIA is the culmination of more than 18 months of data collection, aggregation and analysis prepared by management and internationally renowned consulting experts. The EIA document includes complete environmental baseline studies, hydrological and hydrogeological modelling, human, archeological, fauna and flora characterization, and impact evaluation, along with the mitigation, controls and benefits that will be present over the life of mine (LoM) of the project, from construction to final closure.

It also represents extensive collaboration and relationship development with national and regional authorities and local organizations. In particular, the company has undertaken complex and detailed hydrological and hydrogeological modelling in excess of statutory requirements, which has provided positive outcomes and provides confidence the Lagoa Salgada project has been carefully planned to avoid and mitigate any potential impacts on surface and underground aquifers.

Approval of the EIA is expected to be obtained by the end of June, 2024, for REM, followed by the Recape phase -- environmental compliance report of the execution project (Recape). The Recape phase aims to verify that the execution of the project complies with the criteria established in the EIA; complying with the terms and conditions set forth therein would position the project to be ready for the execution of a formal construction decision once all criteria are determined.

The company is also submitting, as a complementary project, plans to construct a 30-megawatt PV (photovoltaic) plant as part of the environmental licensing process, demonstrating its commitment to sustainability and to reduce carbon emissions. Integrating renewable energy sources like solar power into its Lagoa Salgada project mine operations to meet future mine requirements will have multiple benefits, both in terms of environmental impact and long-term cost savings. In addition to the environmental benefits, incorporating solar energy aligns with best practices for environmental, social and governance (ESG) standards and, at the same time, will make significant strides toward reducing Lagoa Salgada's carbon emissions and operating costs and promote sustainable practices.

Mark Brennan, executive chairman of Ascendant, commented: "We are very pleased to have submitted our EIA assessment, which has been the culmination of an extensive and detailed period of study and analysis by our team and consultants. This submission reflects the next step in bringing the Lagao Salgada project into full development and eventual production. Additionally, the engagement with the local communities has enabled the project to be welcomed in the Grandola and Alcacer do Sal municipalities, and we are confident that we can expect positive outcomes from the EIA review process."

Joao Barros, president of Ascendant, commented, "The extensiveness of our EIA submission and project development work demonstrates our commitment to the advancement and value of the Lagoa Salgada project and represents a key step forward for the Lagoa Salgada project on its development path to become the next operating mine in Portugal, contributing significantly to the country and local communities in which we operate."

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 (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 Ltda. The company's common shares are principally listed on the Toronto Stock Exchange under the symbol ASND.

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