Mr. Mark Brennan reports

ASCENDANT RESOURCES ENGAGES LEADING DECARBONIZATION CONSULTANT TO DRIVE CARBON NEUTRALITY AT LAGOA SALGADA

Ascendant Resources Inc. has engaged Synergy Enterprises, a leading firm specializing in greenhouse gas (GHG) accounting and decarbonization strategies, to help Ascendant develop and execute its strategy to be a leader in low-carbon mining at its Lagoa Salgada property in Portugal.

Over the next year, Synergy will measure emissions from current exploration activity and model the projected emissions of the proposed operation being designed in the coming feasibility study, which is expected to be completed toward the end of Q1 2023. Based on the ensuing model, Synergy will create a decarbonization strategy that identifies the key opportunities to reduce emissions, and work with company leadership to set ambitious, achievable GHG emission targets. Ascendant Resources and Synergy will also explore carbon neutrality as a strategy to reduce the overall environmental impact of the proposed project.

The company continues to progress the feasibility study with the aim of minimizing emissions through several initiatives, including the use of electric mining equipment, reducing its environmental footprint and evaluating the introduction of a captive solar plant. Ascendant is fortunate that Portugal's existing power grid is heavily supported by green power.

Heidi Grantner, general manager at Synergy Enterprises, commented: "At Synergy, our mission is to empower businesses to take ambitious action to reduce our global reliance on fossil fuels and limit the worst impacts of climate change. We are excited to begin working with Ascendant Resources, as it is clear the company is committed to being a leader in this space, and we look forward to supporting them along their decarbonization journey."

Mark Brennan, executive chairman of Ascendant, stated: "We are pleased to be working with Synergy to help execute on our strategy to be an industry leader in low-emission mining. We believe Lagoa Salgada will be a low-impact project by nature and we are always looking for ways to limit or neutralize emissions with the aim of achieving carbon neutrality."

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. Through focused exploration and aggressive development plans, the company aims to unlock the inherent potential of the project, maximizing value creation for shareholders.

The Venda Nova deposit at Lagoa Salgada contains over 10.33 million tonnes of measured and indicated resources at 9.06 per cent zinc equivalent and 2.50 million tonnes of inferred resources at 5.93 per cent ZnEq in the North zone and 4.42 million tonnes of indicated resources at 1.50 per cent copper equivalent and 10.83 million tonnes of inferred resources at 1.35 per cent CuEq in the South zone. The deposit demonstrates typical mineralization characteristics of Iberian pyrite belt VMS deposits containing 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. The project also demonstrates compelling economics with scalability for future resource growth in the results of the preliminary economic assessment. Located just 80 kilometres from Lisbon, Lagoa Salgada is easily accessible by road and surrounded by exceptional Infrastructure. Ascendant holds a 50-per-cent interest in the Lagoa Salgada project through its position in Redcorp -- Empreendimentos Mineiros Lda. and has an earn-in opportunity to increase its interest in the project to 80 per cent. The company's interest in the Lagoa Salgada project offers a low-cost entry to a potentially significant exploration and development opportunity, already demonstrating its minable scale.

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