Ascendant Resources Inc Files Technical Report for Its Lagoa Salgada VMS Project in the Iberian Pyrite Belt, in Portugal

TORONTO, Oct. 25, 2021 (GLOBE NEWSWIRE) -- Ascendant Resources (TSX: ASND) ("Ascendant" or the "Company”) announces the filing on SEDAR (www.sedar.com) of the new NI 43-101 Preliminary Economic Assessment (“PEA”) entitled “NI 43-101 Technical Report and PEA for the Lagoa Salgada Project”. The report was completed by Quadrante and Igan Ingeniería. The report was prepared in accordance with Canadian Securities Administrators’ National Instrument 43-101 (“NI 43-101“) Standards of Disclosure for Mineral Projects. A summary of the results is highlighted below.

PEA Highlights

• Low capital intensive project with pre production capital cost of $132 million and a post tax payback of 1.5 years
• Post tax NPV8% of $246 Million and Post tax IRR of 55%;
• Average EBITDA of approximately US$117 million and Post Tax Free Cash Flow of approximately US$82 million per annum for the first 5 years;
• Initial Operating Mine Life of 14 years with average throughput of 2.0 million tpa from the North and South Zones of Venda Nova Area at Lagoa Salgada
• World Class Infrastructure in place including existing major highway, water dam, high voltage power line and rail line to nearest ports supporting rapid development
• Ascendant currently advancing the project through feasibility Stage

A table accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/69e39f7f-d102-429f ...

Qualified Persons (QPs)

Technical work on the PEA was guided by João Nunes, Mining Engineer, MSc (MIMMM), director of Quadrante, SA. QUADRANTE, a multidisciplinary engineering and consulting company with more than 23 years of activity and projects completed in Europe, Africa and Americas. QUADRANTE’s activity focuses across 7 main business Units – Industry and Energy (including Mining Segment), Buildings, Transports, Airports, Environment, Water Utilities, and Construction Management and Supervision. QUADRANTE has been involved in recent years in several mining projects, mainly in Portugal, Spain, Chile, Mozambique, and Zimbabwe and has a staff of over 200 employees. The company has significant direct experience at numerous operations within the Iberian Pyrite Belt. João Nunes will act as QP for the NI 43-101 report.