Tender Process Oversubscribed and International Bank Selected to Act as Mandated Lead Arranger for Export Credit Agency Supported Non-recourse Project Financing for Its Lagoa Salgada Project in Portugal

• Selected Mandated Lead Arranger for Lagoa Salgada Polymetallic VMS Project, Portugal
• On-boarding and formal engagement to be completed in coming weeks

TORONTO, ON / ACCESSWIRE / October 18, 2023 / Ascendant Resources Inc. (TSX:ASND)(OTCQB:ASDRF)(FRA:2D9) ("Ascendant" or the "Company") is pleased to announce that following a successful and oversubscribed tender process, it has selected an international bank to act as the MLA for its Export Credit Agency ("ECA") Supported Non-Recourse Project Financing at its Lagoa Salgada Project in Portugal. The Company is currently in the process of reviewing the engagement letter and expects to announce the bank and terms in early November.

As announced on September 5th, the Company together with its advisors, SD Capital Advisory Ltd and GKB Ventures Ltd ("S&G"), initiated a tender process to solicit interest from a number of global Project Finance Banks to act as MLA for the Company's ECA supported Non-Recourse Project Financing, supported by the UK Export Finance agency ("UKEF"). The tender process resulted in the Company receiving several compelling bids and has now evaluated the bids based on experience, execution capabilities and financial terms. The institution selected has extensive experience in ECA financing, a strong position and understanding of Portugal, a longstanding relationship with UKEF and presented competitive terms for the financing. The Company is currently undertaking a review of a formal engagement letter with the Bank and will announce terms once signed. Once engaged, the next phase of the process will comprise a formal due diligence period before final binding offers and documentation which are expected to be completed in 2Q 2024.

As outlined previously, UKEF has expressed an interest to provide support for up to US$190 million for the Lagoa Salgada Project, representing 70% of total capital expenditure, interest payable during construction, political risk insurance premium as well as other approved expenditures for each project.

Mark Brennan, Executive Chairman of Ascendant stated, "After receiving several compelling offers, we are confident that we have selected a strong partner to lead our Project Financing and help bring our project towards a fully funded construction decision in Q2 2024".

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 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 step-out targets across the large 7,209-hectare property concession.