Ascendant Announces Additional US$4 Million Funding for Its Lagoa Salgada VMS Project in Portugal

• Finalizing amendment of existing Stream Agreement with Sprott Streaming for an additional US$4 million
• Funding to further Optimize Development of Lagoa Salgada
  • Focus on Improved Metallurgical Recoveries, Concentrate Qualities and Optimized Mine Plan and Plant Sizing

TORONTO, ON / ACCESSWIRE / November 15, 2023 / Ascendant Resources Inc. (TSX:ASND)(OTCQB:ASDRF)(FRA:2D9) ("Ascendant" or the "Company") is pleased to announce that it is finalizing an amendment to the existing metals purchase and sale agreement (the "Agreement") with Sprott Resource and Streaming Royalty Corp. ("Sprott Streaming"), including an increased deposit of US$4 million against future production at its Lagoa Salgada VMS project ("Lagoa Salgada" or the "Project") in Portugal. The Agreement is being amended to increase the stream percentage to 2.75% of gross metals from 1.75%. To facilitate funding in advance of commercial production, the parties intend to amend the existing 10% secured note from US$15 million to US$19 million.

The amendments are expected to be completed and funded on or about November 29, 2023, although there is no assurance that the transactions will close and the amendments are not legally binding until such time as definitive agreements are executed.

Proceeds will fund development works including metallurgical work aimed to further enhance both recoveries and concentrate qualities at Lagoa Salgada as well as optimizing the mine plan, production scheduling and plant size which are expected to improve Project Economics.

The works will be led by Mr. Val Coetzee who has been appointed as Director of Process Development at Ascendant (as announced on October 16^th, 2023) in conjunction with Independent Technical Consultant DRA Global Limited. Based on this work, an Updated Feasibility Study is expected to be completed by early Q2 2024.

Mark Brennan, Executive Chairman of Ascendant stated, "We are extremely pleased by the continued support of our partners at Sprott Streaming to drive the next stage of development at the Lagoa Salgada Project. With this funding in place, we are now able to pursue various work programs that we believe will provide improvement to the operational process that will add significant economic enhancement to the recently completed feasibility study."