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

• Amendment of existing Stream Agreement with Sprott Streaming for an additional US$4 million
• Funding to further Optimize Development of Lagoa Salgada

TORONTO, ON / ACCESSWIRE / December 4, 2023 / Ascendant Resources Inc. (TSX: ASND)(OTCQB:ASDRF)(FRA:2D9) ("Ascendant" or the "Company") is pleased to announce that it has closed the transaction to amend the metals purchase and sale agreement and related secured note with Sprott Resource and Streaming Royalty Corp. ("Sprott Streaming") for an increased deposit of US$4 million. The streaming agreement has been amended to increase the stream percentage to 2.75% of gross metals from 1.75% and the existing 10% secured note has been increased from US$15 million to US$19 million to facilitate funding in advance of commercial production.

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

Mark Brennan, Executive Chairman of Ascendant stated, "We are very pleased by the continued support of Sprott Streaming to enhance Lagoa Salgada to what we believe is its full potential; with this funding in place we are now able to continue to advance our optimization studies, project permitting and project funding."

About Ascendant

Ascendant 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.

Located just 80km from Lisbon and surrounded by exceptional infrastructure, Lagoa Salgada offers a low-cost entry to a significant exploration and development opportunity, already showing its mineable scale and cashflow generation potential.

Ascendant currently holds an 80% interest in the Lagoa Salgada project through its position in Redcorp - Empreendimentos Mineiros, Lda, ("Redcorp"). The Company's common shares are principally listed on the Toronto Stock Exchange under the symbol "ASND". For more information on Ascendant, please visit the Company's website at http://www.ascendantresources.com/.