Ascendant Appoints Banco Santander S.A. as Mandated Lead Arranger for Export Credit Agency Supported Project Financing at its Lagoa Salgada Project, Portugal

• Banco Santander S.A. appointed as Sole Mandated Lead Arranger ("MLA") for up to US$158m in potential UKEF (UK Export Credit Agency) Supported Project Financing for Lagoa Salgada, Portugal

TORONTO, ON / ACCESSWIRE / December 5, 2023 / Ascendant Resources Inc. (TSX:ASND)(OTCQB:ASDRF)(FRA:2D9) ("Ascendant" or the "Company") is pleased to announce that further to the announcement on October 18, 2023, that in relation to the Export Credit Agency ("ECA") Supported Project Financing of up to US$158 million, the Company has appointed Banco Santander, S.A. ("Santander") as MLA for the Lagoa Salgada Project in Portugal.

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 projects. As a result of this competitive process the company received several compelling bids. Together with the Company's advisors the bids were evaluated based on ECA Project Finance Experience, Execution Capabilities and ultimately the Financial Terms for the Project Financing. Santander is a well-respected global institution with extensive experience in ECA financing, a significant presence in Portugal and a longstanding relationship with UKEF. This, together with the competitive and compelling terms presented for the financing were the basis for the Company awarding the Mandate to Santander.

The UKEF backed facility is expected to be for up to US$158 million on a non-recourse project financing basis for a total tenor of 7.5 years. The funding will be to cover 70% of the expected project capital expenditures for the Lagoa Salgada Project.

As is common for ECA supported Project Financing, UKEF provides political and commercial guarantees to project lenders, thereby lowering the overall project risk to the lender and resulting in lower costs of capital. This reduces the cost of debt to Ascendant whilst at the same time extending tenors and creating debt capacity not normally available in the commercial bank market. To secure such support, project developers commit to a pre agreed level of procurement from UK based organizations for goods, services and materials. UKEF's mandate is to promote and support exports from British companies in the global market.