Ascendant Appoints Banco Santander S.A. as Mandated Lead Arranger for Export Credit Agency Supported Project Financing at its Lagoa Salgada Project, Portugal - Seite 2

The appointment of the MLA is on an exclusive basis and sets out the indicative terms upon which the proposed ECA financing is expected to be based. For the avoidance of doubt, the terms are purely indicative and do not constitute an offer of finance or a legally binding commitment of any kind to provide finance. The provision of any binding offer is subject to, among other things: credit and other internal approvals; E&S approvals; satisfactory due diligence and documentation; satisfaction of KYC requirements and other terms customary for this type of transaction.

While the conclusion of project financing remains subject to the granting of construction permits, due diligence, amongst other requirements, the appointment of Santander as MLA is a significant milestone for the project financing of the Lagoa Salgada Project. At Lagoa Salgada, work continues to advance the permitting over the coming months. The Company is preparing the issuance of its 43-101 Feasibility Study and once completed will commence comprising of a formal due diligence period before a final binding offer and documentation.

Mark Brennan, Executive Chairman, stated: "We are very pleased to have Santander as our Mandated Lead Arranger for our Project Financing in partnership with UKEF, and look forward to working with these two experienced and respected institutions and their respective teams. The initiation of the Project Financing process is the next step to make Lagoa Salgada the next producing mine on the Iberian Pyrite Belt."

About Banco Santander S.A.

Banco Santander, S.A is a Spanish multinational financial services company based in Madrid and Santander in Spain. Additionally, Santander maintains a presence in all global financial centers as the 17th-largest banking institution in the world. Although known for its European banking operations, it has extended operations across North and South America, and more recently in continental Asia. It is considered a systemically important bank by the Financial Stability Board.

Santander has been designated as a Significant Institution since the entry into force of European Banking Supervision in late 2014, and consequently is directly supervised by the European Central Bank

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.