Ascendant Resources Announces Non-Brokered Private Placement

• Funds to Progress Project Towards Delivering an Optimized Feasibility study and the Completion of Project Financing for Lagoa Salgada

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

TORONTO, ON / ACCESSWIRE / December 7, 2023 / AscendantResources Inc. (TSX:ASND) ("Ascendant" or the "Company") is pleased to announce a non-brokered private placement for aggregate gross proceeds of up to C$2.776million (the "Offering"). The Company intendsto issue up to 34.7 million common shares of the Company (each a "Common Share") at a price of C$0.08 per Common Share.

The Company intends to use the net proceeds from the Offering toward completing an optimized feasibility study report focused on improved metallurgy and mine sequencing in Q2/2024, progressing project financing and for working capital and general corporate purposes.

Stated Mark Brennan, Ascendant's Executive Chairman, "In conjunction with the recently announced US$4 million funding by Sprott Resources Streaming and Royalty Corp. ("Sprott Streaming"), we are raising additional funds to take Lagoa Salgada to construction funding which is expected by the end of the third quarter of 2024. We have project funding support from UKEF, the UK Export Credit Agency to provide up to US$158 million or up to 70% of our capital requirement to build the Lagoa Salgada project." He continued, "We believe the Lagoa Salgada project has the strong funding support to make it the next producing mine on the Iberian Pyrite Belt which straddles the border of Portugal and Spain."

The Company expects to close the Offering on or about December 15, 2023, and may elect to close the Offering in one or more tranches. The Offering is subject to customary conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange, as well as the satisfaction of other customary closing conditions.

The common shares will be offered on a private placement basis pursuant to the "accredited investor" exemption or other available and agreed upon exemptions from prospectus requirements.

The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.