Erratum: Ascendant Resources Increases M&I Resources By 79% and Inferred Resources By 26% on the Copper Stockwork South Zone at Lagoa Salgada

• New Mineral Resource Estimate of 4.4Mt Indicated and 7.7Mt Inferred demonstrates significant growth from successful Phase 1 drill program

• Phase II drill program underway to expand South Zone with intent to eclipse North Zone

• ERRATUM: The increase in M&I Resources of 44% and Inferred Resources of 21% released earlier today were understated

TORONTO, March 03, 2021 -- Ascendant Resources Inc. (TSX: ASND) ("Ascendant" or the "Company") is pleased to announce an updated Mineral Resource Estimate for the copper rich South Zone at its Lagoa Salgada project located on the Iberian Pyrite Belt ("IPB") in Portugal. The new Mineral Resource Estimate was prepared in accordance with Canadian National Instrument 43-101 ("NI 43-101") by Micon International and resulted in a significant upgrade and expansion of the resources at the South Zone at the Lagoa Salgada Volcanogenic Massive Sulphide ("VMS") Project.

Key Highlights:

• South Zone: Indicated Mineral Resources increase 79% to 4.4 Mt at 1.51% CuEq¹.
• South Zone: Inferred Mineral Resources increase 26% to 7.7 Mt at 1.41% CuEq¹.
• Deposit remains open to the north and south on strike and at depth; Phase II drill program ongoing targeting further expansion.
  

The new Mineral Resource Estimate was completed after the recent Phase 1 drill program focused primarily on step-out drilling in the South Zone to increase the resources along strike. Drilling tested the strong geophysical anomaly in the South Zone which remains open to further expansion. Results demonstrate material growth in the stockwork copper-dominant mineralization with the conversion of significant resources into the Indicated and Inferred categories. To date, the South Zone has been delineated by a total of 9,134 metres of drilling.

The Phase II drill program commenced in late January 2021 (see press release dated January 27, 2021). The South Zone sits on a continuous coincidental Induced Polarization ("IP") chargeability anomaly and stockwork mineralization, significantly providing encouragement for potential exploration upside to continue to expand the resource. The zone has an estimated geological strike length of 1.7km. To date only 900 metres of this strike length has been tested, and it remains open both along strike and at depth.

Chris Buncic, President & CEO of Ascendant stated, "As witnessed from the assay results from the drill holes of the Phase 1 drill program as press released in January 2021, the 50m step-out holes included long intercepts with substantial grades that were very exciting and confirmed our thesis of expansion of the South Zone to the south and east. The updated Mineral Resource Estimate and the large increase in resulting tonnage at consistent grades, highlights how it is possible to add material volume to the overall size of the South Zone Resource. We remain very optimistic that Lagoa Salgada can be grown quickly and efficiently to a size of global consequence."

A summary of the new Mineral Resource Estimate for the South Zone is set out in Table 1 below. It should be noted that these resources are in addition to the current Mineral Resource Estimate for the North Zone at Lagoa Salgada:

Table 1: Lagoa Salgada Updated Mineral Resource Estimate

South Zones Mineral Resource Estimate - Effective January 31, 2021

Notes to tables:
1. Mineral resources unlike mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
2. The mineral resources have been estimated in accordance with the CIM Best Practice Guidelines (2019) and the CIM Definition Standards (2014)
3. The resources are reported at a cut-off grade of 1.10 % CuEq.
4. Totals may not tally due to rounding
5. CuEq% = ((Zn Grade*25.35)+(Pb Grade*23.15)+(Cu Grade * 67.24)+(Au Grade*40.19)+(Ag Grade*0.62))/67.24
6. Metal Prices: Cu $6,724/t, Zn $2,535/t, Pb $2,315/t, Au $1,250/oz, Ag $19.40/oz, Sn $19,175/t
7. Densities: Str/Fr=3.0

Table 2 below is a sensitivity table for the South Deposit showing the global mineralized tonnes at various CuEq Cut-off Grades.

Table 2: South Deposit Global Mineralized Tonnes at various CuEq Cut-off Grades

Figure 1: Plan View in the South Zone 2021 Drill Holes:
https://www.globenewswire.com/NewsRoom/AttachmentNg/9c3fd61c-22de-4bbb-80d7-1a453525c57e

The South Zone, which makes up this updated Mineral Resource Estimate, saw a substantial conversion of Inferred Resources to Indicated Resources, growing by 79%. It also grew the Inferred Resource by 26%. While drilling was limited, the results to date are very encouraging to support the future expansion of the resource.

The Mineral Resource Estimate update incorporates all historic drilling, the drill results from the 2018 and 2019 exploration programs and includes all the most recent holes announced in the Company's recent press releases.

¹ CuEq% = ((Zn Grade*25.35)+(Pb Grade*23.15)+(Cu Grade * 67.24)+(Au Grade*40.19)+(Ag Grade*0.62))/67.24

Mineral Resource Estimate

The Mineral Resource Estimate was prepared by MICON INTERNATIONAL LIMITED ("Micon"). The effective date of this Mineral Resource Estimate is January 31, 2021 and it is based on the South Zone within the LS West region of stockwork style mineralization defined by 21 diamond drill holes totalling 9,134 metres up to December 22, 2020. Leapfrog Geo 6.0.4 software was used to construct three dimensional ("3D") solid models of the stockwork mineralization reflecting a minimum grade of 1.1% CuEq and to assign block grades for copper (%), zinc (%), lead (%), tin (%), silver (g/t), gold (g/t) and density (g/cm3) for Indicated and Inferred Mineral Resources using ordinary kriging interpolation methodology and capped 2-m hole assay composites. Up to four interpolation passes were applied using progressively increasing ellipsoid ranges to cover the range of 3D solid model sizes present. Block size is 10 m across strike (x) by 10 m along strike (y) by 10 m vertically (z). Mineral Resource categorization was applied using geometric criteria, i.e., spacing between drill holes/assay composites and variogram ranges.

The new Technical Report to disclose the Mineral Resource Estimate is being prepared in accordance with National Instrument 43-101 ("NI 43-101") and the CIM Standards for mineral disclosure by Micon. This Technical Report will be filed on SEDAR (www.sedar.com) within 45 days of this press release.

Quality Assurance and Quality Control

Analytical work was carried out by ALS Laboratories. Drill core samples were prepared in the ALS Lab, in Seville, Spain. Pulp samples were then sent to their analytical Laboratory in Ireland for analysis. The core samples are analyzed for gold (ppm) by fire assay (Au‐AA25), and for the other elements by multi element analysis of base metal ores and mill products by optical emission spectrometry using the Varian Vista inductively coupled plasma spectrometer (ME-ICPORE). Samples from the Main Resource, LS_MS_DH ID, are also assayed for Tin (Sn) by ICP-AES after Sodium Peroxide Fusion (Sn-ICP81x).

ALS Laboratories has routine quality control procedures which ensure that every batch of samples includes three sample repeats, two commercial standards and blanks. ALS Laboratories is independent from Ascendant. Ascendant used standard QA/QC procedures when inserting reference standards and blanks for the drilling program.

Qualified Persons

The Mineral Resource Estimate contents of this press release have been reviewed and approved by Charley Murahwi, M.Sc., P.Geo., Pr. Sci. Nat., FAusIMM, Senior Economic Geologist, Micon International Limited.

Review of Technical Information

The scientific and technical information in this press release has been reviewed and approved by Robert Campbell, P.Geo., Vice President, Exploration and Director for Ascendant Resources Ltd, who is a Qualified Persons as defined in National Instrument 43-101.

About Ascendant Resources Inc.

Ascendant is a Toronto-based mining company focused on its high-grade polymetallic Lagoa Salgada VMS Project located in the prolific Iberian Pyrite Belt in Portugal.

Ascendant holds an interest in the high-grade polymetallic Lagoa Salgada VMS Project located in the prolific Iberian Pyrite Belt in Portugal. The Company is engaged in exploration of the Project with the goal of expanding the already-substantial defined Mineral Resources and testing additional known targets. The Company's acquisition of its interest in the Lagoa Salgada Project offers a low-cost entry point to a potentially significant exploration and development opportunity. The Company holds an additional option to increase its interest in the Project upon completion of certain milestones.

Ascendant Resources is engaged in the ongoing evaluation of producing and development stage mineral resource opportunities, on an ongoing basis. The Company's common shares are principally listed on the Toronto Stock Exchange under the symbol "ASND". For more information on Ascendant Resources, please visit our website at www.ascendantresources.com.

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.

For further information please contact:

Chris Buncic
President, CEO & Director
Tel: 888-723-7413

cbuncic@ascendantresources.com

Cautionary Notes to US Investors

The information concerning the Company's mineral properties has been prepared in accordance with National Instrument 43-101 ("NI-43-101") adopted by the Canadian Securities Administrators. In accordance with NI-43-101, the terms "mineral reserves", "proven mineral reserve", "probable mineral reserve", "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are defined in the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") Definition Standards for Mineral Resources and Mineral Reserves adopted by the CIM Council on May 10, 2014. While the terms "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are recognized and required by NI 43-101, the U.S. Securities Exchange Commission ("SEC") does not recognize them. The reader is cautioned that, except for that portion of mineral resources classified as mineral reserves, mineral resources do not have demonstrated economic value. Inferred mineral resources have a high degree of uncertainty as to their existence and as to whether they can be economically or legally mined. It cannot be assumed that all or any part of any inferred mineral resource will ever be upgraded to a higher category. Therefore, the reader is cautioned not to assume that all or any part of an inferred mineral resource exists, that it can be economically or legally mined, or that it will ever be upgraded to a higher category. Likewise, you are cautioned not to assume that all or any part of a measured or indicated mineral resource will ever be upgraded into mineral reserves.

Readers should be aware that the Company's financial statements (and information derived therefrom) have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board and are subject to Canadian auditing and auditor independence standards. IFRS differs in some respects from United States generally accepted accounting principles and thus the Company's financial statements (and information derived therefrom) may not be comparable to those of United States companies.

Forward Looking Information

This news release contains "forward-looking statements" and "forward-looking information" (collectively, "forward-looking information") within the meaning of applicable Canadian securities legislation. All information contained in this news release, other than statements of current and historical fact, is forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "budget", "guidance", "scheduled", "estimates", "forecasts", "strategy", "target", "intends", "objective", "goal", "understands", "anticipates" and "believes" (and variations of these or similar words) and statements that certain actions, events or results "may", "could", "would", "should", "might" "occur" or "be achieved" or "will be taken" (and variations of these or similar expressions). Forward-looking information is also identifiable in statements of currently occurring matters which may continue in the future, such as "providing the Company with", "is currently", "allows/allowing for", "will advance" or "continues to" or other statements that may be stated in the present tense with future implications. All of the forward-looking information in this news release is qualified by this cautionary note.

Forward-looking information in this news release includes, but is not limited to, statements regarding the exploration activities and the results of such activities at the Lagoa Salgada Project, the potential to expand mineralization and increase mineral resources and the potential to complete a preliminary economic assessment before year end. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by Ascendant at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different from those expressed or implied by the forward-looking information. The material factors or assumptions that Ascendant identified and were applied by Ascendant in drawing conclusions or making forecasts or projections set out in the forward-looking information include, but are not limited to, the success of the exploration activities at Lagoa Salgada Project, the ability of the exploration results to expand mineralization and increase mineral resources, the ability to complete a preliminary economic assessment before year end and other events that may affect Ascendant's ability to develop its project; and no significant and continuing adverse changes in general economic conditions or conditions in the financial markets.

The risks, uncertainties, contingencies and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking information may include, but are not limited to, risks generally associated with the mining industry, such as economic factors (including future commodity prices, currency fluctuations, energy prices and general cost escalation), uncertainties related to the development and operation of Ascendant's projects, dependence on key personnel and employee and union relations, risks related to political or social unrest or change, rights and title claims, operational risks and hazards, including unanticipated environmental, industrial and geological events and developments and the inability to insure against all risks, failure of plant, equipment, processes, transportation and other infrastructure to operate as anticipated, compliance with government and environmental regulations, including permitting requirements and anti-bribery legislation, volatile financial markets that may affect Ascendant's ability to obtain additional financing on acceptable terms, the failure to obtain required approvals or clearances from government authorities on a timely basis, uncertainties related to the geology, continuity, grade and estimates of mineral reserves and resources, and the potential for variations in grade and recovery rates, uncertain costs of reclamation activities, tax refunds, hedging transactions, uncertainty related to the results of the Company's exploration activities at the Lagoa Salgada Project, as well as the risks discussed in Ascendant's most recent Annual Information Form on file with the Canadian provincial securities regulatory authorities and available at www.sedar.com.

Should one or more risk, uncertainty, contingency, or other factor materialize, or should any factor or assumption prove incorrect, actual results could vary materially from those expressed or implied in the forward-looking information. Accordingly, the reader should not place undue reliance on forward-looking information. Ascendant does not assume any obligation to update or revise any forward-looking information after the date of this news release or to explain any material difference between subsequent actual events and any forward-looking information, except as required by applicable law.