Ascendant Resources Announces Results of Annual Shareholder’s Meeting

TORONTO, Aug. 06, 2021 - Ascendant Resources Inc. (TSX: ASND) (FRA: 2D9) ("Ascendant" or the "Company") is pleased to announce the voting results of the Company's 2021 Annual Shareholder's Meeting (the "Meeting") held on August 5, 2021, in Toronto, Ontario.

A total of 9,735,012 common shares were voted at the Meeting, representing 10.13% of the votes attached to all outstanding common shares of the Company. All matters presented for shareholder approval at the Meeting were duly authorized and approved as follows:

Number of Directors to be Elected

The number of directors to be elected at the meeting was set at six (6). Details of the voting results are as follows:

Election of Directors

The shareholders elected each of the six nominees listed in the Company's Management Proxy Circular. Details of the voting results are as follows:

Appointment of Auditors

KPMG LLP was appointed auditor of the Corporation and the directors of the Corporation were authorized to fix the auditor's remuneration. Details of the voting results are as follows:

About Ascendant Resources Inc.

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. Through focused exploration and aggressive development plans, the Company aims to unlock the inherent potential of the project, maximizing value creation for shareholders.

The Venda Nova deposit at Lagoa Salgada contains over 10.33 million tonnes of Measured and Indicated Resources @ 9.06 % ZnEq and 2.50 million tonnes of Inferred Resources @ 5.93 % ZnEq in the North Zone; and 4.42 million tonnes of Indicated Resources @ 1.50 % CuEq and 10.83 million tonnes of Inferred resources @ 1.35 % CuEq in the South Zone. The deposit demonstrates typical mineralization characteristics of Iberian Pyrite Belt VMS deposits containing zinc, copper, lead, tin, silver and gold. Extensive exploration upside potential lies both near deposit and at prospective step-out targets across the large 10,700ha property concession. The project also demonstrates compelling economics with scalability for future resource growth in the results of the Preliminary Economic Assessment. Located just 80km from Lisbon, Lagoa Salgada is easily accessible by road and surrounded by exceptional Infrastructure. Ascendant holds a 21.25% interest in the Lagoa Salgada project through its 25% position in Redcorp - Empreendimentos Mineiros, Lda, ("Redcorp") and has an earn-in opportunity to increase its interest in the project to 80%. Mineral & Financial Investments Limited owns the additional 75% of Redcorp. The remaining 15% of the project is held by Empresa de Desenvolvimento Mineiro, S.A., a Portuguese Government owned company supporting the strategic development of the country's mining sector. The Company's interest in the Lagoa Salgada project offers a low-cost entry to a potentially significant exploration and development opportunity, already demonstrating its mineable scale.

The Company's common shares are principally listed on the Toronto Stock Exchange under the symbol "ASND". For more information on Ascendant, please visit our website at www.ascendantresources.com.

Additional information relating to the Company, including the Preliminary Economic Assessment referenced in this news release, is available on SEDAR at www.sedar.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.