Ascendant Announces Additional US$4 Million Funding for Its Lagoa Salgada VMS Project in Portugal

• Finalizing amendment of existing Stream Agreement with Sprott Streaming for an additional US$4 million
• Funding to further Optimize Development of Lagoa Salgada
  • Focus on Improved Metallurgical Recoveries, Concentrate Qualities and Optimized Mine Plan and Plant Sizing

TORONTO, November 15, 2023 - Ascendant Resources Inc. (TSX:ASND)(OTCQB:ASDRF)(FRA:2D9) ("Ascendant" or the "Company") is pleased to announce that it is finalizing an amendment to the existing metals purchase and sale agreement (the "Agreement") with Sprott Resource and Streaming Royalty Corp. ("Sprott Streaming"), including an increased deposit of US$4 million against future production at its Lagoa Salgada VMS project ("Lagoa Salgada" or the "Project") in Portugal. The Agreement is being amended to increase the stream percentage to 2.75% of gross metals from 1.75%. To facilitate funding in advance of commercial production, the parties intend to amend the existing 10% secured note from US$15 million to US$19 million.

The amendments are expected to be completed and funded on or about November 29, 2023, although there is no assurance that the transactions will close and the amendments are not legally binding until such time as definitive agreements are executed.

Proceeds will fund development works including metallurgical work aimed to further enhance both recoveries and concentrate qualities at Lagoa Salgada as well as optimizing the mine plan, production scheduling and plant size which are expected to improve Project Economics.

The works will be led by Mr. Val Coetzee who has been appointed as Director of Process Development at Ascendant (as announced on October 16^th, 2023) in conjunction with Independent Technical Consultant DRA Global Limited. Based on this work, an Updated Feasibility Study is expected to be completed by early Q2 2024.

Mark Brennan, Executive Chairman of Ascendant stated, "We are extremely pleased by the continued support of our partners at Sprott Streaming to drive the next stage of development at the Lagoa Salgada Project. With this funding in place, we are now able to pursue various work programs that we believe will provide improvement to the operational process that will add significant economic enhancement to the recently completed feasibility study."

Additionally, following a request by Empresa de Desenvolvimento Mineiro S.A. ("EDM"), the Portuguese State Mining Development Agency, for a 60 day extension to its existing option to participate in or sell up to a 15% interest in the Project by making its election by February 3, 2024 (previously December 2, 2023), Ascendant and Mineral and Financial Investments AG ("M&FI") have agreed to amend the terms of their respective call and put options.

Under the amendments, EDM shall have the right and option, but not the obligation to participate in or sell up to a 15% interest in the Project by making its election by February 3, 2024. If EDM elects to exercise its option, then the Company is entitled to exercise call options causing the transfer of M&FI held shares of the Lagoa Salgada concessionaire, Redcorp Empreendimentos Mineiros, Lda ("Redcorp"), to Ascendant such that Ascendant will continue to own an 80% interest in the Project.

The amendments also provide that M&FI shall have the right and option, but not the obligation, to exercise its put option commencing on the date on which EDM makes its election and terminating four (4) months thereafter, to require Ascendant to purchase all of the Redcorp shares then held by M&FI, representing a 5% interest in Redcorp by paying the put price to M&FI.

The put price would be an amount in US dollars, payable in cash, equal to 5% of the post-tax net present value of the Project provided in the then current feasibility study using a 10.5% discount rate (the "Put Option").

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.

Located just 80km from Lisbon and surrounded by exceptional infrastructure, Lagoa Salgada offers a low-cost entry to a significant exploration and development opportunity, already showing its mineable scale and cashflow generation potential.

Ascendant currently holds a 80% interest in the Lagoa Salgada project through its position in Redcorp - Empreendimentos Mineiros, Lda, ("Redcorp"). 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 http://www.ascendantresources.com/.

Additional information relating to the Company, including the Feasibility Study referenced in this news release, is available on SEDAR at www.sedar.com.

For further information, contact:

Mark Brennan
Executive Chairman, Founder

Mike McAllister
Founder Vice President, Investor Relations
Tel: +1-647-805-5662
mmcallister@ascendantresources.com

Forward Looking Information

This press release contains statements that constitute "forward-looking information" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements contained in this press release include, without limitation, statements regarding the business, the Lagoa Salgada project and timing of completion of studies. In making the forward- looking statements contained in this press release, Ascendant has made certain assumptions, including, but not limited to the likelihood finalizing and signing amendments to the stream agreement and secured note with Sprott Streaming and its affiliate and the benefits of optimization work including improved metallurgical recoveries, concentrate qualities and optimized mine plan and plant sizing at Lagoa Salgada. Although Ascendant believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, Ascendant disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise. Forward-looking information is subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the risks described under the heading "Risks Factors" in the Company's Annual Information Form dated March 31, 2023 and under the heading "Risks and Uncertainties" in the Company's most recent Management's Discussion and Analysis and other risks identified in the Company's filings with Canadian securities regulators, which filings are available on SEDAR at www.sedar.com. The risk factors referred to above are not an exhaustive list of the factors that may affect any of the Company's forward-looking information. The Company's statements containing forward-looking information are based on the beliefs, expectations and opinions of management on the date the statements are made, and the Company does not assume any obligation to update such forward-looking information if circumstances or management's beliefs, expectations or opinions should change, other than as required by applicable law. For the reasons set forth above, one should not place undue reliance on forward-looking information.

SOURCE: Ascendant Resources Inc.