Ascendant Files Final Stage Submission of its Environmetal Impact Assessment for Its Lagoa Salgada Project, Portugal

• Final stage of Lagoa Salgada EIA application before entering the RECAPE process, has been submitted for review to APA, the Portuguese environmental agency.

• The 60 day RECAPE review, aims to verify that the execution of the project complies with the criteria established in the Environmental Impact Declaration. Once verified, and subject to APA approval, the project is expected to receive its environmental title.

TORONTO, July 15, 2024 - Ascendant Resources Inc. (TSX:ASND)(OTCQX:ASDRF)(FRA:2D9) ("Ascendant" or the "Company") is pleased to announce, the successful submission of additional and revised information as part of the final stage in the Environmental Impact Assessment ("EIA") process for its Lagoa Salgada project, through its Portuguese subsidiary, Redcorp - Empreendimentos Mineiros, Lda ("Redcorp"). This final submission is in response to a request from Agência Portuguesa do Ambiente ("APA"), the Portuguese environmental regulatory body, and is subject to no additional requests prior to approval of the EIA.

EIA Delivery Timeline:

• Submission of Additional Material: As anticipated, APA requested further information, which has been compiled and submitted by Ascendant's technical team and environmental consultants.

• Pre-Phase Review Timetable: The 90-working day review period was paused upon APA's request for additional information and has now resumed with the submission of the requested data.

• Declaration of Conformity: Ascendant expects to receive a "declaration of conformity" for the EIA within the next 20 working days.

• Public Consultation: Following the declaration, there will be a period of public consultation and a review by APA's Evaluation Committee.

• Final Technical Statement: The results from the public consultation and the Evaluation Committee's review will form the basis for the Committee's "Final Technical Statement," allowing APA to prepare the Environmental Impact Declaration ("DIA") and grant the project its DIA.

• Completion of Pre-Phase: This will complete the 'Pre-Phase' stage of the EIA application process. The project will then move to the second stage, "RECAPE," expected to take 60 working days for its review once delivered to APA. Subject to APA's approval, the project will receive its Environmental Title.

Upon approval of the EIA, the project will enter the RECAPE phase - Environmental Compliance Report of the Execution Project ("RECAPE"). The RECAPE phase aims to verify that the execution of the project complies with the criteria established in the Environmental Impact Declaration ("DIA"); complying with the terms and conditions set forth therein would position the project to be ready for the execution of a formal construction decision once all criteria are determined and approved. While in this phase, the Company may be authorized to initiate select minor early works on the Project. This phase and receipt of the RECAPE, expected during Q4, 2024 would allow the Company to begin construction of the Lagoa Salgada Project.

Mark Brennan, Chairman of Ascendant stated, "APA's request for additional information and revisions is a standard part of the EIA approval process in Portugal. I commend our technical team and external consultants for their comprehensive and high-quality responses to APA's requests." In addition, he stated, "We continue to work extremely closely with the regulators, the community and various Portuguese government departments to advance our Lagoa Salgada project. The efficiency of the process is a testament to the government of Portugal and our status as a PIN Project. The approval of the EIA, is another milestone that would establish the Lagoa Salgada Project's position as one of the most advanced projects on the Iberian Pyrite Belt today."

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 an 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 is available on SEDAR+ at www.sedarplus.ca.

For further information, contact:

Mark Brennan
Executive Chairman, Founder

Mike McAllister
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 the potential approval of the EIA, receipt of the DIA and other permitting processes including moving into the RECAPE phase. In making the forward- looking statements contained in this press release, Ascendant has made certain assumptions, including, but not limited to potential programs or involvement with University of Lisbon. 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 April 3, 2024 and under the heading "Risks and Uncertainties" in the Company's Management's Discussion and Analysis for the years ended December 31, 2023 and 2022 and other risks identified in the Company's filings with Canadian securities regulators, which filings are available on SEDAR+ at www.sedarplus.ca. 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.