Ascendant Provides Summary of 2023 Achievements and Outlook for 2024

Ascendant Provides Summary of 2023 Achievements and Outlook for 2024

 

Ascendant Resources Inc. (TSX:ASND)(OTCQB:ASDRF)(FRA:2D9) ("Ascendant" or the "Company"), is pleased to provide a summary of the significant milestones achieved during 2023 and looks forward to another year of continued de-risking and key value creation objectives in 2024 for its Lagao Salgada polymetallic project in Portugal

 

Key Milestones Delivered in 2023

 
  • Published the first NI 43-101 Feasibility Study on our Lagoa Salgada Project in Portugal
    • Post Tax NPV8% of US$147m and a 39% IRR;

Inaugural NI 43-101 compliant Proven and Probable Reserves in the North Zone and South Zones of 14.6Mt at an average NSR of 66.1 USD/t;

 
  • Completed option agreement milestones to reach an 80% ownership in the Project;
  •  
  • Successfully filed its definitive Environmental Assessment Application ("EIA");
  •  
  • Appointed UKEF, the UK Export Credit Agency to support in Export Credit Agency (ECA) support for up to 70% of pre-production costs for Lagao Salgada Construction;
  •  
  • Appointed Santander, one of the worlds leading mining financing banks, as Mandated Lead Arranger (MLA) to arrange non recourse project funding for UKEF supported Project Financing for up to US$158m; and
  •  
  • Advanced towards Carbon Neutrality with appointment of Synergy.
  •  

Mark Brennan, Executive Chairman of Ascendant Resources commented, "Despite a challenging market, the past year has seen tremendous progress at Ascendant and its Lagoa Salgada project. We have achieved several significant milestones and de-risked many aspects of the Project including securing 80% project ownership, technical enhancement, permitting, and financing for construction."

 

He continued, "In 2024 we look to build off these achievements as we work to further optimize the FS work to enhance the project value, continue exploration work outside of the North and South Zones to enhance the resource potential, receive our construction permits, and finalize a low-cost ECA project financing package ahead of a construction decision at Lagoa Salgada in 2H 2024. "

 

Initial Feasibility Study for Venda Nova and Inaugural Reserve Statement

 

On July 25, 2023 the Company announced the results of its initial NI 43-101 Feasibility Study ("FS") for its Venda Nova deposit at its Lagoa Salgada VMS Project in Portugal, based upon an Inaugural Mineral Reserves statement and an updated Mineral Resources Estimate.

 

Highlights of the 2023 Definitive Feasibility Study included:

 
  • Post-tax NPV8% of US$147 million and 39% IRR
  •  
  • Average annual payable zinc equivalent ("ZnEq") production of 124 million lbs per annum over first 5 years
  •  
  • Average All-in Sustaining Cost ("AISC") of US$0.59/lb ZnEq over first 5 years
  •  
  • Robust Average EBITDA of US$75.5 million per annum over the first 5 years
  •  
  • Upfront capex requirement of US$164 million (including US$12 million of contingency)
  •  
  • Inaugural NI 43-101 compliant Proven and Probable Reserves in the North Zone and South Zones of 14.6Mt at an average NSR of US$66.1/tonne
  •  
  • Updated NI 43-101 compliant Mineral Resource of:
    • North Zone: 8.9Mt at 10.52% ZnEq Measured and Indicated and additional Inferred Resources of 0.5Mt at 6.62% ZnEq
    •  
    • South Zone: 10.0Mt at 1.22% Copper Equivalent ("CuEq") Indicated and additional Inferred resources of 8.1MT at 1.16% CuEq.
    •  
  •  
  • Fulfilled option requirement to deliver 80% indirect ownership in the Lagoa Salgada Project;
  •  
  • Optimization Program to enhance NPV, IRR and operational efficiencies is targeted for completion in 2024.
    • Key areas targeted include: improved metallurgy, mine sequencing and a simplified flowsheet.
  •  

Ownership

 

As outlined in the original option agreement post publication of the Feasibility Study, Ascendant fulfilled all of its obligations in relation to the option agreement to secure an 80% interest in the Lagoa Salgada Property. The remaining 20% is currently held by the Company's partner Mineral and Financial Investments AG ("M&FI").

 

Environmental Impact Assessment

 

On December 21, 2023 the Company through its subsidiary, Redcorp, submitted the Environmental Impact Assessment (EIA) for the Lagoa Salgada Project to the Portuguese Environmental Authority, APA ("Agência Portuguesa do Ambiente"). The EIA document includes complete environmental baseline studies, hydrological and hydrogeological modelling, human, archaeological, fauna and flora characterization and impact evaluation, along with the mitigation, controls and benefits that will be present over the Life of Mine ("LoM") of the Project, from construction to final closure.

 

Approval of the EIA is expected to be obtained by the end of June 2024 for REM, followed by 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 Statement ("EIA"); 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.

 

The Company is also submitting as a complementary project, plans to construct a 30MW PV (photovoltaic) plant as part of the environmental licensing process demonstrating our commitment to sustainability reduce carbon emissions. Integrating renewable energy sources like solar power into our Lagoa Salgada project mine operations to meet future mine requirements will have multiple benefits, both in terms of environmental impact and long-term cost savings. In addition to the environmental benefits, incorporating solar energy aligns with best practices for Environmental, Social, and Governance ("ESG") standards and at the same time will make significant strides towards reducing Lagoa Salgada's carbon emissions, operating costs and promote sustainable practices.

 

Project Financing

 

On July 5, 2023 Ascendant announced it has received and accepted an Expression of Interest ("EOI") from UK Export Finance ("UKEF") to support a potential export credit facility for the Company's Lagoa Salgada Project. The EOI provides support for up to 70% of total capital expenditure, interest payable during construction, the political risk insurance premium as well as other approved expenditures for the Project. UKEF is a department of the UK Government and is the UK's official Export Credit Agency ("ECA"). UKEF operates under an Act of Parliament to support UK exports, predominately through the provision of 100% unconditional guarantees backed by the UK Government.

 

On September 5, 2023 the Company announced it had appointed Banco Santander, S.A. ("Santander") as Mandated Lead Arranger ("MLA") in relation to the Export Credit Agency ("ECA") Supported Project Financing of up to US$158 million for the Lagoa Salgada Project in Portugal. UKEF provides political and commercial guarantees to project lenders, thereby lowering the overall project risk to the lender and resulting in lower costs of capital. This reduces the cost of debt to Ascendant whilst at the same time extending tenors and creating debt capacity not normally available in the commercial bank market. To secure such support, project developers commit to a pre agreed level of procurement from UK based organizations for goods, services and materials. UKEF's mandate is to promote and support exports from British companies in the global market.

 

The potential UKEF backed facility is expected to be for up to US$158 million on a non-recourse project financing basis for a total tenor of 7.5 years. The funding will be to cover 70% of the expected project capital expenditures for the Lagoa Salgada Project.

 

Subject to completion of the environmental permitting process and the completion of the project financing documentation Ascendant anticipates to be a position to complete a formal development decision by the end of 2024.

 

Carbon Neutrality

 

On January 23, 2023 the Company announced it had engaged Synergy Enterprises ("Synergy"), a leading firm specializing in greenhouse gas ("GHG") accounting and decarbonization strategies, to help Ascendant develop and execute its strategy to be a leader in low-carbon mining at its Lagoa Salgada Property in Portugal. Synergy has provided a detailed measurement of the emissions from current exploration activity and is currently modelling the projected emissions of the proposed operation outlined in the feasibility study. Based on the ensuing model, Synergy will create a decarbonization strategy that identifies the key opportunities to reduce emissions, and work with company leadership to set ambitious, achievable, GHG emission targets. Ascendant Resources and Synergy will also explore carbon neutrality as a strategy to reduce the overall environmental impact of the proposed project.

 

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 https://www.sedarplus.ca/.

 

For further information, contact:

 
        
Mark BrennanMike McAllister
Executive Chairman, FounderVice 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. 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 https://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.

 

View the original press release on accesswire.com

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District-scale Polymetallic Project in the Prolific Iberian Pyrite Belt

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  • Results demonstrate ability to produce saleable and highly marketable Zinc and Lead concentrates from the Primary Massive Sulphide domain.
  •  
  • Significant improvement in Zinc recoveries (13% increase) and concentrate grades (22% increase) compared to the Feasibility Study.
  •  
  • Metallurgical results, completed at coarser grind sizes supporting simplified flow sheet and lower capital and operating costs relative to the Feasibility Study.
  •  
  • Further improvement anticipated from additional ongoing metallurgical optimization test work.
  •  

Ascendant Resources Inc. (TSX:ASND)(OTCQX:ASDRF);(FRA:2D9) ("Ascendant" or the "Company") provides an update on the optimization metallurgical test program on the primary massive sulphides ("PMS") domain at Lagoa Salgada. The Massive Sulphides are the highest margin domain and a large value driver of NPV for the Lagoa Salgada Project. Bench scale metallurgical testing on composite samples from the PMS ore body were completed by Maelgwyn Metallurgical Laboratories (South Africa) with oversight from Minepro Solutions (Spain) and DRA Global (South Africa

 

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(TheNewswire)

 
       
  Prismo Metals Inc. 
                
 

Vancouver, British Columbia, July 18, 2025 TheNewswire - Prismo Metals Inc. (" Prismo " or the " Company ") (CSE: PRIZ,OTC:PMOMF) (OTCQB: PMOMF) is pleased to announce that further to its news release dated July 3, 2025, the Company has upsized and closed its previously announced non-brokered private placement of units of the Company (" Units ") at an issue price of $0.05 per Unit  (the "Private Placement" ). Due to strong investor demand, the Private Placement was increased from 5,000,000 Units to the issuance of 11,500,000 Units for gross proceeds of $575,000.

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Finlay Minerals Announces Increased Budget for PIL and ATTY Projects

 
 

Finlay Minerals Ltd . (TSXV: FYL,OTC:FYMNF) (OTCQB: FYMNF), the "Company", is pleased to announce that the approved budget under the Earn-In Agreements with Freeport-McMoRan Mineral Properties Canada Inc. ("Freeport") 1 for both the PIL and ATTY Projects, has been increased to a total of $3.6 million .

 
 

  Finlay Minerals Ltd. logo (CNW Group/Finlay Minerals Ltd.) 

 

Both projects are situated in the highly prospective Toodoggone District of British Columbia , which continues to develop as an important copper-gold (Cu-Au) district with significant potential for further discoveries.

 

Initially, the 2025 budget was set at a minimum of $750,000 for the PIL property and $500,000 for the ATTY property. However, these amounts have now been revised to up to $2.6 million for the PIL project and up to $1.0 million for the ATTY project. Both programs are fully funded under the Earn-In Agreements with Freeport . According to these agreements, Freeport may earn an 80% interest in each property by investing a total of $35 million in exploration expenditures and making cash payments totaling $4.1 million over/up to six years.   2 Until the Finlay-Freeport Earn-In Agreements complete, Finlay owns 100% of both properties.

 

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The ATTY Property covers 3,875 hectares of sub-alpine terrain in the southern Toodoggone region, an area known for significant porphyry copper-gold (Cu-Au) and epithermal gold-silver (Au-Ag) deposits. It is located between Centerra Gold's Kemess Project and the JOY Project, held by Amarc Resources and Freeport-McMoRan. The KEM target on the ATTY Property resembles the Kemess North Trend, which is home to the Kemess Underground and Kemess East deposits. Exploration will focus on the Wrich target, located near the copper geochemical anomaly at the SWT target on the JOY Property. This anomaly extends over 2 km and continues onto the ATTY Property for an additional 1.2 km to the southeast.

 

  The 2025 programs at the PIL and ATTY are well underway with:  

 
  • Detailed property-wide, 100 metre line-spaced airborne magnetic surveys completed on both properties;

  •  
  • Detailed geological and alteration mapping and expanded rock and soil sampling on up to 8 target areas on the PIL underway, with the ATTY expected to start by the end of July;

  •  
  • 53 line-km of induced polarization ("IP") geophysical surveys planned on the PIL and 16 line-km on the ATTY, and

  •  
  • Finlay acting as the Operator on both properties.
  •  

Finlay's President and CEO, Ilona Lindsay , states :  

 

  "We are very pleased with the substantial increase in approved funding for both the PIL and the ATTY. This additional funding will allow us to identify and prioritize as many targets as possible for drilling in 2026."  

 

  References:  

 
  1. Freeport-McMoRan (FCX) is a leading international metals company focused on copper, with major operations in the Americas and Indonesia and significant reserves of copper, gold, and molybdenum.

  2.  
  3. Finlay news releases NR 03-25 dated April 17, 2025 entitled: "  Finlay Minerals Enters into Earn-In Agreements with Freeport for its PIL & ATTY Properties " and NR 05-25 dated May 2, 2025 and entitled: "  Finlay Minerals Receives TSX Venture Exchange Approval for PIL Earn-In Agreement. "
  4.  

  Qualified Person:  

 

  Wade Barnes , P. Geo. and Vice President, Exploration for Finlay Minerals and a qualified person as defined by National Instrument 43-101, has approved the technical content of this news release.

 

  About finlay minerals ltd.  

 

Finlay is a TSXV company focused on exploration for base and precious metal deposits with five properties in northern British Columbia :

 

Finlay trades under the symbol "FYL" on the TSXV and under the symbol "FYMNF" on the OTCQB. For further information and details, please visit the Company's website at www.finlayminerals.com   .  

 

  On behalf of the Board of Directors,  

 

  Robert F. Brown ,
Executive Chairman of the Board

 

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

 

   Forward-Looking Information:    This news release includes certain "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements.  Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements in this news release include statements regarding, among others, the exploration plans for the PIL & ATTY Properties. Although Finlay believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration successes, and continued availability of capital and financing and general economic, market or business conditions. These forward-looking statements are based on a number of assumptions including, among other things, assumptions regarding general business and economic conditions, the timing and receipt of regulatory and governmental approvals, the ability of Finlay and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for Finlay's proposed transactions and programs on reasonable terms, and the ability of third-party service providers to deliver services in a timely manner. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Finlay does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future or otherwise, except as required by applicable law.  

 

SOURCE finlay minerals ltd. 

 

 

 

 Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/July2025/17/c1585.html  

 
 

 

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(TheNewswire)

 
        
  Juggernaut Exploration Ltd. 
                   
 

Vancouver, British Columbia TheNewswire - July 17, 2025 Juggernaut Exploration Ltd. (TSX-V: JUGR) (OTCQB: JUGRF) (FSE: 4JE) (the "Company" or "Juggernaut"), further to its July 3, 2025, news release the Company is pleased to announce that it has received approval from the TSX Venture Exchange to close its private placement financing (the "Financing") for aggregate gross proceeds of $1,000,000.

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