Ascendant Reports Significant Metallurgical Improvements at Its Lagoa Salgada VMS Project, Portugal

Ascendant Reports Significant Metallurgical Improvements at Its Lagoa Salgada VMS Project, Portugal

  • 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

Following completion of the July 2023 43-101 Feasibility Study ("FS"), Ascendant initiated an optimization program for metallurgical performance to improve metal recoveries, concentrate grades and characterization of the deleterious elements in order to enhance the revenue potential for its Lagoa Salgada Project. The initial phase of the optimization program has been focused on the Primary Massive Sulphide mineralization from its Venda Nova North Sector, as this zone is the major revenue contributor for the project and is exploited early in the mine life. In addition to the metallurgical work, the company continues to progress its environmental permitting activities and expects to be granted the permit in Q3/24 which would position Lagoa Salgada as the next mine ready project on the Iberian Pyrite belt.

Key Highlights:

  • Results from the optimization phase metallurgical Locked Cycle flotation testing conducted by Maelgwyn Metallurgical Lab has achieved:
  • Zinc Concentrates at 43% Zn (+8% points or 22% higher grade than FS results) with a corresponding Zn recovery of 79% (+9% points or a 13% increase in Zn recovery to concentrate as compared to the FS); and
  • Lead Concentrates at 24% Pb with a Lead recovery of 53%, from a sample with comparatively lower contained Pb in feed, confirming the lead recovery potential demonstrated in the FS testing phase.
  • Results demonstrate the potential to produce saleable and highly marketable Lead and Zinc concentrates from the PMS domain.
  • Demonstrated potential to lower operating and capital costs relative to the current FS as a result of using a proven flotation reagent suite, simplified flowsheet, and coarser primary grind.
  • Optimization bench scale test work is ongoing for the Stockwork domain, where initial open circuit test work has also demonstrated improved Zinc recovery and concentrate grades, with an efficient separation of Copper and Lead for discrete concentrate production.
  • Further optimisation work on the Gossan and Transition domains to commence shortly.

Mark Brennan, Chairman of Ascendant stated, "This is a very exciting step forward for the Lagoa Salgada project. The metallurgical test work optimization program carried out on the zinc and lead sulphide dominant mineralisation (PMS) has returned exceptional recoveries and grades via a simplified and straightforward flotation process delivering highly marketable zinc and lead concentrates. It compares favourably to current zinc and lead producers and is positioned at the higher end of benchmarks for the Iberian Pyrite Belt.

Furthermore, these recoveries have been achieved at coarse grind sizes with an industrially proven reagent suite supporting a simple and conventional process flowsheet that will potentially result in lower capital and operating costs to those typically observed in Iberian Pyrite Belt operations of this scale.

Optimization of metallurgical test works continues for the remaining ore domains as we complete our optimization program for the planned updated Feasibility Study of our Lagoa Salgada VMS project."

Metallurgical Testing Update

The recent metallurgical testing on a composite sample from the PMS ore body at Lagoa Salgada was conducted by Maelgwyn Laboratories, with oversight from Minepro and DRA Global. Composite head grades are presented in Table 1.

Table 1. PMS composite sample chemical assays

Cu
(%)

Pb
(%)

Zn
(%)

Fe
(%)

Ag
(ppm)

As
(ppm)

Bi
(ppm)

Cd
(ppm)

Hg
(ppm)

Sb
(ppm)

PMS Composite Sample

0.25

2.84

4.47

39.00

54.9

15,961.3

85.2

224.0

423.0

589.0

Through the implementation of an optimized circuit configuration, along with a new reagent suite and coarser primary grinding, the test work has yielded enhanced Zinc concentrate grades and recoveries. Additionally, it has showcased the potential to streamline the process flow sheet, decrease grinding size, and diminish penalty elements. These modifications are anticipated to lead to cost savings in operations owing to a simplified process compared to the feasibility study.

Seven flotation tests were carried out in open circuit, alongside two locked cycle tests, utilizing the described composite sample. The most successful open circuit test identified the circuit configuration and reagent regimes for the locked cycle tests, with performance metrics outlined in Table 2 below:

Table 2. Highlighted Metallurgical Results

July 43-101 Feasibility Study

Latest Test Results

PMS Results

Zn Concentrate

Pb Concentrate

Zn Concentrate

Pb Concentrate*

Primary grind Size (microns)

29

29

30

45

Regrind Size (microns)

15

7

15

10

Grade in Concentrate (%)

35%

30%

43%

24%

Primary Metal Recovery (%)

70%

60%

79%

53%

The Zinc circuit performance indicates that a concentrate with saleable grade can be produced with a recovery ranging around 79%. Based upon the calculated grade/recovery curves a concentrate grade +45% Zinc with slightly lower recoveries is expected to be achieved at an industrial scale. Additionally, selectivity and cleaning have notably improved compared to previous works, leading to lower penalties content. The Zinc concentrate now exhibits arsenic levels below 1.5% and antimony levels in the range of 500 ppm (0.05%). Mercury grades are awaiting confirmation as the reconstructed head grade reveal a lower mercury concentration than the initial head grade sample analysis.

Lead concentrates at 24% Pb with a lead recovery of 53% align with previous works completed for the FS, as the head grade of the current composite sample exhibits lower contained metal (1% less Pb content than the FS sample), confirming the lead recovery potential demonstrated in the FS testing phase.

Additional testing on the remaining orebodies is currently underway, with completion of the Stockworks testing expected in the next few weeks and the results for the remaining lesser valued domains expected to be incorporated into a planned updated Feasibility Study scheduled towards Q3 of this year.

Review of Technical Information

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

The scientific and technical information contained in this release in relation to metallurgical test work has been approved and verified by Mr. David Castro López (MIMMM), who serves as Process Engineer at Minepro Solutions and is a "Qualified Person" in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

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.sedar.com.

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 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 outcomes associated with metallurgical testing and optimization works at the Lagoa Salgada Project. 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 year ended December 31, 2023 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.



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Group Eleven Drills Best Hole Yet at Ballywire: 39.7m of 9.5% Zn+Pb, 131 g/t Ag and 0.27% Cu, incl. 5.6m of 16.6% Zn+Pb, 370 g/t Ag and 0.86% Cu

Group Eleven Resources Corp. (TSXV: ZNG) (OTCQB: GRLVF) (FSE: 3GE) ("Group Eleven" or the "Company") is pleased to announce the latest step-out drill results from the Zn-Pb-Ag horizon at its Ballywire discovery ("Ballywire") at the 100%-owned PG West Project ("PG West"), Republic of Ireland. Drilling at Ballywire's deeper, Cu-Ag target is in progress (to be reported in due course).

Highlights:

  • 25-3552-35 (a 50m step-out to the NE from previous drilling, along the Zn-Pb-Ag horizon) intersected:
    • 53.9m of 7.9% Zn+Pb (4.7% Zn and 3.2% Pb), 99 g/t Ag and 0.20% Cu, including
    • 39.7m of 9.5% Zn+Pb (5.6% Zn and 3.9% Pb), 131 g/t Ag and 0.27% Cu, including
    • 18.3m of 16.1% Zn+Pb (8.9% Zn and 7.2% Pb), 233 g/t Ag and 0.42% Cu, including
    • 5.6m of 16.6% Zn+Pb (8.0% Zn and 8.5% Pb), 370 g/t Ag and 0.86% Cu
    • True thickness is estimated to be 90-100% of the intervals noted above and below
  • Three Cu-Ag enriched zones were also intersected below the above intercept in the same hole:
    • 5.5m of 3.2% Zn+Pb (0.9% Zn and 2.2% Pb), 209 g/t Ag and 0.49% Cu, including
      • 0.9m of 2.1% Zn+Pb (1.5% Zn and 0.6% Pb), 831 g/t Ag and 2.46% Cu and
    • 0.9m of 195 g/t Ag and 0.21% Cu and
    • 3.5m of 7.1% Zn+Pb (3.5% Zn and 3.6% Pb), 134 g/t Ag and 0.34% Cu, including
      • 0.9m of 3.5% Zn+Pb (0.5% Zn and 3.0% Pb), 224 g/t Ag and 0.63% Cu
  • These results extend the strike length of the immediate Ballywire discovery corridor from 1,250m to 1,300m, while demonstrating much thicker mineralization than previously encountered
  • This corridor is hosted within a larger 2.6km long trend of robust mineralization pierced by drilling at Ballywire to date, along a prospective trend of over 6km (defined by four regional gravity-high anomalies, only one of which has been systematically drill tested to date)
  • Today's elevated Cu-Ag values further substantiate the Company's 'deeper Cu-Ag' target (100-200m below the Zn-Pb-Ag horizon), currently being drill tested (second hole in progress)
  • Three rigs are turning at Ballywire with over 4,000m of drilling completed year-to-date; Group Eleven aims to complete 8,000-10,000m in 2025 (fully funded)

"Today's hole represents our thickest intercept yet at the Ballywire discovery, surpassing our 29.6 metres of 10.6% Zn+Pb, 78 g/t Ag and 0.15% Cu announced in June 2024," stated Bart Jaworski, CEO. "Not only does this intercept extend strike and show exceptional mineralized thickness but also demonstrates zones of strong copper-silver values. This adds to growing evidence suggesting a deeper Cu-Ag horizon one to two hundred metres below the main Ballywire discovery horizon. This deeper target is currently being drilled, with one hole finished and a second started. We look forward to releasing these results as soon as assays are available. With three rigs turning each on excellent targets at Ballywire and a recently announced strengthened cash position of C$4.3 million, Group Eleven is poised to keep generating shareholder value through the drill bit for the foreseeable future."

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Exhibit 1. Plan Drill Hole Map of Ballywire Discovery, Showing Hole 25-3552-35

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Exhibit 2. Long-Section of 25-3552-35 (50m Step-Out) at Ballywire

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Note: Structural interpretation above is preliminary and subject to change with further drilling and compilation

Ballywire Drill Update

The Ballywire prospect at the Company's 100%-owned PG West Project in Republic of Ireland, represents the most significant mineral discovery in Ireland in over a decade. First announced in Sept-2022, the discovery has 53 holes drilled and reported by Group Eleven to date, including the most recent hole (25-3552-35) reported today (see Exhibits 1 to 3).

Drilling at Ballywire continues with three rigs. Currently, eight (8) new holes are completed (and in the process of being logged, sampled and assayed). Six of these holes are shown in Exhibit 1, with two other holes near gravity-high anomaly 'D' (located 1.3km to the ENE). Recently strengthened financial position provides Group Eleven flexibility to either ramp-up drilling in 2025 and/or extend its runway for drilling well into 2026.

Assays from 25-3552-35 are summarized below (see Exhibit 3). Strong mineralization starts to occur within the Waulsortian Limestone at 120.6m downhole and continues intermittently until 187.9m, at which point, mineralization becomes more consistent through to near the base of the Waulsortian Limestone at 242.9m. Below the Waulsortian Limestone, several horizons of elevated copper-silver occur. Mineralization consists predominantly of sphalerite, galena and pyrite, with the copper-silver bearing zones also containing chalcopyrite and suspected tennantite-tetrahedrite.

Exhibit 3. Summary of Assays from 25-3552-35 at Ballywire

ItemFrom
(m)
To
(m)
Int
(m)
Zn
(%)
Pb
(%)
Zn+Pb
(%)
Ag
(g/t)
Cu
(%)
25-3552-35120.58121.490.9110.852.9013.75235.00.03
And148.67149.620.9516.904.0520.9569.60.02
And155.22156.150.936.160.676.8318.50.01
And163.74177.6313.893.610.574.179.40.00
Incl.173.19177.634.445.081.146.2218.60.01
Incl.174.98175.910.9310.202.7212.9247.10.02
And187.88241.8253.944.723.187.8999.30.20
Incl.202.15241.8239.675.613.859.45131.10.27
Incl.212.55230.8118.268.897.1816.06233.10.42
Incl.212.55224.2111.6611.609.9921.59207.80.34
Incl.221.33226.965.638.038.5416.57370.00.86
Incl.222.32223.250.9316.2018.9035.10556.01.13
And238.21241.823.610.410.170.5896.40.54
Incl.240.92241.820.900.820.551.37223.01.27
And252.32257.805.480.942.223.16208.80.49
Incl.252.32254.091.772.013.685.69616.81.50
Incl.252.32253.200.881.480.632.11831.02.46
And263.23264.150.920.010.080.09195.00.21
And268.70272.153.453.503.557.06133.70.34
Incl.271.27272.150.880.502.993.49224.00.63

 

Note: True thickness of the mineralized interval in hole 25-3552-35, as a percentage of the down-hole interval, is estimated to be 90-100%

Notes to Exhibit 4: (a) Pallas Green MRE is owned by Glencore (see Glencore's Resources and Reserves Report dated December 31, 2024); (b) Stonepark MRE: see the 'NI 43-101 Independent Report on the Zinc-Lead Exploration Project at Stonepark, County Limerick, Ireland', by Gordon, Kelly and van Lente, with an effective date of April 26, 2018, as found on SEDAR; and (c) the historic estimate at Denison was reported by Westland Exploration Limited in 'Report on Prospecting Licence 464' by Dermot Hughes dated May, 1988; the historic estimate at Gortdrum was reported in 'The Geology and Genesis of the Gortdrum Cu-Ag-Hg Orebody' by G.M. Steed dated 1986; and the historic estimate at Tullacondra was first reported by Munster Base Metals Ltd in 'Report on Mallow Property' by David Wilbur, dated December 1973; and later summarized in 'Cu-Ag Mineralization at Tullacondra, Mallow, Co. Cork' by Wilbur and Carter in 1986; the above three historic estimates have not been verified as current mineral resources; none of the key assumptions, parameters and methods used to prepare the historic estimates were reported and no resource categories were used; significant data compilation, re-drilling and data verification may be required by a Qualified Person before the historic estimates can be verified and upgraded to be compliant with current NI 43-101 standards; a Qualified Person has not done sufficient work to classify them as a current mineral resource and the Company is not treating the historic estimates as current mineral resources. 'Rathdowney Trend' is the south-westerly projection of the Rathdowney Trend, hosting the historic Lisheen and Galmoy mines.

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Exhibit 4. Regional Map of Ballywire Discovery

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Qualified Person

Technical information in this news release has been approved by Professor Garth Earls, Eur Geol, P.Geo, FSEG, geological consultant at IGS (International Geoscience Services) Limited, and independent 'Qualified Person' as defined under Canadian National Instrument 43-101.

Sampling and Analytical Procedures

All core drilled at Ballywire is NQ (47.6mm) and is cut using a rock saw. Sample intervals vary between 0.55m to 1.32m with an average (over 188 samples) of 0.92m. The half-core samples are bagged, labelled and sealed at Group Eleven's core store facility in Limerick, Ireland. Selected sample bags are examined by the Qualified Person. Transport is via an accredited courier service and/or by Group Eleven staff to ALS Laboratories in Loughrea Co. Galway, Ireland. Sample preparation at the ALS facility comprises fine crushing 70%

Quality Assurance/Quality Control (QA/QC) Information

Group Eleven inserts certified reference materials ("CRMs" or "Standards") as well as blank material, to its sample stream as part of its industry-standard QA/QC programme. The QC results have been reviewed by the Qualified Person, who is satisfied that all the results are within acceptable parameters. The Qualified Person has validated the sampling and chain of custody protocols used by Group Eleven.

About Group Eleven Resources

Group Eleven Resources Corp. (TSX.V: ZNG; OTCQB: GRLVF and FRA: 3GE) is drilling the most significant mineral discovery in the Republic of Ireland in over a decade. The Company announced the Ballywire discovery in September 2022, demonstrating high grades of zinc, lead, silver, copper, germanium and locally, antimony. Key intercepts to date include:

  • 10.8m of 10.0% Zn+Pb and 109 g/t Ag (G11-468-03)
  • 10.1m of 8.6% Zn+Pb and 46 g/t Ag (G11-468-06)
  • 10.5m of 14.7% Zn+Pb, 399 g/t Ag and 0.31% Cu (G11-468-12)
  • 11.2m of 8.9% Zn+Pb and 83 g/t Ag (G11-3552-03)
  • 29.6m of 10.6% Zn+Pb, 78 g/t Ag and 0.15% Cu (G11-3552-12) and
  • 11.8m of 11.6% Zn+Pb, 48 g/t Ag (G11-3552-18)
  • 15.6m of 11.6% Zn+Pb, 122 g/t Ag and 0.19% Cu (G11-3552-27)
  • 12.0m of 1.4% Zn+Pb, 560 g/t Ag, 2.30% Cu and 0.17% Sb (25-3552-31), including
  • 6.4m of 2.1% Zn+Pb, 838 g/t Ag, 3.72% Cu and 0.27% Sb (25-3552-31)
  • 39.7m of 9.5% Zn+Pb, 131 g/t Ag and 0.27% Cu (25-3552-35)

Ballywire is located 20km from Company's 77.64%-owned Stonepark zinc-lead deposit1, which itself is located adjacent to Glencore's Pallas Green zinc-lead deposit2. The Company's two largest shareholders are Michael Gentile (15.3%) and Glencore Canada Corp. (15.2% interest). Additional information about the Company is available at www.groupelevenresources.com.

ON BEHALF OF THE BOARD OF DIRECTORS
Bart Jaworski, P.Geo.
Chief Executive Officer

E: b.jaworski@groupelevenresources.com | T: +353-85-833-2463
E: j.webb@groupelevenresources.com | T: 604-644-9514

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

Cautionary Note Regarding Forward-Looking Information

Technical and scientific information disclosed from neighbouring properties does not necessarily apply to the current project or property being disclosed. This press release contains forward-looking statements within the meaning of applicable securities legislation. Such statements include, without limitation, statements regarding the future results of operations, performance and achievements of the Company, including the timing, content, cost and results of proposed work programs, the discovery and delineation of mineral deposits/resources/ reserves and geological interpretations. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located. All of the Company's public disclosure filings may be accessed via www.sedarplus.ca and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.

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Questcorp Mining Engages Marketing Consulting Firm Spark Newswire

Questcorp Mining Engages Marketing Consulting Firm Spark Newswire

Questcorp Mining Inc. (CSE: QQQ) (OTCQB: QQCMF) (FSE: D910) (the "Company" or "Questcorp") is pleased to announce it has entered into a marketing consulting services agreement (the "Spark Agreement" or the "MSA") with Spark Newswire Inc. ("Spark") pursuant to which, among other things, Spark is to provide certain promotional services to the Company.

Spark are very selective in the clients they work with, only partnering with organizations that have a well-deserved reputation for quality and credibility and only working with one organization within a particular market sector at a time. Spark's goal is to integrate with their client's values and core brand narratives, becoming an extension of the overall corporate and capital markets team, assisting in building shareholder equity, brand equity and overall market awareness.

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Nuvau Announces Voting Results of Its Annual and Special Meeting of Shareholders and Announces the Appointment of Steven Bowles as Chair of the Board

Nuvau Announces Voting Results of Its Annual and Special Meeting of Shareholders and Announces the Appointment of Steven Bowles as Chair of the Board

 Nuvau Minerals Inc. (TSXV: NMC) (the "Company" or "Nuvau") is pleased to announce the results of its annual and special meeting of shareholders of the Company (the "Meeting") held on June 26, 2025.

A total of 18,122,588 common shares of the Company ("Common Shares") were represented, in person or by proxy, at the Meeting, representing approximately 35.5% of the total issued and outstanding common shares as of the record date of the Meeting.

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