ASCENDANT RESOURCES EARNS 80% INTEREST IN THE LAGOA SALGADA PROJECT IN PORTUGAL AND FILES FEASIBILITY STUDY

TSX: ASND
www.ascendantresources.com

•  PROJECT OWNERSHIP INCREASED TO 80%
•  FEASIBILITY STUDY FILED ON SEDAR+

Ascendant Resources Inc. (TSX: ASND) (OTCQB: ASDRF) (FRA: 2D9) ("Ascendant" or the "Company") is pleased to announce that it has completed the initial NI 43-101 compliant Feasibility Study ("FS") for the Lagoa Salgada Project (the "Project"), and has satisfied all conditions to fully exercise the earn-in option on the Project. As a result, Ascendant now holds an 80% interest in the Lagoa Salgada Project through Redcorp Empreedimentos Mineiros Lda ("Redcorp").

The results of the NI 43-101 Compliant FS were released in a Press Release dated July 25, 2023 and the full report is now available on SEDAR+ ( https://www.sedarplus.ca ) and on the Company's website at www.ascendantresources.com . The FS was conducted in accordance with the terminology, definitions and guidelines given in the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Standards on Mineral Resources and Mineral Reserves ( May 2014 ) (the "CIM Code") as required by NI 43-101. The CIM Code is an internationally recognized reporting code as defined by the Committee for Mineral Reserves International Reporting Standards.

The remaining 20% of Redcorp (the "MF&I Interest") is held by Mineral & Financial Investments AG ("M&FI"). The MF&I Interest is subject to a consortium agreement with Empresa de Desenvolvimento Mineiro S.A. ("EDM"), the state mining development agency wholly owned by the Portuguese Government. The consortium agreement provides EDM the right to participate in up to a 15% interest in the Project by exercising an option within 120 days of completion of the FS. If EDM elects to exercise its option, the MF&I interest will be reduced to 5% and MF&I will have the right to put this interest to Ascendant.

Mark Brennan , Executive Chairman of Ascendant stated, " The completion of this initial feasibility study and solidifying our 80% interest in the Laga Salgada project, marks a significant milestone for the Company. Going forward, we will work to further optimize the project, continue exploration to grow the overall resource base and continue to work of delivering a robust financial package to develop the Venda Nova deposit at Lagoa Salgada into the newest mine on the Iberian Pyrite Belt ."

Highlights of the 2023 Initial Definitive Feasibility Study include:

• Post-tax NPV _8% 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") and additional Inferred resources of 8.1MT at 1.16% Cu Eq.
• Fulfilled option requirement to deliver 80% indirect ownership in the Lagoa Salgada Project
• Metallurgical results confirm strong metal recoveries and saleable concentrates
• Optimization Program commenced to enhance NPV, IRR and operational efficiencies targeted for completion by year end.

The scientific and technical information in this press release has been reviewed and approved by Clinton Swemmer, Chief Technical Officer for Ascendant Resources Ltd, who is a Qualified Person as defined in National Instrument 43-101.

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 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 https://www.ascendantresources.com/ .

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

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 and potential actions of counterparties. 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 Management's Discussion and Analysis for the years ended December 31, 2022 and 2021 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.

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SOURCE Ascendant Resources Inc.

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