Ascendant Resources Inc. Announces Submission of the Environmental Impact Assessment for its Lagoa Salgada VMS Project, in Portugal

• Environmental Impact Assessment ("EIA") submitted to the Portuguese Environmental Authority, APA ("Agência Portuguesa do Ambiente").
• Approval of the EIA is expected by the end of June 2024 following which, the Company will enter the RECAPE phase, allowing for a formal construction decision.
• Application for construction of 30MW Photovoltaic plant submitted in parallel.

Ascendant Resources Inc. (TSX:ASND)(OTCQB:ASDRF)(FRA:2D9) ("Ascendant" or the "Company"), through its subsidiary, Redcorp - Empreendimentos Mineiros, Lda ("REM"), is pleased to announce that it has submitted the Environmental Impact Assessment Report ("EIA") for its Lagoa Salgada Project to the Portuguese Environmental Authority, APA ("Agência Portuguesa do Ambiente") on December 21th 2023

The submission of the EIA is the culmination of more than 18 months of data collection, aggregation and analysis prepared by management and internationally renowned consulting experts. 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.

It also represents extensive collaboration and relationship development with National and regional authorities and local organizations. In particular, the company has undertaken complex and detailed hydrological and hydrogeological modelling in excess of statutory requirements which has provided positive outcomes and provides confidence the Lagoa Salgada Project has been carefully planned to avoid and mitigate any potential impacts on surface and underground aquifers.

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.

Mark Brennan, Executive Chairman of Ascendant commented, "We are very pleased to have submitted our EIA assessment which has been the culmination of an extensive and detailed period of study and analysis by our team and consultants. This submission reflects the next step in bringing the Lagao Salgada project into full development and eventual production. Additionally, the engagement with the local communities has enabled the project to be welcomed in the Grândola and Alcácer do Sal municipalities and we are confident that we can expect positive outcomes from the EIA review process."

João Barros, Ascendant President commented: "The extensiveness of our EIA submission and project development work demonstrates our commitment to the advancement and value of the Lagoa Salgada Project and represents a key step forward for the Lagoa Salgada Project on its development path to become the next operating mine in Portugal, contributing significantly to the country and local communities in which we operate".

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.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 securing approval of the EIA for the Lagoa Salgada Project, and the entering and completion thereof of the RECAPE phases and a construction decision including but not limited to those described in this news release. 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.sedarplus.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.