Overview

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 Venda Nova deposit at Lagoa Salgada contains over 10.33 million tonnes of measured and indicated resources @ 9.06 percent ZnEq and 2.50 million tonnes of inferred resources @ 5.93 percent ZnEq in the North Zone; and 4.42 million tonnes of indicated resources @ 1.50 percent CuEq and 10.83 million tonnes of inferred resources @ 1.35 percent CuEq in the South Zone. The deposit demonstrates typical mineralization characteristics of Iberian Pyrite Belt VMS deposits containing 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.

The project has a completed preliminary economic assessment( PEA) indicating post-tax net present value (NPV) of US$247 million and an Internal Rate of Return (IRR) of 55 percent. The PEA also indicates a 14-year mine life with an average production of 130 million pounds of zinc equivalent per year. Located just 80km from Lisbon, Lagoa Salgada is easily accessible by road and surrounded by exceptional Infrastructure. The company will look to expand upon this in its feasibility study Q2/2023.

In line with its commitment to a strong ESG rating and to decrease operating cost, Ascendant has plans to build a solar farm to power the Lagoa Salgada project operations.

An expert management team with experience throughout the natural resources industry guides the company toward realizing the potential of the Lagoa Salgada project. Expertise includes in-country experience and a track record of leading projects from exploration to production.

Company Highlights

• Ascendant Resources is an exploration and development polymetallic mining company pursuing its district-scale Lagoa Salgada project in Portugal
• Feasibility Study outlined a NPV 8% post-tax of US$147M and an IRR of 39%
• Significant EBITDA generation of $US75.5M during the initial 5 years of operation
• Low Capex and low operating costs make this a potential tier one asset
• A management team with the right experience throughout the mining industry leads the company toward fully developing its district-scale asset.