Gravity Survey Results Identify High Impact Near Deposit Massive Sulphide Exploration Targets at its Lagoa Salgada VMS Project, in Portugal

• New High-Resolution gravity survey suggests potential to rapidly expand Massive Sulphide Mineralization at current Venda Nova North and South Deposits
• Multiple additional gravity anomalies identified to potentially add to the Massive Sulphide Ore Bodies near Venda Nova
• EDM's Option to gain a 15% interest in the Project extended to September 30, 2024 due to upcoming elections and government change

TORONTO, February 28, 2024 - Ascendant Resources Inc. (TSX:ASND)(OTCQB:ASDRF)(FRA:2D9) ("Ascendant" or the "Company") is pleased to announce the results of its recent high-resolution gravity survey completed over the Venda Nova North and South Deposits at its Lagoa Salgada VMS Project, in Portugal.

Key Highlights

• Four new high priority targets identified near existing deposits
• Highest priority target located below and west of current high-grade North Deposit
• Second priority target sits above known copper corridor in South Deposit
• Potential to materially and rapidly expand known mineralization at Venda Nova and enhance value of the results of the recent Feasibility Study
• New results validate use of technology for additional exploration target generation.
• Portuguese agency EDM granted extension of its option to September 30, 2024

Mark Brennan, Executive Chairman of Ascendant stated, "The results of this most recent high-resolution gravity survey combined with reinterpreted previous IP data have identified two strong drill ready targets that have the potential to add material tonnage and value to the existing mineralization at Venda Nova and potentially enhance the overall economics relative to the recently completed feasibility study. The presence of additional massive sulphide lenses would be congruent with existing deposits on the IPB which typically consist of multiple stacked massive sulphide lenses."

He added. "Additionally, in light of upcoming elections in Portugal, and the ensuing change in government, Ascendant and its partner are pleased to grant an extension to EDM for its option on the project. We see EDM, and by extension both the government and communities of Portugal, as integral partners for the development of our project as we aim to build the next producing mine on the Iberian Pyrite Belt. "

As per the most recent NI 43-101 Feasibility Study published on July 25, 2023, the existing Primary Massive Sulphides at the Venda Nova North deposit represents 4.4 million tonnes of the total 14.6 million tonne Reserve, but given the high grade nature of this material it contributes significantly to the overall NPV of the project due to the significantly higher NSR value per tonne (US$>100 per tonne) as compared to the average material including the other lithologies. As such, the ability to expand the overall massive sulphide ore content could enhance the overall project economics significantly. The targets have been identified by their gravity signature that closely matches the existing high value, dense massive sulphide orebody we currently have at the Venda Nova North Zone. As a result, the Company is planning a drill program to more fully evaluate this potential in the near future.

The high-resolution survey was designed to map the known gravity footprint of the existing Massive Sulphide Resource of Venda Nova at a much higher resolution than previous surveys, and then use the common characteristics to search for additional potential Massive Sulphide lenses within and surrounding the Venda Nova deposit. The results outlined here have identified four high priority exploration targets each with the potential to add additional meaningful tonnage to the existing Primary Massive Sulphide endowment. The results of the survey also validate the targets suggested by previous IP/Res and TDEM surveys. The location of these targets and the high-resolution gravity survey are summarized in Figure 1. below and described in more detail subsequently.

Target Descriptions

Target 1: SW North Zone Target

SW of the North Zone the gravity anomaly bulges to the west of the southern half of the North Massive Sulphide ore body. According to the geophysical interpretation, based on upward and downward continuation of the Bouguer Gravity, the high-density mass sits deeper than the known ore deposits. Its center coincides with the projection of a notable volume that has chargeability and resistivity features identical to the known massive sulphides. The Company believes this can be explained geologically by a faulted displaced block of the known ore body or by a new lens occurring in the western limb of the north zone anticline. In both cases the potential massive sulphide source could extend for over 250 m along strike.

Target 2 & 3: South Sector West & East Flanks

The gravity anomaly in the Northern part of the South Zone is flanked by two discrete trends, i) The eastern flank is partially explained by two known semi massive Lenses (Pyritic) previously encountered by drilling, but suggests an extension to the north of the known area; and ii) the West Flank is untested and could represent an additional massive sulphide lens in the footwall of the south Zone trend up dip from the Stockwork mineralization. Interestingly, this Gravity anomaly sits above some of the higher-grade Copper and less transpositional mineralization intercepted at depth as part of the previous infill campaign. This may suggest the potential to have a more copper rich massive sulphide lens in this area.

Target 4: Anomaly Delta

The fourth gravity anomaly corresponds to a previously announced IP anomaly, Anomaly Delta. However, the new gravity data locate the target a few hundred meters to the north of previous drilling.

Detailed Gravity Survey

The survey was conducted between January and February of this year by McKeown Exploration Services, using a Scintrex CG-6 gravimeter and a Trimble real-time Differential GPS. It consisted of 788 unique gravity stations spaced at a nominal 25 and 50m station spacing on an inclined grid with an azimuth of 66.3°/246.3° true, with lines nominally spaced 100m and 200m apart. In areas of interest, e.g., the profiles across the known North Zone VMS deposit, the station spacing was tightened to 25m separation in order to permit detailing of the gravitational variation across the known mineralization. A 25m station spacing can define the local profiles well enough to permit downward continuation filtering of the data, to sharpen the resolution of targets deeper than the base of the Tertiary cover. Data analysis was conducted by Intelligent Exploration.

The Bouguer gravity map exhibited in Figure 3, below, shows a clear anomaly over the known VMS deposit in the North Zone. The overall axis of the gravity high is NNW-SSE, parallel to the inferred axial plane of a tight, near vertical fold long believed to host this deposit.

A saddle separates the mass excess over the North VMS zone from a clear second peak about 500m to the south-southeast in the South Zone. This peak extends farther toward the SSE where it is less intense but coincides with the known South Zone of re-mobilized stockwork mineralization. It should be noted that this gravity signature would typically not be explained by the density of the known stockwork mineralization and suggests that additional higher density material is present.

It is clear from Figure 4 below that 1) the VMS anomaly in the North extends farther west than the known deposit and that 2) a second significant anomaly occupies the northern extent of the South Zone where it is largely undrilled.

EDM Extension

Additionally, the Company announces Empresa de Desenvolvimento Mineiro ("EDM") requested and has been granted an extension to the term of its option agreement for a 15% interest in the Lagoa Salgada Project. The extension has been granted by the Company's 80% owned subsidiary Redcorp - Empreendimentos Mineiros, Lda ("Redcorp") and extends the deadline for exercise from February 3, 2024 to September 30, 2024.

Although EDM had shown strong interest in the Lagoa Salgada project, after the resignation of the Prime Minister of Portugal, on November 7, 2023, which led to the dissolution of the Assembly of the Republic and the scheduling of elections for March 10, 2024, a request for an extension was requested. With the interim nature of the current government, the ability for EDM to make a decision is constrained. Given this scenario, an extension of the option for EDM was agreed. In the meantime, a memorandum of cooperation has been signed between Redcorp and EDM for the support to the development and licensing of the Lagoa Salgada project.

Under the various agreements Empresa de Desenvolvimento Mineiro S.A. ("EDM"), the Portuguese State Mining Development Agency, has an option to participate in or sell up to a 15% interest in the Project by making an election by September 30, 2024 (the "EDM Option"). If EDM elects to exercise the EDM Option, then the Company is entitled to exercise call options causing the transfer from Mineral & Financial Inc. ("M&FI") of the free carried interest quotas of the Lagoa Salgada concessionaire, Redcorp Empreendimentos Mineiros, Lda ("Redcorp"), to Ascendant such that Ascendant would continue to own an 80% interest in the Project and MF&I would hold 5%.

The agreements also provide that M&FI shall have the right and option, but not the obligation, to exercise its put option commencing on the date on which EDM makes its election and terminating four (4) months thereafter, to require Ascendant to purchase all of the Redcorp shares then held by M&FI, representing a 5% interest in Redcorp by paying the put price to M&FI. The put price would be an amount in US dollars, payable in cash, equal to 5% of the post-tax net present value of the Project provided in the then current feasibility study using a 10.5% discount rate (the "Put Option").

If both the EDM Option and the Put Option are executed, the Company would hold an 85% interest in the Project and EDM would hold a 15% fully contributing interest, with each party required to contribute pro rata, subject to standard dilution clauses.

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.

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.

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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 the potential to add material tonnage and value to the Venda Nova deposit and impact on overall economics, EDM's interest in participating in the Project, M&FI's exercise of the Put Option, outcomes associated with 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 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.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.