Ascendant Resources Announces Transformative Developments at Lagoa Salgada VMS Project, Portugal

• Lagoa Salgada poised to become the next new mine on the Iberian Pyrite Belt

TORONTO, December 11, 2024 - Ascendant Resources Inc. (TSX:ASND)(OTCQB:ASDRF) is pleased to highlight significant advancements that have been achieved in 2024 at its flagship Lagoa Salgada VMS Project, located in Portugal's Iberian Pyrite Belt. Recent progress in exploration, metallurgy, permitting and feasibility optimization have reinforced Lagoa Salgada's potential to become a significant global polymetallic project poised for rapid development with a construction decision expected in Q4 2025. Key highlights are summarized below:

Exploration Continues to Expand Resource Potential

• Recent drilling based on gravity survey results suggest the potential discovery of a new copper-rich zone, located West and below the North Zone Primary Massive Sulphide domain (assays pending, see figure below).

• Drilling continuing to intercept stringer style copper mineralization, suggesting proximity to massive sulphides, as identified by our gravity survey program.

• Three remaining gravity anomalies identified earlier this year have yet to be tested, highlighting the potential to add potentially significant tonnage to the project in the medium term.

Metallurgy Improvements

• Successful Phase I test work resulted in a high-quality saleable concentrate with limited impurities.

• Phase II metallurgical test work of the Gossan domain is demonstrating stronger Lead, Vanadium and Precious Metals recoveries, implying a significant improvement in the NSR/tonne; final results expected in Q1 2025.

• Optimization efforts continue across all domains to enhance recoveries and concentrate quality.

Definitive Feasibility Study ("DFS") Optimization

• Material inversion of the NPV to Capex ratio expected in the optimized Feasibility Study.

• Continued optimization of the DFS expected to materially enhance project economics and operational efficiency.

Permitting & Environmental Stewardship

• Environmental Impact Assessment (EIA) submitted with final approval expected in Q1 2025.

• Construction approval anticipated in Q4 2025.

• Integration of renewable energy with a planned 30MW photovoltaic plant to reduce carbon emissions and operating costs.

Pioneering Partnerships with Community and Government

• Strategic cooperation agreement signed with the Faculty of Sciences of the University of Lisbon. Collaborative partnership bridges academic and industry innovation, focusing on education, training, and research in natural resources, environmental stewardship, and cutting-edge technologies.

• In partnership with the University of Évora, Ascendant has launched the groundbreaking HYPERMETAL Project, pending approval under the Portugal 2030 funding program. This initiative integrates hyperspectral technology, Artificial Intelligence (AI), and machine learning to create advanced digital models of ore bodies.

• Through participation in the EU-funded UNDERCOVER Project, Ascendant is leveraging seismic imaging, magnetotellurics, and electromagnetic surveys to explore deeper and more complex mineral systems at Lagoa Salgada.

Mark Brennan, Executive Chairman, commented: "This year, work on the Lagoa Salgada VMS Project has made transformative progress to advance development beyond our expectations. Validating our belief in the immense potential this deposit holds as a potential near term world-class operation and a cornerstone of sustainable mining on the Iberian Pyrite Belt. Recent exploration breakthroughs demonstrate the district-scale potential at Lagoa Salgada. Simultaneously, our metallurgical advancements, innovative DFS optimizations continue to strengthen the project's already robust returns. The ongoing efforts of management this year have continued to push this project forward making it the most advanced project on the Iberian Pyrite belt and ready for a construction decision in 2025."

João Barros, President of Ascendant Resources, stated: "Through partnerships with leading academic institutions and participation in groundbreaking Portuguese and European initiatives, we are leveraging state-of-the-art technologies in a cooperative way with our community in order to continue to unlock significant long-term value for stakeholders. Our vision for Lagoa Salgada, for our stakeholders, including the communities in which we operate, is to be at the forefront of creating lasting value through responsible and forward-thinking mining practices."

Exploration Highlights Resource Growth Potential
In February 2024, Ascendant Resources completed a detailed gravity survey over the Venda Nova North and South Zones. This survey was instrumental in mapping the known gravity footprint of the existing Primary Massive Sulphide (PMS) deposits and identifying previously unrecognized targets. The program identified four new high priority targets for ongoing follow up and suggests the potential for significant resource growth remains at Lagoa Salgada. Refer to Press Release dated February 28, 2024, for more details [Link to Press Release].

As announced on November 4, 2024, Ascendant initiated a precision drill program targeting the newly identified anomalies. To date, drilling has targeted the SW North Zone. A gravity anomaly west and below the North Deposit.

Recent drilling has unveiled a previously unrecognized copper-rich feeder system west of the Venda Nova North Deposit. This discovery, characterized by high-grade stringer sulphide mineralization opens new resource potential for ongoing drilling. The mineralization exhibits distinct geological characteristics:

• Fault Zone Transition: Drilling intersected a fault zone transitioning into acid volcanic formations, marked by intense sericitization and sulphide dissemination.

• Chalcopyrite bearing Zones: Based upon visual review Stringer mineralization intersected between 449.50m and 454.30m depth showcased significant chalcopyrite, accompanied by traces of galena, confirming the presence of robust copper mineralization.

• Expansive Potential: The observed sulphide dissemination from 400m depth strongly suggests proximity to a massive sulphide lens, with potential to significantly expand the resource base.

Assays are currently pending and expected to be released before year end. The discovery of this potential feeder zone warrants further follow-up drilling to determine if a proximal massive sulphide lens can be located. While the current drill plan is limited in scale, initial results appear highly encouraging to have outlined a new, separate zone to grow the overall resource base at Lagao Salgada.

Figure 1: Planned Drill Holes

Figure 2 : Longitudinal section and plan view with location of the current drill program, outlining new zone with notable Chalcopyrite bearing stringers

Figure 3: Copper Stringer Intercepts

Metallurgy
Metallurgical test work programs have continued subsequent to the successful Phase I metallurgical test works and have demonstrated the ability to produce high-grade concentrates with competitive recovery rates across multiple domains:

• Zinc Recovery and Grade: Achieved recoveries of approximately 79% with grades exceeding 45% zinc.

• Lead Concentrates: Delivered recoveries of 53% with grades up to 45% in the Stockwork domain.

• Copper Recovery: Recoveries range from 48% to 60%, with concentrate grades surpassing 20%.

The above results establish Lagoa Salgada's concentrates as highly competitive. Notably, mercury-reduction techniques have improved concentrate marketability, with mercury levels reduced to below 500 ppm in zinc concentrates after thermal treatment.

Phase II: Breakthroughs and Ongoing Optimization
The Phase II metallurgical test work at Lagoa Salgada is focused on unlocking additional value across multiple mineralized domains, building on the progress achieved during Phase I.

Gossan Domain Optimization in Final Stages
The metallurgical optimization of the Gossan domain is nearing completion, with significant advancements in lead and vanadium recoveries. Initial rougher tests have already demonstrated:

• Lead Recoveries of 45% and Vanadium Recovery of 35%, with ongoing efforts to refine recovery efficiency by adjusting depressant dosages.

• Precious metal recoveries have also ranged within 50-60% suggesting the potential to remove the requirement for leaching to recover this value.

• Strong reporting of Tin to the tailings suggesting the potential to also improve concentrate and recoveries for the Tin concentrate.

These optimizations ensure higher-grade concentrates suitable for cleaner stages while targeting additional improvements in recovery rates to maximize economic returns??.

Following the success in the Gossan domain, Phase II test work will now expand to the other key mineralized zones at Lagoa Salgada. Fresh core samples from these domains from the current drill program have been meticulously prepared and stored in a freezer container to prevent oxidation. These samples are now being transported to Wardell Armstrong and Petrolab, where advanced metallurgical testing will commence. The enhancement in recoveries seen in the various domains and the reduction in deleterious elements are expected to further enhance overall project economics.

DFS Optimization: Enhancing Robust Economics
Ascendant Resources has implemented a series of strategic initiatives to optimize the Lagoa Salgada Project's Definitive Feasibility Study (DFS), aiming to establish a foundation for robust financial performance and long-term operational resilience. The refinements are focused on maximizing resource utilization, minimizing environmental impacts, and improving project flexibility while adhering to sustainability principles. The company is currently engaging third party engineering firms to formalize the optimization programs which is targeted for completion in H2/25. It is expected the optimization will result in a significant inversion of the NPV to Initial Capex ratio.

Key Optimization Efforts

• Tailings Management Innovation: The company is reviewing a transition to a dry stack tailings system which represents a critical improvement, reducing water usage and environmental risks. This approach enables progressive reclamation of mined areas, decreases maintenance costs, and ensures compliance with stringent environmental standards. The revised system also eliminates the need for large-scale pond construction.

• Flexible Infrastructure Solutions: A mobile pastefill plant is being considered to enhance operational flexibility and reduce initial investment costs. This solution is particularly advantageous for adapting to evolving ore zones, allowing the project to scale infrastructure dynamically as production expands.

• Streamlined Crushing and Plant Layouts: The crushing circuit is expected to be redesigned to lower the crusher, eliminate silos, and optimize material flow. These changes reduce bottlenecks, improve operational reliability, and simplify maintenance.

• Integrated Water Management Systems: The consolidated water treatment strategy centralizes operations near the mine portal, streamlining water use and ensuring sustainable operations throughout the mine's lifecycle. Divided pond systems will reduce downtime during maintenance and improve water recycling rates.

• Project Layout Optimization: Revisions to the project layout address inefficiencies in infrastructure placement, transportation routes, and facility organization are being implemented. Equipment such as the flotation, thickener, and reagent areas has been strategically repositioned to improve accessibility, reduce operational costs, and support streamlined workflows.

Pioneering Partnership with the University of Lisbon
Ascendant Resources has formalized a Protocol of Cooperation with the Faculty of Sciences at the University of Lisbon. This strategic agreement focuses on establishing a collaborative framework for education, research, and training in natural resources and environmental stewardship, with a strong emphasis on innovation and sustainability.

Key Areas of Collaboration:

• Development of cutting-edge training programs to equip the next generation of mining professionals with practical and theoretical skills.

• Joint research initiatives focusing on sustainable mining practices and technological advancements in natural resource management.

• Promoting community engagement and educational outreach to amplify the positive societal impacts of the Lagoa Salgada Project.

HYPERMETAL Project: Revolutionizing Exploration with AI and Hyperspectral Technologies
Ascendant has also partnered with the University of Évora to launch the innovative HYPERMETAL Project, pending approval under the Portugal 2030 funding framework. The project is set to integrate hyperspectral imaging, Artificial Intelligence (AI), and machine learning into the exploration process at Lagoa Salgada, marking a transformative approach to mineral characterization.

Key Goals of the HYPERMETAL Project:

• Enhance orebody visualization and mineral mapping through hyperspectral imaging.

• Create a cutting-edge digital twin of the orebody by combining geochemical, mineralogical, and hyperspectral data.

• Improve the precision of exploration targeting and expand known mineralization at Lagoa Salgada.

As part of the project, historical drill cores will be reanalyzed using advanced imaging techniques, with data processed through AI and machine learning to identify ore occurrences and alteration halos. This innovative methodology will generate precise digital models, enabling the efficient identification of new exploration targets.

The funding decision for the HYPERMETAL Project is anticipated by the end of December 2024.

UNDERCOVER Project: Unlocking Hidden Mineral Deposits with Advanced Geophysical Methods
Ascendant Resources is also set to participate in the EU-funded UNDERCOVER Project, an ambitious initiative focused on advancing mineral exploration techniques to uncover hidden mineral systems. Leveraging cutting-edge geophysical technologies, the project aims to enhance the efficiency and sustainability of exploration at Lagoa Salgada.

Innovative Geophysical Techniques to Be Applied:

• Seismic Imaging: Generates detailed subsurface images to locate deep geological structures.

• Magnetotellurics (MT): Maps subsurface conductivity to identify conductive mineral deposits.

• Electromagnetic (EM) Surveys: Detects sulphide-hosted critical metals like copper, lead, and zinc.

• Gravity and Magnetic Surveys: Identifies dense ore bodies through variations in gravitational and magnetic fields.

• Joint Inversion Techniques: Combines geophysical data to create an integrated 3D model of subsurface structures.

The Lagoa Salgada Project, as one of the key focus areas, will benefit immensely from these innovative exploration techniques. The goal is to identify deeper mineralization zones that conventional methods may miss, significantly expanding the project's resource base while maintaining a focus on environmental responsibility.

The UNDERCOVER Project, funded by the EU's Horizon Europe program, is set to run for 36 months starting in early 2025. It will play a pivotal role in enhancing Ascendant's exploration capabilities, ensuring that the Lagoa Salgada Project remains at the forefront of critical raw material supply in Europe.

Positioned for The Future
The various work programs completed in 2024 have positioned the Lagoa Salgada Project to continue to advance in all areas of development going into 2025. The results highlight significant expansive exploration potential, strong metallurgical advancements, and results of the optimized feasibility study position the project to deliver exceptional value to stakeholders while setting a new standard for responsible mining. Located just 80km from Lisbon and supported by world-class infrastructure, Lagoa Salgada is primed to become a key contributor to Portugal's mining sector and the global supply chain for critical metals.

As we approach 2025, Ascendant Resources remains committed to driving innovation and sustainability at Lagoa Salgada. By leveraging cutting-edge technologies, fostering strategic partnerships, and maintaining a steadfast focus on environmental stewardship, the Company is well-positioned for continued exploration success, operational advancements, and key project milestones. Lagoa Salgada represents the future of mining-sustainable, impactful, and transformative for shareholders, local communities, and global markets alike.

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.sedarplus.ca

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 such as improved recoveries and economics. 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 years ended December 31, 2023 and 2022 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.

SOURCE: Ascendant Resources, Inc.