Mr. Mark Brennan reports

ASCENDANT RESOURCES TO INTEGRATE ARTIFICIAL INTELLIGENCE FOR EXPLORATION AT LAGOA SALGADA IN PARTNERSHIP WITH THE UNIVERSITY OF EVORA, PORTUGAL

Ascendant Resources Inc.'s subsidiary, Redcorp -- Empreendimentos Mineiros Ltda., has entered into a partnership with the University of Evora, Portugal, in a joint application for funding under the Portugal 2030 program, in the area of new technologies specialization. The funding will support the development of the groundbreaking Hypermetal project, which aims to integrate advanced hyperspectral technology, AI (artificial intelligence) and machine learning into traditional mineral exploration methods.

The Hypermetal project is designed to revolutionize the efficiency and precision of polymetallic mineral exploration by enhancing the characterization of deposits. By reinterpreting historical drill cores and combining traditional methods (geochemistry and mineralogy) with hyperspectral analyses, the project will generate an advanced digital twin of the orebody, significantly improving the understanding and development of new exploration targets through AI and machine learning systems to continue to expand the known mineralization at Lagoa Salgada.

One of the project's key milestones will be the execution of a new drill hole, which will be studied using both conventional methodologies and hyperspectral technology. Through the application of machine learning and AI, the collected data will be classified to map ore occurrences, hydrothermal alteration halos and key lithologies. The result will be a cutting-edge digital platform capable of processing hyperspectral images and generating precise visualizations of ore distribution and alteration zones throughout the drill hole.

Mark Brennan, executive chairman of Ascendant, stated: "The Hypermetal project and the integration of cutting-edge AI technologies represents a leap forward in mineral exploration technology. Our partnership with the University of Evora reflects our commitment to embracing new technologies, such as AI, and fostering innovation within the mining sector, enhancing our exploration capabilities and contributing to the successful development of Lagoa Salgada."

The joint application to the Portugal 2030 program, reinforces Ascendant Resources' dedication to leveraging innovative technologies that align with the European Union's goals for sustainability and economic growth. The company anticipates receiving the results of its application by the end of November, 2024.

The Portugal 2030 financial framework is structured around 12 distinct programs, with Compete 2030 focusing on innovation and digital transformation. This program is backed by 3.9 billion euros in funding from the European Regional Development Fund (ERDF) and the European Social Fund Plus (ESF+) and aims to drive development in Portugal's less advanced mainland regions and its autonomous regions. Its key goals include boosting innovation, competitiveness, energy transition and work force skills. Under the "A More Competitive Portugal" initiative, the program emphasizes digitalization, research, innovation and SME (small and medium-sized enterprise) growth. The "A Greener Portugal" goal promotes decarbonization and renewable energy within businesses while the "A More Social Portugal" objective helps workers and companies adapt to evolving circumstances.

Compete 2030 aims to leverage available resources in a streamlined, collaborative and effective way, adhering to principles of transparency, efficiency and result-oriented strategies.

The Portugal 2030 partnership agreement was officially approved on July 12, 2022, and signed two days later by the Portuguese government and the European Commission, with all programs receiving approval by Dec. 15, 2022.

Empresa de Desenvolvimento Mineiro (EDM) option extension

In addition, the company also announces that EDM, the Portuguese state mining development agency, has been granted an extension to the term of its option agreement for up to a 15-per-cent interest in the Lagoa Salgada project. The extension has been granted by the company's 80-per-cent-owned subsidiary, Redcorp, and extends the deadline for exercise from Sept. 30, 2024, to 120 days from the date on which the following conditions are satisfied: (i) issuance of the environmental impact statement on the project, and (ii) completion of the optimization study of the project's feasibility study clarifying technical and metallurgical matters (the EDM option).

If EDM exercises 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, to Ascendant such that Ascendant would continue to own an 80-per-cent interest in the project and MF&I would hold 5 per cent. M&FI has the right, but not the obligation, to exercise a put option commencing on the date on which EDM makes its election and terminating four (4) months thereafter, for Ascendant to purchase all of the Redcorp quotas then held by M&FI. The put price would be an amount in U.S. dollars, payable in cash, equal to 5 per cent of the after-tax net present value (at a 10.5-per-cent discount rate) of the project provided in the then current feasibility study.

If the EDM option is fully exercised and the put option is also exercised, the company would hold an 85-per-cent interest in the project and EDM would hold a 15-per-cent fully contributing interest, with each party required to contribute pro rata, subject to standard dilution clauses.

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 (volcanogenic massive sulphide) 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 stepout targets across the large 7,209-hectare property concession.

Located just 80 kilometres from Lisbon and surrounded by exceptional infrastructure, Lagoa Salgada offers a low-cost entry to a significant exploration and development opportunity, already showing its minable scale and cash flow generation potential.

Ascendant currently holds an 80-per-cent interest in the Lagoa Salgada project through its position in Redcorp. The company's common shares are principally listed on the Toronto Stock Exchange under the symbol ASND.

We seek Safe Harbor.