Mr. Mark Brennan reports

ASCENDANT RESOURCES INITIATES DRILL PROGRAM AT ITS LAGOA SALGADA VMS PROJECT

Ascendant Resources Inc. has initiated a targeted exploration program at its Lagoa Salgada volcanogenic massive sulphide project in Portugal.

Targeted exploration drill program

The drill program has been initiated to test promising massive and semi-massive sulphide targets based on a combination of induced polarization, electromagnetic and detailed gravity signatures conducted over and surrounding the existing Venda Nova North and Venda Nova South deposits. These holes have also been designed to further infill, and potentially expand, the resources within the Venda Nova North and Venda Nova South zones. Drilling is expected to be completed by year-end.

Initial drill holes are planned in the north zone, targeting potential additional massive sulphide lenses offset to the southwest and underneath the existing PMS zone at the Venda Nova North deposit. This target represents an opportunity to expand the known high-grade massive sulphide mineralization in the Venda Nova North deposit. Targeting is based on the interpretation of the high-density anomaly announced earlier this year (press release dated Feb. 28, 2024). Additionally, the second drill hole is expected to intercept copper stringer mineralization to refine the outline of this domain and improve the estimates in the current model.

Additional drill holes are targeted in the south zone of Venda Nova, with a similar focus to expand the overall resource potential. Detailed gravimetric surveying has identified a gravity anomaly up dip and on the western flank of the inferred portion of the stockwork zone, which has a similar signature to the semi-massive zone encountered on the eastern flank. This dense material also sits above the potential copper-rich corridors and, from a density perspective, could relate to massive to semi-massive sulphides.

Review of technical information

The scientific and technical information in this press release has been reviewed and approved by Sergio Gelcich, PGeo, vice-president of exploration for Ascendant Resources, 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 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-Empreendimentos Mineiros Lda.

We seek Safe Harbor.