Mr. Mark Brennan reports

ASCENDANT RESOURCES TO ADVANCE DEVELOPMENT OF LAGOA SALGADA VMS PROJECT, PORTUGAL

Ascendant Resources Inc. continues to develop its flagship Lagoa Salgada VMS (volcanic massive sulphide) project, located in Portugal's Iberian pyrite belt. Recent success in exploration, metallurgy, permitting and feasibility optimization has reinforced Lagoa Salgada's potential to become a significant global polymetallic project. Continued development is planned in the areas of exploration at recently identified targets, further metallurgical testing and improvements. Additionally, completion of definitive feasibility study optimization and permitting advancement are all planned for the coming year.

Cerrado Gold Inc., having recently completed the sale of its Monte do Carmo gold project in Brazil to a subsidiary of Hochschild Mining PLC (as per its news release dated Nov. 6, 2024), recognizes the tremendous potential of Lagoa Salgada. As such, Cerrado has provided Ascendant with a loan in the principal amount of $275,000 (U.S.). The loan bears interest at a rate of 10.0 per cent per annum, compounded monthly and matures on demand, on not less than 366 days of notice.

Mark Brennan, chairman of Ascendant and Cerrado, commented: "Cerrado is pleased to support Ascendant as it develops the Lagoa Salgada project, a highly prospective asset with the potential to become the next world-class VMS deposit on the Iberian pyrite belt. Ascendant continues to successfully advance the Lagoa Salgada project, creating long-term value for stakeholders."

The company notes that while there is a commonality of directors and officers between Ascendant and Cerrado, the companies are not related parties as defined in Multilateral Instrument 61-101, Protection of Minority Shareholders in Special Transactions, and accordingly the loan is not considered a related party transaction as defined in MI 61-101.

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 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. The company's common shares are principally listed on the Toronto Stock Exchange under the symbol ASND.

We seek Safe Harbor.