Mr. Mark Brennan reports

ASCENDANT RESOURCES NOTIFIES SHAREHOLDERS OF UPCOMING SPECIAL MEETING

Further to its press release on Feb. 3, 2025, Ascendant Resources Inc. has mailed and filed on SEDAR+ its notice of meeting and management information circular in respect of the coming special meeting of shareholders of the company.

The meeting will be held at the offices of the company, 200 Bay St., Suite 3205, Toronto, Ont., Canada, M5J 2J2, on May 6, 2025, at 10 a.m. Toronto time. All shareholders of record at the close of business on March 12, 2025, are entitled to receive notice of and vote their securities at the meeting.

At the meeting, shareholders will be asked to vote on certain resolutions to approve a statutory plan of arrangement under Section 182 of the Business Corporations Act (Ontario) to, among other things, effect the acquisition by Cerrado Gold Inc. of all of the issued and outstanding common shares of the company not already owned by Cerrado or any of its affiliates as well as certain other matters as set out in the meeting materials. For further details concerning the arrangement and other matters to be considered at the meeting, refer to the company's news release of Feb. 3, 2025, and the meeting materials.

The special committee and independent director of the company recommends that shareholders vote for the arrangement resolution.

Shareholders are encouraged to submit their proxies in advance of the proxy voting deadline of 10 a.m. Toronto time on May 2, 2025, to ensure their votes are received in time to be counted at the meeting.

Securityholder questions

If you require assistance in completing your form of proxy, please contact Computershare toll-free in North America at 1-866-732-8683 or outside North America at 312-588-4290. If you have any questions about completing your letter of transmittal, please contact TSX Trust Company at 1-866-600-5869 or by e-mail at tsxtis@tmx.com.

Additional information about the arrangement and the meeting can be found in the meeting materials, which have been filed under the company's profile on SEDAR+.

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

We seek Safe Harbor.