Ascendant Begins Drill Program to Support Feasibility Study

TORONTO, Nov. 23, 2021 - Ascendant Resources (the "Company") (TSXV:ASND), is pleased to announce that it has commenced its drill program that will be used to support an upcoming Feasibility Study at its Lagoa Salgada VMS project, located in the Iberian Pyrite Belt, Portugal.

The drill program is planned to consist of approximately 15,000 meters of diamond drilling divided between the north and south zones of the Venda Nova orebody. The program will include 6 dedicated metallurgical drill holes; 4 in the north zone and 2 in the south zone. Most of the planned drill holes will be a combination of infill and exploration drilling on both the North and South zones with the aim to upgrade all Inferred resources to Measured and Indicated categories to support the completion of a NI 43-101 Feasibility Study in 2022. In addition, it is expected that the drill program will not only upgrade resources but also has the potential to increase the overall tonnage and grade of both the North and South sectors by expanding the higher grade zones.

Ascendant will also be undertaking a surface TEM geophysics survey as part of this field program. This program will use larger loops to help define potential extensions to the known orebodies, both laterally and at depth as well as developing new exploration targets in known prospective areas.

Mark Brennan, Executive Chairman, stated, "We are very excited to begin this drill program that will support our Feasibility Study intended to demonstrate and highlight the robust potential of Lagoa Salgada as indicated by the Preliminary Economic Assessment and show the potential for further resource growth in the future to enhance the potential of the project for the longer term."

The planned infill drill program and Feasibility Study are commencing following the completion of NI 43-101 Preliminary Economic Assessment ("PEA") entitled "NI 43-101 Technical Report and PEA for the Lagoa Salgada Project", which is available on the company's website and SEDAR. The PEA highlighted a low capital intensive project (initial capex US$132 million) with an after tax NPV8% of $246 million and an IRR of 55% at conservative long term metal prices. The PEA presents a low capex, low operating cost, high margin underground mining operation with strong economics to support the opportunity for significant benefit to the Company, local stakeholders, and will boost Portugal's economy through exports, taxes and local employment.

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About Ascendant Resources Inc.

Ascendant 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. Through focused exploration and aggressive development plans, the Company aims to unlock the inherent potential of the project, maximizing value creation for shareholders.

Lagoa Salgada contains over 10.33 million tonnes of Measured and Indicated Resources @ 9.06 % ZnEq and 2.50 million tonnes of Inferred Resources @ 5.93 % ZnEq in the Northern Zone; and 4.42 million tones of Indicated Resources @ 1.50 % CuEq and 10.83 million tonnes of Inferred resources @ 1.35 % CuEq in the South Zone. The deposit demonstrates typical mineralization characteristics of Iberian Pyrite Belt VMS deposits containing zinc, copper, lead, tin, silver and gold. Extensive exploration upside potential lies both near deposit and at prospective step-out targets across the large 10,700ha property concession. The project also demonstrates compelling economics with scalability for future resource growth in the results of the Preliminary Economic Assessment. Located just 80km from Lisbon, Lagoa Salgada is easily accessible by road and surrounded by exceptional Infrastructure. Ascendant holds a 21.25% interest in the Lagoa Salgada project through its 25% position in Redcorp - Empreendimentos Mineiros, Lda, ("Redcorp") and has an earn-in opportunity to increase its interest in the project to 80%. Mineral & Financial Investments Limited owns the additional 75% of Redcorp. The remaining 15% of the project is held by Empresa de Desenvolvimento Mineiro, S.A., a Portuguese Government owned company supporting the strategic development of the country's mining sector. The Company's interest in the Lagoa Salgada project offers a low-cost entry to a potentially significant exploration and development opportunity, already demonstrating its mineable scale.

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 www.ascendantresources.com.

Additional information relating to the Company, including the Preliminary Economic Assessment referenced in this news release, is available on SEDAR at www.sedar.com.

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.