Ascendant Resources Makes US$2.5 Million Final Payment Under Earn-In Agreement for Lagoa Salgada VMS Project, Portugal

TORONTO, Dec. 14, 2022 - Ascendant Resources Inc. (TSX: ASND; OTCQB: ASDRF; FRA: 2D9) ("Ascendant" or the "Company") is pleased to announce that it has satisfied all financial conditions required to increase its effective ownership interest from 50% to 80% in the Lagoa Salgada VMS project (the "Project") in Portugal. Ascendant has made the final US$2.5 million payment to the optionor, Mineral & Financial Investment AG, as required under the earn in agreement with respect to the Project. Ascendant expects to satisfy the only remaining condition; the completion of the current ongoing Feasibilty Study, to increase its stake in the Project to 80% by the end of Q1 2023.

Mark Brennan, Ascendant's Executive Chairman commented, "With this payment we are now just one step away from increasing our ownership to 80% in this highly prospective and economicly robust project. The feasibility study is progressing extremely well and we remain on-track for completion by the end of Q1 2023, well ahead of the deadline to execute our remaining option to achieve an 80% interest in the Lagoa Salgada Project. In addition, the project remains in the exploration discovery stage, and we look forward to commencing imminently a new, pure greenfield exploration program targeting two highly prospective satellite targets which we anticipate could significantly expand the overall resource potential we see at Lagoa Salgada."

As per the earn-in agreement, the Company has the option to earn an additional 30%, totaling an 80% effective interest in the Project, by making the US$2.5 million payment and completing a feasibility study by June 22, 2023.

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.

The Venda Nova deposit at 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 North Zone; and 4.42 million tonnes 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 7,209ha 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 50% interest in the Lagoa Salgada project through its position in Redcorp - Empreendimentos Mineiros, Lda, ("Redcorp") and has an earn-in opportunity to increase its interest in the project to 80%. 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.

Forward Looking Information

This news release contains "forward-looking statements" and "forward-looking information" (collectively, "forward-looking information") within the meaning of applicable Canadian securities legislation. All information contained in this news release, other than statements of current and historical fact, is forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "budget", "guidance", "scheduled", "estimates", "forecasts", "strategy", "target", "intends", "objective", "goal", "understands", "anticipates" and "believes" (and variations of these or similar words) and statements that certain actions, events or results "may", "could", "would", "should", "might" "occur" or "be achieved" or "will be taken" (and variations of these or similar expressions). Forward-looking information is also identifiable in statements of currently occurring matters which may continue in the future, such as "providing the Company with", "is currently", "allows/allowing for", "will advance" or "continues to" or other statements that may be stated in the present tense with future implications. All of the forward-looking information in this news release is qualified by this cautionary note.

Forward-looking information in this news release includes, but is not limited to, statements regarding the feasibility study and the results of such activities at the Project, the ability of the Company to complete a feasibility study in Q1 2023 and by June 2023, and the anticipated outcome of such feasibility study, to earn an 80% interest in the Project, the economics of the Project and the ability of the Company to fund exploration and development of the Project. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by Ascendant at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different from those expressed or implied by the forward-looking information. The material factors or assumptions that Ascendant identified and were applied by Ascendant in drawing conclusions or making forecasts or projections set out in the forward-looking information include, but are not limited to, the success of the exploration activities at Lagoa Salgada Project, the Company advancing the project to a Preliminary Economic Assessment, the ability of the Company to fund the exploration program at Lagoa Salgada with funds from operations , and other events that may affect Ascendant's ability to develop its project; and no significant and continuing adverse changes in general economic conditions or conditions in the financial markets.