Ascendant Resources Engages Leading Decarbonization Consultant to Drive Carbon Neutrality at Lagoa Salgada

TORONTO, Jan. 23, 2023 - Ascendant Resources Inc. (TSX: ASND) (OTCQB: ASDRF; FRA: 2D9) ("Ascendant" or the "Company") is pleased to announce that the company has engaged Synergy Enterprises ("Synergy"), a leading firm specializing in greenhouse gas ("GHG") accounting and decarbonization strategies, to help Ascendant develop and execute its strategy to be a leader in low-carbon mining at its Lagoa Salgada Property in Portugal.

Over the next year, Synergy will measure emissions from current exploration activity and model the projected emissions of the proposed operation being designed in the upcoming feasibility study, which is expected to be completed towards the end of Q1/23. Based on the ensuing model, Synergy will create a decarbonization strategy that identifies the key opportunities to reduce emissions, and work with company leadership to set ambitious, achievable, GHG emission targets. Ascendant Resources and Synergy will also explore carbon neutrality as a strategy to reduce the overall environmental impact of the proposed project.

The Company continues to progress the Feasibility Study with the aim of minimizing emissions through several initiatives, including the use of electric mining equipment, reducing our environmental footprint and evaluating the introduction of a captive solar plant. Ascendant is fortunate that Portugal's existing power grid is heavily supported by green power.

Heidi Grantner, General Manager at Synergy Enterprises, commented: "At Synergy, our mission is to empower businesses to take ambitious action to reduce our global reliance on fossil fuels and limit the worst impacts of climate change. We are excited to begin working with Ascendant Resources, as it is clear the company is committed to being a leader in this space, and we look forward to supporting them along their decarbonization journey."

Mark Brennan, Executive Chairman of Ascendant, stated, "We are pleased to be working with Synergy to help execute on our strategy to be an industry leader in low emission mining. We believe Lagoa Salgada will be a low impact project by nature and we are always looking for ways to limit or neutralize emissions with the aim of achieving Carbon Neutrality."

About Synergy Enterprises

Synergy Enterprises ("Synergy") is a corporate sustainability management firm based in Victoria, BC specializing in greenhouse gas accounting, decarbonization strategies and clean technology adoption. As a certified B Corp, Synergy believes that businesses have both a responsibility and an opportunity to lead the climate action movement and champion a better way of doing business that leads to long term value creation for all stakeholders. Synergy's full-service programs help organizations measure their impact, set greenhouse gas (GHG) reduction targets, engage stakeholders, implement solutions, offset emissions and communicate results.

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. 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.

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

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Forward Looking Information

This press release contains statements that constitute "forward-looking information" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements contained in this press release include, without limitation, statements regarding the business, the Project, ability to achieve lower emissions or Net-Zero emissions. In making the forward-looking statements contained in this press release, Ascendant has made certain assumptions, including, but not limited to the Company's ability to lead low emission mining and achieve low emissions or carbon neutrality. Although Ascendant believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, Ascendant disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.

Forward-looking information is subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the risks described under the heading "Risks Factors" in the Company's Annual Information Form dated March 24, 2022 and under the heading "Risks and Uncertainties" in the Company's Management's Discussion and Analysis for the years ended December 31, 2021 and 2020 and other risks identified in the Company's filings with Canadian securities regulators, which filings are available on SEDAR at www.sedar.com. The risk factors referred to above are not an exhaustive list of the factors that may affect any of the Company's forward-looking information. The Company's statements containing forward-looking information are based on the beliefs, expectations and opinions of management on the date the statements are made, and the Company does not assume any obligation to update such forward-looking information if circumstances or management's beliefs, expectations or opinions should change, other than as required by applicable law. For the reasons set forth above, one should not place undue reliance on forward-looking information.