Ascendant Resources Confirms Saleable Grade Concentrates Achieved For Copper, Lead And Zinc With Strong Recoveries And Precious Metal Credits At Its Lagoa Salgada Vms Project, Portugal

TSX: ASND
www.ascendantresources.com

• Optimization Tests Continuing for Final Grade and Recovery Profiles

TORONTO, May 2, 2023 - Ascendant Resources Inc. - (TSX: ASND) (OTCQB: ASDRF) (FRA: 2D9) ("Ascendant" or the "Company") is pleased to provide an update of its most recent metallurgical test results as part of its ongoing metallurgical test works which will be included in a Feasibility Study for the Venda Nova deposit at its Lagoa Salgada VMS Project, Portugal, targeted for completion in May 2023.

The Feasibility Program is being led by Quadrante Engenharia e Consultoria, SA. (Portugal) ("Quadrante") with input from Micon International Limited (Canada) ("Micon") who will act as the Qualified Person ("QP") for the 43-101 Resource Update. Soluciones, Concentradores Y Procesos de Ingeniería, S.L. (Spain) ("SCYPI") has managed the flowsheet development and process optimization testing program. Grinding Solutions Limited (UK) ("GSL") has completed the detailed Metallurgical Testing using representative composite samples and variability testing. Maelgwyn Mineral Services Africa (PTY) LTD (South Africa) ("Maelgwyn") is completing independent validation of metallurgical results and completing Locked Cycle Testing (LCT) of selected circuit configurations. Both laboratories are Independent of Ascendant.

The flotation testing and optimization tests will be completed shortly to determine final grade recovery curves for all domains and selection of the optimal grade and recovery for financial analysis. The testing results below are therefore for information purposes only to demonstrate the improvements identified during the Feasibility Study test program compared to the 2021 Preliminary Economic Analysis. The testing results below comprise the Copper, Lead and Zinc grade-recoveries for the Stockwork and Massive Sulphide domains.

Mark Brennan, Executive Chairman, stated, "It is very common for metallurgy in the Iberian pyrite belt to be complex due to the polymetallic nature of the ores, but we are pleased that the metallurgical test work we have completed to date supports our expectations for the Venda Nova deposit and we anticipate these results will support a robust feasibility study. Metallurgical test work to further optimize metal recoveries and concentrate grades will be a continuous process as we develop the project."

The most recent metallurgical test work was completed by GSL in the United Kingdom and has been validated using Maelgwyn in South Africa. Both laboratories are Independent of Ascendant. These programs were completed using representative core from the 2022 drilling campaign to establish metal recoveries and concentrate grades and complete variability testing. The metallurgical test work results continue to support the use of a planned conventional polymetallic process flowsheet capable of recovering copper, lead, zinc, gold, and silver in three saleable concentrates.

Over the coming weeks the flotation testing and optimization tests will be completed to determine final grade recovery curves for all domains and selection of the optimal grade and recovery for financial analysis. The testing results below are therefore for information purposes only and to demonstrate the improvements identified during the Feasibility Study test program compared to the 2021 Preliminary Economic Analysis. The testing results below comprise the Copper, Lead and Zinc grades-recoveries for the Stockwork and Massive Sulphide domains.

The metallurgical testing has identified the following saleable concentrate products. These product specifications have been shared with several Smelters and Refineries and confirmed as suitable and meeting their requirements. Final negotiations with smelters and refineries are planned to commence post the publication of the NI 43-101 Feasibility Report. Final grades may change as part of those negotiations.

The Massive Sulphides testing by GSL has developed a sequential flotation circuit producing separate Lead and Zinc Concentrates. The results for the OCT, LCT and Variability tests undertaken by GSL for Lead are summarized below.

The GSL Massive Sulphides testing results for Zinc are summarized below.

The initial indication from the independent verification work by Maelgwyn has shown good alignment on the results achieved. The preliminary results for a Massive Sulphide 7-cycle LCT are presented below.

The Stockwork testing by GSL has developed a sequential flotation circuit producing separate Copper, Lead and Zinc Concentrates. The Stockwork Open Circuit Tests (OCT), Locked Cycle Tests (LCT) and Variability Tests by GSL for Copper are summarized below.

The Stockwork GSL test results for Lead are summarized below.:

A summary of the Stockwork GSL test results (OCT and LCT) for Zinc is shown below:

The scientific and technical information in this press release has been reviewed and approved by Clinton Swemmer, P.Eng.., Chief Technical Officer, for Ascendant Resources Ltd, who is a non Independent Qualified Person as defined in National Instrument 43-101.

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 step-out targets across the large 7,209-hectare property concession.

Located just 80km from Lisbon and surrounded by exceptional infrastructure, Lagoa Salgada offers a low-cost entry to a significant exploration and development opportunity, already showing its mineable scale and cashflow generation potential.

Ascendant currently 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 common shares are principally listed on the Toronto Stock Exchange under the symbol "ASND". For more information on Ascendant, please visit our website at http://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.

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, final product specifications, recoveries and timing of completion of studies. In making the forward- looking statements contained in this press release, Ascendant has made certain assumptions, including, but not limited to the anticipated time to complete remaining metallurgical test work, time to complete a feasibility study, the results of the feasibility study and saleability of the products to be produced at the Lagoa Salgada Project. 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 31, 2023and under the heading "Risks and Uncertainties" in the Company's Management's Discussion and Analysis for the years ended December 31, 2022 and 2021 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.

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SOURCE Ascendant Resources Inc.