• Partnership to integrate hyperspectral technology, Artificial Intelligence ("AI") and machine learning for exploration as part of the Innovative HYPERMETAL Project.

• HYPERMETAL project is designed to revolutionize the efficiency and precision of polymetallic mineral exploration by enhancing the characterization of deposits.

• Program to be funded via application for Portugal 2030 Funding under the New Technologies Specialization Program.

• Grants an extension to EDM to acquire up to a 15% interest in the Lagoa Salgada Project

TORONTO, ON / ACCESSWIRE / September 18, 2024 / Ascendant Resources Inc. (TSX:ASND)(OTCQB:ASDRF)(FRA:2D9) ("Ascendant" or the "Company") is pleased to announce that its subsidiary, Redcorp - Empreendimentos Mineiros, Lda ("Redcorp"), has entered into a partnership with the University of Évora, Portugal, in a joint application for funding under the Portugal 2030 program, in the area of New Technologies Specialization. The funding will support the development of the groundbreaking HYPERMETAL project, which aims to integrate advanced hyperspectral technology, AI and Machine Learning into traditional mineral exploration methods.

The HYPERMETAL project is designed to revolutionize the efficiency and precision of polymetallic mineral exploration by enhancing the characterization of deposits. By reinterpreting historical drill cores and combining traditional methods (Geochemistry and Mineralogy) with hyperspectral analyses, the project will generate an advanced Digital Twin of the orebody, significantly improving the understanding and development of new exploration targets through AI and machine learning systems, to continue to expand the known mineralization at Lagoa Salgada.

One of the project's key milestones will be the execution of a new drill hole, which will be studied using both conventional methodologies and hyperspectral technology. Through the application of Machine Learning and AI, the collected data will be classified to map ore occurrences, hydrothermal alteration halos, and key lithologies. The result will be a cutting-edge digital platform capable of processing hyperspectral images and generating precise visualizations of ore distribution and alteration zones throughout the drill hole.

Mark Brennan, Executive Chairman of Ascendant stated, "The HYPERMETAL project and the integration of cutting-edge AI technologies represents a leap forward in mineral exploration technology. Our partnership with the University of Évora reflects our commitment to embracing new technologies, such as AI, and fostering innovation within the mining sector, enhancing our exploration capabilities and contributing to the successful development of Lagoa Salgada."

The joint application to the Portugal 2030 program, reinforces Ascendant Resources' dedication to leveraging innovative technologies that align with the European Union's goals for sustainability and economic growth. We anticipate receiving the results of our application by the end of November 2024.

The Portugal 2030 financial framework is structured around 12 distinct programs, with Compete 2030 focusing on innovation and digital transformation. This program is backed by €3.9 billion in funding from the European Regional Development Fund ("ERDF") and the European Social Fund Plus ("ESF+") and aims to drive development in Portugal's less advanced mainland regions and its Autonomous Regions. Its key goals include boosting innovation, competitiveness, energy transition, and workforce skills. Under the "A More Competitive Portugal" initiative, the program emphasizes digitalization, research, innovation, and SME growth. The "A Greener Portugal" goal promotes decarbonization and renewable energy within businesses, while the "A More Social Portugal" objective helps workers and companies adapt to evolving circumstances.

Compete 2030 aims to leverage available resources in a streamlined, collaborative, and effective way, adhering to principles of transparency, efficiency, and results-oriented strategies.

The Portugal 2030 Partnership Agreement was officially approved on July 12, 2022 and signed two days later by the Portuguese Government and the European Commission, with all programs receiving approval by December 15, 2022.

EDM Option Extension
In addition, the Company also announces that Empresa de Desenvolvimento Mineiro ("EDM"), the Portuguese State Mining Development Agency, has been granted an extension to the term of its option agreement for up to a 15% interest in the Lagoa Salgada Project (the "Project"). The extension has been granted by the Company's 80% owned subsidiary, Redcorp, and extends the deadline for exercise from September 30, 2024 to 120 days from the date on which the following conditions are satisfied: (i) issuance of the Environmental Impact Statement on the Project, and (ii) completion of the optimization study of the Project's feasibility study clarifying technical and metallurgical matters (the "EDM Option").

If EDM exercises the EDM Option, then the Company is entitled to exercise call options causing the transfer from Mineral & Financial Inc. ("M&FI") of the free carried interest quotas of the Lagoa Salgada concessionaire, Redcorp, to Ascendant such that Ascendant would continue to own an 80% interest in the Project and MF&I would hold 5%. M&FI has the right, but not the obligation, to exercise a put option commencing on the date on which EDM makes its election and terminating four (4) months thereafter, for Ascendant to purchase all of the Redcorp quotas then held by M&FI. The put price would be an amount in US dollars, payable in cash, equal to 5% of the post-tax net present value (at a 10.5% discount rate) of the Project provided in the then current feasibility study.

If the EDM Option is fully exercised and the Put Option is also exercised, the Company would hold an 85% interest in the Project and EDM would hold a 15% fully contributing interest, with each party required to contribute pro rata, subject to standard dilution clauses.

About the University of Évora Geosciences Department
The Department of Geosciences at the School of Science and Technology, University of Évora, is a scientific and educational unit dedicated to ongoing research, teaching, community outreach, and offering specialized services to the public.

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. 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 an 80% interest in the Lagoa Salgada project through its position in Redcorp - Empreendimentos Mineiros, Lda, ("Redcorp"). 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 is available on SEDAR+ at www.sedarplus.com.

For further information, contact:

Mark Brennan
Executive Chairman, Founder

Mike McAllister
Vice President, Investor Relations
Tel: +1-647-805-5662
mmcallister@ascendantresources.com

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 Lagoa Salgada project 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 potential programs or involvement with University of Lisbon. 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 April 3, 2024 and under the heading "Risks and Uncertainties" in the Company's Management's Discussion and Analysis for the years ended December 31, 2023 and 2022 and other risks identified in the Company's filings with Canadian securities regulators, which filings are available on SEDAR+ at www.sedarplus.ca. 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.

SOURCE: Ascendant Resources, Inc.