Announcement • May 10
Ascendant Resources Inc. announced that it has received CAD 3.292972 million in funding from Cerrado Gold Inc. On May 9, 2025, Ascendant Resources Inc., closed the transaction. The company issued 17,675,656 common shares at a price of CAD 0.0525 per share for the gross proceeds of CAD 927,971.94 in its second and final tranche closing. Announcement • Dec 31
Ascendant Resources Inc. to Advance Development of Lagoa Salgada VMS Project, Portugal Ascendant Resources Inc. announced it continues to develop its Lagoa Salgada VMS Project, located in Portugal's Iberian Pyrite Belt. Recent success in exploration, metallurgy, permitting and feasibility optimization have reinforced Lagoa Salgada's potential to become a significant global polymetallic project. Continued development is planned in the areas of exploration at recently identified targets, further metallurgical testing and improvements. Additionally, completion of Definitive Feasibility Study Optimization and permitting advancement are all planned for the coming year. Announcement • Dec 11
Ascendant Resources Inc. Announces Transformative Developments At Lagoa Salgada VMS Project, Portugal Ascendant Resources Inc. announced significant advancements that have been achieved in 2024 at its Lagoa Salgada VMS Project, located in Portugal's Iberian Pyrite Belt. Recent progress in exploration, metallurgy, permitting and feasibility optimization have reinforced Lagoa Salgada's potential to become a significant global polymetallic project poised for rapid development with a construction decision expected in fourth quarter 2025. Exploration Continues to Expand Resource Potential: Recent drilling based on gravity survey results suggest the potential discovery of a new copper-rich zone, located West and below the North Zone Primary Massive Sulphide domain. Drilling continuing to intercept stringer style copper mineralization, suggesting proximity to massive sulphides, as identified by gravity survey program. Definitive Feasibility Study ("DFS") Optimization; Material inversion of the NPV to Capex ratio expected in the optimized Feasibility Study. continued optimization of the DFS expected to materially enhance project economics and operational efficiency. Permitting & Environmental Stewardship; Environmental Impact Assessment (EIA) submitted with final approval expected in first quarter 2025. Exploration Highlights Resource Growth Potential: In February 2024, Ascendant Resources completed a detailed gravity survey over the Venda Nova North and South Zones. The program identified four new high priority targets for ongoing follow up and suggests the potential for significant resource growth remains at Lagoa Salgada. As announced on November 4, 2024, Ascendant initiated a precision drill program targeting the newly identified anomalies. This discovery, characterized by high-grade stringer sulphide mineralization opens new resource potential for ongoing drilling. Assays are currently pending and expected to be released before year end. The discovery of this potential feeder zone warrants further follow-up drilling to determine if a proximal massive sulphide lens can be located. Metallurgical test work programs have continued subsequent to the successful Phase I metallurgical test works and have demonstrated the ability to produce high-grade concentrates with competitive recovery rates across multiple domains: Zinc Recovery and Grade: Achieved recoveries of approximately 79% with grades exceeding 45% zinc. Fresh core samples from these domains from the current drill program have been meticulously prepared and stored in a freezer container to prevent oxidation. The enhancement in recoveries seen in the various domains and the reduction in deleterious elements are expected to further enhance overall project economics. DFS Optimization: Enhancing Robust Economics: Ascendant Resources has implemented a series of strategic initiatives to optimize the Lagoa Salgada Project's Definitive Feasibility study (DFS), aiming to establish a foundation for robust financial performance and long-term operational resilience. The project is set to integrate hyperspectral imaging, Artificial Intelligence (AI), and machine learning into the exploration process at Lagoa SalgADA, marking a transformative approach to mineral characterization. Key Goals of the HYPERMETAL Project: Enhance orebody visualization and mineral mapping through hyperspectral imaging. As part of the project, historical drill cores will be reanalyzed using advanced imaging techniques, with data processed through AI and machine learning to identify ore occurrences and alteration halos. This innovative methodology will generate precise digital models, enabling the efficient identification of new exploration targets. UnderCOVER Project: Unlocking Hidden Mineral Deposits with Advanced Geophysical Methods: Ascendant Resources is also set to participate in the EU-funded UNDERCOVER Project, an ambitious initiative focused on advancing mineral exploration techniques to uncover hidden mineral systems. Leveraging cutting-edge geophysical technologies, the project aims to enhance the efficiency and sustainability of exploration at Lagoa SalGada. Announcement • Nov 02
Ascendant Resources Inc. Announces Initiate Drill Program to Expand the Lagoa Salgada VMS Project Ascendant Resources Inc. announced that the drill program has been initiated to test promising Massive and Semi-Massive Sulphide targets based on a combination of data from Induced Polarization, Electro Magnetic surveys, and detailed gravity signatures conducted over and surrounding the existing Venda Nova North and South Zone deposits. These holes have also been designed to further test, and potentially expand, the resources within the Venda Nova North and South Zones. Drilling is expected to be completed by year end. Initial drill holes are planned in the North Zone, targeting potential additional Massive Sulphide lenses offset to the South-West and underneath the existing PMS zone at the Venda Nova North deposit. This target represents an opportunity to expand the known high-grade massive sulphide mineralization in the North deposit. Targeting is based on the interpretation of the high-density anomaly announced earlier this year. The second drill hole is designed to intercept mineralization in the Stringer zone, intersected by previous drilling. Additional drill holes are targeted in the South Zone of Venda Nova with a similar focus to expand the overall resource potential. Detailed gravimetric surveying has identified a gravity anomaly up-dip and on the western flank of the inferred portion of the Stockwork zone which has a similar signature to the Semi-Massive zone encountered on the eastern flank. This dense material also sits above the potential Cu-rich corridors and, from a density perspective, could relate to massive to semi-massive sulphides. Announcement • Oct 15
Ascendant Resources Inc. Achieves Significant Improvements in Its Phase I Metallurgical Test Work Optimization Program At the Lagoa Salgada Vms Project, Portugal Ascendant Resources Inc. announced the successful completion of Phase I of its metallurgical test work optimization program for the Primary Massive Sulphide (PMS) and Stockworks (STWKS) domain at the Lagoa Salgada Volcanogenic Massive Sulphide (VMS) project, located in Portugal. The results of the Phase I program have shown substantial improvements in both metal recoveries and concentrate grades, reinforcing the economic potential of the project. Key Metallurgical Results from the PMS and Stockworks Domains PMS: Zinc recovery improved to 79%, up from 70%, with a concentrate grade of 43%. Following the completion of the July 2023 NI 43-101 Feasibility Study, Ascendant initiated an optimization program aimed at improving metallurgical performance, particularly in terms of metal recoveries and concentrate grades., while reducing the presence of harmful elements. The implementation of thermal treatment has significantly reduced mercury content in the zinc concentrate, reducing potential penalties and leading to two potential concentrate products: Product A: A zinc concentrate with mercury levels below 695 ppm. Concentrates Units Product A: Product B: Thermal Treatment @ 550C Thermal Treatment @ 700C Thermal Treatment @ 700C. Zn Grade in Concentrate (%) 45.7 45.4 Hg Grade in Concentrate (ppm) 691.1 -Minerology Units Product A: Product A: Product B: Thermal Treatment @ 550C Thermal Treatment at 700C Thermal Treatment at 700C Sphalerite (Zn) (%) 65.69 8.06 Zn Fe-Oxide (Zn) (%) - 85.45 Pyrite-pyrrhotite (%) 0.55 0.01 Arsenopyrite (%) 8.88 1.17 Galena (Pb) (%) 2.22 0.27 Fe-Oxide (%) 15.72 2.78 Total Oxides (%) 0.07 0.55 Other (%) 100.0 100.0 These results are expected to have a positive impact on the overall production rates and the sales value of the concentrates, further enhancing the economic potential of the Lagoa SalGada project. STWKS Highlighted Results: Open Cycle Tests (OCT) have demonstrated improvements in Concentrate Grades for Zinc, Lead and Copper. Phase II testing planned with fresh samples to further improve recoveries and selectivity between Copper and Lead. Open cycle metallurgical test work results completed by Grinding Solutions prior to the Phase I program, demonstrated an increase in concentrate grades, particularly in Copper and Lead concentrates. STWKS Highlighting Results: STWKS Highlighted results: STWKS Results Cu Concentrate Zn Concentrate Pb Concentrate Grade in Concentrate 34% 43% 61% Primary Metal Recovery 48% 66% 41% 41% The primary objective of the Phase I tests was to enhance recoveries by improving the selectivity of copper and lead. The retesting of the Stockworks domain will be included in the next phase of metallurgical work following the current drill program. New Phase II Metallurgical Test Program to Begin Imminently: Ascendant will begin with Phase II of the metallurgical optimization program imminently, which will focus on optimizing all the various domains and validating the initial results obtained from the Primary Massive Sulphide domain. Chemical assays of the flotation products (concentrate) and Stockworks domain. Chemical assays of The flotation products (concentrates) and Stockworks domain will be included on the current drill program. Announcement • Jul 15
Ascendant Resources Inc. Files Final Stage Submission of Its Environmental Impact Assessment for Its Lagoa Salgada Project, Portugal Ascendant Resources Inc. announced the successful submission of additional and revised information as part of the final stage in the Environmental Impact Assessment (‘EIA’) process for its Lagoa Salgada project, through its Portuguese subsidiary, Redcorp - Empreendimentos Mineiros, Lda (‘Redcorp’). This final submission is in response to a request from Agência Portuguesa do Ambiente (‘APA’), the Portuguese environmental regulatory body, and is subject to no additional requests prior to approval of EIA. EIA Delivery Timeline: Submission of Additional Material: As anticipated, APA requested further information, which has been compiled and submitted by Ascendant's technical team and environmental consultants. Pre-Phase Review Timetable: The 90-working day review period was paused upon APA's request for additional information and has now resumed with the submission of the requested data. Declaration of Conformity: Ascendant expects to receive a ‘declaration of conformity’ for the EIA within the next 20 working days. Public Consultation: Following the declaration, there will be a period of public consultation and a review by APA's Evaluation Committee. Final Technical Statement: The results from the public consultation and the Evaluation Committee's review will form the basis for the Committee's ‘Final Technical Statement,’ allowing APA to prepare the Environmental Impact Declaration (‘DIA’) and grant the project its DIA. Completion of Pre-Phase: This will complete the 'Pre-Phase' stage of the EIA application process. The project will then move to the second stage, ‘RECAPE,’ expected to take 60 working days for its review once delivered to APA. Subject to APA's approval, the project will receive its Environmental Title. Upon approval of the EIA, the project will enter the RECAPE phase - Environmental Compliance Report of the Execution Project (‘RECAPE’). The RECAPE phase aims to verify that the execution of the project complies with the criteria established in the Environmental Impact Declaration (‘DIA’); complying with the terms and conditions set therein would position the project to be ready for the execution of a formal construction decision once all criteria are determined and approved. While in this phase, the Company may be authorized to initiate select minor early works on the Project. This phase and receipt of the RECAPE, expected during fourth quarter, 2024 would allow the Company to begin construction of the Lagoa Salgada Project. Announcement • Jun 15
Ascendant Resources Inc. Announces Stephen Shefsky Did Not Stand for Re-Election to the Board of Director Ascendant Resources Inc. at its 2024 Annual General Shareholders' Meeting held on June 13, 2024, company announced that Stephen Shefsky did not stand for re-election to the Board of Directors. Mr. Shefsky was a co-founder of the Company as well as the Lead Director, serving on the Audit and Corporate Governance committees. New Risk • May 17
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$5.1m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$5.1m free cash flow). Share price has been highly volatile over the past 3 months (25% average weekly change). Negative equity (-US$13m). Revenue is less than US$1m. Market cap is less than US$10m (€7.57m market cap, or US$8.21m). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (US$3.5m net loss in 3 years). Shareholders have been diluted in the past year (43% increase in shares outstanding). Announcement • Apr 13
Ascendant Resources Inc., Annual General Meeting, Jun 13, 2024 Ascendant Resources Inc., Annual General Meeting, Jun 13, 2024. Agenda: Annual General and Special Meeting. Announcement • Apr 10
Ascendant Resources Inc. Reports Significant Metallurgical Improvements at its Lagoa Salgada VMS Project, Portugal Ascendant Resources Inc. provided an update on the optimization metallurgical test program on the primary massive sulphides (‘PMS’) domain at Lagoa Salgada. The Massive Sulphides are the highest margin domain and a large value driver of NPV for the Lagoa Salgada Project. Bench scale metallurgical testing on composite samples from the PMS ore body were completed by Maelgwyn Metallurgical Laboratories (South Africa) with oversight from Minepro Solutions (Spain) and DRA Global (South Africa). Following completion of the July 2023 43-101 Feasibility Study (‘FS’), Ascendant initiated an optimization program for metallurgical performance to improve metal recoveries, concentrate grades and characterization of the deleterious elements in order to enhance the revenue potential for its Lagoa Salgada Project. The initial phase of the optimization program has been focused on the Primary Massive Sulphide mineralization from its Venda Nova North Sector, as this zone is the major revenue contributor for the project and is exploited early in the mine life. In addition to the metallurgical work, the company continues to progress its environmental permitting activities and expects to be granted the permit in Third Quarter /24 which would position Lagoa Salgada as the next mine ready project on the Iberian Pyrite belt. Key Highlights: Results from the optimization phase metallurgical Locked Cycle flotation testing conducted by Maelgwyn Metallurgical Lab has achieved: Zinc Concentrates at 43% Zn (+8% points or 22% higher grade than FS results) with a corresponding Zn recovery of 79% (+9% points or a 13% increase in Zn recovery to concentrate as compared to the FS); and Lead Concentrates at 24% Pb with a Lead recovery of 53%, from a sample with comparatively lower contained Pb in feed, confirming the lead recovery potential demonstrated in the FS testing phase. Results demonstrate the potential to produce saleable and highly marketable Lead and Zinc concentrates from the PMS domain. Demonstrated potential to lower operating and capital costs relative to the current FS as a result of using a proven flotation reagent suite, simplified flowsheet, and coarser primary grind. Optimization bench scale test work is ongoing for the Stockwork domain, where initial open circuit test work has also demonstrated improved Zinc recovery and concentrate grades, with an efficient separation of Copper and Lead for discrete concentrate production. Further optimisation work on the Gossan and Transition domains to commence shortly. Metallurgical Testing Update: The recent metallurgical testing on a composite sample from the PMS ore body at Lagoa Salgada was conducted by Maelgwyn Laboratories, with oversight from Minepro and DRA Global. Through the implementation of an optimized circuit configuration, along with a new reagent suite and coarser primary grinding, the test work has yielded enhanced Zinc concentrate grades and recoveries. Additionally, it has showcased the potential to streamline the process flow sheet, decrease grinding size, and diminish penalty elements. These modifications are anticipated to lead to cost savings in operations owing to a simplified process compared to the feasibility study. Seven flotation tests were carried out in open circuit, alongside two locked cycle tests, utilizing the described composite sample. The most successful open circuit test identified the circuit configuration and reagent regimes for the locked cycle tests. The Zinc circuit performance indicates that a concentrate with saleable grade can be produced with a recovery ranging around 79%. Based upon the calculated grade/recovery curves a concentrate grade +45% Zinc with slightly lower recoveries is expected to be achieved at an industrial scale. Additionally, selectivity and cleaning have notably improved compared to previous works, leading to lower penalties content. The Zinc concentrate now exhibits arsenic levels below 1.5% and antimony levels in the range of 500 ppm (0.05%). Mercury grades are awaiting confirmation as the reconstructed head grade reveal a lower mercury concentration than the initial head grade sample analysis. Lead concentrates at 24% Pb with a lead recovery of 53% align with previous works completed for the FS, as the head grade of the current composite sample exhibits lower contained metal (1% less Pb content than the FS sample), confirming the lead recovery potential demonstrated in the FS testing phase. Additional testing on the remaining orebodies is currently underway, with completion of the Stockworks testing expected in the next few weeks and the results for the remaining lesser valued domains expected to be incorporated into a planned updated Feasibility Study scheduled towards Third Quarter of this year. New Risk • Apr 04
New major risk - Negative shareholders equity The company has negative equity. Total equity: -US$13m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (27% average weekly change). Negative equity (-US$13m). Revenue is less than US$1m. Market cap is less than US$10m (€7.97m market cap, or US$8.63m). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (US$4.3m net loss in 3 years). Shareholders have been diluted in the past year (38% increase in shares outstanding). Announcement • Jan 05
Ascendant Resources Inc. announced that it has received CAD 2.74296 million in funding On January 4, 2024, Ascendant Resources Inc. closed the transaction. The company has issued 15,817,625 common shares at a price of CAD 0.08 for gross proceeds of CAD 1,265,410 on its second and final tranche closing. The company has now issued total 34,287,000 common shares at a price of CAD 0.08 per share for gross proceeds of CAD 2,742,960 in the transaction. The transaction included participation from insiders of the company for 3,375,000 common shares at the offering price for gross proceeds of CAD 270,000. New Risk • Jan 02
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 7.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (39% average weekly change). Earnings are forecast to decline by an average of 7.5% per year for the foreseeable future. High level of non-cash earnings (78% accrual ratio). Revenue is less than US$1m. Market cap is less than US$10m (€8.63m market cap, or US$9.45m). Minor Risk Shareholders have been diluted in the past year (21% increase in shares outstanding). Announcement • Dec 07
Ascendant Resources Inc. announced that it expects to receive CAD 2.776 million in funding Ascendant Resources Inc. announced that it has announced a non-brokered private placement of 34,700,000 common shares at a price of CAD 0.08 per unit for gross proceeds of CAD 2,776,000 on December 7, 2023. The Company expects to close the Offering on or about December 15, 2023, and may elect to close the Offering in one or more tranches. The Offering is subject to customary conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange,
as well as the satisfaction of other customary closing conditions. The common shares will be offered on a private placement basis pursuant to the accredited investor. Announcement • Oct 17
Ascendant Resources Inc. Announces Appointment of Val Coetzee as Director of Process Engineering Ascendant Resources Inc. announced that it has strengthened its technical team with the addition of Mr. Val Coetzee who has been appointed as Director, Process Engineering. Mr. Coetzee will work with the rest of the technical team to enhance the delivery of the Lagoa Salgada project to optimize the process flow sheet and design as the company moves towards project development. Mr. Coetzee is a senior process engineering professional with over 25 years of experience in process engineering design, operational management, metallurgical analysis, risk analysis, economic valuation and executive leadership within the global mining industry. For the past decade, Mr. Coetzee has been at DRA Global rising to the role of Senior Vice President for Process Engineering. Mr. Coetzee played a vital role in the success of various projects and studies across a broad range of commodities and locations globally. Prior to this Mr. Coetzee worked at Impala Platinum and De Beers Consolidated as a metallurgist and technical manager tasked with overseeing new greenfield projects. Mr. Coetzee holds a Bachelor of Engineering in Chemical Engineering from the University of Stellenbosch, South Africa and a Master of Engineering: Mining (Mineral Economics) form the University of the Witwatersrand, South Africa and has experience in a diverse range of commodities, including PGMs, Gold, Uranium, Copper, Cobalt, Zinc, Lead, Lithium, Manganese, Chrome, Nickel, Magnesium, Iron Ore and Diamonds, with expertise in mineral processing, hydrometallurgy, and pyrometallurgy. Announcement • Jul 27
Ascendant Resources Announces Post-Tax Nv8 of USD 147 Million and 39% Irr from Initial Feasibility Study At Its Lagoa Salgada Project in Portugal ASCENDANT Resources announced post-tax NPV8% of USD 147 million and 39% IRR. Average annual payable zinc equivalent ("ZnEq") production of 124 million lbs per annum over first 5 years. Average All-in Sustaining Cost ("AISC") of USD 0.59/lb ZnEq over first 5 years. Robust Average EBITDA of USD 75.5 million per annum over the first 5 years. Upfront capex requirement of USD 164 million (including USD 12 million of contingency). Inaugural NI 43-101 compliant Proven and Probable Reserves in the North Zone and South Zones of 14.6Mt at an average NSR of USD 66.1/tonne. Updated NI 43-101 compliant Mineral Resource of: North Zone: 8.9Mt at 10.52% ZnEq Measured and Indicated and additional Inferred Resources of 0.5Mt at 6.62% ZnEq. South Zone: 10.0Mt at 1.22% Copper Equivalent ("CuEq") and additional Inferred resources of 8.1MT at 1.16% Cu Eq. It is the first comprehensive study covering all aspects of the operations required for the commercialization of the project. It will also serve to secure 80% interest in what is proving to be a robust project, even at this very early stage in its development. Lagoa Salgada remains a discovery project with significant upside potential expected as the larger potential company see for the Lagoa Salgada property. Given the nature of VMS deposits to occur in clusters on the Iberian Pyrite Belt, company see evidence of potential for several more deposits to be defined in the coming years to enhance the overall value proposition at Lagoa. Furthermore, company expect these results to support the current financing discussions and construction decision in the coming months". Optimization Opportunities. While completing the FS satisfies the requirements for Ascendant to earn an 80% interest in the project as required under the Earn In Option agreement, the Company believes that with additional time now available, the following near-term optimization opportunities exist to further enhance the FS prior to commencing development work over the next six months. The Company's initial focus will be as follows: Optimize mine ore sequencing to maximize revenues in the initial years. Optimization of the mining and processing rate to optimize NPV and IRR; and Undertake further metallurgical test work to enhance metal recoveries above those already achieved in tests to date. The Lagoa Salgada Project is located within the north-western section of the prolific Iberian Pyrite Belt ("IBP") in Portugal, approximately 80km southeast of Lisbon, accessible by national highways and existing roads. The Project is comprised of a single exploration permit covering an area of approximately 7,209 hectares. Breakeven Date Change • Jul 11
Forecast to breakeven in 2025 The 2 analysts covering Ascendant Resources expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 42% per year to 2024. The company is expected to make a profit of US$57.0m in 2025. Average annual earnings growth of 57% is required to achieve expected profit on schedule. Announcement • Jun 24
Ascendant Resources Inc., Annual General Meeting, Aug 23, 2023 Ascendant Resources Inc., Annual General Meeting, Aug 23, 2023. Announcement • Feb 14
Ascendant Resources Appoints Clinton Swemmer as Chief Technical Officer Ascendant Resources Inc. announced that Mr. Clinton Swemmer has been appointed Chief Technical Officer for the Company. Previously, Mr. Swemmer held the position of Vice President of Technical Services for Ascendant. The appointment as Chief Technical Officers reflects Mr. Swemmer's significant contribution to the Company, specifically to the ongoing Feasibility Study and development plans for the upcoming development of the Venda NovaDeposit within the Lagoa Salgada Project, on the Iberian Pyrite Belt ("IBP"), Portugal. Prior to joining Ascendant, Mr. Swemmer held the position of Vice President of Project Delivery for Treasury Metals, a mining company where he managed the Study and Trade-Offs to maximize NPV and meet the technical requirements of the Environmental and Permit process. Previously, as Vice President of Project Delivery, North America for Ausenco, an EPC/Mcompany focused on the metals and mining industry, he managed teams responsible for the EPC Awards of the Magino Gold Mine, Las Chispas Mine and the Blackwater Gold Mine. While at Ausenco, Mr. Swemmer was also accountable for reviewing all Pre-Feasibility Studies (PFS) and Feasibility Studies (FS) execution strategies and layouts such as Marathon Gold Mine and Springpole Gold Project. In addition, as Ascendant is now well advanced in completion of the Feasibility Study and moving towards project development decisions, the Technical Services Group has grown to accommodate the future demands of project construction and commissioning. As such, the Company is pleased to announced it has hired Mr. Erich Meintjes as Director of Engineering to support the ongoing engineering requirements at Venda Nova.Mr. Meintjes has over 27 years of experience in the mining industry and joins from DRA Global, where as Senior Vice President of Engineering he worked on numerous large scale projects focused on mining infrastructure and mineral beneficiation across various commodities. Mr. Meintjes' specific expertise lies in project execution, schedule planning, engineering design, procurement, expediting, construction, commissioning and handover of mining and processing plants. Announcement • Feb 10
Ascendant Resources Inc. Commences Drilling of Second Larger Step Out Geophysical Anomaly At Lagoa Salgada Ascendant Resources Inc. announced that it has mobilized a second drill rig to commence drilling at Anomaly B. Anomaly B is a large geophysical target located approximately 1km northeast of the Venda Nova North deposit. at its Lagoa Salgada project on the Iberian Pyrite Belt in Portugal. The modelled conductive plate, to be targeted by the drilling, has a strike potential of approximately 1,300m in length and 600m of down dip length. The first hole will target the central zone of the modelled conductive plate to better understand the geometry and guide additional drilling. Drilling of Anomaly B is part of the ongoing 5,000m step-out exploration program at the Lagoa Salgado Project in the Iberian Pyrite Belt, Portugal, which is targeting additional new potential massive sulphide deposits clustered around initial deposit, which would be similar to most other mines in the Iberian Pyrite Belt. Additionally, drilling of the first step out exploration hole at Anomaly D; LS_D01, which commenced in January has now reached a down-hole depth of approximately 350m. Visual inspection of the core is showing evidence of disseminated sulphides which is indicative of proximity to an enhanced mineralized system. The nature of these disseminated sulphides intersected to date does not explain the strong electromagnetic signature that defines the target of Anomaly D. Announcement • Feb 03
Ascendant Resources Announces High Grade Copper Assay Results Supporting High-Grade Copper Corridor At the Venda Nova South Zone Ascendant Resources Inc. report assay results from the latest drill holes executed in the Venda Nova South Zone as part of the metallurgical, infill and extensional drilling campaign started in 2022. Of note from these results, is the higher tenor of copper intercepted that supports the ongoing delineation of a high grade copper domain within the South Deposit at it Lagoa Salgada VMS project on the Iberian Pyrite Belt (“IBP”) in Portugal. As of January 30, 2023, Ascendant has completed 27 drill holes (11 Metallurgical and 16 infill and step-out drill holes) totalling 12,804 meters as part of the overall drill program to support the ongoing Feasibility Study for Venda Nova. Results of the final variability, step-out and infill drill holes in the South Zone will be included in the resource update to support the Feasibility Study targeted for the end of April 2023. Results reported represent full results received as of January 28, 2023. Infill drill hole ST_27 was drilled at the north edge of the current indicated resources envelope in the South Zone. This drill hole is expected to spatially extend the conversion of inferred resource into the indicated category both along strike and down dip. Notable intercepts include 9m @ 2.29% CuEq (1.9% Cu) from 568m including 2m @ 7.8% of Cu from 576m. This intercept confirms the geometry of the high-grade copper footwall trend, discussed previously after the reported results of holes ST_31 and ST_42 (see press release of November 9, 2022). Copper, along this trend, occurs in the form of chalcopyrite within veinlets and semi massive (submeter) lenses, concentrated in the low stratigraphically stacked fisssural corridors. Infill drill hole ST_30 was drilled immediately north of the envelope that outlines the extent of the Indicated portion of the resource in the current internal update of the South Zone. The addition of this hole will likely extend the boundary of Indicated Resources both along strike and down dip. Notable intercepts include 4m @ 1.77% CuEq (0.88% Cu) from 226m and 6m @ 1.71% CuEq (0.42% Cu) from 322m. Variability metallurgical drill holes, Met_St_03 and Met_St_04 were collared centrally to the Indicated Resource envelope and crossed all the corridors that define the current South Zone domaining. The holes were drilled slightly oblique to the main orientation of the existing mineralized corridors to provide additional mass of mineralized rock to properly conduct the variability metallurgical setting. Results reconcile well with the new domains and general grade distribution estimates. Significant intercepts in hole Met_St_03 include 4m @ 1.77% CuEq from 226m and 5m @ 1.71% CuEq from 322m. Best intercepts in hole Met_St_04: 2m @ 3.65% CuEq from 246m; 10m @ 2.89% CuEq from 286m; and 12m @ 1.46% CuEq from 352m. Announcement • Jan 19
Ascendant Starts Drilling “Anomaly D” Exploration Target with Analogous Signature to North Zone Massive Sulphide Deposit At Lagoa Salgada Ascendant Resources Inc. announced that it has commenced its regional exploration program, designed to drill two highly prospective geophysical targets, Anomaly D and B, that appear analogous to the known geophysical footprint of the massive sulphides within the North Zone at its Lagoa Salgada property located on the Iberian Pyrite Belt (“IBP”) in Portugal. On the IBP, as with most VMS districts around the world, VMS orebodies tend to occur in “clusters” as opposed to being single deposits. The Ascendant team have prioritized Anomaly D and B as having the potential to be additional clusters of mineralization at scale and with grade. Drilling has commenced at the first target known as “Anomaly D” and has reached a depth of approximately 28m, drilling is expected to intersect the “core” of the target at the expected depth of 350-400m by early February 2023. Anomaly D is located 700m to the north-east of the South Zone at Lagoa Salgada and has estimated dimensions of approximately 500m of strike length and 600m of downdip length. Anomaly D coincides with an elongated gravity anomaly that extends throughout the central part of the 7,209ha Lagoa Salgada property and demonstrates an electromagnetic signature very similar to that of the North Zone. The Company believes this target may represent the folding of the same permissive horizon as the North Zone. Anomaly D has been prioritized based on the confluence of the above factors and considering the North Zone at Venda Nova is the richest portion of the current resource with respect to: i) tonnage and grade, representing 12.8MT of the existing Resource; and ii) importantly, between 65-75% of the USD 246.7m NPV8%, as outlined in the 43-101 PEA dated September 21, 2021. Drilling on the second target, “Anomaly B”, a much larger yet deeper target, is expected to commence later in the first quarter. Anomaly D is located ~700m to the East of the Venda Nova South Zone. The best fit (predicted vs actual electromagnetic response) of the Electromagnetic response was obtained modeling a maxwell plate with a 340 azimuth and an 80-degree dip (northeast), with dimensions of approximately 500m of strike length and 600m of downdip length. The top of the conductive plate sits just below the tertiary erosional contact zone at a depth of approximately 150m. Anomaly D notably coincides with the elongated gravity anomaly that extends throughout the central part of the property. This multi-kilometer anomaly was the original targeting tool for the discovery at Venda Nova. Ascendant believes that the shape of the anomaly, that shows some bulging to the northwest, might reflect folding. The inferred fold follows the main structure identified in the deposit defined by steep dipping flanks, with a general northwest trend and an axial plunge to the northwest. Under this assumed fold geometry, Anomaly D (east flank) might represent the same permissive stratigraphic horizon that hosts the massive sulphide lenses of the North and South zones (west flank). Anomaly B is located ~1 kilometer to the northeast of the Venda Nova North Zone massive sulphide lens. The best fit (predicted vs actual electromagnetic response) was obtained by using a thick plate that will be used as a general guide when defining the axis and the thickness of the conductor. The dimensions of the plate are: 1.3km strike length by 600m of down dip length. The depth of the top of the plate is approximately 200m. This conductive zone has the potential to host a single large or multiple smaller massive sulphide lenses. As is the case of Anomaly D, the first hole will target a central zone in order to define a more accurate understanding of the geometry, extent and general orientation in order to increase the accuracy of the following holes. Breakeven Date Change • Dec 31
Forecast to breakeven in 2025 The 2 analysts covering Ascendant Resources expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$50.0m in 2025. Average annual earnings growth of 52% is required to achieve expected profit on schedule.