ASCENDANT ANNOUNCES APPOINTMENT OF MR. VAL COETZEE AS DIRECTOR OF PROCESS ENGINEERING

TSX: ASND

www.ascendantresources.com

Appointment of Highly Experienced Process Engineer to Enhance Technical Capacity
Expansion of Technical Services Team To Support Ongoing Development Programs

TORONTO, Oct. 16, 2023 /CNW/ – Ascendant Resources Inc. (TSX: ASND) (OTCQB: ASDRF) (FRA: 2D9) (“Ascendant” or the “Company”) is pleased to announce 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.

Mark Brennan, Executive Chairman of Ascendant stated, “We are extremely pleased to welcome Val to the Technical team at Ascendant. Val brings significant experience in design, metallurgy and process optimization which add significantly to the technical capabilities of Ascendant as we aim to optimize the process design and flow sheet for the Lagoa Salgada project as we move the project to towards a final development decision“.

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 a 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/.

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 outcomes associated with optimization works 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, 2023 and 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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