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.