Ascendant Resources Inc. announced that it has commenced the tender phase for the Mandated Lead Arranger ("MLA") of its Export Credit Agency project financing program. As of September 4, 2023 the Company and its Advisors have issued detailed banking information memorandums to a number of Project Finance Banks who have indicated an interest in being the Mandated Lead Arranger as part of the UK Export Finance ("UKEF") supported export credit facilities for the Company's 80% owned Lagoa Salgada project in Portugal. The selection of the MLA is expected to be completed by the end of September.

Once an MLA has been appointed, detailed due diligence will commence with the aim of receiving final terms for the ECA backed Project Financing at Lagoa towards the end of the year. As outlined previously, UKEF has expressed an interest to provide support for up to USD 190 million for the Lagoa project; representing 70% of total capital expenditure, interest payable during construction, the political risk insurance premium as well as other approved expenditures for each project.