Ascendant Resources Inc. announced that following a successful and oversubscribed tender process, it has selected an international bank to act as the MLA for its Export Credit Agency (ECA) Supported Non-Recourse Project Financing at its Lagoa Salgada Project in Portugal. The company is currently in the process of reviewing the engagement letter and expects to announce the bank and terms in early November. As announced on September 5th, the Company together with its advisors, SD Capital Advisory Ltd. and GKB Ventures Ltd. (S&G), initiated a tender process to solicit interest from a number of global Project Finance Banks to act as MLA for the company's ECA supported Non-Recourse Project Financing, supported by the UK Export Finance agency (UKEF).

The tender process resulted in the Company receiving several compelling bids and has now evaluated the bids based on experience, execution capabilities and financial terms. The institution selected has extensive experience in ECA financing, a strong position and understanding of Portugal, a longstanding relationship with UKEF and presented competitive terms for the financing. The Company is currently undertaking a review of a formal engagement letter with the Bank and will announce terms once signed. Once engaged, the next phase of the process will comprise a formal due diligence period before final binding offers and documentation which are expected to be completed in second quarter of 2024.

As outlined previously, UKEF has expressed an interest to provide support for up to USD 190 million for the Lagoa Salgada Project, representing 70% of total capital expenditure, interest payable during construction, political risk insurance premium as well as other approved expenditures for each project.