Ascendant Resources Announces Results of Annual and Special Meeting of Shareholders

• All matters approved by shareholders
  
• Two new directors elected to the board

TORONTO, June 30, 2022 (GLOBE NEWSWIRE) -- Ascendant Resources Inc. (TSX: ASND) (OTCQB:ASND) ("Ascendant" or the "Company") is pleased to announce the voting results from the Company's 2022 Annual and Special Shareholders' Meeting (the "Meeting") held on June 29, 2022, in Toronto, Ontario. At the Meeting, shareholders elected new members to the board of directors, among other matters approved.

Mark Brennan, Executive Chairman, commented, "We are very pleased with the outcome of the Meeting and welcome Bob Sellers and Chris Jones to the Ascendant Board. They each bring a wealth of knowledge and experience in the corporate and capital market areas that will provide strong support to Ascendant's continued corporate growth and the development of Lagoa Salgada." He continued, "We would like to thank Ms. Petra Decher for her significant contributions to the Company during her tenure at Ascendant and wish her well with her current commitments."

Robert (Bob) M. Sellars has 40 years experience in capital markets and financial services and has significant experience on investment industry committees within the IIROC. Mr. Sellars holds the position of Chief Financial Officer at Red Cloud Financial Services Inc. Previously, Mr. Sellars served as Chief Financial Officer & Executive Vice President for Dundee Corp. Mr. Sellars is a Chartered Professional Accountant (CPA), Chartered Accountant (CA), Chartered Financial Analyst (CFA) and received an MBA from the University of Windsor.

Christopher Jones is a Chartered Professional Accountant (CPA), Chartered Accountant (CA), Licensed Public Accountant (LPA), Chartered Financial Analyst (CFA) and Chartered Business Valuator (CBV). As the youngest Partner at Williams & Partners; Chartered Accountants, he advises on complex taxation strategies, growth strategies, cash flow management, financing strategies, wealth management, and succession planning. Chris advises several private equity firms on acquisition targets and appropriate due diligence requirements highlighting key risk areas and maximizing target potential while serving as an advisor to high-net worth clients and families.

A total of 24,161,561 common shares were voted at the Meeting, representing 19% of the votes attached to all outstanding common shares of the Company. All matters presented for shareholder approval at the Meeting were duly authorized and approved as follows:

Number of Directors to be Elected

On a vote by a show of hands, the resolution to set the number of directors to be elected at the meeting at seven (7) was approved. The following favourable votes were cast by proxy:

Election of Directors

The shareholders elected each of the six nominees listed in the Company's Management Proxy Circular. Details of the voting results are as follows:

Appointment of Auditors

KPMG LLP was appointed auditor of the Corporation and the directors of the Corporation were authorized to fix the auditor's remuneration. Details of the voting results are as follows:

Amended and Restated Omnibus Incentive Plan

A ballot was conducted with respect to the Amended and Restated Omnibus Incentive Plan of the Corporation. According to the proxies received and ballots cast by disinterested shareholders, the resolution to approve the Amended and Restated Omnibus Incentive Plan of the Corporation was approved.

About Ascendant Resources Inc.

Ascendant 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. Through focused exploration and aggressive development plans, the Company aims to unlock the inherent potential of the project, maximizing value creation for shareholders.

The Venda Nova deposit at Lagoa Salgada contains over 10.33 million tonnes of Measured and Indicated Resources @ 9.06% ZnEq and 2.50 million tonnes of Inferred Resources @ 5.93% ZnEq in the North Zone; and 4.42 million tonnes of Indicated Resources @ 1.50% CuEq and 10.83 million tonnes of Inferred resources @ 1.35% CuEq in the South Zone. The deposit demonstrates typical mineralization characteristics of Iberian Pyrite Belt VMS deposits containing zinc, copper, lead, tin, silver and gold. Extensive exploration upside potential lies both near deposit and at prospective step-out targets across the large 7,209ha property concession. The project also demonstrates compelling economics with scalability for future resource growth in the results of the Preliminary Economic Assessment. Located just 80km from Lisbon, Lagoa Salgada is easily accessible by road and surrounded by exceptional Infrastructure. Ascendant holds a 50% interest in the Lagoa Salgada project through its position in Redcorp - Empreendimentos Mineiros, Lda, ("Redcorp") and has an earn-in opportunity to increase its interest in the project to 80%. The Company's interest in the Lagoa Salgada project offers a low-cost entry to a potentially significant exploration and development opportunity, already demonstrating its mineable scale.

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 www.ascendantresources.com.