Ascendant Resources expects to complete Lagoa FS in May

Apr 25, 2023

2023-04-17 11:39 ET – News Release

An anonymous director reports

ASCENDANT PROVIDES AN UPDATE FOR ITS LAGOA SALGADA POLYMETALLIC PROJECT IN PORTUGAL

Ascendant Resources Inc. is expecting to complete the feasibility study (FS) for its Lagoa Salgada polymetallic project in Portugal in May, 2023. All work streams associated with the various disciplines are progressing very well and are substantially completed. Metallurgy test work is also substantially complete, confirming the saleability of the company’s copper, lead and zinc concentrates as well as finalizing the recovery curves. The current focus is investigating the potential to produce a saleable tin concentrate from the tailings. Final results and associated reports are expected to be completed in the coming weeks.

The permitting process is continuing, with recent public and regulatory meetings having been concluded without any major issues to report. The company continues to expect a robust FS in line with or improving on the successful PEA (preliminary economic assessment) results completed in September of 2021.

Additionally, the company is also pleased to announce that it has jointly appointed SD Capital Advisory Ltd. (SDCA) and GKB Ventures Ltd. (GKB) to structure and arrange ECA-supported (export credit agency) project finance through a competitive bid process for the development of the company’s Lagoa Salgada project.

SDCA is a London-based independent financial boutique that focuses on securing project finance for corporates and mining/resources companies in developed and emerging markets. The firm specializes in strategic business advisory, financial modelling and credit analysis. The team consists of experienced finance professionals with major multinational, banking and emerging markets experience complemented by geological and process engineering expertise.

GKB is an award-winning independent consultancy helping clients to secure cross-border transactions and access international finance via ECAs. GKB has a record of delivering knowledge and access to government-supported schemes, including ECA financing, creating bespoke solutions which are scalable for the long term. GKB founders include the previous managing director and global head of Barclays Capital export credit agency and structured trade finance business and the previous head of emerging markets on the capex financing solutions team at Barclays. GKB is currently appointed on over $4-billion (U.S.) of structured ECA financings and has successfully closed over $1-billion (U.S.) of projects with ECA support in the developing markets.

SDCA and GKB are currently engaged by Nouveau Monde Graphite Inc. and Lake Resources Ltd. and have secured interest from several ECAs to support approximately 70 per cent of the respective projects’ development costs with ECA-backed project financing.

About Ascendant Resources Inc.

Ascendant Resources is a Toronto-based mining company focused on the exploration and development of the highly prospective Lagoa Salgada volcanogenic massive sulphide project located on the prolific Iberian pyrite belt in Portugal.

The Venda Nova deposit at Lagoa Salgada demonstrates compelling economics, as demonstrated in the results of the preliminary economic assessment with scalability for future resource growth. Located just 80 kilometres from Lisbon, Lagoa Salgada is easily accessible by road and surrounded by exceptional infrastructure. Ascendant holds a 50-per-cent interest in the Lagoa Salgada project through its position in Redcorp — Empreendimentos Mineiros Lda. and has an earn-in opportunity to increase its interest in the project to 80 per cent.

We seek Safe Harbor.

https://www.ascendantresources.com