Transformative Developments at Lagoa Salgada: Portugal's Next Mining Marvel

Lagoa Salgada is set to become a pivotal mining project in the Iberian Pyrite Belt. Ascendant Resources Inc. has reported significant advancements in 2024 at their flagship Lagoa Salgada VMS Project in Portugal, with plans for a construction decision expected in Q4 2025. Here are the key highlights:

Exploration Expanding Resource Potential

• Recent drilling suggests the potential discovery of a copper-rich zone below the North Zone Primary Massive Sulphide domain.
• Ongoing drilling intercepts indicate proximity to massive sulphides.
• Three gravity anomalies identified are yet to be tested, indicating further resource potential.

Metallurgical Improvements

• Phase I tests produced a high-quality saleable concentrate with minimal impurities.
• Phase II tests show improved recoveries of Lead, Vanadium, and Precious Metals, with final results expected in Q1 2025.
• Continuous optimization efforts are enhancing recovery and concentrate quality.

Feasibility Study Optimization

• An inversion of the NPV to Capex ratio is anticipated in the optimized feasibility study.
• Ongoing DFS optimization is expected to enhance project economics.

Permitting and Environmental Stewardship

• An Environmental Impact Assessment (EIA) has been submitted, with final approval expected in Q1 2025.
• Construction approval is anticipated in Q4 2025.
• Integration of a 30MW photovoltaic plant aims to reduce carbon emissions and operational costs.

Community and Government Partnerships

• A strategic agreement with the University of Lisbon aims to foster innovation in education and research in natural resources.
• The HYPERMETAL Project in partnership with the University of Évora integrates AI and hyperspectral technology for advanced mineral exploration.
• Participation in the EU-funded UNDERCOVER Project aims to explore complex mineral systems using advanced geophysical methods.

Ascendant Resources' Executive Chairman, Mark Brennan, emphasized the transformative progress made this year, validating the immense potential of Lagoa Salgada as a cornerstone for sustainable mining. The innovative partnerships and technological advancements position the project as a leader in responsible mining practices in Portugal.

Positioned for the Future: With world-class infrastructure just 80km from Lisbon, Lagoa Salgada is primed to contribute significantly to Portugal's mining sector and global critical metals supply.