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Ascendant Resources Provides Update for Lagoa Salgada Polymetallic Project in Portugal

Ascendant Resources Inc. expects 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 salability 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 ongoing, 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 results completed in September of 2021.

Supported by

Additionally, the Company is also pleased to announce that it has jointly appointed SD Capital Advisory Limited (“SDCA”) and GKB Ventures Limited (“GKB”) to structure and arrange Export Credit Agency (“ECA”) supported 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 track 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 & 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 US$4 billion of structured ECA financings and has successfully closed over US$1bn 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% of the respective project’s 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 VMS 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 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%.


Source: Junior Mining Network

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