Mining News

Ascendant Resources Announces After Tax NPV of $246 Million With an After Tax IRR of 55% From Its Preliminary Economic Assessment at Its Lagoa Salgada VMS Project in Portugal

(All amounts referred to are in US$ currency)

  • Low capital intensive project with pre production capital cost of $132 million and a post tax payback of 1.5 years
  • Post tax NPV8% of $246 Million and Post tax IRR of 55%;
  • Average EBITDA of approximately US$117 million and Post Tax Free Cash Flow of approximately US$82 million per annum for the first 5 years;
  • Initial Operating Mine Life of 14 years with average throughput of 2.0 million tpa from the North and South Zones of Venda Nova Area at Lagoa Salgada
  • World Class Infrastructure in place including existing major highway, water dam, high voltage power line and rail line to nearest ports supporting rapid development
  • Ascendant currently advancing the project through feasibility Stage

PEA Summary Results

PEA Summary Table - All figures in US$ LOM Total / Avg.
Pre-Tax NPV (8%)$MM$341.6
Pre-Tax IRR%68.2%
Pre-Tax PaybackYears1.3
Post-Tax NPV (8%)$MM$246.7
Post-Tax IRR%54.9%
Post-Tax PaybackYears1.5
Mine LifeYears14.0
Initial Capital Costs - Including Contingency$MM$132.3
Sustaining Capital Costs$MM$102.6
Total Operating Costs$/t$38.52
All-In Sustaining Costs (AISC)$/t$52.83
All-In Sustaining Costs (AISC)$/lb Zn eq.$0.76
Cu Payableklb90,747
Zn Payableklb556,383
Pb Payableklb459,513
Ag Payable (Total)koz17,661
Au Payable (Total)koz167
Sn Payableklb8,938
Zn Payable EquivalentMlb1,818
Zn Payable Equivalentkt825

TORONTO, Sept. 13, 2021 (GLOBE NEWSWIRE) -- Ascendant Resources Inc. (TSX: ASND) (FRA: 2D9) ("Ascendant" or the "Company”) is extremely pleased to announce robust economic results from its Preliminary Economic Assessment (PEA) at its Lagoa Salgada VMS project in Portugal. The PEA presents a low capex, low operating cost, high margin underground mining operation with strong economics and the opportunity for significant benefit to the Company, the local stakeholders, and will boost Portugal’s economy through exports, taxes and local employment.

The PEA was completed by QUADRANTE, a multidisciplinary engineering and consulting company with more than 23 years of activity and projects completed in Europe, Africa and the Americas, and mine planning, design and engineering undertaken by IGAN INGENIERÍA, an independent consulting firm specializing in mine planning and engineering for open pit and underground mining projects and operations based in Spain.

The PEA is based upon the Company’s current Mineral Resource Estimate completed by MICON International reported in a NI 43-101 report dated March 26, 2021, updated on June 10, 2021, and focuses on the mining and processing of ore from both the North Zone and the South Zones at the Venda Nova area. The PEA demonstrates robust economics for Lagoa Salgada based on the current defined resources, however, the company anticipates that future exploration work to define additional resources should extend the mine life or increase the scale of the outlined operation.

Mark Brennan, CEO & Chairman of Ascendant stated, “We are extremely pleased with the results from this new PEA which highlights the strong potential of the Project to deliver significant value to all stakeholders going forward. This PEA is transformative and one of the most significant milestones for Ascendant to date, demonstrating a high-quality project with strong economics and a progressive environmentally conscious mine design. Our consulting engineers and management team have set the basis for a quality feasibility study which is planned to start in Q4 2021. We look forward to completion of the Feasibility Study by the end of 2022, which should provide a solid foundation for the start of the build phase.”

He continued, “While the PEA has demonstrated potential for a very robust project, it is extremely important to reiterate that Lagoa Salgada is still in its infancy from a geological understanding perspective and is still in the discovery stage of the total resource endowment we believe is present on the property. There has been less than 40,000 meters drilled to date on the property and geophysical studies indicate that our qualified resources are just the beginning of the resource potential on the property. We believe this highlights the world class potential of the Lagoa Salgada property.”

The PEA for the Lagoa Salgada Project is being prepared in accordance with National Instrument 43-101 (“NI 43-101”) Standards of Disclosure for Mineral Projects. The Company intends to file the final PEA on its profile on SEDAR ( within 45 days of this news release.

The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized.

Project Overview

The Lagoa Salgada Project is located within the north-western section of the prolific Iberian Pyrite Belt (IPB) in Portugal, approximately 80 km southeast of Lisbon and is accessible by national highways and roads. The Project is comprised of a single exploration permit covering an area of approximately 10,700 hectares.

Figure 1 – Location map of the Lagoa Salgada Property (IPB) is available at

The Iberian Pyrite Belt (IBP) is host to some of the world’s largest VMS deposits (80) and mines such as Neves-Corvo (Lundin Mining Corporation), Aguas Tenidas (Trafigura Mining Group) and Aljustrel (ALMINA). It represents the largest concentration of massive sulphide deposits in the world, forming an arch through Portugal and Spain about 250 km long and 30-50 km wide and has produced more than 1,750 million tonnes of massive sulfide ore and 2,500 million tonnes of mineralized stockwork over the past hundred years.

PEA Overview

The table below outlines the key project metrics on a 100% basis:

Financials LOM Total / Avg.
Pre-Tax NPV (8%)MUS$$341.6
Pre-Tax IRR% 68.2%
Pre-Tax PaybackYears 1.3
Post-Tax NPV (8%)MUS$$246.7
Post-Tax IRR% 54.9%
Post-Tax PaybackYears 1.5
Cu priceUS$/lb$3.25
Zn priceUS$/lb$1.20
Pb priceUS$/lb$1.05
Ag priceUS$/oz$20.00
Au priceUS$/oz$1,650.00
Sn priceUS$/lb$12.00
Exchange Rate (EUR:USD)-$1.20
Mine LifeYears 14
Total Mill Feed Tonnes - Oxideskt 1,101
Total Mill Feed Tonnes - Massive Sulphideskt 7,838
Total Mill Feed Tonnes - Stockworkkt 17,131
Total Mill Feed Tonnes - Total Orekt 26,070
Total Waste Tonnes Minedkt 7,342
Production Summary  
Cu Payableklb 90,747
Zn Payableklb 556,383
Pb Payableklb 459,513
Ag Payable (in Pb Concentrate)koz 8,490
Ag Payable (in Zn Concentrate)koz 3,425
Ag Payable (in Leach)koz 5,746
Ag Payable (Total)koz 17,661
Au Payable (in Pb Concentrate)koz 18
Au Payable (in Zn Concentrate)koz -
Au Payable (in Leach)koz 149
Au Payable (Total)koz 167
Sn Payableklb 8,938
Zn Payable EquivalentMlb 1,818
Zn Payable Equivalentkt 825

A financial model was completed based on the mine plan developed in addition to other inputs such as mining inventory and rates, processing throughputs and metallurgical recoveries, capital and operating costs, net smelter return (“NSR”) royalties, government royalty and taxation parameters.

Sensitivities of pre-tax and post-tax NPV and IRR to metal prices per ounce are as follows:

Mineral Resource Estimates

The PEA is based upon the recently updated Mineral Resource Estimate summarized as of June 17, 2021, and has been estimated in alignment with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Estimation of Mineral Resource and Mineral Reserves Best Practices Guidelines (CIM, 2019) and reported in accordance with NI 43-101 by MICON International. The PEA is based on the total combined resources of both the North and South zones at Lagoa Salgada as currently defined.

The details of the Mineral Resource Estimate are shown in the table below:

Mineral Resource Estimate for the North and South zones within the Lagoa Salgada Project - June 2021

LS Project North Deposit Resources Effective September 5, 2019, Reported at Cut-off Grades Shown in Table

CategoryMin ZonesAverage GradeContained Metal
Tonnes (kt)Cut-off
ZnEq (%)
Measured (M)GO2342.50.130.704.320.36511.5011.387.180.31.610.10.9385.211.3
M & IGO1.6962.50.090.472.790.27390.647.284.601.57.947.44.62,127.235.1
M & IMS7.9023.00.432.592.510.14740.699.986.3034.2204.4198.110.918,845.5175.2
M & IStr7372.50.340.900.240.09170.
M & IAll zones10.3342.90.372.122.390.16640.649.065.7238.2219.0247.216.221,377.7212.0
InferredAll zones2.5022.80.181.421.700.12380.435.933.744.635.642.62.93,022.834.3

LS Property South Deposit Updated Resources Effective June 10, 2021, Reported at 1.10% CuEq

CategoryTonnes (kt)Average GradeContained Metal
(%)(%)(%)(%)(g/t)(g/t)(kt)(kt)(kt)(kt)(k oz)(k oz)

Notes To Table
1. Mineral resources unlike mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
2. The mineral resources have been estimated in accordance with the CIM Best Practice Guidelines (2019) and the CIM Definition Standards (2014).
3. The resources for the South Zone are reported at a cut-off grade of 1.10 % CuEq; for the North zone, resources contained in the Gossan and Stringer domains are reported at a cut-off grade of 2.5 % ZnEq, and within the Massive Sulphide domain at 3.0 % ZnEq.
4. Totals may not tally due to rounding
5. CuEq% = ((Zn Grade*25.35)+(Pb Grade*23.15)+(Cu Grade * 67.24)+(Au Grade*40.19)+(Ag Grade*0.62))/67.24
6. ZnEq% = ((Zn Grade*25.35)+(Pb Grade*23.15)+(Cu Grade * 67.24)+(Au Grade*40.19)+(Ag Grade*0.62)+(Sn Grade*191.75))/25.35
7. Metal Prices: Cu $6,724/t, Zn $2,535/t, Pb $2,315/t, Au $1,250/oz, Ag $19.40/oz, Sn $19,175/t
8. Densities: GO=3.12, MS=4.76, Str=2.88, Str/Fr=2.88 (north Zone) & 3.00 (South Zone)
9. MMlb: Million Pounds.

Mining Design

The mine is designed using a single access ramp from surface and will target the extraction of ore from both the north and south zones at a rate of 2.0 million tonnes per annum. The initial years will focus more highly on the north zone due to the higher grade profile with additional ore delivered from the south zone.

The proposed underground mine design incorporates a main decline, starting from the surface portal located close to the processing plant, which will be used to access the mine. This main access then splits into two independent declines , one for each mine zone (i.e., “North and South”). The underground mine is planned to support the extraction of 2.0 million tonnes of ore per year (“Mtpa”) through a combination of transverse sublevel stoping and cut&fill. Paste backfill is used in both mining methods to maximize ore recovery and productivity.

The use of an independent decline for each orebody, instead of one decline serving both zones, was chosen to reduce the initial Capital Cost (“CAPEX”) considering that production starts earlier in the North zone.

A fleet of LHDs (“Load-Haul-Dump”) and trucks will be used for material loading and hauling from production areas to the orepass system. From the orepass collecting points, trucks will be hauling the ore to the surface. Waste is also transported to the surface by trucks.

A pre-production development program will be required to provide access to the initial stoping levels in the North zone during the first two years. Production will start in the second year, reaching the nominal plant feed in the fourth year.

Based upon the current resources available, the mine life is estimated at 14 years, however, this excludes any benefit of future exploration. We note the North and South deposits remain open to depth and along strike, with additional satellite targets also available for future exploration. Relative to other operations in the IPB Lagoa Salgada remains relatively shallow with significant room to grow over time.

Metallurgy and Processing

Metallurgical test work has been carried out by Grinding Solutions Ltd. (GSL) as outlined in the Press Release dated September 9, 2021. Studies were conducted on the massive sulphide material form the North zone, Stockwork material from the South zone and on blended ore as planned under the mine plan. Results support that a conventional polymetallic process flowsheet capable of recovering coper, lead, zinc, gold and silver. The flotation tailings will be leached for additional gold and silver values. The oxide ore can be leached to recover precious metals. Tin will be recovered from processing the tails material by flotation.

The projected recoveries and concentrate grades are presented in the table below are estimated for the project based on recent test results and the extensive experience working with polymetallic ores in the IPB. Additional testing is planned to as the project moves towards feasibility.

Copper Recovery 0%
Zinc Recovery 0%
Lead Recovery 65%
Silver Recovery 66%
Gold Recovery 86%
Tin Recovery 40%
Massive Sulphide
Copper Recovery 25%
Zinc Recovery 80%
Lead Recovery 65%
Silver Recovery (in Lead Concentrate) 35%
Silver Recovery (in Zinc Concentrate) 20%
Silver Recovery (Leach) 20%
Gold Recovery (in Lead Concentrate) 10%
Gold Recovery (Leach) 65%
Tin Recovery 30%
Copper Recovery 80%
Zinc Recovery 80%
Lead Recovery 75%
Silver Recovery (in Lead Concentrate) 40%
Silver Recovery (in Zinc Concentrate) 20%
Silver Recovery (Leach) 20%
Gold Recovery (in Lead Concentrate) 10%
Gold Recovery (Leach) 65%
Tin Recovery 0%
Cu Concentrate Grades  
Oxides% Cu25%
Massive Sulphide% Cu25%
Stockwork% Cu25%
Zn Concentrate Grades  
Oxides% Zn48%
Massive Sulphide% Zn48%
Stockwork% Zn48%
Pb Concentrate Grades  
Oxides% Pb45%
Massive Sulphide% Pb45%
Stockwork% Pb45%
Sn Concentrate Grades  
Oxides% Sn30%
Massive Sulphide% Sn30%
Stockwork% Sn30%

Operating Costs

The PEA contemplates an underground mine from which mineralized material will be trucked to a conventional IPB crushing, grinding and floatation concentration plant located close to the main portal.

The operating costs were estimated using external databases, refined with benchmark costs from operations on the IPB. These costs were scaled to the estimated production rates and to the labor costs in Portugal. LOM operating costs are summarized in the table below:

Operating Cost Estimate

Operating Costs LOM Total / Avg. 
Mining (1)$/t$19.13
Processing (2)$/t$15.89
Total Operating Costs$/t$38.52
Treatment & Refining Charges$/t$8.57
Total Cash Costs$/t$48.89
Total Cash Costs$/lb Zn eq.$0.70
Sustaining Capital$/t$3.93
All-in Sustaining Costs (AISC)$/t$52.83
All-in Sustaining Costs (AISC)$/lb Zn eq.$0.76
1 - includes pastefill, maintenance and all UG activities 
2 - Includes tailings disposal  

Average unit mining costs of $19.13/tonne were estimated based on the proposed mine plan, local cost benchmarking and experience from similar operations in other operating mines in the IPB and local conditions. It is envisaged that the mining operations will be carried out by a contractor.

Average processing costs of $15.89/tonne were estimated based on the design process flowsheet and considered process labour requirements and rates, as well as calculated consumption rates of reagents, consumables, electricity, and maintenance.

Capital Costs

Up front capital costs are estimated at $132 million, inclusive of a 10% contingency and closure costs. Up front capital costs have been minimized via a staged build out of certain life of mine infrastructure such as the tailing dam, paste backfill and a ramp up in the mine fleet as needed by production. Sustaining capital over the life of mine is estimated at $102MM million.

The accuracy range for the capital costs is expected to be ±35% which is consistent with industry standards for a PEA. All costs are expressed in 2021 US$ and uses an exchange rate EUR:US$ of 1.2 where applicable. A summary of the Lagoa Salgada capital cost estimates is shown in the table below:

Capital Cost Estimate

Capital Costs Total
Mobile Equipment$MM$8.5
Processing Plant$MM$60.0
Pastefill Plant$MM$8.0
Dry Stack Facility$MM$1.5
Initial Capital Costs - Excluding Contingency$MM$120.3
Initial Capital Costs - Including Contingency$MM$132.3
Sustaining Capital Costs$MM$102.6
Closure Costs$MM$6.0

Site Infrastructure

Lagoa Salgada is well situated to benefit from the well-established regional infrastructure to support mine development with access to skilled labour, roads, ports and the national electrical grid. Lagoa Salgada is situated in southern Portugal about 100km south west of Lisbon, in close proximity to the town of Grândola, and is currently accessed via paved roads to Cilha do Pascoal, followed by 4 km of gravel roads to the mine site.

The site will require an office, changeroom, shop and warehouse as well as storage for fuel, laydown areas, site fencing, and a security building. An allowance for a total of 2,600 m2 of building space has been included in the PEA.

The anticipated direct infrastructure for the Project includes an electrical substation, paste plant, equipment maintenance workshop, refueling facilities, assay laboratory, office administration facilities and changing rooms, among others.

The tailings and waste rock disposal concepts were developed in full compliance with the most current standards for sustainable tailings management, including consideration of Best Available Practices (BAT) and Technologies. The method considered in the PEA includes co-disposal of filtered tailings and mine waste rock, in addition to the novel implementation of Geotubes for additional risk reduction for the dry-stacked tailings.

Exploration and Geological Potential Update

Current geological understanding suggests that the original spatial breakdown of the Venda Nova deposit at Lagoa Salgada into the North, Central and South deposits was arbitrary. This segmentation is due to the drilling pattern. Ascendant believes that mineralization continuity gaps are probably related to varying strike, dip, and plunge along the system further systematic drilling may prove that the known sectors are likely to coalesce into a continuous zinc-lead-copper VMS system, displaying local variation of mineralization styles and tenors: from secondary gossan to primary massive sulphide ending with peripheral primary/secondary stringer/fissure type mineralization. This interpretation is backed by continuity of the geophysical footprint.

Notably the current northern edge of the southern zone, that shows a North-Northwest plunge shows a significant increase in gold tenors. This zone warrants systematic drilling as it could reflect deeper stringer levels that can carry high precious metal grades. Surface and Borehole 3D Models show that all three Venda Nova deposits lie on continuous, coincidental Resistivity (Low) and Chargeability (High) anomalies with an estimated geological strike length of 1.7 km. Anomalies extend in a SSE to NNW direction from the South deposit to beyond the North deposit and terminating against the Alpine fault. Combined drilling and geophysical results indicate that the mineralization remains open beyond the current limits of drilling, along strike in both directions and down plunge/dip.

The known footprint of the large continuous system is constrained vertically by the depth of penetration of the IP/Res system, ~ 350 m. A deep penetrating Electro Magnetic (DEPM) survey will be completed in Q4 2021 aiming to image the roots of the IP/Res anomalies and test the existence of high-grade massive sulphide lenses below the current threshold of the geophysical footprint (350 m below surface)

Ascendant firmly believes that the large proven footprint of the Lagoa Salgada VMS system suggests high potential exploration upside at the property. Given the size of the system it is probable that the exhalative system recognized at Lagoa Salgada is associated with fertile deep-rooted fractures that may be related to additional stacked or lateral mineralized lenses.

Qualified Persons

Technical work on the PEA was guided by Charley Murahwi, M.Sc., P.Geo., Pr. Sci. Nat., FAusIMM, Senior Economic Geologist, Micon International Limited, who was also responsible for the resource determination and metallurgical results validation, who will act as the QP for the NI 43-101 report. Work regarding the site infrastructure was undertaken by João Nunes, Mining Engineer, BSc (Mine Eng), director of Quadrante, SA QUADRANTE, a multidisciplinary engineering and consulting company with more than 23 years of activity and projects completed in Europe, Africa and Americas. QUADRANTE’s activity focuses across 7 main business Units – Industry and Energy (including Mining Segment), Buildings, Transports, Airports, Environment, Water Utilities, and Construction Management and Supervision, QUADRANTE has been involved in recent years in several mining projects, mainly in Portugal, Spain, Chile, Mozambique, and Zimbabwe and has a staff of over 200 employees. The company has significant direct experience at numerous operations within the Iberian Pyrite Belt.

Mine planning, design and engineering it was the responsibility of PAblo Gancedo Minguez, Mining Engineer, BSc (Mine Eng), Director of IGAN Ingeniería, SL,IGAN INGENIERÍA, an independent consulting firm specializing in mine planning and engineering for open pit and underground mining projects and operations. Based in Spain, IGAN has completed projects across 8 countries and 3 continents for international mining companies (both private and publicly listed), equity firms and state-owned companies. The company has significant direct experience at numerous operations within the Iberian Pyrite Belt.

Metallurgical test work was carried out by Jon Rumbles, MCSM Project Metallurgist for Grinding Solutions Limited (GSL), a UK mineral processing services company with a strong technical knowledge on the mineral processing of the IBP ores and has been guided by Micon International, who was also responsible for the metallurgical results validation, resource determination and will act as the QP for the NI 43-101 preliminary economic assessment report.

The scientific and technical information in this press release has been reviewed and approved by João Nunes, Mining Engineer, BSc (Mine Eng), director of Quadrante and by Dr. Sergio Gelcich, P.Geo., Vice President for Exploration for Ascendant Resources Ltd. Both are all Qualified Persons as defined in NI 43-101.The QPs have reviewed and approved the technical content of this news release.

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.

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 tones of Indicated Resources @ 1.50 % CuEq and 10.83 million tonnes of Inferred resources @ 1.35 % CuEq in the South Zone at Venda Nova. 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 10,700ha 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 21.25% interest in the Lagoa Salgada project through its 25% position in Redcorp - Empreendimentos Mineiros, Lda, ("Redcorp") and has an earn-in opportunity to increase its interest in the project to 80%. Mineral & Financial Investments Limited owns the additional 75% of Redcorp. The remaining 15% of the project is held by Empresa de Desenvolvimento Mineiro, S.A., a Portuguese Government owned company supporting the strategic development of the country's mining sector. 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

Additional information relating to the Company, including the Preliminary Economic Assessment referenced in this news release, is available on SEDAR at

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.

For further information please contact:

Mark BrennanNicholas Campbell, CFA
CEO, Executive Chairman, FounderManager, Corporate Development
Tel: +1-647-796-0023Tel: +1-905-630-0148

Forward Looking Information

This news release contains "forward-looking statements" and "forward-looking information" (collectively, "forward-looking information") within the meaning of applicable Canadian securities legislation. All information contained in this news release, other than statements of current and historical fact, is forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "budget", "guidance", "scheduled", "estimates", "forecasts", "strategy", "target", "intends", "objective", "goal", "understands", "anticipates" and "believes" (and variations of these or similar words) and statements that certain actions, events or results "may", "could", "would", "should", "might" "occur" or "be achieved" or "will be taken" (and variations of these or similar expressions). Forward-looking information is also identifiable in statements of currently occurring matters which may continue in the future, such as "providing the Company with", "is currently", "allows/allowing for", "will advance" or "continues to" or other statements that may be stated in the present tense with future implications. All of the forward-looking information in this news release is qualified by this cautionary note.

Forward-looking information in this news release includes, but is not limited to, statements regarding the exploration activities and the results of such activities at the Lagoa Salgada Project, the ability of the Company to advance the Lagoa Salgada Project to a Preliminary Economic Assessment, and the ability of the Company to fund the exploration with funds from operations. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by Ascendant at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different from those expressed or implied by the forward-looking information. The material factors or assumptions that Ascendant identified and were applied by Ascendant in drawing conclusions or making forecasts or projections set out in the forward-looking information include, but are not limited to, the success of the exploration activities at Lagoa Salgada Project, the Company advancing the project to a Preliminary Economic Assessment, the ability of the Company to fund the exploration program at Lagoa Salgada with funds from operations , and other events that may affect Ascendant's ability to develop its project; and no significant and continuing adverse changes in general economic conditions or conditions in the financial markets.

Figure 1Graph 1