Ascendant Res Inc Stock Price, News & Analysis

Ascendant Resources (TSX:ASND) has completed the second and final tranche of its private placement with Sprott Streaming affiliate. The transaction involved converting approximately US$927,971.94 of accrued and deferred interest into 17,675,656 common shares at C$0.0525 per share. This conversion is part of a larger deal where Sprott acquired over 20% of Ascendant's outstanding common shares. The newly issued shares are subject to a four-month and one-day hold period and are not registered under U.S. securities laws.

Ascendant Resources (ASDRF) shareholders have overwhelmingly approved two significant resolutions at a special meeting. The first is the Plan of Arrangement for Cerrado Gold to acquire all outstanding Ascendant shares, which received 100% approval from voting shareholders. The second is the Sprott Resolution for the second tranche of a private placement, approved by 99.99% of disinterested shareholders.

The meeting saw participation from approximately 50.52% of total outstanding shares, representing 117,270,300 Ascendant shares. The Plan of Arrangement is expected to become effective around May 16, 2025, pending final court approval scheduled for May 13, 2025. Following completion, Ascendant shares will be delisted from the Toronto Stock Exchange within 2-3 business days.

Ascendant Resources Inc. (TSX:ASND) has announced a special shareholders meeting scheduled for May 6, 2025 at 10:00 a.m. in Toronto. The meeting's primary purpose is to vote on resolutions regarding a statutory plan of arrangement for the acquisition of Ascendant's outstanding common shares by Cerrado Gold Inc.

Shareholders of record as of March 12, 2025, are eligible to vote. The special committee and independent director recommend voting FOR the arrangement. Shareholders must submit proxies by May 2, 2025, at 10:00 a.m. (Toronto time). Meeting materials have been mailed to shareholders and filed on SEDAR+.

Ascendant Resources has announced a business combination with Cerrado Gold through a definitive agreement. Under the arrangement, Cerrado will acquire all Ascendant shares at an exchange ratio of 1 Cerrado share for every 7.8 Ascendant shares, implying a value of C$0.06 per Ascendant share - a 14% premium based on 30-day VWAPs as of January 30, 2025.

The deal includes Cerrado absorbing US$5.1M of Ascendant debt and providing immediate funding of C$0.9M through private placement. Upon completion, existing Cerrado and Ascendant shareholders will own approximately 79% and 21% of the combined company respectively. The transaction provides funding certainty for the Lagoa Salgada Project and exposure to Cerrado's gold production of ~50,000 ounces per year and US$21M cash position.

The arrangement requires 66⅔% approval from Ascendant shareholders and includes standard deal protection clauses with a C$1.2M termination fee. The transaction is expected to close following a shareholder meeting in April 2025.

Ascendant Resources (TSX:ASND, OTCQB:ASDRF) continues developing its flagship Lagoa Salgada VMS Project in Portugal's Iberian Pyrite Belt. The company reports progress in exploration, metallurgy, permitting, and feasibility optimization, highlighting the project's potential as a significant global polymetallic venture.

Cerrado Gold, following its sale of the Monte do Carmo Gold Project to Hochschild Mining PLC, has provided Ascendant with a US$275,000 loan at 10% annual interest, compounded monthly, with a minimum 366-day notice for maturity. The loan, while involving common directors and officers between both companies, is not considered a related party transaction under MI 61-101.

Ascendant Resources reports significant progress at its Lagoa Salgada VMS Project in Portugal. Recent drilling suggests a potential new copper-rich zone discovery, with pending assays. Metallurgical improvements show enhanced recoveries: ~79% zinc with 45% grades, 53% lead with up to 45% grades, and 48-60% copper with over 20% grades.

The company submitted an Environmental Impact Assessment with approval expected in Q1 2025, and construction approval anticipated in Q4 2025. A planned 30MW photovoltaic plant aims to reduce carbon emissions. The project features strategic partnerships with Portuguese universities for innovative exploration technologies, including the HYPERMETAL Project and participation in the EU-funded UNDERCOVER Project.

Ascendant Resources has launched a targeted exploration drill program at its Lagoa Salgada VMS Project in Portugal. The program aims to test Massive and Semi-Massive Sulphide targets identified through IP, EM, and gravity surveys near the Venda Nova North and South Zone deposits. Initial drilling in the North Zone targets potential high-grade massive sulphide lenses southwest and beneath the existing PMS zone. In the South Zone, drilling will focus on a gravity anomaly up-dip and on the western flank of the Stockwork zone, which could indicate massive to semi-massive sulphides. The program is expected to be completed by year-end.

Ascendant Resources Inc. (TSX:ASND)(OTCQX:ASDRF) has successfully completed Phase I of its metallurgical test work optimization program for the Lagoa Salgada VMS project in Portugal. The results show significant improvements in metal recoveries and concentrate grades:

- PMS domain: Zinc recovery improved to 79% (from 70%) with a 43% concentrate grade. Lead recovery stabilized at 53% with a 24% concentrate grade. Mercury content was successfully reduced through thermal treatment.

- STWKS domain: Previous testing showed improvements in Zinc, Copper, and Lead concentrate grades. Phase II will target improved recoveries using fresh samples.

The company plans to begin Phase II of the metallurgical optimization program imminently, focusing on optimizing all domains and validating initial results. Phase II is expected to be completed by late Q2 2025, with results incorporated into an updated Feasibility Study.

Ascendant Resources has been approved to participate in the European Union's UNDERCOVER Project at its Lagoa Salgada Project in Portugal. This two-year program, fully funded by the EU's Horizon Program, aims to unlock hidden critical mineral deposits at depth using cutting-edge geophysical techniques. The project will employ advanced methods such as Seismic Reflection and Refraction, Magnetotellurics, Gravity and Magnetic Surveys, and Electromagnetic Surveys.

The UNDERCOVER project is scheduled to commence in Q1 2025 and run for 36 months. It seeks to transform critical raw material discovery by integrating advanced geophysical techniques, allowing Ascendant to explore deeper and more complex mineral systems at Lagoa Salgada, which holds potential for zinc, copper, lead, tin, silver, and gold. The project aligns with Ascendant's commitment to innovation and is expected to improve exploration efficiency and success rates.