Ascendant Resources
The business, the turning points, and the decisions behind them.
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Sections to complete：02 · 05
01 / WHAT IT BUILT
What the company did
Ascendant Resources was a Toronto-based mining company (TSX: ASND) focused on the Lagoa Salgada polymetallic VMS project on the Iberian Pyrite Belt in Portugal, 80 km from Lisbon. The high-grade project spans a 7,209-hectare concession with zinc, copper, lead, tin, silver and gold mineralization. Through an earn-in agreement with Mineral & Financial Investment AG, Ascendant built its interest to 80% via Redcorp - Empreendimentos Mineiros, completing an NI 43-101 feasibility study in August 2023, and appointed Banco Santander in December 2023 as mandated lead arranger for export credit agency supported project financing.
02 / FAILURE REASONS
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03 / EVENT HISTORY
Events in the structured record
- Earn-in begins
In June 2018, Ascendant enters an agreement with TH Crestgate (later Mineral & Financial Investment AG) to acquire an initial 25% interest, with an option to earn up to 80% of Redcorp, holder of the Lagoa Salgada project.
- 80% interest and feasibility study
On August 1, 2023, Ascendant completes the NI 43-101 feasibility study and satisfies all conditions to fully exercise the earn-in option, holding an 80% interest in Lagoa Salgada; in December 2023 it appoints Banco Santander as mandated lead arranger for ECA-supported project financing.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
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Overall assessment: Not completed
05 / CAUSAL CHAIN / AFTERMATH
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