ascendant resources inc. -...

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w w w . a s c e n d a n t r e s o u r c e s . c o mT S X : A S N D OTCQX: ASDRF

A Pure-Play Zinc Producer

March 2018

T S X A S N D

Profitability • Growth • Opportunity

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Forward Looking Statements

This presentation 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 presentation is

qualified by this cautionary note.

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.

Forward-looking statements involve known and unknown 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 risks, uncertainties, contingencies and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking

information may include, but are not limited to, risks generally associated with the mining industry, such as economic factors (including future commodity prices, currency fluctuations, energy prices and

general cost escalation), uncertainties related to the development and operation of Ascendant's projects, dependence on key personnel and employee and union relations, risks related to political or social

unrest or change, rights and title claims, operational risks and hazards, including unanticipated environmental, industrial and geological events and developments and the inability to insure against all risks,

failure of plant, equipment, processes, transportation and other infrastructure to operate as anticipated, compliance with government and environmental regulations, including permitting requirements and

anti-bribery legislation, volatile financial markets that may affect Ascendant's ability to obtain additional financing on acceptable terms, the failure to obtain required approvals or clearances from government

authorities on a timely basis, uncertainties related to the geology, continuity, grade and estimates of mineral reserves and resources, and the potential for variations in grade and recovery rates, uncertain

costs of reclamation activities, tax refunds, hedging transactions, as well as the risks discussed in Ascendant's most recent Annual Information Form on file with the Canadian provincial securities regulatory

authorities and available at www.sedar.com. Should one or more risk, uncertainty, contingency or other factor materialize or should any factor or assumption prove incorrect, actual results could vary

materially from those expressed or implied in the forward-looking information. Accordingly, the reader should not place undue reliance on forward-looking information. Ascendant does not assume any

obligation to update or revise any forward-looking information after the date of this presentation or to explain any material difference between subsequent actual events and any forward-looking information,

except as required by applicable law.

The information concerning the Company’s mineral properties has been prepared in accordance with National Instrument 43-101 (“NI-43-101”) adopted by the Canadian Securities Administrators. In

accordance with NI-43-101, the terms “mineral reserves”, “proven mineral reserve”, “probable mineral reserve”, “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred

mineral resource” are defined in the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) Definition Standards for Mineral Resources and Mineral Reserves adopted by the CIM Council on May

10, 2014. While the terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are recognized and required by NI 43-101, the U.S. Securities

Exchange Commission (“SEC”) does not recognize them. The reader is cautioned that, except for that portion of mineral resources classified as mineral reserves, mineral resources do not have demonstrated

economic value. Inferred mineral resources have a high degree of uncertainty as to their existence and as to whether they can be economically or legally mined. It cannot be assumed that all or any part of

any inferred mineral resource will ever be upgraded to a higher category. Therefore, the reader is cautioned not to assume that all or any part of an inferred mineral resource exists, that it can be

economically or legally mined, or that it will ever be upgraded to a higher category. Likewise, you are cautioned not to assume that all or any part of a measured or indicated mineral resource will ever be

upgraded into mineral reserves.

Readers should be aware that the Company’s financial statements (and information derived therefrom) have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by

the International Accounting Standards Board and are subject to Canadian auditing and auditor independence standards. IFRS differs in some respects from United States generally accepted accounting

principles and thus the Company’s financial statements (and information derived therefrom) may not be comparable to those of United States companies. Unless otherwise indicated, all dollar values herein

are in US$.

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Why Ascendant Resources?A Compelling Investment Opportunity

A Unique Zinc Opportunity

Long-Term Low Cost Producer

Multiple Avenues for Growth

• The only pure-play junior zinc producer benefiting from record zinc prices

• 2018 Cost Guidance US$70-80/t with activities underway for further cost reduction

• Focused on organic growth opportunities within El Mochito and Honduras as well as accretive growth opportunities

Deeply Discounted to Peers

• 2018 guidance:EBITDA US$32-40 million - trading at ~2.0xEBITDAFree Cash Flow US$14-20 million – trading at ~4.6xFCF

The only small-cap pure-play

ZINC PRODUCER

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Ascendant – Positioned for the Future/Long-Term

Corporate Outlook

2017

2018

2019

RESTRUCTURE: SUCCESSFUL OPERATIONAL TURNAROUND

• Rehabilitation & Optimization of the El Mochito Mine complete

• Generated EBITDA & Free Cash Flow

• Significant exploration work focused on higher-tonnes and higher-grade

PROFITABILITY / RESOURCE GROWTH

• 2018 guidance indicates significant Free Cash Flow & EBITDA

• New NI 43-101 resource expected to add considerable resources and extend LOM in Q2 2018

• Focus on further cost reductions

LONG-TERM, PROFITABLE MULTI-ASSET PRODUCER

• Maximize long term profitability; ongoing focus on cost reduction and higher value per tonne

• Accretive growth opportunities in country and globally

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2018 Operational GuidancePutting El Mochito Back on the Map

On track for annualized production +90MM lbs of ZnEq.

Operating Data

Contained Metals:

Zinc Equivalent Metal 93 – 109 million lbs

Zinc 65 – 73 million lbs

Lead 24 – 28 million lbs

Silver 0.9 – 1.2 million ozs

Other Operating Assumptions

Direct Operating Costs $70 – $80 / tonne

Capital Expenditure $16 – $18 million

Financial Assumptions

Adjusted EBITDA1 $32 – $40 million

Free Cash Flow $14 – $20 millionNote: Figures are based on assumed metal prices of zinc US$1.50/lb, lead US$1.10/lb and silver US$18.00/oz and 355 operating days in 2018 and are expressed in US dollars. Assumed metal prices are based on the 2018 and 2019 price forecasts from the BMO Capital Market’s Base Metals and Bulk Commodities Outlook report dated October 18, 2017.

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1.8x2.2x

2.4x

3.2x3.4x

3.7x

4.3x4.6x

4.9x5.1x

Ascendant

Resources Inc.

Ascendant

Resources Inc.

Atico Mining

Corporation

Titan Mining

Corporation

Trevali Mining

Corporation

Capstone

Mining Corp.

Sierra Metals,

Inc.

Copper

Mountain

Mining Corp.

Taseko Mines

Limited

Red River

Resources

EV/EBITDA

Peer Value Comparison The Rerating Case for ASND

Source: Consensus from Bloomberg as at market close February 27, 2018

0.51x 0.55x 0.57x0.62x 0.63x 0.64x 0.64x

0.72x 0.74x

0.97x

1.09x

1.24x

1.37x

Copper

Mountain

Mining Corp.

Tinka

Resources

Titan Mining

Corporation

Taseko Mines

Limited

Atico Mining

Corporation

Capstone

Mining Corp.

Red River

Resources

Arizona Mining

Inc.

Ascendant

Resources Inc.

Excellon

Resources Inc.

Trevali Mining

Corporation

Heron

Resources

Limited

Sierra Metals,

Inc.

P/NAV

2.0x2.2x

2.7x 2.9x3.0x

3.3x

3.8x

5.2x 5.2x

5.7x

Ascendant

Resources

Inc.

Copper

Mountain

Mining Corp.

Ascendant

Resources

Inc.

Capstone

Mining Corp.

Atico Mining

Corporation

Taseko Mines

Limited

Trevali

Mining

Corporation

Sierra Metals,

Inc.

Excellon

Resources

Inc.

Red River

Resources

P/CF

ASND appears undervalued on all metrics

relative to its peers.

0.79x

3.8x

Note: ASND 1.8x EV/EBITDA is based on the Company’s mid point of 2018 EBITDAexpectations as outlined in the 2018 guidance press release issued January 11,2018. ASND 2.2x EV/EBITDA is based on analysts consensus EBITDA for 2018.

Note: ASND 2.0x P/CF is based on using the Company’s mid point of 2018 EBITDA expectations, asoutlined in the 2018 guidance press release issued January 11, 2018, as a proxy for cash flow fromoperations. ASND 2.7x P/CF is based on analysts consensus of cash flow expectations for 2018.

8.6x

51.9x

Titan Mining Corp.

Note: The Company expects consensus NAV to increase and reflect exploration value and resource

growth potential when the new NI 43-101 technical report is published in Q2 2018.

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Zinc-Lead-Silver Mine

El Mochito

• 100% owned underground Zn/Pb/Ag mine.

• In continual operation since 1948.

• 2017 Zn/Pb/Ag production of 66 MM lbs ZnEq. 2018 Guidance of 93-109 MM lbs ZnEq.

• 2018 expected production rate of 2,200-2,400 tpd.

• Significant Reserve and Resource base with 12-year mine life.

• 11,000 ha land package; the majority unexplored.

• Very limited exploration work undertaken by previous owners in 5+ years.

• Secure 9-year offtake agreement in place with Nyrstar N.V.

Typical NSR breakdown:

Zn 70% Pb 20% Ag 10%

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MILLED PRODUCTION

81% 22%

DIRECT OPERATING

COSTS

23%

IMPROVED VENTILATION

VOLUMES

40%

PRODUCTIVE WORKING HOURS

Responsible Mining:

9thConsecutive Annual Award Received

A Successful Turnaround Complete – 2017 Achievements

PROFITABILITY

Positive EBITDA for past 6 months

Free Cash Flow Positive in Q4

Net Income in Q3; EPS of $0.01

20%

TRUCK AVAILABILITY

El Mochito - A Year in Review

Note: All % figures are provided on a full 2017 calendar year basis from Jan 2017-Dec 2017 expect Direct Operating Costs which are calculated from Jan 2017 – Sept 2017.

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38,521 38,866

53,729

49,393 50,597 50,795

57,458 58,978 59,601

64,449 64,327

69,578

30,000

35,000

40,000

45,000

50,000

55,000

60,000

65,000

70,000

Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec

7-day work stoppage.

81% Production Increase in

2017

Introduction of additional

underground shift.

First new Equipment in rotation.

Positive EBITDA FCF Positive

TPDCalendar Day

1,243 1,388 1,733 1,646 1,632 1,693 1,853 1,903 1,987 2,079 2,144 2,399

2017 Operational Turnaround CompletedEl Mochito Transformed to a Free Cash Flowing Operation

Annual production exceeded 2017 production target.

Ton

nes

Mill

ed

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2017 Production SummaryEl Mochito Operational Results

-

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

Contained Metal Production Profile

Zn lbs Pb lbs Zn Eq. lbs (Production)

-

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000


Contained Zinc Production (lbs)

-

500,000

1,000,000

1,500,000

2,000,000


Contained Lead Production (lbs)

$50.00

$60.00

$70.00

$80.00

$90.00

$100.00

$110.00

$120.00

JAN FEB MAR APR MAY JUN JUL AUG SEP

Cost Profile

Cash Cost $/t of Ore Milled

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The El Mochito Mine, HondurasLas Vegas, Honduras

El Mochito Mine, Honduras ( 100% )

Underground Zn/Pb/Ag mine on an 11,000

hectare land package, operating since 1948

Country Snapshot

• Almost 70 years of continuous operations at El Mochito.

• El Mochito represented ~3% of exports in 2014. The mining industry (2 mines) represented 4% of GDP in 2015.

• Business friendly jurisdiction with a history of mining.

• Overwhelming community support; Las Vegas emerged as a result of the mine’s existence.

• Decentralized government; municipalities have autonomy.

• President re-elected for another 4-year term; focus remains on security, corruption and business investment.

• Solid infrastructure; 2 hour drive from international airport (San Pedro ~1.5M pop.). Paved road to site and reliable power source.

• 25% Corporate Tax Rate + 5% NSR ($53MM in tax losses available for 2018/2019).

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HondurasA Beautiful and Growing Tourist Destination

Roatán Island Copán Ruins

Lake Yojoa Tegucigalpa, Capital

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Exploration StrategyEl Mochito Mine

• Grow high-grade Reserve/Resource and extend LOM

• Resource Update with new NI 43-101 expected in Q2 2018

Long history of resource conversion and discovery

New High-Grade Zones

GrowEl Mochito

Longer-termDiscovery

• Several known targets to potentially add high-gradematerial to mill to improve grade for the long-term

• Follow up on regional targetsidentified by historical drilling data

• 11,000 ha land package barely explored

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• Mine extends laterally for around 2 km, open East - West • Combination of lower grade mantos and higher grade chimneys

El Mochito Mine Layout – Long SectionA Long History of Resource Discovery and Conversion

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Extensive 2018 Program with Significant Upside Potential

2018 Exploration Program ~40,000 meters:

• ~20,000 m of definition drilling for resource conversion

• ~20,000 m of exploration drilling to define additional material near mine and regional exploration targets

2018 Exploration Initiatives:

• SGH soil geochem survey of El Mochito concession.

• Review and prioritize near-mine targets (Manzanal, Caliche, Porvenir Trend, Big Fuzzy) as well as other concessions within Honduras.

• Review of historical mining areas in upper levels which still contain a number of high-grade targets.

• New NI 43-101 Resource expected in Q2 2018 to incorporate bulk of 2017 drilling to upgrade and expected to expand resources.

• Follow up on known ‘chimney’ ore bodies and define new ‘chimney’ targets (historical grades in excess of 17% ZnEq).

Exploration and Resource Upside

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Key Areas Optimizing Existing Development

2018 Exploration Areas – Plan View

Esperanza

Port Royal

Santa Elena

Deep NorthDeep East

Nueva Este

Palmar

Dyke TrendDefined Faults Targeted Exploration Areas

Planned Drill Holes

Development Planned Development

Ore Body

VictoriaNiña Blanca Nispero and

Upper San Juan

Included in 2017 drill results:Deep East Manto: 6.4% ZnEqDeep North Manto: 6.8% ZnEq

Historical Results:Port Royal Chimney: 17.25% ZnEqImperial Trend Targets 8% - 17% ZnEq

Dec 2015 Estimations:Palmar: 9.1% - 13.8% ZnEqVictoria: 6.95 – 7.4% ZnEq

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Significant High-Grade Mineralized InterceptsResults from 2017 Drill Program

• Results are targeting the

extensions of four ore bodies;

Palmar Dyke, Santa Elena,

Victoria and Esperanza.

• Three areas are very close to

existing workings and could

be accessed within 6 to 12

months.

• The fourth, the Esperanza

orebody, is already being

mined and this drilling

represents a further

extension showing similar

grades.

Step-out Holes

HOLE 10846 – 17.6m at 5.3% zinc, 3.8% lead and 83 g/t silver (Palmer Dyke) - 10.0% ZnEq

HOLE 10845 – 17.0m at 5.0% zinc, 2.0% lead and 53 g/t silver (Victoria) - 7.7% ZnEq

HOLE 10837 – 5.5m at 17.3% zinc, 3.6% lead and 142 g/t silver (Palmar Dyke) - 23.0% ZnEq

HOLE 10875 – 5.5m at 5.2% zinc, 2.7% lead, 2,297 g/t silver and 0.98% copper (Palmar Dyke) - 45.5% ZnEq

HOLE 10887 – 23.4m at 6.5% zinc, 1.0% lead, and 24 g/t silver (Santa Elena) - 7.7% ZnEq

HOLE 10904 – 12.2m at 6.6% zinc, 5.6% lead, and 81 g/t silver (Esperanza) - 12.6% ZnEq

HOLE 10909 – 3.7m at 19.3% zinc, 15.0% lead and 122 g/t silver (Deep East) - 33.7% ZnEq

HOLE 10941 – 15.2m at 5.8% zinc, 1.4% lead and 61 g/t silver (Esperanza) – 7.9% ZnEq

In-fill Holes

HOLE 10833 – 35.4m at 5.6% zinc, 2.0% lead and 31 g/t silver - 7.8% ZnEq

including 5.4m at 7.8% zinc, 2.6% lead and 35 g/t silver (Santa Elena) - 10.6% ZnEq

HOLE 10847 – 17.5m at 6.2% zinc, 2.2% lead and 41 g/t silver (Esperanza) - 8.8% ZnEq

HOLE 10828 – 26.5m at 5.7% zinc, 0.6% lead and 18 g/t silver (Santa Elena) - 6.5% ZnEq

HOLE 10826 – 17.1m at 5.8% zinc, 1.2% lead and 36 g/t silver (Esperanza) - 7.5% ZnEq

HOLE 10880 – 5.1m at 3.1% zinc, 2.5% lead, 149 g/t silver and 0.55% copper (Palmar Dyke) - 7.6% ZnEq

HOLE 10870 – 4.1m at 10.0% zinc, 1.9% lead, and 95 g/t silver (Victoria) - 12.0% ZnEq

HOLE 10932 – 10.2m at 9.3% zinc, 7.5% lead and 229 g/t silver (Port Royal) – 19.2% ZnEq

HOLE 10936 – 25.6m at 7.4% zinc, 2.5% lead and 27.5 g/t silver (Santa Elena) – 9.9% ZnEq

A few significant results include (true and apparent widths):

Results are significantly

higher grade than

current Reserve and

Resources.

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Victoria

Santo Niño

Porvenir FaultPlanned 2018 Drilling: ~11,000 ft

Surface Exploration Holes:14 -PS-01: 30.7 ft @ 9.9% Zn, 2.0% Pb, 32 g/t Ag. ZnEq= 12.9%

14 -PS-02: 27.8 ft @ 5.9% Zn, 3.8% Pb, 35 g/t Ag. ZnEq= 10.7%14 -PS-04A: 13.3 ft @ 12.6% Zn, 0.4% Pb, 27 g/t Ag. ZnEq= 13.9%

L-2790

• Follow up on historical drill holes along structure.

• Historical holes show high-grades over meaningful widths.

• Porvenir fault target (highlighted here) is one of several such targets.

• Potential to add meaningful tonnage/extend mine life if trends continue which could support potential mill expansion.

• Resource Expansion moving East

Longer Term Regional Exploration Opportunities2018 Porvenir Trend Targets Could Add Significant Scope

Plan view

Deep East Manto - ZnEq 6.4%

Deep North Manto - ZnEq 6.8%

1 500 1000ft

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Long-Term Growth – Regional Exploration OpportunitiesKnown Targets Discovered by Past Surface Exploration Activities

N

Lake Yojoa

Valid Concessions

Known Targets

FaultLines

Existing OrebodiesBeing Mined

Manzanal:- drillholes- geochemistry- trenches- geophysics

Salva Vida Trend:- drillholes

Caliche:- exploration tunnel- drillholes- geochemistry

Soledad:- exploration tunnel- drillholes

Big Fuzzy:- drillholes- 8m @ 5% Zn

Porvenir Trend:- drillholes

0 1 2Km

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Zinc FundamentalsZinc Fundamentals Remain Strong as Supply Drives Tightening Market

Key drivers for a sustained and strong zinc price:

• Fundamentals indicate structural deficits due to depleting global inventories.

• Modest global GDP growth (2-3%) implies strengthening demand (400kt pa of additional new supply required).

• Supply deficits will prevail in short and medium term as a result of global mine closures and production cuts.

• Zinc prices are already responding to this pressure; 10 year high of $1.63/lb prevailed on January 30, 2018.

ZINC SPOT PRICE ($/LB)

Source: Bloomberg

Jan 2007 Nov 2017

300,000

600,000

900,000

1, 200,000

0

$0.00

$0.50

$1.00

$1.50

$2.00

LME Zinc Warehouse Stock Levels (T) / Zinc Spot Price ($/Lb)

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Pro Forma Capital StructureAscendant Resources Inc.

Share Price ($C, as at Feb. 28/18) $1.15

Shares Issued / Outstanding (MM’s) 74.2

Shares Fully Diluted (MM’s) 94.2

Estimated Float ~25%

Market Capitalization (C$MM) $85.3

CQS 18.4%

Vertex One Asset Management 14.0%

MM Asset Management Inc. 13.8%

Steve Laciak 16.5%

Directors and Management approx. 16.4%*

Major Shareholders

Stock Symbol TSX: ASND

*fully diluted basis

Analyst Coverage

Gabriel Gonzalez Echelon Wealth Partners

Jacques P. Wortman Eight Capital

Heiko F. Ihle H.C. Wainwright & Co.

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2018 Catalysts and DeliverablesA Year of Profitability and Resource Growth

Deliver Meaningful FCFGuidance and market outlook support robust FCF in 2018; US$14-20 millionRemain focused on operating margins and maximize value per tonne milled

New NI 43-101 Resource ReportTargeted completion in Q2 2018; incorporates all 2017 exploration work Expected to expand resource and extend LOM

Sustained Higher Production Rates

2018 expected metal production 41-65% higher than 2017Mill has demonstrated ability to sustain the newly increased production rates

Increase Ore Head GradesFocus on increasing high-grade ore to the mill with better dilution control and higher grade zones now in the mine plan

Optimization Studies Focus on long-term cost reduction opportunities

Extensive Exploration ActivitiesMaintain aggressive internal and near mine exploration work for near-term resource growth as well as commence regional exploration for long-term LOM extension

Strategic OpportunitiesPursue and evaluate accretive growth opportunities in country and globallyLong-term goal of being a multi-asset mid-tier metals producer

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w w w . a s c e n d a n t r e s o u r c e s . c o mT S X : A S N D OTCQX: ASDRF w w w . a s c e n d a n t r e s o u r c e s . c o mT S X : A S N D OTCQX: ASDRF

WHY NOW IS THE TIME FOR ASCENDANT?

RestoredMine optimization and rehabilitation complete

ProfitabilitySignificant Free Cash Flow in 2018; Rerating expected

Resource GrowthSignificant exploration potential; Updated 43-101 in Q2 2018

Long-term Mid-Tier ProducerMaximize profitability and shareholder value; organic growth and accretive opportunities

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Appendices T S X - V A S N D

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Management

CHRIS BUNCIC, MBA, CFA, P. Eng – PRESIDENT, CEO, AND DIRECTOR | Mr. Buncic played an instrumental role in the founding of Ascendant Resources Inc. and its acquisition of the company’s flagship operating El Mochito mine from Nyrstar NV in 2016. Prior to founding Ascendant, Mr. Buncic served in senior management roles at several Canadian corporations in the technology and resources sectors. His depth of experience also includes six years in Institutional Equity Research at leadingCanadian independent full service brokerage firms Cormark Securities Inc. and Mackie Research Capital Corporation. Mr. Buncic is a CFA Charterholder, has a MBA from Schulich School of Business and B.A.Sc. from the University of Toronto. Mr. Buncic is a member of the Professional Engineers of Ontario and the CFA Society.

CLIFF HALE-SANDERS, MBA, CFA – EXECUTIVE VICE PRESIDENT | Mr. Hale-Sanders’ career has spanned approximately 20 years in the capital markets industry working as a leading Base Metals and Bulk Commodities research analyst in Canada working at RBC Capital Markets, TD Securities, CIBC World Markets and Cormark Securities. During this period, Mr Hale-Sanders visited and reviewed numerous mining operations and corporate entities around the world. Mr. Hale-Sanders holds a B.Sc. in Geology and Chemistry, an MBA from McMaster University and is a CFA Charterholder.

NEIL RINGDAHL – CHIEF OPERATING OFFICER | Mr. Ringdahl is a senior mining executive with over 23 years of international mining, development, and executive management experience. Mr. Ringdahl has a strong technical background in a career that has been primarily focussed on underground and open pit mining in Latin America and Africa. Previously, Mr. Ringdahlheld the roles of Chief Operating Officer at Orvana Minerals Corp. and Chief Executive Officer at Apogee Silver. At Apogee, he significantly de-risked the rehabilitation project at the Pulacayo mine in Bolivia while fostering proactive community relations improvements and agreements. Prior to this, Mr. Ringdahl has held various senior positions with Korea Zinc, Volcan CompaníaMinera, Anglo Platinum, and AngloGold. Mr. Ringdahl holds a bachelor's degree with Honors in mining engineering from the University of the Witwatersrand in South Africa.

ROHAN HAZELTON, CPA, CA – CHIEF FINANCIAL OFFICER | Mr. Hazelton is a Chartered Professional Accountant with over 20 years of international finance experience including 15 years in the mining sector. Has was formerly Vice President, Strategy at Goldcorp Inc. where he held a variety of roles including Vice President Finance, Chief Financial Officer of Mexican Operations and Corporate Controller. He holds a B.A. in Applied Mathematics and Economics from Harvard University.

26


Board of Directors

MARK BRENNAN EXECUTIVE CHAIRMAN

Mr. Brennan has over 30 years of financing and operating experience in North America and Europe and most

recently served as President and CEO of Sierra Metals Inc. Prior to Sierra Metals, Mr. Brennan served as President & CEO

at Largo Resources Ltd.

RENAUD ADAMSDIRECTOR

Mr. Adams recently served as President and Chief Executive Officer of Richmont

Mines Inc. until it was acquired by Alamos Gold Inc. Mr. Adams has over

20 years of experience as an executive and as an operator in the mining

industry.

CHRIS BUNCIC, MBA, CFA, P. EngPRESIDENT, CEO, AND

DIRECTOR

PETRA DECHER, CPADIRECTOR

Ms. Decher currently serves as Chairwoman of the Board at Red Pine Exploration Inc. and recently served as the Lead Independent Director of

Integra Gold Corp. until its acquisition by Eldorado Gold Corporation. Ms.

Decher served as the VP, Finance and Assistant Secretary for Franco-Nevada

Corporation from 2009 to 2016.

GUILLERMO KAELIN DIRECTOR

Mr. Kaelin is a capital markets professional with over 18 years of

experience in private equity, investment banking, research and public securities and is currently

the Head of Latin America of Appian Capital Advisory LLP.

KURT MENCHENDIRECTOR

Mr. Menchen has over 37 years' of experience operating and managing

mining projects, including over 20 years as General Manager at the Jacobina

Gold project in Brazil where he successfully operated the underground project for Anglo American, Desert Sun

Mining and eventually Yamana Gold.

STEPHEN SHEFSKYLEAD DIRECTOR

Mr. Shefsky is the President & CEO, Founder and Director of James Bay

Resources Ltd. and has over 40 years’ experience in the investment and

mining industry through Canada and Latin America.

ROBERT CAMPBELLDIRECTOR

Mr. Campbell is an exploration geologist with over 40 years experience

in mining and exploration industry through Canada, United States and

Latin America. Mr. Campbell is currently VP, Exploration at Largo

Resources Ltd.

27


Historical Operating StatisticsEl Mochito Back on Track

El Mochito – back on track:

• Historically El Mochito has demonstrated the ability for sustained annualized production of +90 MM lbs.

• 2015 is a representative year of the long-term sustained operational capability of the mine.

• Minimal development and exploration work by previous operators impacted 2016 operating results

90

2014 2015 2016 2017

Tonnes Milled 756.0 765.9 515.6 656.3

Average tpd 2,071 2,098 1,409 1,889

Average Head Grades

Zinc 4.56% 3.43% 3.40% 3.50%

Lead 2.61% 1.68% 1.16% 1.39%

Silver 85.9 50.1 46.0 43.0

ZnEq 9.5% 6.3% 5.8% 5.63%

Average Recoveries

Zinc 85.6% 87.2% 90.7% 88.9%

Lead 78.7% 75.9% 73.3% 74.3%

Silver 87.4% 88.3% 80.5% 77.7%

Contained Metal Production

Zinc (ktonnes) 29.5 23.0 15.9 20.4

Lead (ktonnes) 15.5 9.8 4.4 6.8

Silver (Kozs) 1,827.0 1,105.0 614.3 698.5

ZnEq (MMlbs) 133.5 90.5 54.8 66.1

60.6

41

24.829.9

0

500

1000

1500

2000

0

10

20

30

40

50

60

70

2014 2015 2016 2017

Silve

r 0

00

’s o

zs

Co

nta

ine

d M

eta

l P

rod

uct

ion

Zinc (ktonnes) Lead (ktonnes)

ZnEq (ktonnes) Silver (Kozs)

28


Process Flow DiagramEl Mochito Processing

29


Historical Reserves and ResourcesEl Mochito Mine – Significant Reserve & Resource

El Mochito Tonnage (MT) Zn (%) Pb (%) Ag (g/t)

Proven 0.57 4.59% 2.63% 77.4

Probable 1.34 4.94% 2.27% 47.6

Total Reserves 1.91 4.84% 2.38% 56.5

Measured 1.38 5.22% 1.93% 62.1

Indicated 4.03 4.72% 1.65% 38.8

Total M&I 5.41 4.85% 1.72% 44.7

Inferred 3.86 5.11% 1.38% 35.0

Note: NI 43-101 Compliant. Readers are cautioned to use these figures as Historical rather than as Reserves & Resources. Mineral Resources were estimated at a ZnEq cut-off of 2.8% and Mineral Reserves were estimated at a ZnEq cut-off of 5.6% and are shown inclusive of reserves. Reserves and resources are from internal Nyrstar Qualified Person, audited on an annual basis, are not independent and are calculated as at December 2015.

30


El Mochito Long-SectionEl Mochito Mine

31


Ore Genesis of a Carbonate Replacement Deposit Representative of the El Mochito Carbonate Replacement Skarn Mineralization

32

w w w . a s c e n d a n t r e s o u r c e s . c o mT S X : A S N D OTCQX: ASDRFEl Mochito Mine

Las Vegas, Honduras

El Mochito Mine Flotation Circuit

33


Zinc BasicsZinc is the 30th element in the periodic table of elements.

Zinc is the fourth most consumed metalin the world after iron, aluminum andcopper.

The most common and commercial use for zinc is galvanizing (rust-proofing) steel accounting for

60% of usage.

ZnZinc

30

14 millions tonnes consumed globally in 2016 75% sourced

from mining.

25% sourced from recycling.

Fertilizer accounts for

~2% of zinc usage.

34


Responsible Mining at El MochitoEl Mochito Mine

COMMUNITY

WORKFORCE

ENVIRONMENT

Through various community investments, El Mochito has contributed to local employment generation, infrastructure improvement andeducation advancement. El Mochito strives to play an active role in the strengthening of the surrounding community and will continue to remain a steward of responsibility going forward.

El Mochito’s multiple environmental sustainability programs seek to preserve the region's natural resources and monitor the quality of soil, water, air and the protection of local wildlife. Through various initiatives, we continue to make environmental protection a core pillar in our day-to-day operations.

We believe our workforce and their well being are imperative to the success and sustainability of the El Mochito operation. The continuous commitment to our workforce is reaffirmed through the development of our employees in the areas of workplace and educational advancement and a strong commitment to the improvement of ongoing health and safety initiatives.

Ascendant Resources continues to make mining responsibly at El Mochito its top priority

as it creates tangible benefits for all our stakeholders, including our employees, the local

communities and the environment in which we operate in.

9x

35


79 Wellington St. W., Suite 2100 Toronto, Ontario M5K 1H1

www.ascendantresources.com

Tel: 647-796-0066Fax: 647-796-0067

T S X A S N D

Investor Contact:

Katherine Pryde, MBA, CPA, CMADirector, Communications and Investor Relations

[email protected]

ascendant resources inc. -...

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