A PURE PLAY ZINC PRODUCER PROFITABILITY GROWTH OPPORTUNITY March 2018 Production Ramp Up 2018 EBITDA Guidance 2018 Free Cash Flow 2018 ZnEq Production Increase Guidance Guidance (Since Jan. 2017) ($US) ($US) (lbs) 81% 32-40M 14-20M 93-109M Production began at the El Mochito mine in 1948 and has been ongoing for PUERTO CORTÉS SAN PEDRO SULA 70 years continuously. Ascendant is a Toronto-based mining company focused on its EL MOCHITO MINE 100%-owned producing El Mochito zinc, silver and lead mine in west- central Honduras, which has been in production since 1948. After TEGUCIGALPA acquiring the mine in December 2016, Ascendant implemented a rigorous optimization program aimed at restoring the historic potential of the El Mochito mine. In 2017, the Company successfully completed the operational turnaround it set out to achieve with sustained production at record levels and profitability restored. The Company now remains focused on cost reduction and further operational improvements to drive robust free cash flow in 2018 and beyond. Ascendant is also focused on expanding and upgrading known resources through extensive exploration work for near-term growth. With a significant land package of 11,000 hectares and an abundance of historical data there are several regional targets providing longer term exploration upside which could lead to further resource growth. The Company is also engaged in the evaluation of producing and development stage mineral resource opportunities, on an ongoing basis. The Company’s common shares are principally listed on the Toronto Stock Exchange under the symbol “ASND”. www.ascendantresources.com El Mochito Mine - Zinc, Lead, Silver ASND 100% owned underground Zn/Pb/Ag Significant Reserve and Resource mine in continual operation since 1948. base; New NI 43-101 expected to PRO FORMA CAPITAL STRUCTURE 11,000 ha land package with the extend LOM. majority of it unexplored – current mine Stable metal recovery rates with Share Price ($C, as at Feb. 28/18) $1.15 footprint only about 10%. long track record of operation. 2018 expected production rate of 2,200- Shares Issued / Outstanding New 40,000m exploration program 74.2 2,400 tpd. (MM’s) initiated. Typical NSR breakdown: Shares Fully Diluted (MM’s) 94.2 Annual Zn/Pb/Ag production of 66 MM lbs ZnEq in 2017. 2018 Guidance of 93- 109 MM lbs ZnEq. Zn 70% Pb 20% Ag 10% Estimated Float ~25% Market Capitalization (C$MM) $85.3 2017 Operational Turnaround Completed Ore milled per month 69,578 70,000 81% First new Equipment ANALYST COVERAGE in rotation. Production 64,449 64,327 65,000 Introduction of additional Increase in underground shift. 58,978 59,601 Gabriel Gonzalez Echelon Wealth Partners 60,000 2017 57,458 55,000 7-day work 53,729 stoppage. 50,597 50,795 Jacques P. Wortman Eight Capital 49,393 50,000 Heiko F. Ihle H.C. Wainwright & Co. 45,000 40,000 38,521 38,866 35,000 MANAGEMENT 30,000 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Chris Buncic MBA, CFA, P.Eng, President & CEO TPD 1,243 1,388 1,733 1,646 1,632 1,693 1,853 1,903 1,987 2,079 2,399 Calendar Day 2,144 Cliff Hale-SandersMBA, CFA, Executive Vice President Positive EBITDA FCF Rohan Hazelton CPA, CA, Chief Financial Officer Positive Neil Ringdahl, Chief Operating Officer Exploration Program - • New NI 43-101 resource expected to add considerable resources and extend LOM Results from 2017 Drill Program BOARD A few significant results include (true and apparent widths): 2018 Exploration Program ~40,000 meters: Mark Brennan, Executive Chairman Step-out Holes • ~20,000 m of definition drilling for resource conversion HOLE 10846 – 17.6m at 5.3% zinc, 3.8% lead and 83 g/t silver (Palmer Dyke) - 10.0% ZnEq • ~20,000 m of exploration drilling to define additional material near mine and regional exploration targets Renaud Adams 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 2018 Exploration Initiatives: Chris Buncic MBA, CFA, P.Eng 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 • SGH soil geochem survey of El Mochito concession. HOLE 10887 – 23.4m at 6.5% zinc, 1.0% lead, and 24 g/t silver (Santa Elena) - 7.7% ZnEq • Review and prioritize near-mine targets (Manzanal, Caliche, Porvenir Trend, • Petra Decher CPA HOLE 10904 – 12.2m at 6.6% zinc, 5.6% lead, and 81 g/t silver (Esperanza) - 12.6% ZnEq Big Fuzzy) as well as other concessions within Honduras. HOLE 10909 – 3.7m at 19.3% zinc, 15.0% lead and 122 g/t silver (Deep East) - 33.7% ZnEq • Review of historical mining areas in upper levels which still contain a • • HOLE 10941 – 15.2m at 5.8% zinc, 1.4% lead and 61 g/t silver (Esperanza) – 7.9% ZnEq number of high-grade targets. Robert Campbell M.Sc, P. Geo • New NI 43-101 Resource expected in Q2 2018 to incorporate bulk of 2017 In-fill Holes drilling to upgrade and expected to expand resources. Guillermo Kaelin HOLE 10833 – 35.4m at 5.6% zinc, 2.0% lead and 31 g/t silver - 7.8% ZnEq • Follow up on known ‘chimney’ ore bodies and define new ‘chimney’ targets including 5.4m at 7.8% zinc, 2.6% lead and 35 g/t silver (Santa Elena) - 10.6% ZnEq (historical grades in excess of 17% ZnEq). Kurt Menchen 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 Historical Results: Stephen Shefsky Port Royal Chimney: 17.25% ZnEq Imperial Trend Targets 8% - 17% ZnEq Included in 2017 drill results: HOLE 10880 – 5.1m at 3.1% zinc, 2.5% lead, 149 g/t silver and 0.55% copper (Palmar Dyke) - 7.6% ZnEq Esperanza Santa Elena Deep East Manto: 6.4% ZnEq Deep North Manto: 6.8% 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 Deep North Deep East Port Royal Results are significantly Palmar higher grade than Nueva Este Victoria current Reserve and Nispero and Niña Blanca Dec 2015 Estimations: Upper San Juan Palmar: 9.1% - 13.8% ZnEq Resources. Victoria: 6.95 – 7.4% ZnEq Ore Body Defined Faults Dyke Trend Targeted Planned Drill Development Planned Ascendant Resources Inc. Exploration Areas Holes Development 2100-79 Wellington St. W. Toronto, ON M5K 1H1 A Successful Turnaround Complete - 2017 Achievements: Phone: 647-796-0066 El Mochito - A Year in Review Fax: 647-796-0067 81% 22% 20% 40% 23% Contact: Katherine Pryde MBA, CPA, CMA Director, Communications and Investor Relations Phone: 888-723-7413 DIRECT IMPROVED MILLED TRUCK PRODUCTIVE OPERATING VENTILATION E-mail: [email protected] PRODUCTION AVAILABILITY WORKING HOURS COSTS VOLUMES WWW.ASCENDANTRESOURCES.COM PROFITABILITY Responsible Ascendant Resources Inc. @AscendantRes Mining: Positive EBITDA for past 6 months 9th AscendantResources ascendant.resources Consecutive Annual Net Income in Q3; EPS of $0.01 Award Received Ascendant Resources Inc. elmochitotour.com Note: All % figures are provided on a full 2017 calendar year basis from Jan 2017-Dec 2017 expect Direct Operating Costs which are Free Cash Flow Positive in Q4 calculated from Jan 2017 – Sept 2017. All mineral resources and mineral reserves set out in this Presentation are “historical estimates” as defined in NI 43-101 and Ascendant does not treat such estimates as current mineral reserves or mineral resources. They were prepared by Nyrstar NV, the prior owner of the El Mochito mine, prior to its acquisition by Ascendant, with an effective date of December 31, 2015 and no Qualified Person has done sufficient work to classify the estimate as current mineral resources or mineral reserves. The most recent NI 43-101 report was filed by Breakwater Resources Ltd. in March, 2010. At this time, the relevance and reliability of the estimates are not known and they should not be treated as current. The historical resource estimates were made using a ZnEq cutoff grade of 2.8% and the historical mineral reserve estimates were made using a ZnEq cutoff grade of 5.6%. The estimates are classified using the categories set out in the Canadian Institute of Mining, Metallurgy and Petroleum’s CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines as required by NI 43-101. The mineral resources are reported inclusive of mineral reserves. Mineral resources which are not mineral reserves do not have demonstrated economic viability. Ascendant plans to commission a NI 43-101 report to upgrade the historical estimates to current estimates in due course..