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1TSX ASNDA Pure-Play Zinc ProducerProfitability Growth OpportunityFebruary 2018TSX: ASNDOTCQX: ASDRFwww.ascendantresources.com
2Forward Looking StatementsThis presentation contains "forward-looking statements" and "forward-looking information" (collectively, "forward-looking information") within the meaning of applicable Canadian securities legislation. Allinformation 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 useof words such as "plans", "expects", "budget", "guidance", "scheduled", "estimates", "forecasts", "strategy", "target", "intends", "objective", "goal", "understands", "anticipates" and "believes" (and variations ofthese 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 similarexpressions).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 isqualified 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 isprovided, 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 theforward-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 orimplied 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-lookinginformation 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 andgeneral 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 socialunrest 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 andanti-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 governmentauthorities 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, uncertaincosts 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 regulatoryauthorities 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 varymaterially 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 anyobligation 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. Inaccordance with NI-43-101, the terms “mineral reserves”, “proven mineral reserve”, “probable mineral reserve”, “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferredmineral 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 May10, 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. SecuritiesExchange 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 demonstratedeconomic 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 ofany 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 beeconomically 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 beupgraded 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 bythe International Accounting Standards Board and are subject to Canadian auditing and auditor independence standards. IFRS differs in some respects from United States generally accepted accountingprinciples 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 hereinare in US .TSX: ASNDOTCQX: ASDRFwww.ascendantresources.com
3Why Ascendant Resources?A Compelling Investment OpportunityA Unique Zinc Opportunity The only pure-play junior zinc producer benefiting fromrecord zinc pricesDeeply Discounted to Peers 2018 guidance:EBITDA US 32-40 million - trading at 2.2xEBITDAFree Cash Flow US 14-20 million – trading at 4.6xFCFLong-Term Low Cost Producer 2018 Cost Guidance US 70-80/t with activities underwayfor further cost reductionMultiple Avenues for Growth Focused on organic growth opportunities withinEl Mochito and Honduras as well as accretive growthopportunitiesThe only small-cap pure-playTSX: ASNDOTCQX: ASDRFZINC PRODUCERwww.ascendantresources.com
4Ascendant – Positioned for the Future/Long-TermCorporate Outlook201920182017LONG-TERM, PROFITABLE MULTI-ASSET PRODUCER Maximize long term profitability; ongoing focus oncost reduction and higher value per tonne Accretive growth opportunities in country and globallyPROFITABILITY / RESOURCE GROWTH 2018 guidance indicates significant Free Cash Flow & EBITDA New NI 43-101 resource expected to add considerable resourcesand extend LOM in Q2 2018 Focus on further cost reductionsRESTRUCTURE: 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-gradeTSX: ASNDOTCQX: ASDRFwww.ascendantresources.com
52018 Operational GuidancePutting El Mochito Back on the MapOperating DataContained Metals:93 – 109 million lbsZinc Equivalent MetalZinc65 – 73 million lbsLead24 – 28 million lbsSilver0.9 – 1.2 million ozsOther Operating AssumptionsDirect Operating Costs 70 – 80 / tonneCapital Expenditure 16 – 18 millionFinancial AssumptionsAdjusted EBITDAFree Cash Flow1 32 – 40 million 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 operatingdays in 2018 and are expressed in US dollars. Assumed metal prices are based on the 2018 and 2019 price forecasts from theBMO Capital Market’s Base Metals and Bulk Commodities Outlook report dated October 18, 2017.On track for annualized production 90MMTSX: ASNDOTCQX: ASDRFlbs of ZnEq.www.ascendantresources.com
6Peer Value ComparisonThe Rerating Case for ASND51.4xP/NAVP/CF8.7x6.5x1.49x1.34x5.4x5.6x1.11x 1.13x4.0x0.58x 0.61x0.52x 0.57xCopperMountainMining Corp.Titan MiningCorporationTinkaResourcesCapstoneMining Corp.0.67x 0.67x 0.69xAscendantResources Inc.Atico MiningCorporationTaseko MinesLimited0.74x 0.78xRed RiverResources3.2x0.84xArizona MiningExcellonTrevali MiningInc.Resources Inc. CorporationHeronResourcesLimitedSierra ntainMining Corp.2.5xAscendantResourcesInc.3.2x2.6xCapstone Taseko Mines Atico MiningMining ellon Sierra Metals, Red e: 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 2.5x P/CF is based on analysts consensus of cash flow expectations for 2.5x1.7x1.9xASND appears significantly undervaluedon all metrics relative to its peers.Source: Consensus from Bloomberg as at market close February 2, ico Mining Titan MiningCorporation CorporationTrevaliCapstoneSierraCopperMiningMining Corp. Metals, Inc. MountainCorporationMining Corp.TasekoMinesLimitedRed RiverResourcesAverageNote: ASND 1.7x 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 1.9x EV/EBITDA is based on analysts consensus EBITDA for 2018.TSX: ASNDOTCQX: ASDRFwww.ascendantresources.com
7El MochitoZinc-Lead-Silver Mine 100% owned underground Zn/Pb/Ag mine. In continual operation since 1948. 2017 Zn/Pb/Ag production of 66 MM lbs ZnEq. 2018Guidance of 93-109 MM lbs ZnEq. 2018 expected production rate of 2,200-2,400 tpd. Significant Reserve and Resource base with 12-yearmine life. 11,000 ha land package; the majority unexplored. Very limited exploration work undertaken by previousowners in 5 years. Secure 9-year offtake agreement in place withNyrstar N.V.Typical NSR breakdown:Zn 70%Pb 20%Ag 10%TSX: ASNDOTCQX: ASDRFwww.ascendantresources.com
8A Successful Turnaround Complete – 2017 AchievementsEl Mochito - A Year in PRODUCTIVEWORKING HOURSPROFITABILITYResponsibleMining:Positive EBITDA for past 6 months9thConsecutive AnnualAward ReceivedNet Income in Q3; EPS of 0.01Free Cash Flow Positive in Q4TSX: ASNDNote: All % figures are provided on a full 2017 calendar year basisfrom Jan 2017-Dec 2017 expect Direct Operating Costs which arecalculated from Jan 2017 – Sept 2017.OTCQX: ASDRFwww.ascendantresources.com
92017 Operational Turnaround CompletedEl Mochito Transformed to a Free Cash Flowing Operation70,000Introduction ofadditionalunderground shift.65,000Tonnes Milled60,00055,0007-day workstoppage.81%ProductionIncrease in201769,578First new Equipmentin 00TPDCalendar DayPositive EBITDAFCFPositiveAnnual production exceeded 2017 production target.TSX: ASNDOTCQX: ASDRFwww.ascendantresources.com
102017 Production SummaryEl Mochito Operational Results8,000,000Contained Metal Production Profile7,000,000Cost Profile 120.00 110.006,000,000 100.005,000,000 90.004,000,0003,000,000 80.002,000,000 70.001,000,000 60.00JAN FEB MAR APR MAY JUNZn lbsPb lbsJUL AUG SEP OCT NOV DEC 50.00JANZn Eq. lbs (Production)FEBMARAPRMAYJUNJULAUGSEPCash Cost /t of Ore MilledContained Lead Production (lbs)Contained Zinc Production 3,000,0001,000,0002,000,000500,0001,000,000-JAN FEB MAR APR MAY JUNJUL AUG SEP OCT NOV DECTSX: ASNDJAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DECOTCQX: ASDRFwww.ascendantresources.com
11The El Mochito Mine, HondurasLas Vegas, HondurasCountry Snapshot Almost 70 years of continuous operations at El Mochito. El Mochito represented 3% of exports in 2014. Themining industry (2 mines) represented 4% of GDP in 2015. TSX: ASNDEl Mochito Mine, Honduras ( 100% )Business friendly jurisdiction with a history of mining.Overwhelming community– LasemergedUndergroundZn/Pb/Agsupportmine onanVegas11,000as a result of the mine’s existence.hectare land package, operating since 1948Decentralized government; municipalities have autonomy President re-elected for another 4-year term; focusremains on security, corruption and business investment Solid infrastructure; 2 hour drive from internationalairport (San Pedro 1.5M pop.). Paved road to site andreliable power source. 25% Corporate Tax Rate 5% NSR ( 53MM in tax lossesavailable for 2018/2019).OTCQX: ASDRFwww.ascendantresources.com
12HondurasA Beautiful and Growing Tourist DestinationRoatán IslandCopán RuinsLake YojoaTegucigalpa, CapitalTSX: ASNDOTCQX: ASDRFwww.ascendantresources.com
13Exploration StrategyEl Mochito MineGrowEl Mochito Grow high-gradeReserve/Resource and extendLOM Resource Update with newNI 43-101 expected in Q2 2018Longer-termDiscoveryNew HighGrade Zones Several known targets topotentially add high-gradematerial to mill to improvegrade for the long-term Follow up on regional targetsidentified by historical drillingdata 11,000 ha land package barelyexploredLong history of resource conversion and discoveryTSX: ASNDOTCQX: ASDRFwww.ascendantresources.com
14El Mochito Mine Layout – Long SectionA Long History of Resource Discovery and Conversion Mine extends laterally for around 2 km, open East - WestTSX: ASND Combination of lower grade Mantos and higher grade ChimneysOTCQX: ASDRFwww.ascendantresources.com
15Exploration and Resource UpsideExtensive 2018 Program with Significant Upside Potential2018 Exploration Program 40,000 meters: 20,000 m of definition drilling for resource conversion 20,000 m of exploration drilling to define additionalmaterial near mine and regional exploration targets2018 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 otherconcessions within Honduras. Review of historical mining areas in upper levels whichstill contain a number of high-grade targets. New NI 43-101 Resource expected in Q2 2018 toincorporate bulk of 2017 drilling to upgrade and expectedto expand resources. Follow up on known ‘chimney’ ore bodies and define new‘chimney’ targets (historical grades in excess of 17%ZnEq).TSX: ASNDOTCQX: ASDRFwww.ascendantresources.com
162018 Exploration Areas – Plan ViewKey Areas Optimizing Existing DevelopmentEsperanzaHistorical Results:Port Royal Chimney: 17.25% ZnEqImperial Trend Targets 8% - 17% ZnEqSanta ElenaIncluded in 2017 drill results:Deep East Manto: 6.4% ZnEqDeep North Manto: 6.8% ZnEqDeep NorthPort RoyalDeep EastPalmarNueva EsteNispero andNiña BlancaUpper San JuanOre BodyDefined FaultsDyke TrendTSX: ASNDTargetedExploration AreasOTCQX: ASDRFPlanned DrillHolesVictoriaDec 2015 Estimations:Palmar: 9.1% - 13.8% ZnEqVictoria: 6.95 – 7.4% urces.com
17Significant High-Grade Mineralized InterceptsResults from 2017 Drill ProgramA few significant results include (true and apparent widths):Results are significantlyhigher grade thancurrent Reserve andResources.Step-out HolesHOLE 10846 – 17.6m at 5.3% zinc, 3.8% lead and 83 g/t silver (Palmer Dyke) - 10.0% ZnEqHOLE 10845 – 17.0m at 5.0% zinc, 2.0% lead and 53 g/t silver (Victoria) - 7.7% ZnEqHOLE 10837 – 5.5m at 17.3% zinc, 3.6% lead and 142 g/t silver (Palmar Dyke) - 23.0% ZnEqHOLE 10875 – 5.5m at 5.2% zinc, 2.7% lead, 2,297 g/t silver and 0.98% copper (Palmar Dyke) - 45.5% ZnEqHOLE 10887 – 23.4m at 6.5% zinc, 1.0% lead, and 24 g/t silver (Santa Elena) - 7.7% ZnEqHOLE 10904 – 12.2m at 6.6% zinc, 5.6% lead, and 81 g/t silver (Esperanza) - 12.6% ZnEqHOLE 10909 – 3.7m at 19.3% zinc, 15.0% lead and 122 g/t silver (Deep East) - 33.7% ZnEq Results are targeting theextensions of four ore bodies;Palmar Dyke, Santa Elena,Victoria and Esperanza. Three areas are very close toexisting workings and couldbe accessed within 6 to 12months.HOLE 10941 – 15.2m at 5.8% zinc, 1.4% lead and 61 g/t silver (Esperanza) – 7.9% ZnEqIn-fill HolesHOLE 10833 – 35.4m at 5.6% zinc, 2.0% lead and 31 g/t silver - 7.8% ZnEqincluding 5.4m at 7.8% zinc, 2.6% lead and 35 g/t silver (Santa Elena) - 10.6% ZnEqHOLE 10847 – 17.5m at 6.2% zinc, 2.2% lead and 41 g/t silver (Esperanza) - 8.8% ZnEqHOLE 10828 – 26.5m at 5.7% zinc, 0.6% lead and 18 g/t silver (Santa Elena) - 6.5% ZnEqHOLE 10826 – 17.1m at 5.8% zinc, 1.2% lead and 36 g/t silver (Esperanza) - 7.5% ZnEqHOLE 10880 – 5.1m at 3.1% zinc, 2.5% lead, 149 g/t silver and 0.55% copper (Palmar Dyke) - 7.6% ZnEq The fourth, the Esperanzaorebody, is already beingmined and this drillingrepresents a furtherextension showing similargrades.HOLE 10870 – 4.1m at 10.0% zinc, 1.9% lead, and 95 g/t silver (Victoria) - 12.0% ZnEqHOLE 10932 – 10.2m at 9.3% zinc, 7.5% lead and 229 g/t silver (Port Royal) – 19.2% ZnEqHOLE 10936 – 25.6m at 7.4% zinc, 2.5% lead and 27.5 g/t silver (Santa Elena) – 9.9% ZnEqTSX: ASNDOTCQX: ASDRFwww.ascendantresources.com
18Longer Term Regional Exploration Opportunities2018 Porvenir Trend Targets Could Add Significant ScopeSurface 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%Plan view Follow up on historical drillholes along structure.Porvenir FaultPlanned 2018 Drilling: 11,000 ft Historical holes show highgrades over meaningfulwidths.Deep North Manto - ZnEq 6.8%Deep East Manto - ZnEq 6.4% Porvenir fault target(highlighted here) is one ofseveral such targets. Potential to add meaningfultonnage/extend mine life iftrends continue which couldsupport potential millexpansion. Resource Expansion movingEastL-2790Santo Niño15001000ftVictoriaTSX: ASNDOTCQX: ASDRFwww.ascendantresources.com
19Long-Term Growth – Regional Exploration OpportunitiesKnown Targets Discovered by Past Surface Exploration ActivitiesManzanal:- drillholes- geochemistry- trenches- geophysicsNSalva Vida Trend:- drillholesCaliche:- explorationtunnel- drillholes- geochemistrySoledad:- exploration tunnel- drillholesBig Fuzzy:- drillholes- 8m @ 5% ZnLakeYojoaPorvenir Trend:- nesTSX: ASNDExisting OrebodiesBeing MinedOTCQX: ASDRFwww.ascendantresources.com
20Zinc FundamentalsZinc Fundamentals Remain Strong as Supply Drives Tightening MarketKey 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.LME Zinc Warehouse Stock Levels (T) / Zinc Spot Price ( /Lb) 2.001, 200,000ZINC SPOT PRICE ( /LB) 1.50900,000 1.00600,000 0.50300,000 0.000Jan 2007Nov 2017Source: BloombergTSX: ASNDOTCQX: ASDRFwww.ascendantresources.com
21Pro Forma Capital StructureAscendant Resources Inc.Stock SymbolTSX: ASNDMajor ShareholdersShare Price ( C, as at Feb. 2/18) 1.06Shares Issued / Outstanding (MM’s)74.2Shares Fully Diluted (MM’s)94.2Market Capitalization (C MM) 78.6Analyst CoverageCQS18.4%Gabriel GonzalezEchelon Wealth PartnersVertex One Asset Management14.0%Jacques P. WortmanEight CapitalMM Asset Management Inc.13.8%Heiko F. IhleH.C. Wainwright & Co.Steve Laciak13.6%Directors and Management approx.16.4%**fully diluted basisTSX: ASNDOTCQX: ASDRFwww.ascendantresources.com
222018 Catalysts and DeliverablesA Year of Profitability and Resource GrowthDeliver Meaningful FCFNew NI 43-101 Resource ReportSustained Higher ProductionRatesIncrease Ore Head GradesOptimization StudiesExtensive Exploration ActivitiesStrategic OpportunitiesGuidance and market outlook support robust FCF in 2018; US 14-20 millionRemain focused on operating margins and maximize value per tonne milledTargeted completion in Q2 2018; incorporates all 2017 exploration workExpected to expand resource and extend LOM2018 expected metal production 41-65% higher than 2017Mill has demonstrated ability to sustain the newly increased production ratesFocus on increasing high-grade ore to the mill with better dilution control and highergrade zones now in the mine planFocus on long-term cost reduction opportunitiesMaintain aggressive internal and near mine exploration work for near-term resourcegrowth as well as commence regional exploration for long-term LOM extensionPursue and evaluate accretive growth opportunities in country and globallyLong-term goal of being a multi-asset mid-tier metals producerTSX: ASNDOTCQX: ASDRFwww.ascendantresources.com
23WHY NOW IS THE TIME FORASCENDANT?RestoredMine optimization and rehabilitation completeProfitabilitySignificant Free Cash Flow in 2018; Rerating expectedResource GrowthSignificant exploration potential; Updated 43-101 in Q2 2018Long-term Mid-Tier ProducerMaximize profitability and shareholder value; organic growth and accretive opportunitiesTSX: ASNDOTCQX: ASDRFwww.ascendantresources.com
24TSX-V ASNDAppendicesTSX: ASNDOTCQX: ASDRFwww.ascendantresources.com
25ManagementCHRIS BUNCIC, MBA, CFA, P. Eng – PRESIDENT, CEO, AND DIRECTOR Mr. Buncic played an instrumental role in thefounding of Ascendant Resources Inc. and its acquisition of the company’s flagship operating El Mochito mine from Nyrstar NV in2016. Prior to founding Ascendant, Mr. Buncic served in senior management roles at several Canadian corporations in thetechnology 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 isa CFA Charterholder, has a MBA from Schulich School of Business and B.A.Sc. from the University of Toronto. Mr. Buncic is amember 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 20years in the capital markets industry working as a leading Base Metals and Bulk Commodities research analyst in Canada workingat RBC Capital Markets, TD Securities, CIBC World Markets and Cormark Securities. During this period, Mr Hale-Sanders visited andreviewed numerous mining operations and corporate entities around the world. Mr. Hale-Sanders holds a B.Sc. in Geology andChemistry, 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 ofinternational mining, development, and executive management experience. Mr. Ringdahl has a strong technical background in acareer 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, hesignificantly de-risked the rehabilitation project at the Pulacayo mine in Bolivia while fostering proactive community relationsimprovements 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 theUniversity of the Witwatersrand in South Africa.ROHAN HAZELTON, CPA, CA – CHIEF FINANCIAL OFFICER Mr. Hazelton is a Chartered Professional Accountant withover 20 years of international finance experience including 15 years in the mining sector. Has was formerly Vice President, Strategyat Goldcorp Inc. where he held a variety of roles including Vice President Finance, Chief Financial Officer of Mexican Operations andCorporate Controller. He holds a B.A. in Applied Mathematics and Economics from Harvard University.TSX: ASNDOTCQX: ASDRFwww.ascendantresources.com
26Board of DirectorsMARK BRENNANSTEPHEN SHEFSKYEXECUTIVE CHAIRMANMr. Brennan has over 30 years offinancing and operating experience inNorth America and Europe and mostrecently served as President and CEO ofSierra Metals Inc. Prior to Sierra Metals,Mr. Brennan served as President & CEOat Largo Resources Ltd.LEAD DIRECTORMr. Shefsky is the President & CEO,Founder and Director of James BayResources Ltd. and has over 40 years’experience in the investment andmining industry through Canada andLatin America.ROBERT CAMPBELLPETRA DECHER, CPADIRECTORMr. Campbell is an explorationgeologist with over 40 years experiencein mining and exploration industrythrough Canada, United States andLatin America. Mr. Campbell iscurrently VP, Exploration at LargoResources Ltd.DIRECTORMs. Decher currently serves asChairwoman of the Board at Red PineExploration Inc. and recently servedas the Lead Independent Director ofIntegra Gold Corp. until its acquisitionby Eldorado Gold Corporation. Ms.Decher served as the VP, Finance andAssistant Secretary for Franco-NevadaCorporation from 2009 to 2016.TSX: ASNDRENAUD ADAMSDIRECTORMr. Adams recently served as Presidentand Chief Executive Officer of RichmontMines Inc. until it was acquired byAlamos Gold Inc. Mr. Adams has over20 years of experience as an executiveand as an operator in the miningindustry.GUILLERMO KAELINDIRECTORMr. Kaelin is a capital marketsprofessional with over 18 years ofexperience in private equity,investment banking, research andpublic securities and is currentlythe Head of Latin America ofAppian Capital Advisory LLP.OTCQX: ASDRFCHRIS BUNCIC, MBA, CFA, P. EngPRESIDENT, CEO, ANDDIRECTORKURT MENCHENDIRECTORMr. Menchen has over 37 years' ofexperience operating and managingmining projects, including over 20 yearsas General Manager at the JacobinaGold project in Brazil where hesuccessfully operated the undergroundproject for Anglo American, Desert SunMining and eventually Yamana Gold.www.ascendantresources.com
27Historical Operating StatisticsEl Mochito Back on rage Head 8%50.16.3%3.40%1.16%46.05.8%3.50%1.39%43.05.63% Historically El Mochito has demonstrated the ability forsustained annualized production of 90 MM lbs. 2015 is a representative year of the long-term sustainedoperational capability of the mine. Minimal development and exploration work by previousoperators impacted 2016 operating results7085.6%78.7%87.4%Contained Metal ProductionZinc (ktonnes)29.5Lead (ktonnes)15.590Silver (Kozs)1,827.0ZnEq 8.566.1TSX: ASNDContained Metal ProductionAverage RecoveriesZincLeadSilverEl Mochito – back on TCQX: ASDRF1000Silver 000’s ozsTonnes MilledAverage tpd2014756.02,071201520162017Zinc (ktonnes)Lead (ktonnes)ZnEq (ktonnes)Silver (Kozs)www.ascendantresources.com
28Process Flow DiagramEl Mochito ProcessingTSX: ASNDOTCQX: ASDRFwww.ascendantresources.com
29Historical Reserves and ResourcesEl Mochito Mine – Significant Reserve & ResourceEl MochitoTonnage (MT)Zn (%)Pb (%)Ag %47.6Total .1Indicated4.034.72%1.65%38.8Total e: 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 cutoff 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 QualifiedPerson, audited on an annual basis, are not independent and are calculated as at December 2015.TSX: ASNDOTCQX: ASDRFwww.ascendantresources.com
30El Mochito Long-SectionEl Mochito MineTSX: ASNDOTCQX: ASDRFwww.ascendantresources.com
31Ore Genesis of a Carbonate Replacement DepositRepresentative of the El Mochito Carbonate Replacement Skarn MineralizationTSX: ASNDOTCQX: ASDRFwww.ascendantresources.com
32El Mochito Mine Flotation CircuitLas Vegas, HondurasEl MochitoMineTSX: ASNDOTCQX: ASDRFwww.ascendantresources.com
33Zinc BasicsZinc is the 30th element in the periodic table of elements.30ZnZinc25% sourcedfrom recycling.Zinc is the fourth most consumed metalin the world after iron, aluminum andcopper.14 millions tonnes consumedglobally in 2016The most common and commercial use for zinc isgalvanizing (rust-proofing) steel accounting for60%
2 T 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 m 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.
