Ascendant Corporate Presentation - September 2018

1
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
September 2018
PROFITABILITY • GROWTH • OPPORTUNITY

2
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$.

3
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 in a tight
zinc market
• 2018 Cost Guidance US$70-80/t with <$70 targeted
• Organic growth opportunities at El Mochito with
accretive growth opportunities like Lagoa
Deeply Discounted to Peers
• Undervalued vs peers: EV/EBITDA & P/NAV
The only junior pure-play
ZINC PRODUCERExploration Upside Potential
• Lagoa Salgada high-grade polymetallic VMS project
in the Iberian Pyrite Belt
• El Mochito potential as yet untested

4
Zinc-Lead-Silver Mine
Flagship El Mochito Mine
• 100% owned underground mine.
• Continuous operation since 1948 producing 27+
million tonnes ZnEq over its lifetime. (~8 million ozs
AuEq).
• 2017 production of 66 MM lbs ZnEq. 2018 guidance
of 85-95 MM lbs ZnEq.
• Significant Resource base with 7+ year Reserve mine
life.
• 11,000 ha land package; 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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The El Mochito Mine, Honduras
Las Vegas, Honduras
El Mochito Mine, Honduras ( 100% )
Underground Zn/Pb/Ag mine on an 11,000
hectare land package, operating since 1948
Country Snapshot
• 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 long history of
mining.
• S&P Honduras’ credit rating BB- with positive outlook.
• Overwhelming local community support.
• Stable democratic constitution; Incumbent President
re-elected in 2017.
• Decentralized government; municipalities have
autonomy.
• Solid infrastructure; 2 hour drive from San Pedro Sula.
• 25% Corporate Tax Rate + 5% NSR ($53MM in tax
losses available for 2018/2019).

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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
81%
Production
Increase in
2017
Positive EBITDA
Free Cash Flow Positive
2017 Operational Turnaround Highlights
El Mochito Transformed to a Free Cash Flowing Operation: Annual Production Exceeded 2017 Production Target.
TonnesMilled
31%
DIRECT OPERATING
COSTS
Note: All % figures are provided on a full 2017 calendar year basis from Jan 2017-Dec 2017.
20%
TRUCK
AVAILABILITY
PRODUCTIVE
WORKING HOURS
40%
IMPROVED
VENTILATION
VOLUMES
23%

7
2018 Operating Results
Continuous Improvements at El Mochito Following 2017 Turnaround Year
$0.00
$20.00
$40.00
$60.00
$80.00
$100.00
$120.00
0
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18
Contained Zinc Production (lbs) Contained Lead Production (lbs)
Zinc Equivalent Production (lbs) Direct Operating Costs $/t Ore Milled
6+ quarters
of consecutive production
growth
Record
Production
22.9 million ZnEq lbs
contained metal production
achieved in Q2 18
2018 Guidance
85-95 million ZnEq lbs of contained
metal production
$70 - $80 /t direct operating costs
$24 - $27 million capital expenditure

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New El Mochito Reserve and Resource Estimate
El Mochito Life of Mine Extended Beyond 7 Years
El Mochito Mineral Reserve Statement – Effective 01 January 2018
Category Tonnes Grade Contained Metal
(kt)
Zn
(%)
Pb
(%)
Ag
(g/t)
ZnEq.
(%)
Zn
Mlbs
Pb
Mlbs
Ag
Moz
ZnEq.
Mlbs
Proven Reserves 785 4.7 2.1 54 7.2 81 35 1.4 124
Probable Reserves 4,946 4.7 1.6 36 6.6 516 174 5.8 717
Proven & Probable Reserves 5,731 4.7 1.7 39 6.7 597 209 7.2 841
Notes:
(1) Metal price assumptions used were US$1.21/lb Zn, US$1.06/lb Pb and US$18/oz Ag.
(2) Zinc equivalent metal grade (ZnEq %) was calculated as follows Zn% +(Pb % x 0.8175) +(Ag g/t x 0.0149) = ZnEq% and is based on 88.9% Zn, 74.3% Pb and 77.7% Ag metallurgical recoveries.
(3) A cut-off value of 4.76% ZnEq was used to estimate the Mineral Reserve which considered metal price assumptions, metal recoveries, refining charges, concentrate mass pulls, operating costs, royalties, concentrate treatment
charges, payables, penalties and transportation/selling costs.
(4) Mineral Resources are stated inclusive of Mineral Reserves, tonnages, grades and contained metal values have been rounded, totals may vary due to rounding.
(5) The Mineral Reserve and Metallurgical technical contents of this presentation were completed by Eugene Puritch, P.Eng. FEC, CET, James Pearson, P.Eng. and D. Grant Feasby, P.Eng. of P&E Mining Consultants Inc., all
“Independent Qualified Persons” as defined by NI 43-101.
El Mochito Mineral Resource Statement – Effective 01 January 2018
Category Tonnes Grade Contained Metal
(kt)
Zn
(%)
Pb
(%)
Ag
(g/t)
ZnEq.
(%)
Zn
Mlbs
Pb
Mlbs
Ag
Moz
ZnEq.
Mlbs
Measured Resources 1,100 5.5 2.0 65 8.2 134 48 2.3 198
Indicated Resources 6,452 5.2 1.7 41 7.2 735 241 8.4 1,019
Measured & Indicated Resources 7,553 5.2 1.7 44 7.3 869 289 10.7 1,216
Inferred Resources 4,972 5.1 1.4 33 6.7 556 156 5.4 739
Notes:
(1) Mineral Resources are stated inclusive of Mineral Reserves, Tonnage, grade and contained metal values have been rounded, totals may vary due to rounding.
(2) Price assumptions used were US$1.21/lb Zn, US$1.06/lb Pb and US$18/troy oz Ag. Zinc equivalent metal grade (ZnEq. %) was calculated as follows: Zn% +(Pb % x 0.82) +(Ag g/t x 0.0149) = ZnEq% and is based on 88.9% Zn
recovery, 74.3% Pb recovery and 77.7% Ag recovery.
(3) A cut-off of 3.1% ZnEq. was used to estimate Mineral Resources and is based on fourth quarter 2017 marginal direct operating costs.
(4) Results of an interpolated bulk density deposit model have been applied, and contributing 5ft downhole assay composites were capped at 38% Zn, 36% Pb and 2000g/t Ag.
(5) Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
(6) The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of
the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
(7) The Mineral Resource content of this presentation was completed by Michael Cullen, P. Geo. of Mercator Geological Services Limited, Mr. Cullen supervised and is responsible for the Mineral Resource Estimate and is an
“Independent Qualified Person” as defined by NI 43-101.
For further details on the El Mochito Mineral Reserve and Resource Estimate effective January 01, 2018, please refer to the Technical Report on the Company’s website or SEDAR www.sedar.com.

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1.2x
1.9x 2.0x
3.5x
4.0x
4.6x
5.4x
6.1x
Ascendant
Resources Inc.
Atico Mining Corp. Trevali Mining
Corp.
Capstone Mining
Corp.
Red River
Resources Ltd.
Sierra Metals, Inc. Taseko Mines Ltd. Copper Mountain
Mining Corp.
EV/EBITDA
Peer Value Comparison
The Rerating Case for ASND
Source: Consensus from Bloomberg as at market close August 30, 2018.
0.36x
0.40x 0.43x 0.43x 0.45x 0.47x
0.58x 0.59x 0.61x
0.74x
0.87x
Tinka Resources
Ltd.
Capstone Mining
Corp.
Taseko Mines
Ltd.
Red River
Resources Ltd.
Ascendant
Resources Inc.
Copper
Mountain Mining
Corp.
Trevali Mining
Corp.
Titan Mining
Corp.
Atico Mining
Corp.
Excellon
Resources Inc.
Heron Resources
Limited
Sierra Metals,
Inc.
P/NAV
1.8x 1.9x 2.0x
2.2x
2.4x
2.8x
5.5x
6.4x
7.2x
Atico Mining
Corp.
Ascendant
Resources Inc.
Capstone
Mining Corp.
Trevali Mining
Corp.
Copper
Mountain
Mining Corp.
Taseko Mines
Ltd.
Sierra Metals,
Inc.
Excellon
Resources Inc.
Red River
Resources Ltd.
P/CF
ASND appears undervalued on all metrics
relative to its peers.
0.62x
3.6x
Note: ASND 1.2x EV/EBITDA is based on analysts consensus EBITDA for 2018.
Note: ASND 1.9x P/CF is based on analysts consensus of cash flow expectations for 2018.
3.6x
1.53x

10
Exploration Strategy
El Mochito Mine
• Increase high-grade Reserve &
Resource; New NI 43-101
defined significant Resources
& Reserves with 7+ years LOM
• Update in early 2019
Long history of Resource conversion and discovery
New High-
Grade Zones
Grow
El Mochito
Longer-term
Discovery
• Known targets to potentially add
high-grade material to improve
grade for the long-term
• Long history of converting
Inferred Resources into
Measured & Indicated Resources
• Follow up on regional targets
identified by historical drilling
data
• 11,000 ha land package barely
explored

11
2018 Program Focused on Near-Mine and Regional Targets
2018 Exploration Initiatives:
• ~40,000 metre drill program planned at El
Mochito; equally focused on definition and
exploration drilling.
• Target ‘chimney’ ore bodies (historical
grades in excess of 17% ZnEq).
• SGH soil geochem survey of El Mochito
concession.
• Review and prioritize near-mine known
targets.
• Review of historical mining areas in upper
levels with high-grade targets.
Exploration and Resource Upside

12
• Mine extends laterally for around 2 km, open East - West • Combination of lower grade mantos and higher grade chimneys
El Mochito Mine Layout – Long Section
A Long History of Resource Discovery and Conversion

13
Key Areas Optimizing Existing Development
2018 Exploration Areas – Plan View
Esperanza
Port Royal
Santa Elena
Deep North
Deep East
Nueva Este
Palmar
Dyke TrendDefined Faults Targeted
Exploration Areas
Planned Drill
Holes
Development Planned
Development
Ore Body
Victoria
Niña BlancaNispero and
Upper San Juan
Included in 2017 drill results:
Deep East Manto: 6.4% ZnEq
Deep North Manto: 6.8% ZnEq
Historical Results:
Port Royal Chimney: 17.25% ZnEq
Imperial Trend Targets 8% - 17% ZnEq
Dec 2015 Estimations:
Palmar: 9.1% - 13.8% ZnEq
Victoria: 6.95 – 7.4% ZnEq

14
Significant High-Grade Mineralized Intercepts
2018 Drill Program Results
12,015 metres
Step-out Holes
DDH 10956 – 1.4m at 35.8% ZnEq, 20.1% Zn, 13.4% Pb and 318 g/t Ag (Porvenir)
DDH 10958 – 6.3m at 12.6% ZnEq, 6.2% Zn, 5.6% Pb and 125.2 g/t Ag (Santa Elena)
DDH 10949 – 8.6m at 9.6% ZnEq, 5.7% Zn, 3.4% Pb and 75.8 g/t Ag (Esperanza)
and – 7.5m at 8.9% ZnEq, 5.5% Zn, 3.3% Pb and 41.4 g/t Ag
Results continue to support
Company’s goals of increasing
tonnage for further Mineral
Reserve and Resource growth
and identifying higher-grade
mineralization at El Mochito:
In-fill Holes
DDH 10957 – 17.7m at 9.1% ZnEq, 5.9% Zn, 2.9% Pb and 59.9 g/t Ag (Esperanza)
DDH 10902 – 3.9m at 9.9% ZnEq, 8.0% Zn, 0.6% Pb and 101.6 g/t Ag (Port Royal Manto)
1 Please refer to tables in the press release dated June 14, 2018 for true/apparent widths which are estimated from
actual drilled lengths.
2 ZnEq grades in % represents zinc grade together with the lead and silver grades (zinc equivalent) in terms of zinc
using certain metal price, payable metal, and processing recoveries assumptions: Metal prices - Zn$1.21/lb,
Pb$1.06/lb, Ag$18.00/oz; processing recoveries - Zn 88.9%, Pb 74.3%, Ag 77.7%.
Step-out (66%) &
In-fill (34%)
Key Highlights (true/apparent widths) Include:

15
Victoria
Santo Niño
Porvenir Fault
Planned 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 Opportunities
2018 Porvenir Trend Targets Could Add Significant Scope
Plan view
Deep East Manto - ZnEq 6.4%
Deep North Manto - ZnEq 6.8%
1 500 1000ft

16
Long-Term Growth – Regional Exploration Opportunities
Known Targets Discovered by Past Surface Exploration Activities
N
Lake
Yojoa
Valid
Concessions
Known
Targets
Fault
Lines
Existing Orebodies
Being 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 2
Km

17
High-Grade Polymetallic VMS Deposit in the Prolific Iberian Pyrite Belt
Lagoa Salgada Project
• 25% interest in the Project with an option to
increase to 80%.
• Low-cost entry to a high-grade polymetallic VMS
deposit with significant exploration upside.
• Located along the Iberian Pyrite Belt in Portugal;
home to multiple world class mines that has
been transformational for Lundin Mining (Neves
Corvo) and Trafigura (Aguas Tenidas).
• Established Resource suggests near-term
development and mineable opportunity with
modest drilling.
• Jurisdictional and commodity diversification in a
region management has operated before.
Ascendant owns an 25% interest in Redcorp – Empreendimentoes Mineirs, LDA., which owns an 85% interest in the Lagoa Salgada Project as well as acts as
the operating entity. Ascendant has an option to increase ownership to 80% upon completion of certain milestones and payments. On a pro rata basis
Ascendant currently owns an effective 21.25% of the Project.
17
Zn Pb Ag Cu Au
ALJUSTREL
NEVES CORVO
AGUAS TENIDAS
LAGOA SALGADA
PROJECT
Copper-rich
Iberian Pyrite Belt

18
High-Grade Polymetallic VMS Deposit with Significant Growth and Development Potential
Lagoa Salgada Project – Overview
Scale
0m 10,000m5,000m
Lagoa Salgada Exploration Project
Legend:
Basement Density Anomalies
(Gravimetric Geophysical
Survey)
Gas Target Anomalies (CO2)
(Soil Gas Survey)
T.E.M. Geophysical Survey
Lines
Lagoa Salgada
Deposit
Main Zone (LS-1 Deposit)
LS-1 Stockwork Zone (LS-1 Central)
Rio de Moinhos
• High-grade polymetallic VMS deposit:
Zn/Pb/Cu/Ag/Au.
• Good infrastructure with strong
community with government support.
• Large land package of 10,700 ha with
minimal drilling and numerous targets.
• Drilling limited to 71 holes over 17
gravimetric targets with only 2 being
significantly tested.
• 2 defined deposits; Main Zone (LS-1) and
Stockwork Zone (LS-1 Central); open in all
directions.
• Iberian Pyrite Belt has a long history of
successful VMS discovery demonstrating
typical characteristics of VMS deposits:
large in scale, multiple deposit mines,
high-grade in nature.

19
Significant Resource with Significant Upside Potential
Lagoa Salgada – Resource Estimate for the LS-1 & LS-1 Central Deposits
Mineral Resources for the LS-1 Deposit at a 3.5% ZnEq cut-off grade - Effective date January 05, 2018
Classification
Tonnage
(‘000 t)
Zn
(%)
Pb
(%)
Cu
(%)
Ag
(gpt)
Au
(gpt)
ZnEq
(%)
Indicated 5,840 2.79 2.96 0.32 53.54 0.78 8.88
Inferred 2,010 2.44 2.80 0.24 47.37 0.65 7.82
Notes:
(1) Block matrix is 10mx10mx10m
(2) Grades are estimated by ordinary kriging interpolation
(3) A cut-off grade of 3.5% ZnEq was used to report the Mineral Resource for the LS-1 Deposit
(4) Zinc equivalent metal grade (ZnEq%) was calculated as follows:
ZnEq% = ((Zn Grade * 25.35) + (Pb Grade * 23.15) + (Cu Grade * 67.24) + (Au Grade * 40.19) + (Ag Grade * 0.62)) / 25.35
Metal prices used: US$1.15/lb Zn, US$1.05/lb Pb, $3.05/lb Cu, US$19.40/oz Ag, and 1,250/oz Au
No recoveries were applied
(5) Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability
(6) Shown on a 100% basis. Ascendant holds a 25% interest in Redcorp, the operating subsidiary which holds an 85% interest in the Lagoa Salgada Project
Mineral Resources for the LS-1 Central Deposit at a 3.5% ZnEq cut-off grade - Effective date January 05, 2018
Classification
Tonnage
(‘000 t)
Zn
(%)
Pb
(%)
Cu
(%)
Ag
(gpt)
Au
(gpt)
ZnEq
(%)
Inferred 2,220 1.91 1.11 0.51 17.76 0.07 4.80
Notes:
(1) Block matrix is 10mx10mx10m
(2) Grades are estimated by inverse distance squared interpolation
(3) A cut-off grade of 3.5% ZnEq was used to report the Mineral Resource for the LS-1 Deposit
(4) Zinc equivalent metal grade (ZnEq%) was calculated as follows:
ZnEq% = ((Zn Grade * 25.35) + (Pb Grade * 23.15) + (Cu Grade * 67.24) + (Au Grade * 40.19) + (Ag Grade * 0.62)) / 25.35
Metal prices used: US$1.15/lb Zn, US$1.05/lb Pb, $3.05/lb Cu, US$19.40/oz Ag, and 1,250/oz Au
No recoveries were applied
(5) Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability
(6) Shown on a 100% basis. Ascendant holds a 25% interest in Redcorp, the operating subsidiary which holds an 85% interest in the Lagoa Salgada Project

20
High-Grade Polymetallic VMS Deposit with Significant Growth and Development Potential
Lagoa Salgada Project – Exploration Program
Three key areas:
1. Targeted Drill Program
- Planned 22 hole / 7,750 metre program targeting
the Main (LS-1) and Stockwork (LS-1 Central)
- Deposits and the Central zone located between
the deposits
2. Relogging & Assaying of Historical Drilling at
eastern Rio de Moinhos area
- Numerous historical samples contained sulphide
mineralization but were never assayed
3. Structural Reinterpretation
- Undertake a significant geologic reinterpretation of
Lagoa to help guide future exploration and identify
new targets
2018 exploration program to focus
on expanding known resources.
Main Zone
Central Zone
Stockwork Zone

21
$0.00
$0.50
$1.00
$1.50
$2.00
Zinc Fundamentals
Zinc Fundamentals Remain Strong as Supply Continues to Drive Tightening Market
Source: Bloomberg, LME
Jan 2007
LME Zinc Warehouse Stock Levels (T) (RHS) / Zinc Spot Price ($/Lb) (LHS)
Key drivers for a sustained and strong zinc price:
Physical zinc market remains very tight
Fundamentals continue to indicate structural deficits due to lack of new supply. Supply deficits drove prices to 10-year
highs of $1.63/lb in Jan. 2018. Although current prices have edged down due to new supply expectations and trade war
rhetoric, analysts forecast continued tightness in the physical market.
Global zinc demand remains steady.
Modest global GDP growth of 2-3% implies strengthening demand (~400kt pa of additional new supply required).
Zinc price forecasts remain strong.
Analysts’ average annual zinc price forecasts: 2018E: US$1.46/lb / 2019E: US$1.40/lb / 2020E: US$1.31/lb
Recent Pullback Appears Unwarranted.
Uncertainty regarding potential global trade wars and political rhetoric has resulted a material pullback in prices over the past
few months, however, underlying fundamentals have not changed, supporting a recovery in prices.
Aug 2018
1300
100
600

22
Pro Forma Capital Structure
Ascendant Resources Inc.
Share Price ($C, as at Aug. 30/18) $0.71
Shares Issued / Outstanding (MM’s) 76.6
Shares Fully Diluted (MM’s) 98.3
Estimated Float ~25%
Market Capitalization (C$MM) $54.4
CQS 18.4%
Steve Laciak 16.5%
Vertex One Asset Management 14.0%
MM Asset Management Inc. 13.8%
Directors and Management approx. 16.4%*
Major Shareholders
Stock Symbol TSX: ASND
*fully diluted basis
Analyst Coverage
Dalton Baretto Canaccord Genuity
Matthew O’Keefe Cantor Fitzgerald
Stefan Ioannou Cormark Securities
Gabriel Gonzalez Echelon Wealth Partners
Jacques P. Wortman Eight Capital
Ian Parkinson GMP Securities
Heiko F. Ihle H.C. Wainwright & Co.
Ryan Hanley Laurentian Bank Securities

23
2018 Catalysts and Deliverables
A Year of Profitability and Resource Growth
Deliver Meaningful EBITDA 4 consecutive quarters of positive EBITDA
New NI 43-101 Resource Report Defined a significant Resource with 7+ year Reserve life (LOM)
Sustained Higher Production Rates 2018 expected metal production 29-44% higher than 2017
Increase Ore Head Grades
Increased ore head-grade to the mill; higher grade zones now in
the mine plan
Long-Term Optimization
Long-term cost reduction opportunities and operational
efficiencies for profitability in any metals price environment
Extensive Exploration Activities
(El Mochito & Lagoa Salgada)
El Mochito – Continue exploration for further Resource growth
Lagoa Salgada – quickly expand Resources at defined deposits and
test additional targets
Strategic Opportunities
Pursue and evaluate accretive growth opportunities in country and
globally
Long-term goal of being a multi-asset mid-tier metals producer

24
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?
Profitability Achieved
Mine optimization and rehabilitation complete
Sustained Operational Improvements
Continued production growth and cost reductions in 2018
Exploration Potential
El Mochito: Updated Reserve & Resource defined significant Resource with 7+ year
Reserve life (LOM); continued exploration in 2018 for additional growth
Lagoa Salgada: low-cost exploration program aimed at significantly expanding resources
Long-term Mid-Tier Producer
Maximize profitability and shareholder value; organic growth and accretive opportunities

25
Appendices
T S X - V A S N D

26
Management
CHRIS BUNCIC, MBA, CFA, P. Eng – PRESIDENT, CEO, AND DIRECTOR | Mr. Buncic is one of the founding partners in the
formation of Ascendant Resources Inc. and its acquisition of the company’s flagship operating El Mochito mine from Nyrstar NV in
2016. Prior to cofounding 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 leading
Canadian 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 is one of the founding partners in the
formation of Ascendant Resources Inc. and its acquisition of the company’s flagship operating El Mochito mine from Nyrstar NV in
2016. 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. Ringdahl
held 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 Companía
Minera, 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.

27
Board of Directors
MARK BRENNAN
EXECUTIVE CHAIRMAN
Mr. Brennan is a founding partner of
Ascendant Resources Inc. and has over
30 years of financing and operating
experience in North America and
Europe. Mr. Brennan 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 ADAMS
DIRECTOR
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. Eng
PRESIDENT, CEO, AND
DIRECTOR
PETRA DECHER, CPA
DIRECTOR
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 MENCHEN
DIRECTOR
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 SHEFSKY
LEAD 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 CAMPBELL
DIRECTOR
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.

28
Responsible Mining at El Mochito
El Mochito Mine
COMMUNITY
WORKFORCE
ENVIRONMENT
Through various community investments, El Mochito has contributed to local employment generation, infrastructure improvement and
education 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.
9th
Consecutive Annual Award
Received for Corporate Social
Responsibility

29
2017 Operating Summary
El 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
Cost Profile
Cash Cost $/t of Ore MilledDirect Operating Cost $/t Ore Milled

30
Historical Operating Statistics
El Mochito Back on Track
El Mochito – back on track:
• Historically El Mochito has demonstrated the ability for
sustained annualized production of +90 MM lbs.
• 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
24.8
29.9
0
500
1000
1500
2000
0
10
20
30
40
50
60
70
2014 2015 2016 2017
Silver000’sozs
ContainedMetalProduction
Zinc (ktonnes) Lead (ktonnes)
ZnEq (ktonnes) Silver (Kozs)

31
Process Flow Diagram
El Mochito Mine Processing

32
El Mochito Geological Long-Section
El Mochito Mine

33
Ore Genesis of a Carbonate Replacement Deposit
Representative of the El Mochito Carbonate Replacement Skarn Mineralization
El Mochito

34
Schematic of a Polymetallic VMS Deposit
Representative of the Lagoa Salgada Mineralization
Source: Volcanogenic Massive Sulphide Deposits, Alan G. Galley, Mark D.
Hannington, And Ian R. Jonasson, 2007.

35
Zinc Basics
Zinc is the 30th element in the periodic table of elements.
Zinc is the fourth most consumed metal
in the world after iron, aluminum and
copper.
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.

36
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 Entrance
Las Vegas, Honduras
El Mochito Mine Flotation Circuit

37
79 Wellington St. W., Suite 2100
Toronto, Ontario M5K 1H1
www.ascendantresources.com
Tel: 647-796-0066
Fax: 647-796-0067
T S X A S N D
Investor Contact:
Katherine Pryde, MBA, CPA, CMA
Director, Communications and
Investor Relations
info@ascendantresources.com

Ascendant Corporate Presentation - September 2018

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