Ascendant Resources(TSXV:ASND) (Ascendant or the Company) (Ascendant or the Company) is pleased to report continued positive momentum in August with adjusted EBITDA1 of $0.8MM at the mine for the month, marking the second consecutive month of positive cash flow before changes in working capital since Ascendant assumed ownership of the El Mochito mine in December 2016 and supporting management’s view that the turnaround of its Honduran mine is on a solid path to profitability.

The El Mochito mine milled 58,978 tonnes of ore in August averaging 1,903 tpd, an increase from 1,853 tpd in July and the second quarter average of 1,733 tpd. This reflects a 53% increase in ore throughput per calendar day per month since January 2017. August results reflect the benefit from the introduction of new mining equipment to operations in mid-July. A third truck ordered in March was delayed by the manufacturer and is currently being transported to the mine with its expected arrival in late October. Additionally, the Company is expecting to take delivery of a fourth truck and third scoop in November, in line with its strategy to replace the existing aging fleet which will have the effect of reducing unit costs and increasing productivity. The Company has further ordered five new trucks, two new scoops, two jumbo drills and two rock bolters from Sandvik for delivery over the next ten months.

With the ongoing benefits from operational improvements and the introduction of new mining equipment management remains confident of continuing its 2017 ramp up in ore production.

President and CEO Chris Buncic commented:Our turnaround of the operations at El Mochito is nearly complete. The new equipment in July made a material contribution to the overall availability of our fleet in August. We view August as a strong validation of our efforts to rehabilitate and optimize the operations at El Mochito. We firmly believe we see the path to material free cash flows from the mine once the fleet availability issue is addressed with the delivery of the additional equipment. Near-term improvements in head grade are expected from several conventional sections that are being developed to enter the production schedule imminently, and our exploration program is well underway, with further results expected soon.

1Adjusted EBITDA is a Non-IFRS measure and is calculated by considering the Company’s earnings before interest payments, tax, depreciation and amortization, adjusted for net foreign exchange expenses.

About Ascendant Resources

Ascendant Resources Inc. is a mining company focused on its producing El Mochito zinc, silver and lead mine in west-central Honduras in which the Company has a 100% interest. El Mochito has been in production since 1948. The Company evaluates producing and advanced development stage mineral resource opportunities in North, South and Central America, on an ongoing basis. The Company’s common shares are principally listed on the Toronto Stock Exchange under the symbol ASND. For more information on Ascendant Resources, please visit our website

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.

For further information please contact:

Chris Buncic

President & CEO

Tel: 888-723-7413

Forward Looking Information

This news release 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 the forward-looking information in this news release is qualified by this cautionary note.

Forward-looking information in this news release includes, but is not limited to, statements regarding the ordering and delivery of new equipment; the Company’s ability to obtain financing for the acquisition of new equipment; the ability of the Company to use its cash flow from operations to finance the acquisition of new equipment; the ability of the Company to ramp up the ore throughput or its ability to increase the head grade to the mill or the value per tonne mined and the ability of the Company to develop new areas of interest to be incorporated into the mine plan. Forward-looking information is not, and cannot be, a guarantee of future results or events. 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