Gold exploration and development in eastern Liberia December 2012

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2

Background & Overview

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Hummingbird Resources Plc

4

• Listed on AIM on 10 Dec 2010 raising US$40m

• Land package of 7,000km2 – 4th largest gold land

package in West Africa

• Finalising scoping study to prove economics of project

May 2010

0oz

Dec 2010

812,000oz

Sep 2011

1,765,000oz

Feb 2012

3,817,000oz

Liberia Overview

• Africa’s first female President: Ellen Johnson Sirleaf

• Population: 4.1 million

• Capital: Monrovia

• Area: 99,067 km2 (38,250 miles2)

• Life expectancy: 59 (men), 61 (women)

• Rated second best country in West Africa after

Ghana by Transparency International

• Investment into Liberia – $19b committed over next

6 years – agriculture and mining leading the way

• 3 operational deep water ports

• Mining law based on Australian system

• Largest US embassy in Africa is in Monrovia

• First country to become compliant with the

Extractive Industries Transparency Initiative (EITI)

• International commodity firms investing include

Arcelor Mittal, BHP Billiton, Chevron, Sime Darby,

Anadarko & Total

• African Petroleum struck oil offshore in 2012

Monrovia CBD

5

Liberia’s Birimian Prime Movers

The Birimian:

• the world’s second largest

gold-producing region

• the world’s fastest growing

gold-producing region

• is categorised by large, low-

grade deposits

• was unproven in Liberia before

Hummingbird’s exploration

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Mineral Exploration Licences

• Ground selected along most prospective

major shear zones

• Over 45,500 stream, soil and trench samples

completed to identify numerous targets

• Infrastructure platform fully complete to

support field operations

• 3.8Moz global Resource

• 95m tonnes of ore at 1.24g/t with 0.5g/t

lower cut off

• Total of 55,640m drilled to date

ZONE 1:

Dugbe Shear Zone

inc Dugbe 1 Project

3.8Moz Resource

ZONE 5:

Mt Ginka iron ore

deposit

JV with Petmin Ltd.

ZONE 2:

Juazohn Shear Zone

Licences cover in

excess of 60km strike

ZONE 3:

Dube Shear Zone

Licences cover 70km

of strike

ZONE 4:

Cestos Shear Zone

Licences cover

60km strike length

7

Land Position and Project Progression

Hummingbird Wales

Hummingbird Amlib

Keegan Avocet

Aureus

Ampella

Hummingbird land holdings

relative to West African peers

Hummingbird land holdings

compared to the size of Wales

Hummingbird Gold

Project Progression Resource Drilling

Scout Drilling

Trenching

Follow Up Stream Sampling First Pass Stream Sampling

Soil Sampling

Sackor / Tuzon / Dugbe F

Mount Ginka

Gold Mine

Development

Dugbe (B + D) / Joe Village (other areas) / Tiehnpo / Zia /

Nemo Creek / Jababli / Crocodile Hill / Kana Hills

Ba / Dugbe (other areas)

Tawake / Plibo / Gekehn / Zwedru / Ke Town

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Where we were at IPO… … and in December 2012

Drilling 14,020 metres 57,943m

Trenching 3,621 metres 22,360 metres

Soil samples 12,827 36,344

Stream sediments 6,181 9,659

Delivering

Hummingbird exceeds expectations…

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Experienced

Board

Ian Cockerill Chairman

Daniel Betts Managing Director

William Cook Operations Director

• Ex-CEO of Gold Fields Ltd, Anglo Coal Ltd and Ex-Executive

Officer Business Development and African Operations at AngloGold Ltd

• Executive Chairman of Petmin Limited

• Over 30 years in exploration and mining

David Pelham Technical Director

• Co-Founded Hummingbird in November

2005

• Formerly Management Consultant with

Accenture in 2000

• 10 years experience in precious metals

industry with dealings in developing

countries such as Uganda, Sierra Leone,

Peru & Mauritania

• Minerals Geologist with 30 years experience

• Blue-chip clients including Cluff Gold plc, Outokumpu & AMAX Exploration

• Credited with discovery of 800Mt Coal

deposit in Venezuela & 5-6Moz Chirano

gold mine in Ghana now owned by Kinross

• Formerly an officer in the British army

including duty in West Africa

• Many years experience in security,

operations and logistics

• Responsible for establishing operations in

Liberia and further developing relationships

with the government

Stephen Betts Non-Executive Director

Matthew Idiens Non-Executive Director

• Co-Founded Hummingbird in November

2005

• 25 years experience with countries with

gold related businesses

• Chairman of Stephen Betts group – family

business with a 250 year history of gold

smelting, refining and bullion dealings

• Co-Founded Hummingbird in November

2005. Has founded several natural

resources companies, including Seamwell

International (UCG in China)

• Director and founder of AIM quoted VANE

Minerals plc

• 17 years experience in the resource sector

• Former senior manager within BDO

LLP’s natural resources department

• Metallurgy, economics &

management degree from Trinity

College, Oxford

• 12 years’ experience in the resource

sector

Thomas Hill Finance Director

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Development & Exploration

Zone 1: Dugbe Shear Zone

Sackor

Development: Dugbe 1 Exploration: Dugbe 2

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• 90km strike length

• 2,051km2 of licence area • Fast track project

development studies at Dugbe 1

• Trench programmes within

Dugbe 1 Project area have

identified further drill targets • Field teams to target

anomalies elsewhere in Dugbe Shear Zone to prove Dugbe 2

• 40km as the crow flies from Dugbe Camp to Greenville port – operational deep water port

Dugbe 1 Project Area

Sackor Drilling Results:

6.00m @ 3.36 g/t Au

5.14m @ 2.49 g/t Au

4.61m @ 1.92 g/t Au

13.00m @ 1.33 g/t Au

2.95m @ 4.12 g/t Au

4.00m @ 1.92 g/t Au

4.72m @ 2.69 g/t Au

7.00m @ 1.63 g/t Au

12

3D Resource models

Dugbe F with Tuzon

behind

Tuzon with drill holes

Tuzon with Dugbe F behind

Dugbe F with drill holes

13

Dugbe F Resource

Line 920N

Line 1360E

1,765,000 oz Au Total Resource at Dugbe F

Total Resource:

1.8Moz

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Tuzon Resource

Feb 2012: 2,052,000 oz Au Maiden Resource at Tuzon

• 13.00m @ 1.73g/t gold

• 29.46m @ 1.78g/t gold

• 21.35m @ 2.42g/t gold

• 9.76m @ 1.81g/t gold

• 19.32m @ 2.30g/t gold

Post- Maiden Resource drilling to the

north has given good results, including:

Dugbe F Resource:

1.8Moz

Tuzon Resource:

2.05Moz

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Line 1120N

Line L640N

Dugbe 1 Project Grade Tonne Analysis

Block Model

Cut Value

Au g/t

Block Model

Avg. Grade

Au g/t

Block Model

Tonnage (Mt) Grammes

Total

Ounces

2.00 2.478 3.49 8,643,224 278,000

1.80 2.277 5.29 12,039,355 387,000

1.60 2.097 7.66 16,059,866 516,000

1.40 1.849 12.97 23,986,086 771,000

1.20 1.647 20.30 33,439,028 1,075,000

1.00 1.471 30.05 44,208,540 1,421,000

0.80 1.353 38.10 51,551,876 1,657,000

0.60 1.291 42.14 54,402,038 1,749,000

0.50 1.276 43.01 54,878,371 1,765,000

0.40 1.268 43.44 55,085,044 1,771,000

0.20 1.261 43.73 55,149,805 1,773,000

none 1.261 43.74 55,160,982 1,773,000

Dugbe F Grade Tonnage* Tuzon Grade Tonnage**

Block Model

Cut Value

Au g/t

Block Model

Avg. Grade

Au g/t

Block Model

Tonnage (Mt) Grammes

Total

Ounces

3.00 3.51 0.66 2,301,398 70,000

2.75 3.34 0.88 2,941,376 95,000

2.50 3.10 1.33 4,112,665 132,000

2.25 2.74 2.62 7,160,270 230,000

2.00 2.48 4.38 10,873,336 350,000

1.75 2.22 7.64 16,965,890 545,000

1.50 1.98 12.82 25,366,715 816,000

1.25 1.75 20.61 36,006,449 1,158,000

1.00 1.54 30.76 47,364,001 1,523,000

0.75 1.37 41.71 56,990,191 1,832,000

0.50 1.21 52.80 63,835,970 2,052,000

0.25 1.09 61.42 67,238,322 2,162,000

none 1.09 61.42 67,311,653 2,164,000 * No top cut

** Top cut of 7g/t

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16

Dugbe F Metallurgy

Thin Section Petrology Work

• Fine grained gold: gold particles range: < 1 - 250 micron, average size 30 micron

• Majority of Au is “free” not “refractory” – appears as halos around pyrite grains and has free grains along shears

Preliminary Metallurgical Test Work

• Up to 53% Au recovery from sulphide ore by gravity separation

• Up to 95% Au recovery from sulphide ore by 24 hour cyanide leach

• Full metallurgical test work programme in 2012

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Dugbe 1 Project Development 2012

Studies to focus on -

1. Metallurgy

2. Recovery methods and process design

3. Mining methods

4. Power options

5. EIS

6. Resource modelling and pit optimisation

7. Capacity and engineering requirements

8. Infrastructure

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Other Licence Areas

• Drilling: 17 holes, 1944.7m

• Trenches: 2 (340.7m)

• Pits: 30 (76.2m total depth

60km strike length within licence area

60km strike length within licence area

• 4 soil grids covering 5 high priority targets areas. 2 grids complete

• 567 soil sampling sites proposed for the remaining two grids

• 1366 soil samples

• 1164 stream sediment samples completed

2047 stream

sediment

samples

70km strike length within licence area

Zone 3: Dube Shear Zone

Zone 2: Juazohn Shear Zone

Zone 4: Cestos Shear Zone

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• Soils: 6843

• Stream sediments: 2,517

• Awaiting MDA negotiations

Overview & Shareholder Structure

Overview December 2010: listed on Alternative Investment

Market (AIM) of the London Stock Exchange raising $40m

IPO 1 Dec 2012

Shares in issue 53,355,565 56,726,371

Options / Warrants 3,510,000 6,390,903

Market Capitalisation £89m / $140m £45m / $70m

Share Price £1.67 £0.80

Gold Price (source: Kitco.com)

$1,375 $1,742

EV / oz $124 $15

Average daily volume $370,000 (since

IPO)

Largest shareholders

• 16.6% Management & connected parties

• 12.0% Mark Hillery

• 9.5% Capital Research & Management

• 8.0% Blackrock

• 7.1% JP Morgan Asset Management

• 5.7% IFC

• 5.1% Resource Capital Funds

• 2.4% African Lion 3

• 2.4% Odey Asset Management

• 2.3% Investec

27% Retail and

Privately Held

73% Other

Retail and Privately Held Shares 30 April 2012 Source: Capita

40% Retail and

Privately Held

60% Other

Retail and Privately Held Shares at IPO Source: Company Analysis

20

Comparative Resource growth with West African gold exploration companies

2009 2010 2011

Humingbird Resources

Keegan Resources

Gryphon Minerals

Papillon Resources

Ampella Mining

Shanta Gold

Azumah Resources

Volta Resources

Moz

2012

1

0

2

3

4

5

6

21

Hummingbird – v – peers Enterprise value per oz

22

-

20.0

40.0

60.0

80.0

100.0

120.0

140.0

Papillon

Roxgold

Aureus

PM

I Gold

Gryphon

Keegan

Orom

in

Nyota

Hum

mingbird

Volta

Am

pella

Azum

ah

Helio

$15

Economics & Politics

• In 1960s-70s Liberia was Africa’s largest iron ore exporter

and 3rd largest in the world

• Economic growth is projected to reach 7.3% in 2011, up

from 6.1% in 2009, and 4.6% in 2010

• Total $4.6 billion foreign debt relieved since 2006

• Arcelor Mittal made shipment of iron ore, July 2011

• BHP Billiton concluded Liberian investment deals

totalling $3bn in 2010

• The USA has spent over $2 billion to help stabilise and

develop; more than on any other African country

• Mo Ibrahim index of African governance named Liberia

as ‘Most improved country’ in Sub-Saharan Africa in

2008

• Africa’s first female president: Ellen Johnson Sirleaf

• Africa’s oldest republic: founded in 1847 by freed

African-American slaves

• 133 years of peace & stability

• Johnson Sirleaf re-elected for a second term, Nov 2011

• Peace since 2003. First democratic elections held in

2005

• Democratic: the president's ‘Unity Party’ does not

control the legislature, in which 9 of the 20 registered

political parties are represented

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Social & Environmental Programmes

Hummingbird Resources is committed to contributing

to a programme of social responsibility in Liberia and

is proud of its work so far. Hummingbird…

• sponsored the full renovation of the library at the

Liberian Geological Survey

• has so far sponsored 15 Liberian geology students

through university and now employs 5 graduates full-

time

• provides medical clinics for local communities

• builds and restores wells and town halls in villages near

our exploration projects

• has built over 20 bridges and constructed and repaired

more than 140km of road

• has implemented a sanitation programmed and built

community latrines in Monrovia

• sponsors the Sinoe County football team

• has its own football team – Hummingbird United

• is a proud member of the Corporate Responsibility Forum

Liberia

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Contact details The Pygmy Hippo Foundation 22 Mount Row London W1K 3SF Tel: +44 203 416 3571 Fax: +44 203 416 3573 info@pygmyhippofoundation.org www.pygmyhippofoundation.org Registered Charity No: 1143590

Founded by Hummingbird Resources plc in July 2011, our mission is to promote the conservation, preservation and

protection of the endangered pygmy hippo in its natural environment, through the redevelopment of the Sapo

National Park and incorporating local communities into conservation initiatives and education programs.

Initiatives • Enforcing the laws of the Sapo National

Park • Education of local communities • Informing the government of the need to

protect the environment • Sponsoring and training of park rangers • Provision of equipment and facilities to the

park • Removal of illegal miners • Anti-poaching patrols • Sponsoring research into the park by world

leaders in hippo conservation • Future development of low impact eco-

tourism centred on Sapo National Park

Contact Initiatives

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Appendix 1: Map of Dugbe Shear Zone

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Appendix 2: Map of Dugbe 1 Project Area

27

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Mount Ginka

• Trenching completed in Q4 2011. Drilled in Q1 2012.

• Successful grab samples showing 33-55% Mag Fe and good Aeromagnetic survey results

• 20km strike length of magnetic high with widths of up to 250m and depths of

1000m outlining significant magnetic unit target

• Hummingbird Resources plc Joint Venture partner Petmin Ltd invested US$2m for 50% to cover cost of early exploration

• Government owned, functioning rail

line. Capacity = 35-40mt pa. Mittal at full throttle = 15mt pa

28

Appendix 3: Ironbird Resources Inc. 28

Contacts

Dan Betts CEO

Tom Hill Finance Director

Bert Monro Business Development

Head Office: Lowdy Brabyn +44 (0)20 3416 3560

Liberum Capital: Tom Fyson +44 (0)20 3100 2222

Jefferies Hoare Govett: Thomas Rider

FTI Consulting: Ben Brewerton / Oliver Winters

London Office: 22 Mount Row, London W1K 3SF, UK

Liberia Office: Hummingbird House, Sophie Area,

Congo Town, Monrovia, Liberia

www.hummingbirdresources.co.uk

enquiries@hummingbirdresources.co.uk

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