international capital markets...these presentation slides have been prepared by, and are the sole...

CORPORATE PRESENTATION

June 2020 Update

2

DISCLAIMER

These presentation slides have been prepared by, and are the sole responsibility of, the directors of Hummingbird Resources plc (“Hummingbird Resources” or the

“Company”). Those directors have taken all reasonable care to ensure that the facts stated herein are true to the best of their knowledge, information and belief. The

information in this document is subject to updating, revision and amendment. This document neither constitutes nor forms nor should be constructed as constituting or

forming part of any offer or invitation to sell or any solicitation of any offer to purchase or to subscribe for any securities in Hummingbird Resources or any other body

corporate or an invitation or inducement to engage in investment activity under section 21 of the UK Financial Services and Markets Act 2000 nor shall it or any part of

it form the basis of or be relied on in connection with any contract therefore. This document does not constitute an invitation to effect any transaction with

Hummingbird Resources nor to make use of any services provided by Hummingbird Resources. No reliance may be placed for any purpose whatsoever on the

information contained in this document nor on assumptions made as to its completeness. No representation or warranty, express or implied, is given by Hummingbird

Resources, any of its subsidiaries or any of its respective advisers, officers, employees or agents, as to the accuracy, fairness or completeness of the information or

opinions contained in this document or expressed in the presentation and, no liability is accepted for any such information or opinions (which should not be relied

upon) or for any loss howsoever arising, directly or indirectly, from any use of this document or its contents or information expressed in the presentation.

The information and opinions contained in this document and the presentation are provided as the date of this document and the presentation and are subject to

change without notice.

This presentation contains forward-looking statements that are based on Hummingbird Resources’ current expectations and estimates. Such forward-looking

statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated

events or results implied or expressed in such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made and

Hummingbird Resources disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or

otherwise. Forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be put on such statements due to the

inherent uncertainty therein.

3

Hummingbird: an overview

• Targeting 110,000-125,000ozs of production in 2020 from

Yanfolila Mine, Mali providing stable cash flow leveraged to

gold price

• Strengthening balance sheet, on track to be in a net cash

position in 2020 and debt free during 2021

• Experienced team with a track record of exploration, project

and operational delivery

• Large scale gold resource with significant growth potential in

the Dugbe project in Liberia

CASH FLOW-FOCUSSED AFRICAN GOLD COMPANY

• Focus on growth from existing opportunities in current portfolio and through accretive M&A opportunities

• Acquisition of the Kouroussa Gold Project has the potential to double production profile

• Near mine exploration upside from Yanfolila and neighbouring permit

• Members of the World Gold Council

MALI

Yanfolila Gold Mine

Bamako Office

Monrovia office

Dugbe Gold ProjectLIBERIA

GUINEA

Kouroussa

Gold Project

• Earn-in agreement with ARX Resources with the option to

take the project to a DFS stage

4

EXPLORE

Disciplined investment

in brownfield and

greenfield targets

Conversion of

Resources to Reserves

LONG TERM FOCUS ON CASH FLOW GROWTH

Strategic framework to deliver value & sustainable growth

PRODUCE

110,000-125,000ozs

2020 guidance

574,000ozs+ of

production currently

forecast 2020-2024

High margin

production

GROW

Cash flow generation

Capital allocation

discipline

M&A

• Kouroussa Gold

Project acquisition

• Dugbe / ARX earn-in

agreement

Balance sheet strength

DEVELOP

Proven on time and on

budget developers

Through the process of exploring, developing, producing and growth it is Hummingbird’s strategy to build a significant gold company with multiple assets in varying jurisdictions that can support and fund this cycle of growth

5

STRENTHING THE BALANCE SHEET

2019: First year of profit

Revenue

$156.9 million2018: $116.5 million

Pre tax profit / (loss)

$9.4 million2018: ($11.7 million)

Cash & cash eqv.


SMO gold sales

$1.8 million

AISC

$9862018: $1,087

Gold poured

115,649 oz2018: 91,620 oz

Net Debt


Gold sold

112,686 oz2018: 91,546 oz

EPS

$1.53 cents2018: ($2.93) cents

EBITDA (unadjusted)


6

Q1 2020 Performance

• 30,282 ozs of gold poured in Q1 2020 (33,892

ozs in Q4 2019)

• US$875/oz AISC in Q1 2020 (US$839/oz AISC in

Q4 2019)

• Average grade of 2.98 g/t in Q1 2020 (2.91

g/t in Q4 2019)

• 24,575 ozs of gold sold in Q1 2020 at an

average price of US$1,568/oz

• 2020 Exploration programme well established

with over 1,200m drilling completed so far

• TRIFR rate of 2.30 (12 month moving average)

CASH FLOW-FOCUSSED AFRICAN GOLD COMPANY

700

900

1,100

1,300

1,500

1,700

1,900

Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020

0

5

10

15

20

25

30

35

40

Improved Operational Performance

AIS

C ($

/oz)

Pro

du

cti

on

(000o

zs)

0

100

200

300

400

Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020

Yanfolila ThroughputOre Processed (000 Tonnes)

7

Yanfolila focussed on increasing cash flow and deleveraging

• Aggressive

deleveraging using

operational cash flow

• Full exposure to

increasing gold price

• Maintaining monthly

debt repayments to

strengthen balance

sheet

• On track to be in a net

cash position in H2 2020

0

10

20

30

40

50

60

Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021

Strengthening balance sheet, rapid deleveraging plan

Total Debt (US$m)Net Debt (US$m)

Net debt incorporates liquid assets (cash and gold) for illustrative purposes

8

Yanfolila focussed on mine life extension

• Current Mine Plan

with 574,000ozs+

forecast through

to 2024

• Continuous

exploration across

mining licence as

well as regional

exploration

licences

• Drilling at Komana

East underground

target will build up

the ounce profile

to support and

expand the

planned trial

underground mine

0

20

40

60

80

100

120

140

2018 2019 2020 2021 2022 2023 2024

Yanfolila Production

(000ozs)

9

2020 Exploration Plan

Drilling Highlights as at 03 June 2020

Komana East Underground Deposit

• 4.3m @ 6.51 g/t from 300.7m depth (KEUGDD001)

• 2.55m @ 6.16 g/t from 254.9m depth (KEUGDD003)

• 3.13m @ 4.21 g/t from 285m depth (KEUGDD003)

• 4.82m @ 10.56 g/t from 289m depth (KEUGDD004)

Bolobi Coura (“BBC”) Deposit

• 4m @ 5.81 g/t from 16m depth (KBCRC0003)

• 4m @ 16.90 g/t from 57m depth (KBCRC0003)

10

Response to COVID-19 global pandemic

• Priority remains the safety and wellbeing of staff, contractors, service providers and suppliers

• Aim to maintain production and cash flows during this unprecedented global event

• Focus remains on progressing key medium and long-term initiatives where possible

• Short-term strategic objectives to combat the dynamic changes associated with COVID-19 include:

1. Protect and secure the operating environment and local communities

2. Protect the health, safety and fitness-to-work of everybody working at site

3. Protect and preserve the supply chain

4. Protect and preserve short term liquidity

Update – 1 June 2020

• No material impact to production

from COVID-19

• COVID-19 task force established

• Robust procedures implemented to

minimise the potential impact

• Continuing to support our local

communities including donating to

the Government of Mali’s COVID-19

fund

• Supply chains and logistics for people,

supplies and parts remain stressed and

dynamic requiring close attention

• US$10m overdraft facility from Coris

Bank remains available as a

precautionary measure

11

ESG: A significant part of Hummingbird’s sustainable growth strategy

Environment Social HSEPeople and Ethics

• Hummingbird is committed

both to the environment in the

communities where we operate

as well as the wider

environmental effects of our

operations

• The Yanfolila Tailings Storage

Facility (TSF) was

commissioned in December

2017 and is managed to

highest standards

• Installation of solar panels and

units to three local health

centres in Yallonkoro-Soloba

• Hummingbird is committed to

building a lasting positive legacy

for those living in the

communities where we operate

• Our community development

programme centres on positive

planning for the future around

four main pillars:

o Water & Sanitation

o Education

o Health

o Alternative Livelihoods

• Examples include building 22

latrines, donating medical

equipment to local communities

and building a local store

• We originally set ourselves the

goal to build a mine in Mali that

could be run by locally-employed

staff and, through strategic training

programmes, management and

feedback, have achieved that goal

• We are proud to report that of our

40 plant operators, 20% are

women

• As members of the World Gold

Council Hummingbird will adopt its

Responsible Gold Mining

Principles

• Hummingbird’s unique SMO gold

provides transparent supply chain

information to the origin and

standards of production

• All accidents are preventable,

and we aim to achieve Zero

Harm with every employee,

contractor and visitor returning

home safely each day

• Occupational Health and

Safety Management Plans are

developed for each and every

operation

• Impressive Project average

LTIR free rate of 1.25 (per 1m

hours)

KOUROUSSA GOLD PROJECT AQUISITION

13

Becoming a multi asset producer – acquisition overview EXECUTING ON STATED STRATEGY. THE ACQUISITION OF KOUROUSSA PROVIDES HUMMINGBIRD A LOW COST CLEAR PATHWAY TO BECOMING A NEAR

TERM MULTI-ASSET PRODUCER

Overview of the

Kouroussa Gold

Project (the

“Project)

• >1moz gold asset within the prolific Siguiri Basin in eastern Guinea

• High grade deposit with resource averaging 3.08 g/t1

• Significant amount spent on development to date and is ready to fast track to production in c.2 years

• Low upfront capital expenditure requirement

• Potential production of c.100,000 oz per annum

• Pre-tax NPV10 of $110m2 and IRR of 51%2 (at $1,350/oz gold price) and significant leverage to gold price

Transaction

Highlights

• Hummingbird has signed a conditional binding Sale and Purchase Agreement (“SPA”) to acquire Cassidy Gold Guinee S.A

(“Cassidy Guinea”) the owner to the Project

• Acquisition cost of £16m - low upfront cost of £10m payable in Hummingbird shares, then a deferred consideration of up to

£6m, dependent on Reserve growth (or processed if not included in a reserve), to be paid out of Project cashflows

• Shares issued to the Vendor to be subject to 12 month lock-up

• Vendor to retain 2% NSR on all gold produced above 200koz up to 2.2 moz

• Completion is subject to customary conditions precedent

• The Government of Guinea is entitled to be issued 15% free carried shareholding in the mining company on grant of a

mining licence

Development

timeline

• Further technical studies / project definition for the next 6 months

• 3 months financing, permitting and award and mobilisation of key contractors

• 12 month construction period

Transaction

rationale

• Acquisition executed at an attractive implied valuation of $22/oz3

• Turns Hummingbird into a near term multi-asset producer with potential production >200koz pa by 2022

• Significant exploration upside within the Siguiri Basin

• Opportunity to leverage construction and operational experience from Yanfolila

1. Based on internal estimates. Not JORC compliant

2. Based on internal management estimates

3. EV calculation excludes royalty payment

14

About the Kouroussa Gold ProjectHIGH GRADE OPEN PITTABLE PROJECT IN GUINEA WITH POTENTIAL TO BECOME A C.100,000 OZ PRODUCING PROJECT WITHIN 2 YEARS

LocationEastern Guinea (importantly 5 hours drive

from Bamako)

Ore bodyOrogenic, structurally controlled, high grade

veins

Mining Open pit

Processing 1Mtpa CIL

Resources M,I&I of 1.18moz @ 3.08g/t

Existing

infrastructure

Infrastructure with replacement value of

$20m in place

Exploration High impact targets in prolific belt

CAPEX $90m

Pre-tax NPV 10 $110m (@ $1,350/oz gold price)

AISC $807

Avg production 100,000 oz per annum

Initial mine life 5 years

Robust standalone economics1

Pre-Tax NPV10 (US$m)

110

162

251

338

$1,350/oz $1,500/oz $1,750/oz $2,000/oz

1. Based on internal management estimates

15

Attractive valuation relative to recent M&AHUMMINGBIRD PAYING AN IMPLIED <0.3X P/NAV AND AN EV/RESOURCE OF $22/OZ. THIS IS SIGNIFICANTLY BELOW INDUSTRY AVERAGE.

Comparable P/NAV MultiplesComparable EV/Resource Multiples ($/oz)

Avera

ge: 0

.7x

0.2

x

0.4

x

0.4

x 0.5

x

0.5

x

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x

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x

0.6

x

0.6

x 0.7

x 0.8

x

0.8

x

0.8

x

0.8

x 0.9

0.9

x 1.0

x 1.1

x 1.2

x 1.3

x 1.4

x

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$4

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51

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Avera

ge: $

67

16

5483

118 125

205218

235

280

350

430

Caledonia

Mining

Shanta Gold Hummingbird Roxgold Golden Star Hummingbird +

Kouroussa

Asanko Gold Perseus Mining Teranga Resolute

Hummingbird as a multi-asset producerRE-RATING OPPORTUNITY. POTENTIAL TO BECOME A >200KOZ MULTI-ASSET, MULTI-JURISDICTIONAL PRODUCER WITH SIGNIFICANT EXPLORATION UPSIDE

Significant increase in production by 2022

Source: Company Reports; midpoint production guidance for 2020

Kouroussa to increase production by +85%

Single asset Single asset Single asset Single asset Multi-asset Multi-asset Multi-asset Multi-asset Multi-asset Multi-asset

Transition from single asset to multi asset

producer will help narrow P/NAV discount

Annual gold production (koz)

17

Kouroussa Exploration Upside

Results from a more in depth data review of the Kouroussaproject conducted as part of Hummingbird’s initial due diligence highlighted:

• The high grade nature of the Kouroussa gold system which includes Koekoe, Kinkine, X-Vein and Bag Farm –Junction

• Further upside potential for open pit and underground resources outside of the current stated mineral resource of 1.1Mozs

• The presence of gram metre intervals greater than 100 gram metres

o A sign of the potential world class nature of the Kouroussa gold system

o Further focused exploration is planned to confirm this

• All deposits remain open and further exploration work is required to enable Hummingbird to fully evaluate the potential of the Project

18

Notable drill intersections

X-Vein Deposit

• 2.0m @ 151.81 g/t from 52.5m depth (XV004)

• 10.0m @ 17.83 g/t from 188.0m depth (XVRC004)

• 4.0m @ 40.14 g/t from 95.0m depth (XV018)

• 2.1m @ 64.46 g/t from 110.5m depth (XVDH003)

• 2.6m @ 33.19 g/t from 121.2m depth (XZDH003)

Bag Farm – Junciton Deposit

• 36.0m @ 5.63 g/t from 61.0m depth (KRC1432)




• 13.0m @ 7.12 g/t from 35.0m depth (KD174)

Koekoe Deposit












Drilling Highlights:

Kinkine Deposit


• 12.0m @ 38.67 g/t from 56.0m depth (KRAB0416)




19

Hummingbird’s plans for KouroussaLEVERAGE THE COMPANY’S EXPERIENCE IN YANFOLIA TO DEVELOP A SIMILAR PROJECT

Q3 ’20 Q4 ’20 Q1 ’21 Q2 ’21 Q3 ’21 Q4 ’21 Q1 ’22 Q2 ‘22

• Advanced development stage as well as scale, mining and processing similarities with Yanfolila will allow to

fast track production

• Once further technical studies are completed, targeted during 2020, Hummingbird will then move the

Project to production

• Hummingbird’s West African banking partner, Coris Bank International, has confirmed they are fully

supportive of the transaction and willing to fund the construction

Transaction Completion, Detailed

Engineering & Design

Funding,

Contractor

Award &

Mobilisation

Construction

Commissioning

&

First Gold

Targeted Timeline

20

Guinea as a mining jurisdictionGUINEA HAS A WELL ESTABLISHED MINING CODE AND EXISTING OPERATING MINING SECTOR

The Mining Code

• Final amendments to the “new” code were promulgated in April

2013

• The Government has the right to 15% non-dilutable free-carried

interest and to acquire up to a further 20% interest for cash

• These are maximum levels of Government participation – final terms

in every case to be negotiated individually in a Mining Agreement

between the Government and the mining company

Mining in Guinea

• Mining accounts for over 70% of the country’s exports

• Several “majors” are already present in the country

• Deposits of bauxite, iron ore, gold and diamonds with significant

geological potential

One of the top African gold exporters

0.6 0.6 0.6 0.8 0.8 0.9 1.0 1.7 1.9 2.0 2.6 2.84.3

10.0

17.9

Nig

er

Se

ne

ga

l

Rw

an

da

Lib

ya

Ivo

ry C

oa

st

Tan

zan

ia

Su

da

n

Ug

an

da

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yp

t

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ba

bw

e

Ma

li

Gu

ine

a

Bu

rkin

a F

aso

Gh

an

a

So

uth

Afr

ica

Source: The Observatory of Economic Complexity (2018), World Bank, Fraser Institute Survey, Market Intelligence

Transitioning to democracy

• Guinea’s first democratic presidential elections were held in November 2010 and parliamentary elections were held in

September 2013

• Guinea subsequently received increased support from global institutions including the UN, the World Bank, the IMF and the EU

21

Companies invested in Guinea

MALI –YANFOLILA GOLD MINE

23

• Built on time and on budget

• High grade deposit: Reserve base of 675.9koz at 2.66

g/t from over 2Moz Resource*

• Carbon-in-leach process plant with current blended

ore throughput capacity of up to 1.4 Mtpa following

successful completion of second ball mill in 2019

• Production ramp-up achieved with 116,000 ounces

poured in 2019

• Significant scope to increase Reserve base and Life of

Mine through on-going near mine exploration and

underground development

• TRIFR rate of 2.30 (12 month moving average)

HIGH-GRADE PRODUCING GOLD MINE

* As at 31st October 2019

The Yanfolila Gold Mine

24

Reserves & Resources

CURRENT GOLD INVENTORY

Category Tonnes (Kt) Grade (g/t) Gold (oz)

Current Reserves* 7,890 2.66 675,900

Total Mineral Inventory ** 27,952 2.23 2,005,300

*JORC compliant figures at 31 October 2019

** Including non-JORC compliant figures at 31 March 2019

SIGNIFICANT RESOURCES TARGETED FOR RESERVE CONVERSION AT THE YANFOLILA PROJECT

KOMANA EAST PIT

GONKA PIT

KOMANA WEST PIT

SANIOUMALE WEST PIT

25

Yanfolila mine life upside

Over 1Moz of Indicated and Inferred Resources outside the

current mine plan. Historical Resource to Reserves

conversion rate of 55%

2020 Exploration Programme to convert significant

Resources to Reserves:

1. Sanioumale East & West: Oxide, Medium - High grades, open pitable, remain open along strike and depth into the fresh rock. Sanioumale East not yet in reserves, intersections such as 10.5m at 5.4 g/t gold from hole SNDD0029, which require follow up work, demonstrate future resource growth

2. Komana East Underground: High grades, underground potential not currently in Reserves. Drilling to date has intersected and confirmed the presence and continuity of mineralisation that extends beyond the previous limit of the resource model

3. Greenfields targets: Located within 5-8kms from process plant, targeting high grade oxide ore

26

LIBERIA – DUGBE GOLD PROJECT

27

OPTIONALITY AND SCALE TO DRIVE PORTFOLIO GROWTH

• Two deposits containing Mineral Resources of 2.0 Moz Gold at 1.5 g/t Indicated and 2.2 Moz Gold at 1.3 g/t Inferred with 3rd mineralised deposit drilled

• Located 70 km by road from Greenville deep-water port. There is also an airstrip located just outside the city

• Positive PEA1 in varying gold price environment

• High annual production forecast of 125Koz Gold

• Long mine life of 20 years

• Mineral Development Agreement (MDA) passedinto law in Q2 2019

PEA2 $1,300 /oz AU $1,500/oz AU

Cash cost/oz (years 1-5) $749 $759

Cash cost/oz (LoM) $894 $904

Capex (m) $212 $212

NPV (m) (10%, post tax) $186 $337

IRR (%) 29 43

Strip ratio (years 1-5) 2.4:1 2.4:1

Gold produced/year (oz) 125,000 125,000

1. A preliminary economic assessment is preliminary in nature and include inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. Additionally, inferred mineral resources are subject to uncertainty as to their existence and their economic legal feasibility. See “Disclosure” on page 1 and “PEA Assumptions” in the Appendix.

2. PEA on Dugbe 1 Project prepared by Wardell Armstrong, April 2013 (3.5 Mtpa plant tank leach, owner operated case). Mineral Resources that are not mineral reserves do not have demonstrated economic viability.

• 2,355 km2 under MDA for 25 years, with 140 exploration targets

• Earn-in agreement with ARX Resources to develop project

• Over $70 million spent on the Dugbe Project to date

Dugbe Gold Project: Liberia

28

Unlocking shareholder value in Libeira

ARX Resources Limited - earn-in agreement

Transaction Highlights• US$2m nonrefundable deposit by ARX• Earn-in up to 49% economic value of the Project• 2 year earn-in period but right to extend by 12 months for payment of US$1m per

month• Hummingbird representation on ARX board to ensure alignment of interests with

Hummingbird shareholders

Earn in Conditions / Development plan• 2 year term• Delivery of Definitive Feasibility Study (DFS) with ARX covering all related costs• Undertaking a mutually agreed exploration programme of circa US$10m with

the objective of materially increasing the known resource base of the Project• ARX to cover overhead and operating costs associated with the Project during

the 2 year earn-in period

Strategic Rational• Retained control whilst working with a highly experienced team with significant

West African experience who share our vision for unlocking the significantintrinsic value at the Dugbe Project

• Hummingbird shareholders retain the significant upside potential in the project(currently not valued in the share price) whilst not shouldering the capital riskallowing the free cash flow generated from Yanfolila to be deployed as part ofthe wider group capital allocation strategy

ARX Team

• Experienced and proven team indeveloping mines, with significantexperience in west Africa

• Founded by Stephen Dattels,former Executive Vice Presidentand a Director of Barrick GoldCorporation, and Michael Beck, aformer partner of N. M. Rothschild& Sons

• The development of Dugbe willbe led by Ian Stalker and histechnical team

• Ian has many years of "hands on"experience in mine developmentand operations in Europe, Africaand Australia, including, theObuasi expansion for AshantiGoldfields in Ghana, the SiguriMine in Guinea, the Bibiani GoldMine in Ghana and the GeitaGold Mine in Tanzania

29

Regional geology

• A major crustal scale shear zone traverses the Dugbe project licence area in a NE-SW orientation, referred to as the Dugbe Shear Zone (DSZ)

• Dugbe Shear Zone is a highly attractive mining region

• Hummingbird explored 12,000 km2

before defining the Dugbe Project area

• The area of Birimian-age rocks is recognised as the second largest gold producing area in the world

• Licence area seen as one of the last remaining unexplored regions of the Birimian

30

Exploration history

• The Dugbe Project MDA comprises four exploration permits: Dugbe, Joe Village, Nemo Creek and Tiehnpo

• Grassroots exploration conducted between 2006 and 2014 included:

• Stream sampling

• Soil sampling

• Airborne and ground geophysical surveys

• Topographic surveying (LiDAR)

• Trenching

• Diamond and RC drilling

• RAB drilling

OVER $70M SPENT ON DUGBE PROJECT

31

Mineral resources

Tonnes

(m)

Grade

(g/t)

Ounces

(m)

Tuzon1 (US$1,500 pit)

Indicated 41.8 1.51 2.03

Inferred 10.2 1.32 0.44

Dugbe F2

Inferred 43.0 1.28 1.76

Notes:1. SRK Consulting (UK) Limited, Mineral Resource Statement for the Tuzon deposit with an effective date of March 5,

2014. 2. Wardell Armstrong, Mineral Resource Statement for the Dugbe F deposit with an effective date of March 1, 2013. 3. Mineral Resources are not Mineral Reserves until they have demonstrated economic viability based on a feasibility

study or pre-feasibility study. The contained Au represents estimated contained metal in the ground and has not been adjusted for metallurgical recovery. See Mineral Resource Estimate table in the Appendix for further details.

Tuzon represents first 10 years of mine life in PEA

32

BEST IN CLASS – RESPONSIBLE MINING

33

BUILDING A LASTING LEGACY & MAKING A SUSTAINABLE CONTRIBUTION TO OUR LOCAL COMMUNITIES

Responsible mining

A TARGETED, YEAR-ROUND PROGRAMME TO ENHANCE

LOCAL LIVING. THIS INCLUDED:

• Supporting the development of four market gardens across four

villages, Kona, Fougathié, Bandiougoufara and Soloba

• Building a store in Donsosso as part of our continued support of

soap-making as a business for members of the local community to

sell to market and the mine camp

• The construction of 22 latrines in partnership with other

organisations in Bandiougoufara

• The donation of medical equipment in Soloba and Sere Moussa

Ani Samou, two local municipalities

• The implementation of a beekeeping project in partnership with

the Federation of Honey Producers of Mali, along with the training

of 10 people on honey production techniques in the villages of

Soloba, Bandiougoufara and Fougathie

SUMMARY

35

• Strong mine economics, including high future cash flow from

Yanfolila Gold Mine

• Strengthening balance sheet, rapid deleveraging

• Significant gold inventory, with total 6Mozs in West Africa

• Focus on extending Yanfolila mine life

• Executing on growth strategy

• Backed by strong institutional shareholders

• Team with proven track record

SUMMARY

37

The Hummingbird Board

Russel l KingNon-Execut ive Chairman

• Senior Independent Non-Exec of Aggreko

Plc

• Former Chief Strategy Officer at Anglo

American & member of the Executive

Committee for 8 yrs

• Former Senior Advisor to RBC on Metals &

Mining

Dan BettsCEO• Founded Hummingbird in 2005

• Developed the business from a private

explorer to a listed company with 6Moz+ gold

• 18 years’ previous experience in metals

industry

• Former Management Consultant at

Accenture in 2000

Att ie RouxNon-Execut ive Di rector

• 42 years operational , technical and

executive experience

• Former COO of Endeavour Mining

• Chairman of the TAC

Ernie NutterNon-Execut ive Di rector

• Mining analyst formerly with Capital Group

• Former Director and Managing Director of

RBC Capital Markets

• Former Chairman of RBC Dominion Securities

• BSc Geology

SHAUN BUNN

SENIOR VP PROJECT DELIVERY

David Straker-SmithNon-Execut ive Di rector

• Director of London-based investment

research and advisory firm, CrossBorder

Capital Ltd

• Director of New Vision Management Ltd and

Nomad Energy UK Ltd

• Former positions at ING Barings Securities Ltd

and Gerrard & National Holdings Plc

Tom Hi l lF inance Di rector

• Former Senior Manager within BDO

LLP’s natural resources department

• Metallurgy, Economics &

Management Oxford university

graduate

• 12 years’ experience in the resource

sector

Stephen BettsNon-Execut ive Di rector

• Over 40 years’ experience in trading

with gold and related businesses in

developing countries

• Chairman of the Stephen Betts group

of companies

• Established several businesses in West

Africa during his career

38

UNDERVALUED AGAINST OUR PEERS

Peer Comparison

Source: Thomson Reuters and Canaccord Genuity LimitedNote: prices as at 25 June 2020

P / NAV (x)

1.38x

1.16x 1.13x 1.14x

1.04x 0.96x

0.58x 0.54x 0.54x

0.44x

nm

0.20x

0.40x

0.60x

0.80x

1.00x

1.20x

1.40x

1.60x

B2

Go

ld

Sh

an

ta

Ce

nta

min

Ro

xgo

ld

En

de

avo

ur

Asa

nk

o G

old

IAM

Go

ld

Pe

rse

us

Hu

mm

ingb

ird

Re

so

lute

EV / Resource ($/oz)

$599

$512

$436

$295 $264

$201

$114 $103 $67

$-

$100

$200

$300

$400

$500

$600

$700

B2

Go

ld

Ro

xgo

ld

Asa

nk

o G

old

Pe

rse

us

Ce

nta

min

Re

so

lute

IAM

Go

ld

Sh

an

ta

Hu

mm

ingb

ird

39

Capital StructureCOMPETITIVE VALUATION & STRONG ANALYST COVERAGE

AT A GLANCE: AIM:HUM

Market Cap (at 02.06.2020) US$ 130M

Cash and gold inventory (at 31.03.20) US$ 25M (unaudited )

Debt repaid during Q1 2020 US$ 6M

Debt total at end Q1 2020 US$ 34M

Ordinary shares in issue 354,155,878

S I G N I F I C A N T S H A R E H O L D E R S ( % )

C A N A C C O R D G E N U I T Y M I R A B A U D

B R O K E R C O V E R A G E

C E N K O S B E R E N B E R G

Sustainable Capital12%

Ruffer9.21%

Jupiter5.65%

Odey4.67%

Aberdeen Standard4.61%

Majedie4.27%

M&G 3.82%Schroder

3.52%Management

3%

Other49.25%

40

THE STORY TO DATE

2005

Founded

by Dan

Betts to

explore in

Liberia

2014

Dugbe

Resource

grows to

4.2Moz Au

Feb 2016

Yanfolila Gold

Project DFS

(US$1,250 AU)

NPV=US$162m

IRR=60%

2010

Listed on

AIM with

812koz Au

Resource:

Dugbe

2014

Acquisition of

Yanfolila Gold

Project from

Gold Fields for

US$20m

June 2016

US$76m

equity raised

to fund

construction

May-July

2019

2nd Ball

Mill

complete

& MDA at

Dugbe

Jul 2018

Exploration drilling

begins at Yanfolila

across a number

of deposits to

target LoM

increase

A DISTINCTIVE & FOCUSED JOURNEY FROM EXPLORERS TO PRODUCERS

April 2018

Commercial

production

begins

Dec 2017

First gold pour at

Yanfolila Gold

Mine

May –June 2020

- Earn-in agreement

to develop Dugbe

- Exploration

continues at

Yanfolila to

increase LoM

- Sign SPA to

Acquire Kouroussa

Jan 2020

2019 production

guidance met with

115,659ozs

2020 guidance set

at 110,000-125,000

ozs

41

A COLLECTION OF SINGLE MINE ORIGIN PURE GOLD COINS, ORIGINATING FROM YANFOLILA, ON SALE NOW

The “Hummingbird 1oz” coin

Collectable coins representing HUM's

industry, journey and company values:

Explore; Develop; Mine; Produce;

Community; and Conserve

Priced based on the spot gold price at

the time of purchase

Minted at Betts Metals, HUM CEO Dan

Betts’ family 260 year old gold refining

and trading company in Birmingham1oz pure gold coin

www.bettsinvestments.co.uk

http://www.bettsinvestments.co.uk/

42

Hummingbird Resources Plc

hum_gold

@HUM_gold

Hummingbird Resources Plc

+44 (0)20 7409 6660

[email protected]

www.hummingbirdresources.co.uk

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