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CORPORATE PRESENTATION Q3 UPDATE 2018 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


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CORPORATE PRESENTATION

Q3 UPDATE 2018

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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

  • pinions 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

  • therwise. 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.

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SLIDE 3

Hummingbird is an emerging +100,000oz gold producer having successfully built, commissioned and completed ramp up on its high grade Yanfolila Gold Project in Mali.

WHO WE ARE

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A COMPELLING INVESTMENT IN THE GOLD SECTOR

Hummingbird is an emerging + 100,000oz gold producer having successfully built, commissioned and completed ramp up on its high grade Yanfolila Gold Project in Mali

YANFOLILA

Project built on time & on budget

6.4M OZ

6.4Moz gold inventory in West Africa

105-115K OZ

105-115koz 2018 guidance

~4,000km2

  • f exploration ground in

Mali and Liberia

HIGH GRADE

High grade, low cost

  • perator

AIM LISTED

Current SP 27p* Market Cap £93.9m* *as at 19 Sep 2018

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GROW VALUE

Cash flow generation Capital allocation discipline Balance sheet strength

HIGH MARGIN GOLD COMPANY FOCUSED ON SHAREHOLDER VALUE

STRATEGIC FRAMEWORK TO DELIVER VALUE & GROWTH

PRODUCE

105-115Koz 2018 guidance High margin production

EXPLORE

Disciplined investment in brownfield and greenfield targets Conversion of Resources to Reserves

DEVELOP

Proven on time and on budget developers

M&A opportunities will be considered to fast track growth

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COMMERICAL PRODUCTION COMMENCED 1 APRIL 2018

PROGRESSION TO FULL SCALE PRODUCTION

500,000 LTI-FREE HOURS

achieved Q2 2018

25% WOMEN

PLANT OPERATORS

95% LOCAL

WORKFORCE

Q2: 33,101 Q1: 18,785

GOLD POURED (OUNCES)

Q2: 38,726 Q1: 11,941

GOLD SALES (OUNCES)

Q2: 287,605 Q1: 238,628

ORE PRODUCED (TONNES)

Q2: 790 Q1: (RAMP UP)

AISC (US$ / OUNCE)

Q2: 3.43 Q1: 2.96

  • AVG. GRADE MILL FEED (G/T)

Q2: 1,307 Q1: 1,332

  • AVG. GOLD PRICE (US$ / OUNCE)
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KOMANA EAST & WEST RESERVES & RESOURCES

Resources: 506koz @ 2.44g/t Reserves: 239Koz @ 3.06g/t

KOMANA WEST PIT

CURRENT GOLD INVENTORY Category Tonnes (t) Grade (g/t) Gold (oz) Probable Reserves 7,039,000 3.14 709,800 Total Inventory * 28,495,000 2.40 2,202,700

*Including non-JORC compliant figures

Resources: 809koz @ 3.03g/t Reserves: 471Koz @ 3.18g/t

KOMANA EAST PIT

SIGNIFICANT RESOURCES TARGETED FOR RESERVE CONVERSION

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US$8M+ BUDGET (LIMITED TO 15% FCF) TARGETING LOM EXTENSIONS IN THE NEAR-TERM

YANFOLILA MINE LIFE UPSIDE

1.5Moz of Indicated and Inferred Resources

  • utside the current mine plan. Historical

Resource to Reserves conversion rate of 55% 2018 Exploration Programme targeting +50,000m drilling at 6 deposits to convert additional 400,000oz to Reserves

  • 1. Gonka: High grade Inferred deposit situated 5km

from the plant

  • 2. Komana East & West: Underground (‘UG’)

potential not currently in Reserves

  • 3. Guirin West: Situated 2km from the plant with high

grade oxide Resources

  • 4. Sanioumale East & West: Currently only oxide ore

in the mine plan

Guirin West

EXCELLENT RECENT DRILL RESULTS:

Komana West: 11.45m @ 8.6g/t 25.75m @ 2.95g/t Guirin West: 16m @ 3.11g/t 4m @ 8.12g/t

For full results see RNS dated 19 Sep 2018

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INCREASING PLANT THROUGHPUT TO FACILITATE ANTICIPATED RESERVE GROWTH

INTRODUCTION OF SECONDARY BALL MILL

  • Increase in the plant throughput to 1.4Mtpa

from 1.24Mtpa based on a blend of ore types

  • When operating at 100% fresh ore the

throughput capacity will increase from 1Mtpa to 1.24Mtpa

  • Second mill should be operational in Q3 2019

and have a capex of circa. US$13m

  • The preferential choice when considering the

alternative option of installing a tertiary crusher, per the DFS

  • SENET awarded EPCM contract to deliver the

mill

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HUMMINGBIRD HAS A 34% STAKE IN CORA GOLD (AIM: CORA)

CORA GOLD INVESTMENT

Sanankoro: 17m @ 5.43g/t 11m @ 5.24g/t US$10M

Historical expenditure by Gold Fields

Tekeledougou: 56m @ 2.2g/t 17m @ 6.8g/t 60m @ 0.7g/t

SANANKORO GOLD DISCOVERY

potential for a 1Moz+ standalone mine development

STAGE 1 DRILLING

complete at Sanankoro gold discovery with exciting new targets identified and extremely encouraging high- grade gold intercepts

RECENT DRILLING

at Tekeledougou has produced two new gold zones with shallow, broad, high- grade gold intercepts, 8km from Yanfolila processing plant

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OPTIONALITY AND SCALE TO DRIVE PORTFOLIO GROWTH

DUGBE GOLD PROJECT: LIBERIA

4.2M OZ AU

Liberia’s largest gold deposit

70 km by road

from Greenville deep water port

PEA 2013

attractive economics at current gold prices

125,000 OZ AU

Anticipated ounces per annum

20 YEAR

Life of Mine

US$186M

NPV @ US$1,300 Au

29%

I RR

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EV/Production ‘18E Broker Coverage EV/Resources Largest Shareholders

UNDERVALUED AGAINST PEERS

PEER COMPARISON

$- $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 $5,000

$- $50 $100 $150 $200 $250 $300

Source: Thomson Reuters and Canaccord Genuity Limited Note: prices as at 30 August 2018

0% 1% 2% 3% 4% 5% 6% 7% 8% 9%

Capital Gold Fields Odey Majedie Sustainable Capital Management Sloane Robinson

W H I R E L A N D C A N A C C O R D C E N K O S M I R A B A U D A L I G N R E S E A R C H

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BUILDING A LASTING LEGACY

RESPONSIBLE MINING

MAKING A LASTING & SUSTAINABLE CONTRIBUTION TO THE SOCIAL, ENVIRONMENTAL AND ECONOMIC WELLBEING OF LOCAL COMMUNITIES

  • Fund salaries of 20 local teachers
  • Established market gardens to create alternative livelihoods

and generate an income for local women, with ability to employ 50+ people per garden

  • Established a soap-making enterprise to benefit 10 local

communities and 300 women

  • Invested in initiatives to provide clean drinking water across

villages local to Yanfolila

  • Run on-going training programmes between UK-qualified

doctors and local nurses on essential medical techniques, such as new-born resuscitation

  • Built a brand new health centre in local village of Bougoudale,

to benefit population of approx. 6K

  • Established poultry projects across 4 villages, to contribute to

youth employment and socio-economic development

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HUMMINGBIRD RESOURCES

SUMMARY

PRODUCTION

  • 2018 GUIDANCE OF 105-

115KOZ

  • HIGH GRADE, LOW COST,

CASH GENERATIVE

EXPANSION AT YANFOLILA

  • EXPANSION FROM

GONKA DEPOSIT

  • POTENTIAL TO INCREASE

PRODUCTION

  • SIGNIFICANT LIFE OF MINE

EXTENSION POTENTIAL

EXPLORATION & DEVELOPMENT

  • WIDER YANFOLILA

ASSESSMENT AND DEVELOPMENT

  • CORA GOLD PORTFOLIO
  • 4.2MOZ DUGBE GOLD

PROJECT LIBERIA

CORPORATE GROWTH

  • US$70 MILLION FREE CASH

FLOW IN FIRST FULL YEAR OF PRODUCTION @ US$1,250/OZ

  • STRONG INSTITUTIONAL

SHAREHOLDER BASE INCLUDING CAPITAL, ODEY, M&G AND MAJEDIE

  • M&A GROWTH

OPPORTUNITIES

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Hummingbird Resources Plc hum_gold @HUM_gold Hummingbird Resources Plc +44 (0)20 7409 6660 enquiries@hummingbirdresources.co.uk

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POTENTIAL TO ADD US$24M TO NPV @ US$1,250 GOLD PRICE

GONKA: HIGH GRADE UPSIDE FOR YANFOLILA

  • Scoping study level report completed with

robust economics

  • Results not includeD in DFS mine plan
  • Potential to expand plant to 1.5Mtpa with

additional CIL tanks

  • Deposit is open on strike and at depth

385,198 OZ AU

At ~3.1g/t Inferred

166,086 OZ AU

Mined over 6 years

77,424 OZ AU

Underground at 4.47g/t

91,662 OZ AU

In open pit at 2.33g/t 160m +-600m

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A WIDE RANGE OF EXPERIENCE AND DISCIPLINES

BOARD OF DIRECTORS & SENIOR MANAGEMENT

Attie Roux

Non-Executive Director

Stephen Betts

Non-Executive Director

Russell King

Non-Executive Chairman

Ernie Nutter

Non-Executive Director

SHAUN BUNN

SENIOR VP PROJECT DELIVERY

BOARD OF DIRECTORS David Straker-Smith

Non-Executive Director

Dan Betts CEO Tom Hill Finance Director

RESPONSIBLE MINING COMMITTEE David Hebditch Kate Harcourt Edward Bickham TECHNICAL ADVISORY COMMITTEE David Lunt Attie Roux Ernie Nutter Bert Monro Head of Business Development Shaun Bunn Senior VP Project Delivery Louis Kruger General Manager, Yanfolila

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THE BOARD

SHAUN BUNN

SENIOR VP PROJECT DELIVERY

Russell King

Non-Executive Chairman

Dan Betts

CEO

Tom Hill

Finance Director

Ernie Nutter

Non-Executive Director

Attie Roux

Non-Executive Director

Stephen Betts

Non-Executive Director

David Straker-Smith

Non-Executive Director

  • 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
  • Senior Independent Director of Interserve Plc &

Spectris Plc

  • 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

  • 42 years operational , technical and

executive experience

  • Former COO of Endeavour Mining
  • Chairman of the TAC
  • Mining analyst formerly with Capital Group
  • Former Director and Managing Director of RBC

Capital Markets

  • Former Chairman of RBC Dominion Securities
  • BSc Geology
  • Director of London-based investment research

and advisory firm, CrossBorderCapital Ltd

  • Director of New Vision Management Ltd and

Nomad Energy UK Ltd

  • Former positions at ING Barings Securities Ltd

and Gerrard & National Holdings Plc

  • Former Senior Manager within BDO

LLP’s natural resources department

  • Metallurgy, Economics & Management

Oxford university graduate

  • 12 years’ experience in the resource

sector

  • 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