PROACTIVE PRESENTATION ROBERT MONRO Head of Business Development - - PowerPoint PPT Presentation

PROACTIVE PRESENTATION

ROBERT MONRO Head of Business Development September 2018

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.

OUR HISTORY

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HUMMINGBIRD RESOURCES

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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COMMERCIAL 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 PROCESSED (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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PRINCIPAL PITS IN THE CURRENT MINE PLAN

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

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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 RESOURCES

YANFOLILA: PIT TO COIN

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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 IN MALI

• 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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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