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 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. 2
WHO WE ARE 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.
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 6.4M OZ Project built on time & on 6.4Moz gold inventory in budget West Africa 105-115K OZ ~4,000km 2 105-115koz 2018 guidance of exploration ground in Mali and Liberia HIGH GRADE AIM LISTED High grade, low cost Current SP 27p* operator Market Cap £93.9m* *as at 19 Sep 2018 4
STRATEGIC FRAMEWORK TO DELIVER VALUE & GROWTH HIGH MARGIN GOLD COMPANY FOCUSED ON SHAREHOLDER VALUE M&A opportunities will be considered to fast track growth GROW VALUE PRODUCE EXPLORE DEVELOP Cash flow 105-115Koz 2018 Disciplined investment Proven on time and on generation guidance in brownfield and budget developers greenfield targets Capital allocation High margin discipline production Conversion of Balance sheet Resources to Reserves strength 5
PROGRESSION TO FULL SCALE PRODUCTION COMMERICAL PRODUCTION COMMENCED 1 APRIL 2018 GOLD POURED (OUNCES) GOLD SALES (OUNCES) Q1: 18,785 Q2: 33,101 Q1: 11,941 Q2: 38,726 ORE PRODUCED (TONNES) AISC (US$ / OUNCE) Q1: 238,628 Q2: 287,605 Q1: (RAMP UP) Q2: 790 AVG. GRADE MILL FEED (G/T) AVG. GOLD PRICE (US$ / OUNCE) Q1: 2.96 Q2: 3.43 Q1: 1,332 Q2: 1,307 500,000 25% WOMEN 95% LOCAL LTI-FREE HOURS PLANT OPERATORS WORKFORCE achieved Q2 2018 6
KOMANA EAST & WEST RESERVES & RESOURCES SIGNIFICANT RESOURCES TARGETED FOR RESERVE CONVERSION 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 KOMANA WEST PIT KOMANA EAST PIT Resources: 506koz @ 2.44g/t Resources: 809koz @ 3.03g/t Reserves: 239Koz @ 3.06g/t Reserves: 471Koz @ 3.18g/t 7
YANFOLILA MINE LIFE UPSIDE US$8M+ BUDGET (LIMITED TO 15% FCF) TARGETING LOM EXTENSIONS IN THE NEAR-TERM EXCELLENT 1.5Moz of Indicated and Inferred Resources RECENT DRILL outside the current mine plan. Historical RESULTS: Resource to Reserves conversion rate of 55% Guirin West 2018 Exploration Programme targeting Komana West: +50,000m drilling at 6 deposits to convert 11.45m @ 8.6g/t additional 400,000oz to Reserves 25.75m @ 2.95g/t 1. Gonka: High grade Inferred deposit situated 5km Guirin West: from the plant 16m @ 3.11g/t 4m @ 8.12g/t 2. Komana East & West: Underground (‘UG’) potential not currently in Reserves 3. Guirin West: Situated 2km from the plant with high For full results see RNS grade oxide Resources dated 19 Sep 2018 4. Sanioumale East & West: Currently only oxide ore in the mine plan 8
INTRODUCTION OF SECONDARY BALL MILL INCREASING PLANT THROUGHPUT TO FACILITATE ANTICIPATED RESERVE GROWTH • 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 9
CORA GOLD INVESTMENT HUMMINGBIRD HAS A 34% STAKE IN CORA GOLD (AIM: CORA) 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 Sanankoro: Tekeledougou: US$10M produced two new gold zones with shallow, broad, high- 17m @ 5.43g/t 56m @ 2.2g/t Historical expenditure by grade gold intercepts, 8km Gold Fields 11m @ 5.24g/t 17m @ 6.8g/t from Yanfolila processing plant 60m @ 0.7g/t 10
DUGBE GOLD PROJECT: LIBERIA OPTIONALITY AND SCALE TO DRIVE PORTFOLIO GROWTH 29% US$186M I RR NPV @ US$1,300 Au PEA 2013 4.2M OZ AU 70 km by road attractive economics Liberia’s largest gold from Greenville deep at current gold prices deposit water port 125,000 OZ AU 20 YEAR Anticipated ounces Life of Mine per annum 11
PEER COMPARISON UNDERVALUED AGAINST PEERS Largest Shareholders Broker Coverage 9% A L I G N R E S E A R C H 8% 7% C A N A C C O R D 6% 5% C E N K O S 4% 3% M I R A B A U D 2% 1% W H I R E L A N D 0% Capital Gold Fields Odey Majedie Sustainable Management Sloane Robinson Capital EV/Production ‘18E EV/Resources $300 $5,000 $4,500 $250 $4,000 $3,500 $200 $3,000 $2,500 $150 $2,000 $1,500 $100 $1,000 $500 $50 $- $- Source: Thomson Reuters and Canaccord Genuity Limited Note: prices as at 30 August 2018 12
RESPONSIBLE MINING BUILDING A LASTING LEGACY 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 13
SUMMARY HUMMINGBIRD RESOURCES PRODUCTION EXPANSION AT EXPLORATION & CORPORATE GROWTH YANFOLILA DEVELOPMENT • 2018 GUIDANCE OF 105- • US$70 MILLION FREE CASH 115KOZ FLOW IN FIRST FULL YEAR • EXPANSION FROM • WIDER YANFOLILA OF PRODUCTION @ GONKA DEPOSIT ASSESSMENT AND • HIGH GRADE, LOW COST, US$1,250/OZ DEVELOPMENT CASH GENERATIVE • POTENTIAL TO INCREASE • STRONG INSTITUTIONAL PRODUCTION • CORA GOLD PORTFOLIO SHAREHOLDER BASE • SIGNIFICANT LIFE OF MINE • 4.2MOZ DUGBE GOLD INCLUDING CAPITAL, EXTENSION POTENTIAL PROJECT LIBERIA ODEY, M&G AND MAJEDIE • M&A GROWTH OPPORTUNITIES 14
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+44 (0)20 7409 6660 Hummingbird Resources Plc @HUM_gold enquiries@hummingbirdresources.co.uk hum_gold Hummingbird Resources Plc 16
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