CORPORATE PRESENTATION

DECEMBER 2018

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

A MULTI-ASSET AFRICAN GOLD PRODUCERMALI

Yanfolila Gold Mine

Bamako Office

Monrovia office

Dugbe Gold Project

• A new producer with significant gold inventory of 6.4Moz across two projects in West Africa

• Major stake in growing exploration firm

• Experienced team, able to deliver on-time and on-budget

• Strong in-country relations with two pro-mining governments

WITH STRATEGIC FRAMEWORK TO DELIVER VALUE & GROWTH

LIBERIA

4

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

M&A

opportunities,

greenfield &

brownfield

exploration

Jul 2018

Exploration drilling begins

at Yanfolila across 6

existing deposits to target

LoM increase

April 2018

Commercial

production begins

A DISTINCTIVE & FOCUSED JOURNEY FROM EXPLORERS TO PRODUCERS

Dec 2017

First gold pour at

Yanfolila Gold

Mine

Oct 2017

Plant and TSF

construction

complete

5

THE YANFOLILA GOLD PROJECT: PRODUCTION & GROWTH

PRODUCTION• Delivered on time and on budget, with first

gold pour 19 Dec 2017

• Commercial production declared 1 April 2018

following ramp-up quarter

• High grade. Debt repayments commenced

Q2

EXPLORATION & DEVELOPMENT• Commitment to invest 15% of FCF in

exploration in 2018

• 6 deposits within permit to convert to Reserves

• Currently seeking to extend LoM from 7 years

to 10 years

EFFECTIVE THROUGHPUT• Processing plant capacity of 1.24Mtpa

• Potential to increase throughput with plant

modification

• Gold recoveries to date exceed design rate

of 93%

AN ESTABLISHED PROJECT WITH GENUINE DEVELOPMENT POTENTIAL

INFRASTRUCTURE• Solid relations with Mali government

• Country has long history of successful gold

production

• Landmark loan from Coris bank

TEAM• Proven management with valuable

experience of operating in Africa

• Astute technical advisory committee

• 95% Mali national workforce

• High rate of female employees against

industry average

6

SEASONED MANAGEMENT & ADVISORS WITH A WEALTH OF EXPLORATION, DEVELOPMENT & OPERATIONAL EXPERIENCE

SENIOR MANAGEMENT & COMMITTEES

SENIOR VP PROJECT DELIVERY

SENIOR MANAGEMENT

Dav id Hebdi tchVP SHEC

S u c c e s s f u l l y m a n a g e d D u g b e

E n v i r o n m e n t a l & S o c i a l I m p a c t

A s s e s s m e n t

Sa idou IdéGM, F inance & Admin

2 0 y r s ’ e x p e r i e n c e i n c l s e n i o r

p o s i t i o n s a t R e s o l u t e , G l e n c o r e &

A v o c e t . S u p e r b j u r i s d i c t i o n

k n o w l e d g e & r e l a t i o n s

Ber t MonroHead Bus iness Deve lopment

J o i n e d 2 0 0 9 , N o n - E x e c D i r e c t o r

o f C o r a G o l d & 8 y e a r s a s H e a d o f

B D

Shaun BunnSen ior VP P ro ject De l ivery

O v e r 3 0 y r s ’ e x p e r i e n c e i n

e x p l o r a t i o n , m i n i n g , p r o c e s s i n g &

p r o j e c t d e v e l o p m e n t a c r o s s A f r i c a

Wayne Galea

VP EPCMO v e r 3 0 y r s ’ e x p e r i e n c e f o r l e a d i n g

e n g i n e e r i n g c o m p a n i e s , i n c l u d i n g

A M E C , B a t e m a n & S i g n e t

Dan Betts

CEO

Tom Hil l

F inance Director

Murray Pate rsonVP Geo logy

O v e r 2 0 y r s ’ e x p e r i e n c e a s a

m i n e , m i n e r a l r e s o u r c e &

e x p l o r a t i o n g e o l o g i s t

Lou i s K rugerGM, Operat ions

O v e r 3 0 y r s ’ e x p e r i e n c e i n

o p e r a t i o n a l & t e a m - m a n a g e m e n t

r o l e s a c r o s s A f r i c a , w p o s i t i o n s a t

E n d e a v o u r & A n g l o g o l d A s h a n t i

Kate Harcourt

Dav id Hebdi tch

CHAIREdward B ickham

ENVIRONMENT, SOCIAL &

GOVERNANCE COMMITTEE

Kate Harcourt

E rn ie Nut terNon -Ex e c u t i v e

D i r ec to r

Dav id Lun t

CHAIRAt t ie Roux

Non -Ex e c u t i v e

D i r ec to r

TECHNICAL ADVISORY

COMMITTEE

John Meneghin i

7

CAPITAL STRUCTURECOMPETITVE VALUATION & STRONG ANALYST COVERAGE

AT A GLANCE:

Market Cap (at 28.11.18) US$ 81.5M

Cash balance (at 25.10.18) US$ 20M

Debt repaid in Q3 US$ 4.5M

Debt total at end Q3 US$ 58M

Ordinary shares in issue 351,826,899

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

C E N K O 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

W H I R E L A N D

A L I G N R E S E A R C H

Capital

8%Gold Fields

6.2% Odey

6%

Majedie

5.4%

Management

3%

Sustainable

Capital

3.2%

M&G

3.2%Jupiter

3%

Other

62%

8

UNDERVALUED AGAINST OUR PEERS

PEER COMPARISON

Source: Thomson Reuters and Canaccord Genuity LimitedNote: prices as at 31 October 2018

0

50

100

150

200

250

US$

EV/RESOURCES

0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1

P/ NAV

MALI’S NEWEST GOLD PRODUCER

10

WORKING ACROSS A MINERAL-RICH AREA IN MALI, WEST AFRICA

DISCOVERING & OPERATING IN MALI

SENIOR VP PROJECT DELIVERY

• A proven and established mining jurisdiction

• The third largest gold-producing country in Africa

• EITI-compliant country since 2011

• 3% royalty and 30% basic tax rate

• No restrictions on foreign investment or capital flows in and out of Mali

• Birimian Greenstone Belt widely regarded as ‘Elephant Country’ in geological terms

11

THE YANFOLILA GOLD MINE

• Built on time and on budget

• High grade deposit: Reserve base of 710koz at

3.14 g/t and wider 2.2Moz Resource base at 2.4

g/t

• Carbon-in-leach process plant with current

throughput capacity of 1.24 Mtpa

• Significant scope to increase Reserve base and

Life of Mine through on-going near mine

exploration, targeting 400,000oz

• High local workforce rates & local training

programmes ongoing

MALI’S NEWEST GOLD MINE

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COMMERICAL PRODUCTION COMMENCED 1 APRIL 2018

YANFOLILA: PRODUCTION

25% WOMEN PLANT OPERATORS

95% LOCAL WORKFORCE

Q2: 790Q1: (RAMP UP)

GOLD POURED (OUNCES) GOLD SOLD (OUNCES)

ORE PROCESSED (TONNES) AISC (US$ / OUNCE)

AVG. GRADE MILL FEED (G/T) AVG. GOLD PRICE (US$ / OUNCE)

Q3: 232,518

Q3: 22,206 Q3: 20,029

Q3: 1,006

Q3:1,217Q3: 2.99

Q2: 38,726Q1: 11,941

Q2: 287,605Q1: 238,628

Q2: 33,101Q1: 18,785

Q2: 1,307Q1: 1,332Q2: 3.43Q1: 2.96

GOLD PURCHASED DIRECTLY

FROM PLANT BY SWISS REFINERS

TOTAL GOLD POURED74,092 OZ (to end Q3 2018)

13

AN OPERATIONAL UPDATE FOLLOWING AN UNUSUALLY HEAVY RAINY SEASON & PROJECTED FORECAST FOR 2019

YANFOLILA: 2018 OPERATIONS & 2019 GUIDANCE

* To read the operational update in full, please go to the RNS dated 29 Nov 2018 on our website

2018 OPERATIONAL UPDATE*

• Revised guidance from 105-110Koz to 87-92Koz

• Q4 AISC of approx. US$1,800/oz

• Remediation work on damaged western wall of

Komana East underway and set for January

2019 completion

• Military barge mobilized to assist in transporting

additional mining fleet while new bridge is

under Government construction

• Reconfigured mining plan with AMS to return to

full profitability in 2019 following an

unexpectedly heavy rain season

2019 GUIDANCE

• Full year guidance of 110-125Koz

• Targeted AISC of US$800/oz

• Some costs of remediation plan to roll

into Q1 2019 (incorporated into AISC)

INCREASED WORKING CAPITAL FACILITY

• Additional loan from existing lender,

Coris

• US$9.5M to partially finance ball mill

expansion (@ 9% interest rate)

• US$9.5M overdraft facility anticipated to

be secured in Dec 2018

DEVELOP & EXPLORE: YANFOLILA

15

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

16

INCREASING PLANT THROUGHPUT TO FACILITATE ANTICIPATED RESERVE GROWTH

INTRODUCTION OF SECONDARY BALL MILL

• To increase plant throughput from 1.24Mtpa to 1.4Mtpa 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

• US$9.5M debt facility acquired from Coris to part-finance

project

• The preferential choice when considering the alternative

option of installing a tertiary crusher, per the DFS

• SENET awarded EPCM contract to deliver the mill, having

successfully built processing plant on time and budget

17

COMMITTED TO SPEND 15% OF FCF ON TARGETING LOM EXTENSIONS IN THE NEAR-TERM

YANFOLILA MINE LIFE UPSIDE

1.5Moz of Indicated and Inferred Resources

outside the current mine plan. Historical

Resource to Reserves conversion rate of 55%

2018 Exploration Programme targeting

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 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

18

AN EXCITING GOLD EXPLORATION FIRM

CORA GOLD INVESTMENT

• Hummingbird has a 34% stake in Cora Gold

• IPO October 2017(AIM:CORA.L)

• Focused on two regions: Mali and Senegal, West Africa

• Proven team with comprehensive track record, incl. <8Moz of discoveries across 7 different African gold projects

• Exploring in Mali region with potential routes for early processing of ore

19

ESTABLISHING A DOMINANT POSITION CLOSE TO THE YANFOLILA GOLD MINE

CORA GOLD: MALI EXPLORATION

Sanankoro:

17m @ 5.43g/t

11m @ 5.24g/t

Tekeledougou:

56m @ 2.2g/t

17m @ 6.8g/t60m @ 0.7g/t

SANANKORO GOLD

DISCOVERY• 30-50Mt exploration target

• Stage 1 drilling complete

• Exciting new targets identified

• Potential for a 1-2Moz standalone

gold mine

• US$10m worth historical drilling

TEKELEDOUGOU• Located 8km from Yanfolila

process plant

• Unearthed two new gold zones

with shallow, broad, high-grade

gold intercepts

FURTHER EXPLORATION PLANS• Focused programme to add

value at low-cost discovery

• Higher grade zones at Selin target

to explore

DRILL RESULTS

20

LIBERIA

21

OPTIONALITY AND SCALE TO DRIVE PORTFOLIO GROWTH

DUGBE GOLD PROJECT: LIBERIA

DUGBE

• Liberia’s largest gold deposit of 4.2Moz

• Situated just 70km from Greenville deepwater port and

accessible by road

• Attractive economics

• Long Life of Mine @ 20 years

• Optimised DFS complete

• High annual production forecast of 125Koz gold

DISCOVERING & OPERATING IN LIBERIA

• Dugbe Shear zone a highly attractive mining region

• Pro-mining government

• Mining law based on Australian mining regulation

• Favourable fiscal regime: expected 3% royalty &

25% basic tax rate

• Mining contributes to 10% of economic growth

• Liberia remains democratic since political stability

was restored in 2003

22

A LARGE-SCALE RESOURCE WITH STRONG ECONOMICS

THE DUGBE GOLD PROJECT

• 4.2Moz gold @ 1.4g/t

• 2,355km² of ground within Mineral Development

Agreement (MDA) for 25 years, with over 140 targets

• PEA at US$1,300 gold with IRR of 29% & NPV (10%) of

US$186m

DUGBE F RESOURCE• 1.76Moz @ 1.28 g/t Inferred

TUZON RESOURCE• 2.47Moz, including:

- 2.03Moz @ 1.51 g/t Indicated

- 0.44Moz @ 1.32 g/t Inferred

- plus15% better grade – PEA, was based on

1.3g/t

• Shallow folding ore body

• Strip ratio of 1:1 first years’ mining

• Resource open at depth

• Lithological model gives confidence of

Resource

23

BEST IN CLASS – RESPONSIBLE MINING

24

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

RESPONSIBLE MINING

A TARGETED, YEAR-ROUND PROGRAMME TO ENHANCE

LOCAL LIVING. IN 2018 TO DATE WE HAVE:

• Continued to fund salaries of 20 local teachers

• Established additional market gardens to create alternative

livelihoods and generate an income for local women, with

ability to employ 50+ people per garden

• Established further soap-making enterprises 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. 6,000

• Established poultry projects across 4 villages, to contribute to

youth employment and socio-economic development

SUMMARY

26

• Strong future cash flow from Yanfolila Gold Mine

• Significant gold inventory, with total 6.4Moz in

West Africa

• Large scope to increase LoM at Yanfolila

through increased plant throughput & nearby

exploration campaign

• Additional Mali exposure through investment in

Cora Gold

• Positioned for further growth through M&A

• Backed by strong institutional shareholders

• Team with proven track record

27

28

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

• Deposit is open on strike and at depth

• Plant able to facilitate additional ore with

installation of secondary ball mill

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

+-600m

Open*

Open*

*Not previously

drilled, anticipated

to increase

Reserves

29

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

30

BOARD OF DIRECTORS

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

31

Hummingbird Resources Plc

hum_gold

@HUM_gold

Hummingbird Resources Plc

+44 (0)20 7409 6660

enquiries@hummingbirdresources.co.uk

www.hummingbirdresources.co.uk