MINE  AFRICA  PRESENTATION  |28  11  2016    

BUILDING THE YANFOLILA GOLD MINE

2  

INTRODUCTION A I M   l i s t e d   g o l d  

c o m p a n y   w i t h   t w o  p r o j e c t s   i n   W e s t  

A f r i c a   w i t h   6 . 4 M o z  g o l d   i n v e n t o r y  

P r o d u c M o n   a t   2 . 2 M o z  Y a n f o l i l a   G o l d   P r o j e c t  

i n   2 0 1 7 -­‐   o n e   o f  A f r i c a ’ s   h i g h e s t  

m a r g i n   u n d e v e l o p e d  p r o j e c t s  

E x c e l l e n t   s h a r e h o l d e r  b a s e :   O d e y   A M ,  

C a p i t a l ,   P a l a ,   G o l d  F i e l d s ,   S l o a n e  

R o b i n s o n ,   S p r o W  

Y a n f o l i l a   G o l d   P r o j e c t :  1 0 7 K o z   A u   p a  

U S $ 6 9 5 / o z   A I S C  6 0 %   I R R  

U S $ 1 6 2 m   N P V  

3  

ON   T R A C K   F O R   F I R S T   G O L D   P O U R   F R OM   Y A N F O L I L A   I N   2 0 1 7   F O L L OW I N G  U S $ 7 1M   F U N D R A I S E   –   T H E   L A R G E S T   G O L D   M I N I N G   F U N D R A I S E   O N   A I M   I N  

4   Y E A R S  

YANFOLILA GOLD PROJECT

YA N F O L I L A , M A L I    

§  2 . 2 M o z A u @ 2 . 4 g / t §  R e s e r v e G r a d e o f 3 . 1 4 g / t

§  1 0 7 , 0 0 0 o z A u p e r y e a r §  U S $ 1 6 2 m N P V @ $ 1 , 2 5 0 §  6 0 % I R R §  U S $ 6 9 5 / o z A I S C §  U S $ 7 4 m i l l i o n c a s h f l o w i n Y 1 §  P r o d u c t i o n i n Q 4 2 0 1 7

STAGE: MINE CONSTRUCTION  

O N E   O F   T H E   H I G H E S T   M A R G I N   U N D E V E L O P E D   G O L D  P R O J E C T S   I N   A F R I C A  

4  

BUILDING YANFOLILA

5  

YANFOLILA CONSTRUCTION

6  

DEVELOPMENT TIMELINE

7  

EXPLORATION UPSIDE:GONKA

S COPING   S TUDY  L EVEL   R EPORT  C OMPLETED    

3 8 5 , 1 9 8 OZ   IN  OPEN   PIT   @  2 . 3 3 G/ T  

 1 6 6 , 0 8 6 OZ  

UNDERGROUND   @  4 . 4 7 G/ T  

O UTSIDE   OF   CURRENT  MINE   PLAN   AND  

PROJECT   ECONOMICS  

S C O P I N G  

N P V   I NCREASE   ON  P ROJECT:  

 + U S $ 2 4 M   @  $ 1 , 2 5 0   A U  

 + U S $ 1 3 M   @  $ 1 , 1 0 0   A U  

R E S O U R C E   U P S I D E   I N C R E A S E  

GON K A   D E P O S I T   P R O V I D E S   P O T E N T I A L   R E S O U R C E   E X T E N S I O N   L O C A T E D  5 KM   S O U T H   O F   Y A N F O L I L A   G O L D   P L A N T  

8  

GONKA: OPEN PIT & UG

H I G H   G R A D E   U N D E R G R OUND   P O T E N T I A L   F R OM   B O T T OM   O F   O P E N   P I T  

O R E   B O D Y   I S   O P E N   O N   S T R I K E   A N D   A T   D E P T H  

9  

DUGBE GOLD PROJECT

D U G B E , L I B E R I A  

L I B E R I A ’ S   L A R G E S T   G O L D   D E P O S I T   W I T H   A   T O T A L   M I N E R A L S   R E S O U R C E  O F   4 . 2M o z   A u   P R O V I D E S   S I G N I F I C A N T   U P S I D E   P O T E N T I A L  

§  4 . 2 M o z A u @ 1 . 4 g / t

§  M D A g r a n t e d f o r 2 5 y e a r s

§  P o w e r a n d p r o c e s s i n g i m p r o v e m e n t s o n - g o i n g

§  H y d r o - E l e c t r i c P F S c o m p l e t e d

§  A n t i c i p a t e d 1 2 5 , 0 0 0 o z A u / a n n u m

§  2 0 y e a r L i f e o f M i n e

§  P E A c o m p l e t e d i n 2 0 1 3 s h o w e d r o b u s t e c o n o m i c s i n v a r y i n g g o l d p r i c e e n v i r o n m e n t

§  N P V 1 0 U S $ 1 8 6 m ; I R R 2 9 % @ U S $ 1 , 3 0 0 A u

STAGE: DFS  

10  

BoD & MANAGEMENT

DANIEL BETTS CEO

SHAUN BUNN SENIOR VP

PROJECT DELIVERY

THOMAS HILL FINANCE DIRECTOR

ROBERT MONRO HEAD OF BUSINESS

DEVELOPMENT

BOARD OF DIRECTORS

RUSSELL KING CHAIRMAN

TECHNICAL ADVISORY COMMITTEE

IAN COCKERILL DAVID LUNT

MARK CALDERWOOD

DAVID HEBDITCH VP SHEC

SHEC COMMITTEE

WILLIAM COOK DAVID HEBDITCH KATE HARCOURT

WAYNE GALEA

VP EPCM

MURRAY PATERSON

VP GEOLOGY

TIMOTHY HUSKINSON VP FINANCE

JOHN MENEGHINI VP MINING

WILLIAM COOK

VP OPERATIONS

11  

FINANCIALS

K E Y   S H A R E H O L D E R S  

19        PENCE  

S H A R E   P R I C E  

$71    MILLION  

F U N D S   R A I S E D  

T A R G E T   P R I C E S  

*  

*as  at  23.11.16  

9 4 %

1 0 0 %

1 2 6 %

CANTOR  FITZGERALD      37p

RFC  AMBRIAN          3 8 p

BEAUFORT          4 3 p

CENKOS          36p 8 9 %

MIRABAUD          4 4 p 1 3 2 %

“The large Dugbe gold project in Liberia could offer further upside and add a further

14p in value” Cantor F i tzgera ld, June 2016

12  

GOLD PEER COMPARISON

-­‐  

10x  

20x  

30x   P  /  2017E  FCF  P  /  2018E  FCF  2017E  Peer  Average  15.1x

14.4x

nmf nmf nmf nmf

3  

Endeavour Perseus Roxgold Teranga Acacia Asanko Rangold Hummingbird

Location Mali, Ghana, Burkina Faso, Côte d’Ivoire

Ghana, Côte d’Ivoire

Burkina Faso Senegal Mali, Burkina Faso, Kenya,

Tanzania

Ghana Mali, DRC, Senegal,

Côte d’Ivoire

Mali, Liberia

Status Production Production Production Production Production Production Production Development

2017E Production (koz Au) 565 275 105 227 758 202 1,323 22

2018E Production (koz Au) 686 374 102 207 709 219 1,405 132

Market Capitalisation (US$m) $1,598 $497 $453 $370 $2,847 $837 $11,245 $113

EV (US$m) $1,720 $446 $466 $330 $2,741 $920 $10,992 $53

P / 2017E FCF nmf nmf 9.7x 11.2x 14.6x nmf 25.0x nmf

P / 2018E FCF 4.8x 9.9x 11.8x 13.2x 13.9x 23.2x 24.0x 2.1x

EV / 2017E EBITDA 5.3x 13.5x 5.9x 2.9x 7.1x 8.5x 16.3x 6.5x

EV / 2018E EBITDA 3.7x 4.1x 6.0x 4.3x 7.5x 7.6x 16.4x 0.7x

Price / Estimated FCF

West African Gold Peers

Source: Bloomberg; Company Disclosures, RFC Ambrian Analyst Estimates; data as of market close 08/07/2016 nmf: not meaningful; implies the company is either anticipated to be cashflow negative for the year, or generate marginal FCF

13  

L a r g e A u R e s o u r c e b a s e

6 .4Moz

A t t r a c t i v e E c o n o m i c s a t Ya n f o l i l a

U S $ 7 1 m E q u i t y R a i s e d

H i g h G r a d e L o w C o s t

F a s t P a y b a c k

T o   e x p l o i t   m a r k e t  o p p o r t u n i M e s   t o  

c r e a t e   m a x i m u m   v a l u e  f o r   s h a r e h o l d e r s   a n d  b u i l d   m i d -­‐ M e r   g o l d  

p r o d u c e r  

T o   e x p l o i t   m a r k e t  o p p o r t u n i M e s   t o  

c r e a t e   m a x i m u m   v a l u e  f o r   s h a r e h o l d e r s   a n d  

b u i l d   m i -­‐ M e r   g o l d  p r o d u c e r  

Strong St ra tegy

C r e a t e   m a x i m u m  v a l u e   f o r  

s h a r e h o l d e r s   a n d  b u i l d   m i d -­‐ M e r   g o l d  

p r o d u c e r  

WHY HUMMINGBIRD?

Dan Bet ts C E O

2 2   M o u n t   R o w ,   L o n d o n ,   W 1 K   3 S F  

www.hummingb i rd resources . co .uk  enqu i r i e s@hummingb i rd resources . co .uk  

FINANCIAL PR/IR ST BRIDES PARTNERS

Lottie Brocklehurst / Susie Geliher +44 (0) 207 236 1177

BROKER BEAUFORT SECURITIES LIMITED

Jon Belliss / Andrew Gutmann +44 (0) 207 382 8300

CONTACTS

Tom Hi l l F i n a n c e D i r e c t o r

Bert Monro H e a d o f B u s i n e s s

D e v e l o p m e n t

+ 4 4 ( 0 ) 2 0 3 4 1 6 3 5 6 0

H U M M I N G B I R D R E S O U R C E S P L C

HUM_GOLD   hum_go ld  

NOMAD STRAND HANSON LIMITED

James Spinney +44 (0) 20 7409 3494