CORPORATE PRESENTATION | FEB 2018

DISCLAIMER

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H U M M I N G B I R D Q 1 2 0 1 8 1

AN INTRODUCTION TO HUMMINGBIRD

H U M M I N G B I R D Q 1 2 0 1 8 2

Yanfolila Gold Mine

Bamako Office

6.4Moz go ld inventory in West Af r i ca

L i s ted on AIMCurrent SP 33. 75p*Market Cap £ 117m*

132,000oz in f i rs t year f rom

Yanfo l i la Market Cap = 2x FCF

High grade Low costoperator

Largest go ld depos i t ( 4.2Moz ) in L iber ia & 34%

stake in Cora Go ld

~4,000km 2

of exp lorat ion ground in Mal i and

L iber ia

MALI

LIBERIA

Dugbe Gold Project

Monrovia office

*as at 31 January 2018

THE HUMMINGBIRD STORY TO DATE

H U M M I N G B I R D Q 1 2 0 1 8 3

2005Founded by Dan Betts to explore Liberia

2014Dugbe resource grows to 4.2Moz Au

Feb 2016Yanfolila Gold Project DFS (US$1,250 gold)NPV=US$162 millionIRR=60%

Jun 2017Increased stake in Yanfolila to 80%

Dec 2017Gold production at Yanfolila

2010Listed on AIM with 812koz Au resource at Dugbe

2014Acquisition of Yanfolila Gold Project from Gold Fields for US$20 million

Jun 2016US$75 million equity raised to fund construction

Aug 2017Commenced mining

Jan 2018First shipments of gold dorébars to the refinery and plant throughput to 75% capacity

M&A opportunities, greenfield & brownfield exploration

WHY INVEST?

H U M M I N G B I R D Q 1 2 0 1 8 4

HIGH MARGIN GOLD COMPANY FOCUSED ON GROWTH

PRODUCERevenue generation from high margin Yanfolila Gold Mine in Mali – a low-cost, high-grade, open multi-pit mining operation with significant expansion opportunities – first gold poured December 2017; commercial production to commence by end Q1 2018; ~US$70 million free cash flow in year 1

DEVELOPGlobal gold inventory of 6.4Moz; Mali: +1 million ounces outside mine plan; underground potential once open pit completed; further ounces to add from Gonka deposit; Liberia: 4.2Moz Dugbe Gold Project at DFS stage

EXPLORESignificant land package of exploration ground in Mali, Liberia and Senegal; ~34% interest in AIM listed Cora Gold with potential nearby satellite deposits for Yanfolila

CORPORATEExcellent team brought Yanfolila to production on schedule and on budget; Strong institutional shareholder base including Odey, Fidelity, Capital, Majedie; Successfully raised US$75 million in equity in 2016; US$60 million debt facility with Coris Bank

MALI’S NEWEST GOLD PRODUCER

YANFOLILA PRODUCTION IN NUMBERS

H U M M I N G B I R D Q 1 2 0 1 8 6

gold outside current mine plan

resource

30 yearmining licence

AISC

132,000 Au year 1

average grade

107,000ozAu p/a over LOM

60% IRR

@ US$1,250 Au

@ 2.4g/t

710Koz reserves

at 3.14g/t

1Moz

carbon-in-

leach (CIL) process plant

7.4MWdiesel power facility

YANFOLILA DEVELOPMENT TIMELINE

7

Oct 2017Connected to power

Aug 2017Mining commenced

Nov 2017Commissioning of CIL plant

Dec 2017First gold pour on time and on budget

2017Advanced grade-control drilling

Feb 2018Currently working through ramp-up

Throughout 2018 to extend mine life and develop project

2018 onwardsFocus on value growth opportunities at Yanfolila

Oct 2016Construction commences

H U M M I N G B I R D Q 1 2 0 1 8

YANFOLILA PRODUCTION FORECAST

F I R S T G O L D P O U R 8

HIGH GRADE, LOW COST GOLD PRODUCTION

Grade (g/t)

Ounces of gold (Koz)

* Gonka has the potential to bring higher grade ounces into the mine plan from year 3

0

0.5

1

1.5

2

2.5

3

3.5

4

0

20

40

60

80

100

120

140

1 2 3 4 5 6 7 8 9 10 11 12

Total potential ounces of gold from Gonka upside (Koz)

Grade(g/t)

Year

Ounces(Koz)

Shaded area: Potential ozs from discovered resources not converted to reserves already on the mining permit

*

THE MINING & PRODUCTION PROCESS

H U M M I N G B I R D Q 1 2 0 1 8 9

F leet of 4 L iebherr 9150 excavators & 1 L iebherr 9250

18 CAT 777Fs (100t )

4 dr i l l r igs

Open p i t , 50+m ox ide deposi t

Simple grav i ty and C IL process ing route

High recover y rate of 92.8%

Total process ing US$15/t

1.24Mt pa capaci ty

H U M M I N G B I R D Q 1 2 0 1 8 10

YANFOLILA PRODUCTION PROGRESS

Shipping of gold doré

bars to the refinery has commenced

Ramping up to commercial

production as per plan

CIL plant throughput at

design @ 155 tonnes/hour

SIGNIFICANT PROGRESS SINCE FIRST GOLD POUR IN DECEMBER 2017

Malian President to

officially openYanfolila mine

in H1 2018

MALI’S REGIONAL OPPORTUNITY & INFRASTRUCTURE

H U M M I N G B I R D Q 1 2 0 1 8 11

YANFOLIA GOLD BELTMALI

EITI-compliant country since 2011

Mining and metals a priority industry sector for furthering economic development

3% royalty and 30% basic tax rate

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

Gold represents approximately 90% of the country’s mineral production

Collectable BMI Research forecasts that Mali’s mining industry will experience a value growth of 10% from 2017 to 2021, putting it above top African miningmarkets

MALI: AFRICA’S 3 rd LARGEST GOLD PRODUCER

INFRASTRUCTUREINFRASTRUCTURE

THE “HUMMINGBIRD 1OZ” COINS

H U M M I N G B I R D Q 1 2 0 1 8 12

Col lectable co ins represent ing HUM's industr y, jour ney and company va lues : Exp lore; Deve lop; Mine; Produce; Community ; and Conser ve

Pr iced based on t he spot go ld pr i ce at t he t ime of purchase

To be minted at Betts Metals , HUM CEO Dan Bett s ’ fami ly 260 year o ld gold ref in ing and t rading company in B i r mingham

A COLLECTION OF SINGLE MINE ORIGIN PURE GOLD COINS, ORIGINATING FROM YANFOLILA, ON SALE 2018

1oz pure gold coin

registered interest s ince soft launch on 27.11.17http://hummingbirdresources.co.uk/coins

DEVELOP

YANFOLILA DEVELOPMENT

H U M M I N G B I R D Q 1 2 0 1 8 14

UNDERGROUND POTENTIAL ONCE OPEN -PIT IS COMPLETE

H U M M I N G B I R D Q 1 2 0 1 8 15

385,198oz Au

at Inferred

166,086oz Au

mined over years

77,424oz Au

underground at

91,662oz Au

in open pit at

160m

+-600m

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

Scoping St udy leve l report completed wi t h robust economics

Resu lts not inc luded in DFS mine p lan

Potent ia l to expand p lant to 1 .5Mt pa wit h addit ional C IL tanks

Depos it i s open on st r ike and at depth

GONKA: HIGH GRADE UPSIDE FOR YANFOLILA

DUGBE GOLD PROJECT: LIBERIA

H U M M I N G B I R D Q 1 2 0 1 8 16

▪ D F S c u r r e n t l y u n d e r o p t i m i s a t i o n : ▪ R e v i e w i n g c o n v e r t i n g M & I

R e s o u r c e s b e y o n d T u z o n▪ M o d e l l i n g i m p r o v e d c a s h

f l o w s b y s c h e d u l i n g l o w s t r i p s h a l l o w o r e f r o m o t h e r d e p o s i t s n o t c u r r e n t l y i n M & I

▪ 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 d e m o n s t r a t i n g p o t e n t i a l t o l o w e r p o w e r c o s t s

L iber ia ’s la rgest go ld deposi t –4.2Moz Au

Located 40 mi les by road f rom G reenvi l le deep water por t

PEA (2013) showed robust economics in var y ing go ld pr i ce envi ronment

Ant ic ipated 125,000oz Au per annum

20 year L i fe of Mine

PROVIDES SCALE AND SIGNIFICANT LONGER -TERM GROWTH POTENTIAL FROM A LARGE RESOURCE WITH EXPANSION UPSIDE

US$186MNPV @ US$1,300 Au

IRR

EXPLORE

YANFOLILA EXPLORATION UPSIDE

H U M M I N G B I R D Q 1 2 0 1 8 18

PROCESS PLANT

MALIKILA

FALIKO

DIABAN

KOMANA

GUIRIN WEST74KOZ @ 1.98 G/T

SANIOUMALE WEST138KOZ @ 2.03 G/T

SANIOUMALE EAST 62KOZ @ 3.04 G/T

GONKA385KOZ @ 3.1 G/T

KABAYA SOUTH85KOZ @ 1.3 G/T

25M @ 4.38 G/T

8M @ 7.23 G/T

150M @ 0.8 G/T

Phase 2:

Increase mineable Reser ves to 10 year LoM (10+Mt and/or 1+Moz ) v ia convers ion of resources to reser ves

i .e . GK, SW, KE -UG

Create va lue t hrough new d iscover ies or JVs i .e . G onka L ink , So laba, Fa l iko-Fodela , Kangare l i cences

Discover addi t ional resources to c reate p ipel ine of reser ve rep lacement or poss ib le mi l l upgrade i .e .

extens ions to known deposi ts , KE -UG, SW deeps, G W deeps, Badogo-Mal ik i la , Kabaya South

THREE-PART STRATEGY TO INCREASE LOM, CREATE VALUE AND DISCOVER

1

2 3

4

5

1

2

3

Phase 3: Exploration Upside:

4

5

MALIKILA PERMIT (DRILL SECTIONS)

6

6

CORA GOLD INVESTMENT

H U M M I N G B I R D Q 1 2 0 1 8 19

Sananko r o go l d d i scove ry : poten t i a l for a 1Moz+ standal o ne mi ne develop m en t

Stage 1 dr i l l i n g compl e t e at Sananko r o go l d d i scove r y and ex c i t i n g new targets i dent i f i e d and ex treme l y encour a g i ng h i gh -

grade go l d i nter c ep t s

Al l pro j ec t areas have mul t i p l e go l d targets wi th dr i l l i nterc e p ts

Within t ruck i ng d i s tanc e f rom Yanfol i la

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

17m @ 11m @

High grade Sanankoro

US$10MHistorical

expenditure by Gold Fields

THE TEAM

H U M M I N G B I R D Q 1 2 0 1 8 20

* Full biographies of Senior Management Team can be found on the website: http://hummingbirdresources.co.uk/corporate-ir/senior-management/

• WILLIAM COOK• DAVID HEBDITCH• KATE HARCOURT• EDWARD BICKHAM

• IAN COCKERILL• DAVID LUNT• MARK CALDERWOOD

BOARD OFDIRECTORS

ROBERT MONRO

DAN BETTS

CEO

HEAD OF BUSINESS DEVELOPMENT

SHAUN BUNN

SENIOR VP PROJECT DELIVERY

THOMAS HILL

FINANCE DIRECTOR

143 YEARS OPERATIONAL

EXPERIENCE

79 YEARS CORPORATE EXPERIENCE

124 YEARS EXPERIENCE IN AFRICA

ON 61 PROJECTS

>90% MALIAN WORKFORCE

TECHNICAL ADVISORY COMMITTEESHEC COMMITTEE

SUMMARY

H U M M I N G B I R D Q 1 2 0 1 8 21

PRODUCTION

EXPANSION AT YANFOLILA

CORPORATE GROWTH

• 1 3 2 , 0 0 0 O U N C E S I N F I R S T Y E A R O F P R O D U C T I O N• LO W - C O ST P R O D U C T I O N – A I S C ~ U S $ 7 5 0 / OZ

• E X PA N S I O N F R O M G O N K A D E P O S I T• P OT E N T I A L TO I N C R E A S E P R O D U C T I O N• S I G N I F I C A N T L I F E O F M I N E E X T E N S I O N P OT E N T I A L

• W I D E R YA N F O L I L A A S S E S S M E N T A N D D E V E LO P M E N T• C O R A G O L D P O R T F O L I O• 4 . 2 M OZ D U G B E G O L D P R O J E C T L I B E R I A

• U S $ 7 0 M I L L I O N F R E E C A S H F LO W I N F I R S T F U L L Y E A R O F P R O D U C T I O N

• S T R O N G I N S T I T U T I O N A L S H A R E H O L D E R B A S E I N C LU D I N G C A P I TA L , O D E Y, F I D E L I T Y A N D M A J E D I E

• C O M B I N E D P R O J E C T N P V S O F > U S $ 6 0 0 M AT U S $ 1 , 3 5 0 G O L D P R I C E A N D 8 % D I S C O U N T R AT E

EXPLORATION & DEVELOPMENT

CORPORATE

CORPORATE INFORMATION

H U M M I N G B I R D Q 1 2 0 1 8 23

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

L A R G E S T S H A R E H O L D E R S

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

W H I R E L A N D

B E A U F O R T

C E N K O S

M I R A B A U D

B R O K E R C O V E R A G E

M A R K E T C A P

US$166 M I L L I O N

US$40M I L L I O N

C A S H

A I M : H U M VALUED AT ~2 X FREE CASH FLOW

A S A T 3 1 J A N 2 0 1 8

PEER COMPARISON

H U M M I N G B I R D Q 1 2 0 1 8 24

HIGH GRADE – LOW COST AND IMPRESSIVE IRR COMPARED TO WEST AFRICAN PEERS

CORPORATE & SOCIAL RESPONSIBILITY

▪ 175 + meetings held with local communities, authorities and stakeholders

▪ Funding salaries of 20 local teachers

▪ Market gardens established to create alternative livelihoods and generatean income for local women - ability to employ 50+ people per garden

▪ Soap-making enterprise established to benefit 10 communities and 300women

▪ Investment in initiatives to provide clean drinking water

▪ Investment in programmes for local nurses to receive training fromqualified doctors

▪ Installation of solar panels and units to three local health centres inYallonkoro-Soloba

▪ Pygmy Hippo Foundation is working with local communities to promotethe conservation, preservation and protection of the pygmy hippo andother endangered species

H U M M I N G B I R D Q 1 2 0 1 8 25

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

BOARD

H U M M I N G B I R D Q 1 2 0 1 8 26

• Senior Independent Non-Exec of Aggreko Plc

• Former Chief Strategy Officer at Anglo American & member of the Executive Committee for 8 years

• 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

• Former Senior Manager within BDO LLP’s natural resources department

• Metallurgy, Economics & Management Oxford university graduate

• 12 years’ experience in the resource sector

• Director of AIM quoted Rose Petroleum plc and Seamwell International Ltd

• Founder and Director of a private company developing underground coal gasification (“UCG”) projects in China

• Former Associate Director at Laing and Cruickshank Investment Management, part of Credit Lyonnais

• Mineral Geologist with over 35 years’ global exploration experience

• Former experience as Technical Director with new junior company start-up projects worldwide

• Worked in several West African countries and oversaw the discovery and early evaluation of the 6 Moz+ Chirano Gold Mine in Ghana

• 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

Russel l K ingNon-Execut ive Cha i rman

Daniel BettsCEO

Thomas Hi l lF inance D i rector

Matthew Id iensNon -Execut ive D i rector

D avid Pe lhamNon-Execut ive D i rector

David St raker -Smith Non -Execut ive D i 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

Stephen BettsNon -Execut ive D i rector

CONTACTS

27

HUM_GOLD

#HUM

AIM:HUM

D a n B e t t s C E O

2 6 M o u n t R o w, L o n d o n , W 1 K 3 S Q

E. enquiries@hummingbirdresources.co.uk

www.hummingbirdresources.co.uk

S T B R I D E S P A R T N E R SL o t t i e W a d h a m / S u s i e G e l i h e r+ 4 4 ( 0 ) 2 0 7 2 3 6 1 1 7 7

B E A U F O R T S E C U R I T I E S L I M I T E DJ o n B e l l i s s / A n d r e w G u t m a n n+ 4 4 ( 0 ) 2 0 7 3 8 2 8 3 0 0

To m H i l lF i n a n c e D i r e c t o r

B e r t M o n r oH e a d o f B u s i n e s s D e v e l o p m e n t

T. + 4 4 ( 0 ) 2 0 7 4 0 9 6 6 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

S T R A N D H A N S O N L I M I T E DJ a m e s S p i n n e y+ 4 4 ( 0 ) 2 0 7 4 0 9 3 4 9 4

B R O K E R

N O M A D

F I N A N C I A L P R / I R

www.hummingbirdresources.co.uk