Growing Gold Production in KazakhstanAnnual General Meeting29 June 2012

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Disclaimer

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The Company

London Listed AIM: HMBCurrent Share Price 1.4 penceMarket Capitalisation £14 millionNumber of Shares 980 millionOptions 18.4 millionWarrants (EBRD) 30 millionSource: Company – 27.6.2012

Significant ShareholdersNick Bridgen 9.0%Henderson Global Investors 6.7%Majedie Asset Management 6.2%EBRD 6.0%Waterhouse Securities 5.3%Barclays Stockbrokers 5.2%Blackrock 4.9%Self trade 4.1%Hargreaves Lansdown 3.7%Other DirectorsTim Daffern 0.03%George Eccles 0.02%

Corporate Overview:

Tim Daffern, Chief Executive OfficerChartered Mining Engineer (UK), MBA24 years international experience in underground and open pit operationsJoined Q4, 2010, 20 months with companyOnsite every month, lives at mine during visits

Baurzhan Yerkeyev, Executive DirectorChairman of Supervisory Boards of Kazakh subsidiary companiesGraduate from Tomsk Polytechnic Institute, Geology (Russia)Formerly project manager for State Geophysical-Geochemical ExpeditionLives in Kazakhstan, in Ust Kamenogorsk and Almaty

Bill Morgan, Chief Financial Officer and Company SecretaryChartered accountant (UK)32 years accountancy and financial management experience9 years in Kazakhstan, lives in local city, Ust Kamenogorsk,

Charles Zorab, Investor Relations – London Former broker and mining analyst

Key Executives:

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A growing gold profile

Sekisovskoye produces from open pit and underground mines

• Target production for 2012 - 26,000 oz Au

First underground production commenced in November 2011

• One month ahead of schedule

Agreement signed* with Akmola Gold LLP, Sept. 2011 - purchase of two precious metals projects, Tellur and Stepok

The company is able to develop all projects to reach >100,000 oz /Au

Executed a loan agreement with EBRD for a US$15M loan facility, June 2012

Exploration potential: underground and nearby properties

Continued appraisal of new projects but remain regionally focused

Forged important local relationships with strong government support

Cash in hand, $10.5M USD, $10M drawdown now received from EBRD

Source: Hambledon Mining

*subject to certain government waivers and consents

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Location of Company’s projectsThe Republic of Kazakhstan

East KazakhstanNorth Kazakhstan

Source: Hambledon Mining

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Hambledon – brief outline

1. Complete ownership of projects 100% interest in Sekisovskoye and expected 100% in Tellur and Stepok gives company control over work

programmes and revenues

2. Growing gold production for the next five years Higher grade from the Sekisovskoye underground ore; feed grade between approx. 3-4 g/t Au

This is after mining and dilution effects Proposed development and near-term production potential of Tellur and Stepok

3. Considerable exploration upside potential 25,000 metre underground exploration campaign well advanced at Sekisovskoye Tellur / Stepok have combined resources of some 440,000 oz of Au plus Ag and other metals, with

considerable up-side potential after further drilling

4. Successfully delivered underground mine at Sekisovskoye Commenced underground mining in November 2011 Current mining on budget, On-going technical studies to optimise the increase in production

Extensive management experience in operating in the FSU Active in country since 1998

The 2012 placing and the EBRD equity investment

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Delay to EBRD funding due to Tailings Dam 3 incident

US$1.2M – to repay Alfa Bank loan to release the security / collateral for EBRD loan

US$3.8M – penalties and administrative fines for the Tailings Dam 3 incident

US$2.5M – for repair of Tailings Dam 3

US$4.0M – for working capital and underground development

Use of proceeds from 2012 placing, the EBRD equity investment:

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European Bank for Reconstruction & Development

The EBRD and Hambledon

EBRD debt facility (US$15M), LIBOR (0.75%) +7% interest rate US$10M in Q2 2012 US$5M in Q1 2013, after meeting target of 175,000tpa on a quarterly basis from underground

EBRD Warrants – 30,000,000 (valid for two years, strike price 4.875p) EBRD Equity Investment (US$3m) - 58,794,708, shares issued

“EBRD will assist Kazakhstan to promote economic diversification and move towards a more sustainable model of financial development.

In its support to the corporate sector, the Bank will address immediate financing needs as part of the EBRD’s best business and environmental practices, and energy efficiency.”

The EBRD and Kazakhstan*

*Source: EBRD.com

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Company project overview

Sekisovskoye Open Pit Mining (Au, Ag) operational since 2007 until Q4, 2014 Underground Mining (Au, Ag) now operational and progressing as planned

Tellur*

Anticipated site establishment H1, 2013 Anticipated Underground Mining (Au, Ag) to commence H2, 2013

Stepok*

Anticipated site establishment H1, 2014

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*subject to certain government waivers and consents

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Company strategy

We aim to:

Become a significant gold producer in Kazakhstan via organic growth and acquisition

Focus on mineral rich areas of Kazakhstan

Improve productivity of Sekisovskoye and implement cost improvements to reduce operating costs

Use the cash flow from Sekisovskoye open pit mine to fund underground mine exploration and development opportunities

Respect local communities close to the Company’s operations and promote social and economic development schemes to benefit them for the longer term

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Sekisovskoye

Key points and competitive advantage:

100% interest in the Sekisovskoye gold mine Located in a mineral rich province with access to skilled local workforce

• 40 kilometres from the regional capital of Ust Kamenogorsk Management enjoys good relations with local government and community representatives Substantial local Infrastructure Increasing gold production levels and head grade Significant exploration upside, mineralisation is open to depth

Source: Hambledon Mining

Sekisovskoye production in 2011

Gold poured – 20,851 oz Au (2010: 22,802)

Mined ore – 594,152t – up 2.5% (2010: 579,579)

Total mined ore and waste – 4,515,867t – up 23% (2010: 3,661,579)

Milled ore – 748,485t – up 5% (2010: 713,088)

Grade 1.09g/t Au (2010:1.18g/t Au) down 7.7% • Plant stopped for nine days, loss of 650 ounces• Lower grade = lower gold plant recovery

Five months on low grade ores whilst we removed the open pit remnant waste

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Sekisovskoye production in 2012

A combination of open pit and underground mining

Target: 26,000 oz Au

Highlights• Underground ores adding high gold grade ore to milling operations• Open pit operating more normally with waste removed• Process plant recovery affected by the characteristics of the ores• Plant operating at 90% capacity due to tailings dam capacity

constraint until October, 2012

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Sekisovskoye target cost of production $ / ounce gold

What makes up a cost of an ounce of gold at Sekisovskoye in 2012?

Mining costs: $625/oz(open pit and underground combined)

Mineral processing: $476/oz

Sub total - cash costs: $1,101

Royalties: $60/oz

Depreciation: $47/oz

Target cost of gold production: $1,208/oz (2011: $1,417/oz)High costs related to mineral process plant recovery

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Underground project ‘ore bodies’ - the future

North

View from South looking North

Showing the existing open pit (light brown), design pit (pink), ore bodies (dark green), existing old underground level (yellow), main underground levels (white) and planned underground decline (blue)

2011-12: A time of transition

Process plant realised record levels of throughput –2011: 744kt; (2010: 712kt) Tailings dam 4: 65% complete Design of Dam 5 (final dam) complete, with construction due to start in Q3, 2012 Underground mine started in November 2011 – ahead of schedule Expanded surface engineering workshops

Main jaw crusher replaced Main cone crusher replaced New excavator, mine trucks, bulldozers, front end loaders replaced in the open pit mine New drill rig purchased Remaining excavators refurbished with new engines and hydraulic components Fifty percent of the conveyors in the crushing and screening plant replaced New boiler in elution circuit and replacement furnace for doré smelting installed Reagent building erected Diesel fuel cleaning system installed Laboratory upgrade and expansion completed

Mineral processing of underground ores underway – 25kt at 3.25 g/t Au treated Remediation of Tailings Dam 3: 35% complete Modification to waste management: 65% complete

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Achievements 2011 and 2012

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Tellur and Stepok

Significant future value for Hambledon:Tellur Awaiting governmental waivers and consents – expected to be received early Q3 2012 Development work at Tellur expected to commence in Q2 2013 Work programmes includes

• Site establishment• UG Portal• Building workshops and workforce accommodation

Ore extraction targeted for late H2, 2013 Targeted production of 50,000 tpa in 2014 – nominally 20,000 Au oz/pa In-situ grade 17 g/t Au, expected head grade 12 g/t Au

Stepok Located 3 kilometres from Tellur Development work at Stepok expected to commence in 2014 Targeted production of 350,000 tpa – nominally 30,000 Au oz/pa In-situ grade 2.5 g/t Au, process plant head grade 2.0g/t Au Mineral resource 3.4Mt oxide ores (GKZ classified) Site process plant

To be established in 2015, treating Stepok and Tellur ores to produce 50,000 oz/pa

Akmola Acquisition timing

Development timetable: pursuing completion with best endeavours

a) Awaiting government waiver – expected Q3 2012

b) Payment to vendors of cash and shares(made from available cash in hand),

c) Industrial development plans lodged and accepted by government

d) Establishment site security second half, 2012

e) Site works commence first half, 2013

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Akmola – expenditure for acquisition

In order to execute the acquisition Hambledon has had to:

• Resurrect the defunct company Akmola Gold LLP• Establish the exploitation licences• Complete and have approved industrial plans• Complete and submit plans for various government ministries• Draft and execute a sale and purchase agreement

Expenditure• Legal: $1.7M• Administrative: $0.7M• Government: $0.9M

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Hambledon Mining plc: share price

Why are the shares underperforming?• Concerns over the extent of fines for TD3• Failure to reach production targets• Completion of TD3 in a timely manner• Obtaining Akmola Gold LLP waivers• Delays to EBRD funding• High cost operation

How are we addressing these issues? Returning the business to normal operations in Q3, 2012 Increasing business gold production from underground mine production Expanding the underground mine infrastructure Improving process plant recovery of gold Cost reduction programmes

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HMB share price – peer comparison

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Contacts

Registered officeHambledon Mining Plc Daws House33-35 Daws LaneLondonNW7 4SD

Investor relations: Charles ZorabTelephone: +44 207 233 1462 e-mail: c.zorab@gmail.com