CORPORATE PRESENTATION

August 2019 Corporate Presentation

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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.

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A MULTI-ASSET AFRICAN GOLD PRODUCERMALI

Yanfolila Gold Mine

Bamako Office

Monrovia office

Dugbe Gold Project

• A producer with significant gold inventory of over 6Moz across two projects in West Africa

- Guidance of 110-125Koz gold production in 2019

• Significant stake in growing exploration firm

• Experienced team with a track record of delivery

• 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 and growing production

Jul 2018

Exploration

drilling begins

at Yanfolila

across a

number of

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

2019

110,000 –

125,000 oz

forecast in

2019

May-July

2019

2nd Ball

Mill

complete

& MDA at

Dugbe

5

GROW VALUE

Cash flow generation

Capital allocation

discipline

M&A

Balance sheet

strength

HIGH MARGIN GOLD COMPANY FOCUSED ON SHAREHOLDER VALUE

STRATEGIC FRAMEWORK TO DELIVER VALUE & GROWTH

PRODUCE

110-125Koz 2019

guidance

High margin

production

EXPLORE

Disciplined investment

in brownfield and

greenfield targets

Conversion of

Resources to Reserves

DEVELOP

Proven on time and on

budget developers

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

SENIOR MANAGEMENT & COMMITTEES

SENIOR VP PROJECT DELIVERY

SENIOR MANAGEMENT

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 , P r e v i o u s l y a 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

CEOTom 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

Kate Harcourt

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

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CAPITAL STRUCTURECOMPETITVE VALUATION & STRONG ANALYST COVERAGE

AT A GLANCE: AIM:HUM

Market Cap (at 06.08.19) US$ 106M

Cash balance (at 30.06.19) US$ 8M

Debt repaid during Q2 US$ 5M

Debt total at end Q2 US$ 51M

Ordinary shares in issue 353,688,201

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

Sustainable

Capital

12%

Gold Fields

6.2%Odey

6%

Majedie

5.4%

Aberdeen

Standard

5%

Management

3.2%

M&G 6.4%Jupiter

3%

Other

57%

C E N K O S

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UNDERVALUED AGAINST OUR PEERS

PEER COMPARISON

Source: Thomson Reuters and Canaccord Genuity LimitedNote: prices as at 07/08/19

nm

0.20x

0.40x

0.60x

0.80x

1.00x

1.20x

P/NAV

$-

$100

$200

$300

$400

$500

$600

EV/Resource ($/oz)

MALI’S NEWEST GOLD PRODUCER

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THE YANFOLILA GOLD MINE

• Built on time and on budget

• High grade deposit: Pre-production Reserve base

of 710koz at 3.14 g/t and over 2Moz Resource

• Carbon-in-leach process plant with current

blended ore throughput capacity of up to 1.4

Mtpa

• Significant scope to increase Reserve base and

Life of Mine through on-going near mine

exploration

• High local workforce rates & local training

programmes ongoing

MALI’S NEWEST GOLD MINE

25% WOMEN PLANT OPERATORS

95% LOCAL WORKFORCE

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Q2 2019 PERFORMANCE

• Q2 2019 production of 27,466 oz , 15% increase from

last quarter

• AISC of US$998/oz, 23% decrease on last quarter

• Average mill grade of 2.86g/t

• Full year guidance of 110-125Koz

• Second ball mill completed on time and budget

WITH QUARTERLY PRODUCTION FIGURES TO DATE

9981,297

1,677

1,006

Q2 2019Q1 2019Q4 2018Q3 2018

Quarterly AISC (US$/oz)

27,46623,807

17,895

22,206

Q2 2019Q1 2019Q4 2018Q3 2018

Quarterly Gold Production (oz)

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INCREASING PLANT THROUGHPUT TO FACILITATE ANTICIPATED RESERVE GROWTH

SECOND BALL MILL

• Construction successfully completed within Q2 2019 on time

and budget

• 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 and 1.24Mtpa to

1.4Mtpa for blend of ore

• The preferential choice when considering the alternative

option of installing a tertiary crusher, per the DFS

DEVELOP & EXPLORE: YANFOLILA

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KOMANA EAST & WEST RESERVES & RESOURCES

KOMANA WEST PIT

CURRENT GOLD INVENTORY

Category Tonnes (t) Grade (g/t) Gold (oz)

Pre-production Reserve 7,039,000 3.14 709,800

Total Mineral Inventory * 27,952,200 2.23 2,005,300

*Including non-JORC compliant figures at 31 March 2019

KOMANA EAST PIT

SIGNIFICANT RESOURCES TARGETED FOR RESERVE CONVERSION

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YANFOLILA MINE LIFE UPSIDE

Over 1Moz of Indicated and Inferred Resources

outside the current mine plan. Historical

Resource to Reserves conversion rate of 55%

Exploration Programme to convert significant

Resources to Reserves

1. Gonka: High grade Inferred deposit situated 5km from the plant

2. Komana East & West: Underground potential not currently in Reserves

3. Sanioumale East & West: Currently only oxide ore in the mine plan

Guirin West

EXCELLENT

DRILL RESULTS:

Komana West:

11.45m @ 8.6g/t

25.75m @ 2.95g/t

Gonka:

15m @ 16.03g/t

20.05m @ 4.63g/t

For full results visit the

news page on our

website

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ESTABLISHING A DOMINANT POSITION CLOSE TO THE YANFOLILA GOLD MINE

CORA GOLD: MALI EXPLORATION

Sanankoro:

17m @ 5.43g/t

11m @ 5.24g/t

DRILL RESULTS

• Hummingbird is a significant shareholder

• 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

• Sanankoro Gold discovery potential for a 1-2Moz

standalone gold mine

• Tekeledougou discovery located 8km from Yanfolila

process plantTekeledougou:

56m @ 2.2g/t

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

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LIBERIA

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OPTIONALITY AND SCALE TO DRIVE PORTFOLIO GROWTH

DUGBE GOLD PROJECT: LIBERIA

DUGBE

• Liberia’s largest gold deposit of 4.2Moz

• Mineral Development Agreement (‘MDA’) passed into

law by Government of the Republic of Liberia in Q2 2019

• Situated just 70km from Greenville deep water port and

accessible by road

• Attractive economics

• Long Life of Mine @ 20 years

• High annual production forecast of 125Koz gold

• Strategy to now look towards taking the next steps at

Dugbe in the best interests of all stakeholders.

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

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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- plus 15% better grade – PEA, was based on 1.3g/t

• Shallow folding ore body• Low Strip ratio • Resource open at depth

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BEST IN CLASS – RESPONSIBLE MINING

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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 WE:

• Pay the salaries of 12 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. 5,000

• Established poultry projects across 4 villages, to contribute to

youth employment and socio-economic development

SUMMARY

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• Strong future cash flow from Yanfolila Gold Mine

• Significant gold inventory, with total 6.2Moz 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

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25

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

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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

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Hummingbird Resources Plc

hum_gold

@HUM_gold

Hummingbird Resources Plc

+44 (0)20 7409 6660

enquiries@hummingbirdresources.co.uk

www.hummingbirdresources.co.uk