Q2 2018 Operational Update

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

A COMPELLING INVESTMENT IN THE GOLD SECTOR

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

Yanfolila Gold Mine

Bamako Office6.4Moz go ld inventory in West Af r i ca

L i s ted on AIMCurrent SP 31p *

Market Cap £108m*

High grade Low costoperator

~4,000km 2

of exp lorat ion ground in Mal i and

L iber ia

MALI

LIBERIA

Dugbe Gold Project

Monrovia office

*as at 16 July 2018

Hummingbi rd i s an emerging + 100,000oz go ld producer having successful ly bu i l t , commiss ioned and completed ramp up on i t s h igh -grade Yanfol i la G old Pro ject in Mal i

Yanfo l i la bui l t on t ime & on budget

105-115koz 2018 gu idance

BoD & SENIOR MANGEMENT

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

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

DAN BETTS

CEO

ROBERT MONRO

HEAD OF BUSINESS DEVELOPMENT

LOUIS KRUGER

GENERAL MANAGER

DAVID HEBDITCHKATE HARCOURTEDWARD BICKHAM

SHEC COMMITTEE

Att ie RouxNon -Execut ive D i rector

Stephen BettsNon -Execut ive D i rector

Russel l K ingNon -Execut ive Cha i rman

Er n ie NutterNon -Execut ive D i rector

SHAUN BUNN

SENIOR VP PROJECT DELIVERY

SHAUN BUNN

SENIOR VP PROJECT DELIVERY

IAN COCKERILLDAVID LUNTATTIE ROUXERNIE NUTTER

TECHNICAL ADVISORY COMMITTEE

BOARD OF DIRECTORS

David St raker -SmithNon -Execut ive D i rector

TOM HILL

F i n a n c e D i r e c to r

STRATEGIC FRAMEWORK TO DELIVER VALUE & GROWTH

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

DEVELOP• Proven on t ime

and on budget deve lopers

EXPLORE

• Disc ip l ined investment in brownfie ld and greenf ie ld targets

• Convers ion of Resources to Reser ves

GROW VALUE• Cashf low generat ion• Capita l a l locat ion

d i sc ip l ine• Balance sheet st rength

PRODUCE• 105-115Koz 2018

guidance• High margin

product ion

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

HIGH MARGIN GOLD COMPANY FOCUSED ON SHAREHOLDER VALUE

YANFOLILA Q2 IN NUMBERS

H U M M I N G B I R D Q 2 2 0 1 8 5

Q2 2018 Q1 2018*

Gold Poured (Ounces) 33,101 18,785

Ore mined (Tonnes) 282,153 295,228

Ore processed (Tonnes) 287,605 238,628

Avg grade mill feed (g/t) 3.43 2.96

Recovery Rate (%) 95.17 96.10

Gold Sales (Ounces) 38,726 11,941

AISC (US$/oz) 790 -

Average gold sale price (US$/oz) 1,307 1,332

*Ramp-up quarter

PRODUCTION & ORGANIC GROWTH POTENTIAL AT YANFOLILA

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

HIGH GRADE, LOW COST GOLD PRODUCTION

Grade(g/t)

Year

Grade (g/t)

Ounces of gold (Koz)

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

Total potential ounces of gold from Gonka upside (Koz)

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

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

Ounces(Koz)

*

Phased exploration to deliver increase in LOM and Reserves

7

R e s o u r c e s :5 0 6 k o z @ 2 . 4 4 g / tR e s e r v e s :2 3 9 K o z @ 3 . 0 6 g / t

R e s o u r c e s :8 0 9 k o z @ 3 . 0 3 g / tR e s e r v e s :4 7 1 K o z @ 3 . 1 8 g / t

K O M A N A E A S T P I T

C U R R E N T G O L D I N V E N T O R Y

C a t e g o r y T o n n e s ( t ) G r a d e ( g / t ) G o l d ( o z )

P r o b a b l e R e s e r v e s 7 , 0 3 9 , 0 0 0 3 . 1 4 7 0 9 , 8 0 0

T o t a l I n v e n t o r y * 2 8 , 4 9 5 , 0 0 0 2 . 4 0 2 , 2 0 2 , 7 0 0

*Including non-JORC compliant figures

KOMANA EAST & WEST RESERVES & RESOURCES

K O M A N A W E S T P I T

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

8

Q 2 O R E P R O C E S S E D

2 8 7 , 6 0 5 T o n n e s

9 5 . 2 % Q 2 R E C O V E R Y

S I M P L E G R A V I T Y &

C I L P R O C E S S I N G

R O U T E

SIMPLE PROCESS ROUTE

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

YANFOLILA MINE LIFE UPSIDE

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

US$8m+ budget ( l imited to 15% FCF) targeting LoM extensions in the near-term

1.5Moz of Indicated and Inferred Resources outside the current mine plan

2018 Exploration Programme targeting+50,000m drilling at 6 deposits to convert additional 400,000ozs to Reserves

1. Gonka: High grade Inferred deposit situated 5km from the plant. Higher grade has potential to increase annual production rates

2. Komana East: Currently being mined as an open pit. Has significant underground (‘UG’) potential not currently in Reserves

3. Komana West: Due to be mined from Q3 2018, also with significant UG potential not currently in Reserves

4. Guirin West: situated 2km from the plant with high grade Oxide Resources 5. Sanioumale East: Currently only Oxide material in the phase 2 mine plan.

Requires additional drilling to bring Fresh Rock into the plan6. Sanioumale West: as above

A detailed presentation on this subject can be found at hummingbirdresources.co.uk/operations/mali-exploration/

Guirin West

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

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

Results 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 2 2 0 1 8 11

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 attract ive economics at cur rent go ld pr i ces

Ant ic ipated 125,000oz Au per annum

20 year L i fe of Mine

OPTIONALITY AND SCALE TO DRIVE PORTFOLIO GROWTH

US$186MNPV @ US$1,300 Au

IRR

CORA GOLD INVESTMENT

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

Sananko r o go l d d i scove ry : poten t i a l for a 1Moz+ standal o ne m i ne devel op 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 wi th 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

Recent dr i l l i n g at Tekel ed ou g o u has produ c e d two new gol d zones wi th shal l ow, broad, h i gh -g ra d e go l d i nterc e p ts

Wi th i n t ruck i ng d i s tanc e f rom Yanfo l i l a

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

17m @ 11m @

H i g h g ra d e S a n a n ko ro

US$10MH i s t o r i c a l e x p e n d i t u re

b y G o l d F i e l d s

56m @ 17m @ 60m @

H i g h g ra d e Te ke l e d o u g o u8 k m f ro m Ya n f o l i l a

PEER COMPARISON

H U M M I N G B I R D Q 2 2 0 1 8 13

UNDERVALUED AGAINST PEERS

Source: Thomson Reuters and Canaccord Genuity LimitedNote: prices as at 2 May 2018

CORPORATE INFORMATION

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

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

W H I R E L A N D

C A N A C C O R D

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

STRONG INSTITUTIONAL REGISTER & GROWING BROKER COVERAGE

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

SUMMARY

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

PRODUCTION

EXPANSION AT YANFOLILA

CORPORATE GROWTH

• 2 0 1 8 G U I D A N C E O F 1 0 5 - 1 1 5 KOZ• LO W - C O ST P R O D U C T I O N

• 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

• M & A G R O W T H O P P O R T U N I T I E S

EXPLORATION & DEVELOPMENT

APPENDIX

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 2 2 0 1 8 17

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 2 2 0 1 8 18

• 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

Russel l K ingNon -Execut ive Cha i rman

Daniel BettsCEO

Thomas H i l lF inance 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

Att ie RouxNon -Execut ive D i rector

• 42 years operational , technical and executive experience

• Former COO of Endeavour Mining

• Chairman of the TAC

Er n ie NutterNon -Execut ive D i rector

• Mining analyst formerly with Capital Group

• Former Director and Managing Director of RBC Capital Markets

• Former Chairman of RBC Dominion Securities

• BSc Geology

• 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

David St raker -Smith Non -Execut ive D i rector

THE “HUMMINGBIRD 1OZ” COINS

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

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

On sale at:www.bettsinvestments.co.uk

INVESTING IN THE FUTURE

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

NEAR TERM GROWTH POTENTIAL ONCE OPEN -PIT IS COMPLETE

US$8m (15% FCF) committed to exploration in 2018

CONTACTS

21

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

C A M A R C OG o r d o n P o o l e / O w e n R o b e r t s+ 4 4 ( 0 ) 2 0 3 7 8 1 8 3 3 4

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

C A N A C C O R D G E N U I T YM a r t i n D a v i s o n+ 4 4 ( 0 ) 2 0 7 5 2 3 8 0 0 0

S T R A N D H A N S O NJ a m e s S p i n n e y / R i t c h i e B a l m e r+ 4 4 ( 0 ) 2 0 7 4 0 9 3 4 9 4

B R O K E R

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

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

N O M A D