Hummingbird Overview. Corporate Information. Capitalisation Overview. Listed on AIM in Dec 2010 raising US$40m. Market Capitalisation 25m

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2 Disclaimer The content of this document has not been approved by an authorised person within the meaning of the Financial Services and Markets Act Reliance on this document for the purpose of engaging in any investment activity may expose an individual to a significant risk of losing all of the property or other assets invested. These presentation slides (the Slides ) do not comprise an admission document, listing particulars or a prospectus relating to Hummingbird Resources plc ( the Company ) or any subsidiary of the Company, do not constitute an offer or invitation to purchase or subscribe for any securities of the Company and should not be relied on in connection with a decision to purchase or subscribe for any such securities. The Slides and any accompanying verbal presentation do not constitute a recommendation regarding any decision to sell or purchase securities in the Company. The Slides and any accompanying verbal presentation are confidential and the Slides are being supplied to you solely for your information and may not be reproduced or distributed to any other person or published, in whole or in part, for any purpose. No reliance may be placed for any purpose whatsoever on the information contained in the Slides and the accompanying verbal presentation or the completeness or accuracy of such information. No representation or warranty, express or implied, is given by or on behalf of the Company or its shareholders, directors, officers or employees or any other person as to the accuracy or completeness of the information or opinions contained in the Slides and the accompanying verbal presentation, and no liability is accepted for any such information or opinions (including in the case of negligence, but excluding any liability for fraud). The Slides contain forward-looking statements, which relate, inter alia, to the Company s proposed strategy, plans and objectives. Accordingly, you should not rely on any forward-looking statements and the Company accepts no obligation to disseminate any updates or revisions to such forward-looking statements. The Slides and their contents are directed only at persons who fall within the exemptions contained in Articles 19 and 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (such as persons who are authorised or exempt persons within the meaning of the Financial Services and Markets Act 2000 and certain other persons having professional experience relating to investments, high net worth companies, unincorporated associations or partnerships and the trustees of high value trusts) and persons to whom distribution may otherwise lawfully be made. Any investment, investment activity or controlled activity to which the Slides relate is available only to such persons and will be engaged in only with such persons. Persons of any other description, including those that do not have professional experience in matters relating to investments, should not rely or act upon the Slides. The Slides should not be distributed, published, reproduced or otherwise made available in whole or in part by recipients to any other person and, in particular, should not be distributed to persons with an address in the United States of America, Australia, the Republic of South Africa, the Republic of Ireland, Japan or Canada or in any other country outside the United Kingdom where such distribution may lead to a breach of any legal or regulatory requirement. The Slides and their contents are confidential and should not unless otherwise agreed in writing by the Company be copied, distributed, published or reproduced (in whole or in part) or disclosed by recipients to any other person. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward looking statements. 1

3 Hummingbird Overview Corporate Information Listed on AIM in Dec 2010 raising US$40m Top institutional investors: Capital Research 9% JP Morgan 6% Blackrock 6% IFC 6% Resource Capital Funds 5% Capitalisation Overview Market Capitalisation 25m Closing Price (5 April 13) Week Low Week High 1.57 Shares Basic 56.7m Shares Fully Diluted 61.0m Cash (5 April 13) US$22m Debt None Asset Information Defined 3.8Moz gold at 1.27g/t 2.50 Share Price Performance PEA with an NPV of US$337m, IRR of 43% based on 3.5Mtpa CIL operation Hummingbird Gold Average gold production of 125,000oz and Capex of US$212m Feasibility infill drilling underway over 9,000m completed to date in AIM All Share Basic Resources 0.00 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 2

4 Preliminary Economic Assessment Highlights NPV of US$337m for a 3.5Mtpa owner operated CIL Operation ($1,500 gold and 10% discount) Post tax IRR of 43% and payback in 3 years on a US$212m Capex 125,000oz annual production over 20 year LOM 20 year LOM produces free cash of US$954m 2.4:1 Strip ratio, 2.41g/t grade and US$759/oz Opex over first 5 years Contract mining significantly reduces Capex to US$143m and increases IRR to 55% 3

5 Dugbe F Tuzon Sackor Sackor Drilling Results 2012: 3.36 g/t Au 2.49 g/t Au NEW DISCOVERY 1.92 g/t Au 1.33 g/t Au g/t Au 1.92 g/t Au 2.69 g/t Au 1.63 g/t Au 10

6 PEA Owner Operated Tank Leach LOM Totals (owner operated) Unit 2Mtpa 3.5Mtpa 5Mtpa 8Mtpa Total Ore Treated kt 67,937 67,936 67,936 67,936 Total Gold Produced Moz Moz Total Revenue $m 3,796 3,796 3,796 3,796 Total Operating Cash Cost $/oz years 1-5 $/oz Total Operating Cash Cost $/oz LOM $/oz 1, Initial Capital Expenditure $m Sustaining Capital Expenditure $m Total Royalty, G&A $m Taxes $m Operating Free Cash Flow $m ,065 NPV 10% $m IRR % Payback Years Strip yrs 1-5 years Grade yrs 1-5 g/t

7 6 Dugbe 1 Project Resources

8 Near Surface Gently Dipping Mineralized Zone Dugbe 1 Gold Project Dugbe F Cross Sections Tuzon Cross Sections 7

9 8 Conventional CIL Processing

10 Excellent Recovery Rates Dugbe F Samples The weighted average gold recovery of the 213 samples tested from Dugbe F is 90.3% Tuzon Samples The weighted average gold recovery of the 356 samples tested from Tuzon is 88.3% Highest recovery rates are 98% Highest recovery rates are 98.9% Sampled grades range from 0.23g/t to 5.54g/t Au Sampled grades range from 0.27g/t to 8.25g/t Au Dugbe samples within gold recovery range Tuzon samples within gold recovery range Range % Samples Range % Samples >95% % % % % 1.4 >95% % % % % 7.3 9

11 Metallurgy Collection of a representative suite of sample pulps, from both Dugbe F and Tuzon Metallurgical testwork in order to map the gold recoveries of both deposits in 3D Compilation of all metallurgical studies to date Preparation of mineralised zone composites for bottle roll gold extraction Additional grind size studies in order to refine the optimum project metallurgical flow-sheet Further comminution studies Results demonstrate the potential for high recoveries which, combined with low stripping ratios at Dugbe 1, indicate favourable mining scenarios Metallurgical testwork undertaken by Wardell Armstrong International (WAI) 10

12 11 Dugbe 1 Potential Mine Layout

13 Power Options Current estimates of US$0.28/kWh based on Light Fuel Oil (LFO) (GBM 2012) Using rented Heavy Fuel Oil (HFO) generators could reduce to US$0.17/kWh Desktop H.E.P study by Knight Piesold (2012) shows opportunities for run-of-river schemes that could produce up to 30MW at a cost of US$0.18/kWh During DFS all options will be considered to optimise power costs, including: 1. Detailed LFO vs HFO study 2. HEP pre-feasibility study 3. Biofuel option using Crude Palm Oil (CPO) from nearby plantations 12

14 Delivering a DFS Progress Underway DFS Expressions of interest from 16 engineering companies already received Tender to be completed by June 2013 DFS targeting completion by Q Geological Resource-Reserve consultants to be appointed by May 2013 Infill drilling to define mineable Reserve currently ongoing Over 9,000m of infill drilling completed already Metallurgical studies, sterilisation drilling, geotechnical studies to being completed Environmental, Social, Impact Assessment (ESIA) Tender process completed in March 2013; award due mid April Contract commencing April 2013 Completion targeted Q

15 Tuzon Resource Definition Selected drill intersections from first 6 infill holes released in g/t gold 1.36g/t gold 1.45g/t gold 2.91g/t gold 1.32g/t gold 7m at 2.02g/t gold 2.18g/t gold 14

16 Delivering on IPO targets $5m IFC placement $15m Anglo Pacific Royalty Fully funded through 2013 program April 2013 Q first gold pour targeted Q Dec 2012 PEA Completed Raised $40m IPO on AIM Sep 2011 Feb 2012 Resource increased to 3.8Moz Dec 2010 Resource increased to 1.8Moz Maiden Resource 812,000oz 15

17 Path to Production Proposed Development Programme for Dugbe 1 Project Scoping Study MDA Application Phase II Drilling & Trenching Resource Estimation EOI for DFS Contractors Tenders for DFS Contractors Tender award and mobilisation Definitive Feasibility Study Metallurgical Testwork Preliminary Plant Design Phase III Drilling & Trenching Geotech and sterilisation drilling Geohydrology Rapid Biodiversity Assessment Environmental & Social Impact Assessment Detailed Engineering Mine Construction 16

18 Large Exploration Upside Ground selected along most prospective major shear zones Over 45,500 stream, soil and trench samples completed to identify numerous targets Infrastructure platform fully complete to support field operations 3.8Moz global Resource 95m tonnes of ore at 1.27g/t with 0.5g/t lower cut off Over 60,000m drilled to date 17

19 Dugbe Shear Zone 18 9

20 Regional Exploration Plan: Airborne magnetic and radiometric geophysical survey currently being flown over the Dugbe Shear Zone Over 13,000 line km s in total The largest conducted to date in Liberia Regional early stage exploration being conducted Over 3,500m of trenching completed this year A further 4,100m of trenching planned for current programme Extensive soil geochem programmes planned for Q2-Q based on airborne survey results Kanweaken forward operating base open, allows quicker exploration in Tiehnpo 19

21 Developing a New Gold District World s second largest gold-producing region World s fastest growing gold-producing region Same geological pedigree as Ghana Hummingbird had first mover advantage and picked most prospective ground Significant exploration potential in an underexplored part of Birimian 20

22 21 Appendix

23 Experienced Board Ian Cockerill Chairman Ex-CEO of Gold Fields Ltd, Anglo Coal Ltd and Ex-Executive Officer Business Development and African Operations at AngloGold Ltd Executive Chairman of Petmin Limited Over 30 years in exploration and mining David Pelham Technical Director Minerals Geologist with 30 years experience Blue-chip clients including Cluff Gold plc, Outokumpu & AMAX Exploration Credited with discovery of 800Mt Coal deposit in Venezuela & 5-6Moz Chirano gold mine in Ghana now owned by Kinross Daniel Betts Managing Director Co-Founded Hummingbird in November 2005 Formerly Management Consultant with Accenture in years experience in precious metals industry with dealings in developing countries such as Uganda, Sierra Leone, Peru & Mauritania William Cook Operations Director Formerly an officer in the British army including duty in West Africa Many years experience in security, operations and logistics Responsible for establishing operations in Liberia and further developing relationships with the government Matthew Idiens Non-Executive Director Co-Founded Hummingbird in November Director and founder of AIM quoted VANE Minerals plc and founder of several natural resources companies, including Seamwell International (UCG in China) 21 years experience in the resource sector Thomas Hill Finance Director Former senior manager within BDO LLP s natural resources department Metallurgy, economics & management degree from Trinity College, Oxford 12 years experience in the resource sector Stephens Betts Non-Executive Director Co-Founded Hummingbird in November years experience in trading with gold related businesses in developing countries Chairman of Stephen Betts group family business with a 250 year history of gold smelting, refining and bullion dealings 22

24 Strong Shareholder Base Top Shareholders Growing institutional investor base Shareholders # of Shares (m) Shareholding (%) Management % Recent IFC s strategic investment provides project endorsement and comfort in regards to license tenure, technical and environmental due diligence Mark Hillery % Capital Research % JP Morgan % Blackrock % Shareholder Breakdown At IPO Jan 2013 IFC % Resource Capital Funds % African Lion % Odey Asset Management % 40% 60% 28% 72% Investec % Other % Total % Retail & Privately Held Institutional 23

25 Delivered on IPO Resource Target Added +3.0Moz Since Listing in 2010 Total Resource (Moz) Resource Per Share (oz/1,000 share) Number of Shares Outstanding (m) May-10 Dec-10 Sep-11 Current May-10 Dec-10 Sep-10 Current Delivered on IPO resource target at minimum shareholder dilution 24

26 Attractive Value Proposition Total Au Eq. Resources $135 $49 $30 $19 $18 $15 $12 $12 $8 $6 $6 Hummingbird is significantly undervalued compared to its West African peers 25

27 PEA Contract Mining Tank Leach LOM Totals (owner operated) Unit 2Mtpa 3.5Mtpa 5Mtpa 8Mtpa Total Ore Treated kt 67,937 67,936 67,936 67,936 Total Gold Produced Moz Moz Total Revenue $m 3,796 3,796 3,796 3,796 Total Operating Cash Cost $/oz years 1-5 $/oz Total Operating Cash Cost $/oz LOM $/oz 1,235 1,103 1,077 1,017 Initial Capital Expenditure $m Sustaining Capital Expenditure $m Total Royalty, G&A $m Taxes $m Operating Free Cash Flow $m NPV 10% $m IRR % Payback Years Strip yrs 1-5 years Grade yrs 1-5 g/t

28 Dugbe 1 Tank Leach Summary of Initial Capital Expenditure Unit 2Mtpa 3.5Mtpa 5Mtpa 8Mtpa Direct Costs Mining $m Total Process $m Total Infrastructure and Inf Power $m Tailings Management Facility $m Total Direct $m Indirect Costs EPCM $m Freight $m Comms and Vendors $m Spares $m Temporary Facilities $m Working Capital $m Contingency $m Total Indirect $m Total Initial Capital Expenditure $m

29 Mineral Processing & Major Infrastructure Tank Leach Initial Capital Cost Estimate Unit 2Mtpa 3.5Mtpa 5Mtpa 8Mtpa Mining Single Stage Crushing $m Milling $m Leaching $m Carbon Circuit $m Gold Room $m Tailings Detoxification $m Reagents $m Others $m Total Process $m Infrastructure $m Inf Power $m Total Infrastructure and Inf Power $m Tailings Management Facility $m Total Direct $m

30 PEA Mineable Resource Estimation WAI Estimate: Potential Mineable Resource for a Tank Leach Process Route April 2013 (using 0.5g/t lower cut off) Classification Total Tonnes Grade Contained Gold Mt Au g/t g oz Tuzon Ore ,256,491 1,615,784 Waste Strip Ratio Dugbe F Ore ,915,457 1,251,161 Waste Strip Ratio Total In Situ Ore ,171,948 2,866,944 Waste Strip Ratio

31 Dugbe 1 in a global perspective Above average grade 30

32 Gold Price Forecasts US$/Troy Ounce Mar 2013 Jun 2013 Sep 2013 Dec 2013 Mar 2014 Jun 2014 Sep 2014 Dec 2014 Mar 2015 UBS 1,860 1,930 1,920 1,890 1,700 1,700 1,700 1,700 1,500 BNP Paribas 1,815 1,855 1,895 1,895 1,780 1,780 1,780 1,780 n/a Macquarie Bank 1,850 1,900 1,880 1,875 1,850 1,750 1,650 1,600 1,500 Credit Suisse 1,790 1,820 1,870 1,880 1,820 1,750 1,730 1,690 1,500 Morgan Stanley 1,830 1,845 1,860 1,875 1,800 1,800 1,800 1,800 n/a Barclays Capital 1,810 1,780 1,825 1,845 1,760 1,760 1,760 1,760 n/a Standard Bank 1,890 1,800 1,810 1,900 n/a n/a n/a n/a n/a China Int l Capital Corp 1,840 1,860 1,800 1,820 1,840 1,810 1,760 1,740 n/a Investec 1,800 1,800 1,800 1,800 1,800 1,800 1,700 1,700 1,600 Société Génerale 1,800 1,850 1,800 1,750 n/a n/a n/a n/a n/a BREE 1,738 1,738 1,738 1,738 n/a n/a n/a n/a n/a Royal Bank of Canada 1,700 1,700 1,700 1,700 1,700 1,700 1,700 1,700 1,600 BoA Merrill Lynch 1,760 1,850 1,660 1,950 n/a n/a n/a n/a n/a Consensus (Mean) 1,787 1,797 1,787 1,803 1,754 1,727 1,695 1,683 1,569 31

33 Liberia Overview Africa s first female President: Ellen Johnson Sirleaf Population: 4.1 million Capital: Monrovia Area: 99,067 km 2 (38,250 miles 2 ) Life expectancy: 59 (men), 61 (women) Rated second best country in West Africa after Ghana by Transparency International Monrovia CBD Investment into Liberia $19bn committed over next 6 years agriculture and mining leading the way 3 operational deep water ports Monrovia CBD Mining law based on Australian system Largest US embassy in Africa First country to become compliant with the Extractive Industries Transparency Initiative (EITI) International commodity firms investing include Arcelor Mittal, BHP Billiton, Chevron, Sime Darby, Anadarko & Total African Petroleum struck oil offshore in

34 Liberia Economics & Politics In 1960s-70s Liberia was Africa s largest iron ore exporter and 3rd largest in the world Economic growth is projected to reach 7.3% in 2011, up from 6.1% in 2009, and 4.6% in 2010 BHP Billiton concluded Liberian investment deals totalling $3bn in 2010 Arcelor Mittal made shipment of iron ore, July 2011 Mo Ibrahim index of African governance named Liberia as Most improved country in Sub-Saharan Africa in 2008 The USA has spent over $2 billion to help stabilise and develop; more than on any other African country Africa s first female president: Ellen Johnson Sirleaf Africa s oldest republic: founded in 1847 by freed African- American slaves 133 years of peace & stability Johnson Sirleaf re-elected for a second term, Nov 2011 Peace since First democratic elections held in 2005 Democratic: the president's Unity Party does not control the legislature, in which 9 of the 20 registered political parties are represented 33

35 Building a Local Presence Social & Environmental Programmes Sponsored the full renovation of the library at the Liberian Geological Survey Has so far sponsored 25 Liberian geology students through university and now employs 5 graduates full-time Provides medical clinics for local communities Builds and restores wells and town halls in villages near our exploration projects Has built over 20 bridges and constructed and repaired more than 140km of road Has implemented a sanitation programmed and built community latrines in Monrovia Sponsors the Sinoe County football team Has its own football team Hummingbird United Is a proud member of the Corporate Responsibility Forum Liberia 34

36 Pro-active Corporate Social Responsibility Pygmy Hippo Foundation Founded by Hummingbird Resources plc in July 2011, our mission is to promote the conservation, preservation and protection of the endangered pygmy hippo in its natural environment, through the redevelopment of the Sapo National Park and incorporating local communities into conservation initiatives and education programs. In November 2012 we signed a MOU with the Government of Liberia and the Leadership for Conservation in Africa with a view to establishing a Public Private Partnership to manage Sapo National Park. We are currently in discussion with the IFC to fund the feasibility studies for this initiative. Potential Initiatives Enforcing the laws of the Sapo National Park Education of local communities Informing the government of the need to protect the environment Sponsoring and training of park rangers Provision of equipment and facilities to the park Removal of illegal miners Anti-poaching patrols Sponsoring research into the park by world leaders in hippo conservation Future development of low impact ecotourism centred on Sapo National Park Contact details The Pygmy Hippo Foundation 22 Mount Row London W1K 3SF Tel: Fax: info@pygmyhippofoundation.org Registered Charity No:

37 36 NW Joe Village Trench Results

38 37 NW Joe Village Trench Results

39 38 Tiehnpo Trench Results