Hummingbird Resources : Corporate Presentation & Q3 2020 update

CORPORATE PRESENTATION

Q3 2020 Corporate & Operational Update

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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Q3 2020 Performance: Corporate & operational highlights

Corporate Highlights:

• Balance sheet & Deleveraging: Group cash of US$9m at 30 September 2020 (US$6m at Q2 2020). Total bank debt of US$19 million having been reduced by ~US$7 million during the quarter, bringing net-debt down to ~US$10 million
• Gold inventory: 4,600 oz gold inventory at 30 September 2020 worth approximately US$9m. Including gold inventory value, net-debtreduces to ~US$1m
• 2020 guidance: Production guidance maintained at110-125koz. Now into the dry season expectations are for a better quarter with realistic expectations for the full year to be at the lower end of guidance
• US$995 AISC guidance now more at risk with increased cost pressures: Excessive rain, COVID-19, temporary Mali border closures
• Exploration: Over 95% of the US$5m 2020 Exploration programme complete with +21,000m of drilling. Encouraging results giving confidence of our resource and LOM extension potential at Yanfolila. Recent notable drill hole 16m @ 9.64 g/t from 47m depth from our Sanioumale East ('SE') deposit
• Other: Dugbe, Liberia JV Pasofino is funded and started DFS & exploration works. New exploration targets being explored encouraging | Kouroussa Guinea pre- development progressing. Awaiting mining license to be awarded

Operational Highlights:

• Production: 24,722 ozs of gold poured in Q3 2020 (24,054 oz in Q2 2020)
• AISC: US$1,283/oz AISC in Q3 2020 (US$983/oz AISC in Q2 2020)
• Gold sales: 23,794 ozs of gold sold in Q3 2020 at an average price of US$1,919/oz
• TRIFR rate of 0.91 below company target rate of 2.5

Total Bank Debt & Net Debt

(US$m: Including gold inventory value)

	60
	50
US$m	40
30
	20

10

0

Q1	Q2		Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2
2019	2019	2019	2020	2020	2020	2020	2020	2021	2021
				Total Bank Debt	Net Debt

~2 Year Quarterly Production Numbers

(Koz)

40,000

35,000

30,000

25,000

20,000

15,000

10,000

5,000 -

Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

Gold Poured

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Hummingbird Resources plc: An overview

Strong production base		Multi asset & jurisdiction base
110 - 125koz		1 producing & 2 development
(2020 guidance)		assets in 3 West African countries
1H21 current debt paid off		ESG policy
~US$32m debt & interest		ESG policy & procedures
forecast to be paid in 2020		central to everything we do
Growing cash flow1		Exploration upside
$45m for H1 2020 (vs $16m		2020 drilling programme shows
for H1 2019)		LOM extension potential
	Proven management team
Clear growth strategy
Targeting +200koz by 2022/23		Proven operational & project
from Yanfolila & Kouroussa		development teams

Note: 1) Cash flow is operating cash flow before working capital movements

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