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Disclaimer
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2
Hummingbird Resources Plc
4
• Listed on AIM on 10 Dec 2010 raising US$40m
• Land package of 7,000km2 – 4th largest gold land
package in West Africa
• Finalising scoping study to prove economics of project
May 2010
0oz
Dec 2010
812,000oz
Sep 2011
1,765,000oz
Feb 2012
3,817,000oz
Liberia Overview
• Africa’s first female President: Ellen Johnson Sirleaf
• Population: 4.1 million
• Capital: Monrovia
• Area: 99,067 km2 (38,250 miles2)
• Life expectancy: 59 (men), 61 (women)
• Rated second best country in West Africa after
Ghana by Transparency International
• Investment into Liberia – $19b committed over next
6 years – agriculture and mining leading the way
• 3 operational deep water ports
• Mining law based on Australian system
• Largest US embassy in Africa is in Monrovia
• 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 2012
Monrovia CBD
5
Liberia’s Birimian Prime Movers
The Birimian:
• the world’s second largest
gold-producing region
• the world’s fastest growing
gold-producing region
• is categorised by large, low-
grade deposits
• was unproven in Liberia before
Hummingbird’s exploration
6
Mineral Exploration Licences
• 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 1.24g/t with 0.5g/t
lower cut off
• Total of 55,640m drilled to date
ZONE 1:
Dugbe Shear Zone
inc Dugbe 1 Project
3.8Moz Resource
ZONE 5:
Mt Ginka iron ore
deposit
JV with Petmin Ltd.
ZONE 2:
Juazohn Shear Zone
Licences cover in
excess of 60km strike
ZONE 3:
Dube Shear Zone
Licences cover 70km
of strike
ZONE 4:
Cestos Shear Zone
Licences cover
60km strike length
7
Land Position and Project Progression
Hummingbird Wales
Hummingbird Amlib
Keegan Avocet
Aureus
Ampella
Hummingbird land holdings
relative to West African peers
Hummingbird land holdings
compared to the size of Wales
Hummingbird Gold
Project Progression Resource Drilling
Scout Drilling
Trenching
Follow Up Stream Sampling First Pass Stream Sampling
Soil Sampling
Sackor / Tuzon / Dugbe F
Mount Ginka
Gold Mine
Development
Dugbe (B + D) / Joe Village (other areas) / Tiehnpo / Zia /
Nemo Creek / Jababli / Crocodile Hill / Kana Hills
Ba / Dugbe (other areas)
Tawake / Plibo / Gekehn / Zwedru / Ke Town
8
Where we were at IPO… … and in December 2012
Drilling 14,020 metres 57,943m
Trenching 3,621 metres 22,360 metres
Soil samples 12,827 36,344
Stream sediments 6,181 9,659
Delivering
Hummingbird exceeds expectations…
9
Experienced
Board
Ian Cockerill Chairman
Daniel Betts Managing Director
William Cook Operations Director
• 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
• Co-Founded Hummingbird in November
2005
• Formerly Management Consultant with
Accenture in 2000
• 10 years experience in precious metals
industry with dealings in developing
countries such as Uganda, Sierra Leone,
Peru & Mauritania
• 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
• 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
Stephen Betts Non-Executive Director
Matthew Idiens Non-Executive Director
• Co-Founded Hummingbird in November
2005
• 25 years experience with countries with
gold related businesses
• Chairman of Stephen Betts group – family
business with a 250 year history of gold
smelting, refining and bullion dealings
• Co-Founded Hummingbird in November
2005. Has founded several natural
resources companies, including Seamwell
International (UCG in China)
• Director and founder of AIM quoted VANE
Minerals plc
• 17 years experience in the resource sector
• 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
Thomas Hill Finance Director
10
Development & Exploration
Zone 1: Dugbe Shear Zone
Sackor
Development: Dugbe 1 Exploration: Dugbe 2
11
• 90km strike length
• 2,051km2 of licence area • Fast track project
development studies at Dugbe 1
• Trench programmes within
Dugbe 1 Project area have
identified further drill targets • Field teams to target
anomalies elsewhere in Dugbe Shear Zone to prove Dugbe 2
• 40km as the crow flies from Dugbe Camp to Greenville port – operational deep water port
Dugbe 1 Project Area
Sackor Drilling Results:
6.00m @ 3.36 g/t Au
5.14m @ 2.49 g/t Au
4.61m @ 1.92 g/t Au
13.00m @ 1.33 g/t Au
2.95m @ 4.12 g/t Au
4.00m @ 1.92 g/t Au
4.72m @ 2.69 g/t Au
7.00m @ 1.63 g/t Au
12
3D Resource models
Dugbe F with Tuzon
behind
Tuzon with drill holes
Tuzon with Dugbe F behind
Dugbe F with drill holes
13
Dugbe F Resource
Line 920N
Line 1360E
1,765,000 oz Au Total Resource at Dugbe F
Total Resource:
1.8Moz
14
Tuzon Resource
Feb 2012: 2,052,000 oz Au Maiden Resource at Tuzon
• 13.00m @ 1.73g/t gold
• 29.46m @ 1.78g/t gold
• 21.35m @ 2.42g/t gold
• 9.76m @ 1.81g/t gold
• 19.32m @ 2.30g/t gold
Post- Maiden Resource drilling to the
north has given good results, including:
Dugbe F Resource:
1.8Moz
Tuzon Resource:
2.05Moz
15
Line 1120N
Line L640N
Dugbe 1 Project Grade Tonne Analysis
Block Model
Cut Value
Au g/t
Block Model
Avg. Grade
Au g/t
Block Model
Tonnage (Mt) Grammes
Total
Ounces
2.00 2.478 3.49 8,643,224 278,000
1.80 2.277 5.29 12,039,355 387,000
1.60 2.097 7.66 16,059,866 516,000
1.40 1.849 12.97 23,986,086 771,000
1.20 1.647 20.30 33,439,028 1,075,000
1.00 1.471 30.05 44,208,540 1,421,000
0.80 1.353 38.10 51,551,876 1,657,000
0.60 1.291 42.14 54,402,038 1,749,000
0.50 1.276 43.01 54,878,371 1,765,000
0.40 1.268 43.44 55,085,044 1,771,000
0.20 1.261 43.73 55,149,805 1,773,000
none 1.261 43.74 55,160,982 1,773,000
Dugbe F Grade Tonnage* Tuzon Grade Tonnage**
Block Model
Cut Value
Au g/t
Block Model
Avg. Grade
Au g/t
Block Model
Tonnage (Mt) Grammes
Total
Ounces
3.00 3.51 0.66 2,301,398 70,000
2.75 3.34 0.88 2,941,376 95,000
2.50 3.10 1.33 4,112,665 132,000
2.25 2.74 2.62 7,160,270 230,000
2.00 2.48 4.38 10,873,336 350,000
1.75 2.22 7.64 16,965,890 545,000
1.50 1.98 12.82 25,366,715 816,000
1.25 1.75 20.61 36,006,449 1,158,000
1.00 1.54 30.76 47,364,001 1,523,000
0.75 1.37 41.71 56,990,191 1,832,000
0.50 1.21 52.80 63,835,970 2,052,000
0.25 1.09 61.42 67,238,322 2,162,000
none 1.09 61.42 67,311,653 2,164,000 * No top cut
** Top cut of 7g/t
0
5
10
15
20
25
30
35
40
45
50
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2.00 1.80 1.60 1.40 1.20 1.00 0.80 0.60 0.50 0.40 0.20 0.00
Blo
ck m
od
el to
nn
ag
e M
t
Blo
ck m
od
el a
vg
gra
de
Au
g/t
Grade g/t Tonnage
0
10
20
30
40
50
60
70
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
3.00 2.75 2.50 2.25 2.00 1.75 1.50 1.25 1.00 0.75 0.50 0.25 0.00
Blo
ck m
od
el to
nn
ag
e M
t
Blo
ck m
od
el a
vg
gra
de
Au
g/t
Grade g/t Tonnage
16
Dugbe F Metallurgy
Thin Section Petrology Work
• Fine grained gold: gold particles range: < 1 - 250 micron, average size 30 micron
• Majority of Au is “free” not “refractory” – appears as halos around pyrite grains and has free grains along shears
Preliminary Metallurgical Test Work
• Up to 53% Au recovery from sulphide ore by gravity separation
• Up to 95% Au recovery from sulphide ore by 24 hour cyanide leach
• Full metallurgical test work programme in 2012
17
Dugbe 1 Project Development 2012
Studies to focus on -
1. Metallurgy
2. Recovery methods and process design
3. Mining methods
4. Power options
5. EIS
6. Resource modelling and pit optimisation
7. Capacity and engineering requirements
8. Infrastructure
18
Other Licence Areas
• Drilling: 17 holes, 1944.7m
• Trenches: 2 (340.7m)
• Pits: 30 (76.2m total depth
60km strike length within licence area
60km strike length within licence area
• 4 soil grids covering 5 high priority targets areas. 2 grids complete
• 567 soil sampling sites proposed for the remaining two grids
• 1366 soil samples
• 1164 stream sediment samples completed
2047 stream
sediment
samples
70km strike length within licence area
Zone 3: Dube Shear Zone
Zone 2: Juazohn Shear Zone
Zone 4: Cestos Shear Zone
19
• Soils: 6843
• Stream sediments: 2,517
• Awaiting MDA negotiations
Overview & Shareholder Structure
Overview December 2010: listed on Alternative Investment
Market (AIM) of the London Stock Exchange raising $40m
IPO 1 Dec 2012
Shares in issue 53,355,565 56,726,371
Options / Warrants 3,510,000 6,390,903
Market Capitalisation £89m / $140m £45m / $70m
Share Price £1.67 £0.80
Gold Price (source: Kitco.com)
$1,375 $1,742
EV / oz $124 $15
Average daily volume $370,000 (since
IPO)
Largest shareholders
• 16.6% Management & connected parties
• 12.0% Mark Hillery
• 9.5% Capital Research & Management
• 8.0% Blackrock
• 7.1% JP Morgan Asset Management
• 5.7% IFC
• 5.1% Resource Capital Funds
• 2.4% African Lion 3
• 2.4% Odey Asset Management
• 2.3% Investec
27% Retail and
Privately Held
73% Other
Retail and Privately Held Shares 30 April 2012 Source: Capita
40% Retail and
Privately Held
60% Other
Retail and Privately Held Shares at IPO Source: Company Analysis
20
Comparative Resource growth with West African gold exploration companies
2009 2010 2011
Humingbird Resources
Keegan Resources
Gryphon Minerals
Papillon Resources
Ampella Mining
Shanta Gold
Azumah Resources
Volta Resources
Moz
2012
1
0
2
3
4
5
6
21
Hummingbird – v – peers Enterprise value per oz
22
-
20.0
40.0
60.0
80.0
100.0
120.0
140.0
Papillon
Roxgold
Aureus
PM
I Gold
Gryphon
Keegan
Orom
in
Nyota
Hum
mingbird
Volta
Am
pella
Azum
ah
Helio
$15
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
• Total $4.6 billion foreign debt relieved since 2006
• Arcelor Mittal made shipment of iron ore, July 2011
• BHP Billiton concluded Liberian investment deals
totalling $3bn in 2010
• The USA has spent over $2 billion to help stabilise and
develop; more than on any other African country
• Mo Ibrahim index of African governance named Liberia
as ‘Most improved country’ in Sub-Saharan Africa in
2008
• 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 2003. 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
23
Social & Environmental Programmes
Hummingbird Resources is committed to contributing
to a programme of social responsibility in Liberia and
is proud of its work so far. Hummingbird…
• sponsored the full renovation of the library at the
Liberian Geological Survey
• has so far sponsored 15 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
24
Contact details The Pygmy Hippo Foundation 22 Mount Row London W1K 3SF Tel: +44 203 416 3571 Fax: +44 203 416 3573 [email protected] www.pygmyhippofoundation.org Registered Charity No: 1143590
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.
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 eco-
tourism centred on Sapo National Park
Contact Initiatives
25
28
Mount Ginka
• Trenching completed in Q4 2011. Drilled in Q1 2012.
• Successful grab samples showing 33-55% Mag Fe and good Aeromagnetic survey results
• 20km strike length of magnetic high with widths of up to 250m and depths of
1000m outlining significant magnetic unit target
• Hummingbird Resources plc Joint Venture partner Petmin Ltd invested US$2m for 50% to cover cost of early exploration
• Government owned, functioning rail
line. Capacity = 35-40mt pa. Mittal at full throttle = 15mt pa
28
Appendix 3: Ironbird Resources Inc. 28
Contacts
Dan Betts CEO
Tom Hill Finance Director
Bert Monro Business Development
Head Office: Lowdy Brabyn +44 (0)20 3416 3560
Liberum Capital: Tom Fyson +44 (0)20 3100 2222
Jefferies Hoare Govett: Thomas Rider
FTI Consulting: Ben Brewerton / Oliver Winters
London Office: 22 Mount Row, London W1K 3SF, UK
Liberia Office: Hummingbird House, Sophie Area,
Congo Town, Monrovia, Liberia
www.hummingbirdresources.co.uk
29