Guinea As a Mining Jurisdiction GUINEA HAS a WELL ESTABLISHED MINING CODE and EXISTING OPERATING MINING SECTOR
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CORPORATE PRESENTATION June 2020 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. 2 Hummingbird: an overview CASH FLOW-FOCUSSED AFRICAN GOLD COMPANY MALI • Targeting 110,000-125,000ozs of production in 2020 from Yanfolila Mine, Mali providing stable cash flow leveraged to Bamako Office gold price Kouroussa Gold Project Yanfolila Gold Mine • Strengthening balance sheet, on track to be in a net cash position in 2020 and debt free during 2021 GUINEA • Experienced team with a track record of exploration, project and operational delivery Monrovia office • Large scale gold resource with significant growth potential in LIBERIA Dugbe Gold Project the Dugbe project in Liberia • Earn-in agreement with ARX Resources with the option to take the project to a DFS stage • Focus on growth from existing opportunities in current portfolio and through accretive M&A opportunities • Acquisition of the Kouroussa Gold Project has the potential to double production profile • Near mine exploration upside from Yanfolila and neighbouring permit • Members of the World Gold Council 3 Strategic framework to deliver value & sustainable growth LONG TERM FOCUS ON CASH FLOW GROWTH Through the process of exploring, developing, producing and growth it is Hummingbird’s strategy to build a significant gold company with multiple assets in varying jurisdictions that can support and fund this cycle of growth EXPLORE DEVELOP PRODUCE GROW Disciplined investment Proven on time and on 110,000-125,000ozs Cash flow generation in brownfield and budget developers 2020 guidance greenfield targets Capital allocation discipline 574,000ozs+ of Conversion of production currently M&A Resources to Reserves forecast 2020-2024 • Kouroussa Gold Project acquisition High margin • Dugbe / ARX earn-in production agreement Balance sheet strength 4 2019: First year of profit STRENTHING THE BALANCE SHEET Revenue Pre tax profit / (loss) EBITDA (unadjusted) Net Debt EPS $156.9 million $9.4 million $54.5 million $31.5 million $1.53 cents 2018: $116.5 million 2018: ($11.7 million) 2018: $12.7 million 2018: $39.4 million 2018: ($2.93) cents Cash & cash eqv. SMO gold sales Gold poured AISC Gold sold $8.5 million $1.8 million 115,649 oz $986 112,686 oz 2018: $21.5 million 2018: 91,620 oz 2018: $1,087 2018: 91,546 oz 5 Q1 2020 Performance CASH FLOW-FOCUSSED AFRICAN GOLD COMPANY Improved Operational Performance 40 1,900 35 • 30,282 ozs of gold poured in Q1 2020 (33,892 1,700 ozs in Q4 2019) 30 1,500 25 AISC ($/oz) AISC • US$875/oz AISC in Q1 2020 (US$839/oz AISC in 20 1,300 15 Q4 2019) 1,100 10 900 5 Production (000ozs) Production • Average grade of 2.98 g/t in Q1 2020 (2.91 0 700 g/t in Q4 2019) Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 • 24,575 ozs of gold sold in Q1 2020 at an Yanfolila Throughput average price of US$1,568/oz Ore Processed (000 Tonnes) • 2020 Exploration programme well established 400 with over 1,200m drilling completed so far 300 200 • TRIFR rate of 2.30 (12 month moving average) 100 0 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 6 Yanfolila focussed on increasing cash flow and deleveraging Strengthening balance sheet, rapid deleveraging plan • Aggressive deleveraging using Total Debt (US$m) operational cash flow Net Debt (US$m) • Full exposure to 60 increasing gold price 50 • Maintaining monthly debt repayments to 40 strengthen balance sheet 30 • On track to be in a net cash position in H2 2020 20 10 0 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Net debt incorporates liquid assets (cash and gold) for illustrative purposes 7 Yanfolila focussed on mine life extension • Current Mine Plan Yanfolila Production with 574,000ozs+ forecast through (000ozs) to 2024 140 • Continuous 120 exploration across mining licence as 100 well as regional exploration 80 licences 60 • Drilling at Komana East underground 40 target will build up 20 the ounce profile to support and 0 expand the 2018 2019 2020 2021 2022 2023 2024 planned trial underground mine 8 2020 Exploration Plan Drilling Highlights as at 03 June 2020 Komana East Underground Deposit • 4.3m @ 6.51 g/t from 300.7m depth (KEUGDD001) • 2.55m @ 6.16 g/t from 254.9m depth (KEUGDD003) • 3.13m @ 4.21 g/t from 285m depth (KEUGDD003) • 4.82m @ 10.56 g/t from 289m depth (KEUGDD004) Bolobi Coura (“BBC”) Deposit • 4m @ 5.81 g/t from 16m depth (KBCRC0003) • 4m @ 16.90 g/t from 57m depth (KBCRC0003) 9 Response to COVID-19 global pandemic Update – 1 June 2020 • Priority remains the safety and wellbeing of staff, contractors, service providers and suppliers • No material impact to production from COVID-19 • Aim to maintain production and cash flows during this unprecedented global event • COVID-19 task force established • Focus remains on progressing key medium and long-term initiatives • Robust procedures implemented to where possible minimise the potential impact • Short-term strategic objectives to combat the dynamic changes associated with COVID-19 include: • Continuing to support our local communities including donating to 1. Protect and secure the operating environment and local the Government of Mali’s COVID-19 communities fund 2. Protect the health, safety and fitness-to-work of everybody • Supply chains and logistics for people, working at site supplies and parts remain stressed and dynamic requiring close attention 3. Protect and preserve the supply chain • US$10m overdraft facility from Coris 4. Protect and preserve short term liquidity Bank remains available as a precautionary measure 10 ESG: A significant part of Hummingbird’s sustainable growth strategy Environment Social People and Ethics HSE • Hummingbird is committed • Hummingbird is committed to • We originally set ourselves the • All accidents are preventable, both to the environment in the building a lasting positive legacy goal to build a mine in Mali that and we aim to achieve Zero communities where we operate for those living in the could be run by locally-employed Harm with every employee, as well as the wider communities where we operate staff and, through strategic training contractor and visitor returning environmental effects of our programmes, management and home safely each day operations • Our community development feedback, have achieved that goal programme centres on positive • Occupational Health and • We are proud to report that of our • The Yanfolila Tailings Storage planning for the future around Safety Management Plans are 40 plant operators, 20% are Facility (TSF) was four main pillars: developed for each and every women commissioned in December o Water & Sanitation operation 2017 and is managed to o Education • As members of the World Gold highest standards o Health Council Hummingbird will adopt its • Impressive Project average o Alternative Livelihoods Responsible Gold Mining LTIR free rate of 1.25 (per 1m • Installation of solar panels and Principles hours) units to three local health • Examples include building 22 • Hummingbird’s unique SMO gold centres in Yallonkoro-Soloba latrines, donating medical provides transparent supply chain equipment to local communities information to the origin and and building a local store standards of production 11 KOUROUSSA GOLD PROJECT AQUISITION Becoming a multi asset producer – acquisition overview EXECUTING ON STATED STRATEGY.