Hummingbird Resources : 2023 Indaba & 121 Investor Conference Corporate Update

2023 Indaba & 121 Investor Conference

Corporate Update

A multi-asset,multi-jurisdiction gold producer

Corporate Update February 2023: A multi-asset,multi-jurisdiction gold producer

Strong organic growth:

On track for +200,000 oz production

Reserves +4.1 Moz & Resources +7.3 Moz1

• Exploration upside remains to extend Reserves & Resources at all three assets, especially at Kouroussa

Strong organic production growth2

• On track to be a +200,000 oz gold producer once Kouroussa into full production
• Yanfolila, Mali FY 2023 production guidance 80,000 - 90,000 oz
• Updated Group guidance when Kouroussa, Guinea into production and ramping up, end of Q2 2023

Financed for growth

• Group finance facilities in place with long term partner Coris Bank International, along with Group cash flows, to fund the Company's growth profile

Multi-mine & multi-jurisdiction

• Yanfolila, Mali
  Producer, with improving production trends, and first underground gold pour end of Q4 2023
• Kouroussa, Guinea
  First gold pour end of Q2 2023
• Dugbe, Liberia
  Strategic review underway
  with JV partners Pasofino Gold Ltd

ESG Focused

• Member of the World Gold Council ("WGC"), adhering to the Responsible Gold Mining
  Principe's ("RGMPs") with full compliance achieved November 20223
• Member of Single Mine Origin ("SMO")

1. See release 30 June 2022 "2022 Updated Company Reserves and Resources Statements".
2. See release 6 February 2023: "Q4 2022 Operational Update and 2023 Outlook"
3. See release 08 November 2021: "Implementationof the World God Council's RGMPS".

Experienced board & management

• Experienced board, executive and on site management teams to drive the strategic growth platforms for the Company

Corporate Update February 2023: A multi-asset,multi-jurisdiction gold producer

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Material Company Reserves underpin future long life of mine plans

COMPANY RESERVES		RESERVES SUMMARY
Asset:	kt	g/t	koz
Yanfolila, Mali	7,853	2.85	719
Kouroussa, Guinea	4,856	4.15	647
Dugbe, Liberia	66,000	1.30	2,760

Company Reserves of 4.13 Moz

• Yanfolila, Mali Reserves of 719 koz @ 2.85 g/t
• Kouroussa, Guinea Reserves of 647 koz @ 4.15 g/t
• Dugbe, Liberia Reserves of 2.76 Moz @ 1.30 g/t

Company Resources of 7.28 Moz

▪	Yanfolila, Mali Resources of 2,065 koz @ 2.22 g/t
▪	Kouroussa, Guinea Resources of 1,200 koz @ 3.02 g/t

Total Company Reserves

COMPANY RESOURCES

Asset:

78,709	1.63	4,126
	RESOURCES SUMMARY
kt	g/t	koz

▪	Dugbe, Liberia Resources of 4.0 Moz @ 1.27 g/t
LOM upside with further exploration drilling
▪	Currently evaluating 2H 2023 exploration plans at Kouroussa and
	Yanfolila given the limited exploration drilling done in 2022

Yanfolila, Mali	28,946	2.22	2,065
Kouroussa, Guinea	12,365	3.02	1,200
Dugbe, Liberia	98,100	1.27	4,013
Total Company Resources	139,411	1.62	7,279

1. All Company Reserves and Resources are shown on a 100% basis. Hummingbird will retain a controlling interest in Dugbe of 51%.
2. Yanfolila and Kouroussa Reserves and Resources statements effective 31.12..2021 and 21 July 2022: "Q2 2022 Operational and Trading update"..
3. Dugbe Reserves statement effective as at 01.05.2022 and Resources statement effective as at 17.11.2021 as produced by Pasofino Gold Ltd.
4. Yanfolila and Kouroussa Reserves based on US$1,500 Au and Dugbe Reserves based on US$1,600 Au as prepared by Pasofino Gold Ltd.
5. Total g/t is based on a total weighted average ounces calculationper asset.
6. See release 30 June 2022 "2022 Updated Company Reserves and Resources Statements" for more details.

4.13 Moz

RESERVES BASE

7.28 Moz

RESOURCES BASE

CorporateUpdateFebruary202023:ClearA multipath to-asset,being multia -jurisdiction-as et producergold producer

3‹#›

Strong organic portfolio growth: On track for +200,000 oz pa production

Production (Koz)

250					2000
225					1800
200
					1600
175						1400
150						1200	AISC(US$/oz)
100						800
125						1000
75							600
50							400
25						200
0	c. 80 Koz		+100 Koz		+200 Koz	0
	2022¹	2023²		2024

TARGETING GROUP WIDE AISC PROFILE OF

c.US$1,200 BY 2024

TARGETING

+200 koz

PRODUCTION RUN RATE FROM L ATE 2023 ONWARDS

Yanfolila Yanfolila range

Potential Kouroussa production range estimate only and subject to change

Group AISC. FY 2023/24

estimate only and subject to change once Kouroussa into production

1. See release 6 February 2023: "Q4 2022 Operational Update and 2023 Outlook".
2. Forecast estimates only from 2023 onwards, which are subject to change dependant on time to reach nameplate production at Kouroussa.

Corporate Update February 2023: A multi-asset,multi-jurisdiction gold producer

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Strong growth catalysts

	COMPLETED DURING 2022		NEAR TERM: NEXT 12 MONTHS - 2023		MEDIUM TERM: 24 - 36 MONTHS 2024+
KOUROUSSA, GUINEA	▪ Key construction and delivery targets met	▪	First gold pour end of Q2 2023	▪ +100,000 oz production taking the
					Group to a +200,000 oz FY 2024+
	▪	Updated Reserves of 647 koz @ 4.15 g/t and	▪	Expectations are that Kouroussa once fully operational, will
		Resources of 1.20 Moz at 3.02 g/t1		add a material uplift to the Group's 2023 production profile	▪	Further exploration programmes
	▪	General Manager with significant operational	▪	Group guidance update once Kouroussa operational and	▪	Annual update of Resources &
		experience joined, with operational readiness		ramping up		Reserves
		beginning	▪	2H 2023 exploration plans developed

YANFOLILA, MALI

• Updated Reserves of 719 koz @ 2.85 g/t and Resources of 1.20 Moz at 3.02 g/t1
• Strong Q4 2022 production of 28,264 oz with operational trends improving into 20232
• FY 2022 80,178 oz of gold achieving revised guidance
• External support in the form of equipment, management expertise and funding for the contract miner
• Changes to the leadership team of the mine
• WGC RGMP full compliance achieved3

• FY2023 production guidance for Yanfolila, Mali of 80,000 - 90,000 oz, AISC under US$1,500 per oz1
• Optimisation improvement strategies embedded including: mill grade feed; stabilised production; departmental cost control and reduction programmes & enhanced community engagement
• Komana East underground first gold pour end of Q4 2023

• Ongoing steady state production c.80,000 - 90,000 oz
• Komana East underground full year of production
• Gonka underground into FY 2025 mine plans
• Annual update of Resources & Reserves

DUGBE, LIBERIA	▪ DFS Completed June 2022. Pre-tax NPV5%		▪ Strategic review underway with JV Partners Pasofino to	▪ Strategic review finalised or being
of US$690 million and long 14 years LOM4		maximise the value of Dugbe for all stake holders	implemented
1.	See release 30 June 2022 "2022 Updated Company Reserves and Resources Statements".	3.	See release 15 November 2022 "WGC RGMP Full Compliance Achieved".
2.	See release 6 February 2023: "Q4 2022 Operational Update and 2023 Outlook"	4.	See release 13 June 2022: "Dugbe Gold Project Feasibility Study Results".
Corporate Update February 2023: A multi-asset,multi-jurisdiction gold producer			5