April 2014 – Investor Presentation - Hummingbird Resources by xiuliliaofz


									    April 2014 – Investor Presentation

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                                                                                     2005 (such as persons who are authorised or exempt persons within the
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Introduction and Overview
 Founded in 2005

 HUM: AIM listed in December 2010

 Currently has 4.2 Moz Gold at its
  Dugbe 1 Project

 First movers into Liberia
      Explored 12,000km2
      Currently holds 4,000km2


LARGE EXPLORATION POTENTIAL with 140 targets across the 2,000km2 Dugbe Shear Zone

Solid Corporate Foundations
          High level of management ownership                                                  Capitalisation Overview
              and strong institutional support:                                  Market Capitalisation (31 March 14)           £34.2m
Management                                                            17%        Closing Price (31 March 14)                   53.50p
Dundee Corporation                                                    15%        52 Week Low (12 July 2013)                       19p
                                                                                 52 Week High (14 March 2014)                   64.5p
Mark Hillery                                                          12%
                                                                                 Shares Basic                                   59.5m
Capital Research                                                       9%
                                                                                 Shares Fully Diluted                           66.5m
IFC                                                                    6%
Resource Capital Funds                                                 5%        Funding (31 March 2014)                       US$9m
Sprott Inc                                                             5%        Debt                                           None
                                                                                                Grade relative to peer group
              Share price performance graph Mar ’13 – Mar ‘14                           5
    120                                                                               4.5
    100                                                                                 4
    80                                                                                3.5

    20                                                                                1.5
     0                                                                                  1


                                                                                                        Company Projects

Corporate Timeline – Case for Investment – Key milestones
post IPO

                         IPO - $40m            Petmin invest further                      $5m IFC                                             Fully funded            £1.1m
                          fundraise                  $1.5m                               placement                   Anglo Pacific                                  Placement
                180                                                                                                  $15m royalty            through 2013
                                                                                                                                              programme             with Sprott
                                                                                                                      agreement                                         Inc.
                                                                                                                                             Formation of
                140                                                                                                                            Advisory
                        43-101                                                                                                   completed                    Tuzon Material
                        maiden                                                                                                    (NPV of                       Resource
                100   resource of                                                                                                                            Upgrade bringing
OPERATIONAL                                                                                                                       $337m)
                      812,000 oz                                                                                                                             Dugbe to 4.2Moz
                80                                           Completion of Joe Village                                                                                            Mid Price
                                  Resource                    acquisition – resource
                                increased to                   increased to 3.8m oz
                60                1.8m oz

                40                             Record gold                                           Gold futures fell to
                                                 price of                                             <$1,200 in 34
                                                $1,923.70                                            months to 26 June                                  Final Funding
      MACRO /   20                                                                                                                                    received for DFS
                                                                                                                                                         from Anglo

                                                                                                                Source: Company reports; Factset; Bloomberg; Cantor Fitzgerald Europe

The Opportunity – Dugbe 1
                     Large scale resource - 4.2 Moz gold @
                    1.4 g/t at Dugbe 1 Project Area including:

                       2.47 Moz ($1,500 pit) Tuzon Resource;
                          2.03 Moz @ 1.51 g/t Indicated
                          0.44 Moz @ 1.32 g/t Inferred

                       1.76Moz Dugbe F Resource; includes
                         approx 1.76 Moz @ 1.28 g/t Inferred

                     DFS on track for completion Q3 2014

                     PEA at $1,300 gold has an IRR of 29% and an
                      NPV (10%) of $186m

The Opportunity – Regional prospectivity


 Over 2,000km2 of exploration ground surrounding Dugbe 1 Project with over 140 targets
 Active exploration following a 17,000 line km, 1:50,000 airmag survey to explore targets

Liberia – An Attractive Investment Destination
 $19bn in committed investment over
   next 6 years

 Favourable fiscal regime – expected
  3% Royalty and 25% basic tax rate

 Mining contributes to 10% of economic

 A pro-mining government, democratically
  elected in November 2011

 Mining law based on Australian mining

Dugbe 1 Project

Dugbe 1 Project
 2 deposits of 4.2 Moz with a 3rd mineralized
  deposit drilled
 40 miles by road from Greenville Port
 Positive PEA in varying gold price environment:
3.5 Mtpa                        $1,300       $1,500
Cash cost/oz years 1-5              $749        $759
Cash cost/oz LoM                    $894        $904
Capex (m)                           $212        $212
NPV (m) (10%, post tax)             $186        $337
IRR (%)                               29          43
Strip ratio years 1-5              2.4:1       2.4:1
Gold produced/year (oz)          125,000     125,000

 20 year mine life
 DFS on Dugbe 1 project due for completion in Q3
 Tuzon represents first 10 years of mine life in PEA

 Dugbe 1 Project Resources
                                                             Tuzon Inferred and Indicated Grade-Tonnage Curves

 Tuzon (US$1,500 pit)   Tonnes (m) Ounces (m) Grade (g/t)
 Inferred                     10.2         0.43       1.32
 Indicated                    41.8         2.03       1.51
 Total                       52.00         2.46       1.47
 Tuzon (US$1,200 pit)
 Inferred                      4.9        0.24        1.55
 Indicated                    37.4        1.88        1.56
 Total                       35.01        2.12        1.56
 Dugbe F
 Inferred                    43.00        1.76        1.28

 Infill drilling programme completed in March
  2014 significantly upgrading total Tuzon resource at
  US$1,500 pit shell by 60%

 Drill results significantly surpassed expectations

New Tuzon Resource Model
 2.47Moz Tuzon Mineral Resource
      2.03 Moz @ 1.51 g/t Indicated
      0.44 Moz @ 1.32g/t Inferred
      +15% better grade – PEA, was
       based on 1.3 g/t

 Shallow folding ore body

 Strip ratio of 1:1 first years mining

 Resource open at depth

 Lithological model gives confidence
     of resource expansion

Tuzon infill cross sections

Delivering the DFS
                                 2013              2014                  2015                  2016
Legal and Permitting
Phase II Drilling & Trenching
Dugbe F Infill
Phase III Drilling & Trenching
Options Study
Detailed Feasability Study
Mine Design

Process Design


Mine Contruction
Production Commences

Detailed Feasibility Study – Delivering the Project
 Re-modelling Tuzon on completion of infill drilling completed March 2014 – significantly increased Dugbe
resource to 4.2 Moz
 Phase 1 Metallurgical work and throughput options study completed
 Geotechnical and Hydrological drilling completed
 ESIA studies currently being completed and on target for completion Q3 2014
Dugbe 1 Mine Plan

Proposed Life of Mine scheduling plan
 SRK Resource work being used to optimise scheduling

 Strip ratio under 3:1 for first 10 years

 Cash cost under $800/oz in first 10 years

Conventional CIL Processing

 PEA Metallurgical test work showed average
  recoveries of:
      88% at Tuzon
      90% at Dugbe F

 DFS test work underway
      Phase 1 test work showed straight CIL flow
       sheet was optimum
      Phase 2 test work underway to;
        - Optimised grind size (cost versus recovery)
        - Map metallurgical recoveries across ore body

 75 Micron grind most likely optimum trade
  off against power costs

Greenville Port
                   Dugbe 1 Project is situated only 40 miles by
                    road from the deep-water port of Greenville

                   Ability to barge all equipment into Greenville
                    port from consolidation area in Cote d’Ivoire
                    or Ghana

                   Majority of access road well maintained by
                    large logging concessionaire

                   Full storage facility / lay-down area just
                    outside of port

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$0.24/kWh

 Desktop H.E.P study by Knight Piesold (2012) shows opportunities for hydro-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:

     ❶   Detailed LFO vs HFO study
     ❷   HEP pre-feasibility study
     ❸   Solar option to provide up to 10MW for daylight hours

  Considerable interest from IFC and USAID to invest in power element of the project

 Expected completion date of July 2014
 Baseline studies underway with good progress across
  the board and no red flags
 Soil baseline completed over Dugbe 1 Project area

 Biodiversity strategy approved by IFC. A number of
  specialist studies completed in Q1 2014
 Water quality monitoring work continues. Last
  hydrological drilling work completed in January 2014

 Socio-economic baseline fieldwork completed in
  December 2013. Over 230 household surveys and 60
  focus groups and key informant interviews undertaken

 Second round of stakeholder consultations undertaken

 First Resettlement Working Group meeting undertaken
  in November 2013


Regional Exploration – Airborne Survey

                                                                                  * based on 1:50,000 survey

 Airborne magnetic and radiometric geophysical survey flown over the entire Dugbe Shear Zone
 Over 17,000 line kms in total, the largest conducted to date in Liberia

Exploration plan for 2014
 Over 140 exploration targets discovered across the Dugbe Shear Zone following Airborne survey
 Re-processing priority 1 targets to 1:10,000 for greater clarity
 Follow up targets at all stages of exploration - 2014 plan incorporates geological mapping, soil sampling and
  trenching in the first phase
 Active team of exploration geologists on the ground to carry out this work
 Following successful results a RAB drill programme is anticipated, a quick and cost effective approach
 Identifying Resource drill targets across the Dugbe Shear Zone part of Hummingbird’s plan for 2014


Funding Options
 Endeavour Financial has been retained to advise on the raising of Project Finance Debt to
     support the development of the Dugbe 1 Project
 Financing will blend all possible sources of capital including commercial banks, development
     finance, multilateral agencies and equipment financing

 Objective is to maximise senior debt capacity to minimise equity dilution

 IFC strategic shareholding paves the way for development bank funding

 Recent Liberian Mine Financing:
   US$100m Project Finance Facilities
       -   6.5 year US$12m Subordinated Debt
       -   Lenders - Nedbank & RMB (African focussed commercial Banks)
       -   6 year US$88m Senior Debt
       -   Export Credit Insurance Corporation of South Africa Limited (“ECIC”), which provides political
           and commercial risk coverage for Nedbank and RMB

Experienced Board
                                                        Ian Cockerill
                                                        Non-Executive Chairman
                                                           Ex-CEO of Gold Fields Ltd, Anglo Coal Ltd and Ex-Executive Officer Business Development and
                                                            African Operations at AngloGold Ltd
                                                           Non-Executive Chairman of Petmin Limited
                                                           Senior Lead Non-Executive Director of Ivanplants Ltd and Vice-Chairman of African
                                                            Minerals Ltd
                                                           Over 30 years in exploration and mining

     Thomas Hill                                                      Daniel Betts                                                                        William Cook
     Finance Director                                                 Managing Director                                                                   Operations Director
        Former senior manager within BDO LLP’s                          Co-Founded Hummingbird in November 2005                                                Formerly an officer in the British army including
         natural resources department                                    Formerly Management Consultant with                                                     duty in West Africa
        Metallurgy, economics & management degree                        Accenture in 2000                                                                      Many years experience in security, operations
         from Trinity College, Oxford                                    10 years experience in precious metals                                                  and logistics
        10 years experience in the resource sector                       industry with dealings in developing countries                                         Responsible for establishing operations in
                                                                          such as Uganda, Sierra Leone, Peru &                                                    Liberia, as well as more recently for the
                                                                          Mauritania                                                                              general oversight of the DFS and ESIA

     Matthew Idiens                                                     David Pelham                                                                      Stephens Betts
     Non-Executive Director                                             Non-Executive Director                                                            Non-Executive Director
        Co-Founded Hummingbird in November 2005.                          Minerals Geologist with 30 years                                                 Co-Founded Hummingbird in November
        CEO and founder of AIM quoted Rose                                Blue-chip clients including Cluff Gold plc,
         Petroleum plc and founder of several natural                       Outokumpu                                                                        40 years experience in trading with gold
         resources companies, including Seamwell                            & AMAX Exploration                                                                related businesses in developing countries
         International (UCG in China)                                                                                                                        Chairman of Stephen Betts group – family
                                                                           Credited with discovery of 800Mt Coal deposit                                     business with a 250 year history of gold
        21 years experience in the resource sector                         in Venezuela & 5-6Moz Chirano gold mine in                                        smelting, refining and bullion dealings
                                                                            Ghana now owned by Kinross

Technical Advisory Committee

     David Pelham                                Mike Skead                                                         Mark Calderwood
        Credited with discovery of 5-6Moz          VP Project Evaluation at Dundee                                   Ex-CEO of Perseus Mining
         Chirano gold mine in Ghana now owned        Resources                                                         Successfully led Perseus from discovery
         by Kinross                                 Ex-CEO of Ryan Gold                                                to production at Edikan Gold Mine with
        Director at Hummingbird Resources for      Former Head of Exploration at Banro                                production of over 200,000oz gold a
         over 5 years                                Corp                                                               year

     Nigel Walls, Head of Project                                                  Mark Fleming, Chief Geologist
     Development                                                                   • 35 years of experience in mineral exploration,
                                                                                     mining and project evaluation
        Ex COO & CEO of Ncondezi Coal
                                                                                   • Last 12 years in Ghana, Burkina Faso and
        Former director of Wardell Armstrong                                        Senegal
         International Ltd


Reasons to Invest
 Large-scale opportunity – a land package to support significantly more resource growth

 Rapidly developing project with DFS due in Q3 2014 – economic at current gold prices

 Fully-funded through DFS due in Q3 2014

 Active exploration programme with over 140 targets across the Dugbe Shear Zone

 Experienced team with both capital markets and technical experience

 Institutional shareholder base

EV/oz vs peers (March 2014)

                                                                                                     EV/Total RSO (US$/oz)
      GRYX        ORE        AZMX       HUM         AKG         TGM        AUE         PIRX


Undervalued to peers – Price / NPV                    (March 2014)









               HUM   GRYX   AZMX   TGM   AUE   PIRX   ORE            AKG

Peer group benchmarking
Peer Group EV/Resource (March 2014)                                            90.0

                                                                                      EV/Total RSO (US$/oz)
     GRYX        ORE        AZMX         HUM          AKG   TGM   AUE   PIRX

Peer group share price performance (YTD) (27.03.14)

 A pro-mining government, democratically re-elected in                                      Real GDP Growth
November 2011

 The mining sector’s contribution to growth has tripled, from
3.4% in 2011 to 10.4% in 2012                                          8

 Liberia was the 11th EITI (Extractive Industries Transparency        6
Initiative) reporting country
 Mining law based on Australian mining regulation
 Investment into Liberia - $19bn committed over next 6 years
– agriculture and mining leading the way                               0
                                                                           2008A     2009A      2010A   2011A    2012A    2013E
 Infrastructure development conducive to support growing
mining sector: 3 operational deep water ports
 International commodity firms investing include Arcelor Mittal, BHP Billiton, Chevron, Sime Darby, Anadarko & Total
 Following 11 years of peace and stability, Liberia’s political system has progressed towards democratic stability
 In Transparency International’s Corruption Index in 2012, Liberia is ranked far ahead of it’s West African neighbours
such as Sierra Leone, Cote d’Ivoire and Guinea
 2012 Ibrahim Index of African Governance report found that while West, Central and Southern Africa are improving their
overall governance scores, both North and East Africa have registered declines

Our Commitment Towards Responsible Operations
 Hummingbird Resources is committed to working with the Government of Liberia and the national and local authorities to support the
development of robust standards for sustainable mining
 The IFC investment is an endorsement of Hummingbird’s commitment to operating in line with best practice standards
 Hummingbird Resources has contracted AMEC to carry out an Environmental and Social Impact Assessment across it’s operations
in the Dugbe 1 Project Area
 The completion of this comprehensive social and environmental baseline study will serve as the foundation for developing our
Sustainability Policy Framework, to help minimise and mitigate the social and environmental impact of our operations across our
footprint in-country
 The development of the Sustainability Policy Framework will enable the Company to roll-out improved policies, procedures and
management plans strategically across the Company’s operations
 Our Sustainability policies will be aligned with other internationally recognised policies of industry best practice, such as the
International Council on Mining and Metals Sustainable Development Framework, OECD Guidelines for Multinational Enterprises,
United Nations Global Compact, Extractive Industries Transparency Initiative and the UN’s Millennium Development Goals

Sustainability Framework Timeline

                                                           Q1 2014                                                   Q3 2014
                     • Hummingbird engaged                                       • The implementation of
                       AMEC to carry out a Social   • Hummingbird & AMEC           Hummingbird’s              • Performance Measurement
                       and Environmental Impact       develop an overall           Sustainability Framework     & Evaluation of
                       Assessment                     Sustainability Framework                                  Hummingbird’s
                                                      and policy structure                                      Sustainability Framework

                            Q2 2012                                                     Q2 2014

Community and Environmental Programmes
A key pillar of Hummingbirds Sustainability Strategy will be community and environmental development programmes to ensure a
lasting and sustainable contribution to the social, environmental and economic wellbeing of our local communities.

During the initial exploration phase of the Dugbe 1 Project, Hummingbird has already committed significant funding towards
community programmes, which includes the following:

 Establishing the Pygmy Hippo Foundation with the mission 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

 The full renovation of the library at the Liberian Geological Survey

 Sponsoring 43 Liberian geology students through university and now employs 3 graduates full-time

 Building and restoring wells and town halls in villages along the footprint of our operations

 Building in excess of 20 bridges as well as constructing and repairing more than 140km of road providing much needed rural
  access to South East Liberia

 Implementing a sanitation programme and building community latrines in Monrovia

PEA – Robust economies
                                                              Tank Leach - 3.5Mtpa
        LOM Totals (owner operated)        Unit
                                                   US$1,300        US$1,500          US$1,700
Total Ore Treated                           kt      67,936           67,936           67,936
Total Gold Produced Moz                    Moz       2.5              2.5              2.5
Total Revenue                              $M       3,290            3,796            4,303
Total Operating Cash Cost $/oz years 1-5   $/oz      749              759              769
Total Operating Cash Cost $/oz LOM         $/oz      894              904              914
Initial Capital Expenditure                 $M       212              212              212
Sustaining Capital Expenditure              $M        44              44                44
Total Royalty, G&A                          $M       364              389              415
Taxes                                       $M       178              298              419
Operating Free Cash Flow                    $M       594              954             1,315
NPV 10%, post tax                           $M       186             337               489
IRR                                          %       29.4            43.4              57.0
Payback                                    years      3               3                 2
Strip yrs 1-5                                        2.4             2.4               2.4
Grade yrs 1-5                               g/t      1.41            1.41              1.41

PEA – Direct and Indirect Costs
                                                                Tank Leach

Summary of Initial Capital Expenditure   Unit   2Mtpa   3.5Mtpa          5Mtpa      8Mtpa
Direct Costs
Mining                                   $m     53.5     68.7            103.3      134.02
Total Process                            $m     38.17    53.41           66.67       87.7
Total Infrastructure and Inf Power       $m     14.19    19.85           24.59      25.77
Tailings Management Facility             $m     6.94     9.71            12.03      15.95
Total Direct                             $m     112.8   151.67          206.58      263.43
Indirect Costs
EPCM                                     $m     10.08    14.1            17.56        22
Freight                                  $m      1.78    2.49                3.1     3.88
Comms and Vendors                        $m      0.89    1.24                1.55    1.94
Spares                                   $m      2.97    4.15                5.16    6.47
Temporary Facilities                     $m      1.78    2.49                3.1     3.88
Working Capital                          $m     13.64    19.08           23.76       29.76
Contingency                              $m     11.86    16.59           20.66       25.88
Total Indirect                           $m      43      60.15           74.88       93.82
Total Initial Capital Expenditure        $m     155.8   211.82          281.46      357.26
PEA – Mineral Processing & Major Infrastructure
Initial Capital Cost Estimate (owner                       Tank Leach
operated)                              Unit   2Mtpa    3.5Mtpa     5Mtpa    8Mtpa
Mining                                 $m      53.5      68.7      103.3    134.02
Single Stage Crushing                  $m      4.99     6.98       8.64     11.46
Milling                                $m     16.78     23.47      29.07    38.54
Leaching                               $m      6.66     9.31       11.54    15.29
Carbon Circuit                         $m      3.89     5.45       6.75      8.94
Gold Room                              $m      0.80     1.13       1.39      1.85
Tailings Detoxification                $m      1.77     2.47       3.06      4.06
Reagents                               $m      1.44     2.02       3.02      3.32
Others                                 $m      1.84     2.58       3.19      4.23
Total Process                          $m     38.17     53.41     66.67     87.70
Infrastructure                         $m      13.53    18.93      23.45     24.25
Inf Power                              $m      0.66      0.92       1.14     1.52

Total Infrastructure and Inf Power     $m      14.19    19.85      24.59     25.77

Tailings Management Facility           $m      6.94      9.71      12.03     15.95

Total Direct                           $m     112.80    151.67     206.58   263.43

Tuzon Pit Shells – varying gold prices
                               Tonnes (Kt) Grade (g/t) Ounces (Koz)
             Total Indicated        41,800       1.51           2,031
             Total Inferred         10,201       1.32             435
             Grand Total            52,001       1.47           2,466

                               Tonnes (Kt) Grade (g/t) Ounces (Koz)
             Total Indicated        37,400       1.56           1,879
             Total Inferred          4,965       1.55             244
             Grand Total            42,365       1.56           2,123

                               Tonnes (Kt) Grade (g/t) Ounces (Koz)
             Total Indicated       17,040        1.66            909
             Total Inferred            494       1.75              28
             Grand Total           17,534        1.66            937

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 loca
communities into conservation initiatives and education programs.

 In November 2012 we signed an MOU with the Government of Liberia and the Leadership for Conservation in Africa with a view t
establishing a Public Private Partnership to manage Sapo National Park. In January 2014 the PHF started a land use assessment
study and integrated park management study on Sapo.

              Potential Initiatives                                                        Contact details

 Enforcing the laws of the Sapo National Park                                          The Pygmy Hippo Foundation
 Education of local communities                                                              22 Mount Row
 Informing the government of the need to protect the                                        London W1K 3SF
  environment                                                                              Tel: +44 203 416 3571
 Sponsoring and training of park rangers                                                  Fax: +44 203 416 3573

 Provision of equipment and facilities to the park
 Removal of illegal miners                                                            info@pygmyhippofoundation.org
 Anti-poaching patrols                                                                 www.pygmyhippofoundation.org
 Sponsoring research into the park by world leaders in
  hippo conservation
 Future development of low impact eco-tourism centred
  on Sapo National Park                                                                Registered Charity No: 1143590
DAN BETTS                     Chief Executive Officer
TOM HILL                      Finance Director
BERT MONRO                    Head of Business Development

Head Office: +44 (0) 203 416 3560

Stewart Dickson / Tom Sheldon / Jeremy Stephenson / Julian Erleigh
+44 (0) 207 894 7000

Ben Brewerton / Oliver Winters / Sara Powell / Emerson Clarke
+44 (0) 203 727 1000

22 Mount Row, London W1K 3SF, UK
Hummingbird Resources (Liberia) Inc:                                   www.hummingbirdresources.co.uk
Hummingbird House, Sophie Area, Congo Town, Monrovia, Liberia        enquiries@hummingbirdresources.co.uk


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