Ticker: HUM / Index: AIM / Sector: Mining 27 May 2015 Hummingbird Resources plc (“Hummingbird” or the “Company”) Final results for the period ended 31 December 2014 A transformational period – acquisition of Yanfolila Gold Project with first gold pour expected in H1 2016 Hummingbird Resources plc, the gold exploration and development company with assets in Mali and Liberia, announces its final audited results for the period ended 31 December 2014. Operational Highlights (includes post period highlights) Mali - Yanfolila · Yanfolila Project, 1.8Moz at 2.8g/t, in Mali
o Completed acquisition of Yanfolila Project in Mali from Gold Fields Ltd (“Gold Fields”) in July 2014 o Optimisation study published March 2015 o Initial earthworks underway, production due H1 2016 o Targeting 100,000ozs gold production in year 1 o IRR 35.1%, NPV US$72.4m o AISC US$733/oz, C1 Cash cost of US$641/oz o Significant potential to enhance economics and extend mine life Liberia - Dugbe · Dugbe 1 Project, 4.2Moz at 1.4g/t, in Liberia
o Liberia’s largest gold resource with huge exploration potential o Collaboration Agreement signed with the International Finance Corporation (‘IFC’) and Aldwych International to conduct a hydro-electric power pre-feasibility study Corporate o Appointment of Russell King as Non-Executive Chairman o US$10m drawn down from Taurus Mining Finance Fund Bridge Facility o Funding package of a US$9.5m for Yanfolila Project announced post period-end
This report has been written to cover the period from 1st June 2014 to 31st December 2014 and post period end.

This is due to the change of year end for the Company to align it with all subsidiary Group companies.

Please see the Company’s website for all up to date news including construction updates for the Yanfolila Project, www.hummingbirdresources.co.uk. Enquiries: Hummingbird Resources plc
Daniel Betts, Chief Executive Officer
Thomas Hill, Finance Director
Robert Monro, Head of Business Development +44 (0) 203 416 3560
Cantor Fitzgerald Europe
Nominated Adviser and Corporate Broker
Stewart Dickson / Jeremy Stephenson / Carrie Lun +44 (0) 207 894 7000
St Brides Partners Ltd
Financial PR
Lottie Brocklehurst/ Felicity Winkles +44 (0) 207 236 1177
Notes to Editors About Hummingbird Resources Plc Hummingbird Resources (AIM: HUM) is building a leading gold production, development and exploration company.

The Company has two core gold projects, the near-term production Yanfolila Project in Mali and the Dugbe 1 Project in Liberia.

Its current focus is on bringing Yanfolila, which has a 1.8Moz gold inventory, to production in H1 2016.

The high grade gold project has the potential to turn a profit in a varying gold price environment and will allow for quick returns with low operating costs. The 4.2Moz Dugbe 1 Project in Liberia provides Hummingbird with excellent development upside.

An optimisation of the DFS is on-going whilst Yanfolila is brought to production in the near-term.

Additionally, the Company has 5,000km2 highly prospective exploration ground in Mali and Liberia and is constantly evaluating new quality assets. For more information, please visit www.hummingbirdresources.co.uk Chairman’s Statement The last financial period, and my first as Chairman of the Company, has been an extremely busy one.

During the period the Company successfully acquired the Yanfolila Project from Gold Fields and embarked on a rapid Optimisation Study to ‘right size’ Gold Fields’ studies to the current environment.

Since the end of the period the Company has also announced the results of the Optimisation Study, completed a successful placement and started earthworks at Yanfolila.

As well as this, the Company continues to progress the Dugbe 1 Project in Liberia.

The Company has recently signed a Collaboration Agreement with the IFC on a hydro-electric power pre-feasibility study as part of our continued drive to add value to the Project. As I present to you the Company’s Annual Report I believe the business is well placed and on track to deliver value to our shareholders.

In the midst of an on-going bear market for miners the Company has grown its assets significantly and is due to commence production in H1 2016 at its Yanfolila Project in Mali. It has been a pleasure working with the management team since I joined and I look forward to chairing Hummingbird as it becomes a gold producer and looks to take advantage of further expansion opportunities in the sector. Russell King Non-Executive Chairman CEO’S STATEMENT It brings me great pleasure to write that initial earthworks have started at the Yanfolila Project.

We are due to start production in H1 2016 and will be targeting 100,000ozs of gold produced at an operating cash cost of US$641/oz in our first full year of commercial operations. Optimisation Study: The Optimisation Study shows a low-cost, low technical risk and quick route to gold production for Yanfolila.

The initial target is 100,000oz of gold for the first year of full production with a LOM production of 79,000oz/year and an all-in sustaining cash cost of US$733/oz from a 1Mtpa plant.

In addition, there are multiple options to significantly increase the project economics and LOM.

These include, but are not limited to, the ability of the plant to now process up to 50% fresh ore and significant inferred ounces that have the ability to be upgraded and added to a mining schedule in the future.

Importantly we have the team with the operational experience to achieve all of this. Construction Update: Earthworks will consist of initial excavation, placement, and compaction of fill materials of over 80,000 cubic metres.

Work being undertaken will consist of: constructing the process plant terrace; plant infrastructure terrace; including reagent storage and handling; change house and security facility areas; power plant terrace; in plant roads; and storm event pond. The objective of this work, which is due for completion by the end of June 2015, is to complete the preparation of level compacted areas at the Yanfolila plant site for use by the civil contractor to place structural concrete equipment foundations and slabs. Financing: On the 11th August 2014 the Group entered into a Mandate Letter and Bridge Loan Agreement with Taurus Mining Finance Fund LP, and subsequently drew down the full US$10m available under the Bridge Loan Agreement.

The Mandate Letter set out the key terms of the refinancing mandate for a US$75m facility to repay amounts due under the Bridge Loan Agreement and fund the construction of the Yanfolila Project.

We are currently in discussions with Taurus over the next stage of funding.

Additionally, following the period end the Company announced a funding package of US$9.5m for the Yanfolila Project, consisting of US$4.5m raised through a placing and open offer and a binding agreement with BCM International Limited to subscribe for up to US$5m shares in lieu of payment for services. Liberia: The Dugbe 1 Project remains a company-making project with an anticipated 20 year mine life of over 125,000ozs/year production based on our PEA results.

We are very happy to have signed the Collaboration Agreement with the IFC and Aldwych International, which is funded by the IFC Infraventures fund, to conduct a pre-feasibility study on the potential to build a 20-30MW hydro-electric run of river power plant 10-15km from the project site.

With the cost of diesel power currently accounting for up to 40% of our operating costs, the potential for low cost hydro-electric power could have a significant material impact on the project economics.

Work on reviewing and optimising the Dugbe 1 Project DFS is also on-going and whilst we focus on getting Yanfolila in production we are taking the time to fully evaluate all opportunities to improve the existing DFS. Conclusion: I am very pleased to sign off by saying that by our next report I should be informing you of an imminent first gold pour pending completion of a successful construction and then commissioning phase.

Thank you once again to all the staff at Hummingbird for your continued efforts in driving the business forward, and to our supportive shareholders. Dan Betts CEO Consolidated Income Statement For the period ended 31 December 2014
7 months to 31 Dec 2014 $’000
12 months to 31 May 2014 $’000
Unaudited 6 months to 30 Nov 2014 $’000
Continuing operations
Revenue
-
-
-
Share based payments
(119)
(454)
(103)
Other administrative expenses
(3,067)
(3,635)
(2,831)
Administrative expenses
(3,186)
(4,089)
(2,934)
Finance income
104
334
100
Finance expense
(268)
(86)
(167)
Share of joint venture loss
(32)
(625)
(32)
Loss before tax
(3,382)
(4,466)
(3,033)
Tax
-
-
-
Loss for the period attributable to equity holders of the parent
(3,382)
(4,466)
(3,033)
Loss per ordinary share
Basic and diluted ($ cents)
(4.27)
(7.68)
(3.87)
Consolidated Statement of Comprehensive Income For the period ended 31 December 2014
7 months to 31 Dec 2014 $’000
12months to 31 May 2014 $’000
Unaudited 6 months to 30 Nov 2014 $’000
Loss for the period
(3,382)
(4,466)
(3,033)
Other comprehensive income
Exchange translation differences on foreign operations
-
-
-
Total comprehensive loss for the period attributable to equity holders of the parent
(3,382)
(4,466)
(3,033)
Consolidated Balance Sheet As at 31 December 2014
31 Dec 2014 $’000
31 May 2014 $’000
Unaudited 30 Nov 2014 $’000
Assets
Non-current assets
Intangible exploration and evaluation assets
86,827
56,738
84,001
Property, plant and equipment
749
107
781
Investment in joint venture
54
86
54
87,630
56,931
84,836
Current assets
Trade and other receivables
870
677
839
Cash and cash equivalents
8,536
6,983
10,322
9,406
7,660
11,161
Total assets
97,036
64,591
95,997
Liabilities
Current liabilities
Trade and other payables
4,317
2,075
2,963
Other financial liabilities
15,050
15,135
15,050
Amounts due to joint venture
-
185
-
Non-current liabilities
Borrowings
9,793
-
9,778
Total liabilities
29,160
17,395
27,791
Net assets
67,876
47,196
68,206
Equity
Share capital
1,385
953
1,385
Share premium
71,627
48,135
71,627
Retained earnings
(5,136)
(1,892)
(4,806)
Equity attributable to equity holders of the parent
67,876
47,196
68,206
Consolidated Statement of Cashflows For the period ended 31 December 2014
7 months to 31 Dec 2014 $’000
12 months to 31 May 2014 $’000
Unaudited 6 months to 30 Nov 2014 $’000
Net cash outflow from operating activities
(3,319)
(3,224)
(3,324)
Investing activities
Purchases of intangible exploration and evaluation assets
(7,252)
(10,747)
(5,965)
Disposals / (purchases) of property, plant and equipment
-
40
(1)
Interest received
12
130
11
Cash and cash equivalents in subsidiaries acquired
200
-
199
Net cash used in investing activities
(7,040)
(10,577)
(5,756)
Financing activities
Net proceeds from issue of shares
2,808
1,825
2,808
Loan interest paid
(350)
-
-
Financial liabilities issued net of issue costs
9,722
5,000
9,778
Net cash from financing activities
12,180
6,825
12,586
Net Increase/(decrease) cash and cash equivalents
1,821
(6,976)
3,506
Effect of foreign exchange rate changes
(268)
267
(167)
Cash and cash equivalents at beginning of period
6,983
13,692
6,983
Cash and cash equivalents at end of period
8,536
6,983
10,322
Consolidated Statement of Changes in Equity For the period ended 31 December 2014
Share capital $’000
Share premium $’000
Retained earnings $’000
Total $’000
As at 1 June 2013
908
46,355
2,094
49,357
Comprehensive loss for the year:
Loss for the year
-
-
(4,466)
(4,466)
Total comprehensive loss for the period
-
-
(4,466)
(4,466)
Transactions with owners in their capacity as owners
Issue of shares net of costs
45
1,780
-
1,825
Total transactions with owners in their capacity as owners
45
1,780
-
1,825
Share based payments
-
-
480
480
As at 31 May 2014
953
48,135
(1,892)
47,196
Comprehensive loss for the period:
Loss for the period
-
-
(3,382)
(3,382)
Total comprehensive loss for the period
-
-
(3,382)
(3,382)
Transactions with owners in their capacity as owners
Issue of shares net of costs
432
23,492
-
23,924
Total transactions with owners in their capacity as owners
432
23,492
-
23,924
Share based payments
-
-
138
138
As at 31 December 2014
1,385
71,627
(5,136)
67,876
Unaudited 6 months ending 30 November 2014
As at 1 June 2014
953
48,135
(1,892)
47,196
Comprehensive loss for the period:
Loss for the period
-
-
(3,033)
(3,033)
Total comprehensive loss for the period
-
-
(3,033)
(3,033)
Transactions with owners in their capacity as owners
Issue of shares net of costs
432
23,492
-
23,924
Total transactions with owners in their capacity as owners
432
23,492
-
23,924
Share based payments
-
-
119
119
As at 30 November 2014
1,385
71,627
(4,806)
68,206
Notes to the Consolidated Financial Information For the period ended 31 December 2014
1.

GENERAL INFORMATION Hummingbird Resources Plc, is incorporated in England and Wales under the Companies Act.

The address of the registered office is 49-63 Spencer Street, Hockley, Birmingham, West Midlands, B18 6DE The nature of the Group’s operations and its principal activities are the exploration, evaluation and development of mineral exploration targets, principally gold, focused exclusively in West Africa. 2.

BASIS OF PREPARATION The consolidated financial information contained within this announcement has been extracted from the audited financial statements for the period ended 31 December 2014 (for the periods ended 31 December 2014 and 31 May 2014) and the unaudited interim financial statements for the period ended 30 November 2014. The audited financial statements for the period ended 31 December 2014 have been prepared in accordance with International Financial Reporting Standards (“IFRSs”) as issued by the International Accounting Standards Board (“IASB”) and as adopted by the EU and those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The functional currency of all companies in the Group is United States Dollar (“$”).

The financial statements are presented in thousands of United States dollars (‘$’000’).

For reference the period-end exchange rate from Sterling to $ was $1.5532 (May 2014: $1.6742). 3.

LOSS PER ORDINARY SHARE Basic loss per ordinary share is calculated by dividing the net loss for the period attributable to ordinary equity holders of the parent by the weighted average number of Ordinary shares outstanding during the period. The calculation of the basic and diluted loss per share is based on the following data:
7 months to 31 Dec 2014 $’000
12 months to 31 May 2014 $’000
Unaudited 6 months to 30 Nov 2014 $’000
Losses Loss for the purposes of basic loss per share being net loss attributable to equity holders of the parent
(3,382)
(4,466)
(3,033)
Number of shares
31 Dec 2014 Number
31 May 2014 Number
30 Nov 2014 Number
Weighted average number of ordinary shares for the purposes of basic loss per share
79,266,208
58,120,724
78,316,269
Loss per ordinary share
31Dec 2014 $ cents
31 May 2014 $ cents
30 Nov 2014 $ cents
Basic and diluted
(4.27)
(7.68)
(3.87)
At the balance sheet date there were 7,376,158 (31 May 2014: 7,249,658) potentially dilutive ordinary shares.

Potentially dilutive ordinary shares include share options issued to employees and Directors, warrants issued to the IFC and the conditional acquisition of the 20% interest in the Joe Village licence, which the Group did not previously own.

At 31 December 2014 the potential ordinary shares are anti-dilutive and therefore there is no difference between basic and diluted loss per share. 4.

AVAILABILITY OF ACCOUNTS The audited Annual Report and Financial Statements for the 7 months ended 31 December 2014 and notice of AGM will shortly be sent to shareholders and published at: www.hummingbirdresources.co.uk
[cid:image002.jpg@01D097E8.E92F6A70] Lottie Brocklehurst St Brides Partners 3 St Michael’s Alley, London, EC3V 9DS www.stbridespartners.co.uk Tel: 0207 236 1177 | Mob: 07917010468 | Twitter: @StBrides1