Annual Report 2011 1
“Conviction; persistence; opportunity; diligence;
compassion and a healthy seasoning of luck;
these are the ingredients of success, whatever
your goal may be. Follow these principles and
you shall strike gold.”
Basil de Tent Contents
Hummingbird Overview 3
Opening Highlights                                                                                                            4
Chairman’s Statement                                                                                                      8
CEO’s Statement                                                                                                              10
Board of Directors                                                                                                            14
Technical & Operational Review 17
Technical Summary                                                                                                          18
Core Values                                                                                                                      29
Operational Summary                                                                                                      30
Corporate Social Responsibility                                                                                      32
Pygmy Hippo Foundation                                                                                                34
Liberia                                                                                                                                36
Financial Statements 39
Directors’ Report                                                                                                              41
Statement of Directors’ Responsibilities                                                                        46
Independent Auditor’s Report                                                                                        47
Consolidated Income Statement                                                                                  49
Consolidated Statement of Comprehensive Income                                                50
Consolidated Balance Sheet                                                                                          51
Consolidated Cash Flow Statement                                                                              52
Consolidated Statement of Changes in Equity                                                            53
Notes to the Consolidated Financial Statements                                                        54
Company Balance Sheet                                                                                                74
Company Cash Flow Statement                                                                                    75
Company Statement of Changes in Equity                                                                  76
Notes to the Company Financial Statements                                                              77
      
      
      
      
       2 Hummingbird Resources plc
Annual Report and Accounts 2011
Hummingbird Overview
Opening Highlights
Chairman’s Statement
CEO’s Statement
Board of Directors 4
Hummingbird Resources plc 
Annual Report and Accounts 2011
Opening Highlights
2005 2006 2007
Corporate
Hummingbird Resources Ltd
founded
Raised $0.5m Raised $2.5m
Exploration
825 stream samples
collected
4,139 stream samples
collected
Landholdings
Acquired licences in
Dugbe, Cestos and Nimba
Acquired licences in Zia,
Jababli, Ba and Kana Hills
Highlights of the year
Listed 
on AIM
(HUM) 10
December
2010
812,000oz
DECEMBER 2010
0oz
Tuzon
target
now
being
drilled
Listing price 
£1.67/share
53,355,565
shares in
issue
Joint venture with
Petmin Ltd on Mt
Ginka iron ore
licence
MAY 2010
Coarse visible gold in core sample
Core samples
Driving to Zia 5
Hummingbird Resources plc
Annual Report and Accounts 2011
Opening Highlights
2008 2009 2010 2011to date
Raised $2.5m Raised $11.5m
Total raised 
pre-IPO = $17m
Total spent 
pre-IPO = $14.5m
IPO raised $40m for 2 years’
exploration budget
Mt Ginka with Petmin -
Invested $2m for 50% of the
licence
5,008 soil samples
collected
418m trenching
4,547 soil samples
collected
1,417m trenching
520m scout drilling
1,211 stream samples
collected
3,589 soil samples 
collected
1,786m trenching
15,317m drilling for 
812,000 oz Resource
2,864 stream samples
collected
6,409 soil samples
collected 
2,526m trenching
23,290m drilling
Acquired licences in Mt
Ginka (iron ore), Zwedru,
Plibo, Blebo, Gekhen, Ke
Town and Tawake
Acquired licences in Nemo
Creek, Tiehnpo and Joe
Village
Cash raised at IPO
$40m
Regional
targets along
Dugbe Shear
Zone
developing
rapidly
1,765,000oz
TIME OF PRESS
Current cash
burn approx.
$1.5m/
month
Approx. 1m ounces
added in ﬁrst ﬁve months
of drilling since IPO
Positive
aeromagnetic
survey over Mt
Ginka
completed
Indicated Resource grade
increased by approx. 30%
The mess tent, Dugbe Camp Setting the rig 6
Hummingbird Resources plc 
Annual Report and Accounts 2011
Opening Highlights
Corporate
Exploration
Landholdings
2011targets 2012
Internal options study Pre-feasibility study
Capacity build to support 3 rigs
25,000m resource drilling
Resource soil and trench programmes
Mt Ginka metallurgical work
20-25,000m resource drilling
Inﬁll drilling at Dugbe to move resource to
Indicated & Measured category
Scout & resource drill secondary project
MDA negotiations over Dugbe and
Juazohn Shear Zones
Highlights since year end
31 May 2010 31 May 2011 30 September 2011
Cash $8m $32m $25m
Gold resources          0oz 812,000oz 1,765,000oz
Gold price per oz $900 $1,537 $1,620
Market cap N/A $133m $121m
Metres drilled 3,700 27,358 39,127
Monthly cash burn $0.4m $1.8m Approx $1.5m 7
Hummingbird Resources plc
Annual Report and Accounts 2011
Opening Highlights
2013 2014
Feasibility study
Pre-feasibility on secondary projects
Dugbe gold mine construction
Total resources grow to 1.8m ounces (1.4m ounces
Indicated and 0.4m ounces Inferred)
Market value of
added resource in
2011 = approx $1.6bn
for a cost of approx
$12m
Largest gold deposit in Liberia
Indicated Resource
growth by 150% to
1.4m ounces
Over 23,000m drilled
in 2011
Approx. 3,000m
trenches dug in
2011 to date
Atlas Copco CS 1000
Tracking the rig
Hummingbird has built more
than 15 bridges  8
Hummingbird Resources plc 
Annual Report and Accounts 2011
Chairman’s Statement
On behalf of the board of directors I am pleased to present Hummingbird Resources
plc’s Annual Report for the year ending 31 May 2011.
It has been a very signiﬁcant year in the development of the Company. Hummingbird
Resources underwent a successful transition from a private to a public company when
its shares became tradable on London’s AIM market on 10 December 2010. The
Company raised gross proceeds of $40m in the IPO process and it gives me great
pleasure to welcome all those new shareholders into the business. At the time of the IPO,
Hummingbird also announced a maiden NI43-101 compliant resource of 812,000 ounces
on its Dugbe F Project which was the culmination of ﬁve years of pioneering and 
back-breaking grass roots exploration in the remote eastern provinces of Liberia. Now,
nine months later, we are thrilled to have more than doubled that initial resource to a
total of 1,765,000 ounces. 
Proof of Concept
To think that the ﬁrst footprints were only planted in Dugbe in 2007, the speed of
development to reach a resource is extremely satisfying, and all involved can rightfully
be very proud. As we said at our IPO though, this serves only as the ‘proof of concept’.
We believe that Hummingbird is on the verge of placing itself and Liberia ﬁrmly as a
major player in West Africa’s world class Birimian gold belt. The events of the current year
are, we hope, merely a prelude to the gathering pace of development from now on. 
The proceeds raised at IPO (which was oversubscribed) should be sufﬁcient to meet our
exploration plan, which has the main priority of adding ounces, proving that our initial
resource was merely the beginning. To this end a vast amount of work has been
ongoing all year, and as I write this we have drilled a further 20,000 metres at our Dugbe
F Project in 2011 alone, not to mention all the regional programmes ongoing, and we
have signiﬁcantly increased the size of the Resource, together with some pleasing
improvement in grade at the southern and western margins of the initial deposit at the
Dugbe F Project. 
Exceptional Team
I visited Liberia and the Dugbe F Project earlier in 2011 and was extremely pleased with
progress on the ground, the in-country team, quality of the project and the ability of the
Company to get to mine development in the near future, all of which has ﬁlled me with
conﬁdence.
Hummingbird’s objectives remain to explore for, discover, evaluate and develop gold
deposits. We have built a team that has the skills to do this and in Liberia we have given
ourselves an almost unique opportunity to not only ﬁnd world class gold deposits, but to
build a gold mining industry that is second to none in this young developing country. 
Iron Ore 
As well as gold licences, Hummingbird Resources owns 50% of Iron Bird Resources in a
joint venture with Petmin Ltd, which owns the highly prospective Mt Ginka iron ore
licence. An aeromagnetic survey was ﬂown at the beginning of the year over this
licence. The results of this showed a signiﬁcant magnetic anomaly extending 20km in
length by up to 250m wide and depths of 1,000m. Since these results a programme of
trenching and metallurgical test work is underway. With iron ore in such demand, this
project represents a signiﬁcant potential value-adding opportunity for Hummingbird
shareholders, at minimal cost to the Company, as Petmin has ﬁnanced the initial
exploration programme. 9
Hummingbird Resources plc
Annual Report and Accounts 2011
Chairman’s Statement
Liberia
And that brings me to Liberia, a country little-known for anything beyond the Charles
Taylor years in the West. For me, Liberia is not so much a risk but one of our biggest
advantages. Our positioning in the country is second to none due to the years of hard
work put in by the team. The country has a rapidly growing economy as it has been at
peace for almost a decade. Before the war Liberia enjoyed the longest ever period of
stability known by any African nation (113 years) and this tiny nation was the world’s
third largest exporter of iron ore. This is a country with a proud history in the extractive
industries and their support in our development is a huge help.
Improving Investment Environment
Liberia continues to attract world-class investment. This includes Chevron Corporation,
Sime Darby Berhad, BHP Billiton Ltd and numerous other listed resource companies. Of
great signiﬁcance is the fact that ArcelorMittal’s re-development of the Mt Nimba
project has now gone into production with the ﬁrst iron ore having been shipped from
Nimba out through Buchanan port. Infrastructure in the form of roads, railways and ports
has improved greatly over the years and is helping to continually reduce operational
costs. Liberia has a population of only 3.9m people and geographically is very small. It is
only 40km as the crow ﬂies from Dugbe F to the operational deep water port of
Greenville. In 2008 Liberia was rated the most improved country in Africa by the Ibrahim
Index of African Governance. 
Against this positive country backdrop, in the last year we have seen gold rally to a high
point of over $1,900/ounce. This is due to many factors including uncertainties around
the world economy, not helped by huge US debt and crisis in the Eurozone. None of
these problems appear to have an immediate solution and the mid-term price of gold
looks likely to grow beyond prices we previously thought possible. However, it is likely that
the secular upward trend in gold price will be subject to extreme volatility. Once again
history repeats itself and people seek safety in gold as economies and short-term
government policies fail to stabilise the situation. 
Looking Ahead
Our strategy remains to discover more gold quickly and efﬁciently, while concurrently
moving the Dugbe F Project towards production. Indeed, it is our intention this
forthcoming year to fully evaluate our development options for the Dugbe F Project,
which is the most advanced project in our stable of opportunities, in consultation with
the relevant experts.
Finally, it would be remiss of me not to thank Dan and his team who have worked
tirelessly to get Hummingbird to where we are today, undertaking an enormous amount
of work, often under very demanding conditions. This is a difﬁcult business and I take
great pride in the skills and spirit of this rapidly maturing team. With them, your
investment is in safe hands. 
On that ﬁnal note, it is your company. Without your trust and support we would not exist
and we do not take that responsibility lightly. Furthermore, Liberia would not have this
opportunity for sustainable development. Whilst markets may ﬂuctuate I urge you to
retain perspective and see this journey through as I believe we are set for great things. 
Ian Cockerill
Non-Executive Chairman 10
Hummingbird Resources plc 
Annual Report and Accounts 2011
CEO’s Statement
It has been a dramatic 16 months in the life of Hummingbird Resources, and it gives me
great pleasure to write this summary to you in our ﬁrst Annual Report as a public
company.
In order to look forward, it is important ﬁrst to look back. In May 2010 Hummingbird was a
private company with no resource and a little over $3m in the bank, desperately hoping
that its drill programme, with a completed total of 6,000m at its Dugbe licence, would
be successful. 
The Company listed on AIM in London on 10 December 2010 and raised $40m at a pre
money valuation of $100m. With 53,355,565 shares in issue this gave the Company a
market capitalisation of $140m (£89m) at launch, which equated to £1.67 per share. At
this time the Company had an NI 43-101 compliant resource of 552,000 Indicated
ounces and 260,000 Inferred ounces totalling 812,000 ounces of gold at an average
grade of 1.208g/t. This resource was open in all directions and was delivered for a
discovery cost of $15/ounce which includes all of the work completed over all of our
licences over the last ﬁve years. It was delivered with 93 diamond drill holes, totalling
14,082 metres and every hole intersected a single consistent ore body.
Strategy/Mission Statement
At IPO we made various statements of intent. We were not “selling” an 812,000 ounce
gold mine. We simply see this as the ﬁrst step of proving up a virgin, world-class gold
province in which we have an unassailable land position and ﬁrst-mover advantage. This
resource, delivered in one drill season at one anomaly, was simply the proof of concept:
proof that we can operate effectively and efﬁciently in a new and logistically
challenging territory, and, to our own mind, proof that we have “an elephant by the
tail”.
Our promises at IPO can be distilled into the following 18-month mission:
1.    To prove that in the Dugbe F Project we have a stand-alone gold mine of regional
signiﬁcance. This will be achieved by adding mineable ounces of gold and by
drilling out the extent of the ore body.
2.    To explore for, discover and prove additional mineable gold resources within a
mineable radius of the initial deposit at the Dugbe F Project. It is the Company’s
belief that, as a classic Birimian deposit, the ultimate mining camp will consist of
many additional deposits. 
3.    To develop the regional capacity of our licence package over the Dugbe Shear
Zone to show that it has the fantastic potential to host multiple gold mines.
4.    To ﬂy an aeromagnetic survey over our Mt Ginka iron ore licence, and accelerate
ﬁeld work in order to gauge scale and metallurgy on this prospect. 
5.    To add value to all of our other licences by continuing to explore and to take them
up the value curve.
Our strategy remains to explore for and develop multi-million ounce gold deposits in
Liberia. This will be done through systematic exploration work built around a world class
Birimian land package. With the Dugbe F Project now at 1.8m ounces we are beginning
to show that we have real momentum and the team in place to deliver this. With many
satellite projects progressing well, such as the success at Tuzon, we believe that we are in
the process of achieving this goal.  11
Hummingbird Resources plc
Annual Report and Accounts 2011
CEO’s Statement
Current Position
Today, the Company has cash reserves of $25m, against a budget of $22m. Since IPO,
our work has focused (but not exclusively) on our resource accretion work at the Dugbe
F Project in accordance with our mission priorities above. We have drilled a further 23,000
metres across all licences in 2011 for 189 holes and are delighted with our recent
announcement of a resource upgrade which more than doubles our maiden resource,
to a total of 1,765,000 ounces, outperforming all market expectations. We intend to
make a further resource upgrade in early 2012 and we currently have two drills running
24 hrs a day. The metre rates have improved despite drilling shorter holes (due to our
improved understanding of the mineralisation body) and generally the team is
becoming more effective at discovering gold.
Scoping Out The Future
We have commissioned GBM Minerals Engineering Consultants Ltd to work with us to
evaluate our future development options. The studies will centre around our existing
Resource. However, the speed at which the deposit and the regional picture is
developing means it is likely that the eventual mine will alter substantially from an initial
assessment of the Dugbe F Project alone, as the deposit is anticipated to be far greater
in scope and will draw in a number of regional deposits and pits that do not currently
have a resource attached to them. This is an absolutely classic Birimian style deposit that
is rapidly revealing itself to us. 
A Gold Mining Industry 
In addition to the drilling programme, we have also taken over 8,000 soil samples and
2,000 stream sediment samples across the Dugbe Shear Zone to prove up mission
statement number 2. This has worked extremely well, and a number of our regional
targets are looking exceptionally encouraging. Our Tuzon anomaly 2.5km east of the
Dugbe F Project (easily within a mineable distance) has shown our best trench results to
Dugbe F
Tuzon
Dugbe F (The Foundary)
Crocodile Hill
Zia
Sackor
(Block D)
Dugbe
Tiehnpo 
Nemo Creek Ba
Kana Hills
Tawake Pilbo Gekehn Zwedru Ke Town
Resource Drilling
Scout Drilling
Trenching
Soil Sampling
Follow Up Stream Sampling
First Pass Stream Sampling
The Peleton
Dugbe (other areas)
Joe Village (other areas)
Hummingbird Resources Project Pyramid 12
Hummingbird Resources plc 
Annual Report and Accounts 2011
CEO’s Statement
date with consistent zones of up to 80m at an average grade of around 2 g/t. Whilst this
may not be a true thickness of the mineralisation zone itself, the reason for the
mineralisation zone potentially being thinner than this is due to the incredibly shallow
dipping nature of the mineralisation zone which is all extremely positive for eventual
mining. We have commenced drilling Tuzon and whilst these results were not ready in
time for the recent resource update, they will be for Q1 2012.
Many regional programmes have gone ahead across all of our licences. Many
anomalies have been highlighted with stream sediment sampling in Tawake, Gekhen,
Zwedru and Ke Town. Extensive soil grids have been cut in Ba, Joe Village, Nemo Creek
and Dugbe. We have also ﬂown an aeromagnetic survey at Mt Ginka which has shown
extremely positive results in the outlining of a continuous magnetic unit of 20km length
with a width of up to 250m and a down dip extent of 1,000m. This is a signiﬁcant target,
and work is currently underway to test the metallurgy and true extent via trenching,
sampling and scout drilling of this project. Mt Ginka is held in a joint venture with Petmin
Ltd through “Iron Bird Resources Inc”, in which Hummingbird has a 50% equity interest.
Iron Bird also has $1.7m of cash in it and so this asset, which represents zero in the
valuation of Hummingbird and will cost Hummingbird no money in the short term, has
the potential to create signiﬁcant short-term value. 
Hummingbird is not a single project company. We believe that we have the opportunity
to build a whole gold mining industry in southeast Liberia encompassing several mines
across multiple shear zones. The speed of work that is being carried out to progress this
vision is proliﬁc, and it is being achieved in an extremely cost effective manner.
Hummingbird only acquired the Joe Village licence in October 2010 and we have
already drilled 7 ,487 metres on it which has made up the bulk of our resource update.
Dugbe F Project: 1,765,000 oz. deposit and surrounding prospective
targets 13
Hummingbird Resources plc
Annual Report and Accounts 2011
A ‘Home Grown’ Success
Away from geology and the ﬁnance, Hummingbird strives to be far more than just a
proﬁtable business. We very much see our development as a mirror to the 
re-development of Liberia itself and we aim to be an integral part of Liberia’s promising
future. Hummingbird employs approximately 280 people, and is proudly Liberian, seen in
country as a ‘home grown’ success. Amongst the innumerable social development and
infrastructure rehabilitation projects that we have done, we have also sponsored
students through university in Liberia some of whom we are now employing and built a
whole library for the government’s geological survey. We have also founded The Pygmy
Hippo Foundation with the intent of preserving the unique natural environment in the
southeast of Liberia around the Sapo National Park.
We are currently in the process of negotiating the transition of some of our Mineral
Exploration Licences (MELs) into Mineral Development Agreements (MDAs) with the
Government of Liberia and hope for this process to be concluded by the end of the
year. The Ministry of Lands, Mines and Energy has approved the MDA on technical
grounds at the time of press, which is the most signiﬁcant step in the process. 
Commitment
As much as anything, the ability to deliver on our ambitious promises is down to
conviction and commitment, and at Hummingbird I feel we are building a team that is
not only hugely ambitious, but is totally committed to the cause and capable of
delivery. The operational and geological teams have, for the second year running,
drilled straight through the rainy season in southeast Liberia, which had never been done
before last year, and in our board we have a blend of skills that can take us through all
the way to running gold mines. I would like to take this opportunity on behalf of the
shareholders to thank everybody involved in Hummingbird: our staff, our contractors, the
host communities in which we work and the Government of Liberia for their support and
belief in this business. I would also like to thank the board for their wise counsel through
this transitional year. The business is now entering one of its most exciting phases of
development. With ﬁve years of work under our belt to build our infrastructure, hone our
strategy, and understand our opportunity, we are now all geared into the drill bit, the
world’s most powerful weapon of ﬁnancial wealth creation!
Daniel Betts
Chief Executive Ofﬁcer
CEO’s Statement
Hummingbird
Avocet
Keegan
Ampella
Aureus
Amlib
Hummingbird land holdings relative to West
African peers 14
Hummingbird Resources plc 
Annual Report and Accounts 2011
Board of Directors
Ian David 
Cockerill 
Non-Executive Chairman 
Ian is the ex-CEO of Gold
Fields Ltd and Anglo Coal
Ltd. He is the former
executive ofﬁcer of Business
Development and African
Operations at AngloGold
Ltd. In 2002 Ian was
appointed chief executive
ofﬁcer of Gold Fields Ltd. Ian
joined Anglo Coal Ltd in
2008 as chief executive
ofﬁcer. Ian is now the
executive chairman of
Petmin Ltd, a JSE and AIM
quoted natural resource
company, non-executive
director of Orica Ltd in
Australia and advisor to
several other companies in
the mining industry. He has
over thirty years’ mining
experience in exploration
and mining. Ian is chairman
of the LCA (Leadership for
Conservation in Africa). Their
vision is to save 20 million
hectares of rainforest in
Africa by 2020. 
Daniel Edward 
Betts 
Chief Executive Ofﬁcer
Daniel founded
Hummingbird in November
2005. After graduating from
Nottingham University he
worked for Accenture
Management Consultants
until he joined the Betts
family business in 2000.
Founded in 1760, the family
business is the oldest
privately owned gold
bullion smelters and reﬁners
in the country, and it has a
long history of trading
across the world and
dealing in all areas of the
precious metal industry.
Whilst working for the Betts
family business Daniel
established a number of
natural resource based
businesses in Uganda,
Namibia, Sierra Leone,
Mauritania and Peru,
before starting
Hummingbird Resources in
2005.
William Benjamin
Thurston Cook 
Operations Director
William is a former ofﬁcer of
the British Army having
served in the Light Infantry.
Following his army service
he worked in the security
sector, for companies such
as Control Risks, Rubicon
and Salamanca Risk
Management before
joining Hummingbird
Resources as Country
Manager. William is
experienced in the
operational and logistical
management of projects in
challenging environments.
In his capacity as
Operations Director he has
been responsible for the
establishment and ongoing
running and development
of all of Hummingbird’s
operational capability in
Liberia. 
David 
Almgren Pelham
Technical Director
David is a mineral geologist
with thirty years global
exploration experience. He
has worked with a number
of mining and exploration
companies such as Placer
Dome Inc, Outkumpu
Mining and AMAX
Exploration. David has
broad experience in the
exploration and assessment
of gold deposits, including
all major gold deposit
types, as well as in the
exploration and assessment
of deposits of gemstones,
major base metals and
energy minerals, with a
major focus on Africa. He is
credited with the discovery
of the Chirano 5-6m ounce
gold mine in Ghana.  15
Hummingbird Resources plc
Annual Report and Accounts 2011
Board of Directors
Matthew Charles
Idiens 
Non-Executive Director
Matthew co-founded
Hummingbird in November
2005 and he has 17 years’
experience in natural
resource companies. He is
a founder and Director of
AIM quoted VANE Minerals
plc and also founder and
director of Seamwell
International Ltd, a private
company developing
underground coal
gasiﬁcation (UCG) projects
in China. From 1995 to 2001
he worked as an associate
director at Laing and
Cruickshank Investment
Management, part of the
Credit Lyonnais Group. 
Roderick James
Hollas Smith 
Non-Executive Director 
Roderick, a chartered
accountant with a
Commerce Degree from
the University of Western
Australia, has 30 years’
experience leading
Australian resource projects
from the early-stage
exploration through to
production, including three
gold mines: Great Victoria,
Palm Springs and Youanmi.
He has been resident in the
UK for three years and has
consulted miners and
investors on resource
projects throughout Russia
and Africa. He is currently a
director of Congo
Brazzaville explorer,
Cominco SA. 
Stephen Alexander
Betts 
Non-Executive Director 
Stephen co-founded the
Company in November
2005. He has over 40 years’
experience in trading with
gold and related
businesses in developing
countries, having
established several
businesses in West Africa
during his career. He is the
chairman of the Stephen
Betts group of companies.
The family business has over
250 years’ history in
smelting, reﬁning and
bullion dealing.  Hummingbird Resources plc 
Annual Report and Accounts 2011 Hummingbird Resources plc
Annual Report and Accounts 2011
Technical & Operational Review
Technical Summary
Core Values
Operational Summary
Corporate Social Responsibility
Pygmy Hippo Foundation
Liberia 18
Hummingbird Resources plc 
Annual Report and Accounts 2011
Technical Summary
The discovery and announcement
during the year of a maiden Resource
of 812,000 ounces of gold would be a
signiﬁcant milestone in the
development of any company. To be
able to announce in the same annual
report that the Resource has more
than doubled, to 1.8m ounces, is
extremely exciting. 
The Dugbe F Project currently has a
NI43-101 compliant resource of 1.765m
ounces gold at 1.276g/t, of which
1.4m ounces are in the Indicated
category at 1.3 g/t and 0.4m ounces
are in the Inferred category at 1.2g/t.
This Resource is contained within
43 million tonnes of ore.
The main highlights from this recent
resource upgrade include: 
•    117% increase in total Resource
since IPO in December 2010 
•    Total Indicated ounces of
Resource has increased by 149%
•    Grade of Indicated Resource has
increased by 20%
•    Additional drill targets have been
generated within close proximity to
this existing Resource with drilling
having started 2.5km east at the
Tuzon anomaly, based on our
strongest trenching results to date 
The mineralisation body is near
surface and unusually shallow dipping
at less than 20 degrees and the
additional Resource discovered this
year are the shallowest portions of all.
Due to both the extremely regular
mineralisation grade distribution, as
well as to improving geological
understanding of it, some 78% of the
total Resource has fallen within the
Indicated Resource category. The split
of Indicated and Inferred Resources
at the Dugbe F Project, shown
opposite, shows that the Indicated
Resource makes up the great majority
of the central parts of the deposit. 
In order to be consistent with last
year’s Resource calculation, a 0.5 g/t
lower cut off has been employed
within the orebody (see opposite). As
can be seen from the grade /
tonnage curve, increasing the cut-off
grade from zero to 0.5 g/t makes little
difference to either grade or loss of
tonnage - this again demonstrates the
internally robust and continuous
nature of the orebody. 
The metallurgical test work that we
have conducted to date is all
extremely positive, with over 50%
gravity recoverable and up to 95%
from gravity plus cyanide leach,
meaning that the economic recovery
of gold from this deposit looks to be
highly favourable at this juncture.
The regional picture, both within a
mineable radius of this initial deposit
and within the rest of our licences
continues to excite, and a number of
new targets have been discovered
meaning that the target pipeline
remains full.
During early 2011 signiﬁcant progress
was made on the geological model
at the Dugbe F Project. Geological
mapping by a specialist consultant
team established the presence of
numerous bodies of intrusive
granodiorite in the Dugbe area. These
intrusives, which are essentially
unfoliated, appear to occur as a late
stage intrusive event, intruded into a
pre-folded quartz-biotite-schist
country rock. Immediately around the
intrusive bodies is a garnet alteration
halo, and the gold mineralisation at
Dugbe F Project occurs as a further
zonation, beyond the garnet
alteration halo. 
The importance of the granodiorite
intrusives appears to be two-fold: ﬁrstly
they are the likely source rock for the
gold in the region, and secondly they
almost certainly provided the heat
engine which drove the gold
mineralisation into different structural
traps and settings around the intrusive
bodies. For example, the main
mineralised body at the Dugbe F
Project appears to be sitting within a
southeast plunging anticline. 
Highlights
Table showing total current Resource at the Dugbe F Project
Table showing attributable Resource at the Dugbe F Project
Current Dec 2010
Tonnes Grade (g/t) Ounces Au Ounces Au Increase
(millions) Au
Indicated* 33.13 1.289 1,373,000 552,000 149%
Inferred* 9.88 1.233 392,000 260,000 51%
All* 43.01 1.276 1,765,000 812,000 117%
* At a lower cut off of 0.5g/t Au, no upper cut off
Current Dec 2010
Tonnes Grade (g/t) Ounces Au Ounces Au Increase
(millions) Au
Indicated* 31.31 1.291 1,300,000 552,000 136%
Inferred* 9.42 1.244 377,000 260,000 45%
All* 40.73 1.280 1,677,000 812,000 107%
* At a lower cut off of 0.5g/t Au, no upper cut off 19
Hummingbird Resources plc
Annual Report and Accounts 2011
Mapping of the granodiorite bodies and
their garnet alteration zones has
become crucial to understanding where
the mineralised zones are going at
surface, and positioning trenches and
drill holes with maximum precision. The
development of this predictive
geological model has been extremely
important in the improving
understanding of both the initial deposit
at the Dugbe F Project, and of other
gold prospects in the area. 
Other signiﬁcant highlights include:
•    The exciting gold in soil anomaly on
nearby Tuzon prospect currently
being drilled
•    Further exciting gold targets within
the Dugbe Shear Zone – these
targets include Sackor, Crocodile
Hill, Nemo Creek, and Tiehnpo
•    Some 1,950m of scout drilling at the
Zia prospect discovered interesting
gold-pyrite-silver-bismuth
mineralised zones
•    Signiﬁcant airborne geophysics
survey completed at the Mt Ginka
licence. Results show that the
magnetic bodies occur on the
boundary between two distinct
geological entities and form a
continuous ridge. The unit is
estimated to extend for 20km with a
surface width of 150-250m,
extending approximately 1,000m
down dip
Exploration Concessions in
Liberia
Hummingbird Resources plc currently has
approximately 7,000km
2
of exploration
concessions in Liberia. This includes the
Mt Ginka iron ore licence, of which
Hummingbird has a 50% interest through
Iron Bird Resources Inc. All the remaining
licences are being explored for gold.
Technical Summary
Dugbe Semptember 2011 Block Model,
Coloured by Block Category.
 LEGEND
       Drill Collar
       Inferred
       Indicated
Split of Indicated & Inferred Resources at the Dugbe F Project
Grade/Tonnage Curve for Dugbe F Preliminary Block Model 20
Hummingbird Resources plc 
Annual Report and Accounts 2011
Technical Summary
Hummingbird licences overlapping major crustal shear zones within what we believe to be a
Birimian Province
60km
Liberia
Côte d’Ivoire
Guinea
Mt Ginka
Ba
Ke Town
Kana Hills
Zia
Zwedru
Jababli
Tawake
Gekehn
Plibo
Tiehnpo Dugbe
Nemo Creek
Joe Village
Sanniquellie
Gbarnga
Yela
Monrovia
Buchanan
Greenville
Grand Cess
HB exploration camp
HB exploration office
Roads
Regional rivers
Major structural shear zones
Hummingbird Liberia offices
Birimian Craton
Hummingbird licence areas
Birimian greenstone
Regional scale granites
Railway line 21
Hummingbird Resources plc
Annual Report and Accounts 2011
DUGBE SHEAR ZONE
Technical Summary – Dugbe Shear Zone
Dugbe Licence
Joe Village Licence
Nemo Creek Licence
Joe Village 
Grid 2 Sackor
Joe Village Grid 5 Lamprophyre
Outcrop
Peleton
Hill 5
Joe Village Soil 
Grid Stingray
Nemo Creek Soil 
Grid Tang
Nemo Creek Soil Grid
Hammerhead
Joe Village
Infill Soils 
completed
Dugbe F 2010
Gold Resource
Dugbe Tuzon 
Grid 3
Tuzon 1.7km gold anomaly  
Trenching nearing completion
Drilling in progress 
Dugbe Grid
Block D
Grid 2 Sackor
Joe Village 
Hill 5
e
Grid 2 Sackor
Joe Village 
Pele
Hill 5
et n n on to eton
Gold Resource
Dugbe F 2010
Dugbe Licence
Block D
Dugbe Grid
Dugbe Licence
Dugbe Grid
Joe Village Grid 5
m
Outcrop
Lamprophyre
n
e
n n s
om m m completed
e e Joe Village
s s ls o oil o lS l f fil Infill Soils
completed
e e e
Drilling in progress 
Trenching nearing completion
Tuzon 1.7km gold anomaly  
Grid 3
Dugbe Tuzon 
Drilling in progress 
Trenching nearing completion
Tuzon 1.7km gold anomaly  
Grid 3
Dugbe Tuzon 
Joe Village Licence
Outcrop
Joe Village Licence
N CkSilGid
Grid Stingray
Joe Village Soil 
Grid Tang
eek Soil Nemo Cr
Joe Village Soil 
a Hammerhead
e Nemo Creek Soil Grid
eek Soil 
Nemo Creek Licence Nemo Creek Licence
Target areas: gold in soil anomalies in and around the Dugbe F Project
Key Facts
•  70km strike length
•  2,051km
2
of licence area
•    Contains the 1,765,000 ounce deposit at the Dugbe F Project
•  40km as the crow ﬂies to Greenville port – operational
deep water logging port
Licence boundaries
Soil grid
Resource
Roads and tracks
Gold in soil anomalous targets
Licence boundaries
Soil grid
Resource
Roads and tracks
Gold in soil anomalous targets 22
Hummingbird Resources plc
Annual Report and Accounts 2011
Work has progressed on the Dugbe,
Joe Village, Nemo Creek and Tiehnpo
licences over the past year. These
properties add up to over 2,000km
2
in
total, straddle the prominent regional-
scale Dugbe Shear Zone, and make
up a signiﬁcant part of the so-called
‘Graphite Belt’ gold ﬁeld. 
The Dugbe Shear Zone contains our
Dugbe F Project with an NI 43-101
compliant Resource. 
Dugbe F Project
Following the Company’s listing on the
AIM exchange and fundraising in late
2010, resource drilling continued at the
Dugbe F Project in February 2011, and
has continued through to September
2011. From February up to 31 May
2011, some 5,640m were drilled at the
Dugbe F Project, and by 26 September
a further 11,700m of drilling had been
added. This means that over 17,300m
of drilling has been completed at the
Dugbe F Project since drilling restarted
in February 2011. During this time some
8,100 drill samples have been sent for
analysis to the Stewart Group
laboratory in Ireland. 
This resource drilling has been focused
on extending the known Resource
both on the north and south ends,
where positive ground magnetic
anomalies have been targeted by
drilling. The drilling conﬁrmed that the
deposit was continuing to the south
and south-west, curving around in an
anticlinal structure onto the Joe
Village licence.
At the time of its AIM listing in the UK in
December 2010, Hummingbird’s 2010
drilling programme had amassed a
maiden resource of 812,000 ounces
at a grade of 1.208 g/t. This NI 43-101
compliant resource was split 552,000
ounces in the Indicated category
and 260,000 ounces in the Inferred
category.
The Resource has recently been
updated and has increased to
1,765,000 ounces at a similar grade of
1.276 g/t. This represents a 117%
increase in resource ounces since
listing, making the Dugbe F Project the
fastest growing and largest gold
resource in Liberia, with signiﬁcant
potential to grow further. 
An important development at the
Dugbe F Project was an improved
understanding of the geology and
mineralisation controls. High level
geological mapping established that
the gold appears to have derived
from a series of intrusive granodiorites
– these are intruded with a distinctive
garnet alteration zone, and the
mineralisation appears to lie just
outside the garnet alteration zone.
With this new understanding in place,
it is easier to make sense of the
geology in and around the Dugbe F
Project, and to thereby guide the
work going forward. 
Technical Summary – Dugbe Shear Zone
Joe Village Cross Section 
 Line Shown Below
Ore zone at 0.5g/t cut off
Cross section near the Dugbe/Joe Village licence border showing
the shallow dipping ore zone
Dugbe F Project: 1,765,000 ounce deposit  23
Hummingbird Resources plc
Annual Report and Accounts 2011
Dugbe Licence
(Blocks A, B, D, F) 
The Dugbe licence covers 450km
2
and
was awarded to Hummingbird in
November 2005. It is 100%
Hummingbird owned. This licence falls
within the Dugbe Shear Zone which is
a prominent northeast – southwest
trending structure. 
Approximately 1,400 soil samples have
been taken on grid targets deﬁned by
satellite imagery. One of these is at
Tuzon, lying some 2.5km to the east of
this resource. At Tuzon, a large and
well developed gold in soil anomaly
was established, extending to a total
of some 2.2km in strike length, with soil
values exceeding 1 ppm Au in parts.
Trenching at this prospect has shown
major thicknesses of anomalous
arsenic, together with several zones of
gold mineralisation. 
This excellent and strong gold
anomaly contains a coincident
arsenic anomaly, and provides an
exciting target for outline drilling near
to the initial deposit in the Dugbe F
Project. This target is currently being
drilled, with two drills active. 
In addition to the drilling, over 2,000m
of trenching has been completed on
the Dugbe licence (mostly at Tuzon),
with over 2,390 trench samples sent for
assay, as well as approximately 200
other rock grab samples assayed. 
Gold assay results from soils at Dugbe
Block D have been highly
encouraging and show an east-west
trending gold in soil anomaly, with
coincident arsenic in soils, measuring
1.4km across, with two distinct
anomaly highs which are open to the
west and east. A programme of 840m
of trenching is underway across four
north-south lines running
perpendicular across the gold in soil
anomaly.
At Dugbe Block B over 400 spur
samples have been taken on low
ridges which appear to be associated
with siliciﬁed zones and abundant
nearby artisanal workings. These zones
broadly tie up with previous
coincident gold/arsenic soil
anomalies, and line up well with the
regional east-north-east trend which is
prevalent in this area. The gold in soil
anomalies are currently being
trenched as the next stage of work. 
Technical Summary – Dugbe Shear Zone
Soil grids and stream samples across the Dugbe Shear Zone
2011 Soil grids completed
2011 Soil grids planned/in progress
2009-2010 Soil grids
2007-2010 Stream sediment sample sites
2011 Stream sediment sample sites
Joe Village Dugbe
Tiehnpo
Nemo Creek
F
Tuzon
D
BA 24
Hummingbird Resources plc
Annual Report and Accounts 2011
Technical Summary – Dugbe Shear Zone
Joe Village Licence
The licence covers 250 km
2
and was
awarded in October 2010.
Hummingbird has an 80% interest in
the licence. This licence also falls
within the Dugbe Shear Zone
adjoining the Dugbe licence to the
east and has been resource drilled
since February of this year. The results
from drilling in this licence have been
included in the resource upgrade.
Soil sampling to the west of the
existing Resource has established very
strong coincident gold/arsenic
anomalies, with a number of samples
over 1 ppm Au. This basically proves
the westwards continuation of the
Dugbe F mineralisation zone, and this
has been conﬁrmed by some 7,700m
of drilling on Joe Village this year, of
which 4,050m was complete by 31
May 2011. Over 3,000 drill samples
have been taken and submitted for
analysis from the Joe Village drilling
during 2011. 
The drilling has shown the
mineralisation zone to extend
westwards, as part of a folded
anticlinal structure, with generally
higher grades established than in last
year’s drilling on the maiden Resource
at Dugbe F. 
Further gold/arsenic anomalies occur
further west at Sackor. A total of 480
soil samples have been taken on two
grids on Joe Village, with very positive
results. In total over 3,200 soil samples
have been taken on the Joe Village
licence since it was acquired by
Hummingbird in late 2010. The outlying
parts of the Joe Village licence have
been covered with some 270 stream
sediment samples. 
Nemo Creek Licence
The licence covers 690km
2
and was
awarded in April 2010. Hummingbird
has a 90% interest in the licence. This
licence also falls in the Dugbe Shear
Zone and adjoins the Dugbe licence.
This licence lies directly south of the
Dugbe F Project, and is immediately
south of the Dugbe Shear Zone. In
early 2011 approximately 2,200 soil
samples had been taken over three
soil grids (named Hammerhead,
Stingray and Tang), as well as regional
soil sample lines, and showed
coincident gold/arsenic soil anomalies
with a strong east-north-east trend.
These targets are planned to be
trenched and scout-drilled in due
course. 
In addition to this, some 700 stream
sediment samples have been taken
regionally around the Nemo Creek
licence, in order to provide a ﬁrst pass
coverage of additional new areas.
Results of these samples are awaited. 
Tiehnpo Licence
This licence covers 665km
2
and was
awarded in July 2010. Hummingbird
has a 90% interest in the licence. The
licence also falls in the Dugbe Shear
Zone.
This licence lies immediately east of
the Dugbe licence, and forms an
exciting eastwards extension along
the Dugbe Shear Zone. Satellite
imagery picked up at least three east-
west ridge features, totalling over
10km in length, with abundant
artisanal workings in streams draining
off them. Hummingbird has taken
some 120 stream sediment samples
and mapped an extensive area, in
order to help delineate speciﬁc targets
within this area. Results of these
samples have shown a number of
anomalous zones which will be
subjected to soil sampling in the weeks
ahead. 
Some 300 stream sediment samples
have been taken in favourable areas
around the Tiehnpo licence, for which
results are awaited. 
Dugbe Camp, Sinoe County 25
Hummingbird Resources plc
Annual Report and Accounts 2011
Zia Licence 
The licence covers 443km
2
and was
awarded to Deveton Mining
Company (“Deveton”) in November
2005. Hummingbird owns 80% of
Deveton. The Juazohn Shear Zone
separates younger Proterozoic
metasediments and metavolcanics
on the west from Archaean gneisses
on the east.
Hummingbird is targeting BIF hosted
gold deposits across the Zia licence. A
large amount of exploration, including
stream sediment sampling, soil
sampling, trenching and auger drilling,
has occurred across this licence during
the four years that Hummingbird has
owned it, culminating in a scout drill
programme in late 2010.
1,950m of scout core drilling was
complete at the end of 2010. While
the results to date did not show
intersections of obvious economic
grades, a large number of pyritic
mineralised zones were intersected,
with gold values up to 1.7 g/t. In fact,
the mineralised zones are
characterised by strong silver and
bismuth haloes, and further scout
drilling is planned, once the status of
the licences is ﬁnalised (Zia and the
adjacent licences are the subject of
an MDA application). 
Kana Hills Licence
The licence covers 257km
2
and was
awarded to Geotess International
Corporation in 2004, which was then
transferred to Afro Minerals Inc
(“Afro”) in 2007. Hummingbird owns
80% of Afro. The licence adjoins the
Zia licence in the Juazohn Shear Zone
and covers the continuation of the
northeast trending BIF ridge, along
which numerous artisanal gold
workings are located.
Jababli Licence
The licence covers 400km
2
and was
awarded to Deveton in October 2009.
Hummingbird owns 80% of Deveton.
Earlier stream sediment sampling work
established exciting gold targets
associated with amphibolite ridges of
likely Archaean age. Follow-up soil
sampling deﬁned coincident
gold/arsenic anomalies along a 9km
ridge with abundant artisanal workings
in streams draining off it. A major
trenching programme has recently
started within the Jababli licence. 
Zwedru Licence
The licence covers 1,000km
2
and was
awarded to Hummingbird in April
2010. Hummingbird owns 100% of this
licence.
A total of over 1,000 stream sediment
samples have been taken over the
past three months over this licence.
Results are awaited. 
JUAZOHN SHEAR ZONE
Jababli
Zwedru
Zia
Kana
Hills
Technical Summary – Juazohn Shear Zone
Stream sediment sample sites 
assays pending
Gold in soil anomalous 
targets
Elevated gold in stream 
sediment area
Hummingbird licence area
Stream sediment sample sites 
collected 2007 - 2010
Stream sediment sample sites 
collected 2011
Village in Sinoe County 26
Hummingbird Resources plc
Annual Report and Accounts 2011
Stream sediment sampling site
Hummingbird licence area
Tawake Licence
The licence covers 665km
2
and was
awarded to Hummingbird in April
2010. The licence is 100%
Hummingbird owned.
Earthcons Geological Consulting has
gathered some 460 stream sediment
samples, based on a targeted sample
density of one sample per sq. km.
Results have shown an exciting
looking anomalous zone of a few
kilometres strike length, with
anomalous gold values adjacent to
the junction of the major Dugbe Shear
Zone and Dube Shear Zone. Also of
note in this zone are numerous
airborne radiometric anomalies which
appear to represent intrusive granitic
rocks. Follow up stream sediment work
is planned for the upcoming quarter. 
Gekehn Licence
The licence covers 795km
2
and was
awarded to Hummingbird in April
2010. The licence is 100%
Hummingbird owned.
Stream sediment samples have
totalled some 570 samples. A number
of gold anomalies were outlined,
including a broad zone, several
kilometres in length, showing strongly
anomalous lithium values. Further
stage work is already underway.
DUBE SHEAR ZONE
Technical Summary – Dube Shear Zone
Plibo Licence
The licence covers 375km
2
and was
awarded to Hummingbird in April
2010. The licence is 100%
Hummingbird owned.
Some 370 stream sediment samples
have been taken on this licence, and
have shown anomalous gold target
areas worthy of follow-up soil
programmes.  27
Hummingbird Resources plc
Annual Report and Accounts 2011
CESTOS SHEAR ZONE
Ba Licence 
The licence covers 625km
2
and was
awarded to Deveton in October 2009.
Hummingbird owns 80% of Deveton. 
The Ba licence lies in Archaean rocks
immediately west of the Cestos Shear
Zone, and is also immediately north of
Amlib United Minerals Inc’s Cestos
project, with its multiple gold targets.
During early 2011, Hummingbird’s ﬁeld
teams collected over 1,300 soil
samples over two grids. These grids
were sited over exciting looking gold
targets, as deﬁned by previous stream
sediment sampling. The gold targets
are broadly associated with a suite of
Archaean rocks including banded iron
formations (BIFs) and metavolcanics. 
A preliminary examination of gold
results from the soil grids has shown a
number of elongated linear gold in soil
anomalies, which are strike-parallel
and up to 1.5km in length. These soil
anomalies will be further investigated
by trenching.
Ba
Technical Summary – Cestos Shear Zone
Stream sediment sampling site
Hummingbird licence area 
Soil grid site 28
Hummingbird Resources plc
Annual Report and Accounts 2011
BHP Billiton
To Buchanan
Iron Bird Resources
Mt. Ginka
Côte d’Ivoire
Guinea
ArcelorMittal
Mt Ginka Licence
The licence covers 155km
2
and was
awarded to Hummingbird in April 2010.
During the year Hummingbird entered
into a joint venture with Petmin Ltd
whereby Hummingbird transferred the
licence to a new subsidiary, Iron Bird
Resources Inc. (“Iron Bird”), in which
Petmin has now invested a total of
$2m for a 50% interest. Petmin’s
investment is being utilised to cover
early stage exploration work.
The licence is situated in Nimba
County only 20km from the producing
Mt Nimba mine owned by
ArcelorMittal and is also only 20km
from the newly renovated
government owned railway line
originally built to carry iron ore to
Buchanan Port. 
Iron Bird recently completed a
helicopter-borne aeromagnetic
survey of the majority of the Mt Ginka
ridge. It was undertaken by New
Resolution Geophysics of South Africa.
Flights lines were 50m apart and ﬂight
height 30 to 40m. Total line kilometres
were 1,650m. A detailed
interpretation was undertaken by
consulting geophysicists EXIGE-SA of
South Africa. Early indications are that
the survey shows signiﬁcant, strike-
continuous zones showing strong
magnetic response. 
The magnetic bodies (assumed to be
itabirite) occur on the boundary
between two distinct geological
entities and form a continuous ridge.
The interpretation suggests the ridge is
the result of a thrust environment with
a layer of thorium rich material thrust
over the top of a more potassic
material. The silica-chert content of an
itabirite lends itself to less weathering
than the surrounding schist thus
producing the ridge feature. The unit is
estimated to extend for 20km with a
surface width of 150-250m extending
approximately 1,000m down dip. 
Currently, a programme of trenching,
sampling and scout drilling is in
progress to test the metallurgy and
extent of this project.
IRON ORE
Buchanan
New Yekepa
Monrovia
Mt. Ginka
Technical Summary – Iron Ore
Railway line
Hummingbird licence area
Aeromagnetic survey 
undertaken
The Group’s most advanced gold exploration has taken place in the Dugbe and Joe Village licences, with a recently upgraded gold resource
at the Dugbe F Project of 43.01 million tonnes at 1.276 g/t Au to give 1,765,000 ounces of gold using a lower cut-off grade of 0.5 g/t Au and no
upper cut-off grade (Indicated Resource of 1,373,000 ounces of gold at 1.289 g/t Au and an Inferred Resource of 392,000 ounces of gold at
1.233 g/t Au). The exploration has been based on sound geological premises and has been executed in an efficient and practical manner
according to best industry practices.
ACA Howe International Limited have calculated this NI 43-101 compliant resource for the purposes of the AIM market and have approved
the content of this document.
David Pelham has reviewed and approved the technical information contained within this document in his capacity as a qualified person,
as required under the AIM rules. David Pelham is Technical Director of the Company and is a member of the Institute of Materials, Minerals
and Mining. Core Values
29
Hummingbird Resources plc
Annual Report and Accounts 2011
VISION
      To build a world class gold company. 
MISSION
      Our initial mission is to develop a world-class gold province in eastern Liberia.
We aim to achieve this starting from systematic grass roots exploration, right
through to building and running gold mines there, whilst maintaining the
highest levels of social and environmental responsibility.
CORE VALUES
      Safety is paramount: the health and safety of our staff is vital and every
measure is taken to ensure that our progress is delivered without
compromise to the well-being of our employees.
      Respect for the team: everyone is treated with respect, trust and
dignity. In return, honesty and integrity are expected of all employees.
      Dynamic in our approach: we will deliver on our commitments
through initiative, energy and persistence, working hard to achieve the best
results in the minimum of time.
      Embrace innovation: everyone is expected to think for themselves, to
promote good ideas and to use technology to aid our work. Every gold
exploration and development project is unique; we will constantly
encourage people to ‘think outside of the box’.
      Act with responsibility: we are committed to working in the most
responsible manner possible, by respecting the local customs and traditions,
by adhering to the laws of the countries in which we work and by following
international best practice.
      Highest regard for the people and environment: we aim to be
pillars of the communities in which we work, to incorporate the individual
stakeholders throughout the exploration development process and never
to neglect the precious environment. Operational Summary
30
Hummingbird Resources plc
Annual Report and Accounts 2011
Human Resources
Hummingbird prides itself on the quality of staff that it employs at all levels. The highest
standards of work, dedication and productivity are expected and achieved wherever
possible. This applies equally to all staff. Currently in Liberia, we have over 170 staff on
full-time contracts (including 13 expatriate staff) and over 110 people who work on a
short-term contract status while we are undertaking drilling operations. All contracts are
endorsed and recognised by the Ministry of Labour and all of our permanent staff are
provided free medical cover and support.
As a company, we have always taken a slightly different approach to the structure of
our company in Liberia, most especially with the decision to separate geology from
operations (i.e. logistical support). Managing the operation in Liberia is Tim Illingworth
who was appointed as country manager in April 2011 after serving in the British Army for
ten years.
Our geological team is headed up by Danae Voormeij (P. Geo), our chief geologist,
who designs and manages all the exploration work and organises the expatriate and
Liberian geological staff accordingly. We currently have a number of expatriate
geologists from a number of different countries, including Canada, United Kingdom,
Uganda, Madagascar and Zimbabwe. We also pride ourselves on our Liberian
geological staff including ﬁve Liberian geologists and 12 ﬁeld assistants, all of whom
have added signiﬁcantly to our exploration capacity over the last year. The geologists
will very soon be graduating from the University of Liberia (UL) and are some of the 15
students that Hummingbird has sponsored from 2007 in their geological course at UL.
Working to support the exploration programmes is a dedicated operations team. The
operations team which includes camp managers, drivers, power saw operators and
mechanics is headed up by an operations manager, two deputy operations managers,
a ﬂeet manager and a logistics manager.
Operational Capacity & Logistics
Since our IPO in December 2010 signiﬁcant investment has been made in the
Company’s operational capacity, both in terms of sourcing additional experienced
personnel, and procuring new equipment and vehicles for the exploration programmes.
This investment has enabled us to increase the tempo of our work and to manage a
multitude of exploration programmes over the year, including throughout the wet
season, without hindrance or delay.
Our operational footprint in Liberia still very much remains in the east of the country, with
the majority of exploration licences over 450km from Monrovia. In order to enable a
more seamless supporting structure to exploration activities which are being conducted
more than a day’s drive away from the company’s headquarters, we have established
two forward operating bases, in Zwedru and Greenville. The latter location is a crucial
hub for supporting our drilling in the Dugbe area. It is equipped with VSAT internet, a
5,000 US gallon fuel depot and large stores and vehicle workshop facilities. This base
allows for fuel and supplies to be delivered to Greenville in bulk, and from there to be
moved to our main camp or any other location with separate vehicles.
Chief geologist: Danae Voormeij
Core logging
Supplies in transit
Dugbe Camp Operational Summary
31
Hummingbird Resources plc
Annual Report and Accounts 2011
Our ﬂeet of vehicles has expanded with an additional Unimog U1300L truck, D7G
bulldozer and 15 light vehicles, including 10 Toyotas and six Land Rovers. To support and
maintain our vehicle ﬂeet we have invested in a professional and experienced ﬂeet
manager, and in 2010 a decision was taken to move our vehicle servicing and
maintenance in-house, in order to avoid the high costs and low availabillity of service
from the few major vehicle garages in Monrovia. We have therefore established a new
logistics compound in Monrovia, adjacent to our ofﬁce and accommodation
compounds. We have built a four-bay servicing workshop complete with a 4-post
hydraulic lift, tyre changing and wheel balancing machines and all the tools with which
a modern vehicle workshop should be equipped. 
Government
Our relationship with the government remains solid and we have enjoyed much progress
this year, not least in relation to our application for two Mineral Development
Agreements (MDAs) that are expected to be signed with the Government of Liberia
before the end of 2011. These are 25 year concession agreements which are expected
to commence with a ﬁve year exploration period, and a mining licence application is
applied for once the deﬁnitive feasibility study has been completed. In the meantime,
we have letters of good standing from the Ministry of Lands, Mines and Energy
conﬁrming that our current exploration licences are valid until the MDA negotiations
have been completed.
Hummingbird was also a proud sponsor this year of two conferences on investment in
Liberia. The ﬁrst was held in Monrovia in April and was called the Liberian Mining Energy
Petroleum Conference. It was attended by a number of key exploration and mining
companies looking at moving into Liberia. Hummingbird also hosted a dinner during the
event. The second conference was called the UK-Liberia Investment Forum and was
held in June 2011 in London.
En route to Dugbe Camp
Logistics compound
David Pelham, Daniel Betts &
Robert Monro Corporate Social Responsibility
32
Hummingbird Resources plc
Annual Report and Accounts 2011
Big Picture View
Hummingbird Resources actively pursues initiatives that can help address the serious
economic and social-environmental challenges that are still prevalent throughout the
country and especially in the rural regions. We feel that often the best solution is
employment, bringing with it training and lasting transferable skills. As our resource grows,
and with the proceeds of the money raised at listing, we are better able to advance
projects quickly – both in conjunction with local NGOs and directly with the communities
in which we live and work.
However, with the prospect of more widespread development across Liberia in the
sectors of mining, agriculture and forestry, it is crucial that the unique environment of
Liberia is not overlooked. Much of the forested areas and wildlife within are now severely
Baking bread at Dugbe Camp
A Hummingbird bridge, Sinoe County Corporate Social Responsibility
33
Hummingbird Resources plc
Annual Report and Accounts 2011
under threat after years of poorly managed concession agreements and desperation
created by war, which forced people into poaching and exploitation of the forest and
its ecosystems. Therefore, it is Hummingbird’s belief that, in return for the privilege of
working in Liberia, it is our obligation to do our part and work in the most socially and
environmentally responsible way possible, in a manner that is both sustainable and
relevant.
Grass Roots Implementation
Hummingbird is proud to be one of Liberia’s largest employers with over 90% of our
workforce in Liberia made up of Liberian nationals. Additionally, Hummingbird sponsors a
number of geology students at the Liberian University, and has recently recruited its ﬁrst
graduates from the university as junior geologists to work within Hummingbird’s
international geological team. Hummingbird invests in all of its employees as individuals,
providing regular training (from ﬁrst aid courses to computer workshops) to develop the
skills of each individual, promoting personal growth and development, so as to increase
the opportunities for their careers to progress. Hummingbird takes the welfare of its
employees very seriously and its provision of medical cover for all employees is just one
example of this.
Hummingbird has a strategy aimed at identifying speciﬁc ways in which our Company
can have a direct and positive impact wherever we work. We aim to assist the various
poverty reduction strategies that the government has introduced, and focus our CSR
initiatives in order that they complement the various County Development Agendas.
The Company is also involved in various philanthropic works, including:
•    the building and rehabilitation of wells and town halls in village communities near
the exploration projects
•    building more than 15 bridges on main access routes into the bush
•    repairing over 120km of public roads around our project areas 
•    a sanitation programme and building of community latrines in Monrovia
•    sponsoring 15 geological students through the University in Monrovia
•    sponsoring the full renovation of the library at the Liberian Geological Survey
•    sponsoring the Sinoe County Football Team
All of these projects are considered important to Hummingbird in creating a positive
working environment between ourselves and the local people. This has allowed
Hummingbird to achieve a more responsive workplace than that of our competitors. 
A Hummingbird well project
Hummingbird United football team Pygmy Hippo Foundation
34
Hummingbird Resources plc
Annual Report and Accounts 2011
Pygmy Hippo Foundation
In July 2011 we founded the Pygmy Hippo Foundation, predominantly aimed at assisting
the development of the country’s Sapo National Park in southeast Liberia, and
producing measures to save the pygmy hippo, an endangered species. The Zoological
Society of London estimates that there are less than 2,000 pygmy hippos remaining in
the wild, of which the majority are believed to be located in Liberia’s Sapo National
Park.
Mission
The Foundation aims to promote the conservation, preservation and protection of the
endangered pygmy hippo in its natural environment, through the re-development of the
Sapo National Park and incorporating local communities into conservation initiatives
and education programmes.
The aims of the Pygmy Hippo Foundation include informing the Liberian government
about the need to protect the pygmy hippo. Through further training, local park rangers
will be able to track and locate these shy and reclusive animals, contributing to a
greater understanding of their habitat and behaviours, about which little is currently
known. Sponsorship of research by leading conservationists is part of Hummingbird’s
contribution towards the protection of one of Liberia’s endangered species. Pygmy Hippo Foundation
35
Hummingbird Resources plc
Annual Report and Accounts 2011
Pygmy Hippo Foundation Initiatives
1
Enforcing the
laws of the 
Sapo National
Park
2
Informing the
government of the
need to protect the
environment
4
Sponsoring
and training
of park
rangers
5
Provision of
equipment
and facilities
to the park
3
Removal of
illegal miners
7
Anti-poaching
patrols
8
Sponsoring research
into the park by world
leaders in hippo
conservation
6
Future development
of low impact eco-
tourism centred on
Sapo National Park 9
Education of local
communities
10
Creating a buffer zone around Sapo National Park that supports conservation
initiatives and incorporates the local communities, with the potential to extend
gradually and sustainably across wider areas Liberia
36
Hummingbird Resources plc
Annual Report and Accounts 2011
Atlantic Ocean
Monrovia
Côte 
d’Ivoire
Mali
Guinea
Sierra 
Leone
Liberia
Background
Liberia was founded in 1847 as a safe haven for emancipated slaves. It enjoyed over
100 years of peace before 14 years of intermittent civil war which ended nearly a
decade ago. The incumbent President, Ellen Johnson Sirleaf, is Africa’s only female
President. She is highly regarded in the international community for having wiped off
over $2bn of national debt during her Presidency to date. Liberia is a coastal country
with an estimated population of 3.9m people. It shares borders with Sierra Leone, Ivory
Coast and Guinea. 
At Hummingbird we pride ourselves not only on our strong relationships with the
communities living in the areas in which we operate, but also with the Government of
Liberia. We recognise that we have a huge opportunity with our ﬁrst mover advantage
to be working in a country which after 14 years of civil conﬂict has spent the last nine
years of peace steadily improving its social, economic and ﬁscal stability. Liberia
37
Hummingbird Resources plc
Annual Report and Accounts 2011
• Africa’s only female President: Ellen
Johnson Sirleaf 
• Population: 3.9 million
• Capital city: Monrovia
• Three operating deep water ports
• Robust mining law based on 
long-established Australian system
• First country to become compliant with
the Extractive Industries Transparency
Index (EITI) 
• Principal towns: Ganta, Buchanan,
Greenville, Gbarnga, Kakata, Voinjama,
Harper
• USA currently constructing their largest
embassy in an African country in Liberia
• International commodity ﬁrms investing
include Arcelormittal, BHP Billiton Ltd,
Chevron Corporation, Sime Darby
Berhad, Anadarko Petroleum
Corporation & Total S.A.
• Mo Ibrahim index of African governance
named Liberia as ‘Most improved
country’ in Sub-Saharan Africa in 2008
Economic Growth
With three operational deep water ports, a newly rebuilt railway line and hundreds of
kilometres of newly laid tarmac road, the ability to operate as a company and move
towards developing a mine is only becoming easier. Liberia is a country that still remains
one of the poorest in the world, and with unemployment standing at around 80%,
factors such as community improvements and local employment are vital contributions
to the country’s Poverty Reduction Strategy and therefore improving the country’s
economic climate as a whole in the long-term. Despite being ranked last in the United
Nations’ human development index in 2008, in that same year it was also named as
‘most improved country’ in Sub-Saharan Africa by the Mo Ibrahim Index of African
Governance. The nation has since experienced an estimated 7.3% economic growth in
2011, up from 4.6% in 2010, and 6.1% in 2009, along with other countless successes. 
A Bright And Stable Future
In the 1960’s and 1970’s, Liberia was Africa’s largest iron ore exporter and the third
largest in the world. This provided a launch pad for the extractive industry in the
aftermath of civil war. Along with the impressive number of competitors operational in
Liberia, this is a strong indication of the Liberian Government’s commitment to the
continued growth and development of its economy and its peoples’ welfare. 
Liberia’s Extractive Industries Transparency Initiative (LEITI) ensures ﬁnancial transparency
and accountability at a global standard, to the Liberian people. Liberia and Cameroon
are the only two African countries to conform with this internationally recognised
initiative. The prompt lifting of the embargo on exports of diamonds, gold, iron ore and
timber after the 2006 elections was driven by the desperate need for national income
for the people.
Liberia At A Glance 38
Hummingbird Resources plc
Annual Report and Accounts 2011 39
Hummingbird Resources plc
Annual Report and Accounts 2011
Financial Statements
Directors’ Report
Corporate Governance Report
Statement of Directors’ Responsibilities
Independent Auditor’s Report
Consolidated Income Statement 
Consolidated Balance Sheet
Consolidated Statement of Comprehensive Income
Consolidated Cash Flow Statement
Consolidated Statement of Changes in Equity
Notes to the Consolidated Financial Statements
Company Balance Sheet
Company Cash Flow Statement
Company Statement of Changes in Equity
Notes to the Company Financial Statements DIRECTORS
ID Cockerill              Non-Executive Chairman
SA Betts                    Non-Executive Director 
MC Idiens                Non-Executive Director
RJH Smith                Non-Executive Director
DE Betts                    Executive Director
WBT Cook                Executive Director
DA Pelham              Executive Director
COMPANY SECRETARY
TR Hill
REGISTERED OFFICE
49-63 Spencer Street
Hockley
Birmingham
West Midlands
B18 6DE
AUDITORS
Baker Tilly UK Audit LLP
2 Whitehall Quay
Leeds
LS1 4HG
SOLICITORS
Cobbetts LLP
One Colmore Square 
Birmingham
B4 6AJ
BANKERS
Barclays Bank plc
PO Box 777
Wolverhampton
WV1 1DS
NOMINATED ADVISER & BROKER
Liberum Capital Ltd
Ropemaker Place, Level 12
25 Ropemaker Street
London
EC2Y 9LY
JOINT BROKER
Mirabaud Securities LLP
33 Grosvenor Place
London
SW1X 7HY
40
Hummingbird Resources plc
Report and Financial Statements 2011
Directors, Advisors and Officers 41
Hummingbird Resources plc
Report and Financial Statements 2011
The Directors present their report on the affairs of the Group, together with the financial statements and
auditors’ report for the year ended 31 May 2011.
PRINCIPAL ACTIVITIES
The Group’s principal activity is the exploration, evaluation and development of mineral exploration
targets, principally gold, focused exclusively in Liberia. 
The subsidiary and associated undertakings principally affecting the losses or net assets of the Group in the
year are listed in note 16 to the financial statements.
BUSINESS REVIEW AND FUTURE DEVELOPMENTS
The purpose of this review is to show how the Group assesses and manages risk and uncertainty and adopts
appropriate policies and targets. Further details of the Group’s business and expected future developments
are also set out in the Chairman’s Statement on pages 8 to 9, the CEO’s statement on pages 10 to 13 and in
the Technical & Operational Review on pages 18 to 37.
PRINCIPAL RISKS AND UNCERTAINTIES
The Group and Company is subject to various risks relating to political, social, industry, business and
financial conditions. The following risk factors, which are not exhaustive, are particularly relevant to the
Company and the Group’s business activities:
Exploration risk
There is no assurance that the Group’s exploration activities will be successful, and statistically few
properties that are explored are ultimately developed into producing mines.
Political risk
All of the Group’s operational activities are located in Liberia and the Group is therefore dependent on the
political and economic situation in Liberia and the wider African region. After 14 years of civil war, hostilities
ceased in 2003, and Liberia has since experienced a wave a new investment, improved infrastructure, and
has become one of the fastest growing economies in West Africa. However there can be no assurance
that political stability will continue.
Licencing and title risk
The Group’s exploration activities are dependent upon the grant of appropriate licences, concessions,
leases, permits and regulatory consents which may be withdrawn or made subject to limitations. Such
licences and permits are as a practical matter subject to the discretion of the applicable government or
government office. The Group must comply with known standards, existing laws and regulations that may
entail greater or lesser costs and delays depending on the nature of the activity to be permitted. The
interpretations, amendments to existing laws and regulations, or more stringent enforcement of existing
laws and regulations could have a material adverse impact on the Group’s results of operations and
financial condition. Whilst the Group continually seeks to do everything within its control to ensure that the
terms of each licence are met and adhered to, third parties may seek to exploit any technical breaches in
licence terms for their own benefit. 
Additionally whilst the Group has diligently investigated title to all its licences and to the best of its
knowledge, title to all is in good standing, this should not be construed as a guarantee of title. If a title
defect does exist it is possible that the Group may lose all or part if its interest in the relevant properties.
Financing
The development of the Group’s properties will depend on the Group’s ability to obtain financing primarily
through the raising of equity capital, but also by means of joint venture of projects, debt financing, farm
outs or other means. There is no assurance that the Group will be successful in obtaining the required
Directors’ Report Directors’ Report continued
42
Hummingbird Resources plc
Report and Financial Statements 2011
financing. If the Group is unable to obtain additional financing as needed, some interests may be
relinquished and/or the scope of the operations reduced.
Details about the use of financial instruments by the Company and its subsidiaries as well as exposure to
financial risks are given in note 23 to the financial statements.
KEY PERFORMANCE INDICATORS
Given the stage of development of the Group’s operations, the key performance indicators used by
management for monitoring our progress and strategic objectives for the business are as follows:
31 May 2011 31 May 2010
Resources – Indicated (ounces Au) 552,000 -
Resources – Inferred (ounces Au) 260,000 -
Resources – total (ounces Au) 812,000 -
Metres drilled (cumulative) 27,358m 3,700m
Samples collected (cumulative) 41,032 21,755
Exploration expenditure (cumulative) $17.6m $6.8m
Cash balance $32.1m $7.6m
Share price £1.515 $0.778
CORPORATE GOVERNANCE
The Company is subject to the corporate governance regime of the United Kingdom. The Directors
acknowledge the importance of the guidelines set out in the Corporate Governance Code and the QCA
Guidelines and therefore intend to comply with these so far as is appropriate having regard to the size and
nature of the Company.
Board
The board currently comprises seven members, three of whom are executive. The board meets regularly
and is responsible for strategy, performance, approval of major capital projects and the framework of
internal controls. To enable the board to discharge its duties, all Directors receive appropriate and timely
information. Briefing papers are distributed to all Directors in advance of board meetings, and all Directors
have access to the advice and services of the Company Secretary. The Articles of Association provide that
Directors will be subject to re-election at the first opportunity after their appointment and they will voluntarily
submit to re-election at intervals of three years.
Audit Committee
The audit committee comprises Matthew Idiens and Roderick Smith (Chairman). The audit committee is
responsible for reviewing a wide range of financial matters including the annual and interim reports, the
Company’s internal control and risk management system. The audit committee’s responsibilities include
meeting with the Company’s auditors and agreeing the scope of their audit.
Remuneration Committee
The remuneration committee comprises Ian Cockerill (Chairman), Matthew Idiens and Stephen Betts. The
remuneration committee is responsible for reviewing the performance of the executive directors, setting
their remuneration levels, determining the design and setting the targets for any incentive schemes
operated by the Company for the Directors. It is also responsible for determining at what point the 43
Hummingbird Resources plc
Report and Financial Statements 2011
Company should adopt any form of share option plan, and considering the grant of options under any such
plan. The board itself determines the remuneration of the non-executive directors.
Safety, Health and Environmental Committee (SHEC)
The SHEC comprises of Ian Cockerill (Chairman), Daniel Betts and William Cook. SHEC is responsible for
formulating and reviewing the safety, health and environmental policies of Hummingbird. It is responsible
for making sure that all Directors are kept informed of their health and safety obligations.
POST BALANCE SHEET EVENTS
Events after the reporting date have been disclosed in note 25 to the financial statements.
RESULTS AND DIVIDENDS
The results of the Group for the year ended 31 May 2011 are set out on page 49. The Directors do not
recommend payment of a dividend for the year (2010: nil). The loss will be transferred to reserves.
DIRECTORS AND DIRECTORS’ INTERESTS
The Directors of the Company during the year and their beneficial interests in the ordinary shares of the
Company for the year were as follows:
Number of Number of 
shares at shares at 
31 May 2011 31 May 2010*
ID Cockerill
1
491,083 -
SA Betts
2
4,491,648 4,872,600
MC Idiens 3,219,607 3,710,655
RJH Smith (appointed 1 August 2010) 41,130
DE Betts
2
4,491,648 4,872,600
WBT Cook 287,150 281,250
DA Pelham - -
* The number of shares has been adjusted for the 44 for 1 bonus issue that took place on 23 November 2010.
1 – Mr Cockerill’s interests are held by family trusts in which he has a beneficial interest.
2 – DE Betts’s and SA Betts’s interests consist of 4,119,048 shares held by DE Betts, 67,500 shares held by SA Betts, 67,500 shares held by
Caroline Betts, 57,600 shares held by Stephen Betts & Sons Limited, and 180,000 shares held by The Stephen Betts & Sons Limited (Self
Administered) Pension Scheme.
Directors’ Report continued Directors’ Report continued
The Directors’ interests in the share options of the Company at 31 May 2011 were as follows:
Options
Options granted Options First date Final date 
at 1 June during at 31 May Exercise Date of of of 
2010 the year* 2011 Price grant exercise exercise
ID Cockerill - - - - - - -
SA Betts - 337,500 337,500 £0.486 26/10/2010 24/12/2011 25/10/2020
MC Idiens - 450,000 450,000 £0.486 26/10/2010 24/12/2011 25/10/2020
RJH Smith - 270,000 270,000 £0.486 26/10/2010 24/12/2011 25/10/2020
DE Betts - 1,250,000 1,250,000 £0.486 26/10/2010 24/12/2011 25/10/2020
WBT Cook - 675,000 675,000 £0.486 26/10/2010 24/12/2011 25/10/2020
DA Pelham - 225,000 225,000 £0.486 26/10/2010 24/12/2011 25/10/2020
Total - 3,207,500 3,207,500
* The number of options has been adjusted for the 44 for 1 bonus issue that that took place on 23 November 2010. 
Additionally DA Pelham is entitled to a discovery bonus based on $0.10 cents per proved/probable
resource ounce. 
DIRECTORS’ REMUNERATION
Short term 
employee 
benefits for the 
year ended 
31 May 2011
$’000
ID Cockerill 52
SA Betts 47
MC Idiens 49
RJH Smith 40
DE Betts 129
WBT Cook 118
DA Pelham 165
Total Directors’ remuneration 600
DIRECTORS’ INDEMNITIES
The Company has obtained third party indemnity provisions for the benefit of its Directors and Officers. 
44
Hummingbird Resources plc
Report and Financial Statements 2011 SUPPLIER PA YMENT POLICY
It is the Group’s policy to make payments, where possible, to suppliers in accordance with agreed terms
provided that the supplier has performed in accordance with the relevant terms and conditions. Trade
payables of the Group at 31 May 2011 were equivalent to 27 (2010: 47) days’ purchases, based on the
average daily amount invoiced by suppliers during the year.
CHARITABLE AND POLITICAL DONATIONS
The Company has not made any charitable donations or payments to political parties during the year
(2010: $nil).
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
Each of the persons who is a Director at the date of approval of this Annual Report confirms that:
•    so far as the Director is aware, there is no relevant audit information of which the Company’s auditors
are unaware; and
•    the Director has taken all the steps that he ought to have taken as a Director in order to make himself
aware of any relevant audit information and to establish that the Company’s auditors are aware of
that information.
This confirmation is given and should be interpreted in accordance with the provisions of S418 of the
Companies Act 2006.
Baker Tilly UK Audit LLP have expressed their willingness to continue in office as auditors and a resolution to
reappoint them will be proposed at the forthcoming Annual General Meeting.
This Directors’ Report comprising pages 41 to 45 has been approved by the Board and signed on its
behalf by:
DE Betts
Director
6 October 2011
Registered Office:
49-63 Spencer Street, Hockley, Birmingham, B18 6DE
Company registered in England and Wales 05467327
45
Hummingbird Resources plc
Report and Financial Statements 2011
Directors’ Report continued The Directors are responsible for preparing the Directors’ Report and the financial statements in
accordance with applicable law and regulations.
Company law requires the Directors to prepare Group and Company financial statements for each
financial year. The Directors are required by the AIM Rules of the London Stock Exchange to prepare Group
financial statements in accordance with International Financial Reporting Standards (‘IFRS’) as adopted by
the European Union (‘EU’) and have elected under company law to prepare the Company financial
statements in accordance with IFRS as adopted by the EU.
The financial statements are required by law and IFRS adopted by the EU to present fairly the financial
position of the Group and the Company and the financial performance of the Group. The Companies Act
2006 provides in relation to such financial statements that references in the relevant part of that Act to
financial statements giving a true and fair view are references to their achieving a fair presentation.
Under company law the Directors must not approve the financial statements unless they are satisfied that
they give a true and fair view of the state of affairs of the Group and the Company and of the profit or loss
of the Group for that period. 
In preparing the Group and Company financial statements, the Directors are required to:
•    select suitable accounting policies and then apply them consistently;
•    make judgements and accounting estimates that are reasonable and prudent;
•    state whether they have been prepared in accordance with IFRSs adopted by the EU;
•    prepare the financial statements on the going concern basis unless it is inappropriate to presume that
the Group and the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and
explain the Group’s and the Company’s transactions and disclose with reasonable accuracy at any time
the financial position of the Group and the Company and enable them to ensure that the financial
statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of
the Group and the Company and hence for taking reasonable steps for the prevention and detection of
fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the corporate and financial information
included on the Hummingbird Resources plc website.
Legislation in the United Kingdom governing the preparation and dissemination of financial statement may
differ from legislation in other jurisdictions.
46
Hummingbird Resources plc
Report and Financial Statements 2011
Statement of Directors’ Responsibilities We have audited the Group and Parent Company financial statements (“the financial statements”) on
pages 49 to 82. The financial reporting framework that has been applied in their preparation is applicable
law and International Financial Reporting Standards (IFRSs) as adopted by the European Union and, as
regards the Parent Company financial statements, as applied in accordance with the provisions of the
Companies Act 2006.
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16
of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s
members those matters we are required to state to them in an auditor’s report and for no other purpose. To
the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the
Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we
have formed.
RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITOR
As more fully explained in the Directors’ Responsibilities Statement set out on page 46, the Directors are
responsible for the preparation of the financial statements and for being satisfied that they give a true and
fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance
with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to
comply with the Auditing Practices Board’s (APB’s) Ethical Standards for Auditors.
SCOPE OF THE AUDIT OF THE FINANCIAL STATEMENTS
A description of the scope of an audit of financial statements is provided on the APB’s website at
www.frc.org.uk/apb/scope/private.cfm.
OPINION ON FINANCIAL STATEMENTS
In our opinion 
•    the financial statements give a true and fair view of the state of the Group’s and the Parent’s affairs as
at 31 May 2011 and of the Group’s loss for the year then ended;
•    the Group financial statements have been properly prepared in accordance with IFRSs as adopted by
the European Union;
•    the Parent financial statements have been properly prepared in accordance with IFRSs as adopted by
the European Union and as applied in accordance with the Companies Act 2006; and
•    the financial statements have been prepared in accordance with the requirements of the Companies
Act 2006.
OPINION ON OTHER MATTER PRESCRIBED BY THE COMPANIES ACT 2006
In our opinion the information given in the Directors’ Report for the financial year for which the financial
statements are prepared is consistent with the financial statements.
47
Hummingbird Resources plc
Report and Financial Statements 2011
Independent Auditor’s Report to Members of 
Hummingbird Resources plc MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to
report to you if, in our opinion:
•    adequate accounting records have not been kept by the Parent Company, or returns adequate for
our audit have not been received from branches not visited by us; or
•    the Parent Company financial statements are not in agreement with the accounting records and
returns; or
•    certain disclosures of Directors’ remuneration specified by law are not made; or
•    we have not received all the information and explanations we require for our audit.
Richard King (Senior Statutory Auditor)
For and on behalf of BAKER TILLY UK AUDIT LLP, Statutory Auditor 
Chartered Accountants
2 Whitehall Quay
Leeds 
LS1 4HG
6 October 2011
48
Hummingbird Resources plc
Report and Financial Statements 2011
Independent Auditor’s Report to Members of 
Hummingbird Resources plc continued 2011 2010
Notes $’000 $’000
Continuing operations
Revenue - -
Profit on deemed disposal 13 425 -
Share-based payments 21 (1,141) (67)
Other administrative expenses (2,588) (1,219)
Administrative expenses 6 (3,304) (1,286)
Finance income 9 723 7
Finance expense 10 - (10)
Share of joint venture loss 13 (29) -
Loss before tax (2,610) (1,289)
Tax 11 - -
Loss for the year attributable to equity holders of the parent (2,610) (1,289)
Loss per ordinary share
Basic and diluted ($ cents) 12 (5.79) (4.6)
49
Hummingbird Resources plc
Report and Financial Statements 2011
Consolidated Income Statement
for the Year Ended 31 May 2011 2011 2010
$’000 $’000
Loss for the year (2,610) (1,289)
Other comprehensive income
Exchange translation differences on foreign operations - 619
Total comprehensive loss for the year attributable to
equity holders of the parent (2,610) (670)
50
Hummingbird Resources plc
Report and Financial Statements 2011
Consolidated Statement of Comprehensive Income
for the Year Ended 31 May 2011 51
Hummingbird Resources plc
Report and Financial Statements 2011
Consolidated Balance Sheet 
as at 31 May 2011
2011 2010
Notes $’000 $’000
Assets
Non-current assets
Intangible exploration and evaluation assets 14 17,582 6,801
Property, plant and equipment 15 1,647 645
Investment in joint venture 13 394 -
19,623 7,446
Current assets
Trade and other receivables 17 417 242
Cash and cash equivalents 17 32,112 7,569
32,529 7,811
Total assets 52,152 15,257
Liabilities
Current liabilities
Trade and other payables 19 1,573 974
Amounts due to joint venture 13 354 -
Total liabilities 1,927 974
Net assets 50,225 14,283
Equity
Share capital 20 854 13
Share premium 41,881 16,692
Retained earnings 7,490 (2,422)
Equity attributable to equity holders of the parent 50,225 14,283
The financial statements of Hummingbird Resources plc were approved by the Board of Directors and
authorised for issue on 6 October 2011. They were signed on its behalf by:
DE Betts
Director
Company Number 05467327
The notes on pages 54 to 73 form part of these financial statements. 52
Hummingbird Resources plc
Report and Financial Statements 2011
Consolidated Cash Flow Statement
for the Year Ended 31 May 2011
2011 2010
Notes $’000 $’000
Net cash outflow from operating activities 22 (1,651) (1,091)
Investing activities
Purchases of intangible exploration and evaluation assets (10,398) (1,910)
Purchases of property, plant and equipment (1,532) (580)
Interest received 31 7
Net cash used in investing activities (11,899) (2,483)
Financing activities
Net proceeds from issue of shares 37,411 10,623
Loans issued - 80
Loans repaid - (40)
Interest paid - (5)
Net cash from financing activities 37,411 10,658
Net increase in cash and cash equivalents 23,861 7,084
Effect of foreign exchange rate changes 682 (5)
Cash and cash equivalents at beginning of year 7,569 490
Cash and cash equivalents at end of year 32,112 7,569 Cumulative
Share Share Retained translation
capital premium earnings reserve Total
$’000 $’000 $’000 $’000 $’000
As at 1 June 2009 10 6,666 (1,220) (619) 4,837
Exchange translation differences arising 
on change in functional currency (2) (704) 87 - (619)
Issue of equity shares 5 11,060 - - 11,065
Expenses of issue of equity shares - (330) - - (330)
Total comprehensive loss for the year - - (1,289) 619 (670)
As at 1 June 2010 13 16,692 (2,422) - 14,283
Issue of shares 241 40,274 - - 40,515
Expenses of issue of equity shares - (3,104) - - (3,104)
Bonus issue (see note 20) 600 (600) - - -
Capital reduction (see note 20) - (11,381) 11,381 - -
Share based payments - - 1,141 - 1,141
Total comprehensive loss for the year - - (2,610) - (2,610)
As at 31 May 2011 854 41,881 7,490 - 50,225
53
Hummingbird Resources plc
Report and Financial Statements 2011
Consolidated Statement of Changes in Equity 
for the Year Ended 31 May 2011 54
Hummingbird Resources plc
Report and Financial Statements 2011
1  GENERAL INFORMATION
Hummingbird Resources plc (the ‘Company’), is incorporated in Great Britain 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 is the exploration, evaluation and
development of mineral exploration targets, principally gold, focused primarily in Liberia.
2  ADOPTION OF NEW AND REVISED STANDARDS
The financial statement have been drawn up on the basis of accounting policies consistent with those
applied in the financial statements for the year to 31 May 2010. 
In the current year, the following new and revised Standards have been adopted. The adoption of these
standards, interpretations and amendments did not affect the Company results of operations or
financial positions.
International Accounting Standards (IAS/IFRS)
IFRS 1 (amended)              Additional exemptions for First time adoption of IFRS
IFRS 2 (amended)              Group cash-settled share-based payment transactions
IAS 24 (revised 2009)          Related Party Disclosures
IAS 32 (amended)            Classification of rights issue
International Financial Reporting Interpretations (IFRIC)
IFRIC 19                              Extinguishing Financial Liabilities with Equity Instruments
The following Standards and Interpretations which have not been applied in the financial statements were in
issue but not yet effective (and in some cases had not yet been endorsed by the EU). The Directors do not
expect that the adoption of these Standards or Interpretations in future periods will have a material impact
on the financial statements of the Company or the Group.
IFRS 1 (amended)              Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters
IFRS 7 (amended)              Disclosures – Transfers of Financial Assets
IFRS 9                                  Financial Instruments
IFRS 10                                Consolidated Financial Statements
IFRS 11                                Joint Arrangements
IFRS 12                                Disclosure of Interests in Other Entities
IFRS 13                                Fair Value Measurement
IAS 12 (amended)            Deferred Tax: Recovery of Underlying Assets 
IAS 1 (amended)              Presentation of Items of Other Comprehensive Income 
IAS 27                                   Separate Financial Statements
IAS 28                                   Investments in Associates and Joint Ventures
IFRIC 14, IAS 19 (amended) Limit on a Defined Benefit Asset, Minimum Funding Requirement and their
interaction
3  SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation
The financial statements 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.
Notes to the Consolidated Financial Statements
for the Year Ended 31 May 2011 3  SIGNIFICANT ACCOUNTING POLICIES CONTINUED
The principal accounting policies adopted are set out below. 
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 year end exchange rate
from sterling to $ was 1.6472.
Going concern
The group is an exploration business which has sufficient funds available to meet its commitments for the
foreseeable future but will require further funding prior to production and revenue generation.
The financial statements have been prepared on a going concern basis based on projected future cash
flows and projected work programmes. 
Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities
controlled by the Company (its subsidiaries) made up to 31 May each year. Control is achieved where the
Company has the power to govern the financial and operating policies of an investee entity so as to
obtain benefits from its activities.
The results of subsidiaries acquired of or disposed of during the year are included in the consolidated
income statement from the effective date of acquisition or up to the effective date of disposal, as
appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring
accounting policies used into line with those used by the Group. All intra-group transactions, balances,
income and expenses are eliminated on consolidation. 
Minority interests in the net assets of consolidated subsidiaries are identified separately from the Group’s
equity therein. Minority interests consist of the amount of those interests at the date of the original business
combination and the minority’s share of changes in equity since the date of the combination. Losses
applicable to the minority in excess of the minority’s interests in the subsidiary’s equity are allocated against
the interest of the Group except to the extent that the minority has a binding obligation and is able to
make an additional investment to cover the losses.
Joint ventures
Where the Group holds an interest in a jointly controlled entity, it accounts for its interest using the equity
method. Under the equity method, the investment in the jointly controlled entity is recognised at cost and
the carrying amount is increased or decreased to recognise Group’s share of the profit or loss of the joint
venture after the date of recognition. 
Where the Group contributes or sells assets to a joint venture in exchange for an equity interest in the jointly
controlled entity, the Group recognises in profit and loss for the period the proportion of the gain or loss
attributable to the equity interests of the other venturers.
Leasing
Rentals payable by the group under operating leases are charged to income on a straight-line basis over
the term of the relevant lease.
Foreign currencies
For the purpose of the consolidated financial statements, the results and financial position of each Group
company are expressed in US Dollars (‘$’), which is the functional currency of all of the entities in the group,
and the presentation currency for the consolidated financial statements.
Exchange differences are recognised in the profit or loss in the period in which they arise.
55
Hummingbird Resources plc
Report and Financial Statements 2011
Notes to the Consolidated Financial Statements continued
for the Year Ended 31 May 2011 Notes to the Consolidated Financial Statements continued
for the Year Ended 31 May 2011
56
Hummingbird Resources plc
Report and Financial Statements 2011
3  SIGNIFICANT ACCOUNTING POLICIES CONTINUED
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as
reported in the income statement because it excludes items of income or expense that are taxable or
deductible in other years and it further excludes items that are never taxable or deductible. The Group’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by
the balance sheet date.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts
of assets and liabilities in the financial statements and the corresponding tax bases used in the computation
of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are
generally recognised for all taxable temporary differences and deferred tax assets are recognised to the
extent that it is probable that taxable profits will be available against which deductible temporary differences
can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial
recognition of goodwill or from the initial recognition (other than in a business combination) of other assets
and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in
subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the
reversal of the temporary difference and it is probable that the temporary difference will not reverse in the
foreseeable future.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the
extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the
asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is
settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it
relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with
in equity.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax
assets against current tax liabilities and when they relate to income taxes levied by the same taxation
authority and the Group intends to settle its current tax assets and liabilities on a net basis. 
Property, plant and equipment
Property, plant and equipment (‘PP&E’) are carried at cost less accumulated depreciation and any
recognised impairment loss. 
Depreciation and amortisation is charged so as to write off the cost or valuation of assets, other than land,
over their estimated useful lives, using the straight-line method, on the following bases:
Development assets – vehicles 33.3%
Development assets – other 33.3%
Other                                  33.3%
The gain or loss arising on the disposal or retirement of an asset is determined as the difference between
the sales proceeds and the carrying amount of the asset and is recognised in income.
Impairment of property, plant and equipment 
At each balance sheet date, the Group reviews the carrying amounts of its property, plant and equipment to
determine whether there is any indication that those assets have suffered an impairment loss. If any such
indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the
impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets,
the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. 57
Hummingbird Resources plc
Report and Financial Statements 2011
3  SIGNIFICANT ACCOUNTING POLICIES CONTINUED
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use,
the estimated future cash flows are discounted to their present value using a pre-tax discount rate that
reflects current market assessments of the time value of money and the risks specific to the asset for which
the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying
amount, the carrying amount of the asset (cash-generating unit) is reduced to its recoverable amount. An
impairment loss is recognised as an expense immediately, unless the relevant asset is carried at a revalued
amount, in which case the impairment loss is treated as a revaluation decrease. 
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is
increased to the revised estimate of its recoverable amount, but so that the increased carrying amount
does not exceed the carrying amount that would have been determined had no impairment loss been
recognised for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognised
as income immediately, unless the relevant asset is carried at a revalued amount, in which case the
reversal of the impairment loss is treated as a revaluation increase.
Intangible exploration and evaluation assets
The Group applies the full cost method of accounting for Exploration and Evaluation (‘E&E’) costs, having
regard to the requirements of IFRS 6 Exploration for and Evaluation of Mineral Resources. Under the full cost
method of accounting, costs of exploring for and evaluating mineral resources are accumulated by
reference to appropriate cost centres being the appropriate licence area, but are tested for impairment
on a cost pool basis as described below.
E&E assets comprise costs of (i) E&E activities that are ongoing at the balance sheet date, pending
determination of whether or not commercial reserves exist and (ii) costs of E&E that, whilst representing part
of the E&E activities associated with adding to the commercial reserves of an established cost pool, did not
result in the discovery of commercial reserves.
Costs incurred prior to having obtained the legal rights to explore an area are expensed directly to the
income statement as they are incurred.
Exploration and Evaluation costs
All costs of E&E are initially capitalised as E&E assets. Payments to acquire the legal right to explore, costs of
technical services and studies, seismic acquisition, exploratory drilling and testing are capitalised as
intangible E&E assets.
Such costs include directly attributable overheads, including the depreciation of property plant and
equipment utilised in E&E activities, together with the cost of other materials consumed during the
exploration and evaluation phases. 
Treatment of E&E assets at conclusion of appraisal activities
Intangible E&E assets related to each exploration licence/prospect are carried forward, until the existence
(or otherwise) of commercial reserves has been determined. If commercial reserves have been discovered,
the related E&E assets are assessed for impairment on a cost pool basis as set out below and any
impairment loss is recognised in the income statement. The carrying value, after any impairment loss, of the
relevant E&E assets is then reclassified as development and production assets.
Impairment of E&E assets
E&E assets are assessed for impairment when facts and circumstances suggest that the carrying amount
may exceed its recoverable amount. Such indicators include, but are not limited to, those situations
outlined in paragraph 20 of IFRS 6 Exploration for and Evaluation of Mineral Resources and include the point
at which a determination is made as to whether or not commercial reserves exist. 
Notes to the Consolidated Financial Statements continued
for the Year Ended 31 May 2011 Notes to the Consolidated Financial Statements continued
for the Year Ended 31 May 2011
58
Hummingbird Resources plc
Report and Financial Statements 2011
3  SIGNIFICANT ACCOUNTING POLICIES CONTINUED
Where there are indications of impairment, the E&E assets concerned are tested for impairment. Where the
E&E assets concerned fall within the scope of an established full cost pool, the E&E assets are tested for
impairment together with all development and production assets associated with that cost pool, as a
single cash generating unit. 
The aggregate carrying value is compared against the expected recoverable amount of the pool,
generally by reference to the present value of the future net cash flows expected to be derived from
production of commercial reserves. Where the E&E assets to be tested fall outside the scope of any
established cost pool, there will generally be no commercial reserves and the E&E assets concerned will
generally be written off in full.
Any impairment loss is recognised in the income statement as additional depreciation and amortisation,
and separately disclosed. 
The Group considers the whole of Liberia to be one cost pool and therefore aggregates all Liberian assets
for the purposes of determining whether an impairment of E&E assets has occurred.
Financial instruments
Recognition of financial assets and financial liabilities
Financial assets and financial liabilities are recognised on the Group’s balance sheet when the Group
becomes a party to the contractual provisions of the instrument. 
Derecognition of financial assets and financial liabilities
The Group derecognises a financial asset only when the contractual rights to cash flows from the asset
expire; or it transfers the financial asset and substantially all the risks and rewards of ownership of the asset
to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership
and continues to control the transferred asset, the Group recognises its retained interest in the asset and an
associated liability for the amount it may have to pay. If the Group retains substantially all the risks and
rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset
and also recognises a collateralised borrowing for the proceeds received.
The Group derecognises financial liabilities when the Group’s obligations are discharged, cancelled
or expired. 
Trade and other receivables
Trade and other receivables are measured at initial recognition at fair value, and are subsequently
measured at amortised cost less any provision for impairment.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits, and other short-term highly
liquid investments that are readily convertible to a known amount of cash with three months or less
remaining to maturity and are subject to an insignificant risk of changes in value.
Trade and other payables
Trade and other payables are initially measured at fair value, and are subsequently measured at amortised
cost, using the effective interest rate method.
Provisions
Provisions are recognised when the Group has a legal or constructive obligation, as a result of past events,
for which it is probable that an outflow of economic resource will result and that outflow can be
reliably measured.
Rehabilitation
Provisions are made for the estimated rehabilitation costs relating to areas disturbed during exploration
activities up to reporting date but not yet rehabilitated. Changes in estimate are dealt with on a
prospective basis as they arise.  59
Hummingbird Resources plc
Report and Financial Statements 2011
3  SIGNIFICANT ACCOUNTING POLICIES CONTINUED
Share-based payments
The Group has applied IFRS 2 Share-based Payment for all grants of equity instruments.
The Group has used shares and share options as consideration for goods and services received from
suppliers and employees.
Equity-settled share-based payments to employees and others providing similar services are measured at
fair value at the date of grant. The fair value determined at the grant date of such an equity-settled share-
based instrument is expensed on a straight-line basis over the vesting period, based on the Group’s
estimate of the shares that will eventually vest. The corresponding amount is credited to retained earnings. 
Equity-settled share-based payment transactions with other parties are measured at the fair value of the
goods or services received, except where the fair value cannot be estimated reliably or excess fair value of
the identifiable goods or services received, in which case they are measured at the fair value of the equity
instruments granted, measured at the date the entity obtains the goods or the counterparty renders the
service. The fair value determined at the grant date of such an equity-settled share-based instrument is
expensed since the shares vest immediately. Where the services are related to the issue of shares, the fair
values of these services are offset against share premium.
Fair value is measured using the Black-Scholes model. The expected life used in the model has been
adjusted based on management’s best estimate, for the effects of non-transferability, exercise restrictions
and behavioural considerations.
Segmental reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief
operating decision maker. The chief operating decision maker, who is responsible for allocating resources and
assessing performance of the operating segments and making strategic decision, has been identified as the
Board of Directors. On this basis the Group has one segment, the exploration and development of mineral
resources, which is currently principally involved in the exploration of gold and other minerals in Liberia. 
4  CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
In the application of the Group’s accounting policies, which are described in note 3, the Directors are
required to make judgements, estimates and assumptions about the carrying amounts of the assets and
liabilities that are not readily apparent from other sources. The estimates and associated assumptions are
based on historical experience and other factors that are considered to be relevant. Actual results may
differ from these estimates. 
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised if the revision affects only that period
or in the period of the revision and future periods if the revision affects both the current and future periods.
The following are the critical judgements and estimations that the Directors have made in the process of
applying the Group’s accounting policies and that have the most significant effect on the amounts
recognised in the financial statements:
Recoverability of exploration and evaluation assets
Determining whether an exploration and evaluation asset is impaired requires an assessment of whether there
are any indicators of impairment, including by reference to specific impairment indicators prescribed in IFRS 6
Exploration for and Evaluation of Mineral Resources. As exploration and evaluation assets are assessed for
impairment on a cost pool basis the existence and quantum of any impairment is dependent on the choice of
basis of cost pools. If there is any indication of potential impairment, an impairment test is required based on
value in use of the asset. This assessment involves judgement as to: (i) the likely future commerciality of each
cost pool of assets; (ii) when such commerciality should be determined, and (iii) the potential future revenues
and value in use. The value in use calculation requires the entity to estimate the future cash flows expected to
arise from the cash-generating unit and a suitable discount rate in order to calculate present value.
Notes to the Consolidated Financial Statements continued
for the Year Ended 31 May 2011 Notes to the Consolidated Financial Statements continued
for the Year Ended 31 May 2011
60
Hummingbird Resources plc
Report and Financial Statements 2011
4  CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
CONTINUED
Share-based payments
In order to calculate the charge for share-based compensation as required by IFRS 2, the Group makes
estimates principally relating to the assumptions used in its option-pricing model as set out in note 21.
The critical judgments made in these estimates were: The share price on the date of grant which was
estimated at £0.486 (adjusted for share consolidation) being the price of the most recent share issue at the
date of grant; and the expected volatility of share price which was estimated based on other quoted
exploration companies.
5  SEGMENTAL REPORTING
Operating segments are reported in a manner consistent with the internal reporting provided to the chief
operating decision maker. The chief operating decision maker, who is responsible for allocating resources
and assessing performance of the operating segments and making strategic decision, has been identified
as the Board of Directors. 
The Board of Directors consider there to be only one operating segment, the exploration and development
of mineral resources, and only one geographical segment, being Liberia. Therefore, no additional
segmental information is presented.
6  ADMINISTRATIVE EXPENSES BY NATURE
2011 2010
$’000 $’000
Depreciation of property, plant and equipment (note 15) 37 23
Staff costs (note 8) 1,107 342
Net foreign exchange losses/(gains) 18 (17)
Audit fees (note 7) 58 37
Non audit fees payable to associates of the Company’s auditors (note 7) 79 5
Communications and IT 42 48
Insurance 25 2
Marketing 97 4
Office expenses 149 207
Professional and consultancy 732 312
Travel and accommodation 209 239
Bank charges 35 17
Share based payments (note 21) 1,141 67
Profit on deemed disposal (note 13) (425) -
3,304 1,286 7  AUDITOR’S REMUNERATION 
Amounts payable to Baker Tilly UK Audit LLP and its associates in respect of both audit and non-audit
services: 
2011 2010
$’000 $’000
Audit fees
Fees payable to the Company’s auditors for the audit of the 
Company’s annual accounts 50 37
Under accrual for prior year audit 8 -
Total audit fees 58 37
Non-audit fees payable to associates of the Company’s auditors
Taxation services 12 5
Corporate finance fees in relation to IPO* 93 -
Total non-audit fees 105 5
*$26,000 of these fees have been charged to share premium.
8  STAFF COSTS
The average monthly number of employees and Directors was:
2011 2010
Number Number
Directors 7 5
Other employees 106 50
113 55
2011 2010
$’000 $’000
Their aggregate remuneration comprised:
Wages and salaries 1,658 711
Social security costs 409 34
Share based payments 1,100 -
3,167 745
Within wages and salaries, $565,000 (2010: $238,000) relates to amounts paid to Directors. Included within
staff costs, is $960,000 (2010: $403,000) capitalised to intangible exploration and evaluation assets.
Included within social security costs is a provision of $308,000 (2010: $nil) for the potential employers’ social
security contributions in respect of the share options issued to employees and Directors.
61
Hummingbird Resources plc
Report and Financial Statements 2011
Notes to the Consolidated Financial Statements continued
for the Year Ended 31 May 2011 Notes to the Consolidated Financial Statements continued
for the Year Ended 31 May 2011
62
Hummingbird Resources plc
Report and Financial Statements 2011
9  FINANCE INCOME
2011 2010  
$’000 $’000
Interest on bank deposits 41 7
Foreign exchange gain 682 -
723 7
The foreign exchange gain arose on non functional currency bank deposits. 
10 FINANCE EXPENSE
2011 2010 
$’000 $’000
Loan interest - 10
11 TAX
The taxation charge for the year can be reconciled to the loss per the income statement as follows:
2011 2010 
$’000 $’000
Loss before tax (2,610) (1,289)
Tax credit at the rate of tax (28%) (731) (361)
Tax effect of non-deductable expenses 2 -
Items not subject to tax (119) -
Deferred tax asset not recognised 849 361
Effect of overseas tax rates (1) -
Tax expense and effective tax rate for the year - -
12 LOSS PER ORDINARY SHARE 
Basic loss per Ordinary share is calculated by dividing the net loss for the year attributable to ordinary
equity holders of the parent by the weighted average number of Ordinary shares outstanding during the
year. The weighted average number of ordinary shares outstanding during the period and for the prior
periods presented has been adjusted in accordance with IAS 33. The adjustment reflects the 44 for 1 bonus
issue that took place on 23 November 2010 as described in note 20. The adjustment is made retrospectively
as if the bonus issue took place at the start of the relevant comparative period. 12 LOSS PER ORDINARY SHARE CONTINUED
The calculation of the basic and diluted loss per share is based on the following data:
2011 2010 
$’000 $’000
Losses
Loss for the purposes of basic loss per share being net loss attributable to 
equity holders of the parent (2,610) (1,289)
2011 2010
Number Number
Number of shares
Weighted average number of Ordinary shares for the purposes of 
basic loss per share 45,073,464 27,762,309
2011 2010 
$ $
Loss per Ordinary share
Basic and diluted (5.79) (4.6)
At the balance sheet date there were 3,150,000 (2010: nil) potentially dilutive Ordinary shares. Potentially
dilutive ordinary shares include share options issued to employees and Directors. In 2011 the potential
Ordinary shares are anti-dilutive and therefore diluted loss per share has not been calculated.
13 JOINT VENTURE
On 24 January 2011, the Company together with its wholly owned subsidiary Iron Bird Resources Inc.
(“Iron Bird”), entered into an agreement with Petmin Limited (“Petmin”) relating to the Group’s Mount Ginka
licence for exploration of iron ore in northern Liberia. Petmin Ltd is listed on the JSE Ltd since 1986 and the
London Stock Exchange’s Alternative Investment Market (AIM) since 2006. Ian Cockerill is executive
chairman of Petmin Ltd. The key terms of this agreement were: 
•    The Mount Ginka licence would be transferred to Iron Bird
•    Iron Bird would issue new shares equivalent to 15% of its issued share capital to Petmin for a
consideration of $500,000 
•    Subject to meeting certain criteria, Petmin were obliged to invest a further $1,500,000 in Iron Bird, to
increase its shareholding to 50% 
Iron Bird was incorporated by the Company for the purposes of this transaction and the substance of this
transaction was that the Group contributed the Mount Ginka licence in exchange for a share in the
joint venture.
As a result of this transaction Iron Bird ceased to be a subsidiary and became a joint venture. Therefore
disposal of subsidiary and recognition of joint venture using the equity method has been reflected in the
financial statements. 
During the period Petmin invested $500,000 in Iron Bird and as a result was issued new shares in Iron Bird
equivalent of 15% of its issued share capital.
63
Hummingbird Resources plc
Report and Financial Statements 2011
Notes to the Consolidated Financial Statements continued
for the Year Ended 31 May 2011 Notes to the Consolidated Financial Statements continued
for the Year Ended 31 May 2011
64
Hummingbird Resources plc
Report and Financial Statements 2011
13 JOINT VENTURE CONTINUED
The profit on the deemed disposal of Iron Bird was determined as follows: 
Group’s 100% interest pre transaction: At the
date of
disposal
$’000
Non-current assets 110
Amounts due to Hummingbird Resources (Liberia) Inc (112)
Net liabilities at the date of disposal (2)
Group’s 85% interest post transaction:
Cost of investment -
Share of joint venture assets and liabilities 423
Gain on deemed disposal 425
Investment in joint venture:
2011
$’000
On the date of recognition of investment in joint venture 423
Share of joint venture results for the year (29)
Investment in joint venture as at 31 May 2011 394
The Group’s interest in the joint venture as at the 31 May 2011 is set out below:
$’000
Share of: 
Non-current assets 120
Current assets 301
Current liabilities (27)
Net assets 394
As at 31 May 2011 $354,000 (2010: $nil) was due from the Company and Group to the joint venture.
The joint venture had no income in the period. 
As disclosed in note 25, Petmin invested $1,500,000 on 27 June 2011 to increase its shareholding to 50%.
Both Petmin and the Company have the option to contribute equally to future fundraising. 14 INTANGIBLE EXPLORATION AND EVALUATION ASSETS
$’000
Cost
At 1 June 2009 3,944
Additions 2,857
At 1 June 2010 6,801
Additions 10,891
Disposal of subsidiary (see note 13) (110)
At 31 May 2011 17,582
Additions to intangible exploration and evaluation assets during the year include $493,000 (2010: $189,000)
of capitalised depreciation of tangible assets used in exploration and evaluation activities.
15 PROPERTY, PLANT AND EQUIPMENT
Development Development
assets – assets –
vehicles other Other Total
$’000 $’000 $’000 $’000
Cost
At 1 June 2009 196 183 50 429
Additions 292 244 44 580
At 1 June 2010 488 427 94 1,009
Additions 998 263 271 1,532
At 31 May 2011 1,486 690 365 2,541
Accumulated depreciation 
At 1 June 2009 88 36 28 152
Charge for the year 102 87 23 212
At 1 June 2010 190 123 51 364
Charge for the year 297 178 55 530
At 31 May 2011 487 301 106 894
Carrying amount
At 31 May 2011 999 389 259 1,647
At 31 May 2010 298 304 43 645
Of the depreciation charged in the year $493,000 (2010: $189,000) was capitalised into intangible
exploration and evaluation assets, with the balance being charged to the income statement.
65
Hummingbird Resources plc
Report and Financial Statements 2011
Notes to the Consolidated Financial Statements continued
for the Year Ended 31 May 2011 Notes to the Consolidated Financial Statements continued
for the Year Ended 31 May 2011
66
Hummingbird Resources plc
Report and Financial Statements 2011
16 SUBSIDIARIES
The Company had investments in the following subsidiary undertakings as at 31 May 2011, which principally
affected the losses and net assets of the Group:
Country of Proportion 
incorporation of voting 
Name and operation interest % Activity
Directly held
Hummingbird Resources (Liberia) Inc Liberia 100 Exploration
Afro Minerals Inc Liberia 80 Exploration
Golden Grebe Mining Limited United Kingdom 100 Holding Company
Indirectly held
Deveton Mining Company Liberia 80 Exploration
Sinoe Exploration Limited Liberia 90 Exploration
Hummingbird Security Limited Liberia 100 Security
17 OTHER FINANCIAL ASSETS
Trade and other receivables
2011 2010
$’000 $’000
Other receivables 26 5
VAT recoverable 150 29
Prepayments 241 208
417 242
The Directors consider that the carrying amount of the remaining other receivables approximates their fair
value and none of which are past due. 
Cash and cash equivalents
Cash and cash equivalents as at 31 May 2011 of $32,112,000 (2010: $7,569,000) comprise cash held by the
Group. The Directors consider that the carrying amount of these assets approximates their fair value.
18 DEFERRED TAX
Differences between IFRS and statutory tax rules give rise to temporary differences between the carrying
values of certain assets and liabilities for financial reporting purposes and for income tax purposes. 
At 31 May 2011, the Group has unrecognised deferred tax assets of $1,380,000 (2010: $531,000) in respect of
UK and Liberian tax losses. No deferred tax asset has been recognised in respect of these amounts as the
recovery is dependent on the future profitability, the timing and the certainty of which cannot reasonably
be foreseen. 19 TRADE AND OTHER PA Y ABLES
2011 2010
$’000 $’000
Trade payables 941 880
Other taxes and social security 79 10
Accruals 548 83
Other payables 5 1
1,573 974
The average credit period taken for trade purchases is 27 days (2010: 47 days). Where possible the Group
seeks to settle agreed payables within the contractual timeframe.
The Directors consider that the carrying amount of trade and other payables approximates to their
fair value.
Operating lease commitments
At the balance sheet date, the Group had outstanding commitments for future minimum lease payments
under non-cancellable operating leases, which fall due as follows:
2011 2010
$’000 $’000
Within one year 121 61
In the second to fifth years inclusive 177 132
After five years 64 60
362 253
Operating lease payments represent rentals payable by the Group for properties located in Liberia and the
head office in the UK.
20 SHARE CAPITAL
Authorised share capital 
As permitted by the Companies Act 2006, the Company does not have an authorised share capital (2010:
5,000,000 shares of £0.01 each).
Issued equity share capital
2011 2010
Number $’000 Number $’000
Issued and fully paid
Ordinary shares of £0.01 each 53,355,565 854 828,362 13
67
Hummingbird Resources plc
Report and Financial Statements 2011
Notes to the Consolidated Financial Statements continued
for the Year Ended 31 May 2011 Notes to the Consolidated Financial Statements continued
for the Year Ended 31 May 2011
68
Hummingbird Resources plc
Report and Financial Statements 2011
20 SHARE CAPITAL CONTINUED
The Company has one class of Ordinary shares which carry no right to fixed income.
Ordinary
Shares 
of £0.01
Number
At 1 June 2009 512,221
Allotment of shares 316,141
At 1 June 2010 828,362
Allotment of shares pre IPO 18,295
Bonus issue (a) 37,252,908
Allotment of shares at IPO (b) 15,256,000
At 31 May 2011 53,355,565
(a) Bonus issue and capital reduction
      On 23 November 2010 the Company, by means of a bonus issue out of share premium, issued
37,252,908 ordinary shares of £0.01 each credited as fully paid to and among all shareholders in the
proportion of 44 new shares for every existing share held. This resulted in share capital increasing by
$600,000, representing the nominal value of these shares.
      On 23 November 2010, the share capital of the Company was reduced through the reduction by
$11,381,000 of share premium from $16,381,000 to a balance of $5,000,000.
      Both the bonus issue and capital reduction were necessary to enable the Company to re-register as a
public limited company.
(b) Allotment of shares at IPO
      On 10 December 2010 the company was admitted to trading on AIM and issued 15,256,000 ordinary
shares of £0.01 each at a price of £1.67 per share, raising gross proceeds of £25,478,000 ($40,223,000).
21 SHARE BASED PA YMENTS
2011 Equity settled share-based payments
On 26 October 2010 the Company granted 78,000 share options with an exercise price of £21.875. The
grant of these share options and the issue of the 10,000 shares to Ian Cockerill gave rise to share based
payment charges in the period of $791,000 and $350,000 respectively (total charge of $1,141,000 for the
period). On 23 November 2010 as a result of the Bonus Issue the Company adjusted the options granted, to
increase the number of ordinary shares over which options were held by an additional 44 options for every
1 option held and to decrease the exercise price by a factor of 45 such that the option holders were in the
same economic position as before the bonus issue. As a result there were 3,510,000 options outstanding as
of 31 May 2011 with an exercise price of £0.486 each. These share options are exercisable in the period
between 24 December 2011 and 26 October 2020. Share options issued to employees and Directors
normally lapse on cessation of employment or holding office.
There were no share options exercised, lapsed or cancelled in 2011.
The fair value of equity settled share options granted was estimated as at the date of grant using the
Black-Scholes model, taking into account the terms and conditions upon which the options were granted.
The expected volatility was determined based on the volatility of similar quoted companied as the
Company was not quoted at the time. 69
Hummingbird Resources plc
Report and Financial Statements 2011
21 SHARE BASED PA YMENTS CONTINUED
The table below lists the principal assumptions and inputs to the model used for options granted on the
26 October 2010:
Share price at the date of grant $0.778 (£0.486)
Expected dividend yield nil
Expected volatility 65%
Expected life 5 years
Risk free interest rate 3%
2010 Equity settled share-based payments
During the year ended 31 May 2010 the Group issued Ordinary shares to certain parties in return for
services. The Group has measured the value of the services received based on the market price for
those services.
The Group recognised an expense in 2010 related to equity-settled share based payment transactions
of $67,000.
During the prior year the Group recognised $100,000 in relation to the cost of services, satisfied through the
issue of Ordinary shares, as a deduction from share premium, as they were regarded as incremental costs
directly attributable to the issue of Ordinary shares which would otherwise have been avoided.
22 NOTES TO THE CASH FLOW STATEMENT
2011 2010
$’000 $’000
Loss before tax (2,610) (1,289)
Adjustments for:
Depreciation of property, plant and equipment 37 23
Share based payments 1,141 67
Profit on deemed disposal (425) -
Finance income (723) (7)
Finance expense - 10
Share of joint venture loss 29 -
Effect of foreign exchange rate changes - 4
Operating cash flows before movements in working capital (2,551) (1,192)
Increase in receivables (165) (12)
Increase in payables 599 113
Decrease in amounts due from joint venture 112 -
Increase in amounts due to joint venture 354 -
Net cash outflows from operating activities (1,651) (1,091)
Cash and cash equivalents (which are presented as a single class of assets on the balance sheet)
comprise cash at bank and short term bank deposits with an original maturity of three months or less. The
carrying value of these assets is approximately equal to their fair value.
Notes to the Consolidated Financial Statements continued
for the Year Ended 31 May 2011 Notes to the Consolidated Financial Statements continued
for the Year Ended 31 May 2011
70
Hummingbird Resources plc
Report and Financial Statements 2011
23 FINANCIAL INSTRUMENTS 
In common with all other businesses, the Group and Company are exposed to risks that arise from its use of
financial instruments. This note describes the Group’s and Company’s objectives, policies and processes for
managing those risks and the methods used to measure them. Further quantitative information in respect
of these risks is presented throughout these financial statements.
Capital
The Company and Group define capital as share capital, share premium and retained earnings. In
managing its capital, the Group’s primary objective is to provide a return to its equity shareholders through
capital growth. Going forward the Group will seek to maintain a gearing ratio that balances risks and
returns at an acceptable level and also to maintain a sufficient funding base to enable the Group to meet
its working capital and strategic investment needs. In making decisions to adjust its capital structure to
achieve these aims, either through new share issues or the issue of debt, the Group considers not only its
short-term position but also its long-term operational and strategic objectives.
Externally imposed capital requirement
The Group is not subject to externally imposed capital requirements. 
Significant accounting policies
Details of the significant accounting policies and methods adopted, including the criteria for recognition,
the basis of measurement, the basis on which income and expenses are recognised, in respect of each
class of financial asset, financial liability and equity instrument are disclosed in note 3 to the Consolidated
Financial Statements. 
Principal financial instruments
The principal financial instruments used by the Group from which financial risk arises are as follows:
2011 2010
$’000 $’000
Financial assets
Cash and cash equivalents 32,112 7,569
Other receivables 176 34
32,288 7,603
Financial liabilities
Trade payables 941 880
Other payables 5 1
Amounts due to joint venture 354 -
1,300 881
General objectives, policies and processes
The Board has overall responsibility for the determination of the Group’s risk management objectives and
policies. Whilst retaining ultimate responsibility for these, the board has delegated the authority for
designing and operating processes that ensure the effective implementation of the objectives and policies
to the Group’s finance function. The Board receives regular reports from the Chief Financial Officer through
which it reviews the effectiveness of the processes put in place and the appropriateness of the objectives
and policies set. 71
Hummingbird Resources plc
Report and Financial Statements 2011
23 FINANCIAL INSTRUMENTS CONTINUED
The overall objective of the board is to set policies that seek to reduce risk as far as practical without
unduly affecting the Group’s competitiveness and flexibility. Further details regarding these policies are
set out below:
Credit risk 
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial
loss to the Group.
Credit risk arises principally from the Group’s investment in cash deposits. The Group seeks to deposit funds
with reputable financial institutions with high credit ratings until such time as it is required.
Group does not have any significant credit risk exposure on trade and other receivables.
The carrying amount of financial assets recorded in the financial statements represents the Group’s
maximum exposure to credit risk.
Liquidity risk 
Liquidity risk arises from the Group and Company’s management of working capital and the amount of
funding committed to its exploration programme. It is the risk that the Group or Company will encounter
difficulty in meeting its financial obligations as they fall due.
The Group and Company’s policy is to ensure that sufficient funds will be available to allow it to meet its
liabilities as they fall due. To achieve this, the Board receives cash flow projections as well as information
regarding available cash balances on a regular basis. The Board will not commit to material expenditures
prior to being satisfied that sufficient funding is available.
The Group’s financial liabilities are not significant and therefore no maturity analysis has been presented. All
financial liabilities held by the Group are non-interest bearing. 
Foreign exchange risk and foreign currency risk management
The Group is exposed to foreign exchange risk through certain of its costs being denominated in currencies
other than the functional currency (in particular Sterling), and from holding Sterling cash balances.
Although the Group has no formal policy in respect of foreign exchange risk, as the majority of the Group’s
forecast expenditures are in US Dollars and Sterling, the Group holds the majority of its funds in these two
currencies. Currency exposures are monitored on a monthly basis.
The carrying amounts of the Group’s and Company’s foreign currency denominated financial assets and
monetary liabilities at the reporting date are as follows:
Liabilities Assets
2011 2010 2011 2010
$’000 $’000 $’000 $’000
Euros (‘€’) 40 - 23 -
Sterling (‘GBP’) 169 217 15,550 44
Canadian Dollars (‘CAD’) 13 - 1 -
Foreign currency sensitivity analysis
The Group is exposed primarily to movements in GBP against the $. Sensitivity analyses have been
performed to indicate how the profit or loss would have been affected by changes in the exchange rate
between the $ and GBP. The analysis is based on a weakening and strengthening of the $ by 10 per cent
against the GBP in which the Group has assets and liabilities at the end of each respective period.
A movement of 10 per cent reflects a reasonably possible sensitivity when compared to historical
Notes to the Consolidated Financial Statements continued
for the Year Ended 31 May 2011 Notes to the Consolidated Financial Statements continued
for the Year Ended 31 May 2011
72
Hummingbird Resources plc
Report and Financial Statements 2011
movements over a three to five year timeframe. The sensitivity analysis includes only outstanding foreign
currency denominated monetary items and adjusts their translation at the period end for a ten per cent
change in foreign currency rates.
A positive number below indicates an increase in profit where the $ strengthens ten per cent. against the
GBP. For a ten per cent. weakening of the $ against the GBP, there would be an equal and opposite
impact on the profit, and the balance below would be negative.
The following table details the Group’s sensitivity to a ten per cent. strengthening in the $ against the GBP.
2011 2010
$’000 $’000
(Decrease)/increase in income statement and net assets (1,538) 17
24 RELATED PARTY TRANSACTIONS
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated
on consolidation and are not disclosed in this note.
Transactions with Stephen Betts & Sons Limited
During the year, Group companies entered into the following trading transactions with Stephen Betts &
Sons Limited:
Purchase of services Amounts owing
2011 2010 2011 2010
$’000 $’000 $’000 $’000
Stephen Betts & Sons Limited 54 48 29 7
Stephen Betts & Sons Limited is a related party of the Group because Stephen Betts and Daniel Betts are
shareholders and Directors of that company.
On 1 January 2009 Stephen Betts & Son Limited entered into agreement with the Company to provide
services of certain members of staff, office equipment and use of premises for a fee of £30,000 per annum
under which the above amounts arose.
The amounts outstanding are unsecured and will be settled in cash.
Loans
During the previous year the Group received an interest bearing loan of $40,000 from Stephen Betts &
Sons Limited. The loan and interest charge of $4,800 were settled within the previous year by the issue of
equity shares.
Additionally during the previous year the Group received an interest bearing loan of $40,000 from
MC Idiens, a Director of the Company. This loan together with interest of $4,774 was repaid in full during the
previous year.
Joint Venture with Petmin Limited (Iron Bird Resources Inc)
During the year, the Group entered into a transaction with Petmin Limited as described in note 13. Petmin
Limited is a related party of the Group because Ian Cockerill is the executive chairman of that company.
23 FINANCIAL INSTRUMENTS CONTINUED
. 24 RELATED PARTY TRANSACTIONS CONTINUED
Remuneration of key management personnel
The remuneration of the Directors, who are the key management personnel of the Group, is set out below
in aggregate for each of the categories specified in IAS 24 Related Party Disclosures. 
2011 2010
$’000 $’000
Short-term employee benefits 600 340
Social security cost 66 25
Share based payment charge 695 -
Provision for potential social security costs on share options 306 -
1,667 365
25 EVENTS AFTER THE REPORTING DATE 
Issue of share options
On 27 June 2011 the Company granted 1,023,000 share options to certain Directors, employees and
consultants. These share options are exercisable at £1.25 per share and vest in two tranches over a
24 month period assuming certain performance criteria are met. Following this grant, 83,000 of these share
options lapsed.
Joint venture
On 27 June 2011, Petmin Limited, the Company’s joint venture partner in Iron Bird Resources Inc. invested a
further $1,500,000 in Iron Bird Resources Inc. and increased its shareholding to 50%. Both parties have the
option to contribute to any further fundraising equally. Further details regarding the joint venture are
disclosed in note 13.
73
Hummingbird Resources plc
Report and Financial Statements 2011
Notes to the Consolidated Financial Statements continued
for the Year Ended 31 May 2011 74
Hummingbird Resources plc
Report and Financial Statements 2011
Company Balance Sheet
as at 31 May 2011
2011 2010 2009
$’000 $’000 $’000
Notes Restated Restated
Assets
Non-current assets
Investments 31 2,172 --
Property, plant and equipment 32 235 --
Receivables from subsidiaries 33 17,794 8,737 4,951
20,201 8,737 4,951
Current assets
Trade and other receivables 33 257 33 17
Cash and cash equivalents 33 31,471 7,483 444
31,728 7,516 461
Total assets 51,929 16,253 5,412
Liabilities
Current liabilities
Trade and other payables 34 717 970 102
Amounts due to joint venture 354 --
Total liabilities 1,071 970 102
Net assets 50,858 15,283 5,310
Equity
Share capital 35 854 13 10
Share premium 41,881 16,692 6,666
Retained earnings 8,123 (1,422) (747)
Cumulative translation reserve - - (619)
Total equity 50,858 15,283 5,310
The financial statements were approved by the board of Directors and authorised for issue on
6 October 2011.
They were signed on its behalf by:
DE Betts
Director
Company Number 05467327
The notes on pages 77 to 82 form part of these financial statements.  2011 2010
$’000 $’000
Notes Restated
Net cash outflow from operating activities 37 (2,636) (572)
Investing activities
Purchases of property, plant and equipment (271) -
Investment in subsidiaries (2,172) -
Loans to subsidiary companies (9,057) (3,048)
Interest received 31 6
Net cash used in investing activities (11,469) (3,042)
Financing activities
Proceeds from issue of shares 37,411 10,623
Loans issued - 80
Loans repaid - (40)
Interest paid - (5)
Net cash from financing activities 37,411 10,658
Net increase in cash and cash equivalents 23,306 7,044
Effect of foreign exchange rate changes 682 (5)
Cash and cash equivalents at beginning of year 7,483 444
Cash and cash equivalents at end of year 31,471 7,483
75
Hummingbird Resources plc
Report and Financial Statements 2011
Company Cash Flow Statement
for the Year Ended 31 May 2011 76
Hummingbird Resources plc
Report and Financial Statements 2011
Company Statement of Changes in Equity
for the Year Ended 31 May 2011
Cumulative
Share Share Retained translation
capital premium earnings reserve Total
$’000 $’000 $’000 $’000 $’000
As at 1 June 2009 10 6,666 (747) (619) 5,310
Exchange translation differences 
arising on change in functional 
currency (2) (704) 87 619 -
Issue of equity shares 5 11,060 - - 11,065
Expenses of issue of equity shares - (330) - - (330)
Total comprehensive loss - - (762) - (762)
As at 1 June 2010 13 16,692 (1,422) - 15,283
Issue of equity shares 241 40,274 - - 40,515
Expenses of issue of equity shares - (3,104) - - (3,104)
Bonus issue 600 (600) - - -
Capital reduction (11,381) 11,381 - -
Share based payments - - 1,141 - 1,141
Total comprehensive loss - - (2,977) - (2,977)
As at 31 May 2011 854 41,881 8,123 - 50,858 77
Hummingbird Resources plc
Report and Financial Statements 2011
Notes to the Company Financial Statements
for the Year Ended 31 May 2011
26 SIGNIFICANT ACCOUNTING POLICIES
The separate financial statements of the Company are presented as required by the Companies Act 2006
(the ‘Act’). As permitted by the Act, the separate financial statements have been prepared in
accordance with International Financial Reporting Standards. 
The financial statements have been prepared on the historical cost basis. The principal accounting
policies adopted are the same as those set out in note 3 to the Consolidated Financial Statements except
as noted below. 
As permitted by section 408 of the Act, the Company has elected not to present its profit and loss account
for the year. Hummingbird Resources plc reported a loss for the financial year ended 31 May 2011 of
$2,977,000 (2010: $762,000). 
Investments
Fixed asset investments, including investments in subsidiaries, are stated at cost and reviewed for
impairment if there are any indications that the carrying value may not be recoverable.
27 RESTATEMENT
In prior periods the company incorrectly included expenditures made on behalf of its subsidiaries within
intangible exploration and evaluation assets. 
The Company financial statements of the year ended 31 May 2010 have been restated to correct this error. 
The effect of the restatement on those financial statements is summarised below. There is no impact of the
financial statements for the year ended 31 May 2011. 
Effect on
2010 2009
$’000 $’000
Decrease in intangible exploration and evaluation assets (4,363) (1,949)
Increase in receivables from subsidiaries 4,363 1,949
Change in non-current assets - -
There is no impact on total non-current assets, net assets, loss for the year or the consolidated financial
statements for any period. 
28 CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
The Company’s financial statements, and in particular its investments in and receivables from subsidiaries,
are affected by the critical accounting judgments and key sources of estimation uncertainty in respect of
the recoverability of exploration and evaluation assets which are described in note 4 to the Consolidated
Financial Statements. 
29 AUDITOR’S REMUNERATION
The auditors’ remuneration for audit and other services is disclosed in note 7 to the Consolidated
Financial Statements.  Notes to the Company Financial Statements continued
for the Year Ended 31 May 2011
78
Hummingbird Resources plc
Report and Financial Statements 2011
30 STAFF COSTS
The average monthly number of employees (including Directors) was:
2011 2010
Number Number
Directors 7 5
Other employees 6 5
13 10
$’000 $’000
Their aggregate remuneration comprised:
Wages and salaries 1,087 538
Social security costs 400 26
1,487 564
Within wages and salaries, $565,000 (2010: $238,000) relates to amounts paid to Directors for services
rendered. Included within wages and salaries is $380,000 (2010: $403,000) recharged to subsidiaries as
intangible exploration and evaluation assets. 
Included within social security costs is a provision of $308,000 (2010: $nil) for the potential employers social
security contributions in respect of the share options issued to employees and Directors.
Key management remuneration is disclosed in note 24 to the Consolidated Financial Statements.
31 INVESTMENTS
Investment in 
subsidiaries
$’000
Cost 
At 1 June 2010 -
Additions 2,172
At 31 May 2011 2,172
The Company’s subsidiaries are disclosed in note 16 to the Consolidated Financial Statements. The
additions in the year relate to certain costs incurred by the Company on behalf of its subsidiaries. 32 PROPERTY, PLANT AND EQUIPMENT 
Development Development 
assets – assets –
vehicles other Other Total
$’000 $’000 $’000 $’000
Cost 
At 1 June 2009 ----
Additions - -
At 1 June 2010 ----
Additions 38 233 271
At 31 May 2011 - 38 233 271
Accumulated depreciation 
At 1 June 2009 ----
Charge for the year ----
At 1 June 2010 ----
Charge for the year - 6 30 36
At 31 May 2011 - 6 30 36
Carrying amount
At 31 May 2011 - 32 203 235
At 31 May 2010 ----
33 FINANCIAL ASSETS
Receivables from subsidiaries
At the balance sheet date amounts receivable from the fellow group companies were $17,794,000 (2010:
$8,737,000). These loans are repayable on demand and no interest in currently charged. The carrying
amount of these assets approximates their fair value. There are no past due or impaired receivables.
Trade and other receivables
2011 2010
$’000 $’000
Other receivables 26 -
VAT recoverable 150 30
Prepayments 81 3
257 33
Cash and cash equivalents
These comprise cash held by the Company and short-term bank deposits with an original maturity of three
months or less. The carrying value of these assets approximates their fair value. 
79
Hummingbird Resources plc
Report and Financial Statements 2011
Notes to the Company Financial Statements continued
for the Year Ended 31 May 2011 Notes to the Company Financial Statements continued
for the Year Ended 31 May 2011
80
Hummingbird Resources plc
Report and Financial Statements 2011
33 FINANCIAL ASSETS CONTINUED
The Company’s principal financial assets are bank balances and cash and receivables from related parties
none of which are past due. The Directors consider that the carrying amount of receivables from related
parties approximates their fair value.
34 FINANCIAL LIABILITIES
Trade and other payables
2011 2010
$’000 $’000
Trade payables 247 880
Other taxes and social security 52 10
Accruals 414 79
Other payables 4 1
717 970
The average credit period taken for trade purchases is 23 days (2010: 47 days).
The Directors consider that the carrying amount of trade and other payables approximates to their fair
value. No interest is charged on balances outstanding.
Operating lease commitments
At the balance sheet date, the Group had outstanding commitments for future minimum lease payments
under non-cancellable operating leases, which fall due as follows:
2011 2010
$’000 $’000
Within one year 93 -
In the second to fifth years inclusive 93 -
After five years - -
186 -
Operating lease payments represent rentals payable by the Company for the UK head office.
35 SHARE CAPITAL 
The movements on this item are disclosed in note 20 to the Consolidated Financial Statements. 
36 SHARE-BASED PA YMENTS
The Company’s share-based payments information is disclosed in note 21 to the Consolidated
Financial Statements. 81
Hummingbird Resources plc
Report and Financial Statements 2011
37 NOTES TO THE CASH FLOW STATEMENT
2011 2010
$’000 $’000
Loss before tax (2,977) (762)
Adjustments for:
Depreciation of property, plant and equipment 37 -
Share based payments 1,141 67
Finance income (723) (6)
Finance expense - 5
Effect of foreign exchange rate changes - 5
Operating cash flows before movements in working capital (2,522) (691)
Increase in receivables (215) (15)
(Decrease)/increase in payables (253) 134
Increase in amounts due to joint venture 354 -
Net cash outflow from operating activities (2,636) (572)
38 FINANCIAL INSTRUMENTS
The Group’s strategy and financial risk management objectives are described in note 23. 
Principal financial instruments:
The principal financial instruments used by the Company from which risk arises are as follows:
2011 2010
$’000 $’000
Financial assets
Cash and cash equivalents 31,471 7,483
Other receivables 17,970 8,767
49,441 16,250
Financial liabilities
Trade payables 247 880
Other payables 4 1
251 881
The risks that the Company is subject to in addition to the Group risks described in note 23 are set out below:
Credit risk
Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial
loss to the Company. 
Notes to the Company Financial Statements continued
for the Year Ended 31 May 2011 82
Hummingbird Resources plc
Report and Financial Statements 2011
38 FINANCIAL INSTRUMENTS CONTINUED
In addition to the risks described in note 23 which affect the Group, the Company is also subject to credit
risk on the balances receivable from its subsidiaries (see note 33). 
Foreign currency exposure and sensitivity analysis
The Company’s exposure to foreign currency exposure and sensitivity to exchange rates is the same as the
Group’s (see note 23).
39 RELATED PARTIES
Amounts due from subsidiaries
The Company has entered into a number of unsecured related party transactions with its subsidiary
undertakings. The most significant transactions carried out between the Company and its subsidiary
undertakings are mainly for short and long-term financing. Amounts owed from these entities are
detailed below:
2011 2010 
$’000 $’000
Hummingbird Resources (Liberia) Inc. 17,794 8,737
These loans are repayable on demand and no interest is currently charged.
The Company’s transactions with other related parties and remuneration of key management personnel
are disclosed in note 24 to the Consolidated Financial Statements. 
40 EVENTS AFTER THE BALANCE SHEET DATE
Events after the balance sheet date are disclosed in note 25 to the Consolidated Financial Statements.
Notes to the Company Financial Statements continued
for the Year Ended 31 May 2011 Page Title
83
Hummingbird Resources plc
Report and Financial Statements 2011
“If you want to succeed you should strike out on
new paths, rather than travel the worn paths of
accepted success. Don’t be afraid to give up
the good to go for the great.”
John D Rockerfeller Designed & Printed by Cartwheel
Cover design by Big Helping
Hummingbird Resources plc
22 Mount Row 
London, W1K 3SF
T: +44 (0)20 3416 3560 
F: +44 (0)20 3416 3573