Annual Report 
2014
XPLORAT
A ION
DEVELOPMENT
PRO
R
DUCTION
DEVELOPMENT
PRO
R
DUCTION
EXPLORAT
A ION
hummingbirdresources.co.uk
Hummingbird Resources Annual Report 2014 Hummingbird Resources Plc 
(“Hummingbird”) is an AIM listed 
gold exploration and development 
company targeting first production in 
2015.
Since Hummingbird was founded it has 
set about exploring for and developing 
gold assets and has a large land 
package across the highly prospective 
Birimian geological region of West 
Africa. Hummingbird has an inventory 
of over 6Moz gold and 5,000Km
2
 of 
exploration ground. 
Strategic Report
01  Hummingbird Resources
02  Opening Highlights
03  Chairman’s Statement
04  CEO’s Statement
06  Technical Update
13  Exploration
15  Sustainability
Report of the Directors
18  Board of Directors
20  Directors’ Report
23  Business Review
24  Directors’ Responsibilities Statement
Accounts
25  Independent Auditor’s Report
26  Consolidated Income Statement
26   Consolidated Statement of 
Comprehensive Income
27  Consolidated Balance Sheet
28  Consolidated Statement of Cash Flows
28   Consolidated Statement of  
Changes In Equity
29   Notes to the Consolidated Financial 
Statements
47  Company Balance Sheet
48  Company Statement of Cash Flow
49   Company Statement of Changes in 
Equity
50   Notes to the Company Financial 
Statements
Hummingbird Resources Plc 
22 Mount Row 
London 
W1K 3SF
Tel +44 (0)20 3416 3560
www.hummingbirdresources.co.uk
005_c110492.indd   1 16/10/2014   10:45 Hummingbird Resources PLC 
Annual Report and Accounts 2014
Strategic Report
Report of the Directors
Accounts
01
 
HUMMINGBIRD 
RESOURCES
Building a world-class gold company
This has been a transformational year 
for the Company. 
We have acquired the Yanfolila Project 
in Mali with an inventory of 1.8Moz 
gold at 2.8g/t and conditionally 
raised US$75m of debt to fund 
the optimisation and construction 
of the project. We expect to be 
in construction in Q1 2015 and 
in production by 2016 with initial 
production of over 80,000 ozs/annum.
We have grown the Dugbe 1 Project 
to 4.2Moz gold and advanced the 
Detailed Feasibility Study (“DFS”) 
significantly with many improvements 
on the Preliminary Economic 
Assessment (“PEA”).
On that note I would like to present 
you our Annual Report. I hope you 
will enjoy reading it and if you have 
any questions please do get in touch 
with us. 
“ We believe there is a unique 
opportunity in this market to 
be a consolidator and emerge 
as a stronger gold company 
built on quality deliverable 
gold projects.” 
Daniel Betts, Co-founder  
and CEO www.hummingbirdresources.co.uk 02
 
OpENING 
HIGHLIGHTS
Liberia
Mali
•  NEW MULTI-ASSET 
GOLD COMPANY
•  6Moz GOLD
•  5,000Km
2
 
EXPLORATION 
POTENTIAL
•	 	 YANFOLILA	PROJECT,	
1.8Moz	AT	2.8g/t,	IN	MALI,	
AFRICA’S	3RD	LARGEST	
GOLD	PRODUCING	
COUNTRY
	 •	 Fully	permitted
	 •	 Fully	funded
	
•	 	 Construction	due	to	start	
Q1	2015
	
•	 	 Production	due	by	2016
	
•	 	 Targeting	initial	production	
of	over	80,000oz/annum
•	 	 DUGBE	1	PROJECT,	
4.2Moz	AT	1.4g/t,	IN	
LIBERIA	
	
•	 	 Liberia’s	largest	gold	
deposit
	 •	 	 DFS	studies	showing	
improvement	on	PEA
	 •	 	 Grade	increased	over	15%	
with	2Moz	moving	into	
Indicated	category
	 •	 	 Power	costs	down	by	
around	a	third
	 •	 Large	exploration	upside
Yanfolila  
Project
Dugbe 1  
Project 03
CHAIRMAN’S
STATEMENT
For US$20m in shares, Hummingbird acquired a fully 
permitted project with approximately US$100m proven 
expenditure in the ground, only 18 months away from 
production. The high grade Yanfolila Project is a mine 
capable of turning a profit in a varying gold price 
environment and will allow for quick returns with low 
operating costs. The Company will continue to consider 
other such value-adding opportunities created by the 
current market.
2014 has been a year of significant progress 
for Hummingbird.
Hummingbird grew its mineral Resources 
in Liberia to 4.2Moz gold and since 
the year end it has acquired the fully 
permitted Yanfolila Gold Project in Mali 
with a 1.8Moz gold Resource at 2.8g/t.  
Having subsequently secured conditional 
funding of US$75m for the construction 
of Yanfolila, Hummingbird has taken huge 
strides towards becoming a near term gold 
producer. 
Stepping back for a minute and looking at 
the mining sector over recent years we can 
see how much values have retrenched from 
the highs of 2011. It would appear that the 
industry bottomed out over the course of 
the year and there have been encouraging 
signs of recovery since the year end. While 
this trend is welcome, and despite recent 
progress made by the Company, our 
market valuation, like our peers remains 
unsatisfactory. 
This environment, however, has created 
significant opportunities to acquire high 
quality assets at extraordinary prices, 
something the Company was able to take 
advantage of in July. For US$20m in shares, 
Hummingbird acquired a fully permitted 
project with approximately US$100m 
proven expenditure in the ground, only 
18 months away from production. The high 
grade Yanfolila project is a mine capable 
of turning a profit in a varying gold price 
environment and will allow for quick returns 
with low operating costs. The Company will 
continue to consider other such value-adding 
opportunities created by the current market.
This acquisition, combined with our existing 
resources in Liberia, means we now have 
an inventory of over 6Moz of gold and a 
5,000km2 exploration package across 
both Mali and Liberia. This impressive 
portfolio, coupled with a clear, funded path 
to initial production, is paving the way for 
Hummingbird to evolve into a substantial 
West African gold player.
In Liberia, many aspects of the Detailed 
Feasibility Study are showing improvement 
from increased grade and recovery, to 
reduced power costs, as we continue to 
progress this core asset. However, the 
acquisition of a near-term production asset 
in Yanfolila has afforded us an opportunity to 
step back and optimise the Dugbe 1 DFS, a 
process which is currently underway. 
Having Chaired Hummingbird for the past 
five years we have decided that it is the right 
time for me to stand down as Chairman. 
I am very proud of the progress that has 
been made over that time from grassroots 
exploration, through a listing on the stock 
exchange and on through remarkable 
discovery success to near production. 
Whilst the market has remained volatile, I am 
pleased to say Hummingbird has continued 
to find a way to deliver and has continued to 
add value and grow. 
It has been a pleasure to serve as your 
Chairman and I am leaving the Company in a 
strong state, with an excellent management 
team, assets and prospects. I will remain 
involved in Hummingbird in an advisory 
capacity and I look forward to watching 
the team develop though this cycle of the 
market. 
Ian Cockerill 
Non-executive Chairman
5,000KM
2
Land in West Africa
6Moz Gold
Hummingbird Resources PLC 
Annual Report and Accounts 2014
Strategic Report
Report of the Directors
Accounts www.hummingbirdresources.co.uk 04
 
CEO’S  
STATEMENT
Yanfolila currently has 1.8Moz of gold over several deposits 
at an average grade of 2.8g/t. The Project was too small for 
a company of Gold Fields’ size to mobilise, but the fact that 
they took Hummingbird shares in exchange for the deal is 
confirmation of their underlying belief in the asset, and a 
huge endorsement of the Hummingbird team and its ability 
to deliver both in Mali and Liberia.
In last year’s annual report I opened with the 
following paragraph:
“A year passes quickly, and in next 
year’s annual report I hope to write that 
we are putting the finishing touches to a 
positive DFS for the Dugbe 1 Project and 
construction of the Dugbe 1 mine is shortly 
due to commence. The following year I hope 
to write that Hummingbird is on the verge of 
its first gold pour and becoming a producer.”
The timeframe for first production remains 
the same, but the lead asset is different! 
The scope and strategy of Hummingbird 
has changed beyond all recognition since I 
wrote those words.  They say that necessity 
is the mother of all invention, and the gold 
market of the past three years has certainly 
focused minds to think that way. Everything 
we thought we knew back then has changed 
and as a result we have had to change with 
it. We can either bemoan the declining gold 
price and the impact that it has had on the 
stock prices of the junior gold miners, or 
we can challenge ourselves to look for the 
opportunities it presents. 
By necessity, we have had to re-invent 
our strategy. We have done that, and we 
are undoubtedly stronger for it. This year 
we have effected that change with huge 
success, positioning ourselves within a small 
group of companies able to exploit this 
market to build the next generation of gold 
companies that will thrive in the future.
The DFS on the Dugbe 1 project has been a 
comprehensive piece of work with extremely 
encouraging results in many areas, but it 
has been conducted against a backdrop of 
an ever falling gold price. The economics of 
the PEA upon which we based our decision 
to conduct the DFS were that of an IRR of 
43% and free cash of US$60m per year.  
The gold price has retreated some US$300/
oz since the PEA was completed, which on 
125,000 oz of annual production equates 
to a reduction of US$37.5m in projected 
revenue on an annual basis. Despite the 
improvements in grade, resource, power 
costs and recovery across the scope of the 
project it is impossible to fight a waning tide 
of this magnitude. 
Liberia is also experiencing a significant 
public health challenge. With the current 
tragic outbreak of Ebola, not only is the 
political system under immense pressure but 
the ability to operate in-country is severely 
restricted.  The World Health Organization is 
predicting the current epidemic will continue 
for many months before it is under control.   
Hummingbird remains committed to Liberia 
and the development of the Dugbe 1 Project.  
Fortunately, the Board took the decision to 
explore opportunities to diversify, in order 
to maintain our momentum and exploit the 
currently depressed gold sector in order to 
build a gold company. 
During the period we evaluated a number of 
projects and at the start of 2014 entered into 
a tender process to buy the Yanfolila Project 
and all associated in-country licences and 
operations from Gold Fields. I am delighted 
to be able to confirm that after the year end 
we were successful in this tender against a 
highly competitive field and we managed to 
acquire all of Gold Fields’ assets in Mali for 
US$20m payable in Hummingbird shares.
Furthermore, we are able to fund Yanfolila’s 
development and potential future 
construction having secured a conditional 
US$75m debt facility from Taurus Funds 
Management, on extremely competitive 
rates. The initial US$10m bridge, which has 
already been drawn in order to complete the 
optimisation plans, was borrowed at 9% and 
this rolls up into the US$75m.
Yanfolila currently has 1.8Moz of gold over 
several deposits at an average grade of 
2.8g/t. The Project was too small for a 
company of Gold Fields’ size to mobilise, but 
the fact that they took Hummingbird shares 
in exchange for the deal is confirmation 
of their underlying belief in the asset, and 
a huge endorsement of the Hummingbird 
team and its ability to deliver both in Mali and 
Liberia.
Hummingbird’s plan is to change the scope 
of the Project and to initially process only the 
oxide and transitional material which is much 
softer rock and will require significantly less 
power and a smaller plant to process. This will 
reduce the Project’s capital requirement to 
a level where a junior like Hummingbird can 
afford to build it and significantly reduce 
the payback period. Our target is to start 
construction in Q1 2015 and to be in 
production by 2016. It is estimated that the 
mine will produce over 80,000ozs in the first 
year at an initial all in cost of US$700/oz 
meaning that it is a far more achievable 
Tuzon cross section Hummingbird Resources PLC 
Annual Report and Accounts 2014
Strategic Report
Report of the Directors
Accounts
05
project to get off the ground in this gold price 
environment than the large Dugbe 1.
Make no mistake about it, we still see Liberia 
as a company-making project. Not only do 
we have an existing resource of 4.2Moz but 
we have almost limitless potential to expand 
that resource. Once built it will continue 
producing gold for decades to come, but it 
has been the Board’s studied position that 
the best way for us to build a gold company, 
particularly at this time, is to diversify our 
position and get into cash flow as quickly as 
possible with a high-grade, low-cost project 
at Yanfolila and ensure that we do not get 
cornered in this market with an asset which 
is too big to fund at these gold prices.
On top of it being a valuable asset itself, the 
Yanfolila acquisition now allows us to take 
the time to re-asses the Dugbe 1 Project in 
order to maximise the economics. Initially, 
the DFS was being conducted purely on the 
Tuzon deposit, which has over 30m tonnes 
of ore, to keep initial capital costs as low as 
possible by using a 3mtpa plant.  Ore from 
the Dugbe F, Sakor and future deposits 
were to be added in later. With the improved 
resource modelling and mine scheduling that 
has been conducted during the year, it is 
now clear that there are huge opportunities 
to improve the Project’s cash flows by 
scheduling in low strip shallow ore from other 
deposits. This is planned during years six 
to eight of the mine’s life when the Tuzon 
deposit strip increases as we mine around 
the bend of the folded ore body. However, 
we believe that we have the potential to 
materially improve the economics of the 
Dugbe Project by bringing in ore from other 
deposits during this period and as such we 
are using the current environment to evaluate 
these opportunities. Additionally, we are 
keen to continue exploration within the area. 
“ We are encouraged by several 
technical studies to determine 
the most cost effective way  
to mine, process and deliver  
a highly profitable project.” 
Daniel Betts
me to build and run a junior gold company 
under the wise council, guidance, support 
and friendship of Ian.  Ian will remain 
involved in Hummingbird as an advisor but, 
after five years in the role as Chairman, we 
have decided that the time is right for him 
to step aside to devote more time to his 
other commitments. As we embark upon 
a new strategic opportunity, our aim in the 
current market is to capitalise on the huge 
opportunities available to us in building a 
gold company. 
Daniel Betts 
Chief Executive Officer
Gold mines take years if not decades to 
discover, prove and build. Hummingbird’s 
strategy is contrarian to most of the existing 
juniors on the market in that we believe that 
now is the time to work, build and prepare 
for the next phase of the cycle. It is our 
aim to provide the investment world with a 
technically robust, viable, deliverable plan 
that offers shareholders a business with 
maximum exposure to the next rising gold 
market – an alternative to the common 
strategy of doing nothing and waiting.  
Therefore, our mission is clear: to build the 
pre-eminent next generation gold company 
by aggressively developing our own projects 
despite the current market, and continuing 
to evaluate any other quality projects which 
become available. As Warren Buffet said: 
“if you want to hunt 
rare fast moving 
elephants, you had 
better walk with 
a loaded gun 
where others 
don’t venture”.
On a final 
note, our 
AGM this 
year will see 
the retirement 
of Chairman Ian 
Cockerill. It has 
been a privilege for  www.hummingbirdresources.co.uk 06
 
TECHNICAL 
Up DATE
Development in Mali, the Yanfolila Project
HIGHLIGHTS
•		 	 HUMMINGBIRD	ACQUIRED	THE	YANFOLILA	PROJECT	WITH	A	
CURRENT	MINERAL	INVENTORY	OF	1.8Moz	OF	GOLD	AT	2.8g/t	
•		 	 ACQUIRED	FOR	US$20m	PAID	IN	HUMMINGBIRD	ORDINARY	
SHARES	ISSUED	AT	56	PENCE	PER	SHARE
•		 	 CONSIDERATION	EQUATES	TO	AN	EV/OZ	ACQUISITION	COST	
OF	US$11/oz	
•		 	 THE	COMPANY’S	YANFOLILA	PROJECT	AIMS	TO	DELIVER	
(US$1,250 GOLD):
	 •	 	 First	gold	production	by	2016	at	an	estimated	AISC	of	US$700/oz	
(estimated	C1	cash	cost	US$503/oz)
	 •	 Initial	oxide	only	CIL	operation	with	estimated	capex	of	US$52m
	 •	 80,000	ozs	targeted	in	year	1	of	production
	 •	 Project	IRR	of	53%	and	payback	in	under	two	years	
	 •	 Significant	exploration	potential	with	over	3,200km
2
	of	exploration	ground	
•		 	 YANFOLILA	PROJECT	IS	FULLY	PERMITTED	WITH	A	30	YEAR	
MINING	LICENCE	GRANTED
•		 	 US$100m	SPENT	HISTORICALLY	ON	THE	YANFOLILA	PROJECT	
•		 	 GOLD	FIELDS	HAVE	BECOME	THE	COMPANY’S	LARGEST	
SHAREHOLDER	WITH	A	26.3%	HOLDING Hummingbird Resources PLC 
Annual Report and Accounts 2014
Strategic Report
Report of the Directors
Accounts
07
Background & Location 
The Yanfolila Project is located in the 
southwest of the Republic of Mali in 
the Komana region. The nearest major 
settlement is the town of Yanfolila 40km to 
the east. The Yanfolila Project extends over 
approximately 50km north and south and 
25km to the east and west. The site can 
be accessed from the capital Bamako via a 
285km road, of which the first 245km are on 
a sealed road. By car, the total journey time 
from Bamako to the Project site is between 
five to six hours. The nearest airport to the 
Project is the Senou International airport in 
Bamako. 
In 1992 BHP Billiton (“BHP”) identified 
several anomalies at Komana and began 
exploration work in the Yanfolila area. 
Subsequently Randgold Resources 
(“Randgold”) took control of the Komana 
permit and commenced a drilling campaign 
of 547m. Randgold later formed a joint 
venture with North Ltd and drilled a further 
2,116m. The campaign led to the declaration 
of 280,000oz at Komana. However, 
Randgold decided not to continue its 
exploration activities.
Since the discovery of the Yanfolila 
anomalies by BHP, a large amount of 
exploration work has been carried out on the 
project site, including more than 340,000m 
of drilling. The extensive exploration work 
has been well documented and a detailed 
core and RC chip archive has been created 
on site.
Glencar Mining plc (“Glencar”) completed 
extensive drilling of the Komana deposits 
from 2004 to 2008 when it published 
Indicated and Inferred Mineral Resources for 
the deposits. 
In 2009 Gold Fields, through a wholly owned 
subsidiary, reached agreement with Glencar 
on the terms of a recommended cash offer 
for the entire issued share capital of Glencar. 
At the time, Glencar’s principal asset was 
the Komana Project which now forms part of 
the Yanfolila Project. Gold Fields had an 85% 
interest in the Komana Project with a Malian 
partner holding a 5% interest, assuming the 
Government of Mali takes up its free carried 
interest of 10%. The Government of Mali 
also has the right to purchase a further 10% 
interest. The Company acquired Gold Fields’ 
85% interest in the Yanfolila Project as part 
of the transaction.
Geology
The Yanfolila Project is located in the 
Yanfolila greenstone belt along the eastern 
margin of the Siguiri Basin, which is part of 
the Birimian volcano-sedimentary series of 
the West African craton.
Gold mineralisation at the Yanfolila Project 
occurs in a deformed stratigraphic sequence 
of basalt, polymictic conglomerate, 
feldspathic sandstone, siltstone and 
greywacke. Mineralised mafic intrusive 
rocks are also present at some locations. 
Regional scale, cross-cutting faults and 
structural lineaments, as well as rheologically 
contrasting rock types, appear to control 
the localisation of gold. Mineralisation styles 
are dominated by vein, breccia and intrusive 
types. Lodes are characterised by intense 
albite-carbonate veining and pervasive 
sulphide alteration. Weathering and oxidation 
of the sulphide component generally extends 
to a depth of 30 to 50m, with a well-
developed saprolite zone.
Level of Study
Gold Fields ranked the Yanfolila Project as an 
advanced stage project.
Gold Fields completed an internal Competent 
Persons Report dated 31 December 2012 
in which the deposit was subjected to 
scoping study level mining and economic 
assessment. Subsequently, Gold Fields also 
carried out an Environmental and Social 
Impact Assessment (“ESIA”). The final ESIA 
report was approved in April 2013 and an 
environmental permit was 
awarded. 
10km
570 000mE 500 000mE
1250 000mE
1240 000mE
1230 000mE
Komana West
Process
Plant
Guiren West
Sanioumale West
Gonka
Yanfolila Mining Permit
Landing Strip
Camp
Kongoroni
Gonka-Ke Link
Kama
Sanioumale Eas a t
ounogokouror r S
Soloba b
Kabaya South o
est
G
Gon
So
000m
East a
1230 00
th
10km
10km 10k
5km
5km
15km
15km
Existing Oxide Resources xide Res
Exploration targets Explo
Target Oxide Resources et Oxid
a
s ss
Plant
s www.hummingbirdresources.co.uk 08
TECHNICAL UpDATE
CONTINUED
In an effort to reduce possible capital 
requirements, mitigate areas of project risk 
and potentially lead to an early construction 
decision for the Yanfolila Project, Gold Fields 
completed a de-risking study (“DRS”) in 
August 2013. The DRS investigated open-pit 
mining of oxides and fresh ore types from 
the main Komana East and Komana West 
deposits, with supplementary feed from 
satellite deposits such as Gonka. The study 
confirmed that the material types hosted 
at the Yanfolila Project are free-milling and 
amenable to conventional gravity and CIL 
recovery processes. 
Following the ESIA approval and the DRS 
the Government of Mali granted a valid 
Exploitation Permit for the Yanfolila Project 
on 13 February 2014, valid for 30 years.
Future Development Strategy by 
Hummingbird 
The Company proposes to scale down the 
Yanfolila Project and in phase 1 focus on 
mining oxide and transitional material, to 
enable the development of a low cost mining 
operation at Yanfolila. The Company believe 
that the Yanfolila Project is an opportunity 
to create a low cost mining operation that 
yields high cash flows early in the project 
life. The Yanfolila Project is at an advanced 
development stage and it is expected to 
require low upfront capital investment while it 
retains significant potential for expanding the 
mining operations and resource base.
Based on the studies completed by Gold 
Fields, the Company has estimated the 
preliminary economics of the Yanfolila Project 
having adjusted the size of the Project with 
the intention to mine predominantly oxide 
and transitional material in Phase 1. A 
summary is set out below. As the Company 
conducts further work and updates the 
carries out optimization studies, the 
preliminary economics set out below may be 
revised.
Gold Price 
(US$) IRR (post tax)
1,000 34%
1,250 53%
1,500 69%
Parameter Unit Rate
Gold Price US$ $1,250
Initial Year 1 Production oz 81,000 
Initial Mine Life years 6 
Capex US$ 52m
Life of Mine Capex US$ 71m
Average Recovery % 95.5
Annual Processing ktpa 850 
Payback Period (after tax) years < 2 
Direct C1 cash operating costs US$/oz 503
All in Sustaining Costs US$/oz 700
After Tax NPV (8%) attribute to HUM US$ 65.5m
After Tax IRR % 53
Notes: 
1.  The above economics have not been independently verified and do not conform to a recognised 
standard such as JORC or SAMREC and as such cannot be relied upon for economic 
assessment purposes. 
2.  Average production over the initial mine life is estimated to be approximately 55,000oz per annum 
3.  After Tax IRR of 34% using US$1,000 gold price
Infill drilling at Komana East Hummingbird Resources PLC 
Annual Report and Accounts 2014
Strategic Report
Report of the Directors
Accounts
09
Optimisation and Construction 
Detailed Plant Design and Optimisation 
Studies:
Hummingbird Resources acquired the Yanfolila 
Project from Gold Fields along with its other 
assets in Mali in July 2014, for a consideration 
of US$20m payable in Hummingbird 
Resources ordinary shares. Yanfolila has a 
current mineral inventory of 1.8Moz of gold at 
2.8g/t. Hummingbird Resources proposes to 
create a low cost mining operation that yields 
strong cash flows early in the project life at 
Yanfolila. Hummingbird Resources is currently 
undertaking detailed plant design work and 
optimisation of the Gold Fields mine plan in 
order to focus on mining oxide material in 
Phase 1. 
Resources:
An infill and extension drill programme of 
15,000m was started in July 2014 and is 
due to be completed in October 2014. 
The purpose of this programme is to both 
extend the total oxide resource base, as 
well as increase the resource confidence in 
certain areas to extend the existing modelled 
mine life to beyond six years. Using CSA 
Global (UK) as resource consultants, we 
have been re-modelling the existing Gold 
Fields Resources, targeting both oxide and 
transitional material. The initial work has been 
very encouraging and we look forward to 
updating the mineral resource estimate on 
the Project in the near future. 
Process Design:
Work has started on the development of 
the flow sheets for Yanfolila, based on test 
work conducted by Gold Fields during 
previous studies. A further metallurgical 
and geotechnical test work campaign is 
underway to verify key parameters of the 
additional ore that will be processed at 
Yanfolila.
Bamako to Yanfolila town road
Resources
Category Tonnes (t) Grade (g/t) Gold (oz)
Measured – –
Indicated 8,188,100 3.3 870,400
Inferred 11,910,000 2.5 947,000
Total 20,098,100 2.8 1,817,400
Notes: 
1.  The above mineral inventory is unconstrained and does not conform to a recognised resource 
reporting standard such as JORC or SAMREC and as such cannot be relied upon for economic 
assessment purposes. 
2.  A significant amount of new infill drilling, collection of supporting data and detailed geological 
modeling has been completed since the reporting of the December 2012 Mineral Resource to 
account for the potential resource increases suggested by the unconstrained mineral inventory.
3. These mineral resources are presented without dilution and ore loss.
4. The cut-off grade used in this estimate is 1.0g/t www.hummingbirdresources.co.uk 10
TECHNICAL UpDATE
CONTINUED
Plant Design:
An initial plant layout has been developed 
using preliminary process flow sheets. 
Due consideration is being given for future 
expansions and efficient processing of harder 
transitional and sulphide material, whilst not 
increasing the installed capital during this 
phase of the mine’s operation. The Front End 
Engineering and Design is now complete and 
Detailed Engineering has now commenced in 
some areas. The ordering of long-lead items 
for the plant is expected during Q4 2014.
Komana Camp, Yanfolila Project Hummingbird Resources PLC 
Annual Report and Accounts 2014
Strategic Report
Report of the Directors
Accounts
11
Development in Liberia, the Dugbe 1 Project
HIGHLIGHTS
•		 	 More	than	2Moz	Au	converted	to	Indicated	Resources;	Total	
Mineral	Resources	grown	to	4.2Moz	from	3.8Moz
•		 	 16%	increase	in	average	gold	grade
•		 	 Estimated	metallurgical	recoveries	up	by	2%	to	90%	
•		 	 Detailed	study	of	power	options	completed
	 •	 	 Estimated	power	costs	reduced	from	US$0.28/kw	to	less	than	US$0.20/kw	
using	HFO
•		 	 Re-modelling	of	Dugbe	F	deposit	and	Sackor	discovery	shows	
potential	to	enhance	mine	plan	economics
550 000mE 546 000mE 554 000mE 554 000mE
Dugbe 1 Project Area
Dugbe
Exploration
g g
Camp p
p
Joe Village Licence
Nemo Creek Licence
Legend Legend
Gold zone
defined by soil results
Unclassified Resource 
discovered
Drill holes
Town/village/camp
Vehicular access road
River/creek
Key targets
Licence areas
Gold–in–soil
Contours
High
Low
1.76Moz gold
2.47Moz gold 47M z z o o
Dugbe Licence
2000m
2.6km 2 6k
2.1km www.hummingbirdresources.co.uk 12
TECHNICAL UpDATE
CONTINUED
Dugbe 1 Update
Compilation of the Detailed Feasibility Study 
(“DFS”) is ongoing along with a review 
of the scope of work and any additional 
optimisation that can be applied to it. The 
DFS is currently being compiled using only 
the Tuzon Indicated Resource with the 
potential to significantly improve the DFS by 
bringing into the model further Inferred Tuzon 
Resources, as well as the 1.8Moz Resource 
at Dugbe F and potentially the Sackor 
discovery. The Company intends to look at 
all of these options with a view to compiling 
a detailed work programme to upgrade the 
DFS resource inventory. The acquisition, 
funding and rapid advancement of the 
Yanfolila Project in Mali presents a unique 
opportunity to explore the full potential of the 
Dugbe 1 Project. 
Future Proposed Work Programme:
The work completed in producing the 
DFS has uncovered areas where further 
optimisation and development can be 
targeted to further improve the overall Project 
effectiveness. We intend to implement further 
work on the Dugbe 1 Project to enhance the 
resource, recovery and operating costs that 
have been achieved. This work may include:
• Further conversion of Inferred to 
Indicated Resources at Tuzon through a 
short drilling programme;
• Confirming extensions at depth of the 
most significant part of the Tuzon ore-
body through a short drilling programme;
• Carrying out further work at the highly 
prospective Sackor deposit, close to 
Tuzon, to develop an Indicated Resource 
on the back of a recent extensive re-
logging exercise of core;
• Review the Dugbe F Inferred Resource 
(1.8Moz), and look to upgrade its 
classification to Indicated Resources;
• Review mine scheduling and waste 
dump philosophies to improve operating 
economics;
• Continue the metallurgical test-work 
using an Aachen oxygen shear reactor 
which has shown significant potential for:
 
o  improved recovery
 
o  reduced operating costs
 
o  improved environmental quality of 
tailings
• Confirm full understanding of structural 
and mineralogical issues as the basis 
for looking for further improvements in 
mining and processing.
It is anticipated that this work could continue 
for six to nine months whilst Yanfolila is being 
developed, utilising minimal resources and 
bringing substantial downstream benefit. 
The Dugbe 1 Project PEA showed a 20 year 
mine life and we believe there are significant 
opportunities to increase the resource 
inventory to extend it even further. The 
Directors believe that the Dugbe 1 Project 
remains a ‘company making’ project that 
Hummingbird Resources looks forward to 
producing gold from in the future. 
Dugbe 1 Project Resources
Tuzon (US$1,500 pit) Tonnes (m) Grade (g/t) Ounces (m)
Inferred 10.2 1.32 0.43
Indicated 41.8 1.51 2.03
Total 52.00 1.47 2.46
Tuzon (US$1,200 pit)
Inferred 4.9 1.55 0.24
Indicated 37.4 1.56 1.88
Total 42.30 1.56 2.12
Dugbe F
Inferred 43.00 1.28 1.76
PEA highlights – April 2013
Gold Price (US$/oz) $1,300 $1,500
*Throughput 3.5 Mtpa 3.5 Mtpa
Total cost/oz years 1-5 $749 $759
Total cost/oz LOM $894 $904
Capex (m) $212 $212
NPV (m) (10%, post tax) $186 $337
IRR (%) 29 43
Strip ratio LOM years 1-5 2.4:1 2.4:1
Gold produced/year (oz) 125,000 125,000 Hummingbird Resources PLC 
Annual Report and Accounts 2014
Strategic Report
Report of the Directors
Accounts
13
EXpLORATION
Mali
Mali has a vast amount of exploration 
potential given its position as Africa’s third 
largest gold producer. There is a large amount 
of under-explored exploration ground and 
many exciting opportunities to be reviewed 
now that the Company is active in the 
country. The Company is looking forward to 
both exploring its existing licence packages 
further and keeping an open view to augment 
existing ground where synergies exist. 
The existing package of licences in Mali 
is split into two groups; Yanfolila and 
Kangare. The licences total 2,300km
2
 of very 
prospective exploration ground. The Yanfolila 
licences surround the 30 year Yanfolila 
Mining permit. Within these licences there 
are a large number of exploration targets 
based from soil sampling and drill results. 
These targets are being ranked and will be 
followed up by the Hummingbird Resources 
exploration team. It is expected that the 
Yanfolila Project will benefit from near mine 
exploration potential in the near term with 
additional resources adding to the mine life 
and enhancing the production schedule. 
The Kangare licence package is an earlier 
stage set of licences to the north of Yanfolila 
closer to Bamako, the capital city. Gold Fields 
drilled over 16,000m across these licences 
and intersected some very prospective 
sections. As with the Yanfolila licences, 
these will be reviewed and systematically 
followed up by the Hummingbird Resources 
exploration team. On completion of this work 
a decision will be made to either explore with 
the Company’s exploration team, look to joint 
venture them or divest of licences. 
There is a significant amount of other 
geological activity around all of our exploration 
permits and looking for synergies with our 
neighbours will be an important factor in 
looking at what to do next over the licences.  www.hummingbirdresources.co.uk 14
EXpLORATION
CONTINUED
Liberia
Hummingbird has around 3,000km
2
 of 
exploration ground in Liberia. This offers 
a huge upside potential for future gold 
discoveries in a still largely unexplored, yet 
highly prospective, region of the Birimian 
gold belt. 
In October 2013 Hummingbird published 
the results of the interpretation of the 
17,000 line km airborne magnetics and 
radiometrics data collected earlier that 
year. The interpretation, conducted by 
Southern Geoscience in Australia, resulted 
in over 140 targets to be followed up with 
systematic exploration. A further, more 
detailed review of the interpreted anomalies 
and historic Hummingbird data has enabled 
the Company to define a plan for future 
exploration programmes, prioritising targets 
and activities based on:
• identifying new resources as quickly as 
possible near to the existing Dugbe 1 
Project with work starting proximal to 
the current deposits and progressing 
outwards; and
• the discovery of a new deposit 
 
Targets occurring in the closest proximity 
to the Dugbe 1 Project are structural, either 
on or parallel to the North-East striking 
Tuzon deposit, on structures intersecting 
the Dugbe Shear Zone from the West, or on 
the Dugbe Shear Zone itself. Prospect-scale 
mapping over the target areas, complete 
soil coverage and re-evaluation of all gold-
in-soil data with follow-up trenching will 
identify drill targets.
Regional targets defined by the geophysics 
are either folds interacting with faults, 
intrusives or other folds, intersecting faults 
or interpreted dilation zones. Few are 
associated with artisanal activity. Follow-up 
exploration, particularly to those areas with 
the stream sediment anomalism, is to be 
conducted with reconnaissance mapping 
and soil geochemistry. 
Work focusing on ‘distressed vegetation 
anomalies’ caused by the high arsenic 
concentrations in the soil surrounding the 
Dugbe 1 gold deposits is currently underway 
as a potentially cheap and fast method of 
remote sensing exploration.
A 1,050 sample soil programme across 
three grids was carried out within truck-able 
distance of the Dugbe 1 Project. This work 
returned gold-in-soil anomalism that is being 
reviewed currently for follow-up exploration. 
We have relinquished the Juazohn Shear 
Zone licences, totalling 2,100km
2
, which 
returned poor early stage exploration 
results offering negligible near term 
exploration upside. 
40km m 4
Tuzon
NW Joe Village
Sackor
Dugbe F
Nemo Creek
Block D
Block B Block A
Tiehnpo
Dugbe Shear Zone hear Du
0km 20
10km
20km
30km km
40km
50km m
60km
70km
525 000mE 000mE 550 000mE 575 000mE 575 000m 500 000mE 5 600 000mE mE 625 000
AT L ANTIC OCEA N OCEA AT LA
Dube
Dugbe
Grand Cess
Kia Creek
Greenville Gre e re Gre
Gold Resource Reso d Gold
Dugbe 1 Gold Projec gbe 1 ect
Soil grids oil gri
Key targets Key 
Licence areas Lic as
Stream sediment sample sites dimen sites
A TLANT I C OC EA N
50km
Ke Town wn
yne Town Pyn
 Zwedru u
Town n
Greenville G
Barclayville e
Grand Cess
Fish Town h Tow
wake wake Taw a a aw
bo Blebo bo
Harper r H H Ha Ha Ha Ha
bo Plibo b
River Cess ess es C Ce
Buchanan
ekepa e e e e e e a Ye e e e
aniquellie n u ue e Sa a S S San
Gbarnga Gb G
Yela Y Y
GUINEA E E E E E E E E E
CO T E
D’ IV O IR E
LIBERI A
C C Cestos C
Shear Zone
Juazohn
Shear Zone
Dugbe
Shear Zone
g g
Dube D
Shear Zone Sh
Birimian Craton, Eburnian Granitoids
Archaean Man Craton
Birimian Volcanics
Major fault / thrusts
Hummingbird Resources Licence areas
Shear zone
A TLANT I C
OC EA N
AFRI C A
LIBERI A
Monrovia
Gekehn e G G Hummingbird Resources PLC 
Annual Report and Accounts 2014
Strategic Report
Report of the Directors
Accounts
15
SUSTAINABILITy
Overview
 
At Hummingbird we believe that it is our 
duty to work across all of our operations 
in the most socially and environmentally 
responsible way possible. 
From Board level through to our in-country 
team, every Hummingbird employee 
recognises the importance of working safely 
and respectfully to protect the environment 
and the communities in the countries we are 
privileged to work in. 
Hummingbird Resources aims to:
 > provide a safe working environment and 
invest in the skills of our workforce;
 > assess and manage environmental and 
social risks, and monitor performance 
against international best practice;
 > engage and consult with local 
communities and other key 
stakeholders, working towards 
development together; and
 > respect and protect the natural 
environment.
Hummingbird invests directly in people 
where we operate. We believe that this 
is the greatest lasting contribution that 
can be made. Our education and training 
programmes are central to our Sustainability 
Strategy, allowing us to operate safely and 
sustainably. By developing skills in our 
workforce, Hummingbird’s activities will 
have positive multiplier effects to the wider 
population. 
Hummingbird takes an industry best practice 
approach to environmental and social risk 
management. By identifying and assessing 
risks early in the project cycle, the Company 
can first look at alternative options that avoid 
negative risks altogether, such as through 
changing the location or employment of 
specific technologies. Where avoidance is 
not possible, the Company will mitigate these 
risks through specific operating procedures, 
training and management plans. 
Positive Development Impacts from 
Hummingbird Operations
Employment and training
Hummingbird continues to be a major 
employer in Liberia and over 90% of the 
Company’s workforce are Liberian nationals. 
In a country of high unemployment, this 
represents a significant development impact. 
As the Company progresses towards mine 
development, generating local employment 
opportunities will continue to be a priority 
focus area.
This past year has afforded much 
opportunity for technical training in a variety 
of disciplines. The numerous consultants 
and international experts that have helped 
undertake the ESIA and various DFS 
related activities have all helped to train 
the Hummingbird staff as well as build 
capacity of local and national partners. 
These have included Forestry Development 
Agency (“FDA”) and the Environmental 
Protection Agency (“EPA”) staff alongside 
local consultants. The skills that have been 
transferred stand many individuals and 
organisations in good stead to undertake 
further work in the future with Hummingbird 
and other partner organisations. 
The Company continues its commitment to 
Occupational Health and Safety.
Community Development
Liberia
Hummingbird has developed and 
implemented an exploration stage 
community development plan in partnership 
with local communities, government 
agencies and non-governmental partner 
organisations. 
A key need, as outlined in the Sinoe County 
Development Agenda and the Liberia 
Waterpoint Atlas, is the provision of safe 
improved water sources in rural communities 
across Liberia. Sinoe County, and Jeadea 
district in particular, is no exception. To that 
end the company has worked with a local 
partner to deliver eight new drinking water 
wells to five key affected communities across 
the Dugbe Project area. This project has not 
just focussed on infrastructure provision, 
but has also trained numerous community 
members in environmental health and 
hygiene as well as maintenance of the water 
wells to help ensure long-term sustainability 
of the project.
A number of other initiatives have been 
undertaken during the year to date, 
including the building of community halls 
in key affected communities, supporting 
construction of local schools and churches, 
as well as our continued commitment to 
maintenance and upgrade of the rural road 
network around the Project area. 
Mali
Hummingbird has inherited an extensive 
local community development programme 
from Gold Fields. This focuses on a 
number of priority areas including local 
service provision, investment in community 
infrastructure, and livelihood development. 
Examples of projects undertaken include:
• Sponsorship of teachers and nurses 
salaries across the Project area.
• Refurbishment of classrooms at the local 
school.
• Provision of improved water access 
points.
• Development of market gardens. 
• Development of a training centre 
to improve trade skills of the local 
population. In 2014 two training sessions 
were held. These ran for eight weeks 
each, focusing on carpentry, plumbing 
and masonry. Over 140 individuals 
benefited from these sessions.
• Brick making project and enterprise 
development.
 
As Hummingbird looks to push the Project 
into the construction and mining phase, 
the CSR team will continue to support and 
develop these community development 
initiatives. In particular these will focus 
on health and education outreach, and 
development of local livelihoods through 
support to trades and agricultural 
productivity.  www.hummingbirdresources.co.uk 16
SUSTAINABILITy
CONTINUED
Stakeholder Engagement
Maintaining strong community relations with 
the host communities in which the Company 
works remains a key pillar of the Company’s 
Sustainability Strategy. Hummingbird 
has clear principles and procedures for 
stakeholder engagement that look to engage 
with communities before, during and after 
all operations. Importantly these look to 
include vulnerable groups such as women 
and youth, as well as take account of special 
economic groups such as Artisanal and 
Small-Scale Miners (“ASM”) that surround 
many of the Company’s operations.
Liberia
• Stakeholder Engagement Plan and ASM 
strategy developed in conjunction with 
AMEC. 
• 112 meetings held with communities 
and stakeholders in Sinoe County for 
reporting period (July 2013 – June 2014).
• AMEC and EEC conducted three rounds 
of stakeholder engagement for the ESIA.
• Implementation of revised Grievance 
Mechanism continues. Improvement in 
average time to resolution, all grievances 
responded to within seven days (KPI of 
mechanism) and no grievances referred 
to third party recourse. 
• ESIA shows good levels of local support 
for the Project with 50% of local 
population viewing the Project positively. 
Artisanal and Small-Scale miners are 
even more supportive. 
Mali
• Strong community relations team on site 
with many years of experience across 
multiple gold projects in Mali.
• Stakeholder engagement plan developed 
by ERM and implemented on site.
• 137 meetings held since June 2013.
• Key focus area on ASM (Orpaillage) and 
communication / implementation of ASM 
strategy.
• Two grievances received since June 
2013.
• High level of local support for the Project.
Environmental Management
Hummingbird Resources operates in areas 
of considerable environmental importance. 
The Dugbe 1 Project is located within the 
Upper Guinean Rainforest that constitutes 
a global biodiversity hotspot, and is 15km 
from Sapo National Park, Liberia’s foremost 
protected area. The Yanfolila Project 
meanwhile lies in the Southwest of Mali in an 
area with some of the richest flora and fauna. 
As such it is vital that Hummingbird’s 
operations are conscious of the 
environmental impact they may have 
and that necessary procedures and risk 
mitigation plans are in place. 
Dugbe 1 Project Environmental and 
Social Impact Assessment (“ESIA”)
Hummingbird contracted AMEC, in 
partnership with Liberian national 
consultancy Earth Environmental 
Consultancy, to conduct the Dugbe 1 ESIA 
in April 2013. The Scoping Study was 
conducted and approved by the Liberian 
authorities allowing baseline studies and 
impact assessment to proceed. 
Full baseline studies have taken place 
over the last 12 months covering the bio-
physical and socio-economic environment 
of the Dugbe 1 Project. The Biodiversity 
Consultancy (“TBC”), a Cambridge based 
specialist consultancy, continue their 
involvement in the Dugbe 1 Project providing 
oversight of biodiversity baseline and 
compilation of IFC specific documentation 
including the Critical Habitat Assessment. 
Great focus has been made during the ESIA 
and DFS process to design the Project 
so as to minimise negative impacts to the 
environment and maximise opportunities for 
supporting local and regional conservation 
efforts. Examples of this include the potential 
for biodiversity and conservation “zoning” 
for the Project site, as well as working 
to minimise or eliminate the need for 
abstraction of water from local surface water 
network. This work will continue to ensure 
that Hummingbird continues to operate 
in the most environmentally and socially 
responsible manner possible.
Hummingbird believes that the presence 
of its operations in such areas has the 
potential to support and drive measurable 
improvements in environmental responsibility 
and conservation against a backdrop of 
baseline environmental degradation and 
deforestation.  Hummingbird Resources PLC 
Annual Report and Accounts 2014
Strategic Report
Report of the Directors
Accounts
17
Introduction
In October 2012, Hummingbird Resources 
launched the Pygmy Hippo Foundation, a UK 
registered charity, as a catalyst for greater 
conservation in Liberia. The Pygmy Hippo 
Foundation (“PHF”) aims to promote the 
conservation, preservation and protection of 
pygmy hippos’ natural habitat in the forests 
of eastern Liberia. 
To achieve this, PHF works in partnership 
with not-for-profit organisations, 
governmental organisations and local 
communities to implement sustainable 
conservation and education programmes.
Pygmy hippos are an endangered species 
(IUCN 2006) and there are estimated to be 
fewer than 3,000 individuals remaining in 
the wild. They are endemic to the Guinean 
forests of West Africa, widely recognised as 
a global biodiversity hotspot and, therefore, a 
priority for global conservation efforts.
Only 14% of the original forest remains, 
the majority of which (42%) is in Liberia’s 
Upper Guinea forests – an area that is being 
increasingly threatened by deforestation, 
illegal mining, fragmentation and poaching. 
The largest intact stretch is in south-eastern 
Liberia and includes the country’s first 
national park, Sapo, where PHF’s work is 
focused. 
Our Vision
Long-term: PHF’s long-term vision is to work 
alongside local governments, communities, 
conservation organisations and the business 
community to develop and implement an 
economically and socially viable model for 
protecting and managing Sapo National 
Park. Thereby safeguarding one of the 
planet’s greatest biodiversity hotspots, as 
well as encouraging economic development 
through employment, tourism development 
and private enterprise.
Over the past two years our efforts have 
focused on:
a)   Working with Leadership for 
Conservation in Africa (“LCA”) to develop 
a long-term model for the sustainable 
management of Sapo National Park, 
alongside key Liberian stakeholders
b)   Taking a biologically-based approach 
by commissioning studies, including an 
Initial Scoping Study and Landscape 
Level Assessment (“LLA”) to guide our 
strategy
c)   Raising funds to support the foundation 
through fundraising events and corporate 
sponsorship
This year, we commissioned a Landscape 
Level Assessment (“LLA”) of Sapo National 
Park and the surrounding area, completed 
by Fauna & Flora International (“FFI”). 
The LLA builds upon the previous Rapid 
Biodiversity Assessment, conducted by 
The Biodiversity Consultancy (“TBC”), 
produced for Hummingbird, to produce a 
series of map based decision support tools 
that identify potential conservation priority 
areas in Eastern Liberia, characterised by 
the biodiversity features they contain and 
the human induced pressures they may be 
threatened from. 
It is a valuable tool in assisting the 
development of PHF’s strategy as well 
as providing a useful resource for other 
stakeholders working in the area. 
Short-term: Over the short term, PHF’s 
goal is to support achievable conservation 
and education projects in and around Sapo 
National Park by:
a)   Partnering with not-for-profit 
organisations working in Liberia on 
specific conservation and education 
projects.
b)   Raising funds for these projects through 
fundraising events and corporate 
sponsorship.
This year, PHF has been liaising with FFI 
on developing a list of projects that the 
foundation can help support and execute. 
Spreading Awareness
Alongside the above, PHF continues to raise 
awareness of the endangered pygmy hippo 
and its threatened habitat through social 
media and communications. 
Looking forward
PHF aims to play a greater role in bringing 
together industry and conservation 
organisations to help channel financial 
and non-financial support into wilderness 
preservation and conservation. Through 
working together we hope to be able to 
safeguard Liberia’s spectacular natural 
environment for generations to come.  www.hummingbirdresources.co.uk 18
BOARD OF DIRECTORS
Ian David Cockerill
Non-Executive Chairman
Ian has 40 years of experience in exploration and mining. He is the former CEO of Gold Fields 
Limited and Anglo Coal Ltd. Ian is currently Non-executive director and Vice Chairman of 
African Minerals Limited, the AIM-listed iron ore producer with operations in Sierra Leone, 
Non-executive director of Endeavour Mining, Chairman of Petmin Limited, a JSE quoted 
natural resource company, Lead Independent director of Ivanhoe Mines, a TSX-listed African 
exploration and development company and Non-executive director of Orica Limited in 
Australia. Ian is also Chairman of the LCA (Leadership for Conservation in Africa) which has 
the vision 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 and Mali.
Thomas Hill 
Finance Director & Company Secretary
Thomas joined the Company as Chief Financial Officer in September 2010 and was 
appointed as Finance Director in July 2012. Prior to this Thomas was a senior manager 
within BDO LLP’s natural resources department, where he worked extensively with quoted 
mining and exploration companies and was involved with numerous flotations and other 
corporate transactions. He has a metallurgy, economics and management degree from 
Trinity College, Oxford and qualified as a chartered accountant with BDO LLP in 2001.
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 2014
Strategic Report
Report of the Directors
Accounts
19
Matthew Charles Idiens
Non-Executive Director
Matthew co-founded Hummingbird in November 2005 and he has 19 years’ experience in 
natural resource companies. He is a founder and Director of AIM quoted Rose Petroleum 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.
David Almgren Pelham
Non-Executive 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.
Mike Skead
Mike is VP project evaluation at Dundee Resources. He is also Ex-CEO of Ryan Gold and 
former head of exploration at Banro Corp.
Mark Calderwood
Mark is the Ex-CEO at Perseus Mining. He successfully led Perseus from discovery to 
production at Edikan Gold Mine with production of over 200,000oz gold a year. 
Technical Advisory Committee www.hummingbirdresources.co.uk 20
The Directors present their report on the affairs of the Group, together 
with the financial statements and Auditor’s Report for the year ended 
31 May 2014.
Principal activities
The Group’s principal activity is the exploration, evaluation and 
development of mineral exploration targets, principally gold, focused 
in West Africa. 
The subsidiary and associated undertakings principally affecting the 
losses or net assets of the Group in the year are listed in note 15 to 
the financial statements.
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 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 service 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 (Chairman) and 
Stephen Betts. 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 auditor 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 and 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 
which point the 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 the Group. It is also 
responsible for ensuring 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 26 to the 
financial statements.
Results and dividends
The results of the Group for the year ended 31 May 2014 are set 
out in the Consolidated Income Statement. The Directors do not 
recommend payment of a dividend for the year (2013: nil). 
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 shares 
at 31 May 
2014
Number of 
shares at 31 
May 2013
ID Cockerill
1
531,083 531,083
SA Betts
24
673,500 673,500
MC Idiens 2,741,607 3,219,607
DE Betts
34
4,611,048 4,611,048
WBT Cook 287,150 287,150
DA Pelham 2,325 2,325
TR Hill
5
92,617 92,617
1 – ID Cockerill’s interests are held by family trusts in which he has a 
beneficial interest.
2 – SA Betts’s interests consist of 109,000 shares held by SA Betts, 
92,500 shares held by Caroline Betts, 292,000
4
 shares held by Stephen 
Betts & Sons Limited, and 180,000
4
 shares held by the Stephen Betts & 
Sons Limited (Self Administered) Pension Scheme. 
3 – DE Betts’s interest consists of 4,139,048 shares held by DE Betts, 
292,000
4
 shares held by Stephen Betts & Sons Limited, and 180,000
4
 
shares held by the Stephen Betts & Sons Limited (Self Administered) 
Pension Scheme.
4 – The 292,000 shares held by Stephen Betts & Sons Limited and 
180,000 shares held by Stephen Betts & Sons Limited (Self Administered) 
Pension Scheme are included in both SA Betts and DE Betts.
5 – This interest includes contracts for difference over 5,000 ordinary 
shares, 18,684 ordinary shares which are held in his pension, and 23,933 
ordinary shares which are owned by his wife.
 
On 28 June 2013 DA Pelham moved from being an Executive 
Director to a Non-Executive Director.
DIRECTORS’ REp ORT Hummingbird Resources PLC 
Annual Report and Accounts 2014
Strategic Report
Report of the Directors
Accounts
21
The Directors’ interests in the share options of the Company at 31 May 2014 were as follows: 
Options at
1 June 2013
Options 
granted
during the 
year
Options
surrendered
during the
year
Options at 
31 May 
2014
Exercise 
price
Date of 
grant
First date of 
exercise
Final date of 
exercise
ID Cockerill 20,000 — (20,000) — £1.25 27/06/2011 27/06/2012 27/06/2021
ID Cockerill 20,000 — (20,000) — £1.25 27/06/2011 27/06/2013 27/06/2021
ID Cockerill 25,000 — (25,000) — £1.12 11/07/2012 11/07/2013 11/07/2022
ID Cockerill 25,000 — (25,000) — £1.12 11/07/2012 11/07/2014 11/07/2022
ID Cockerill — 45,000 — 45,000 £0.41 05/12/2013 01/06/2014 01/06/2024
ID Cockerill — 45,000 — 45,000 £0.41 05/12/2013 01/06/2015 01/06/2025
SA Betts 337,500 — — 337,500 £0.486 26/10/2010 24/12/2011 26/10/2020
SA Betts 16,500 — (16,500) — £1.25 27/06/2011 27/06/2012 27/06/2021
SA Betts 16,500 — (16,500) — £1.25 27/06/2011 27/06/2013 27/06/2021
SA Betts 16,500 — (16,500) — £1.12 11/07/2012 11/07/2013 11/07/2022
SA Betts 16,500 — (16,500) — £1.12 11/07/2012 11/07/2014 11/07/2022
SA Betts — 33,000 — 33,000 £0.41 05/12/2013 01/06/2014 01/06/2024
SA Betts — 33,000 — 33,000 £0.41 05/12/2013 01/06/2015 01/06/2025
MC Idiens 450,000 — — 450,000 £0.486 26/10/2010 24/12/2011 26/10/2020
MC Idiens 16,500 — (16,500) — £1.25 27/06/2011 27/06/2012 27/06/2021
MC Idiens 16,500 — (16,500) — £1.25 27/06/2011 27/06/2013 27/06/2021
MC Idiens 16,500 — (16,500) — £1.12 11/07/2012 11/07/2013 11/07/2022
MC Idiens 16,500 — (16,500) — £1.12 11/07/2012 11/07/2014 11/07/2022
MC Idiens — 33,000 — 33,000 £0.41 05/12/2013 01/06/2014 01/06/2024
MC Idiens — 33,000 — 33,000 £0.41 05/12/2013 01/06/2015 01/06/2025
DE Betts 1,125,000 — — 1,125,000 £0.486 26/10/2010 24/12/2011 26/10/2020
DE Betts 42,000 — (42,000) — £1.25 27/06/2011 27/06/2012 27/06/2021
DE Betts 42,000 — (42,000) — £1.25 27/06/2011 27/06/2013 27/06/2021
DE Betts 125,000 — (125,000) — £1.12 11/07/2012 11/07/2013 11/07/2022
DE Betts 125,000 — (125,000) — £1.12 11/07/2012 11/07/2014 11/07/2022
DE Betts — 217,000 — 217,000 £0.41 05/12/2013 01/06/2014 01/06/2024
DE Betts — 217,000 — 217,000 £0.41 05/12/2013 01/06/2015 01/06/2025
DE Betts — 150,000 — 150,000 £0.41 05/12/2013 Note 1 Note 1
WBT Cook 675,000 — — 675,000 £0.486 26/10/2010 24/12/2011 26/10/2020
WBT Cook 38,500 — (38,500) — £1.25 27/06/2011 27/06/2012 27/06/2021
WBT Cook 38,500 — (38,500) — £1.25 27/06/2011 27/06/2013 27/06/2021
WBT Cook 65,000 — (65,000) — £1.12 11/07/2012 11/07/2013 11/07/2022
WBT Cook 65,000 — (65,000) — £1.12 11/07/2012 11/07/2014 11/07/2022
WBT Cook — 141,000 — 141,000 £0.41 05/12/2013 01/06/2014 01/06/2024
WBT Cook — 141,000 — 141,000 £0.41 05/12/2013 01/06/2015 01/06/2025
WBT Cook — 100,000 — 100,000 £0.41 05/12/2013 Note 1 Note 1
DA Pelham 225,000 — — 225,000 £0.486 26/10/2010 24/12/2011 26/10/2020
DA Pelham 32,500 — (32,500) — £1.25 27/06/2011 27/06/2012 27/06/2021
DA Pelham 32,500 — (32,500) — £1.25 27/06/2011 27/06/2013 27/06/2021
DA Pelham 32,500 — (32,500) — £1.12 11/07/2012 11/07/2013 11/07/2022
DA Pelham 32,500 — (32,500) — £1.12 11/07/2012 11/07/2014 11/07/2022
DA Pelham — 65,000 — 65,000 £0.41 05/12/2013 01/06/2014 01/06/2024
DA Pelham — 65,000 — 65,000 £0.41 05/12/2013 01/06/2015 01/06/2025
TR Hill 67,500 — — 67,500 £0.486 26/10/2010 24/12/2011 26/10/2020
TR Hill 35,500 — (35,500) — £1.25 27/06/2011 27/06/2012 27/06/2021
TR Hill 35,500 — (35,500) — £1.25 27/06/2011 27/06/2013 27/06/2021
TR Hill 65,000 — (65,000) — £1.12 11/07/2012 11/07/2013 11/07/2022
TR Hill 65,000 — (65,000) — £1.12 11/07/2012 11/07/2014 11/07/2022
TR Hill — 100,500 — 100,500 £0.41 05/12/2013 01/06/2014 01/06/2024
TR Hill — 100,500 — 100,500 £0.41 05/12/2013 01/06/2015 01/06/2025
TR Hill
— 100,000 — 100,000 £0.41 05/12/2013 Note 1 Note 1
Total 3,974,000 1,619,000 (1,094,000) 4,499,000
Note 1 – the first date of exercise is at any time on or after the grant of a Mineral Development Agreement to any group company by the Government of 
Liberia. The final exercise date is 10 years after the grant of a Mineral Development Agreement. www.hummingbirdresources.co.uk 22
DIRECTORS’ REpORT
CONTINUED
Directors’ Remuneration
Directors 
emoluments 
for the year 
ended  
31 May
2014
$’000
Directors 
emoluments 
for the year 
ended  
31 May 
2013
$’000
ID Cockerill 64 63
SA Betts 54 52
MC Idiens 55 54
RJH Smith — 22
DE Betts 325 261
WBT Cook 271 222
DA Pelham 125 176
TR Hill
239 226
Total Directors’ remuneration 1,133 1,076
The remuneration committee are in the process of determining the 
design and setting the targets of a performance based incentive 
scheme for the executive Directors.
Additionally DA Pelham is entitled to a discovery bonus based on 
$0.10 cents per proved/probable resource ounce. 
Directors’ indemnities
The Company has obtained third party indemnity provisions for the 
benefit of its Directors and Officers. 
SUPPLIER PAYMENT 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 2014 were equivalent to 
28 (2013: 51) days’ purchases, based on the average daily amount 
invoiced by suppliers during the year. Trade payables of the Company 
at 31 May 2014 were equivalent to 62 (2013: 28) days’ purchases, 
based on the average daily amount invoiced by suppliers during the 
year.
CHARITABLE AND POLITICAL DONATIONS
The Company has made charitable donations of $2,000 (2013: 
$180,000) during the year. The Company has not made any 
payments to political parties during the year (2013: $nil).
STATEMENT AS TO DISCLOSURE OF INFORMATION TO THE 
AUDITOR
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 auditor is 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 auditor is aware 
of that information.
 
This confirmation is given and should be interpreted in accordance 
with the provisions of sections 418 of the Companies Act 2006.
Baker Tilly UK Audit LLP have expressed their willingness to continue 
in office as auditor and a resolution to re-appoint them will be 
proposed at the forthcoming Annual General Meeting.
This Directors’ Report has been approved by the Board and signed 
on its behalf by:
DE Betts
Director 
16 October 2014 
Registered Office: 
49-63 Spencer Street, Hockley, Birmingham, B18 6DE
Company registered in England and Wales 05467327 Hummingbird Resources PLC 
Annual Report and Accounts 2014
Strategic Report
Report of the Directors
Accounts
23
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 Strategic Report.
Principal risks and uncertainties 
The Group and Company are 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 Mali 
and the Group is therefore dependent on the political and economic 
situation in Liberia, Mali, and the wider African region. Continued 
political stability in Liberia has allowed continued economic growth 
in the country over the last year. However the recent outbreak of the 
Ebola virus in Liberia has, and will for the foreseeable future, have a 
large impact on the economy and the country in general. Mali has to 
date not been impacted by the Ebola virus, however there is potential 
that the virus could spread to a wider African region. Mali is engaged 
in political recovery and stabilisation after a military coup in March 
2012 and a French-led military intervention against the separatist 
Tuareg rebels in the north of Mali in January 2013. The situation 
in the north of the country remains fragile. The United Nations 
peacekeeping mission in Mali established in April 2013, consisting 
of over 11,000 military and police, has helped maintain the security 
situation throughout the remainder of the country. There can be no 
assurances that the current political stability will continue in either 
Liberia or Mali.
Licensing 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 of 
its interest in the relevant properties.
Licence and Mineral Development Agreement risk
There is a risk that negotiations with a Government in relation to the 
grant, renewal or extension of a licence, or the grant of a Mineral 
Development Agreement (“MDA”), may not result in the grant, renewal 
or extension taking effect prior to the expiry of the previous licence 
period, and there can be no assurance of the terms of any extension, 
renewal or grant. 
Financing risk
The development of the Group’s properties will depend on the 
Group’s ability to obtain financing through the raising of equity capital, 
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 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 24 
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 progress 
and strategic objectives for the business are set out below. These are 
discussed within the Strategic Report:
31 May 
2014
31 May 
2013
Resources – indicated and inferred 
(ounces Au) 4,230,000 3,835,000
Metres drilled (cumulative) 76,560 69,036
Samples collected (cumulative) 115,200 109,780
Exploration expenditure (cumulative) $56.7m $46.6m
Cash balance $7.0m $13.7m
Share price £0.465 £0.415
This Strategic Review has been approved by the Board and signed 
on its behalf by:
DE Betts
Director 
16 October 2014 
Registered Office: 
49-63 Spencer Street, Hockley, Birmingham, B18 6DE
Company registered in England and Wales 05467327
STRATEGIC REVIEW www.hummingbirdresources.co.uk 24
The Directors are responsible for preparing the Strategic Report and 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; and
• 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 statements may differ from legislation in other 
jurisdictions.
DIRECTORS’ 
RESp ONSIBILITIES STATEMENT Hummingbird Resources PLC 
Annual Report and Accounts 2014
Strategic Report
Report of the Directors
Accounts
25
INDEpENDENT AUDITOR’S REpORT TO
MEMBERS OF HUMMINGBIRD RESOURCES pLC
FOR THE yEAR ENDED 31 MAy 2014
We have audited the Group and parent Company financial statements (“the financial statements”) which comprise the Consolidated Income 
Statement, the Consolidated Statement of Comprehensive Income, the Consolidated and Company Balance Sheets, the Consolidated and 
Company Statements of Cash Flows, the Consolidated and Company Statements of Changes in Equity and the related notes. 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, 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 Financial Reporting Council’s website at http://www.frc.org.uk/
auditscopeukprivate.
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 2014 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 MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
In our opinion the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared 
is consistent with the financial statements.
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. 
Andrew Allchin 
(Senior Statutory Auditor)
For and on behalf of BAKER TILLY UK AUDIT LLP, Statutory Auditor  
Chartered Accountants
2 Whitehall Quay 
Leeds 
LS1 4HG
16 October 2014 www.hummingbirdresources.co.uk 26
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 mAY 2014
 
Notes
2014 
$’000
2013 
$’000
Continuing operations
Revenue — —
Share based payments 22 (454) (679)
Other administrative expenses (3,635) (2,786)
Administrative expenses 5 (4,089) (3,465)
Finance income 8 334 463
Finance expense 9 (86) (145)
Share of joint venture loss 12 (625) (225)
Loss before tax (4,466) (3,372)
Tax 10 — —
Loss for the year attributable to equity holders of the parent
(4,466) (3,372)
Loss per ordinary share
Basic and diluted  ($ cents)
11 (7.68) (6.13)
CONSOLIDATED STATEMENT OF 
COMpREHENSIVE INCOME
FOR THE YEAR ENDED 31 mAY 2014
2014 
$’000
2013 
$’000
Loss for the year (4,466) (3,372)
Other comprehensive income
Exchange translation differences on foreign operations — —
Total comprehensive loss for the year attributable to equity holders of the parent
(4,466) (3,372) Hummingbird Resources PLC 
Annual Report and Accounts 2014
Strategic Report
Report of the Directors
Accounts
27
CONSOLIDATED BALANCE SHEET
AS AT 31 mAY 2014
 
Notes
2014 
$’000
2013 
$’000
Assets
Non-current assets
Intangible exploration and evaluation assets 13 56,738 46,589
Property, plant and equipment 14 107 607
Investment in joint venture 12 86 711
 56,931 47,907
Current assets
Trade and other receivables 16 677 753
Cash and cash equivalents 16 6,983 13,692
 7,660 14,445
Total assets
64,591 62,352
Liabilities
Current liabilities
Trade and other payables 18 2,075 2,564
Other financial liabilities 19 15,135 10,049
Amounts due to joint venture 12 185 382
Total liabilities
17,395 12,995
Net assets
47,196 49,357
Equity
Share capital 20 953 908
Share premium 48,135 46,355
Retained earnings (1,892) 2,094
Equity attributable to equity holders of the parent
47,196 49,357
The financial statements of Hummingbird Resources plc were approved by the Board of Directors and authorised for issue on 16 October 
2014. They were signed on its behalf by:
DE Betts 
Director
Company number 05467327
The notes to the consolidated financial statements form part of these financial statements.  www.hummingbirdresources.co.uk 28
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 mAY 2014
 
Notes
2014 
$’000
2013 
$’000
Net cash outflow from operating activities 23 (3,224) (3,822)
Investing activities
Purchases of intangible exploration and evaluation assets (10,747) (12,458)
Disposals / (purchases) of property, plant and equipment 40 (85)
Interest received 130 150
Net cash used in investing activities (10,577) (12,393)
Financing activities
Net proceeds from issue of shares 1,825 4,486
Proceeds from warrants issued — 355
Financial liabilities issued net of issue costs 5,000 9,708
Net cash from financing activities 6,825 14,549
Net decrease cash and cash equivalents (6,976) (1,666)
Effect of foreign exchange rate changes 267 (145)
Cash and cash equivalents at beginning of year 13,692 15,503
Cash and cash equivalents at end of year
6,983 13,692
CONSOLIDATED STATEMENT OF 
CHANGES IN EqUITy
FOR THE YEAR ENDED 31 mAY 2014
Share 
capital 
$’000
Share 
premium 
$’000
Retained 
earnings 
$’000
 
Total 
$’000
As at 1 June 2012 855 41,922 4,692 47,469
Comprehensive loss for the year:
Loss for the year — — (3,372) (3,372)
Total comprehensive loss for the year — — (3,372) (3,372)
Transactions with owners in their capacity as owners:- 
Issue of shares net of costs 53 4,433 — 4,486
Total transactions with owners in their capacity as owners 53 4,433 — 4,486
Share based payments — — 774 774
As at 31 May 2013
908 46,355 2,094 49,357
Comprehensive loss for the year:
Loss for the year — — (4,466) (4,466)
Total comprehensive loss for the year — — (4,466) (4,466)
Transactions with owners in their capacity as owners:- 
Issue of shares net of costs 45 1,780 — 1,825
Total transactions with owners in their capacity as owners 45 1,780 — 1,825
Share based payments — — 480 480
As at 31 May 2014
953 48,135 (1,892) 47,196 Hummingbird Resources PLC 
Annual Report and Accounts 2014
Strategic Report
Report of the Directors
Accounts
29
NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 mAY 2014
1 General information
Hummingbird Resources Plc, is incorporated in England and Wales under the Companies Act. The address of the registered office is 49-63 
Spencer Street, Hockley, Birmingham, West Midlands, B18 6DE. 
The nature of the Group’s operations and its principal activities are the exploration, evaluation and development of mineral exploration targets, 
principally gold, focused exclusively in West Africa.
2 Adoption of new and revised standards
The financial statements have been drawn up on the basis of accounting policies consistent with those applied in the financial statements for 
the year to 31 May 2013. 
In the current year, the following new and revised Standards have been adopted. The adoption of these standards, interpretations and 
amendments did not materially impact the Group. 
IAS 1 (amended) (effective 1 July 2012) Presentation of Items of Other Comprehensive Income 
IAS 12 (amended) (endorsed 1 January 2013) Deferred Tax: Recovery of Underlying Assets 
IAS 19 (revised) (effective 1 January 2013) Employee Benefits
IAS 27 (effective 1 January 2013) Separate Financial Statements
IAS 28 (effective 1 January 2013) Investments in Associates and Joint Ventures
IFRS 1 (amended) (effective 1 January 2013) Government Loans
IFRS 7 (amended) (effective 1 January 2013) Offsetting Financial Assets and Financial Liabilities
IFRS 10 (effective 1 January 2013) Consolidated Financial Statements
IFRS 11 (effective 1 January 2013) Joint Arrangements
IFRS 12 (effective 1 January 2013) Disclosure of Interests in Other Entities
IFRS 13 (effective 1 January 2013) Fair Value Measurement
IFRIC 20 (effective 1 January 2013) Striping Costs in the Production Phase of a Surface Mine
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 7 (amended) (effective 1 July 2013) Disclosures – Transfers of Financial Assets, 
IFRS 9 (effective 1 January 2018) Financial Instruments
IFRS 10 (amended) (effective 1 January 2014) Consolidated Financial Statements
IAS 19 (amended) (effective 1 July 2014) Employee Benefits
IAS 32 (amended) (effective 1 January 2014) Presentation – Offsetting Financial Assets and Financial Liabilities
IAS 36 (effective 1 January 2014) Impairment of assets
IAS 39 (amended) (effective 1 January 2014) Financial instruments – recognition and measurement on novation of 
derivatives and hedge accounting.
IFRIC 21 (effective 1 January 2014) Levies
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.
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 $1.6742 (2013: $1.5164).
Going concern
The Directors have reviewed forecasts and budgets based on current expected levels of expenditure and have concluded that the Group has 
sufficient funds available to meet its commitments for at least the next twelve months from the date of the approval of financial statements. 
The Directors regularly review the funding position of the Group and its cash flow forecasts. As a significant proportion of costs are 
discretionary, the Directors are able to take action to reduce expenditure should this be necessary.
The development of the Group’s properties through to production and revenue generation will depend on the Group’s ability to obtain financing 
through the raising of equity capital, 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 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. www.hummingbirdresources.co.uk 30
NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 mAY 2014
The Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable 
future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements. 
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. 
Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity therein. Non-controlling 
interests consist of the amount of those interests at the date of the original business combination and the non-controlling interest’s share of 
changes in equity since the date of the combination. Losses applicable to the non-controlling interest in excess of the non-controlling parties’ 
interests in the subsidiaries equity are allocated against the interest of the Group except to the extent that the non-controlling interest 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 the 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 ventures.
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.
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. Hummingbird Resources PLC 
Annual Report and Accounts 2014
Strategic Report
Report of the Directors
Accounts
31
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% per annum
Development assets – other 33.3% per annum
Other 33.3% per annum
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. 
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 
(or 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 (or 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 (or 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 E&E 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. www.hummingbirdresources.co.uk 32
NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 mAY 2014
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. 
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 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. 
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.  Hummingbird Resources PLC 
Annual Report and Accounts 2014
Strategic Report
Report of the Directors
Accounts
33
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.
Warrants
Due to the exercise price of the warrants being in a different currency to the functional currency to the Group, at each reporting date the 
warrants are valued at the fair value with changes of fair value recognised in the profit and loss as they arise. Fair value is measured using the 
Black-Scholes model.
Accounting for Royalty Financing 
In order to determine the appropriate accounting treatment for the royalty financing which is described in note 19 requires an assessment 
of whether the substance of the arrangements constituted a financial liability. As prior to commercial production the Group can be required 
to deliver cash to the provider in certain circumstances which are not all within the Group’s control then this is considered by the Group to 
represent a financial liability. The Group has chosen not to designate this as ‘’a fair value through profit or loss’’ financial liability and therefore 
it is recognised at amortised cost. On commencement of commercial production, once the Group is only obliged to pay a percentage of its 
revenue, then this is considered to have extinguished the financial liability, and this is recognised as a part disposal of the relevant asset.
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 during the year, the exploration and development of mineral resources, 
and only one geographical segment, being Liberia. Therefore, no additional segmental information is presented.
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 E&E 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 E&E 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 the 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.
Share-based payments 
In order to calculate the charge for share based compensation for the options granted in the year 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 22.
The critical judgement for the share options granted on 27 June 2011, 11 July 2012, and 5 December 2013 was the expected volatility of the 
share price which was estimated based on the Company’s own historic volatility and those of other quoted exploration companies. www.hummingbirdresources.co.uk 34
NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 mAY 2014
5 Administrative expenses by nature
2014
$’000
2013
$’000
Other income (60) (160)
Depreciation of property, plant and equipment (note 14) 97 133
Staff costs excluding share based payments and employers NI accrual on share options 1,712 1,667
Net foreign exchange (gains) / losses (9) 7
Audit fees (note 6) 52 49
Non-audit fees payable to associates of the Company’s auditor (note 6) 11 —
Communications and IT 56 52
Insurance 50 52
Marketing 183 279
Charitable donations 2 80
Office expenses 169 236
Professional and consultancy 510 506
Acquisition costs (see note 26) 499 —
Travel and accommodation 224 220
Bank charges 29 32
Share based payments 454 679
Charge / (release) of employers NI accrual on share options 110 (367)
4,089 3,465
6 Auditor’s remuneration
Amounts payable to Baker Tilly UK Audit LLP and its associates in respect of both audit and non-audit services: 
2014
$’000
2013
$’000
Audit fees
Fees payable to the Company’s auditor for the audit of the Company’s annual accounts 52 49
Total audit fees 52 49
Non-audit fees payable to associates of the Company’s auditor
Taxation services 11 —
Total non-audit fees
11 —
7 Staff costs
The average monthly number of employees and Directors was:
2014
Number
2013
Number
Directors 7 7
Other employees 150 188
157 195
2014
$’000
2013
$’000
Their aggregate remuneration comprised:
Wages and salaries 3,501 3,553
Social security costs 385 (13)
Pension 98 103
Share based payments 480 774
4,464 4,417
Within wages and salaries, $1,050,000 (2013: $992,000) relates to amounts paid to Directors, and included within pension is an amount of 
$79,000 (2013: $78,000) relating to pension contributions in respect of Directors.
Included within staff costs is $2,189,000 (2013: $2,438,000) capitalised to intangible exploration and evaluation assets.
Included within social security costs is a provision of $110,000 (2013: release of a provision of $367,000) for the potential employer’s social 
security contributions in respect of the share options issued to employees and Directors. No amounts are payable until the relevant share 
options are exercised, and the amount actually payable will relate to the actual gain made on exercise. Hummingbird Resources PLC 
Annual Report and Accounts 2014
Strategic Report
Report of the Directors
Accounts
35
8 Finance income
2014 
$’000  
2013
$’000
Interest on bank deposits 67 157
Foreign exchange gain 267 —
Gain on revaluation of warrants (note 21) — 306
334 463
The foreign exchange gain arose on non-functional currency bank deposits. 
9 Finance expense
2014 
$’000  
2013
$’000
Foreign exchange loss — 145
Loss on revaluation of warrants (note 21) 86 —
86 145
The foreign exchange loss arose on non-functional currency bank deposits. 
10 Tax
The taxation charge for the year can be reconciled to the loss per the income statement as follows: 
2014
$’000
2013
$’000
Loss before tax (4,466) (3,372)
Tax credit at the rate of tax 23% (2013: 24%) (1,028) (809)
Tax effect of non-deductible expenses 4 2
Items not subject to tax 20 (73)
Deferred tax asset not recognised 1,004 880
Tax expense and effective tax rate for the year
— —
11 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 calculation of the basic and diluted loss per share is based on the following data:
2014  
$’000
2013 
$’000
Losses
Loss for the purposes of basic loss per share being net loss attributable to equity holders of the parent
(4,466) (3,372)
Number of shares
2014
Number
2013
Number
Weighted average number of ordinary shares for the purposes of basic loss per share
58,120,724 55,000,447
Loss per ordinary share
2014  
$ cents
2013  
$ cents
Basic and diluted 
(7.68) (6.13)
At the balance sheet date there were 7,249,658 (2013: 6,474,658) potentially dilutive ordinary shares. Potentially dilutive ordinary shares include 
share options issued to employees and Directors, warrants issued to the IFC and the conditional acquisition of the 20% interest in the Joe 
Village licence, which it did not previously own as described in note 20. In 2014 the potential ordinary shares are anti-dilutive and therefore 
diluted loss per share has not been calculated. www.hummingbirdresources.co.uk 36
NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 mAY 2014
12 Joint venture
Iron Bird Resources Inc (“Iron Bird”) is a joint venture on an equal 50% basis between the Group and Petmin Limited (“Petmin”). Iron Bird holds 
the Mount Ginka licence and conducts exploration of iron ore in northern Liberia. Petmin Limited has been listed on the JSE since 1986 and the 
London Stock Exchange’s AIM since 2006. Ian Cockerill is the Chairman of Petmin Limited. 
Investment in joint venture: 
$’000
Investment in joint venture as at 1 June 2012 936
Share of joint venture results for the period from 31 May 2012 to 31 May 2013 (225)
Investment in joint venture as at 31 May 2013 711
Share of joint venture results for the period from 31 May 2013 to 31 May 2014 (625)
Investment in joint venture as at 31 May 2014
86
The Group’s interest in the joint venture as at 31 May 2014 is set out below:
$’000
Share of: 
 Non-current assets —
 Current assets 98
 Current liabilities (12)
Net assets  
86
As at 31 May 2014 $185,000 (2013: $382,000) was due from the Company and Group to the joint venture. As at 31 May 2014 $nil (2013: 
$185) was due from the joint venture to the Company and Group.
The joint venture had no revenue in the period. 
Both Petmin and the Company have the option to contribute equally to future fundraisings.
13 Intangible exploration and evaluation assets
$’000
Cost
At 1 June 2012 32,522
Additions 14,067
At 1 June 2013 46,589
Additions 10,149
At 31 May 2014
56,738
Additions to intangible exploration and evaluation assets during the year include $374,000 (2013: $700,000) of capitalised depreciation of 
property, plant and equipment used in exploration and evaluation activities. Hummingbird Resources PLC 
Annual Report and Accounts 2014
Strategic Report
Report of the Directors
Accounts
37
14 Property, plant and equipment
Development
assets –
vehicles
$’000
Development
assets –
other
$’000
Other
$’000
Total
$’000
Cost
At 1 June 2012 1,523 1,145 426 3,094
Additions — 33 44 77
At 1 June 2013 1,523 1,178 470 3,171
Additions — — — —
Disposals — (59) (1) (60)
At 31 May 2014 1,523 1,119 469 3,111
Accumulated depreciation 
At 1 June 2012 915 590 226 1,731
Charge for the year 403 304 126 833
At 1 June 2013 1,318 894 352 2,564
Charge for the year 192 191 88 471
Disposals — (31) — (31)
At 31 May 2014 1,510 1,054 440 3,004
Carrying amount
At 31 May 2014 13 65 29 107
At 31 May 2013
205 284 118 607
Of the property, plant and equipment depreciation charged in the year $374,000 (2013: $700,000) was capitalised into intangible exploration 
and evaluation assets, with the balance being charged to the income statement. 
15 Subsidiaries
The Company had investments in the following subsidiary undertakings as at 31 May 2014, which principally affected the losses and net assets 
of the Group:
Name
Country of 
incorporation 
and operation
Proportion of  
voting 
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
Trochilidae Resources Limited Isle of Man 100
Service & finance
company
Indirectly held
Deveton Mining Company Liberia 80 Exploration
Sinoe Exploration Limited Liberia 90 Exploration
Hummingbird Security Limited
Liberia 100 Security
16 Current assets
Trade and other receivables
2014
$’000
2013
$’000
Other receivables 112 88
VAT recoverable 227 273
Prepayments and accrued income 338 392
677 753
The Directors consider that the carrying amount of the 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 2014 of $6,983,000 (2013: $13,692,000) comprise cash held by the Group. The 
Directors consider that the carrying amount of these assets approximates their fair value. www.hummingbirdresources.co.uk 38
NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 mAY 2014
17 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 2014, the Group had unrecognised deferred tax assets of $2,997,000 (2013: $3,300,000) 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.
18 Trade and other payables
2014
$’000
2013
$’000
Trade payables 755 1,862
Other taxes and social security 93 111
Accruals 1,219 576
Other payables 8 15
2,075 2,564
The average credit period taken for trade purchases is 28 days (2013: 51 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:
2014
$’000
2013
$’000
Within one year 199 130
In the second to fifth years inclusive 224 361
After five years 18 32
441 523
Operating lease payments represent rentals payable by the Group for properties located in Liberia and the head office in the UK.
19 Other financial liabilities
2014
$’000
2013
$’000
Royalty liability 15,000 10,000
Warrant liability (see notes 8 and 21) 135 49
15,135 10,049
Royalty liability
On 17 December 2012 the Group entered into a royalty financing arrangement with APG AUS No 5 Pty Limited (a wholly owned subsidiary of 
Anglo Pacific Group Plc) (“APG”) in relation to the Dugbe 1 Project.
Under the terms of the agreement APG agreed to advance $15m in three equal tranches subject to the satisfaction of certain criteria. 
The first tranche of $5m was received on 14 March 2013 and the second tranche of $5m was received on 10 April 2013, the third tranche of 
$5m was received on 13 March 2014 giving a total of $15m due at 31 May 2014.  
The advances will be converted into a 2% net smelter return royalty from any sales of product mined within a 20km radius of Dugbe F. After an 
initial grace period of six months following the commencement of commercial production, in the event that quarterly sales of gold produced are 
less than 50,000 oz, additional quarterly payments will be required until such time as the cumulative royalty paid is $15m (the maximum total 
payment in any such quarter is equivalent to the royalty that would have arisen on sales of 50,000 oz of gold). Following this period the royalty is 
2% except where both the average gold price is above $1,800 and sales of gold are less than 50,000 oz, in which case it increases to 2.5% in 
respect of that quarter. Hummingbird Resources PLC 
Annual Report and Accounts 2014
Strategic Report
Report of the Directors
Accounts
39
These advances do not bear interest and are only repayable in certain limited circumstances prior to the commencement of commercial 
production. Should the Group cease to use all reasonable commercial endeavours to be granted an MDA covering the Dugbe 1 Project, then 
the advances become repayable.
Until the commencement of commercial production when the liability will be extinguished and treated as a part disposal of the Group’s 
economic interest in the Dugbe 1 Project a financial liability of the amount advanced exists.
Issue costs of $292,000 have been capitalised within intangible exploration and evaluation assets.
The amounts advanced are secured by legal charges over the assets of Hummingbird Resources (Liberia) Inc and Sinoe Exploration Limited, 
and a legal charge over the shares of Hummingbird Resources (Liberia) Inc, Sinoe Exploration Limited and Golden Grebe Mining Limited. 
Additionally the Company has provided a guarantee to APG regarding the obligations of its subsidiaries in respect of this arrangement.
20 Share capital
Authorised share capital 
As permitted by the Companies Act 2006, the Company does not have an authorised share capital.
Issued equity share capital
2014 2013
Number $’000 Number $’000
Issued and fully paid
Ordinary shares of £0.01 each 
59,484,764 953 56,726,371 908
The Company has one class of Ordinary shares which carry no right to fixed income. 
Ordinary 
Shares of 
£0.01
Number
At 1 June 2012 53,410,565
Share options exercised (a) 90,000
Issue of shares (b) 3,225,806
At 1 June 2013 56,726,371
Issue of shares (c) 2,758,393
At 31 May 2014
59,484,764
(a) Share options exercised
90,000 share options were exercised during the prior year raising gross proceeds of £43,750 ($70,000).
(b) Issue of shares
On 12 December 2012 3,225,806 shares were issued at a price of £0.93 to the International Finance Corporation (“IFC”) in return for 
£3,000,000. In addition the Company has granted the IFC warrants to subscribe for a further 1,612,903 new ordinary shares. The warrants 
are at a strike price of £1.4415 over a five year term. Issue costs of $43,000 have been offset against the consideration received.
(c) Issue of shares
On 28 November 2013 2,758,393 shares were issued at a price of £0.41 to Exploration Capital Partners 2012 Limited Partnership 
(“Exploration Capital”) in return for £1,127,000. Exploration Capital is a private investment fund managed by Resource Capital Investment 
Corp., part of the Sprott Group of Companies.
On 29 February 2012 the Group entered into a conditional agreement to acquire the 20% interest in its Joe Village licence, which it did not 
previously own, for 103,255 ordinary shares in the Company. At 31 May 2014 the acquisition had not yet completed and the shares had not 
been issued. www.hummingbirdresources.co.uk 40
NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 mAY 2014
21 Warrants issued
On 12 December 2012 the Company granted 1,612,903 warrants to the IFC:
Total number of warrants granted 1,612,903
Exercise price of the warrants £1.4415
Final exercise date: 12/12/2017
The fair value of the warrants granted was estimated as at the date of grant using the Black-Scholes model, taking into account the terms and 
conditions upon which the warrants were granted. The expected volatility was determined based on the volatility of the Company’s own historic 
volatility from listing on AIM.
The table below lists the principal assumptions and inputs to the model used to fair value the warrants granted on the 12 December 2012 and 
to fair value the warrants at 31 May 2014:
31 May 
2014
31 May 
2013
Share price £0.4650 £0.4150
Expected dividend yield Nil nil
Expected volatility 51.05% 41.16%
Expected life 3.5 years 4.5 years
Risk free interest rate 1.87% 1.06%
The loss arising on the change in value of the warrants between 31 May 2013 and 31 May 2014 is disclosed in note 9.
22 Share based payments
2014
$’000
2013
$’000
Share based payment charge for share options granted 5 December 2013 345 —
Share based payment charge for share options granted 11 July 2012 132 598
Share based payment charge for share options granted 27 June 2011 3 176
Total share based payment charge
480 774
Included within share based payments, is $26,000 (2013: $95,000) capitalised to intangible evaluation & exploration assets.
Equity settled share-based payments granted in the year to 31 May 2014
On 5 December 2013 the Company granted 2,336,500 share options to certain Directors, Group employees, and consultants. As a condition 
of the grant of 1,501,500 of these options was that previously issued share options were voluntarily relinquished by the holders (628,000 
options granted 27 June 2011 and 873,500 options granted 11 July 2012). 432,500 of these share options have an exercise date based on the 
signing date of a Mineral Development Agreement with the Government of Liberia.
Total number of share options granted 2,336,500
Exercise price of the options $0.671 (£0.41)
Exercise period:
 Tranche 1 – 1 June 2014 and 1 June 2024 952,000
 Tranche 2 – 1 June 2015 and 1 June 2025 952,000
 Date of signing of MDA with Liberian Government and 10 years after such date 432,500
Number of share options lapsed during the current period —
Number of share options outstanding as at 31 May 2014 2,336,500
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 
companies as well as the Company’s own historic volatility from listing on AIM.
The table below lists the principal assumptions and inputs to the model used for options granted on the 5 December 2013:
Share price at the date of grant $0.614 (£0.375)
Expected dividend yield nil
Expected volatility 51.18%
Expected life 5 years
Risk free interest rate 1.65% Hummingbird Resources PLC 
Annual Report and Accounts 2014
Strategic Report
Report of the Directors
Accounts
41
Equity settled share-based payments granted in the year to 31 May 2013
On 11 July 2012 the Company granted 989,000 share options to certain Directors and employees. 
Total number of share options granted 989,000
Exercise price of the options $1.738 (£1.12)
Exercise period:
 Tranche 1 – 11 June 2012 and 11 June 2021 494,500
 Tranche 2 – 11 June 2013 and 11 June 2021 494,500
Number of share options lapsed during prior periods (53,000)
Number of share options lapsed during the current period (excluding those voluntarily lapsed) (50,000)
Number of share options voluntarily lapsed during the current period (873,500)
Number of share options outstanding as at 31 May 2014 12,500
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 
companies as well as the Company’s own historic volatility from listing on AIM.
The table below lists the principal assumptions and inputs to the model used for options granted on the 11 July 2012:
Share price at the date of grant $1.714 (£1.105)
Expected dividend yield nil
Expected volatility 68%
Expected life 5 years
Risk free interest rate 0.61%
Equity-settled share based payments granted in the year to 31 May 2012
On 27 June 2011 the Company granted 1,023,000 share options to certain Directors, employees and consultants. 
Total number of share options granted 1,023,000
Exercise price of the options $1.994 (£1.25)
Exercise period:
 Tranche 1 – 27 June 2012 and 27 June 2021 511,500
 Tranche 2 – 27 June 2013 and 27 June 2021 511,500
Number of share options lapsed during prior periods (295,500)
Number of share options lapsed during the current period (excluding those voluntarily lapsed) (10,000)
Number of share options voluntarily lapsed during the current period (628,000)
Number of share options outstanding as at 31 May 2014 89,500
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 
companies as well as the Company’s own historic volatility from listing on AIM.
The table below lists the principal assumptions and inputs to the model used for options granted on the 27 June 2011:
Share price at the date of grant $1.978 (£1.24)
Expected dividend yield nil
Expected volatility 70%
Expected life 5 years
Risk free interest rate 1.87%
Equity settled share-based payments granted in the year to 31 May 2011
On 26 October 2010 the Company granted 78,000 share options with an exercise price of £21.875. 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 one 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 £0.48611 each. These share options are exercisable in the period between 24 December 2011 and 26 October 2020. These share 
options issued to employees and Directors normally lapse on cessation of employment or holding office.
Total number of share options granted (post bonus issue) 3,510,000
Exercise price of the options £0.48611
Exercise period – 24 December 2011 and 26 October 2020 3,510,000
Number of share options lapsed in prior periods (270,000)
Number of share options exercised in prior periods (145,000)
Number of share options outstanding as at 31 May 2014 3,095,000
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 companies as the Company was not quoted at the time. www.hummingbirdresources.co.uk 42
NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 mAY 2014
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%
23 Notes to the statement of cash flows
2014
$’000
2013
$’000
Loss before tax (4,466) (3,372)
Adjustments for:
Depreciation of property, plant and equipment 97 133
Share based payments 454 679
Finance income (334) (463)
Finance expense 86 145
Share of joint venture loss 625 225
Operating cash flows before movements in working capital (3,538) (2,653)
Decrease in receivables 32 31
Increase / (decrease) in payables 479 (478)
Decrease in amounts due from joint venture — 35
Decrease in amounts due to joint venture (197) (757)
Net cash outflow from operating activities
(3,224) (3,822)
Cash and cash equivalents (which are presented as a single class of assets on the balance sheet) comprise cash in hand, 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. 
24 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 requirements
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, and 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.  Hummingbird Resources PLC 
Annual Report and Accounts 2014
Strategic Report
Report of the Directors
Accounts
43
Principal financial instruments
The principal financial instruments used by the Group from which financial risk arises are as follows:
2014
$’000
2013
$’000
Financial assets
Cash and cash equivalents 6,983 13,692
Other receivables 112 88
VAT recoverable 227 273
7,322 14,053
Financial liabilities
Trade payables 755 1,862
Other payables 8 15
Royalty liability (see note 19) 15,000 10,000
Warrant liability
1
 (see note 21) 135 49
Amounts due to joint venture (see note 12) 185 382
16,083 12,308
1 The fair value of the warrant liability (see note 21) has been determined using a valuation technique where at least one input (which could have a 
significant effect on the instrument’s valuation) is not based on observable market data and is therefore a level 3 financial instrument. Where inputs can 
be observed from market data without undue cost and effort, the observed input has been used. Otherwise, management determines a reasonable 
estimate for the input.
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 Group’s finance function through which 
it reviews the effectiveness of the processes put in place and the appropriateness of the objectives and policies set.
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 until such time as it is required.
The 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 United 
States Dollars and Sterling, the Group holds the majority of its funds in these two currencies. Currency exposures are monitored on a monthly 
basis. www.hummingbirdresources.co.uk 44
NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 mAY 2014
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
2014
$’000
2013
$’000
2014
$’000
2013
$’000
Euros (“€”) 13 37 19 55
Sterling (“GBP”) 685 592 2,976 4,386
Canadian Dollars (“CAD”) — — 71 6
South African Rand (“ZAR”) 48 17 449 29
Australian Dollars (“AUD”) 54 5 204 35
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% against the GBP in which the Group has assets and liabilities at the end of each respective period. A movement of 10% reflects 
a reasonably possible sensitivity when compared to historical 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 10% change in foreign 
currency rates. 
A positive number below indicates an increase in profit where the $ strengthens 10% against the GBP. For a 10% 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 10% strengthening in the $ against the GBP.
2014
$’000
2013
$’000
Decrease in income statement and net assets
(229) (380) 
25 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 the Company charged Stephen Betts & Sons Limited $nil (2013: $38,000) under a contract for the provision of office equipment 
and premises. Additionally during the year Stephen Betts & Sons Limited charged the Company $92,000 (2013: $88,000) under a contract for 
the provision of staff, office equipment and premises. $9,000 was accrued outstanding between the parties as at 31 May 2014 (2013: $nil). The 
amounts outstanding are unsecured and will be settled in cash.
Stephen Betts & Sons Limited is a related party of the Group because Stephen Betts and Daniel Betts are shareholders and Directors of that 
company.
Transactions with The Pygmy Hippo Foundation
During the year the Company made charitable contributions to The Pygmy Hippo Foundation of $2,000 (2013: $80,000). At 31 May 2014 The 
Pygmy Hippo Foundation owed the Company $nil (2013: $18,000). The Pygmy Hippo Foundation is a related party as Daniel Betts, Thomas Hill 
and William Cook are Directors of the Company and The Pygmy Hippo Foundation.
Joint venture with Petmin Limited (Iron Bird Resources Inc)
During the prior year, the Group entered into a transaction with Petmin Limited as described in note 12. Petmin Limited is a related part of the 
Group because Petmin Limited is a joint venture partner and Ian Cockerill is the chairman of that company. During the year the Group received 
management fees of $60,000 (2013: $160,000) from Iron Bird Resources Inc. Hummingbird Resources PLC 
Annual Report and Accounts 2014
Strategic Report
Report of the Directors
Accounts
45
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. 
2014
$’000
2013
$’000
Short-term employee benefits 1,056 998
Social security cost 133 126
Pension 79 78
Share based payment charge 371 584
Provision/(reduction) for potential social security costs on share options 92 (354)
1,731 1,432
26 Events after the reporting date
Acquisition of Mali assets from Gold Fields Limited
On 2 July 2014 the Company acquired all of the mining and exploration interests, represented principally by the Yanfolila Project, from Gold 
Fields Metals BV and Gold Fields Orogen Holding (BVI) Limited (collectively “Gold Fields”). The purchase price of US$20,000,000 approved 
by shareholders for the issue of 21,258,503 ordinary shares in Hummingbird Resources Plc at a price of £0.56 per share at a Sterling to $ 
exchange rate of $1.68. The fair value of the consideration when the shares were issued was $21,116,000 through the issue of 21,258,503 at a 
£0.58 share price and a Sterling to $ exchange rate of $1.7126.
Direct costs related to the acquisition charged to the income statement include $499,000 (note 5) in respect of the year ended 31 May 2014.
Long term incentive plan
On 1 July 2014 the shareholders approved the adoption of a long term incentive plan (‘LTIP’) for the purpose of retaining, motivating and 
building an appropriate senior executive team to deliver the proposed new strategy.
Participants in the LTIP are expected to be limited to selected senior executives. The LTIP will issue shares to the participants for adding 
material long term shareholder value and therefore align the interests of the senior executives with the shareholders by providing a strong 
incentive for the senior executives to drive shareholder value. The value that may be delivered to executives and the dilution of shareholders are 
commensurate with levels applying in schemes implemented by industry comparators.
Under the LTIP, shares may be distributed to participants depending upon the value that has been added to shareholders over the vesting 
period. No value will accrue to the LTIP if the growth in shareholder value is less than 50% of the market capitalisation of Hummingbird on the 
date of inception. If the growth in shareholder value is over 50%, a proportion of value added to shareholders will accrue to the LTIP, increasing 
progressively, starting at 5% of the value added to shareholders up to a maximum of 15% of the value added to shareholders above 150%. 
Shares with a value equal to the value accrued in the LTIP will be issued on vesting. There is also the flexibility to allow early payments under the 
LTIP where assets or companies are disposed of and value has been added exceeding 50% on the same principles. The allocation and vesting 
(subject to a minimum of 2 years) of the LTIP shall be at the discretion of Daniel Betts (for as long as he is an executive director), subject to the 
approval of the Remuneration Committee.
The absolute dilution limit relating to awards under employee share incentive schemes (including this LTIP) is 20%.  www.hummingbirdresources.co.uk 46
NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 mAY 2014
Funding for Yanfolila
The Company through its wholly owned subsidiary, Trochilidae Resources Limited (“Trochilidae”), on 11 August 2014 entered into a Mandate 
Letter and Bridge Facility Agreement with Taurus Mining Finance Fund (“Taurus”). The Mandate Letter provides the terms of the Bridge Facility 
Agreement and also sets out the key terms of the tied refinancing mandate for $75m.
The key terms of the Bridge Facility Agreement are as follows:
• 18 month term funding of $10m
• Interest rate of 9% per annum paid semi annually
• Arrangement fee of 1% of facility amount
• Early repayment at option of the borrower
• Mortgage over the shares of Glencar Mining Plc
On 15 August 2014 the full $10m available under the Bridge Facility Agreement was drawn down. 
Share options
Since the year end 24,500 share options that were granted on 27 June 2011 have lapsed.
Issue of shares
On 6 October 2014 4,100,000 shares were issued at a price of £0.45 to Exploration Capital Partners 2000 Limited Partnership (“Exploration 
Capital 2000”) raising £1,845,000 before issue costs. Exploration Capital is a private investment fund managed by Resource Capital Investment 
Corp., part of the Sprott Group of Companies. Hummingbird Resources PLC 
Annual Report and Accounts 2014
Strategic Report
Report of the Directors
Accounts
47
COMpANy BALANCE SHEET
AS AT 31 mAY 2014
Notes
2014
$’000
2013
$’000
Assets
Non-current assets
Investments 31 11,501 7,730
Property, plant and equipment 32 36 143
Receivables from subsidiaries 33 31,276 30,624
42,813 38,497
Current assets
Trade and other receivables 33 698 722
Cash and cash equivalents 33 6,654 12,018
7,352 12,740
Total assets
50,165 51,237
Liabilities
Current liabilities
Trade and other payables 34 1,587 1,039
Other financial liabilities 34 135 49
Amounts due to joint venture 185 382
Total liabilities
1,907 1,470
Net assets
48,258 49,767
Equity
Share capital 36 953 908
Share premium 48,135 46,355
Retained earnings (830) 2,504
Total equity
48,258 49,767
The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2014.
They were signed on its behalf by:
DE Betts 
Director
The notes to the Company financial statements form part of these financial statements.  www.hummingbirdresources.co.uk 48
COMpANy STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 mAY 2014
Notes
2014
$’000
2013
$’000
Net cash outflow from operating activities 37 (3,175) (4,027)
Investing activities
Disposals / (purchases) of property, plant and equipment 18 (69)
Investment in subsidiaries (3,763) (2,604)
(Increase) / decrease in amounts due from subsidiary companies (592) 755
Interest received 56 69
Net cash used in investing activities (4,281) (1,849)
Financing activities
Proceeds from issue of shares 1,825 4,486
Proceeds from warrants issued — 355
Net cash from financing activities 1,825 4,841
Net decrease in cash and cash equivalents (5,631) (1,035)
Effect of foreign exchange rate changes 267 (145)
Cash and cash equivalents at beginning of year 12,018 13,198
Cash and cash equivalents at end of year
6,654 12,018 Hummingbird Resources PLC 
Annual Report and Accounts 2014
Strategic Report
Report of the Directors
Accounts
49
COMpANy STATEMENT OF 
CHANGES IN EqUITy
FOR THE YEAR ENDED 31 mAY 2014
Share
capital
$’000
Share
premium
$’000
Retained
earnings
$’000
Total
$’000
As at 1 June 2012
855 41,922 4,778 47,555
Comprehensive loss for the year:
Loss for the year — — (3,048) (3,048)
Total comprehensive loss for the year — — (3,048) (3,048)
Transactions with owners in their capacity as owners: 
Issue of shares 53 4,433 — 4,486
Total transactions with owners in their capacity as owners 53 4,433 — 4,486
Share based payments — — 774 774
As at 1 June 2013 908 46,355 2,504 49,767
Comprehensive loss for the year:
Loss for the year — — (3,814) (3,814)
Total comprehensive loss for the year — — (3,814) (3,814)
Transactions with owners in their capacity as owners:
Issue of shares 45 1,780 — 1,825
Total transactions with owners in their capacity as owners 45 1,780 — 1,825
Share based payments — — 480 480
As at 31 May 2014
953 48,135 (830) 48,258 www.hummingbirdresources.co.uk 50
NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 mAY 2014
27 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 income statement for the year. Hummingbird Resources 
Plc reported a loss for the financial year ended 31 May 2014 of $3,814,000 (2013: $3,048,000). 
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.
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 judgements 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. 
Recoverability of investment in subsidiaries and amounts due from subsidiaries
Where the majority of the assets of subsidiary undertakings are exploration and evaluation assets, determining whether an investment in and 
loan to a subsidiary is impaired requires an assessment of whether there are any indicators of impairment, of these underlying exploration 
and evaluation assets. 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.
As the market capitalisation of the Company was less than the carrying value of the Company’s net assets as at 31 May 2014, an impairment 
review was carried out in respect of the carrying values of the investment in subsidiaries and the amounts due from subsidiaries as stated in the 
Company Balance Sheet. As a result of the positive Preliminary Economic Assessment on the Dugbe 1 Project which was published during the 
prior year and the Group proceeding with the DFS in respect of the Dugbe 1 Project, the Directors consider that there was no impairment as at 
31 May 2014.
29 Auditor’s Remuneration
The auditor’s remuneration for audit and other services is disclosed in note 6 to the consolidated financial statements. 
30 Staff costs
The average monthly number of employees (including Directors) was:
2014
Number
2013
Number
Directors 7 7
Other employees 5 5
12 12
$’000 $’000
Their aggregate remuneration comprised:
Wages and salaries 1,592 1,482
Social security costs 302 (185)
Pension 98 101
Share based payments 454 679
2,446 2,077
Within wages and salaries, $1,050,000 (2013: $992,000) relates to amounts paid to Directors for services rendered. Included within staff costs 
is $197,000 (2013: $194,000) recharged to subsidiaries as intangible exploration and evaluation assets. 
Included within social security costs is a provision of $110,000 (2013: $367,000 release of a provision) 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 25 to the consolidated financial statements. Hummingbird Resources PLC 
Annual Report and Accounts 2014
Strategic Report
Report of the Directors
Accounts
51
31 Investments
Investment 
in 
subsidiaries
2014
$’000
Investment
in
subsidiaries
2013
$’000
Cost 
At 1 June 7,730 4,698
Additions 3,771 3,032
At 31 May 
11,501 7,730
The Company’s subsidiaries are disclosed in note 15 to the consolidated financial statements. The additions in the year relate to certain costs 
incurred by the Company on behalf of its subsidiaries that are not invoiced to subsidiaries, including share based payments. These costs are 
not repayable by the Company’s subsidiaries.
32 Property, plant & equipment
Development
assets
 – other
$’000
Other
$’000
Total
$’000
Cost 
At 1 June 2012 69 294 363
Additions 16 45 61
At 1 June 2013 85 339 424
Additions — — —
Disposals (26) (1) (27)
At 31 May 2014 59 338 397
Accumulated depreciation 
At 1 June 2012 27 121 148
Charge for the year 27 106 133
At 1 June 2013 54 227 281
Charge for the year 15 82 97
Disposals (17) — (17)
At 31 May 2014 52 309 361
Carrying amount
At 31 May 2014 7 29 36
At 31 May 2013
31 112 143
33 Current Assets
Receivables from subsidiaries
At the balance sheet date amounts receivable from the fellow Group companies were $31,276,000 (2013: $30,624,000). These amounts are 
repayable on demand however these are not expected to be repaid within one year and no interest is currently charged. The carrying amount of 
these assets approximates their fair value. 
Trade and other receivables
2014
$’000
2013
$’000
Other receivables 49 38
VAT recoverable 227 273
Prepayments and accrued income 422 411
698 722
There are no past due or impaired receivables.
Cash and cash equivalents
Cash and cash equivalents as at 31 May 2014 of $6,654,000 (2013: $12,018,000) comprise cash and short-term bank 
deposits with an original maturity of three months or less. The carrying value of these assets approximates their fair value.  www.hummingbirdresources.co.uk 52
NOTES TO THE CONSOLIDATED 
FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 mAY 2014
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 Current Liabilities
Trade and other payables
2014
$’000
2013
$’000
Trade payables 699 689
Other taxes and social security 67 61
Accruals 814 274
Other payables 7 15
1,587 1,039
The average credit period taken for trade purchases is 61 days (2013: 28 days). 
The Directors consider that the carrying amount of trade and other payables approximates to their fair value. 
Other financial liabilities
The Company’s other financial liabilities are included within note 19 of the consolidated financial statements.
Amounts due to joint venture
Amounts due by the Company to the joint venture are disclosed in note 12.
Operating lease commitments
At the balance sheet date, the Company had outstanding commitments for future minimum lease payments under non-cancellable operating 
leases, which fall due as follows:
2014
$’000
2013
$’000
Within one year 115 97
In the second to fifth years inclusive 94 —
After five years — —
209 97
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 payments
The Company’s share based payments information is disclosed in note 22 to the consolidated financial statements.
37 Notes to the statement of cash flows
2014
$’000
2013
$’000
Loss before tax (3,814) (3,048)
Adjustments for:
Depreciation of property, plant and equipment 97 133
Share based payments 454 679
Finance income (311) (361)
Finance expense 86 145
Operating cash flows before movements in working capital (3,488) (2,452)
Decrease / (increase) in receivables 31 (446)
Increase / (decrease) in payables 479 (372)
Decrease in amounts due to joint venture (197) (757)
Net cash outflow from operating activities
(3,175) (4,027) Hummingbird Resources PLC 
Annual Report and Accounts 2014
Strategic Report
Report of the Directors
Accounts
53
38 Financial Instruments
The Company’s strategy and financial risk management objectives are described in note 24. 
Principal financial instruments
The principal financial instruments used by the Company from which risk arises are as follows:
2014
$’000
2013
$’000
Financial assets
Cash and cash equivalents 6,654 12,018
Other receivables 31,552 30,935
38,206 42,953
Financial liabilities
Trade payables 699 689
Other payables 7 15
Warrant liabilities
1
135 49
Amounts due to joint venture 185 382
1,026 1,135
1 The fair value of the warrant liability (see note 21) has been determined using a valuation technique where at least one input (which could have a 
significant effect on the instrument’s valuation) is not based on observable market data, and is therefore a level 3 financial instrument. Where inputs can 
be observed from market data without undue cost and effort, the observed input has been used. Otherwise, management determines a reasonable 
estimate for the input.
The risks that the Company is subject to in addition to the Group risks described in note 24 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 Company. 
In addition to the risks described in note 24, 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 24).
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:
2014
$’000
2013  
$’000
Hummingbird Resources (Liberia) Inc.
31,276 30,624
These amounts 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 25 to the 
consolidated financial statements. 
40 Events after the balance sheet date
Events after the balance sheet date are disclosed in note 26 to the Consolidated Financial Statements.  To mine, or not to mine: that is the question: 
Whether ‘tis nobler in the world to suffer 
The slings and arrows of outrageous markets, 
Or to take arms against a sea of troubles, 
And by opposing end them? To mine: no sleep; 
No rest; and by delivery say we end 
The heart-ache and the thousand natural shocks 
That Gold is heir to; ‘tis a consummation 
Devoutly to be wish’d. To mine, no sleep; 
To build: perchance to pour: ay, there’s the game; 
For in that gold a death to all who doubt may come; 
When tides do shift, and those who dared to dream 
Do wake to find a golden sun upon their castle 
Basil De Tent. Hummingbird Resources Plc 
(“Hummingbird”) is an AIM listed 
gold exploration and development 
company targeting first production in 
2015.
Since Hummingbird was founded it has 
set about exploring for and developing 
gold assets and has a large land 
package across the highly prospective 
Birimian geological region of West 
Africa. Hummingbird has an inventory 
of over 6Moz gold and 5,000Km
2
 of 
exploration ground. 
Strategic Report
01  Hummingbird Resources
02  Opening Highlights
03  Chairman’s Statement
04  CEO’s Statement
06  Technical Update
13  Exploration
15  Sustainability
Report of the Directors
18  Board of Directors
20  Directors’ Report
23  Business Review
24  Directors’ Responsibilities Statement
Accounts
25  Independent Auditor’s Report
26  Consolidated Income Statement
26   Consolidated Statement of 
Comprehensive Income
27  Consolidated Balance Sheet
28  Consolidated Statement of Cash Flows
28   Consolidated Statement of  
Changes In Equity
29   Notes to the Consolidated Financial 
Statements
47  Company Balance Sheet
48  Company Statement of Cash Flow
49   Company Statement of Changes in 
Equity
50   Notes to the Company Financial 
Statements
Hummingbird Resources Plc 
22 Mount Row 
London 
W1K 3SF
Tel +44 (0)20 3416 3560
www.hummingbirdresources.co.uk
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hummingbirdresources.co.uk
Hummingbird Resources Annual Report 2014