Annual Report 2012 “Gold things come to those who wait”
Basil De Tent Hummingbird Overview 3
Opening Highlights 4
Chairman’s Statement 6
CEO’s Statement 10
Board of Directors 18
Technical & Operational Review 21
Technical Summary 22
Core Values 46
Operational Summary 47
Corporate Social Responsibility 49
Pygmy Hippo Foundation 54
Liberia 57
Financial Statements 61
Directors’ Report 63
Corporate Governance Report 64
Directors’ Responsibilities Statement 68
Independent Auditor’s Report 69
Consolidated Income Statement 71
Consolidated Statement of Comprehensive Income 72
Consolidated Balance Sheet 73
Consolidated Statement of Cash Flows 74
Consolidated Statement of Changes in Equity 75
Notes to the Consolidated Financial Statements 76
Company Balance Sheet 96
Company Statement of Cash Flows 97
Company Statement of Changes in Equity 98
Notes to the Company Financial Statements 99  03
Technical & Operational
Overview
Operating Highlights
Chairman’s Statement
CEO’s Statement
Board of Directors
Hummingbird 
Overview 0oz
May 2010
812,000oz
December 2010
1,765,000oz
September 2011
3,817,000oz
February 2012
Financials
 Year end cash balance: 
US$15.5 million
August 2012: IFC 
proposed investment of 
 investment in the mining 
sector in Liberia
Discovering, proving and developing 
world class mineral deposits in Liberia
Opening 
Highlights 05
Liberia
Re-election of President 
Ellen Johnson Sirleaf for a 
second six year term
The mining sector 
increased its share of the 
country’s GDP to 6.6%, up 
from 1.1% in 2010
Three operating deep-
water ports, new roads 
and railways currently 
being built. World Bank 
invested US$250 million 
into the country in 2011
September 2011, 
ArcelorMittal began 
mining, processing and 
shipping iron ore from the 
Nimba project
Development
“Dugbe 1” Project  
 July 2012: appointment 
of Dr Julian Barnes as 
consultant Head of 
Project Development 
and augmentation of 
Hummingbird’s technical 
 development skills
Work underway to 
produce a Preliminary 
Economic Assessment 
(“PEA”) on the Dugbe 1 
Project during 2012
Exploration
Total Resource increased 
to 3,817,000 oz gold 
including:
Sept 2011: Dugbe F 
Resource upgraded to 
1,765,000 oz gold (1.4 
Moz Indicated, 0.4 Moz 
Inferred) 
Feb 2012: Tuzon Maiden 
Resource of 2,052,000 
oz gold announced (all 
Inferred)
July 2012: Sackor gold 
discovery from diamond 
core drill results (resource 
modeling in progress)
July 2012: Tiehnpo and 
Nemo Creek gold-in-soil 
discoveries – largest to 
date
Opening 
Highlights
05 Chairman’s 
Statement
Strategy
On behalf of the Board of Directors, I am pleased to present Hummingbird 
Resources plc’s Annual Report for the year ended 31 May 2012. This year marks 
 It has been a fascinating and exciting year which has seen great developments 
and change across the entire landscape in which our business operates. 
Geologically, Hummingbird has again made staggering progress. Politically, 
the re-election of President Ellen Johnson-Sirleaf for a second term is testament 
to the success of and support for the democratic programme she initiated in 
 watchdog. Financially, the world has continued upon its downward trajectory of 
spiralling uncertainty, causing Hummingbird (and every other mining company 
on the planet) much food for thought!
Technical Progress
"#
announced the doubling of our Maiden Resource, discovered just prior to IPO 
at the Dugbe F deposit, to 1,765,000 Moz of gold. In February of this year we 
more than doubled the project’s Resource base again to 3,817,000 Moz, with the 
announcement of a Maiden Resource at Tuzon only 2.5km east of Dugbe F. As 
you can see from the graph opposite, this rate of growth gives Hummingbird the 
fastest growing Resource amongst its peers during the year. This gold was added 
at an all-inclusive discovery cost of US$6/oz, which also makes Hummingbird one 
of the most cost effective and value for money explorers globally over the last 
year.
%’*
of regional target generation through exploration work that has resulted in some 
30,000 geo-chemical soil samples being taken across our Dugbe Shear Zone and 
+:;<
took a total of 36,000 samples.
 
*
additional targets which we believe prove that Hummingbird has under its 
 mines. At the top of this project pyramid our third discovery, Sackor, was drilled 
=>?*
same conceptual mine development area as the Dugbe F and Tuzon Resources.
  07
This success has brought with it a number of welcome challenges, namely being 
how do we capitalise on this vast opportunity in a focused manner?
 
Our solution is two-fold. First and foremost we have committed to the evaluation 
of ‘The Dugbe 1 Project’ with the aim to prove that these ounces are not only 
?+
 our inventory.
 
:K?Q
*KWX
 
We will continue to explore the rest of our land package outside of the Dugbe 
Shear Zone, whilst maintaining an open mind to opportunities to create 
meaningful shareholder value from these licences via potential deals that will 
enable us to focus our energies on the expanding opportunities across the 
Dugbe Shear Zone.
 
At Mount Ginka, our joint venture iron ore project in Nimba County, we will be 
looking at ways to monetise the asset during the coming year.
 
Chairman’s 
Statement Political Developments
[\
developing at a rapid pace and the re-election of Ellen Johnson-Sirleaf should 
be seen as a sure sign that the democratic process in the country is working 
well. Liberia is making good progress by all measures of economic growth and 
is proving to be highly successful at encouraging foreign direct investment. We 
are proud that Hummingbird has been able to play its part in this process by 
securing the International Finance Corporation (“IFC” - part of the World Bank 
]"\
a ringing endorsement of the country’s improving investment climate, and of 
the Company’s prospects. Many major resource companies operate in the 
country and the Liberian government remains committed to the development 
of the extractive industries. In Hummingbird we have the potential to build one 
*
milestone for the country and one that Liberia is determined to support during 
this Presidential term.
The Global Market
Hummingbird has seen a great number of successes this year, from a large 
increase in its Resource base to early stage discoveries with huge potential, and 
’
[
much all companies in the resource space and we have suffered the same fate 
as many others. 
 
Gold remained relatively level over the last 12 months but still remains strong. With 
so many uncertainties across the global markets there are very few who would 
bet against gold not rising over the coming year. Indeed, gold seems currently 
range bound, due mainly to political rather than supply-demand factors, and 
*
anticipate continued volatility in the gold market. However, because people are 
*^
hungry world, and because of man’s thirst for gold over many millennia, I would 
argue the case for gold maintaining a “stronger for longer” scenario rather than 
a weakening one. For a company such as Hummingbird that has a growing asset 
base this can only be a positive development.
  09
Chairman’s 
Statement
The Coming Year
?**
ahead looks as uncertain as I can remember, and the divergence between gold 
stocks and underlying commodity prices is as dislocated as at any time in living 
memory. What does this mean for Hummingbird and our shareholders?
 
<_>^‘{*KW;#K
Feasibility Study and to begin developing the mine. We have already 
commenced, and are encouraged by several technical studies, to determine 
 project. 
In addition, we will continue with a regional exploration programme to identify 
 Hummingbird controls an area with the potential to deliver multiple mines. It is 
*
development of the mine in the shortest period possible.
 
In conclusion I would like to note that I signed off last year’s Annual Report 
|*[:
perspective and see this journey through as I believe we are set for great 
things”. Well, I can only repeat the same remarks but with a greater degree of 
certainty in the value of Hummingbird’s underlying assets and its fantastic ability 
to deliver. Thank you for your support as shareholders and I’m sure you will join 
me in acknowledging the contribution made by my fellow non-executive board 
K\
their tireless work. 
}*+_~W‘
Ian Cockerill
Chairman CEO’s 
Statement
At our IPO in December 2010 we had a proven 812,000 oz gold Resource and 
K
W{’
Maiden Resource, then doubled it again. This is a fantastic achievement by any 
standard. 
Hummingbird’s current Resource of 3.8 Moz gold is all within a single project, 
it all lies at or near surface and has been discovered at a staggeringly low 
cost. Furthermore, we have a swelling pipeline of targets which has expanded 
 ever. Hummingbird is no longer an explorer with a promise, it is a company with 
 forging the way not just to a mine, but to a whole new mining district. 
K**
on our goal of discovering, proving and developing a gold mining industry in 
eastern Liberia, then the value of the business will eventually be recognised.
I am extremely proud of the dedication and talent of the entire Hummingbird 
^+
now fully equipped with the necessary skills for our next stage of development. 
Hummingbird’s job is to deliver on our long-term strategic goals.
Strategy
Our promises at IPO can be distilled into the following two-year mission: 
1. 
2. To develop the regional capacity of our licence package over the Dugbe 
Shear Zone to show that it has the potential to host multiple gold mines
3. []*
*
produce a saleable concentrate from this project
4. To continue systematic exploration over all of our other licences and thereby 
move them up the value curve  11
CEO’s 
Statement
_~
Put simply, this year we have taken US$17 million and turned it into additional 
gold resources of over 3 Moz.  I believe this fact goes a long way to satisfying our 
#
 Our current global Resource stands at 3.8 Moz gold
 All our current gold Resource lies within two deposits within the radius of one 
future mining operation
 We have made a third discovery with positive drill intersections at our ‘Sackor’ 
target
 Resource optimisation to minimise our capital expenditure (“capex”) and 
maximise our internal rate of return (“IRR”) is being undertaken by the newly 
assembled development team
Hummingbird’s achievements during the last year go much further than the 
:^*+
additional value can be created and this year alone we have taken over 30,000 
geo-chemical samples, continuously generating targets, and we have drilled just 
under 28,000 metres of diamond core.
The above graph shows how the Hummingbird team have continued to make 
improvements to their in-country operations and driven down the cost of 
sampling. 
K?Q#
West Joe Village, Tiehnpo and Nemo Creek. These targets are all currently being 
trenched and could be drill ready by early next year. As you can see from the 
map on page 16 these targets are each of a scale equal to the Dugbe 1 Project 
area. Away from gold, on our joint venture iron ore project at Mt Ginka we completed 
a helicopter-borne aeromagnetic survey. A total of 1,650 line kilometres were 
[~‘~>~
*^X
response. We drilled 1,058m over 6 holes and conducted a number of 
metallurgical test work programmes which concluded that we can make a 
]*#
we will be looking to capitalise on this progress during the coming year. 
So, what next for Hummingbird, and how does this success translate into tangible 
}
quickly, and overnight people begin to ask questions beyond “how much more 
]
 resource is announced, the market seeks to wrap economics around the 
discovery in order to see how the potential mine ‘ranks’ in the global order. This is 
entirely understandable, but the truth is that concrete answers to these questions 
lie in the results of technical studies which take both time and detailed analysis in 
order to maximise the potential economics of the mine. 
These studies are well advanced and Hummingbird will soon be in a position to 
release the results of this work. This should be a crucial step towards proving the 
#:*
:
such a set of skills in such a short time. Whilst the results will shortly be forthcoming, 
I would like to take this opportunity to address the two areas of our project which 
seem to have raised the most questions:
Grade
As can be seen from the graph opposite, Dugbe 1 is absolutely consistent with 
a realistic peer group of bulk tonnage open cast mines around the world. In 
fact, in a recent study of 409 of the world’s gold deposits of more than 1 Moz, 
the average grade of production was 1.06 g/t (almost 30% below our maiden 
grade) and the average grade of all deposits (including those that are not yet 
producing) was 0.66 g/t (50% below our grade). Moreover, grade should not be 
seen in isolation but as one element in complex equation. 
The other two key elements to that equation are the cost of extracting the 
ore from the earth (determined largely by the strip ratio) and the cost of 
extracting the gold from the ore (the processing costs, determined largely by the 
metallurgical complexity of the ore body). At Dugbe 1 we have a near surface, 
shallow dipping ore body indicating that a low strip ratio is likely. Preliminary 
metallurgical test work has given excellent recoveries of up to 93%. 
It is our belief that the key to building a mine with a robust IRR and low capex 
actually lies within the existing Resource. We are currently building our case 
  equation where our hand is the strongest.  13
CEO’s 
Statement
:[#
of the Dugbe 1 Project, Hummingbird has been building its technical capacity 
and I am delighted that Dr Julian Barnes has joined the Company as Head of 
Project Development as a consultant. Julian’s experience is second-to-none, 
and includes over 15 years in West Africa. He co-founded the Resource Service 
Group (“RSG”), was Executive Vice President of Dundee Precious Metals Inc, and 
is currently a director of Serbia-focused Avala Resources Ltd. We have also been 
able to attract additional world class talent with skills in the various disciplines 
of mine evaluation and development to make this project a reality, and it is a 
privilege to be working with them at Hummingbird.
Dugbe 1 Theoretical Mine Concept Financial Risk
}*
KW;#*
[
the market to shy away from your stock and I am sure this has been the case to a 
degree with Hummingbird during 2012. We have found an impressive Resource, 
so the assumption is that we will need an impressive amount of money to 
develop it. 
:%+
investment in the mining sector in Liberia. This gives Hummingbird a resounding 
political and technical endorsement from a globally recognised and respected 
*
largest that we are aware of in the junior gold space and the dilution has been 
limited to protect shareholder value as much as possible. It is our intention to 
K%
Study (“DFS”) on the Dugbe 1 Project and further exploration through non-
equity based transactions in order to minimise dilution wherever possible. This is 
especially important in the current economic climate where the Board sees a 
stark discrepancy between the value of the underlying business and the cost of 
issuing equity in the capital markets. 
Opposite, Hummingbird’s project pyramid clearly illustrates how many prospects 
we have and how they are progressing up the exploration pipeline.
W_
number of HUM shareholders, increasing the base to nearly 1,200. We have also 
grown our retail exposure to provide the company with a stronger shareholder 
platform in the long term. 
This growth has not yet translated into more volume and stability in the market, 
but market conditions are anomalous and this storm needs to be seen out before 
the true value of this increased shareholder base can be realised. 15
CEO’s 
Statement
Looking Forward
Our strategy this year is clear. It is to prove beyond doubt that the Dugbe 1 
;#
Resource growth potential within that project itself. We will rapidly progress the 
development of this project through the various feasibility studies that will result 
;
of our Resource. We will also continue our systematic exploration of The Dugbe 
Shear Zone with the aim of developing our Resource bank and becoming the 
industry leader amongst African explorers. We have the skills, we have the targets 
and we have the operational platform to do just that. 
*’[
the last year. The development of the core business, its team and its asset base 
has progressed rapidly and prepared the Company well to make the transition 
from explorer to developer. That said, as we naturally shift the focus to adapt to 
the business of mine development, we intend to maintain both the spirit of, and 
capacity for exploration. Hummingbird’s portfolio has exceptional exploration 
*+
further targets and resources within our tenements. 2011-12 has been a very 
exciting time for Hummingbird and it has brought us to a privileged position. We 
*\
 
Daniel Betts 
+< Tuzon
NW Joe Village
Sackor
Dugbe F
N
Block D
Greenville
30km
AT LA NT I C
OC EA N N
Dugbe
The Dugbe Shear Zone
10km
3.8Moz gold 17
CEO’s 
Statement
emo Creek
Block B
Block A
Tiehnpo
Grand Cess
Kia Creek
Legend:
Gold Resource
Pre-Resource gold discovery
Dugbe 1 Project Area
Soil grids
Key targets
Licence areas
Stream sediment sample sites
River/creek
Dugbe Shear Zone
LIBERIA
AT L TLANT IC OCE E AN
Monrovia
Greenville
S IERRA
LE O NE
GU INE A
CO T E
D ’IVOIRE Ian David Cockerill 
Non-Executive Chairman 
Ian is the ex-CEO of Gold Fields Ltd and Anglo Coal Ltd. He is the former 
+K<]
\:_~~_:+]%\:
#\_~~+:+
chairman of Petmin Ltd, a JSE and AIM quoted natural resource company, 
non-executive director of Orica Ltd in Australia and advisor to several other 
companies in the mining industry. He has over thirty years’ mining experience in 
exploration and mining. Ian is chairman of the LCA (Leadership for Conservation 
in Africa). Their vision is to save 20 million hectares of rainforest in Africa by 2020. 
Daniel Edward Betts 
+<
Daniel co-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 
 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
}\:
Following his army service he worked in the security sector for many years, for 
companies such as Control Risks, Rubicon and Salamanca Risk Management 
before joining Hummingbird Resources as Country Manager. William is 
experienced in the operational and logistical management of projects in 
challenging environments. In his capacity as Operations Director he has been 
responsible for the establishment and ongoing running and development of all of 
Hummingbird’s operational capability in Liberia. 
David Almgren Pelham 
Technical Director
David is a mineral geologist with thirty years global exploration experience. 
He has worked with a number of mining and exploration companies such as 
Placer Dome Inc, Outkumpu Mining and AMAX Exploration. Dave 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. 
Board of Directors 19
Board of Directors
Matthew Charles Idiens 
Non-Executive Director
Matthew co-founded Hummingbird in November 2005 and he has 21 years’ 
experience in natural resource companies. He is a founder and Director of 
AIM quoted VANE Minerals plc and also founder and director of Seamwell 
:\
(UCG) projects in China. From 1995 to 2001 he worked as an associate director 
at Laing and Cruickshank Investment Management, part of the Credit Lyonnais 
Group. 
Roderick James Hollas Smith 
Non-Executive Director 
Roderick, a Chartered Accountant with a Commerce Degree from the University 
of Western Australia, has 30 years’ experience leading Australian resource 
projects from the early-stage exploration through to production, including three 
gold mines: Great Victoria, Palm Springs and Youanmi. He has been resident 
in the UK for three years and has consulted miners and investors on resource 
projects throughout Russia and Africa. He is currently a director of Congo 
Brazzaville explorer, Cominco SA. 
Stephen Alexander Betts 
Non-Executive Director 
Stephen co-founded the Company in November 2005. He has over 40 years’ 
experience in trading with gold and related businesses in developing countries, 
having established several businesses in West Africa during his career. He is the 
Chairman of the Stephen Betts group of companies. The family business has over 
_~
Thomas Rowland Hill
Finance Director
#%<?_~W~
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 
[’
<+
as a chartered accountant in 2001.  21
Technical & Operational
Overview
Technical Summary
Core Values
Operational Summary
Corporate Social Responsibility
Pygmy Hippo Foundation
Liberia
Technical &
Operational
Overview The Tuzon Project currently has a NI43-101 compliant Resource of 2.052 Moz gold 
at 1.2g/t, all in the Inferred category. This Resource is contained within 53 million 
tonnes of ore. 
Highlights 
In September 2011 the Dugbe F Resource was increased to a NI43-101 compliant 
Resource of 1.765 Moz gold at 1.3 g/t, of which 1.4 Moz (80%) are in the Indicated 
category at 1.3 g/t and 0.4 Moz are in the Inferred category at 1.2g/t. This 
Resource is contained within 43 million tonnes of ore. 
In February 2012 Hummingbird announced a new maiden Resource of 2.05 Moz 
at Tuzon, situated only 2.5km east of the Dugbe F deposit. Tuzon was discovered 
at the beginning of 2011 from satellite imagery of old alluvial workings. It was 
soil sampled and trenched in mid 2011. In Q4 2011 a 9,700m drill programme 
revealed a stacked mineralised system that remained open to the north. The 
speed of this discovery increased the Company’s resources by 117% since 
September 2011, and by a total of 369% since IPO in December 2010. This 
effectively gave Hummingbird the fastest growing gold resource in Africa last 
year.
Tuzon
Technical 
Summary
Dugbe F Resource:
1.8Moz
Tuzon Resource:
2.05Moz 23
The Tuzon deposit comprises a series of shallow southeast dipping lenses, which 
outcrop at surface. Besides the southeast dip, the whole deposit pitches gently 
to the south. With several separate mineralised lenses, stacked close together 
vertically, and at shallow depth, preliminary studies indicate that 80% of this 
Inferred Resource will be accessible within a low strip ratio open pit. 
This Resource was established from an anomaly with a small surface footprint. 
Although the surface anomaly was much smaller than the Dugbe F anomaly, the 
fact that the mineralisation repeated itself vertically in a series of stacked lenses 
enabled a rapid increase in drilled resources.
Current Resources In ‘The Dugbe 1 Project’
Table showing total current Resource at the Dugbe F Project 
Tonnes 
(millions)
Grade (g/t) Au Current 
Ounces Au
Dec 2010 
Ounces Au
Increase
Indicated* 33.13 1.29 1,373,000 552,000 149%
Inferred* 9.88 1.23 392,000 260,000 51%
All* 43.01 1.28 1,765,000 812,000 117%
     
     
     
*At a lower cut off of 0.5g/t Au, no upper cut off
Table showing attributable Resource at the Dugbe F Project 
Tonnes 
(millions)
Grade (g/t) Au Current 
Ounces Au
Dec 2010 
Ounces Au
Increase
Indicated* 31.31 1.29 1,300,000 552,000 136%
Inferred* 9.42 1.24 377,000 260,000 45%
All* 40.73 1.28 1,677,000 812,000 107%
     
     
     
*At a lower cut off of 0.5g/t Au, no upper cut off
Technical 
Summary
3D Illustration of the Tuzon deposit with Dugbe F behind Table showing total current Resource at the Tuzon Project 
Tonnes (millions) Grade (g/t) Au Current Ounces Au Attributable
Inferred* 52.80 1.21 2,052,000 100%
*At a lower cut off of 0.5g/t Au, upper cut off used 7 g/t top cut. 
}
+<*
the newly formed development team has been to look at the existing Resources 
 ^}
starting to emerge is the possibility of a number of higher grade starter pits within 
  and speed of capex repayment in the early years. 
Early in 2012, drilling continued in the northern extension of the Tuzon deposit, 
‘Tuzon North’, amounting to an additional 5,070m of drilling on top of what had 
already been drilled at Tuzon. In Tuzon North, the deposit appears to swing from 
a shallow southeast dip to a moderate westerly dip. This drilling extended the 
Tuzon Resource by 250m with some excellent intersections. These results are 
being incorporated in to the development team’s re-modelling work. 
Tuzon North Drilling Highlights:
The picture within a theoretical mineable radius of this initial deposit is looking 
very exciting. A number of new anomalies have been discovered keeping the 
target pipeline full.  
13.77m @ 2.75 g/t Au in TDC070 22.16m @ 2.48 g/t Au in TDC072
16.20m @ 3.59 g/t Au in TDC070 26.32m @ 1.63 g/t Au in TDC071 25
Technical 
Summary
Sackor
The next drill target was the Sackor prospect, situated 2km southwest of the 
Dugbe F deposit. 
Trenching and early drilling results have indicated another stacked mineralised 
system, similar to Tuzon. The mineralised zones appear to form shallow dipping 
structures, repeatedly stacked one on top of the other. 
At 31 May 2012, 2,850m had been drilled in 16 diamond core drill holes at the 
Sackor prospect. Drilling was completed in July 2012 and we are currently 
*’
good, and showed that the Sackor deposit will likely form additional Resources 
for Hummingbird in this area. 
Like Dugbe F and Tuzon, the Sackor deposit outcrops at surface, so should 
be accessible in a shallow open pit. Additionally, initial mineralogical work 
shows the gold to be largely free, hence broadly similar in style to the Dugbe F 
’^
and develop multiple gold pits within a mineable radius of the original Dugbe F 
deposit. The discovery remains open to the north and south. 
Sackor Drilling Highlights: 
6.00m @ 3.36 g/t Au in SKDC001 2.95m @ 4.12 g/t Au in SKDC007
5.14m @ 2.49 g/t Au in SKDC002 4.00m @ 1.92 g/t Au in SKDC007
4.61m @ 1.92 g/t Au in SKDC006 4.72m @ 2.69 g/t Au in SKDC008
13.00m @ 1.33 g/t Au in SKDC007 7.00m @ 1.63 g/t Au in SKDC008 In the broader regional picture, we have encouraging results in Tiehnpo, the 
northwest section of the Joe Village licence (known as NW Joe Village) and 
Nemo Creek. 
 Tiehnpo – a swarm of gold-in-soil anomalies approximately 7km long by 2km 
wide. Positive XRF results indicating wide zones of gold mineralisation. Trench 
results pending.
 NW Joe Village – four distinct gold-in-soil anomalies over a strike length of 8km. 
Trenching underway, 4,000m completed.
 Nemo Creek – 7km strike length of gold-in-soil anomalies following the east-
northeast trend of the Dugbe Shear Zone.
Dugbe Shear Zone, Showing Development & Exploration 27
Technical 
Summary
Dugbe 
Shear Zone
Work has progressed on the Dugbe, Joe Village, Nemo Creek and Tiehnpo 
licences over the past year. 
The Dugbe 1 Project area is a theoretical 10km radius around the maiden Dugbe 
F Resource and overlaps both the Dugbe F and Joe Village licences.
Key Facts 
 A prominent northeast – southwest trending fault structure
 70km strike length within our licence area
 2,051km
2
 of licence area 
 3.8 Moz of Resources in Dugbe 1 Project area, currently comprising Dugbe 
and Tuzon deposits
 >~*[] KKW
Project, mostly on a 160m x 160m grid. The Dugbe F Resource was steadily 
increased, culminating in September 2011 with an upgraded NI 43-101-compliant 
calculation of 1.765 Moz at 1.28 g/t. This represented an almost 1 Moz increase 
within 10 months of listing on AIM.
On 1 February 2012, also within this period, a NI 43-101-compliant 2.052 Moz 
Resource at 1.21 g/t was discovered at Tuzon, 2.5km east of Dugbe F.
In order to be consistent with last year’s Resource calculation, a 0.5 g/t lower 
cut off has been used. However, the Tuzon deposit appears to be more variable 
in both thickness and grade than Dugbe F. In contrast to the Dugbe F deposit, 
where there was no upper cut-off, a top cut of 7 g/t was used for the Tuzon 
[^
results.
Besides the expansion of the Dugbe 1 Project area Resource, much of the drilling 
 focused on the north and south extensions of the Dugbe F deposit and down dip.
Three core drills were used simultaneously on the Dugbe F drilling in the height of 
2011. Towards August 2011, these drills were progressively diverted onto the Tuzon 
prospect. 
Scoping Study / PEA
Numerous activities have been initiated or continued as part of the Dugbe 1 
scoping study/Preliminary Economic Assessment, including the following:
Resources
 Collection of a representative suite of sample pulps, from both Dugbe and 
Tuzon, for assaying by an independent, internationally accredited reference 
assay laboratory
 Validation of the existing drill hole databases
 
estimation parameters
 Resource estimation studies using geostatistical estimation techniques that are 
appropriate for the pit optimisation studies using selective mining unit (“SMU”) 
emulation
 Preparation for the compilation of all existing exploration data into a suitable 
relational database
 K 29
Dugbe 
Shear Zone (DSZ)
Pit optimisation, scheduling, operating and capital cost estimates
 Determination of operating costs for a range of potential mill throughputs 
in order to undertake a ‘hill of values’ study to determine the optimum 
development route for the Dugbe 1 project (including appropriate capital 
estimates)
 Pit optimisation and mine scheduling optimisation studies on the SMU resource 
model
 Preliminary mine designs based on the results of the pit optimisations
 Investigation of a staged development approach wherein a planned 
expansion route is built into the operating and capital cost estimates
Geotechnical studies
 :*
Metallurgy
 Compilation of all metallurgical studies to date
 Preparation of mineralised zone composites based on the sample pulp library, 
from both Dugbe and Tuzon, for bottle roll gold extraction, along with residue 
assaying in order to map the gold recoveries of both deposits in 3D. This is the 
^
 X#
[^
 Further comminution studies
Site studies
 Investigation of appropriate site locations (plant, waste dumps and tailings 
dumps)
 Initial logistics studies (access roads, port locations etc.) Both the Dugbe F and Tuzon deposits outcrop at surface and have overall 
shallow dips, so both deposits should be able to achieve a high conversion rate 
from geological into mineable ounces. Some preliminary work has shown that:
 At Dugbe F, some 65% of the total resource could convert into an open pit 
with 6.1:1 waste:ore ratio 
 At Tuzon, some 80% of the total resource could convert into an open pit with 
3.4:1 waste:ore ratio
 Adding these two together gives 2.78 Moz available at a weighted average 
strip ratio of 4.5:1 - which is very encouraging at this early stage.
As a result of the technical studies carried out thus far, we now have a greatly 
increased understanding of the geological and mineralisation structures within 
the Dugbe 1 Project area. High level geological mapping has established that 
the gold appears to have derived from a series of intrusive granodiorites – these 
are intruded with a distinctive garnet alteration zone, and the mineralisation 
appears to lie just outside the garnet alteration zone. With this new understanding 
in place, it is easier to make sense of the geology in and around the Dugbe F 
Project, and to thereby guide the work going forward.  31
Technical & Operational
Overview
Dugbe Licence (Blocks A, B, D, F)
The Dugbe licence covers 450km
2
 and was awarded to Hummingbird in 
November 2005. It is 100% Hummingbird owned.
W>~~*
One of these is at Tuzon, lying 2.5km to the east of this Resource. At Tuzon, a large 
and well-developed gold-in-soil anomaly was established, extending to a total 
of 2.2km in strike length, with soil values exceeding 1 ppm Au in parts. Trenching 
at this prospect has shown major thicknesses of anomalous arsenic, together with 
several zones of gold mineralisation.
This excellent and strong gold anomaly contains a coincident arsenic anomaly, 
and provided an exciting target for outline drilling near to the initial deposit in the 
Dugbe F Project. This target has been outline-drilled to give an initial Resource of 
2.052 Moz at 1.21 g/t. 
In addition to the drilling, over 2,000m of trenching has been completed on the 
Dugbe licence (mostly at Tuzon), with over 2,390 trench samples sent for assay, as 
well as approximately 200 other rock grab samples assayed. 
A major development in 2011 was the agreement to acquire100% ownership 
of the Joe Village licence. This means that Hummingbird not only holds 100% of 
the enlarged Dugbe F deposit, but also 100% of all future resources discovered 
on that licence. This agreement concludes once Hummingbird’s Mineral 
Development Agreement (“MDA”) has been granted by the government of 
Liberia.
At the Sackor prospect, situated 2.1km southwest of the south end of the Dugbe 
F deposit, a promising gold-in-soil anomaly was trenched with a total of some 
3,000m of trenching. This revealed trench intersections of up to 20m at 1.16 g/t, 
within a broader low-grade mineralised envelope. A core drill was transferred to 
the Sackor prospect in early 2012. 
By the end of May 2012, 2,850m had been drilled in 16 diamond drill holes at 
Sackor. Trenching and early drilling results have indicated another stacked 
mineralised system, similar in some ways to Tuzon. The multiple mineralised zones 
appear to be shallow dipping and stacked one on top of the other. 
Early assay indications have been encouraging and show that the Sackor 
deposit will likely form a resource in this area. 
Continuing our exploration of the Dugbe 1 Project area, we are systematically 
working outwards from the Dugbe F deposit. Following outline drilling at Tuzon 
and most recently at Sackor, our next target is the Sackor 2 prospect, 3km west 
of the Dugbe F deposit. This prospect showed up as an attractive gold-in-soil 
anomaly of approximately 500m in length. A 2,000m initial trenching plan is 
underway.  Joe Village Licence
}*KW+
prospective targets in the Joe Village licence, around 15km northwest of Dugbe 
F. This target area is known as NW Joe Village. The targets comprise stream 
sediment sample anomalies in an area close to drainage watersheds and near 
to artisanal workings (these latter points indicate that the source to the artisanal 
gold must be close by). Accordingly we undertook an extensive series of soil 
sample surveys over four large grids and a total of 2,400 samples were taken to 
investigate these targets. 
These soil grids showed four distinct gold-in-soil anomalies within an east-west 
trend, over a strike length of 8km. The largest of these is in Grid 6, extending for 
about 2 km in strike length. These anomalies appear to extend from the west 
X
of Tawana Resources further to the west. A major programme of trenching has 
begun with 4,000m completed with likely extensions. While not all the results have 
yet been received, early indications show that there are anomalous zones within 
’
Dugbe Shear Zone has potential to host multiple gold mines.  33
Dugbe 
Shear Zone (DSZ)
Nemo Creek Licence
The Nemo Creek licence is a large licence area of 690km
2
 in the south of our 
DSZ licence package. It lies to the south of the Dugbe 1 Project area. Stream 
 of 12 soil sampling grids were designed to investigate these anomalies further. 
These grids amount to 20,000 soil samples at 200m x 40m spacing, all taken by 
the Group’s soil sampling teams based on GPS grids and is one of the largest 
geochemical soil sampling programmes to be undertaken anywhere in West 
Africa. 20,000 soil samples more than doubles the total taken prior to this period 
on all of Hummingbird’s licences and the size of this programme is therefore 
testament to Hummingbird’s continued commitment to intensive and sustained 
exploration across our landholdings. 
]WW
extremity of the Nemo Creek licence. While the results are as yet incomplete 
they have so far shown a swarm of east-northeast trending gold-in-soil anomalies, 
extending 7km in strike length. We are awaiting the receipt of all the soil sample 
results and will do a fuller interpretation in due course. Preliminary results indicate 
another exciting target area for trenching and hopefully drilling.  Tiehnpo Licence
The 665km
2
 Tiehnpo licence lies on the east end of Hummingbird’s 2,000 km
2
 
ground held along the Dugbe Shear Zone, approximately 50km east of the 
Dugbe 1 Project. The north part of the Tiehnpo licence area has long been 
known to host extensive artisanal workings in alluvial settings. Establishing the 
hard rock source of gold in these alluvial workings has been a target for the 
Hummingbird exploration team. 
At Sardiaken in the Tiehnpo licence, 4,600 soil samples were taken during the 
past year. These samples showed a broad swarm of east-northeast trending 
gold-in-soil anomalies. The whole zone measures 7km long by 2km wide, with 
individual anomalies up to nearly 4km in length. The area contains abundant 
artisanal workings and is an exciting new target area. 
Since the year end an extensive trenching programme has started on this 
anomaly. Early XRF results show strong and broad anomalous arsenic zones, 
which are characteristically associated with gold in this area. In the Dugbe 1 
Project area there is a strong correlation between the occurrence of arsenic and 
gold. It should be noted that little or none of the gold appears to lie within actual 
arsenopyrite grains or to be otherwise refractory in nature - however in a general 
sense the gold zones do lie within broad arsenic haloes.
Initial results with the XRF arsenic values in Tiehnpo trenches are highly 
encouraging, with up to nearly 60m true thickness giving an average of over 
250ppm As with the hand held XRF, and a second separate interval of almost 
30m true thickness giving an average of 164ppm. These intervals are highly 
encouraging in terms of the potential for wide zones of gold mineralisation. 
Trench gold assay results are pending.  35
Dugbe 
Shear Zone (DSZ)
Chris was born and raised in Whitehorse, Yukon, 
northwestern Canada. Adventurous parents and a 
*^
term interest in outdoor pursuits. This activity translated 
*
been involved with since 2003 and throughout his degree. 
Work has taken him all over western Canada, to Chile 
and to China numerous times to work on a variety of 
mineral systems. 
Working in Africa may have been inevitable and 
Hummingbird’s large-scale, active pursuit of a burgeoning gold district provided an exciting 
opportunity to expand his knowledge of orogenic gold systems in a challenging environment. 
A healthy balance and awareness of data and people management make Chris an asset to 
<*
respect given to the detail and characteristics of individual mineralised bodies, continues to 
help Chris advance his understanding of exploration science.
Outside of work Chris enjoys skiing, biking, skim-boarding and the odd game of golf. Business 
in exploration is sure to continue in the years to come, while still making time for his various 
interests and pursuits.
Chris (right) leads a site visit at Sackor
 Christopher Fozard, Exploration Manager Technical Developments
In May 2012, Hummingbird appointed Dr Julian Barnes as Head of Project 
Development on a consultancy basis. In 1987 Julian co-founded the Resource 
Service Group (RSG), an international exploration and mining consultancy with 
a focus on West Africa. RSG subsequently merged with Global Mining Services 
to form RSG Global, which in turn was then acquired by Coffey Mining Limited. 
From 2004 until 2010, Julian was Executive Vice President of Dundee Precious 
Metals Inc., and since 2010 a director of Serbia-focused Avala Resources Ltd. 
He has extensive international experience including over 15 years in West Africa. 
Julian has also worked on a large number of bankable feasibility studies and has 
undertaken numerous technical due diligence assessments for resource banking 
institutions.
\K\K"[
the Dugbe 1 Project area in order to provide high quality photography and 
topographic data.
LIDAR is an optical remote sensing technology that uses laser pulses and is 
commonly used to undertake extremely accurate topographic surveys. The 
system is accurate to 15cm (x,y coordinates) and 8cm (z coordinate). It also 
provides very high-resolution photographic imagery (10cm pixel size). 
This data set will provide us with not only engineering grade topographic 
accuracy for the proposed mine development area, but also extremely 
accurate positioning of the current sites of artisanal mining activities within the 
Dugbe 1 Project area. It is also expected to provide high quality topographic 
base maps for geological mapping and structural analysis. 
Hummingbird is also working in partnership with the Camborne School of Mines 
(CSM) in UK. PhD student, Ryan Langdon, is undertaking a three year mapping 
 mineralisation controls of the Dugbe Shear Zone. In an area such as eastern 
Liberia, where no one has ever undertaken detailed mapping or exploration 
activities, this will be an exciting study and we look forward to the results as they 
unfold.  37
Dugbe 
Shear Zone (DSZ)
I graduated in 1989 from the New Testament Baptist 
School in Buchanan, Grand Bassa County and joined 
Hummingbird Resources on 16 Oct 2009. I have worked 
as part of the team and shown myself worthy of 
additional responsibilities. I have been involved in the 
following projects: 
 
 In 2010 I helped to build access roads to drill pads 
and in the preparation of drill pads 
 In 2011 I assisted with the trenching projects in a remote part of our licence area
 I supervised drilling projects in Zia, Grand Gedeh County, and supervised smaller work 
projects on camp
 In 2012, I was put in charge of managing the entire trenching program at the Mt Ginka 
project in Nimba. This is my greatest responsibility to date, and one which I am proud of. 
Since running this project I have also been able to assist with guests on site visits to the area 
and showcase my knowledge
Hummingbird Resources have taught me how to cut trenching lines and soil sampling lines, 
so that I can assist the larger geological program. In summary working with Hummingbird 
*
improved my lifestyle.
I love working with Hummingbird Resources because of their good working relationship with 
employees. I also like to see the mining process and all the achievements that we have had 
with the company.
 Janjay Verdier, Field Assistant Juazohn 
Shear Zone
The Juazohn Shear Zone (“JSZ”) separates younger Proterozoic metasediments 
and metavolcanics on the west from Archaean gneisses on the east. 
Zia Licence 
This licence covers 443km
2
 and was awarded to Deveton Mining Company 
(“Deveton”) in November 2005. Hummingbird owns 80% of Deveton. 
Hummingbird is targeting BIF hosted gold deposits across the Zia licence. A 
large amount of exploration, including stream sediment sampling, soil sampling, 
trenching and auger drilling, has occurred across this licence during the years 
that Hummingbird has owned it. 
1,950m of scout core drilling were completed at the end of 2010. While the results 
did not show intersections of obvious economic grades, a large number of pyritic 
mineralised zones were intersected, with gold values up to 1.7 g/t. In fact, the 
mineralised zones are characterised by strong silver and bismuth haloes, and 
Q
the adjacent licences are the subject of an MDA application).  39
Technical & Operational
Overview
Kana Hills Licence 
This licence covers 257km
2
 and was awarded to Geotess International 
Corporation in 2004, which was then transferred to Afro Minerals Inc (“Afro”) in 
2007. Hummingbird owns 80% of Afro. The licence adjoins the Zia licence in the 
JSZ and covers the continuation of the northeast trending BIF ridge, along which 
numerous artisanal gold workings and stream sediment anomalies are located. 
Jababli Licence 
The licence covers 400km
2
 and was awarded to Deveton in October 2009. 
Hummingbird owns 80% of Deveton. 
Earlier stream sediment sampling work established exciting gold targets 
associated with amphibolite ridges of likely Archaean age. Follow-up soil 
*
ridge with abundant artisanal workings in streams draining off it. A major 
trenching programme has been completed along this ridge. 
A trenching programme amount of 1,300m in length was completed along 
the Peace Camp ridge. This was focused on gold-in-soil and stream sediment 
anomalies on the Peace Camp ridge, a 9km ridge of amphibolite and other 
metamorphosed rocks of likely Archaean age. Trench results were disappointing, 
indicating narrow structures containing gold mineralisation. 
However, there are two other prospects within the Jababli licence where further 
*#
 Sloh Meh - a major artisanal working near a watershed, where previous soil 
sampling was unsuccessful due to the depth and inhomogeneous nature of 
the soil horizon
 Peace Camp East - major artisanal working situated to the east of Peace 
Camp ridge, and yet to be investigated
Zwedru Licence 
This licence covers 1,000km
2
 and was awarded to Hummingbird in April 2010. 
Hummingbird owns 100% of this licence. 
A stream sediment sampling programme, totalling over 1,140 samples on the 
Zwedru licence revealed a number of anomalous gold areas, mostly focused 
around the east and southeast of the 1000km
2
 licence. Follow up stream 
*+
A soil sampling programme on the eastern anomalous area has been planned, 
totalling some 800 soil samples. In the southeast area, the anomalous area abuts 
against the anomalous zones of the Zia and Kana Hills projects, where overall soil 
sampling did not work well in the past. Dube 
Shear Zone
Tawake Licence
This licence covers 665km
2
 and was awarded to Hummingbird in April 2010. The 
licence is 100% Hummingbird owned. The licence is geologically well situated, 
lying on the junction of the regional scale Dugbe and Dube Shear Zones, with 
evidence of abundant intrusive igneous activity. As a point of comparison, the 
gold mineralisation in the Dugbe Shear Zone appears to be largely associated 
with acid intrusive activity. 
Follow up stream sediment sampling work has been completed at Tawake, 
bringing the total of stream sediment samples here to over 600. A 1,500m soil 
sample programme has been proposed.  41
Juazhon
Shear Zone
Gekehn Licence
This licence covers 795km
2
 and was awarded to Hummingbird in April 2010. The 
licence is 100% Hummingbird owned. 
We have completed 570 stream sediment samples. A broad zone showing 
anomalous lithium was delineated, and a follow-up soil sampling programme of 
approximately 800 soil samples is planned. 
A number of gold anomalies were outlined, including a broad zone, several 
kilometres in length, showing strongly anomalous lithium values. Further stage 
work is being planned.
Plibo Licence
This licence covers 375km
2
 and was awarded to Hummingbird in April 2010. 
The licence is 100% Hummingbird owned.
‘~*>~
 extended the anomalous zones. 
A series of soil sample grids have been designed to further investigate these 
anomalies. We aim to take a total of 2,000 samples. Cestos 
Shear Zone
Ba Licence 
This licence covers 625km
2
 and was awarded to Deveton in October 2009. 
Hummingbird owns 80% of Deveton. The Ba licence lies in Archaean rocks 
immediately west of the Cestos Shear Zone, and is also immediately north of 
Amlib United Minerals Inc’s Cestos project, with its multiple gold targets. 
K_~WW*
anomalies on this licence. This brings to date a total of 1,160 soil samples on this 
property. A programme of 1,500m of trenching is proposed as the next stage of 
work here.  43
Dube 
Shear Zone
I am a Liberian from Lofa County and of the Lorma 
Ethnic tribe, born on October 14th 1982. I enrolled at 
the St. Jean’s Liberian Catholic School in 1997 in the 
Ivory Coast where I completed my Senior High School 
Education in 2000. 
In 2006, I enrolled at the University of Liberia to study 
Geology. While at the university I obtained sponsorship 
from Hummingbird along with 14 other students at that 
 *+:
:*’_~WW:*
on a number of trenching programmes where I was responsible for trench mapping and 
geological logging. I also worked on soil sampling programmes in Sackor for a number of 
weeks, which formed the basis of the recent drilling there. I also helped with geotechnical 
and structural core loggings from Tuzon drill programmes. At the end of 2011 I was trained to 
manage aspects of the daily running of the drill programme. In January 2012 I managed the 
day to day running of the drill program in Tuzon and Sackor.
My experience with Hummingbird is a good and successful one. I look forward to future 
training in geological software and in other areas of studies. Working with Hummingbird is a 
great advantage; I am able to work in different areas on projects to enhance my knowledge 
as geologist. Hummingbird is well organised with the potential to improve livelihood, team 
**
 Papie Yarmeto, Geologist
Totoe Paye, Head Driver
I was born in Grand Bassa County and am of the Bassa 
tribe. I did different types of training at the Don Bosco 
school in Buchannan. 
Hummingbird Resources hired me as a driver in January 
2009. I can drive both light and heavy vehicles. I was 
trained to drive heavy vehicles in the Ivory Coast. I am 
now Head Driver for Hummingbird Resources. I help the 
Assistant Fleet Manager to organise the team of drivers 
:[+*
of changes all the time. We have over 22 light vehicles, and lots of drivers up-country too. 
Hummingbird Resources is a good company. I am happy that I have increased my training 
and my responsibilities. I would like to do more training in the future and I hope for good 
prosperity for Hummingbird because if Hummingbird is successful then its people will be too. 
 Totoe Paye, Head Driver Iron Ore
Mt Ginka Licence 
This licence covers 155km
2
 and is held in a 50%-50% Joint Venture with Petmin Ltd. 
During 2011 a number of exploration activities were conducted at the Mt Ginka 
iron ore prospect. These included compilation of historical work, followed by an 
airborne geophysical survey with geophysical interpretation and reviews using 
highly experienced external consultants.
:_~WW%
trenches amounting to 570m were completed at various points along the 
ridge, with the trenches being logged and channel sampled. Reconnaissance 
geological mapping was conducted along the ridge, with a focus on the west 
side where the ridge is higher and iron formation thicknesses appear to be 
greater. Trench samples were taken for XRF/XRD/SEM and petrographic analysis 
of hand samples was undertaken by a mineralogist in the UK.
As a follow up to the 2011 work, in February 2012 we proposed 1,000m scout 
drilling and trenching programme on the Mt Ginka Iron Ore prospect. The aim 
of this programme was to further investigate the thickness and character of the 
Ginka iron formation along strike, as well as to obtain fresh magnetite samples for 
preliminary test work. Seven drill holes totalling 1,000m and 8 trenches totalling 
1,000m were proposed with the objective of establishing the extent of the 
:%|:%"*‘~*
east-west trending ridge.  45
Cestos 
Shear Zone
Work was undertaken between March and May 2012 with six diamond drill holes 
completed for a total of 1,058m, and 8 trenches completed for a total of 848m. 
The programme was successful in intersecting the main Ginka iron formation a 
number of times, with true thicknesses of up to 41m thick in trenches on the west 
side of the 30km long ridge, and generally thinner on the east. 
The geological team recommended further drilling and trenching work, with a 
+*
the IF. 
A total of 90 samples from holes GKDH-001 and GKDH-002 were submitted for 
Davis Tube Tests (“DTT”). The purpose of DTT is to determine whether a magnetic 
iron ore (in this case magnetite) is amenable to magnetic upgrading, in order to 
yield a saleable magnetite concentrate. 
The DTT work showed that it is possible to obtain concentrate samples with a Fe 
grade averaging 60% to 68% Fe in concentrates across the 90 samples. However, 
SiO2 grades remained higher than desirable for a magnetite concentrate (4.8 
W‘"
magnetite grains from the adjacent silica grains. It should be noted that these 
DTT samples were ground to 75 micron size, and it is normal for magnetite ores to 
 Overall, the DTT work is as a successful stage in establishing the possibility of 
upgrading the Ginka magnetite ore to a saleable product.  Core 
Values
Vision
To build a world class gold company. 
Mission 
Our initial mission is to develop a world-class gold province in eastern Liberia. We 
aim to achieve this starting from systematic grass roots exploration, right through 
to building and running gold mines there, whilst maintaining the highest levels of 
social and environmental responsibility. 
Core Values 
Safety is paramount: the health and safety of our staff is vital and every measure 
is taken to ensure that our progress is delivered without compromise to the well-
being of our employees. 
Respect for the team: everyone is treated with respect, trust and dignity. In return, 
honesty and integrity are expected of all employees. 
Dynamic in our approach: we will deliver on our commitments through initiative, 
energy and persistence, working hard to achieve the best results in the minimum 
of time. 
Embrace innovation: everyone is expected to think for themselves, to promote 
good ideas and to use technology to aid our work. Every gold exploration and 
development project is unique; we will constantly encourage people to ‘think 
outside of the box’. 
Act with responsibility: we are committed to working in the most responsible 
manner possible, by respecting the local customs and traditions, by adhering to 
the laws of the countries in which we work and by following international best 
practice. 
Highest regard for the people and environment: we aim to be pillars of the 
communities in which we work, to incorporate the individual stakeholders 
throughout the exploration development process and never to neglect the 
precious environment.  47
Cestos 
Shear Zone
Operational 
Summary
Dan with the geo team at Dugbe 
Camp
Julian Barnes and Louisa 
examining core samples
Core samples awaiting dispatch
Human Resources 
In the past twelve months Hummingbird has continued to expand in Liberia and 
now has in excess of 200 full time employees, including our 17 expatriate staff 
who come from a variety of countries including Canada, the United Kingdom, 
Q}
^
exploration tasks and logistical infrastructure projects.
<
of an exploration manager whose role it is to implement and manage the 
exploration activities designed by the technical director and chief geologist. In 
addition, we are delighted to now employ four Liberian junior geologists who 
have all recently graduated from the University of Liberia having been sponsored 
by Hummingbird over the last four years through their geological undergraduate 
:W_
W_
who conduct most of the degree of concurrent exploration activity across 
different license areas, demonstrated by the fact that on occasions we have 
W~+*
different exploration targets.
In April 2012 we appointed Julian Barnes as Head of Project Development on 
a consultancy basis. Julian co-founded Resource Service Group (“RSG”), an 
international exploration and mining consultancy, in 1987. RSG subsequently 
merged with Global Mining Services to form RSG Global, which was then 
acquired by Coffey Mining Limited in 2006. From 2004 until 2010, Julian was 
Executive Vice President of Dundee Precious Metals Inc., and he is currently a 
director of Serbia-focused Avala Resources Ltd. He has extensive international 
experience including over 15 years in West Africa. Julian has also worked on 
many bankable feasibility studies and has undertaken numerous technical 
due diligence assessments for resource banking institutions. This appointment 
’
existing ounces whilst also carrying out the same level of exploration activity 
across its entire licence package. 
Operational Capacity & Logistics 
Hummingbird’s geological exploration work is still strongly supported by the 
operations department which has the responsibility of organising and managing 
[
]Q"
and vehicle maintenance. Hummingbird’s grader
Capitol Building, Monrovia
Monrovia City Hall
Monrovia’s busy streets
The company has recently invested in some additional road building and 
maintenance equipment, including a Caterpillar 963 tracked loader, a 
Caterpillar 140G grader and a Caterpillar 563 compactor.
These machines will enable us to carry out an enhanced level of road 
maintenance work for our main arterial access into Dugbe, as well as conduct 
additional access projects into new target areas as required. Furthermore, we 
have also bought two Mercedes 1017 4x4 trucks to supersede our older MAN 
4x4 truck, and these are already proving their worth on the regular resupply runs 
*
Finally, our logistics compound in Monrovia, with its modern vehicle workshop, 
 operational supporting platform which the company depends on. 
Speed of exploration is key, and all of the operations team help to streamline this 
’*
Government 
The re-election of President Ellen Johnson Sirleaf in February 2012 is a major 
step in consolidating the democratic process in Liberia. In her second term it is 
  Africa. Hummingbird continues to have a good relationship with the Liberian 
government. Negotiations for our two Mineral Development Agreements are 
ongoing and the Company will update the market as soon as there are any 
material developments. In the meantime, the Ministry of Lands, Mines and Energy 
+K
process is complete.
Hummingbird has played a pivotal role in hosting three conferences on 
investment in Liberia. We were a key sponsor of the Liberia Mining, Energy and 
Petroleum conference, held in Monrovia during 2011, which was attended 
by a number of major exploration and mining companies looking at moving 
into Liberia. Hummingbird also were partners in hosting the ‘Liberia day’ in July 
_~W_
in Liberia. In September 2012 Hummingbird sponsored the London-Liberia 
conference for the second year running.  49
Technical & Operational
Overview
Corporate Social
Responsibility
Big Picture View
At Hummingbird Resources 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 junior staff working on the ground, every 
Hummingbird employee recognises the importance of working safely and 
respecting the environment and the people of the country we are privileged to 
work in. 
Hummingbird Resources:
 Provides a safe working environment and invests in the skills of our workforce
 Engages and consults with local communities, working towards development 
together
 Respects and protects the natural environment
Hummingbird Resources invests directly in the people of Liberia. We believe that 
this is the greatest lasting contribution that can be made. Our education and 
training programmes are central to our CSR 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. 
In July 2012 the company began a wholesale review of its corporate social 
responsibility activities, processes and systems, and has employed the use 
of internationally renowned consultants, Wardell Armstrong International, 
to help deliver this going forward. As well as ensuring complete regulatory 
compliance, Hummingbird Resources intends to conduct all of its practices in 
line with requirements set forth by the International Finance Corporation (“IFC”) 
Performance Standards, as well as other standards of best practice such as the 
ICMM 10 principles for sustainable development.
Although Liberia’s developmental and socio-economic challenges continue, 
our actions as a responsible company have a long-term impact by supporting 
sustainable growth, especially within the rural areas where we operate. Living 
and working in Liberia is a great privilege and we aim to leave a legacy which 
endures beyond the life of a mine, economically, environmentally and socially.
 
Tented accommodation at 
Dugbe Camp
Children at Tuzon Village People
Hummingbird is proud to be one of Liberia’s largest employers with over 90% 
of our workforce made up of Liberian nationals. As the Company grows and 
our operations expand, employing Liberian nationals remains a central pillar 
of our human resources policy. As part of this commitment, from 2012 we have 
sponsored an additional 20 students to study geology and mining engineering 
\\
this scheme as fully employed junior geologists within Hummingbird’s geological 
team. 
Hummingbird Resources follows high standards of health and safety, providing 
a safe and comfortable work space to all of our employees. We assess risks in 
our operations and ensure that our staff are adequately trained and equipped 
for the job. We are also undertaking activities to embed a culture of health and 
safety in the wider community, helping to improve road safety and extending 
training and education to local communities. 
Hummingbird invests in all of its employees as individuals, providing regular 
*
helps to develop the skills of each individual, promotes personal growth and 
development, and increases opportunities for career progression. Hummingbird 
takes the welfare of its employees very seriously and our provision of medical 
cover for all employees is just one example of this.
A girl pumps the Hummingbird 
well at Tuzon Village
Key Facts:
Since Hummingbird Resources began operations in Liberia, we have been 
compliant with the Liberia Extractive Industries Transparency Initiative (LEITI), a 
 \
compliant with the global EITI, and we are proud to support this initiative.
The Tuzon Village well 51
I am a Liberian from Grand Cape Mount County 
and of the Vai ethnic tribe. I enrolled at the Liberia 
Refugee Youth High School in 1993 in the Ivory Coast 
where I completed my senior high school education 
in 1997. In 2002, I enrolled at the University of Liberia 
to study accounting with emphasis in economics. In 
2009, I graduated at the top of the Éclat class. 
In 2010, I joined the Hummingbird Resources family 
as an Assistant Accountant. I wanted to show my 
willingness to work and to build my own human 
capacity, I was able to adapt to the systems of my new home; where I worked in both 
:_~WW*:
able to train more than three people in the area of accountancy. In the middle of 2012 I 
was promoted to Finance Supervisor, with responsibility for overseeing the accounts in the 
\:
 :’:
looking forward to future training both at work and through sponsorship by Hummingbird at 
the University of Liberia to greater assist my work, to enable Hummingbird to achieve its goal, 
build the human capacity of other employees and contribute to the rebuilding of my dear 
country Liberia.
Corporate Social 
Responsibility
 Claus T Massaquoi, Finance Supervisor
Community Relations & Development
We live and work with the communities that surround our operations. Alongside 
offering numerous employment and training opportunities to local people, we 
conduct our exploration activities responsibly in light of these communities. We 
recognise that some of our operations could have some negative impact, but 
 is the need to communicate clearly and effectively, engaging pro-actively 
with communities and their representatives. To this end we employ a number 
of techniques for communication including regular face-to-face meetings, a 
‘grievance mechanism’ using suggestion boxes placed in local community 
meeting spots, as well as more informal events such as football matches and 
social occasions.
In the past year we have established a ‘grievance mechanism’ designed 
to engage, listen and respond appropriately and effectively should any 
complaint arise from a local community. All meetings and interactions with 
local communities are logged, categorised, and reported back to senior 
management level. We believe that it is important to engage actively with our 
surrounding communities at the exploration stage, helping us to gain a social 
licence to operate both now and for our future operations. To facilitate this, we 
have completed full stakeholder audits to better understand the communities 
and identify key representatives of various groups. This will form the foundation 
of future work to ensure that good relations are maintained throughout the 
communities. Key Facts
 120km of public roads rehabilitated in and around our project areas
 More than 40 bridges built or renovated
 6 wells and hand pumps dug
A major focus of our development work has focussed on roads and infrastructure, 
in line with both local and national government agendas. The renovation and 
maintenance of public roads and bridges provides much sought after access for 
many communities. We have also helped in a number of smaller projects in the 
communities around our exploration projects. Examples include the construction 
and rehabilitation of wells to provide clean drinking water and town halls to help 
facilitate community communication.
 
One essential aspect of maintaining good relationships is our informal interactions 
with the community. Often this is through regular football matches against 
surrounding communities or other social events. Sport can be a fantastic way to 
bring communities together, in light of this we are sponsoring the Sinoe County 
Football Team, providing kit and helping to arrange matches. 
Sinoe County football team 53
Technical & Operational
Overview
Environment
South Eastern Liberia is home to one of the most intact forest ecosystems in West 
Africa as part of the Upper Guinean Forest. The region is located in a biodiversity 
 \[
concession agreements and the poaching and exploitation of the forest 
ecosystem caused by the desperation of war. As the mining, agriculture 
and forestry sectors continue to expand across the country it is essential that 
companies recognise the responsibility to maintain and restore the unique 
environment of Liberia.
Some 30km from Greenville is Sapo National Park. The country’s only park 
 ecosystem of global importance. As Liberia emerges in the 21st century, private 
sector companies such as Hummingbird have a unique opportunity to aid and 
facilitate conservation in the region. 
Together with the Pygmy Hippo Foundation (“PHF”), we are working to 
strengthen governance of the Sapo National Park and increase the number 
of protected areas in this region. As we look forward to 2013 and beyond, 
we believe that this work, in partnership with national regulatory bodies and 
 capacity for the conservation of this precious ecosystem.
Whilst our exploration activities currently have minimal effect on the environment, 
we are conscious of any impact that our work may have and we therefore follow 
operating procedures that are in line with international standards. Following 
:%
environment, and where not entirely possible we minimise and will compensate 
or offset our activities.
We have extensive policies and procedures to manage our impact on the 
natural environment. Our exploration activity standard operating procedures 
are grounded in the E3 (Environmental Excellence in Exploration) Standard 
provided by the Prospectors and Developers Association of Canada (“PDAC”). 
;+**
all trenches, ensuring that drill locations are left clean and that all waste such as 
drill water run-off is properly cleared, allowing the natural environment to restore 
these areas. As with health and safety, we take time to train all employees in 
environmentally responsible practices, and regularly review the impact of our 
operations.
K
biodiversity and ecosystem services provided by this area. As part of our progress 
towards mine development, Hummingbird Resources will soon commence a 
full Environmental and Social Impact Assessment (“ESIA”) to better understand 
the local environment. The results of this will help to inform our own and other 
national and international efforts to conserve vital biodiversity and ecosystem 
services in the area.  Pygmy Hippo
Foundation
Vision
In July 2011 we founded the Pygmy Hippo Foundation, a UK registered charity, 
dedicated to improving conservation in Liberia. Through the re-development 
of the Sapo National Park, enabling broader conservation initiatives in the 
surrounding forest areas and facilitating education programmes, the Pygmy 
Hippo Foundation aims to promote the conservation, preservation and 
protection of endangered species such as the pygmy hippo in their natural 
environment. 
The Zoological Society of 
London estimates that there are 
less than 2,000 pygmy hippos 
remaining in the wild. The 
majority of these are believed 
to be located in southeast 
Liberia’s Sapo National Park. 
%[
species, the Pygmy Hippo 
Foundation intends to 
strengthen the capacity and 
efforts of the Environmental 
Protection Agency (“EPA”) and 
the Forestry Development 
Authority (“FDA”) not only in park operations, but also in raising the status of 
[\
levels. Central to our endeavour is partnering with government bodies as well as 
both local and international NGOs, and in this regard the last 12 months have 
seen some exciting developments.
Sapo National Park Key Facts
 \
 Located in Sinoe County, South Eastern Liberia
 1,804km
2
 Home to the majority of the world’s remaining pygmy hippos
 ;]  55
Pygmy Hippo
Foundation
Progress in Our First Year
This year we have made progress in identifying and assessing the current status 
of the management of the park’s area, and the demographics and ecosystem 
of the region. Our stakeholder consultations have given us a much more 
informed view of the shape of the future for the Foundation. Earlier this year 
we commissioned an international expert to undertake a scoping study of the 
social and environmental factors in the area in which the hippo is found. This 
has helped to contextualise the problem more precisely and to highlight the 
potential opportunities and challenges that may exist. 
Some Key Findings of the Scoping Study (January 2012):
 Very little is known about the pygmy hippo (Choeropsis liberiensis) due 
to its nocturnal and reclusive nature, and no wide-scale survey has been 
undertaken
 The main threats to the pygmy hippo are hunting (both commercial and 
traditional) and habitat loss
 #
biodiversity and ecosystem services
 Around 85% of Liberia’s forest is outside of existing and proposed protected 
areas. Working on strengthening and expanding the protected area network, 
alleviating poverty (especially in rural areas) and raising awareness at all levels 
is vital for conservation in Liberia
In August 2012 we teamed with 
the Leadership for Conservation 
in Africa (“LCA”) to investigate 
concept strategies for the 
Foundation with key 
stakeholders in Liberia. 
Government agencies, world-
renowned NGOs and local 
NGOs with extensive 
experience in the Liberian 
conservation sector all 
gathered for a series of 
meetings which culminated in a workshop in Monrovia to decide how best we 
can move the Foundation forward. Some suggestions included:
 Employment and training of existing ‘traditional’ foresters
 Helping to fund research activities in the area by other NGOs
 Running community education programmes
 Aiding the efforts of NGO and governmental conservation groups to formalise 
current plans for other proposed protected areas The overriding concept discussed was that of a Public Private Partnership (PPP) 
for the management of the Sapo National Park. The partnership, supported by 
the LCA, would be between the PHF and the Government of Liberia. Although 
still in conceptual stages, it represents a very exciting opportunity. The LCA has 
considerable experience in national park rehabilitation and management of 
protected areas through their other projects in Sub-Saharan Africa. Together, 
the LCA and PHF are in the process of producing a full business plan for the 
Foundation’s activities based on the concept of a PPP. Later this year the PHF 
is on course to sign a Memorandum of Understanding with the government to 
expressly codify the scope and nature of this agreement.
Finally, In October 2012, Hummingbird is hosting the Pygmy Hippo Ball at the 
Natural History Museum in London. This event will be a high-level platform to 
introduce the Pygmy Hippo Foundation to 400 guests, and to kick start the PHF’s 
fundraising activities. 
 
Leadership for Conservation in Africa
The Leadership for Conservation in Africa was established by South African 
National Parks, with support from Gold Fields Ltd and the International Union for 
Conservation of Nature. It held its inaugural meeting in August 2006, and works to 
establish links between business and conservation.
The LCA’s vision is ‘to harness the collective will and capacity of business 
and conservation leaders for sustainable conservation-led socio-economic 
development in Africa.’ By the year 2020, the LCA plans to save 20 million 
hectares of African rainforest and currently has membership from 16 African 
countries. 
www.lcaafrica.org 57
Technical & Operational
Overview
Liberia
Background 
Liberia lies on the coast of West Africa, sharing borders with Côte d’Ivoire, Guinea 
and Sierra Leone. With the exception of the capital city Monrovia, it is a sparsely 
populated country with a total population of 4 million on a land area of over 
100,000 square kilometres. Liberia was founded in 1847 by emancipated slaves 
from the United States and is one of only two African countries not to have roots 
in European colonisation. The country enjoyed more than 100 years of peace 
before 14 years of intermittent civil war at the end of the 20th Century. Since 
then there has been considerable political and economic transformation. A 
new Liberia is now attracting impressive international private sector investment – 
estimates suggest upwards of US$17 billion since 2006.
The country has an extensive history in the natural resource sector. Since 1926 
Firestone have owned and operated the world’s largest rubber plantation, and 
before the civil war Liberia was the world’s 3rd largest producer of iron ore. 
Today the country is focussing its efforts on reforming the economic system and 
rebuilding vital infrastructure to support growth. We have a huge opportunity 
*\
industries far beyond their pre war levels.
The coastline north of Greenville Economic Growth & Political Stability
%_~~‘¡?
history of Africa to become an elected head of state in 2006 and was recently 
re-elected for a second six-year presidential term in January 2012. Internationally, 
she is renowned for being a recipient of the 2011 Nobel Peace Prize, eliminating 
$4bn of national debt and expanding free primary education to every child in 
Liberia. Since 2003, peace and national security has been maintained. During this 
period the country has undertaken two democratic elections and resisted the 
spread of violence from neighbouring Cote d’Ivoire.
In the past few years Liberia has become one of West Africa’s fastest growing 
economies, experiencing a 6.8% increase in economic growth in 2011, up from 
5.6% in 2010, and the International Monetary Fund estimates real GDP growth will 
rise to 8.8% in 2012. Despite this, Liberia remains one of the poorest countries in 
the world, and unemployment (mostly youth) stands at around 80%. 
However, the government is working hard to overcome this and the private 
sector is set to play a central role. The government is strongly focussed on 
establishing a competitive investment environment – examples include a 
reduction in corporation tax and import duty exemptions for exploration and 
mining companies. Alongside such reforms, the government is committed to 
rebuilding infrastructure and reviving traditional sectors of economic growth 
 institutions. The World Bank alone invested US$249.6 million in 2011. 
Infrastructure in Liberia is rapidly improving: expansion of the main airport is 
continuing, there are three operational deep-water ports, a newly rebuilt railway 
line and hundreds of kilometres of newly laid tarmac road, such as that between 
Monrovia and Buchanan which is soon to be completed. The government 
allocated budget to the Ministry of Public Works has been steadily increasing 
year on year, with a budget of US$33 million for 2010-2011. Such investment and 
policy reform only makes it easier for us to operate as a company and move 
towards development of a mine.
Liberia Key Facts
 
 Founded in 1847 by emancipated slaves from the USA
 Capital city: Monrovia
 ^{ 
in January 2012
 Three operating deep water ports, new roads and railways currently being 
built. World Bank invested US$250 million into the country in 2011
 Over 9 years of peace and increasing economic growth since the civil war – 
the IMF predicts real GDP to increase by 8.8% in 2012
 Since 2007, Foreign Direct Investment (“FDI”) of greater than US$17 billion has 
[ 59
Liberia
Foreign Direct Investment 
Liberia’s high levels of FDI are largely being driven by activity in agribusiness and 
extractive industries. This is having positive knock-on effects for the country – 
overall the mining sector’s contribution to GDP is estimated to have increased 
from 1.1% in 2010 to 6.6% in 2011. In 2007 ArcelorMittal pledged to invest US$1.5 
billion in the Nimba Iron Ore Project, and in September 2011 the company 
began processing iron ore at its Buchanan facilities. In March 2012 ArcelorMittal 
announced that it had already shipped 1 million tonnes of processed ore 
and predicts that it will ship a total of 4 million tonnes of ore in 2012. This initial 
investment is widely recognised as the catalyst for the large investments that 
continue to follow. 
Servestral, a major Russian steel company, has recently acquired 100% ownership 
of the Putu Iron Ore Project in Eastern Liberia. The company has stated plans 
to contribute to the redevelopment of the region including constructing a new 
railway to the coast for the export of the ore, paving roads and renovation of the 
deep-water port in Greenville, Sinoe County. 
:_~W_\
international oil giants such as Chevron and Africa Petroleum involved in 
exploration work. These discoveries have the potential to further enhance the 
outlook for the prosperity and stability of the nation. 
Good governance of such large investments is vital for the country. Liberia 
 renowned Extractive Industries Transparency Initiative (“EITI”) and established the 
Liberian EITI (“LEITI”) in 2009. This is an initiative we are proud to be a part of. The 
Liberian government’s early and continued commitment to this sends a strong 
signal to the international community that Liberia is open for business.
Liberia Key Facts 
 In September 2011, ArcelorMittal began extracting and processing iron ore 
from the Nimba project
 ?;
undertaking further exploration work
 In 2011 the mining sector increased its share of the country’s GDP to 6.6%, up 
from 1.1% in 2010
 Servestal, one of the world’s largest steel companies, acquired 100% of the 
Putu Iron Ore Project and plans to start producing in 2017
 The Liberian Extractive Transparency Initiative continues to develop and 
released its third report at the end of 2011  61
Technical & Operational
Overview
Directors’ Report
Corporate Governance Report
Directors’ Responsibilities Statement
Independent Auditor’s Report
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Balance Sheet
Consolidated Statement of Cash Flows
Consolidated Statement of Changes in Equity
Notes to the Consolidated Financial Statements
Company Balance Sheet
Company Statement of Cash Flows 
Company Statement of Changes in Equity
Notes to the Company Financial Statements
Financial 
Statements Directors, Advisors and Ofﬁcers 
DIRECTORS
ID Cockerill              Non-Executive Chairman
SA Betts                    Non-Executive Director
MC Idiens                Non-Executive Director
RJH Smith                Non-Executive Director
DE Betts                    Executive Director
WBT Cook                Executive Director
DA Pelham              Executive Director
TR Hill                        Executive Director
SECRETARY
TR Hill
REGISTERED OFFICE
49-63 Spencer Street
Hockley
Birmingham
West Midlands
B18 6DE
AUDITOR
Baker Tilly UK Audit LLP
2 Whitehall Quay
Leeds
LS1 4HG
SOLICITORS
Gowlings LLP
15th Floor
125 Old Broad Street
London 
EC2N 1AR
BANKERS
Barclays Bank plc
PO Box 777
Wolverhampton
WV1 1DS
NOMINATED ADVISER & BROKER
Liberum Capital Ltd
Ropemaker Place, Level 12
25 Ropemaker Street
London
EC2Y 9LY
JOINT BROKER
Jefferies Hoare Govett
Vintners Place
68 Upper Thames Street
London
EC4V 3BJ 63
Directors’
Report 
Directors’ Report
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 2012.
PRINCIPAL ACTIVITES
The Group’s principal activity is the exploration, evaluation and development of mineral exploration
targets, principally gold, focused exclusively in Liberia.
The subsidiary and associated undertakings principally affecting the losses or net assets of the Group in
the year are listed in note 15 to the financial statements.
BUSINESS REVIEW AND FUTURE DEVELOPMENTS
The purpose of this review is to show how the Group assesses and manages risk and uncertainty and
adopts appropriate policies and targets. Further details of the Group’s business and expected future
developments are also set out in the Chairman’s Statement on pages 6 to 9, the CEO’s statement on
pages 10 to 15 and in the Technical and Operations Review on pages 22 to 59.
PRINCIPAL RISKS AND UNCERTAINTIES
The Group and Company is subject to various risks relating to political, social, industry, business and
financial conditions. The following risk factors, which are not exhaustive, are particularly relevant to the
Company and the Group’s business activities:
Exploration risk
There is no assurance that the Group’s exploration activities will be successful, and statistically few
properties that are explored are ultimately developed into producing mines.
Political risk
All of the Group’s operational activities are located in Liberia and the Group is therefore dependent on
the political and economic situation in Liberia and the wider African region. After 14 years of civil war,
hostilities ceased in 2003, and Liberia has since experienced a wave of new investment, improved
infrastructure, and has become one of the fastest growing economies in West Africa. However there can
be no assurance that political stability will continue.
Licencing and title risk
The Group’s exploration activities are dependent upon the grant of appropriate licences, concessions,
leases, permits and regulatory consents which may be withdrawn or made subject to limitations. Such
licences and permits are as a practical matter subject to the discretion of the applicable government or
government office. The Group must comply with known standards, existing laws and regulations that
may entail greater or lesser costs and delays depending on the nature of the activity to be permitted.
The interpretations, amendments to existing laws and regulations, or more stringent enforcement of
existing laws and regulations could have a material adverse impact on the Group’s results of operations
and financial condition. Whilst the Group continually seeks to do everything within its control to ensure
that the terms of each licence are met and adhered to, third parties may seek to exploit any technical
breaches in licence terms for their own benefit.
Additionally whilst the Group has diligently investigated title to all its licences and to the best of its
knowledge, title to all is in good standing, this should not be construed as a guarantee of title. If a title
defect does exist it is possible that the Group may lose all or part if its interest in the relevant properties.
Licence renewal and Mineral Development Agreement risk
There is a risk that that negotiations with the government in relation to the renewal or extension of a
licence, or the grant of a Mineral Development Agreement, may not result in the renewal, extension or
grant 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. Directors’ Report (continued)
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 22 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 as follows:
31 May 2012 31 May 2011
Resources – indicated (ounces Au) 1,373,000 552,000
Resources – inferred (ounces Au) 2,444,000 260,000
Resources – total (ounces Au) 3,817,000 812,000
Meters drilled (cumulative) 53,316m 27,358m
Samples collected (cumulative) 76,192 41,032
Exploration expenditure (cumulative) $32.5m $17.6m
Cash balance $15.5m $32.1m
Share price £1.115 £1.515
CORPORATE GOVERNANCE
The Company is subject to the corporate governance regime of the United Kingdom. The Directors
acknowledge the importance of the guidelines set out in the Corporate Governance Code and the
QCA Guidelines and therefore intend to comply with these so far as is appropriate having regard to the
size and nature of the Company.
Board
The board currently comprises eight members, four 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 and Roderick Smith (Chairman). The audit committee is
responsible for reviewing a wide range of financial matters including the annual and interim reports, the
Company’s internal control and risk management system. The audit committee’s responsibilities include
meeting with the Company’s 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, 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. 65
Directors’
Report  
Directors’ Report (continued)
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 24 to the financial statements.
RESULTS AND DIVIDENDS
The results of the Group for the year ended 31 May 2012 are set out on page 71. The Directors do not
recommend payment of a dividend for the year (2011: 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 Number of 
shares at shares at 
31 May 2012 31 May 2011
ID Cockerill
1
531,083 491,083
SA Betts
2, 4
539,100 372,600
MC Idiens 3,219,607 3,219,607
RJH Smith 41,130 41,130
DE Betts
3, 4
4,476,648 4,356,648
WBT Cook 287,150 287,150
DA Pelham 2,325 -
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, 157,600
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, 157,600
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 157,600 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.
On 18 July 2012 TR Hill was appointed as a Director of the Company. Directors’ Report (continued)
The Directors’ interests in the share options of the Company at 31 May 2012 were as follows: 
Options
Options granted Options First Final
at 1 June during at 31 May Exercise Date of date of date of
2011 the year 2012 Price grant exercise 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
SA Betts 337,500 - 337,500 £0.486 26/10/2010 24/12/2011 25/10/2020
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
MC Idiens 450,000 - 450,000 £0.486 26/10/2010 24/12/2011 25/10/2020
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
RJH Smith 270,000 - 270,000 £0.486 26/10/2010 24/12/2011 25/10/2020
RJH Smith - 16,500 16,500 £1.25 27/06/2011 27/06/2012 27/06/2021
RJH Smith - 16,500 16,500 £1.25 27/06/2011 27/06/2013 27/06/2021
DE Betts 1,250,000 - 1,250,000 £0.486 26/10/2010 24/12/2011 25/10/2020
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
WBT Cook 675,000 - 675,000 £0.486 26/10/2010 24/12/2011 25/10/2020
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
DA Pelham 225,000 - 225,000 £0.486 26/10/2010 24/12/2011 25/10/2020
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
Total 3,207,500 365,000 3,572,500
DIRECTORS’ REMUNERATION
Directors Directors
emoluments emoluments
for the for the 
year ended year ended 
31 May 2012 31 May 2011
$’000 $’000
ID Cockerill 64 52
SA Betts 51 47
MC Idiens 54 49
RJH Smith 52 40
DE Betts 218 129
WBT Cook 202 118
DA Pelham 169 165
Total Directors’ remuneration 810 600
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. 67
Directors’
Report  
Directors’ Report (continued)
DIRECTORS’ INDEMNITIES
The Company has obtained third party indemnity provisions for the benefit of its Directors and Officers. 
SUPPLIER PA YMENT POLICY
It is the Group’s policy to make payments, where possible, to suppliers in accordance with agreed terms
provided that the supplier has performed in accordance with the relevant terms and conditions. Trade
payables of the Group at 31 May 2012 were equivalent to 35 (2011: 27) days’ purchases, based on the
average daily amount invoiced by suppliers during the year.
CHARITABLE AND POLITICAL DONATIONS
The Company has made charitable donations to The Pygmy Hippo Foundation of $118,000 (2011: $nil)
during the year. The Company has not made any payments to political parties during the year (2011: $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 S418 of the
Companies Act 2006.
Baker Tilly UK Audit LLP have expressed their willingness to continue in office as auditors and a resolution
to reappoint them will be proposed at the forthcoming Annual General Meeting.
This Directors’ Report comprising pages 63 to 67 has been approved by the Board and signed on its
behalf by:
DE Betts
Director
20 September 2012
Registered Office:
49-63 Spencer Street, Hockley, Birmingham, B18 6DE
Company registered in England and Wales 05467327 Directors’ Responsibilities Statement
The Directors are responsible for preparing the Directors’ Report and the financial statements in
accordance with applicable law and regulations.
Company law requires the Directors to prepare Group and Company financial statements for each
financial year. The Directors are required by the AIM Rules of the London Stock Exchange to prepare
group financial statements in accordance with International Financial Reporting Standards (’IFRS’) as
adopted by the European Union (‘EU’) and have elected under company law to prepare the company
financial statements in accordance with IFRS as adopted by the EU.
The financial statements are required by law and IFRS adopted by the EU to present fairly the financial
position of the Group and the Company and the financial performance of the Group. The Companies
Act 2006 provides in relation to such financial statements that references in the relevant part of that Act
to financial statements giving a true and fair view are references to their achieving a fair presentation.
Under company law the Directors must not approve the financial statements unless they are satisfied
that they give a true and fair view of the state of affairs of the Group and the Company and of the profit
or loss of the Group for that period. 
In preparing the Group and Company financial statements, the Directors are required to:
•    select suitable accounting policies and then apply them consistently;
•    make judgements and accounting estimates that are reasonable and prudent;
•    state whether they have been prepared in accordance with IFRSs adopted by the EU;
•    prepare the financial statements on the going concern basis unless it is inappropriate to presume
that the Group and the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and
explain the Group’s and the Company’s transactions and disclose with reasonable accuracy at any
time the financial position of the Group and the Company and enable them to ensure that the financial
statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of
the Group and the Company and hence for taking reasonable steps for the prevention and detection of
fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the corporate and financial
information included on the Hummingbird Resources plc website.
Legislation in the United Kingdom governing the preparation and dissemination of financial statement
may differ from legislation in other jurisdictions. 69
Independent
Auditor’s Report
Independent Auditor’s Report to Members of
Hummingbird Resources plc
We have audited the consolidated 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, the Directors are responsible for the preparation
of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is
to audit and express an opinion on the financial statements in accordance with applicable law and
International Standards on Auditing (UK and Ireland). Those standards require us to comply with the
Auditing Practices Board’s (“APB’s”) Ethical Standards for Auditors.
SCOPE OF THE AUDIT OF THE FINANCIAL STATEMENTS
A description of the scope of an audit of financial statements is provided on the APB’s website at
www.frc.org.uk/apb/scope/private.cfm.
OPINION ON FINANCIAL STATEMENTS
In our opinion
•    the financial statements give a true and fair view of the state of the Group’s and the parent
Company’s affairs as at 31 May 2012 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 Company 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 Directors’ Report for the financial year for which the financial
statements are prepared is consistent with the financial statements. Independent Auditor’s Report to Members of
Hummingbird Resources plc (continued)
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
20 September 2012 71
Consolidated
Income Statement
Consolidated Income Statement
for the year ended 31 May 2012
2012 2011
Notes $’000 $’000
Continuing operations
Revenue --
Profit on deemed disposal 12 588 425
Share-based payments 20 (1,139) (1,141)
Other administrative expenses (3,147) (2,588)
Administrative expenses 5 (3,698) (3,304)
Finance income 8 263 723
Finance expense 9 (674) -
Share of joint venture loss 12 (46) (29)
Loss before tax (4,155) (2,610)
Tax 10 - -
Loss for the year attributable to equity holders of the parent (4,155) (2,610)
Loss per ordinary share
Basic and diluted ($ cents) 11 (7.78) (5.79) Consolidated Statement of Comprehensive Income
for the year ended 31 May 2012
2012 2011
$’000 $’000
Loss for the year (4,155) (2,610)
Other comprehensive income
Exchange translation differences on foreign operations - -
Total comprehensive loss for the year attributable to 
equity holders of the parent (4,155) (2,610) 73
Consolidated Balance Sheet
as at 31 May 2012
2012 2011
Notes $’000 $’000
Assets
Non-current assets
Intangible exploration and evaluation assets 13 32,522 17,582
Property, plant and equipment 14 1,363 1,647
Investment in joint venture 12 936 394
34,821 19,623
Current assets
Trade and other receivables 16 851 417
Amounts due from joint venture 12 35 -
Cash and cash equivalents 16 15,503 32,112
16,389 32,529
Total assets 51,210 52,152
Liabilities
Current liabilities
Trade and other payables 18 2,602 1,573
Amounts due to joint venture 12 1,139 354
Total liabilities 3,741 1,927
Net assets 47,469 50,225
Equity
Share capital 19 855 854
Share premium 41,922 41,881
Retained earnings 4,692 7,490
Equity attributable to equity holders of the parent 47,469 50,225
The financial statements of Hummingbird Resources plc were approved by the Board of Directors and
authorised for issue on 20 September 2012. They were signed on its behalf by:
DE Betts
Director
Company number 05467327
The notes on pages 76 to 95 form part of these financial statements.
Consolidated
Balance Sheet Consolidated Statement of Cash Flows
for the year ended 31 May 2012
2012 2011
Notes $’000 $’000
Net cash outflow from operating activities 21 (2,201) (1,651)
Investing activities
Purchases of intangible exploration and evaluation assets (13,391) (10,398)
Purchases of property, plant and equipment (593) (1,532)
Interest received 208 31
Net cash used in investing activities (13,776) (11,899)
Financing activities
Net proceeds from issue of shares 42 37,411
Net cash from financing activities 42 37,411
Net (decrease)/increase in cash and cash equivalents (15,935) 23,861
Effect of foreign exchange rate changes (674) 682
Cash and cash equivalents at beginning of year 32,112 7,569
Cash and cash equivalents at end of year 15,503 32,112 75
Consolidated Statement of Changes in Equity
for the year ended 31 May 2012
Share Share Retained
capital premium earnings Total
$’000 $’000 $’000 $’000
As at 1 June 2010 13 16,692 (2,422) 14,283
Issue of shares 241 40,274 - 40,515
Expenses of issue of equity shares - (3,104) - (3,104)
Bonus issue (see note 19) 600 (600) - -
Capital reduction (see note 19) - (11,381) 11,381 -
Share based payments - - 1,141 1,141
Total comprehensive loss for the year - - (2,610) (2,610)
As at 1 June 2011 854 41,881 7,490 50,225
Issue of shares 1 41 - 42
Share based payments - - 1,357 1,357
Total comprehensive loss for the year - - (4,155) (4,155)
As at 31 May 2012 855 41,922 4,692 47,469
Consolidated Statement of
Changes in Equity Notes to the Consolidated Financial Statements
for the year ended 31 May 2012
1  GENERAL INFORMATION
Hummingbird Resources plc (the ‘Company’), is incorporated in Great Britain under the Companies Act.
The address of the registered office is 49-63 Spencer Street, Hockley, Birmingham, West Midlands,
B18 6DE. 
The nature of the Group’s operations and its principal activities is the exploration, evaluation and
development of mineral exploration targets, principally gold, focused exclusively in Liberia.
2  ADOPTION OF NEW AND REVISED STANDARDS
The financial statement have been drawn up on the basis of accounting policies consistent with those
applied in the financial statements for the year to 31 May 2011. 
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.
International Financial Reporting Interpretations (IFRIC)
IFRIC 19 Extinguishing financial liability with equity instruments
IFRIC 14 Limit on a Defined Benefit Asset, Minimum Funding
Requirement and their interaction
The following Standards and Interpretations which have not been applied in the financial statements
were in issue but not yet effective (and in some cases had not yet been endorsed by the EU). The
Directors do not expect that the adoption of these Standards or Interpretations in future periods will have
a material impact on the financial statements of the Company or the Group.
IFRS 1 (amended) Severe Hyperinflation and Removal of Fixed Dates for
First-time Adopters
IFRS 1 (amended) Government Loans
IFRS 7 (amended) Disclosures – Transfers of Financial Assets
IFRS 7 (amended) Offsetting Financial Assets and Financial Liabilities
IFRS 9 Financial Instruments
IFRS 10 Consolidated Financial Statements
IFRS 11 Joint Arrangements
IFRS 12 Disclosure of Interests in Other Entities
IFRS 13 Fair Value Measurement
IAS 12 (amended) Deferred Tax: Recovery of Underlying Assets
IAS 1 (amended) Presentation of Items of Other Comprehensive Income
IAS 19 (amended) Employee benefits
IAS 27 Separate Financial Statements
IAS 28 Investments in Associates and Joint Ventures
IAS 32 (amended) Presentation – Offsetting Financial Assets and
Financial Liabilities
IFRIC 20 Striping costs in the production phase of a surface mine
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 European Union (‘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 1.5576 (2011: $1.6472). 77
Notes to the Consolidated Financial Statements (continued)
for the year ended 31 May 2012
3  SIGNIFICANT ACCOUNTING POLICIES CONTINUED
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 12 months. 
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
expenditures 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.
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 Group’s share of the profit or loss of the
joint venture after the date of recognition. 
Where the Group contributes or sells assets to a joint venture in exchange for an equity interest in the
jointly controlled entity, the Group recognises in profit and loss for the period the proportion of the gain or
loss attributable to the equity interests of the other venturers.
Leasing
Rentals payable by the group under operating leases are charged to income on a straight-line basis
over the term of the relevant lease.
Foreign currencies
For the purpose of the consolidated financial statements, the results and financial position of each Group
company are expressed in US Dollars (‘$’), which is the functional currency of all of the entities in the
group, and the presentation currency for the consolidated financial statements.
Exchange differences are recognised in the profit or loss in the period in which they arise.
Notes to the Consolidated
Financial Statements Notes to the Consolidated Financial Statements (continued)
for the year ended 31 May 2012
3  SIGNIFICANT ACCOUNTING POLICIES CONTINUED
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as
reported in the income statement because it excludes items of income or expense that are taxable or
deductible in other years and it further excludes items that are never taxable or deductible. The Group’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by
the balance sheet date.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying
amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the
computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred
tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are
recognised to the extent that it is probable that taxable profits will be available against which deductible
temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary
difference arises from the initial recognition of goodwill or from the initial recognition (other than in a
business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor
the accounting profit.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in
subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the
reversal of the temporary difference and it is probable that the temporary difference will not reverse in
the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the
extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the
asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is
settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when
it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with
in equity.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax
assets against current tax liabilities and when they relate to income taxes levied by the same taxation
authority and the Group intends to settle its current tax assets and liabilities on a net basis. 
Property, plant and equipment 
Property, plant and equipment (‘PP&E’) are carried at cost less accumulated depreciation and any
recognised impairment loss. 
Depreciation and amortisation is charged so as to write off the cost or valuation of assets, other than
land, over their estimated useful lives, using the straight-line method, on the following bases:
Development assets – vehicles 33.3%
Development assets – other 33.3%
Other 33.3%
The gain or loss arising on the disposal or retirement of an asset is determined as the difference between
the sales proceeds and the carrying amount of the asset and is recognised in income.
Impairment of property, plant and equipment 
At each balance sheet date, the Group reviews the carrying amounts of its property, plant and
equipment to determine whether there is any indication that those assets have suffered an impairment
loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine
the extent of the impairment loss (if any). Where the asset does not generate cash flows that are
independent from other assets, the Group estimates the recoverable amount of the cash-generating
unit to which the asset belongs.  79
Notes to the Consolidated Financial Statements (continued)
for the year ended 31 May 2012
3  SIGNIFICANT ACCOUNTING POLICIES CONTINUED
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use,
the estimated future cash flows are discounted to their present value using a pre-tax discount rate that
reflects current market assessments of the time value of money and the risks specific to the asset for
which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying
amount, the carrying amount of the asset (cash-generating unit) is reduced to its recoverable amount.
An impairment loss is recognised as an expense immediately, unless the relevant asset is carried at a
revalued amount, in which case the impairment loss is treated as a revaluation decrease. 
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit)
is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount
does not exceed the carrying amount that would have been determined had no impairment loss been
recognised for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is
recognised as income immediately, unless the relevant asset is carried at a revalued amount, in which
case the reversal of the impairment loss is treated as a revaluation increase.
Intangible exploration and evaluation assets
The Group applies the full cost method of accounting for Exploration and Evaluation (‘E&E’) costs, having
regard to the requirements of IFRS 6 Exploration for and Evaluation of Mineral Resources. Under the full
cost method of accounting, costs of exploring for and evaluating mineral resources are accumulated by
reference to appropriate cost centres being the appropriate licence area, but are tested for impairment
on a cost pool basis as described below. 
E&E assets comprise costs of (i) E&E activities that are ongoing at the balance sheet date, pending
determination of whether or not commercial reserves exist and (ii) costs of E&E that, whilst representing
part of the E&E activities associated with adding to the commercial reserves of an established cost pool,
did not result in the discovery of commercial reserves.
Costs incurred prior to having obtained the legal rights to explore an area are expensed directly to the
income statement as they are incurred.
Exploration and Evaluation costs
All costs of E&E are initially capitalised as E&E assets. Payments to acquire the legal right to explore, costs
of technical services and studies, seismic acquisition, exploratory drilling and testing are capitalised as
intangible E&E assets.
Such costs include directly attributable overheads, including the depreciation of property plant and
equipment utilised in E&E activities, together with the cost of other materials consumed during the
exploration and evaluation phases. 
Treatment of E&E assets at conclusion of appraisal activities
Intangible E&E assets related to each exploration licence/prospect are carried forward, until the
existence (or otherwise) of commercial reserves has been determined. If commercial reserves have been
discovered, the related E&E assets are assessed for impairment on a cost pool basis as set out below and
any impairment loss is recognised in the income statement. The carrying value, after any impairment loss,
of the relevant E&E assets is then reclassified as development and production assets.
Impairment of E&E assets
E&E assets are assessed for impairment when facts and circumstances suggest that the carrying amount
may exceed its recoverable amount. Such indicators include, but are not limited to, those situations
outlined in paragraph 20 of IFRS 6 Exploration for and Evaluation of Mineral Resources and include the
point at which a determination is made as to whether or not commercial reserves exist. 
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. 
Notes to the Consolidated
Financial Statements  Notes to the Consolidated Financial Statements (continued)
for the year ended 31 May 2012
3  SIGNIFICANT ACCOUNTING POLICIES CONTINUED
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. 81
Notes to the Consolidated Financial Statements (continued)
for the year ended 31 May 2012
3  SIGNIFICANT ACCOUNTING POLICIES CONTINUED
Equity-settled share-based payments to employees and others providing similar services are measured at
fair value at the date of grant. The fair value determined at the grant date of such an equity-settled
share-based instrument is expensed on a straight-line basis over the vesting period, based on the Group’s
estimate of the shares that will eventually vest. The corresponding amount is credited to
retained earnings. 
Equity-settled share-based payment transactions with other parties are measured at the fair value of the
goods or services received, except where the fair value cannot be estimated reliably or excess fair value
of the identifiable goods or services received, in which case they are measured at the fair value of the
equity instruments granted, measured at the date the entity obtains the goods or the counterparty
renders the service. The fair value determined at the grant date of such an equity-settled share-based
instrument is expensed since the shares vest immediately. Where the services are related to the issue of
shares, the fair values of these services are offset against share premium.
Fair value is measured using the Black-Scholes model. The expected life used in the model has been
adjusted based on management’s best estimate, for the effects of non-transferability, exercise
restrictions and behavioural considerations.
Segmental reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief
operating decision maker. The chief operating decision maker, who is responsible for allocating resources
and assessing performance of the operating segments and making strategic decision, has been
identified as the Board of Directors.
The Board of Directors consider there to be only one operating segment, the exploration and
development of mineral resources, and only one geographical segment, being Liberia. Therefore, no
additional segmental information is presented.
4  CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION
UNCERTAINTY
In the application of the Group’s accounting policies, which are described in note 3, the Directors are
required to make judgements, estimates and assumptions about the carrying amounts of the assets and
liabilities that are not readily apparent from other sources. The estimates and associated assumptions are
based on historical experience and other factors that are considered to be relevant. Actual results may
differ from these estimates. 
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised if the revision affects only that
period or in the period of the revision and future periods if the revision affects both the current and
future periods.
The following are the critical judgements and estimations that the Directors have made in the process of
applying the Group’s accounting policies and that have the most significant effect on the amounts
recognised in the financial statements:
Recoverability of exploration and evaluation assets
Determining whether an exploration and evaluation asset is impaired requires an assessment of whether
there are any indicators of impairment, including by reference to specific impairment indicators
prescribed in IFRS 6 Exploration for and Evaluation of Mineral Resources. As exploration and evaluation
assets are assessed for impairment on a cost pool basis the existence and quantum of any impairment is
dependent on the choice of basis of cost pools. If there is any indication of potential impairment, an
impairment test is required based on value in use of the asset. This assessment involves judgement as to:
(i) the likely future commerciality of each cost pool of assets; (ii) when such commerciality should be
determined, and (iii) the potential future revenues and value in use. The value in use calculation requires
the entity to estimate the future cash flows expected to arise from the cash-generating unit and a
suitable discount rate in order to calculate present value.
Notes to the Consolidated
Financial Statements  Notes to the Consolidated Financial Statements (continued)
for the year ended 31 May 2012
4  CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION
UNCERTAINTY CONTINUED
Share-based payments 
In order to calculate the charge for share-based compensation for the options granted on 26 October
2010 and on 27 June 2011 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 20.
The critical judgements made in these estimates were for the share options granted on 26 October 2010:
The share price on the date of grant which was estimated at £0.486 (adjusted for share consolidation)
being the price of the most recent share issue at the date of grant; and the expected volatility of share
price which was estimated based on other quoted exploration companies. The critical judgement for the
share options granted on 27 June 2011 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.
5  ADMINISTRATIVE EXPENSES BY NATURE
2012 2011
$’000 $’000
Depreciation of property, plant and equipment (note 14) 112 37
Staff costs excluding share based payments 1,563 1,107
Net foreign exchange (gains)/losses (5) 18
Audit fees (note 6) 44 58
Non audit fees payable to associates of the Company’s auditor (note 6) 7 79
Communications and IT 62 42
Insurance 51 25
Marketing 284 97
Charitable donations 118 -
Office expenses 187 149
Professional and consultancy 452 732
Travel and accommodation 237 209
Bank charges 35 35
Share based payments 1,139 1,141
Profit on deemed disposal (note 12) (588) (425)
3,698 3,304 83
Notes to the Consolidated Financial Statements (continued)
for the year ended 31 May 2012
6  AUDITOR’S REMUNERATION
Amounts payable to Baker Tilly UK Audit LLP and its associates in respect of both audit and non-audit
services: 
2012 2011
$’000 $’000
Audit fees
Fees payable to the Company’s auditor for the audit of the Company’s 
annual accounts 44 50
Under accrual for prior year audit - 8
Total audit fees 44 58
Non-audit fees payable to associates of the Company’s auditor
Taxation services 7 12
Corporate finance fees in relation to IPO* - 93
Total non-audit fees 7 105
*$26,000 of these fees have been charged to share premium in the prior period. 
7  STAFF COSTS
The average monthly number of employees and Directors was:
2012 2011
Number Number
Directors 7 7
Other employees 202 106
209 113
2012 2011
$’000 $’000
Their aggregate remuneration comprised:
Wages and salaries 3,133 1,658
Social security costs 334 409
Pension 51 -
Share based payments 1,321 1,100
4,839 3,167
Within wages and salaries, $779,000 (2011: $565,000) relates to amounts paid to Directors. Included within
staff costs, is $2,137,000 (2011: $960,000) capitalised to intangible exploration and evaluation assets.
Included within social security costs is a provision of $116,000 (2011: $308,000) for the potential employer’s
social security contributions in respect of the share options issued to employees and Directors.
Notes to the Consolidated
Financial Statements  Notes to the Consolidated Financial Statements (continued)
for the year ended 31 May 2012
8  FINANCE INCOME
2012 2011
$’000 $’000
Interest on bank deposits 263 41
Foreign exchange gain - 682
263 723
The foreign exchange gain arose on non functional currency bank deposits. 
9  FINANCE EXPENSE
2012 2011
$’000 $’000
Foreign exchange loss 674 -
674 -
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: 
2012 2011
$’000 $’000
Loss before tax (4,155) (2,610)
Tax credit at the rate of tax 26% (2011:28%) (1,080) (731)
Tax effect of non-deductible expenses 3 2
Items not subject to tax (152) (119)
Deferred tax asset not recognised 1,229 849
Effect of overseas tax rates - (1)
Tax expense and effective tax rate for the year - - 85
Notes to the Consolidated Financial Statements (continued)
for the year ended 31 May 2012
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 weighted average number of ordinary shares outstanding during the prior periods presented
has been adjusted in accordance with IAS 33. The adjustment reflects the 44 for 1 bonus issue that took
place on 23 November 2010 as described in note 19. The adjustment is made retrospectively as if the
bonus issue took place at the start of the relevant comparative period. 
The calculation of the basic and diluted loss per share is based on the following data:
2012 2011
$’000 $’000
Losses
Loss for the purposes of basic loss per share being net loss attributable to
equity holders of the parent (4,155) (2,610)
2012 2011
Number of shares Number Number
Weighted average number of Ordinary shares for the purposes of basic
loss per share 53,367,031 45,073,464
2012 2011
Loss per Ordinary share $ cents $ cents
Basic and diluted (7.78) (5.79)
At the balance sheet date there were 4,369,255 (2011: 3,510,000) potentially dilutive ordinary shares.
Potentially dilutive ordinary shares include share options issued to employees and Directors and the
conditional acquisition of the 20% interest in the Joe Village licence, which it did not previously own as
described in note 19. In 2012 the potential ordinary shares are anti-dilutive and therefore diluted loss per
share has not been calculated.
12 JOINT VENTURE
On 24 January 2011, the Company together with its wholly owned subsidiary Iron Bird Resources Inc (“Iron
Bird”), entered into an agreement with Petmin Limited (“Petmin”) relating to the Group’s Mount Ginka
licence for exploration of iron ore in northern Liberia. Petmin Limited has been listed on the JSE since 1986
and the London Stock Exchange’s Alternative Investment Market (AIM) since 2006. Ian Cockerill is executive
chairman of Petmin Limited. 
The key terms of this agreement were: 
•    The Mount Ginka licence would be transferred to Iron Bird
•    Iron Bird would issue new shares equivalent to 15% of its issued share capital to Petmin for a
consideration of $500,000 
•    Subject to meeting certain criteria, Petmin were obliged to invest a further $1,500,000 in Iron Bird, to
increase its shareholding to 50% 
Iron Bird was incorporated by the company for the purpose of this transaction and the substance of this
transaction was that the Group contributed the Mount Ginka license in exchange for a share in the
joint venture. 
As a result of this transaction Iron Bird ceased to be a subsidiary and became a joint venture. Therefore
the disposal of a subsidiary and the recognition of a joint venture using the equity method has been
reflected in the financial statements. 
Notes to the Consolidated
Financial Statements  Notes to the Consolidated Financial Statements (continued)
for the year ended 31 May 2012
12 JOINT VENTURE CONTINUED
On 27 June 2011 Petmin invested $1,500,000 in Iron Bird and as a result was issued new shares in Iron Bird
equivalent of 35% of its issued share capital to increase its stake in Iron Bird to 50% of its issued share capital.
The profit on the deemed disposal of Iron Bird was determined as follows: 
24 January 2011
Group’s 100% interest pre transaction: $’000
Non-current assets 110
Amounts due to Hummingbird Resources (Liberia) Inc (112)
Net liabilities at the date of disposal (2)
Group’s 85% interest post transaction:
Cost of investment -
Share of joint venture assets and liabilities 423
Gain on deemed disposal 425
Investment in joint venture: 
$’000
On the date of recognition of investment in joint venture 423
Share of joint venture results for the period (29)
Investment in joint venture as at 31 May 2011 394
Share of joint venture results for the period to 27 June 2011 (6)
Investment in joint venture pre second phase investment on 27 June 2011 (85%) 388
Share of joint venture assets and liabilities post transaction (50%) 976
Gain on deemed disposal of 35% 588
Share of joint venture assets post transaction 976
Share of joint venture results for the period from 27 June 2012 to 31 May 2012 (40)
Investment in joint venture as at 31 May 2012 936
The Group’s interest in the joint venture as at the 31 May 2012 is set out below:
$’000
Share of: 
Non-current assets 513
Current assets 631
Current liabilities (208)
Net assets  936
As at 31 May 2012 $1,139,000 (2011: $354,000) was due from the Company and Group to the joint
venture. As at 31 May 2012 $35,000 (2011: $nil) 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. 87
Notes to the Consolidated Financial Statements (continued)
for the year ended 31 May 2012
13 INTANGIBLE EXPLORATION AND EVALUATION ASSETS
$’000
Cost
At 1 June 2010 6,801
Additions 10,891
Disposal of subsidiary (see note 12) (110)
At 1 June 2011 17,582
Additions 14,940
At 31 May 2012 32,522
Additions to intangible exploration and evaluation assets during the year include $748,000
(2011: $493,000) of capitalised depreciation of property, plant and equipment used in exploration and
evaluation activities.
14 PROPERTY, PLANT AND EQUIPMENT
Development Development
assets – assets –
vehicles other Other Total
$’000 $’000 $’000 $’000
Cost
At 1 June 2010 488 427 94 1,009
Additions 998 263 271 1,532
At 1 June 2011 1,486 690 365 2,541
Additions 92 455 61 608
Disposals (55) - - (55)
At 31 May 2012 1,523 1,145 426 3,094
Accumulated depreciation
At 1 June 2010 190 123 51 364
Charge for the year 297 178 55 530
At 1 June 2011 487 301 106 894
Charge for the year 451 289 120 860
Disposals (23) - - (23)
At 31 May 2012 915 590 226 1,731
Carrying amount
At 31 May 2012 608 555 200 1,363
At 31 May 2011 999 389 259 1,647
Of the property, plant and equipment depreciation charged in the year $748,000 (2011: $493,000) was
capitalised into intangible exploration and evaluation assets, with the balance being charged to the
income statement. 
Notes to the Consolidated
Financial Statements  Notes to the Consolidated Financial Statements (continued)
for the year ended 31 May 2012
15 SUBSIDIARIES
The Company had investments in the following subsidiary undertakings as at 31 May 2012, which
principally affected the losses and net assets of the Group:
Country of Proportion
incorporation of voting
Name and operation interest % Activity
Directly held
Hummingbird Resources (Liberia) Inc Liberia 100 Exploration
Afro Minerals Inc Liberia 80 Exploration
Golden Grebe Mining Limited United Kingdom 100 Holding Company
Indirectly held
Deveton Mining Company Liberia 80 Exploration
Sinoe Exploration Limited Liberia 90 Exploration
Hummingbird Security Limited Liberia 100 Security
16 OTHER FINANCIAL ASSETS
Trade and other receivables
2012 2011
$’000 $’000
Other receivables 260 26
VAT recoverable 96 150
Prepayments and accrued income 495 241
851 417
The Directors consider that the carrying amount of the remaining other receivables approximates their
fair value and none of which are past due. 
Cash and cash equivalents
Cash and cash equivalents as at 31 May 2012 of $15,503,000 (2011: $32,112,000) comprise cash held by
the Group. The Directors consider that the carrying amount of these assets approximates their fair value.
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 2012, the Group has unrecognised deferred tax assets of $1,676,000 (2011: $880,000) 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. 89
Notes to the Consolidated Financial Statements (continued)
for the year ended 31 May 2012
18 TRADE AND OTHER PA Y ABLES
2012 2011
$’000 $’000
Trade payables 1,393 941
Other taxes and social security 201 79
Accruals 992 548
Other payables 16 5
2,602 1,573
The average credit period taken for trade purchases is 35 days (2011: 27 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:
2012 2011
$’000 $’000
Within one year 118 121
In the second to fifth years inclusive 121 177
After five years 48 64
287 362
Operating lease payments represent rentals payable by the Group for properties located in Liberia and
the head office in the UK.
19 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
2012 2011
Number $’000 Number $’000
Issued and fully paid
Ordinary shares of £0.01 each 53,410,565 855 53,355,565 854
Notes to the Consolidated
Financial Statements  Notes to the Consolidated Financial Statements (continued)
for the year ended 31 May 2012
19 SHARE CAPITAL CONTINUED
The Company has one class of Ordinary shares which carry no right to fixed income. 
Ordinary Shares
of £0.01
Number
At 1 June 2011 828,362
Allotment of shares pre IPO 18,295
Bonus issue (a) 37,252,908
Allotment of shares at IPO (b) 15,256,000
At 1 June 2011 53,355,565
Share options exercised (c) 55,000
At 31 May 2012 53,410,565
(a) Bonus issue and capital reduction
      On 23 November 2010 the Company, by means of a bonus issue out of share premium, issued
37,252,908 ordinary shares of £0.01 each credited as fully paid to and among all shareholders in the
proportion of 44 new shares for every existing share held. This resulted in share capital increasing by
$600,000, representing the nominal value of these shares. 
      On 23 November 2010, the capital of the Company was reduced through the reduction by
$11,381,000 of share premium from $16,381,000 to a balance of $5,000,000. 
      Both the bonus issue and capital reduction were necessary to enable the Company to re-register as
a public limited company. 
(b) Allotment of shares at IPO
      On 10 December 2010 the company was admitted to trading on AIM and issued 15,256,000 ordinary
shares of £0.01 each at a price of £1.67 per share, raising gross proceeds of £25,478,000 ($40,223,000).
(c) Share options exercised
      55,000 share options were exercised during the year raising gross proceeds £27,000 ($42,000).
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 the
year end the acquisition had not yet completed and the shares had not been issued.
20 SHARE BASED PA YMENTS
2012 2011
$’000 $’000
Share based payment charge for share options granted 27 June 2011 654 -
Share based payment charge for share options granted 26 October 2010 703 791
Issue of 10,000 (pre bonus issue) shares to Ian Cockerill - 350
Total share based payment charge 1,357 1,141
Included within share based payments, is $218,000 (2011: nil) capitalised to intangible exploration and
evaluation assets. 91
Notes to the Consolidated
Financial Statements 
Notes to the Consolidated Financial Statements (continued)
for the year ended 31 May 2012
20 SHARE BASED PA YMENTS CONTINUED
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 £1.25
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 the current period 212,000
Number of share options outstanding as at 31 May 2012 811,000
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
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 1
option held and to decrease the exercise price by a factor of 45 such that the option holders were in the
same economic position as before the bonus issue. As a result there were 3,510,000 options outstanding
as of 31 May 2011 with an exercise price of £0.48611 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 exercised in the period 55,000
Number of share options lapsed during the current period -
Number of share options outstanding as at 31 May 2012 3,455,000
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 companied as
the Company was not quoted at the time. Notes to the Consolidated Financial Statements (continued)
for the year ended 31 May 2012
20 SHARE BASED PA YMENTS CONTINUED
The table below lists the principal assumptions and inputs to the model used for options granted on the
26 October 2010: 
Share price at the date of grant $0.778 (£0.486)
Expected dividend yield nil
Expected volatility 65%
Expected life 5 years
Risk free interest rate 3%
21 NOTES TO THE STATEMENT OF CASH FLOWS
2012 2011
$’000 $’000
Loss before tax (4,155) (2,610)
Adjustments for:
Depreciation of property, plant and equipment 112 37
Share based payments 1,139 1,141
Profit on deemed disposal (588) (425)
Finance income (263) (723)
Finance expense 674 -
Share of joint venture loss 46 29
Operating cash flows before movements in working capital (3,035) (2,551)
Increase in receivables (196) (165)
Increase in payables 280 599
(Increase)/decrease in amounts due from joint venture (35) 112
Increase in amounts due to joint venture 785 354
Net cash outflows from operating activities (2,201) (1,651)
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. 
22 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 is short-term position but also its long term operational and strategic objectives. 93
Notes to the Consolidated
Financial Statements 
Notes to the Consolidated Financial Statements (continued)
for the year ended 31 May 2012
22 FINANCIAL INSTRUMENTS CONTINUED
Externally imposed capital requirement
The Group is not subject to externally imposed capital requirements. 
Significant accounting policies
Details of the significant accounting policies and methods adopted, including the criteria for recognition,
the basis of measurement, the basis on which income and expenses are recognised, in respect of each
class of financial asset, financial liability and equity instrument are disclosed in note 3 to the Consolidated
Financial Statements. 
Principal financial instruments
The principal financial instruments used by the Group from which financial risk arises are as follows:
2012 2011
$’000 $’000
Financial assets
Cash and cash equivalents 15,503 32,112
Other receivables 356 176
15,859 32,288
Financial liabilities
Trade payables 1,393 941
Other payables 16 5
Amounts due to joint venture 1,139 354
2,548 1,300
General objectives, policies and processes
The Board has overall responsibility for the determination of the Group’s risk management objectives and
policies. Whilst retaining ultimate responsibility for these, the board has delegated the authority for
designing and operating processes that ensure the effective implementation of the objectives and
policies to the Group’s finance function. The Board receives regular reports from the Chief Financial
Officer through which it reviews the effectiveness of the processes put in place and the appropriateness
of the objectives and policies set.
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. Notes to the Consolidated Financial Statements (continued)
for the year ended 31 May 2012
22 FINANCIAL INSTRUMENTS CONTINUED
The Group and Company’s policy is to ensure that sufficient funds will be available to allow it to meet its
liabilities as they fall due. To achieve this, the Board receives cash flow projections as well as information
regarding available cash balances on a regular basis. The Board will not commit to material expenditures
prior to being satisfied that sufficient funding is available.
The Group’s financial liabilities are not significant and therefore no maturity analysis has been presented.
All financial liabilities held by the Group are non-interest bearing. 
Foreign exchange risk and foreign currency risk management
The Group is exposed to foreign exchange risk through certain of its costs being denominated in
currencies other than the functional currency (in particular Sterling), and from holding Sterling cash
balances. 
Although the Group has no formal policy in respect of foreign exchange risk, as the majority of the
Group’s forecast expenditures are in US Dollars and Sterling, the Group holds the majority of its funds in
these two currencies. Currency exposures are monitored on a monthly basis.
The carrying amounts of the Group’s and Company’s foreign currency denominated financial assets and
monetary liabilities at the reporting date are as follows:
Liabilities Assets
2012 2011 2012 2011
$’000 $’000 $’000 $’000
Euros (‘€’) 67 40 41 23
Sterling (‘GBP’) 392 169 8,177 15,550
Canadian Dollars (‘CAD’) - 13 8 1
South African Rand (‘ZAR’) - - 30 -
Foreign currency sensitivity analysis
The Group is exposed primarily to movements in GBP against the $. Sensitivity analyses have been
performed to indicate how the profit or loss would have been affected by changes in the exchange
rate between the $ and GBP. The analysis is based on a weakening and strengthening of the $ by
10 per cent against the GBP in which the Group has assets and liabilities at the end of each respective
period. A movement of 10 per cent reflects a reasonably possible sensitivity when compared to historical
movements over a three to five year timeframe. The sensitivity analysis includes only outstanding foreign
currency denominated monetary items and adjusts their translation at the period end for a ten per cent
change in foreign currency rates. 
A positive number below indicates an increase in profit where the $ strengthens ten per cent against the
GBP. For a ten per cent weakening of the $ against the GBP, there would be an equal and opposite
impact on the profit, and the balance below would be negative.
The following table details the Group’s sensitivity to a ten per cent strengthening in the $ against the GBP.
2012 2011
$’000 $’000
Decrease in income statement and net assets (789) (1,538) 95
Notes to the Consolidated
Financial Statements 
Notes to the Consolidated Financial Statements (continued)
for the year ended 31 May 2012
23 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 $32,000 (2011: $nil) under a
contract for the provision of office equipment and premises. Additionally during the year Stephen Betts &
Sons Limited charged the Company $85,000 (2011: $54,000) under a contract for the provision of staff,
office equipment and premises. There were no amounts outstanding between the parties as at 31 May
2012 (2011: $29,000 owed by the Company to Stephen Betts & Sons Limited).
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
$118,000 (2011: nil). The Pygmy Hippo Foundation is a related party as Daniel Betts and William Cook are
Directors of the Company and The Pygmy Hippo Foundation.
Joint Venture with Petmin Limited (Iron Bird Resources Inc)
During the year, the Group entered into a transaction with Petmin Limited as described in note 12. Petmin
Limited is a related part of the Group because Petmin Limited is a joint venture partner and Ian Cockerill
is the executive chairman of that company.
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. 
2012 2011
$’000 $’000
Short-term employee benefits 781 600
Social security cost 96 66
Pension 29 -
Share based payment charge 912 695
Provision for potential social security costs on share options 92 306
1,910 1,667
24 EVENTS AFTER THE REPORTING DATE
Share options
On 11 July 2012 the Company granted 989,000 share options to certain Directors and employees. These
share options are exercisable at £1.12 per share and vest in two tranches over a 24 month period
assuming certain performance criteria are met. Following this grant, 20,000 of these share options lapsed.
Since the year end 47,500 share options that were granted on 27 June 2011 lapsed.
On 27 June 2012 90,000 share options that were granted on 26 October 2010 were exercised.
Investment by IFC
On the 17 August 2012 the Company announced the IFC (part of the World Bank) was considering
subscribing for approximately 3.2 million shares in the Company at a share price of £0.93. The IFC will
also receive half a warrant per share subscribed for at a strike price of £1.4415 with a 5 year term.  This
investment is subject only to the execution of final documentation and the approval by the IFC board
of directors.
    Company Balance Sheet
as at 31 May 2012
2012 2011
Notes $’000 $’000
Assets
Non-current assets
Investments 29 4,698 2,172
Property, plant and equipment 30 215 235
Receivables from subsidiaries 31 31,403 17,794
36,316 20,201
Current assets
Trade and other receivables 31 300 257
Cash and cash equivalents 31 13,198 31,471
13,498 31,728
Total assets 49,814 51,929
Liabilities
Current liabilities
Trade and other payables 32 1,120 717
Amounts due to joint venture 1,139 354
Total liabilities 2,259 1,071
Net assets 47,555 50,858
Equity
Share capital 33 855 854
Share premium 41,922 41,881
Retained earnings 4,778 8,123
Total equity 47,555 50,858
The financial statements were approved by the board of Directors and authorised for issue on
20 September 2012.
They were signed on its behalf by:
DE Betts
Director
The notes on pages 99 to 103 form part of these financial statements. 97
Company Statement of
Cash Flows 
Company Statement of Cash Flows 
for the year ended 31 May 2012
2012 2011
Notes $’000 $’000
Net cash outflow from operating activities 35 (2,024) (2,636)
Investing activities
Purchases of property, plant and equipment (77) (271)
Investment in subsidiaries (2,389) (2,172)
Increase in amounts due from subsidiary companies (13,324) (9,057)
Interest received 173 31
Net cash used in investing activities (15,617) (11,469)
Financing activities
Proceeds from issue of shares 42 37,411
Net cash from financing activities 42 37,411
Net (decrease)/increase in cash and cash equivalents (17,599) 23,306
Effect of foreign exchange rate changes (674) 682
Cash and cash equivalents at beginning of year 31,471 7,483
Cash and cash equivalents at end of year 13,198 31,471 Company Statement of Changes in Equity
for the year ended 31 May 2012
Share Share Retained
capital premium earnings Total
$’000 $’000 $’000 $’000
As at 1 June 2010 13 16,692 (1,422) 15,283
Issue of equity shares 241 40,274 - 40,515
Expenses of issue of equity shares - (3,104) - (3,104)
Bonus issue 600 (600) - -
Capital reduction (11,381) 11,381 -
Share based payments - - 1,141 1,141
Total comprehensive loss for the year - - (2,977) (2,977)
As at 1 June 2011 854 41,881 8,123 50,858
Issue of shares 1 41 - 42
Share based payments - - 1,357 1,357
Total comprehensive loss for the year - - (4,702) (4,702)
As at 31 May 2012 855 41,922 4,778 47,555 99
Notes to the Company
Financial Statements 
Notes to the Company Financial Statements
for the year Ended 31 May 2012
25 SIGNIFICANT ACCOUNTING POLICIES
The separate financial statements of the Company are presented as required by the Companies Act
2006 (the ‘Act’). As permitted by the Act, the separate financial statements have been prepared in
accordance with International Financial Reporting Standards.
The financial statements have been prepared on the historical cost basis. The principal accounting
policies adopted are the same as those set out in note 3 to the Consolidated Financial Statements
except as noted below.
As permitted by section 408 of the Act, the Company has elected not to present its profit and loss
account for the year. Hummingbird Resources plc reported a loss for the financial year ended 31 May
2012 of $4,702,000 (2011: $2,977,000). 
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.
26 CRITICAL ACCOUNTING JUDGEEMENTS 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. 
27 AUDITOR’S REMUNERATION
The auditor’s remuneration for audit and other services is disclosed in note 6 to the Consolidated
Financial Statements. 
28 STAFF COSTS
The average monthly number of employees (including Directors) was:
2012 2011
Number Number
Directors 7 7
Other employees 5 6
12 13
$’000 $’000
Their aggregate remuneration comprised:
Wages and salaries 1,312 1,087
Social security costs 281 400
Pension 51 -
Share based payments 1,321 1,100
2,965 2,587
Within wages and salaries, $779,000 (2011: $565,000) relates to amounts paid to Directors for services
rendered. Included within staff costs is $299,000 (2011: $380,000) recharged to subsidiaries as intangible
exploration and evaluation assets. Notes to the Company Financial Statements (continued)
for the year ended 31 May 2012
28 STAFF COSTS CONTINUED
Included within social security costs is a provision of $116,000 (2011: $308,000) 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 23 to the Consolidated Financial Statements.
29 INVESTMENTS
Investment in Investment in
subsidiaries subsidiaries
2012 2011
$’000 $’000
Cost
At 1 June 2,172 -
Additions 2,526 2,172
At 31 May 4,698 2,172
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.
30 PROPERTY, PLANT & EQUIPMENT
Development
assets – 
other Other Total
$’000 $’000 $’000
Cost
At 1 June 2010 ---
Additions 38 233 271
At 1 June 2011 38 233 271
Additions 316192
At 31 May 2012 69 294 363
Accumulated depreciation
At 1 June 2010 ---
Charge for the year 6 30 36
At 1 June 2011 63036
Charge for the year 21 91 112
At 31 May 2012 27 121 148
Carrying amount
At 31 May 2012 42 173 215
At 31 May 2011 32 203 235 101
Notes to the Company
Financial Statements 
Notes to the Company Financial Statements (continued)
for the year ended 31 May 2012
31 FINANCIAL ASSETS
Receivables from subsidiaries
At the balance sheet date amounts receivable from the fellow group companies were $31,403,000 (2011:
$17,794,000). These amounts are repayable on demand however these are not expected to be repaid
within one year and no interest in currently charged. The carrying amount of these assets approximates
their fair value.
Trade and other receivables
2012 2011
$’000 $’000
Other receivables 37 26
VAT recoverable 96 150
Prepayments and accrued income 167 81
300 257
There are no past due or impaired receivables.
Cash and cash equivalents
These comprise cash held by the Company and short-term bank deposits with an original maturity of
three months or less. The carrying value of these assets approximates their fair value. 
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.
32 FINANCIAL LIABILITIES
Trade and other payables
2012 2011
$’000 $’000
Trade payables 395 247
Other taxes and social security 54 52
Accruals 665 414
Other payables 6 4
1,120 717
The average credit period taken for trade purchases is 22 days (2011: 23 days). 
The Directors consider that the carrying amount of trade and other payables approximates to their
fair value. Notes to the Company Financial Statements (continued)
for the year ended 31 May 2012
32 FINANCIAL LIABILITIES CONTINUED
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:
2012 2011
$’000 $’000
Within one year 87 93
In the second to fifth years inclusive - 93
After five years - -
87 186
Operating lease payments represent rentals payable by the Company for the UK head office.
33 SHARE CAPITAL
The movements on this item are disclosed in note 19 to the Consolidated Financial Statements. 
34 SHARE BASED PA YMENTS
The Company’s share-based payments information is disclosed in note 20 to the Consolidated
Financial Statements.
35 NOTES TO THE STATEMENT OF CASH FLOWS
2012 2011
$’000 $’000
Loss before tax (4,702) (2,977)
Adjustments for:
Depreciation of property, plant and equipment 112 37
Share based payments 1,139 1,141
Finance income (195) (723)
Finance expense 674 -
Operating cash flows before movements in working capital (2,972) (2,522)
Increase in receivables (11) (215)
Increase / (decrease) in payables 174 (253)
Increase in amounts due to joint venture 785 354
Net cash outflow from operating activities (2,024) (2,636) 103
Notes to the Company
Financial Statements  
Notes to the Company Financial Statements (continued)
for the year ended 31 May 2012
36 FINANCIAL INSTRUMENTS
The Company’s strategy and financial risk management objectives are described in note 22. 
Principal financial instruments:
The principal financial instruments used by the Company from which risk arises are as follows:
2012 2011
$’000 $’000
Financial assets
Cash and cash equivalents 13,198 31,471
Other receivables 31,536 17,970
44,734 49,441
Financial liabilities
Trade payables 395 247
Other payables 6 4
Amounts due to joint venture 1,139 354
1,540 605
The risks that the Company is subject to in addition to the Group risks described in note 22 are set
out below:
Credit risk
Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial
loss to the Company. 
In addition to the risks described in note 22 which affect the Group, the Company is also subject to credit
risk on the balances receivable from its subsidiaries (see note 31). 
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 22).
37 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:
2012 2011
$ $
Hummingbird Resources (Liberia) Inc. 31,403 17,794
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 23 to the Consolidated Financial Statements.
38 EVENTS AFTER THE BALANCE SHEET DATE
Events after the balance sheet date are disclosed in note 24 to the Consolidated Financial Statements. Hummingbird Resources plc
22 Mount Row
London, W1K 3SF
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