2017 Presentation September 2017 1 DISCLAIMER Forward Looking - - PowerPoint PPT Presentation

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September

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Corporate

Presentation

l TSX: GCM l September

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Forward‐Looking Statements

DISCLAIMER

This presentation contains "forward‐looking information", which may include, but is not limited to, statements with respect to the future financial or operating performance of the Company and its projects, and, specifically, statements concerning anticipated growth in annual gold production, future cash costs and AISC, future G&A and capex, excess cash flow and sinking funds for the senior debentures and future purchases and/or redemptions of the senior

• debentures. Often, but not always, forward‐looking statements can be identified by the use of words such as "plans",

"expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward‐looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements

• f Gran Colombia to be materially different from any future results, performance or achievements expressed or

implied by the forward‐looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward‐looking statements are described under the caption "Risk Factors" in the Company's Annual Information Form dated as of March 30, 2017 which is available for view on SEDAR at www.sedar.com. Forward‐looking statements contained herein are made as of the date of this press release and Gran Colombia disclaims, other than as required by law, any obligation to update any forward‐looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward‐looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward‐looking statements.

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Canadian-listed (TSX: GCM) producer with offices in Toronto and Medellin. Primary focus is on the high-grade Segovia Operations. Continuing to expand and mechanize the underground mining

• perations (~86% of total LTM production). Recently announced a 4-year extension in mine life to 2026.

The Marmato Project, one of the Top-20 largest undeveloped global gold deposits, provides significant optionality to gold and silver prices. Currently evaluating the potential to expand the existing underground mining operations, incorporating additional resources from the deep mineralization. The Zancudo Project, a former high-grade producer, provides exploration upside. IAMGOLD signed an option agreement in 2017 to conduct exploration and for the potential purchase of an interest. Reducing Senior Secured Debt and potential dilution ahead of maturity with Excess Cash Flow.

• LTM gold production of 165,073 ounces, up 10% over 2016 annual

production.

• LTM AISC averaged US$901/oz…..expected to be below US$900/oz

for the full year 2017.

• Upside in resource expansion and exploration assets in Colombia.
• Leading Colombian high-grade underground gold producer.

 undervalued versus peers!

Gran Colombia Gold

LTM = Latest 12‐month period ended June 30, 2017

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2016 ACCOMPLISHMENTS

Priorities  Completed senior debt restructuring in January 2016.  Made all monthly interest payments on Senior Debentures.  Continued implementation of optimized mine plan at Segovia.  Completed 10,000m drilling program at Segovia….upgraded resources.  Improved balance sheet by reducing working capital deficit.  Balance sheet improved through conversion of Senior Debentures to equity.  Generated Excess Cash Flow for deposit to sinking funds for Senior Debentures and used funds to repurchase debt for cancellation. 2016 Targets

Guidance Actual Gold production (ozs) 120,000 – 138,000 149,708 Cash cost/oz sold $700 ‐ $750 $706 AISC/oz sold $850 ‐ $950 $850

Exceeded Guidance

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Mid‐2017 Progress

Highlights

2017 Priorities First Half Accomplishments

Improve capital structure

• Share consolidation (1:15)
• Senior Secured debt extension
• Completed April 25, 2017.
• $47M extended to 2024 on May 31, 2017.

Generate Excess Cash Flow = 10% of principal amount of Senior Debentures

• Generated $5.5M in H1‐2017.
• $2.0M used to cancel $2.4M of 2020s (NCIB).
• $3.0M redemption of 2020s on July 31, 2017.

Continue implementation of optimized mine plan at Segovia:

• Development and mechanization at Providencia

and El Silencio

• Upgrades at Maria Dama and TSF expansion

H1‐2017 sustaining capex of $11.9M (~$142/oz):

• ~40% related to exploration &development
• ~30% mines and related infrastructure
• ~15% Maria Dama plant upgrades
• ~10% related to new water treatment plant

20,000m drilling program at Segovia

• Commenced late January 2017.
• 4 rigs currently in the field; 40% complete

Update mineral resource estimates:

• Segovia
• Marmato Underground
• Completed effective March 15, 2017
• PEA to be filed September 2017
• Expected September2017

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BOARD & MANAGEMENT

Board of Directors Serafino Iacono Executive Co‐Chairman Miguel de La Campa Executive Co‐Chairman Robert Metcalfe * Lead Independent Director; Lawyer Mark Ashcroft * Mining executive; Professional Engineer Jaime Perez Branger * Managing Director, Blue Pacific De Lyle Bloomquist * Retired executive Ed Couch * Investor Hernan Martinez * Former Colombian Minister of Mines and Energy Mark Wellings * Mining executive; Professional Engineer Key Management Lombardo Paredes Chief Executive Officer Michael Davies Chief Financial Officer Alessandro Cecchi Vice President, Exploration Hector Melendez Mine General Manager, Segovia Operations Gabriel Gaviria Mine General Manager, Mineros Nacionales

* Independent

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CAPITAL STRUCTURE

TSX Symbol Exercise Price Issued & Outstanding 2017‐08‐31 Fully Diluted Shares (2) Common shares GCM 20.5M 20.5M 2018 Debentures (1) GCM.DB.U US$1.95 $46.0M 23.6M 2020 Debentures (1) GCM.DB.V US$1.95 $48.7M 25.0M 2024 Debentures (1) GCM.DB.X US$1.95 $47.0M 24.1M 93.2M Options CA$2.55 1.8M

(1) Amounts shown for the Senior Debentures are at Face Value. (2) Pro forma assuming no further conversions, NCIB purchases or redemptions prior to that date.

Common shares consolidated on a 1:15 basis effective April 25, 2017. Normal Course Issuer Bids (“NCIBs”):

• 2018 Debentures program ended July 2017: repurchased $0.8M at a discount in the open market for cancellation.
• 2020 Debentures program ended July 2017: repurchased $3.9M at a discount in the open market for cancellation.
• 2020 Debentures program ending July 2018: Up to $5.2M may be repurchased; $0.7M repurchased and cancelled to‐date.

Redeemed $3.0M of 2020 Debentures at par on July 31, 2017. NCIB repurchases and redemptions to‐date have reduced potential dilution by 4.3M shares. Extended the maturity date of $47.0M of 2020 Debentures to 2024 effective May 31, 2017.

Post Consolidation

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VALUATION OPPORTUNITY

Undervalued Compared to Peer Group – Significant Upside Opportunity

Price / NAV EV / EBITDA (2017e) EV / Production (2017e)

Market data as at September 20, 2017 Peer Group comprises 9 junior gold producers. “Jr” amounts represent mean values for Peer Group. Forward‐looking figures for GCM based on flat gold price of US$1,250/oz Source: FactSet, Bloomberg, equity research and company disclosure.

Price / CFPS (2017e)

0.1x 0.7x

GCM Junior Peers

0.6x 7.6x

GCM Junior Peers

2.5x 7.0x

GCM Junior Peers

$1,037 $3,489

GCM Junior Peers

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RELATIVE PERFORMANCE

Relative Performance Since January 1st 2016 (%)

Chart data as at September 20, 2017 Source: Bloomberg

Relative Performance Since January 1st 2017 (%)

(10.0%) 0.0% 10.0% 20.0% 30.0% 1-Jan-17 1-Feb-17 1-Mar-17 1-Apr-17 1-May-17 1-Jun-17 1-Jul-17 1-Aug-17 1-Sep-17 Gold Silver GCM GDX GDXJ 8.1% 12.3% 6.2% 12.5% 40.5% (50.0%) 0.0% 50.0% 100.0% 150.0% 200.0% Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Gold Silver GCM GDX GDXJ 77.6% 71.3% 24.4% 22.6% 0.0%

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PROPERTY MAP

2.1M oz

Resources

14M oz

Resources

Earn‐ in Option with GCM

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SEGOVIA OPERATIONS

Category Gold Resource (1) (ozs) Grade (g/t) Measured 116,000 19.1 Indicated 984,000 11.4 Inferred 978,000 9.9

• High-grade quartz-sulfide veins in historic mining district.
• Over 5 million ounces of gold produced through continuous mining over past 150 years. Recently extended mine life

by 4 years to 2026.

• LTM(2) gold production totaled 141,374 ounces, up 12% over 2016 annual production.
• Total cash cost(3) averaged US$652/oz in H1-2017.
• Three active underground mines (31 historic mines) and a substantial land package of ~9,000 hectares. Unique RPP

contract license grants mining rights in perpetuity.

• Continuing to expand and mechanize underground mining operations. Executing 20,000 meters drilling campaign in

2017 to further its efforts to upgrade and extend its mineral resources at its Segovia Operations.

• Local contract cooperative mining model is successfully leveraging artisanal mining capabilities in high-grade

secondary pillar recovery operations and improving environmental management in the area.

• Maria Dama plant has capacity to handle up to 1,500 tpd.

(1) Sourced from Company’s Press Release dated April 19, 2017. (2) LTM = Latest 12 months ended June 30, 2017. (3) By‐product credit basis. Refer to Company’s MD&A for computation.

86%

LTM Production

Production Stage

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2017 LOM Plan Update

• Updated Mineral Resource effective March 15, 2017
• Life‐of‐mine (“LOM”) plan updated in Q2‐2017 with key

results as follows:

• Mine life extended by 4 years to 2026
• Incorporates mining from 5 major mines within our

titles

• 4.1M tonnes processed over the LOM
• LOM head grade averages 8.8 g/t
• 1.0M ozs of gold production
• LOM total cash cost of $697/oz and AISC (ex G&A)
• f $896/oz
• At $1,250 long‐term gold price, total

undiscounted after‐tax FCF of $210M

• SRK is preparing a 43‐101 PEA technical report to be filed
• n SEDAR in September 2017
• 20,000 meters drilling program being conducted in 2017

aimed at increasing confidence in Mineral Resources and expanding resources for future mining.

Measured & Indicated Inferred Au (koz) Au (koz) March 15, 2017 1,100 978 December 31, 2016 402 1,278 Change vs 2016 698 174% (300) ‐23%

• Mine life extension plus increase in LT

gold price assumption to $1,250/oz triggered a $53M reversal of impairment ($35.5M after‐tax) in Q2‐2017.

SEGOVIA OPERATIONS

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SEGOVIA OPERATIONS

12 g/t M&I Resources

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MARMATO PROJECT

Category Gold Resource (3) (ozs) Gold Grade (g/t) Silver Resource (3) (ozs) Silver Grade (g/t) Measured 1,661,000 1.0 7,606,000 4.8 Indicated 9,782,000 0.9 70,769,000 6.3 Inferred 2,581,000 1.0 9,408,000 3.7

• Mineralization is hosted by sheeted pyrite vein system in dacite to andesite porphyry stocks.
• Mountain of gold in historic mining district. Ranked in Top-20 of undeveloped global gold deposits by size.
• LTM(1) gold production of 23,699 ozs, up 1% over 2016 annual gold production.
• Total cash cost(2) averaged US$1,061/oz in H1-2017.
• Deep zone drilling shows that mineralization at Marmato extends at least 800m below the limit of the current

underground mining operation and is still open at depth. Evaluating potential to expand existing underground mining

• perations.

(1) LTM = latest 12 months ended June 30, 2017. (2) By‐product credit basis. Refer to Company’s MD&A for computation. (3) Based on August 2012 NI43‐101; updated for production to 12‐31‐2016 and reduction due to lapse of certain licenses in open pit area.

Exploration Stage

14%

LTM Production

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MARMATO PROJECT

Legend

DRILL HOLES AU PPM Pending 0.1 0.1 0.3 0.3 1 1 2.5 > 2.5 BLOCKS AU PPM 0.1 0.1 0.3 0.3 1 1 2.5 > 2.5

Focus on Underground Mine Expansion

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Growth in Gran Colombia’s total gold production has been driven by the high‐grade Segovia Operations. Marmato has been steady. 2017 production guidance is 150,000‐160,000 ounces of gold.

Gold Production

RESULTS

AISC (‐23%)

000’s ozs ‐ 25 50 75 100 125 150 175 2013 2014 2015 2016 LTM *

Segovia Marmato

165k

* LTM = Latest 12 months ended June 30, 2017

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Total Cash Cost Per Ounce (1)

RESULTS

117 89

$400 $600 $800 $1,000 $1,200 2013 2014 2015 2016 H1‐2017

Segovia

2013 2014 2015 2016 H1‐2017

Marmato

$1,061 16% of H1‐2017 gold sales US$/oz sold $652 84% of H1‐2017 gold sales

Total cash cost for the Company averaged $709/oz in H1‐2017. Production growth helping to drive down fixed costs on a per ounce basis at Segovia. Appreciation of the Colombian peso relative to last year has increased USD‐equivalent cash costs to some extent in H1‐

• 2017. Marmato’s cash cost on a per ounce basis has also been impacted by lower grades this year compared to 2016.

Continuing to expect FY2017 Company average total cash cost to remain below $720/oz.

(1) By‐product credit basis. Refer to Company’s MD&A for computation.

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All‐In Sustaining Costs (1)

(1) All‐In Sustaining cash cost per ounce includes total cash costs per ounce and adds the sum of G&A, sustaining capital and certain E&E costs and provision for environmental discharge fees. Refer to the Company’s MD&A for computation. (2) LTM = Latest 12 months ended June 30, 2017.

RESULTS

AISC (‐23%)

US$/oz sold $400 $600 $800 $1,000 $1,200 $1,400 2013 2014 2015 2016 H1‐2017 LTM (2) G&A,Sustaining Capex and Other Total Cash Cost $901

2017 average AISC expected to remain below $900/oz.

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200 400 600 800 1,000 1,200

Guyana Goldfields Detour Gold IamGold Alamos Gold TAHOE Resources Kinross Gold Argonaut Gold New Gold Yamana Gold Gran Colombia Gold Centerra Gold Timmins / Alio Gold Goldcorp Kirkland Lake Gold Barrick Gold

US$/oz sold

Cash Cost AISC

Gran Colombia’s AISC is well positioned amongst industry peers.

All‐In Sustaining Costs (1)

(1) Q2‐2017 reported results from issuer filings; AISC is a common performance measure but does not have any standardized meaning within the industry and therefore its computations may vary between companies.

RESULTS

AISC (‐23%)

$884

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Adjusted EBITDA (1)

RESULTS

(1) Refer to Company’s MD&A for computation. (2) LTM = Latest 12 months ended June 30, 2017.

$‐ $20 $40 $60 $80 2013 2014 2015 2016 LTM (2) $71M US$M

H1‐2017 adjusted EBITDA of $35M brings the LTM adjusted EBITDA at the end of June 2017 to $71M, up 8% over FY2016. At June 30, 2017, Net Debt/EBITDA is 2X and Interest Coverage is 9X.

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Excess Cash Flow (1)

RESULTS

(1) As defined in the Indentures (available on the Company’s web site) for the 2018 and 2020/2024 Debentures.

‐20.0 ‐10.0 0.0 10.0 20.0 30.0 40.0 Excess Cash Flow (1) Working capital Local debt repayments Other obligations Interest paid Capex Income taxes paid Adjusted EBITDA $5.5M

US$M

H1‐2017

$34.9M Sinking Fund Balances – June 30, 2017: 2020/2024 Debentures ‐ $3.1M 2018 Debentures ‐ $1.5M Used $1.4M of 2020 Sinking Fund to repurchase $1.7M of debentures in H1‐2017 under NCIB. Used $3.0M of 2020 Sinking Fund at June 30, 2017 for partial redemption at par on July 31, 2017. Expecting Excess Cash Flow of ~$16M for FY2017, up from $2.9m in FY2016

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Balance Sheet

RESULTS

* Excludes current portion of short and long‐term debt ** Aggregate principal amounts issued and outstanding

June 2017 December 2016 Adjusted working capital deficit * Cash $3.0M $2.8M Accounts receivable $10.3M $11.4M Accounts payable and accrued liabilities ($19.8M) ($16.6M) Wealth taxes payable ($0.5M) ‐ Income taxes payable ($1.2M) ($6.1M) Mining titles and compensation agreements payable ($10.5M) ($11.0M) Inventories and other items, net $10.8M $9.2M ($7.9M) ($10.3M) Total short and long‐term debt Local debt, net of cash in trust $0.7M $1.4M 2018 Debentures ** $46.0M $49.7M 2020 Debentures ** $52.5M $101.2M 2024 Debentures** $47.0M N/A Sinking funds for 2018 and 2020 Debentures ($4.6M) ($0.5M)

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2017 OUTLOOK

Priorities

• 1. Improve capital structure: share consolidation and debt extension.
• 2. Generate Excess Cash Flow = 10% of principal amount of Senior Debentures.
• 3. Continue implementation of optimized mine plan at Segovia:

– Continue development and mechanization at Providencia and El Silencio; – Additional upgrades at Maria Dama and tailings storage expansion;

• 4. 20,000m drilling program at Segovia; and
• 5. Update mineral resource estimates at Segovia and Marmato Underground.

2017 Targets

2017 Guidance H1‐2017 Actual LTM * Gold production (ozs) 150,000 – 160,000 85,083 165,073 Cash cost/oz sold < $720 $709 $718 AISC/oz sold < $900 $910 $901

Maintaining Guidance

* LTM = Latest 12 months ended June 30, 2017

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For Further Information, Contact: Mike Davies Chief Financial Officer (416) 360‐4653 investorrelations@grancolombiagold.com

Town of Segovia