Gold Producer September 2019 DISCLAIMER Forward-Looking Statements - - PowerPoint PPT Presentation

TSX: GCM OTCQX: TPRFF September 2019

Denver Gold Forum A Leading High-Grade Underground Gold Producer September 2019 TSX: GCM OTCQX: TPRFF

TSX: GCM OTCQX: TPRFF September 2019

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 future repayments of its gold-linked notes. 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 of 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 27, 2019 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this presentation 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. All amounts are denominated in U.S. dollars, unless indicated otherwise.

TSX: GCM OTCQX: TPRFF September 2019

2018 Gold Production

218,000 ozs

EMERGING MID-TIER GOLD MINER Focus in Colombia

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Marmato Project

❖ High-grade underground mines ❖ 89% of production ❖ 2018: 193,000 ozs ❖ Head grades averaged 17.1 g/t in 2018 ❖ One of the Top 5 Highest Grade Underground Mines ❖ Underground mine expansion

• pportunity

❖ 11% of production ❖ 2018: 25,000 ozs ❖ Head grades averaged 2.7 g/t in 2018 ❖ One of the Top 20 Undeveloped Global Gold Deposits

Segovia Operations

On Track to Produce up to 240,000 ozs in 2019

TSX: GCM OTCQX: TPRFF September 2019

THE RIGHT TEAM

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Directors

Serafino Iacono, Executive Chairman – Company co-founder with 30+ years of experience in capital markets and public companies Miguel de la Campa, Vice Chairman – Company co-founder with 30+ years of experience in financing and developing mining and other resource projects Jaime Perez Branger – Executive with 30+ years of experience in finance and capital markets Robert Metcalfe – Lawyer and corporate director Hernan Martinez – Former Colombian Minister of Mines and Energy Monica De Greiff – Executive President of the Bogota Chamber of Commerce and former Colombian Minister of Justice De Lyle Bloomquist – Corporate director

Management

Lombardo Paredes, CEO - 20+ years of corporate leadership and operations management experience in the resource sector in Latin America Mike Davies, CFO – CPA,CA with 20+ years of international and public company experience in resource and other sectors Alessandro Cecchi, VP Exploration – Exploration geologist with 20+ years of experience focused gold exploration and development in South America. Jose Ignacio Noguera, VP Corporate Affairs – Lawyer with 20+ years of experience in public and government affairs and sustainability in the resource sector in Colombia Angel Meza, General Manager, Segovia Operations – Mine engineer with 17+ years of experience in mining operations in South America and Africa Inivaldo Diaz, Technical Manager, Segovia Operations – Civil mine engineer with 24+ years of experience in the mining industry in South America Gabriel Gaviria, General Manager, Marmato Operations – Mine engineer with 39+ years of experience in mining

• perations in Colombia

TSX: GCM OTCQX: TPRFF September 2019

GRAN COLOMBIA 2.0

❖ Gran Colombia’s high-grade Segovia Operations are continuing to fuel production growth with 230,906 ounces of gold production in TTM June 2019, up 6% over 2018. ❖ Market capitalization is benefitting from capital structure simplification in 2018 and execution of the turnaround strategy. ❖ ~130% appreciation in share price since one year ago. ❖ Share price is currently ~60% of analysts’ targets. ❖ Maintaining strength in the Company’s balance sheet in 2019. ❖ Gold Notes down 20% from one year ago to $73.6M as of July 31, 2019. ❖ $51M of cash as of June 30, 2019, up from $36M at the end of 2018. ❖ Future growth continues emphasis on high-grade Segovia mines and the other 24 known veins we are not currently mining. Raised CA$20M through convertible debentures financing in April 2019 to fund accelerated drilling campaign over next two years. ❖ Upside potential with Marmato expansion, Zancudo, Sandspring and Venezuela in the pipeline.

WHAT’S NEW? Gran Colombia Continuing to Deliver

“Focused on what we can control……Cash, Costs and Execution.”

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TTM = Trailing 12 months

TSX: GCM OTCQX: TPRFF September 2019

CAPITAL STRUCTURE

Fully Diluted = ~68M shares

Warrants

GCM.WT.B: 12.0 million @ CA$2.21 (2024 expiry)

Stock Options

1.8 million @ CA$2.55 to CA$3.67 (2021-2024 expiry)

Convertible Debentures

CA$20 million @ CA$4.75 (2024 expiry)

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Common Shares

49.9 million

Market Capitalization (as of September 10, 2019)

CA$243 million

Outperforming the TSX Global Gold Index

TSX: GCM OTCQX: TPRFF September 2019

RESULTS Solid Turnaround

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Annual Gold Production reaches 231,000 ozs Annual Adjusted EBITDA surpasses $100M AISC reflects focus on controlling costs

$M

Free Cash Flow is servicing debt and building cash

kozs

• 40

80 120 160 200 240 2017 2018 TTM H1-18 H1-19

Segovia Marmato

$M $- $250 $500 $750 $1,000 2017 2018 TTM H1-18 H1-19 AISC Total Cash Cost US$/oz $- $30 $60 $90 $120 2017 2018 TTM H1-18 H1-19 $- $20 $40 $60 $80 $100 2017 2018 TTM H1-18 H1-19 Operating Cash Flow Free Cash Flow

TTM = Trailing 12-months ended June 30, 2019.

TSX: GCM OTCQX: TPRFF September 2019

Cash & Debt

RESULTS

AISC (-23%)

$- $20 $40 $60 $80 $100 $120 $140 Q1 Q2 Q3 Q4 Q1 Q2 Cash Debt (1)

$M 2018 2019 Gran Colombia’s balance sheet is getting stronger each quarter:

• Cash has increased to $51.3 million as of June 30, 2019, including $13.7 million from the CA$20.0 million of

Convertible Debentures issued in April 2019.

• The Gold Notes amortization schedule is steadily reducing debt by $4.9 million each quarter.
• Net debt to Adjusted EBITDA has decreased to 0.35X at H1-2019 from 0.5X at the end of 2018.

(1) Aggregate principal amount outstanding of Gold Notes and Convertible Debentures.

TSX: GCM OTCQX: TPRFF September 2019

2019 OUTLOOK

Priorities

1. CA$20M bought deal private placement of convertible debentures - COMPLETED 2. Continue implementation of optimized mine plan at Segovia: – Expanding infrastructure to access deep levels at El Silencio and Providencia. – Continuing ventilation improvements at El Silencio and commence Sandra K. – Continuing El Chocho tailings storage construction and commission filter press. 3. Expanding planned 20,000m drilling program in H2-2019 at Segovia with bought deal proceeds to accelerate step-out and brownfield drilling to increase reserves for production growth and mine life extension. 4. Completing technical studies for underground expansion project at Marmato. 5. Providing technical support to Sandspring; monitoring opportunity in Venezuela.

2019 Targets

2019 Guidance H1-2019 TTM (1) Gold production 225,000 – 240,000 ozs 118,483 ozs 230,906 ozs Cash cost/oz sold < $680/oz $638/oz $657/oz AISC/oz sold < $925/ oz $855/ oz $883/ oz All-In Cost/oz sold < $950/ oz $873/ oz $900/ oz

Raised Production Guidance

(1) Trailing 12-months ended June 30, 2019

TSX: GCM OTCQX: TPRFF September 2019

PROPERTIES

Marmato Project

“Pursuing Underground Mine Expansion Opportunity”

Ownership 100% Mineral Resources (1)

• M&I
• Inferred

Gold:

3,844 kozs 2.9 g/t 4,194 kozs 2.5 g/t

2018 Gold Production 24,951 ozs 2018 Head Grade 2.7 g/t 2018 Cash Cost/oz US$1,132

Segovia Operations

“Core Producer”

Ownership 100%

Mineral Resources (1)

• M&I
• Inferred

Gold:

1,327 kozs 11.8 g/t 1,157 kozs 10.1 g/t

Mineral Reserves (1,2)

• Proven
• Probable

Gold:

30 kozs 11.7 g/t 658 kozs 11.0 g/t

2018 Gold Production 193,050 ozs 2018 Head Grade 17.1 g/t 2018 Cash Cost/oz US$623

(1) As of December 31, 2018 (2) Included in Mineral Resources

Zancudo Project

“Exploration Stage”

Ownership 100%

IAMGOLD entering 3rd year of a 6- year earn-in option agreement

Historic Mining Districts

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TSX: GCM OTCQX: TPRFF September 2019

SEGOVIA OPERATIONS Production Stage

El Silencio Sandra k Providencia Las Verticales Faulting ❖ High-grade mesothermal quartz-sulfide veins in historic mining district….over 5 million

• unces
• f

gold produced through continuous mining over past 150+ years. Expected mine life runs through to 2026 (2017 PEA). ❖ Three active underground mines (27 known veins) and a substantial land package of ~9,000 hectares, including a unique RPP contract license over ~3,000 hectares which grants mining rights in perpetuity.

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Main Mineralization Zones

License Boundaries for Segovia & Carla (100% Owned)

TSX: GCM OTCQX: TPRFF September 2019

SEGOVIA OPERATIONS El Silencio Mine

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M&I 784 kozs 10.6 g/t Inferred 548 kozs 9.9 g.t Reserves 381 kozs 9.3 g/t

2018 Production of 85,000 ozs, up 5% from 2017 H1-2019 Production of 43,000 ozs, up 6% from H1- 2018

TSX: GCM OTCQX: TPRFF September 2019

SEGOVIA OPERATIONS Providencia Mine

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2018 Production of 88,000 ozs, up 70% from 2017 H1-2019 production of 50,000 ozs, up 16% from H1- 2018

M&I 354 kozs 17.6 g/t Inferred 307 kozs 16.7 g.t Reserves 220 kozs 17.1 g/t

TSX: GCM OTCQX: TPRFF September 2019

SEGOVIA OPERATIONS Sandra K Mine

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2018 Production of 9,000 ozs, up 100% from 2017 H1-2019 production of 5,000 ozs, on par with H1- 2018

M&I 142 kozs 10.2 g/t Inferred 73 kozs 7.1 g.t Reserves 54 kozs 9.8 g/t

TSX: GCM OTCQX: TPRFF September 2019 Chicharron (Sandspring Resources)

Blue Sky Potential

Currently operating mines on

• nly 3 of 27 known veins in the

RPP-140 license.

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Increase M&I resources and reserves Consolidate advance deposits Follow-up brownfield exploration projects Areas of Immediate Interest

SEGOVIA OPERATIONS

TSX: GCM OTCQX: TPRFF September 2019

SEGOVIA OPERATIONS Maria Dama Processing Plant

❖ Plant now has capacity to handle up to 1,500 tpd. ❖ Plant includes crushing, grinding, gravity concentration, gold flotation, cyanidation of the flotation concentrate, Merrill- Crowe precipitation and refining of both the Merrill-Crowe precipitate and gravity concentrate to produce a final doré. ❖ Onsite lab provides quick turnaround of development samples; exploration samples processed in SGS Medellin. ❖ New “El Chocho” tailings storage facility will receive material over the next six years and filter press has been commissioned in 2019; onsite water treatment facility is treating excess water to Colombian standards before being discharged.

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TSX: GCM OTCQX: TPRFF September 2019

Third Party Miner Contracts

❖ Agreements with 30+ third party miner groups ❖ Mine designated areas with the Company’s mining title ❖ GCM pays for recovered gold at fixed price ❖ Contractors manage miners & fund own costs ❖ GCM processes ore and sells the gold & silver ❖ GCM provides health & safety training

Benefits of Contract Mining Model

❖ Environmental benefits – GCM controls processing, reducing mercury use ❖ Employment – expanded workforce ❖ Improved health & safety ❖ Workers receive health & pension benefits ❖ Government receives tax & royalties

SEGOVIA OPERATIONS Positive Agent for Change

Improving Health & Safety in Our Mines Funding Community Programs

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TSX: GCM OTCQX: TPRFF September 2019

MARMATO PROJECT

Category Gold Resource (1) (ozs) Gold Grade (g/t) Silver Resource (1) (ozs) Silver Grade (g/t) Measured 359,000 5.2 1,774,000 21.3 Indicated 3,485,000 2.8 20,787,000 16.7 Inferred 4,194,000 2.5 15,005,000 9.0

❖ 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. ❖ 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. ❖ The 2018 drilling campaign has increased

• ur

confidence in the geological model, outlining a higher-grade zone with excellent continuity over 450 meters along strike and strong vertical continuity for more than 300 meters below the deepest level of our existing mining operation. ❖ Currently evaluating the expansion

• f

the underground mining operations to incorporate the Deeps mineralization. Completing additional drilling and technical studies toward expected completion

• f a PEA by the end of 2019.

(1) Derived from the NI 43-101 Mineral Resource Estimate on the Marmato Project, Colombia dated November 20, 2017 and effective as of June 16, 2017, prepared by SRK and updated by Ben Parsons, an independent Qualified Person under NI 43-101, of SRK for production through to December 31, 2018 .

Mine Expansion Opportunity

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The Future of Marmato is Going Underground 11%

2018 Production

TSX: GCM OTCQX: TPRFF September 2019

Mine Expansion Opportunity

Veins (1) M&I: 13.3 Mt @ 4.6 g/t Au for 1,979 koz Inferred: 9.4 Mt @ 4.2 g/t Au for 1,275 koz Porphyry (1) M&I: 27.0 Mt @ 2.1 g/t Au for 1,858 koz Inferred: 13.3 Mt @ 1.8 g/t Au for 777 koz

MARMATO PROJECT

Deeps (2) M&I: 0.9 Mt @ 2.0 g/t Au for 60 koz Inferred: 29.3 Mt @ 2.3 g/t Au for 2,142 koz

(1) Using 1.9 g/t cut-off grade (2) Using 1.2 g/t cut-off grade 18

TSX: GCM OTCQX: TPRFF September 2019

For Further Information, Contact: Mauricio Ostos Investor Relations (416) 360-4653 investorrelations@grancolombiagold.com