Lombardo Paredes, CEO Third Quarter 2019 Results Mike Davies, CFO - - PowerPoint PPT Presentation

1 TSX: GCM OTCQX: TPRFF November 15, 2019

A Leading High‐Grade Underground Gold Producer

Third Quarter 2019 Results

November 15, 2019 TSX: GCM OTCQX: TPRFF

Lombardo Paredes, CEO Mike Davies, CFO

2 TSX: GCM OTCQX: TPRFF November 15, 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"

• r 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

• r 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.

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RESULTS

Highlights

Mine development at Sandra K – July 17, 2014 3rd Quarter Nine Months 2019 2018 2019 2018 56,271 57,163 Gold production (ozs) 174,754 162,741 $1,458 $1,186 Realized gold price ($/oz) $1,348 $1,253 $684 $657 Cash cost ($/oz) (1) $653 $674 $951 $892 AISC ($/oz) (1) $886 $913 $991 $908 All-in Cost ($/oz) (1) $911 $922 $83.0M $66.6M Revenue $238.0M $200.3M $37.6M $24.7M Adjusted EBITDA (1) $106.1M $78.7M $9.0M $14.0M Net income (loss) $17.7M ($11.4M) $0.18 $0.35 Per share $0.36 ($0.38) $16.0M $9.9M Adjusted net income (1) $43.0M $28.0M $0.33 $0.25 Per share $0.88 $0.93 $30.6M $20.5M Operating cash flow $68.7M $56.2M $19.6M $11.2M Free cash flow (1) $38.7M $29.6M

(1) Refer to Company’s MD&A for computation

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‐ 30 60 90 120 150 180 210 240 2017 2018 TTM 9M‐18 9M‐19

Segovia Marmato

233k

7% 7%

At the Segovia Operations, in 9M‐2019, tonnes processed increased 21% vs 9M‐2018 to an average of 1,200 tpd and head grades averaged 16.5 g/t. Mill expansion to 1,500 tpd was completed in Q3‐2019. On track to meet 2019 annual production guidance within a range of 225,000 to 240,000 ounces of gold.

Gold Production

RESULTS

000’s ozs

TTM = Trailing 12‐months ended October 2019

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RESULTS

Segovia

• Our primary focus is our Company mines which provided 92% of Segovia’s total 9M‐2019 gold production.
• Segovia produced 18,600 ozs in October 2019, processing 1,322 tpd at a head grade of 15.6 g/t.

Marmato

• Continues to be a steady producer…. proceeding with spin out to take the project to the next level.
• Marmato produced 2,411 ozs in October with grades improving to 2.8 g/t vs 2.4 g/t in 9M‐2019.

Production

3rd Quarter Nine Months 2019 2018 2019 2018 Gold (ozs)

Segovia

Company mines 18,175 23,282 El Silencio 61,349 64,014 24,032 22,070 Providencia 74,319 65,354 3,729 2,080 Sandra K 8,542 7,003 45,936 47,432 Total Company mines 144,210 136,371 4,114 3,266 Other contract mines 11,851 7,870 50,050 50,698 Total Segovia Operations 156,061 144,241 6,221 6,465

Marmato

18,693 18,500 56,271 57,163 Total Company 174,754 162,741 53,724 52,367 Silver (ozs) 166,558 146,103

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Revenue

RESULTS

AISC (‐23%)

$‐ $10 $20 $30 $40 $50 $60 $70 $80 $90 Q1 Q2 Q3 Q4 Q1 Q2 Q3

$77.6M $77.5M $83.0M

$M

2018 2019

Revenue in 9M‐2019 is up 19% over 9M‐2018:

• Gold sales volumes were up 10% in 9M‐2019 vs 9M‐2018 as a result of production growth.
• Improved spot gold prices increased realized gold prices to $1,348/oz in 9M‐2019 from $1,253/oz in 9M‐

2018….Q3‐2019 reached an average of $1,458/oz sold.

• Also started saving ~$20/oz in refining charges under new agreement put in place in January 2019 to

reduce credit risk and helps cash flow with better payment terms.

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Total Cash Cost Per Ounce (1)

RESULTS

117 89

$400 $600 $800 $1,000 $1,200 2017 2018 TTM 9M‐18 9M‐19

Segovia

$606

US$/oz sold

$596 The Company’s Total Cash Cost average decreased to $653/oz in the first nine months of 2019 from $674/oz in the first nine months last year.

• Improvement in total cash costs at Segovia Operations (89% of sales) to $596/oz in the first nine months this year.
• Total cash costs at Marmato will be reduced significantly in 2020 with the implementation of the optimized mine

plan in the existing mine according to the latest PEA.

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

2017 2018 TTM 9M‐18 9M‐19

Marmato

$1,124 $1,123

11% of 9M‐2019 Gold Sales 89% of 9M‐2019 Gold Sales TTM = Trailing 12‐months ended September 30, 2019.

8 TSX: GCM OTCQX: TPRFF November 15, 2019 (1) Refer to the Company’s MD&A for computation.

RESULTS

AISC (‐23%)

US$/oz sold $‐ $300 $600 $900 $1,200 2017 2018 TTM 9M‐18 9M‐19 All‐In Cost

AISC Total Cash Cost $911 $919 Lower cash cost helps bring 9M‐2019 AISC down to $886/oz (vs $913 in 9M‐2018). Full year 2019 average AISC is expected to remain below $925/oz. All‐in Cost in 9M‐2019 of $911/oz includes additional $21/oz for “growth” capex at the Marmato Project and $4/oz for “growth” capex at Segovia. Full year 2019 will average below $950/oz.

TTM = Trailing 12‐months ended September 30, 2019.

AISC and All‐in Costs (1)

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Adjusted EBITDA (1)

RESULTS

(1) Refer to Company’s MD&A for computation.

$‐ $35 $70 $105 $140 2017 2018 TTM 9M‐18 9M‐19

$106.1M $129.8M

27% 35%

US$M

Production growth, Q3 gold price increase and lower cash costs per ounce increased 9M‐2019’s Adjusted EBITDA by 35% versus 9M‐2018. Trailing 12‐months’ Adjusted EBITDA increased to about $130M at end of September 2019, up 27% from 2018.

TTM = Trailing 12‐months ended September 30, 2019.

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Cash Flow Metrics

RESULTS

(1) Refer to Company’s MD&A for computation.

TTM Operating Cash Flow increased to $92M fuelling TTM Free Cash Flow growth to $53M by end of Q3‐2019. Free Cash Flow is covering debt service and adding cash to the balance sheet. 20 40 60 80 100 2017 2018 TTM 9M‐18 9M‐19 Operating Cash Flow Free Cash Flow (1) $92.2M $53.1 M

$M

TTM = Trailing 12‐months ended September 30, 2019.

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Cash & Debt

RESULTS

AISC (‐23%)

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

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

• Cash has increased to $63.3 million as of September 30, 2019…subsequently added CA$15M through strategic

investment in early November by Eric Sprott.

• The Gold Notes amortization schedule is steadily reducing debt by $4.9 million each quarter….down to $68.8 million at

the present time.

• Fitch affirmed Gran Colombia’s “B” Stable Outlook rating at the end of October 2019.

(1) Aggregate principal amount outstanding.

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CAPITAL STRUCTURE

Fully Diluted = ~74.4M shares

Warrants

GCM.WT.B: 12.0 million @ CA$2.21 (2024 expiry) Unlisted: 3.3 million @ CA$5.40 (2023 expiry)

Stock Options

0.4 million @ CA$2.55 (2021‐2022 expiry) 0.6 million @ CA$3.16 (2023 expiry) 0.7 million @ CA$3.67 (2024 expiry)

Convertible Debentures

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

6

Common Shares

53.3 million

Market Capitalization (as of November 14, 2019)

CA$262 million

Outperforming the TSX Global Gold Index

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MARMATO PROJECT The The New New Cal Caldas as Gold Gold

 Spin out the Marmato mining assets in Zona Baja  RTO transaction with Bluenose Gold (TSX‐V: BN.H) to create Caldas Gold  Gran Colombia will maintain a controlling position in Caldas Gold  Completing a brokered private placement led by Scotia raising CA$10M‐CA$15M  CA$2.00 Units ‐ one share + one warrant at CA$3.00 for five years  Gran Colombia will contribute CA$5M in non‐brokered private placement on same terms  Mineral Resource estimate updated as of July 31, 2019  PEA completed and filing 43‐101 Report on SEDAR by end of November 2019  PFS underway  Expect to close RTO by mid‐December 2019.

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Mi Mine Expansion Expansion in into the the DEEPS DEEPS MARMATO PROJECT

Mining Upper Zone Mining Deeps Zone ZonaAlta Zona Baja

Summary of Marmato Breakdown for Reporting Areas

Zona Baja

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Mi Mineral Re Resource Es Estim timate

As As of

• f July

July 31, 31, 2019 2019

MARMATO PROJECT

Deposit Type Measured Indicated Measured & Indicated Inferred Tonnes (kt) Grade (g/t) Au Metal (koz) Tonnes (kt) Grade (g/t) Au Metal (koz) Tonnes (kt) Grade (g/t) Au Metal (koz) Tonnes (kt) Grade (g/t) Au Metal (koz) Zona Alta (3) Veins 0.6 5.6 109 3.6 4.6 542 4.2 4.8 650 5.3 4.1 688 Porphyry 2.1 3.1 210 2.1 3.1 210 2.7 4.5 386 Total 0.6 5.6 108 5.7 4.1 752 6.3 4.2 860 7.9 4.2 1,074 Zona Baja (4) Veins 2.1 4.9 325 7.2 4.5 1,037 9.2 4.6 1,362 3.3 4.4 466 Porphyry 1.6 2.7 140 1.6 2.7 140 0.3 3.1 34 Subtotal 2.1 4.9 325 8.8 4.2 1,177 10.8 4.3 1,502 3.6 4.2 500 Deep Zone 6.4 2.6 537 6.4 2.6 537 41.2 2.1 2,812 Total 2.1 4.9 325 15.2 3.5 1,714 17.3 3.7 2,039 44.9 2.3 3,312 Total 2.7 5.0 433 21.0 3.7 2,466 23.6 3.8 2,899 52.9 2.6 4,386

1) Mineral resources are not mineral reserves and do not have demonstrated economic viability. 2) All figures are rounded to reflect relative accuracy of the estimate. All composites have been capped where appropriate. 3) Zona Alta includes mineral resources from the Echandia license above 1,340 masl. 4) Zona Baja includes mineral resources from the Echandia license below 1,340 masl and above 1,025 masl and are accessible from the current mining

• peration.

5) Vein and Porphyry mineral resources are reported at a cut-off grade of 1.9 g/t. Cut-off grades have been based on a price of US$1,500 per ounce of gold, suitable benchmarked technical and economic parameters and gold recoveries of 95% for underground resources, without considering revenues from other metal. 6) Deep Zone mineral resources are reported at a cut-off grade of 1.3 g/t. Cut-off grades have been based on a price of US$1,500 per ounce of gold, suitable benchmarked technical and economic parameters and gold recoveries of 95% for underground resources, without considering revenues from other metal within a limiting pit shell. The Deep Zone includes mineral resources an elevation of 1,025 masl.

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Lif Life‐of

• f‐Mi

Mine Plan Plan (“PE (“PEA”) Re Results MARMATO PROJECT

‐ 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000 200,000

Ounces

Precious Metal Production Profile (ozs/year)

Gold Silver

 Marmato mine in Zona Baja will comprise two distinct operations: Upper Zone and Deep Zone.  Upper Zone: Immediate optimization of existing mining operation…5.5M tonnes processed over 16‐year life with average LoM head grade of 3.8 g/t resulting in 0.6M ounces of gold (27% of total). Annual production to increase from current ~25,000/yr to a range between 35,000 and 40,000 starting in 2020. LoM cash cost of US$803/oz (down ~25% from historical) and LoM AISC of US$872/oz.  Deep Zone: US$269M initial capital in 2020 to 2022. Total of 20.8M tonnes processed over a 16‐year life starting in 2023 at an average LoM grade of 2.5 g/t resulting in 1.6M ounces of gold (73% of total). LoM cash cost of US$797/oz and LoM AISC of US$885/oz  Combined:  2.2M ounces of gold with LoM cash cost of US$799 per ounce and LoM AISC of US$882/oz.  At US$1,300 per ounce long‐term gold price, total undiscounted LoM after‐tax cash flow of US$448M (NPV 5% ‐ US$207M).  Before financing, IRR = 20% and payback by 2026.

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Explor Exploration ion Upsi Upside de MARMATO PROJECT

“I haven’t seen too many holes like MT‐IU‐041 with 73.63 meters at 5.72 g/t.”

Serafino Iacono, Executive Chairman of GCM and Interim CEO of Caldas Gold

Recent Phase 2 drilling in 2019 continues to demonstrate an improvement of grades in the Deeps.

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2019 OUTLOOK

Priorities

1. Completed CA$20M bought deal private placement of convertible debentures 2. Continuing 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. 25,000 m drilled so far this year at Segovia and about to accelerate step‐out and brownfield drilling with 70,000 m planned over the next approximately 18 months. 4. PEA completed at Marmato; spin out in process and PFS underway. 5. Providing technical support to Sandspring; monitoring opportunity in Venezuela.

2019 Targets

2019 Guidance 9M‐2019 TTM Gold production 225,000 – 240,000 ozs 174,754 ozs 232,960 ozs (1) Cash cost/oz sold < $680/oz $653/oz $664/oz (2) AISC/oz sold < $925/ oz $886/ oz $896/ oz (2) All‐In Cost/oz sold < $950/ oz $911/ oz $919/ oz (2)

On Track With Guidance

(1) Trailing 12‐months ended October 2019 (2) Trailing 12‐months ended September 2019

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