TSX: GCM OTCQX: TPRFF Corporate July 2020 THE LARGEST UNDERGROUND - - PowerPoint PPT Presentation

TSX: GCM OTCQX: TPRFF July 2020

TSX: GCM OTCQX: TPRFF

THE LARGEST UNDERGROUND GOLD AND SILVER PRODUCER IN COLOMBIA

July 2020 Corporate Presentation

TSX: GCM OTCQX: TPRFF July 2020

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 30, 2020 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.

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TSX: GCM OTCQX: TPRFF July 2020

2019

Gold Production

240,000 ozs

+10% over 2018

Emerging Mid-Tier Gold Miner Focus in Colombia

3

Marmato Project

Caldas Gold Corp

57.5% ownership

• High-grade underground

mines

• 2019 Production: 214,000 ozs.
• One of the Top 5 Highest

Grade Underground Global Gold Mines…16.4 g/t in 2019

• Exploration expanding to

include regional targets

• Spun out to Caldas Gold Corp

in Feb 2020, retaining 57.5% interest

• 2019 Production: 26,000 ozs.
• PFS and Wheaton stream

validate underground mine expansion into the Deep Zone

• Exploration upgrading and

expanding the Deep Zone mineralization

Segovia Operations

Flagship Operation

100% ownership

Core Projects in Historic Mining Districts with Significant Exploration Upside

TSX: GCM OTCQX: TPRFF July 2020

Other Projects

Juby Project

(Ontario)

Toroparu

(Guyana)

Meadowbank

(Nunavut)

Zancudo Project

(Colombia)

• 100% interest.
• Former high-grade producer in the Titribi mining district of Antioquia, about 27

km south of Medellin.

• Currently being drilled by IAMGOLD under a 6-year option agreement signed in

March 2017 whereby IAMGOLD can earn up to 70%.

• Completed acquisition of 100% interest on July 2, 2020
• Advanced exploration-stage gold project within the Shining Tree area in the

southern part of the Abitibi greenstone belt.

• Gold was discovered in the Shining Tree area in the 1930’s.
• Over 14,000 acres controlled through claims covering 10 km strike length on

the mineralized trend.

• Initial exploration phase will evaluate historical data incorporating machine

learning and other studies to develop a drilling program for execution in 2021.

• 19% equity interest (TSX-V: GLDX).
• Advancing PFS for one of the largest undeveloped gold deposits in the

Americas with 7.35 Mozs M&I and 3.15 Mozs Inferred.

• Robert Friedland recently joined as non-executive Chairman.
• 26% equity interest (TSX-V: WA).
• Exploring its 100% owned Meadowbank Project strategically positioned along

trend immediately adjacent to Agnico Eagle’s Meadowbank/ Amaruq producing gold mines.

• Commenced planned drill program on July 14, 2020.

Additional Growth Opportunities

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TSX: GCM OTCQX: TPRFF July 2020

Capital Structure Fully Diluted = ~89.4M shares

Warrants

GCM.WT.B: 11.2 million @ CA$2.21 (2024 expiry) Unlisted: 3.3 million @ CA$5.40 (2023 expiry) Unlisted: 7.1 million @ CA$6.50 (2023 expiry)

Stock Options

1.9 million @ CA$2.55 to CA$4.05 (2021-2024 expiry)

Convertible Debentures

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

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Exchanges

TSX: GCM OTCQX: TPRFF

Common Shares

61.8 million

Market Capitalization (as of June 30, 2020)

CA$425 million

TSX: GCM OTCQX: TPRFF July 2020 6

GRAN COLOMBIA 2.0 GRAN COLOMBIA 2.0

Right Team OPERATING AND BUILDING EXPERIENCE

Segovia Operations

40.7 13.0 5.5 5.0 2016 2017 2018 2019 LTI Frequency Rate

Health and Safety is a Top Priority

80 75 93 126 149 193 214 $1,169 $1,037 $695 $655 $664 $623 $607 2013 2014 2015 2016 2017 2018 2019 Production (koz) Cash Cost (US$/oz)

Substantial Production Growth while Lowering Costs

 DEMONSTRATED OPERATING

EXPERIENCE IN LATIN AMERICA

 TRACK RECORD OF IMPROVEMENT  STRONG HEALTH & SAFETY

RECORD

 FOCUSED ON BUILDING STRONG

COMMUNITY RELATIONSHIPS

Segovia Lost Time Incidents

Source: Company filings.

Key Management

Serafino Iacono, Executive Chairman – Company co- founder with 30+ years of experience in capital markets and public companies 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

TSX: GCM OTCQX: TPRFF July 2020

Results Performance Drivers

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Annual Gold Production reaches 240,000 ozs Annual Adjusted EBITDA exceeds $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 2019 Q1-19 Q1-20

Segovia Marmato

$M $- $250 $500 $750 $1,000 2017 2018 2019 Q1-19 Q1-20 AISC Total Cash Cost US$/oz $- $50 $100 $150 2017 2018 2019 Q1-2019 Q1-2020 $- $20 $40 $60 $80 $100 $120 2017 2018 2019 Q1-19 Q1-20 Operating Cash Flow Free Cash Flow

Refer to Company’s MD&A for computations.

TSX: GCM OTCQX: TPRFF July 2020

Cash & Debt (1)

AISC (-23%)

$- $20 $40 $60 $80 $100 $120 $140 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Former Debt Gold Notes Convertible Debentures Cash $M 2018 2019

Gran Colombia’s balance sheet continues getting stronger each quarter

• Early redemption on March 31, 2020 of 30% of the Gold Notes (funded by February 2020 private placement)

reduced debt by ~$19 million and will improve cash flow over the remainder of 2020 by >$4 million.

(1) Aggregate principal amount outstanding.

Results

2020

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TSX: GCM OTCQX: TPRFF July 2020

Gold Notes Exposure to Upside on Gold

• Issued April 30, 2018 and mature on April 30,

2024

• Senior secured obligation of Gran Colombia
• US$41.3 million outstanding as of April 30, 2020
• Listed on the TSX under the symbol GCM.NT.U
• 8.25% annual coupon paid monthly in cash
• Quarterly principal repayments in cash with gold

kicker above US$1,250/oz

• Company sets aside physical gold each month

into a Gold Trust Account to meet quarterly principal payment obligations

• Less than 5% of Segovia’s projected future

production is required to meet principal repayments

B (Outlook Stable)

• 5,000

10,000 2020 2021 2022 2023 2024

Amortization Schedule

May 2020 to April 2024

(Ounces to be Deposited to Gold Trust Account)

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TSX: GCM OTCQX: TPRFF July 2020

Segovia Operations Production Stage

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License Boundaries for Segovia & Carla (100% Owned)

5 10 15 20 25 30 35 40

Fosterville (Kirkland) Macassa (Kirkland) Eagle River (Wesdome) Kainantu (K92) Segovia (GCM) Island (Alamos) Midas (Hecla) Cerro Negro (Newmont) Cerro Moro (Yamana) Bambanani (Harmony) Yaramoko (Roxgold) Gwalia (St Barbara) Brucejack (Pretium) Red Lake (Newmont)

Comparative Asset Milled Grade(1)

g/t

Amongst the Highest-Grade Mines in the Gold Sector

16.4 g/t

2019 Segovia Milled Grade

TSX: GCM OTCQX: TPRFF July 2020

Segovia Operations

1) Derived from the NI 43-101 Technical Report Prefeasibility Study Update, Segovia Project, Colombia, dated May 14, 2020, prepared by SRK Consulting (US) Inc. (“SRK”). 2) Mineral resources are not mineral reserves and do not have demonstrated economic viability. 3) All figures are rounded to reflect relative accuracy of the estimate. All composites have been capped where appropriate. 4) The Mineral Resources are reported at an in situ cut-off grade of 3.0 g/t Au over a 1.0 m mining width, which has been derived using a gold price of US$1,400 per ounce and technical and economic parameters for the existing underground mining and conventional gold mineralized material processing using a gold recovery of 90.5%. Each of the mining areas have been sub-divided into Pillar areas (“Pillars”), which represent the areas within the current mining development, and long-term resources (“LTR”), which lie along strike or down dip of the current mining development. 5) Derived from the Amended NI 43-101 Technical Report Prefeasibility Study Update, Segovia Project, Colombia, dated July 8, 2019, prepared by SRK.

Mineral Resource Estimate

As of December 31, 2019

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Project Deposit Type Measured Indicated Measured & Indicated Inferred Tonne s (kt) Grade (g/t) Au Metal (koz) Tonne s (kt) Grade (g/t) Au Metal (koz) Tonne s (kt) Grade (g/t) Au Metal (koz) Tonne s (kt) Grade (g/t) Au Metal (koz) Segovia Providencia LTR 118 15.9 60 296 13.0 124 414 13.8 184 315 8.3 84 Pillars 108 26.1 90 116 12.1 45 224 18.8 135 389 20.0 249 Sandra K LTR 385 10.3 128 385 10.3 128 315 8.6 87 Pillars 152 10.9 53 152 10.9 53 El Silencio LTR 824 11.5 304 824 11.5 304 1,736 8.3 462 Pillars 1,459 10.7 504 1,459 10.7 504 395 12.1 154 Verticales LTR 771 7.1 176 Subtotal Segovia Project LTR 118 15.9 60 1,504 11.5 555 1,623 11.8 616 3,136 8.0 809 Pillars 108 26.1 90 1,727 10.8 602 1,835 11.7 692 784 16.0 403 Carla Subtotal Carla Project LTR 154 9.7 48 154 9.7 48 178 9.3 53 December 31, 2019 (1) 226 20.8 151 3,385 11.1 1,205 3,611 11.7 1,356 4,098 9.6 1,265 December 31, 2018 (2) 218 20.0 140 3,289 11.2 1,187 3,507 11.8 1,327 3,562 10.1 1,157 % Change vs previous 4% 4% 8% 3%

• 1%

2% 3%

• 1%

2% 15%

• 5%

9%

In the 2019 MRE update, Gran Colombia more than replaced what it mined in the year.

TSX: GCM OTCQX: TPRFF July 2020

Mineral Reserves Estimate

As of December 31, 2019

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Segovia Operations

Area Category Tonnes (kt) Grade (g/t) Au Metal (koz) Providencia Proven 165 16.5 88 Probable 154 12.0 59 Sandra K Probable 249 8.9 71 El Silencio Probable 1,313 9.9 419 Carla Probable 104 10.0 33 December 31, 2019 (1) Total 1,985 10.5 670 December 31, 2018 (2) Total 1,941 11.0 688 % Change vs previous 2%

• 5%
• 3%

1) Derived from the NI 43-101 Technical Report Prefeasibility Study Update, Segovia Project, Colombia, dated May 14, 2020, prepared by SRK Consulting (US) Inc. (“SRK”). 2) Mineral resources are inclusive of mineral reserves. 3) All figures are rounded to reflect relative accuracy of the estimate. All composites have been capped where appropriate 4) Ore reserves are reported using a gold cutoff grade ranging from 3.25 to 4.24 g/t depending on mining area and mining method. The cutoff grade calculations assume a $1,350/oz Au price, 90.5% metallurgical recovery, $6/oz smelting and refining charges, $25/t G&A, $26/t processing cost, and projected LoM mining costs ranging from $76/t to 115/t. Mining dilution is applied to a minimum mining height and estimated overbreak (values differ by area/mining method) using a zero grade. Mineral Reserves have been stated on the basis of a mine design, mine plan, and cash-flow model. There are potential survey unknowns in some of the mining areas and lower extractions have been used to account for these unknowns. 5) Derived from the Amended NI 43-101 Technical Report Prefeasibility Study Update, Segovia Project, Colombia, dated July 8, 2019, prepared by SRK.

TSX: GCM OTCQX: TPRFF July 2020 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 July 2020

Segovia Operations Maria Dama Processing Plant

• Plant 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 seven years and filter press was commissioned in

2019 to dry stack tailings; onsite water treatment facility is treating excess water to Colombian standards before being discharged.

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TSX: GCM OTCQX: TPRFF July 2020

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 July 2020

Caldas Gold Corp (TSX-V: CGC, OTCQX: ALLXF) was formed in a spin out by Gran Colombia Gold (TSX: GCM) in February 2020; GCM holds a 57.5% equity interest. Caldas Gold is focused on a major underground mine expansion at Marmato to incorporate the Deep Zone mineralization. The existing mine has been in operation since 1991 and has produced an average of ~24,000 ozs of gold annually over the last 10 years (2019 – 25,750

• zs).

Exploration drilling is continuing to upgrade and expand the Deep Zone mineralization. US110M stream financing with Wheaton Precious Metals to fund mine expansion.(1) Proposed US$150M Gold-Linked Notes Offering(1) and CA$45M bought deal equity offering(2).

Located in a Historic Mining District about 80 km south of Medellin

Gran Colombia Investment in Caldas Gold : Marmato Expansion

(1) Refer to Caldas Gold press release dated June 22, 2020. (2) Refer to Caldas Gold press release dated July 13, 2020. 16

TSX: GCM OTCQX: TPRFF July 2020

Life-of-Mine Plan (“PFS”) Results (B) Marmato Project

• Marmato mine in Zona Baja will comprise of two distinct operations: Upper Zone and Deep Zone.
• Upper Zone: Immediate optimization of existing mining operation to reduce dilution, improving production and reducing

cash costs, together with an expansion of the existing processing plant over the next two years from 1,200 tpd to 1,500 tpd. A total pf 5.1M tonnes to be processed over 13-year life with average LoM Au grade of 4.2 g/t resulting in 0.6M ounces of gold (32% of total).

• Deep Zone: US$269M initial capital in 2020 to 2023. Total of 14.6M tonnes processed over a 11-year life starting in mid-

2023 at an average LoM Au grade of 2.9 g/t resulting in 1.3M ounces of gold (68% of total).

• Combined:
• 1.9M ounces of gold with LoM cash cost of US$772 per ounce and LoM AISC of US$872/oz.
• At US$1,400 per ounce long-term gold price, total undiscounted LoM after-tax project cash flow of US$501M (NPV

5% - US$263M).

• Before financing, after-tax IRR = 20% and payback by 2026.

Precious Metal Production Profile (ozs/year)

• 50,000

100,000 150,000 200,000 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033

Gold Silver

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TSX: GCM OTCQX: TPRFF July 2020 21

Exploration Upside Marmato Project

Source: GCM press release dated February 3, 2020

The 2019 Phase 2 drilling continued to demonstrate an improvement of grades in the Deep Zone

TSX: GCM OTCQX: TPRFF July 2020

Completed acquisition of 100% interest on July 2, 2020 GCM funded cash portion of acquisition cost with a CA$14M private placement (7,000,000 shares at CA$2.00). GCM now owns ~57.5% of the total number of issued and

• utstanding common shares of Caldas Gold.

Advanced exploration-stage gold project within the Shining Tree area in the southern part of the Abitibi greenstone belt. Gold was discovered in the Shining Tree area in the 1930’s. Over 14,000 acres controlled through claims covering 10 km strike length on the mineralized trend. Initial exploration phase will evaluate historical data incorporating machine learning and other studies to develop a drilling program for execution in 2021.

Exploration Pipeline Juby Project - Ontario

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TSX: GCM OTCQX: TPRFF July 2020

Why Invest in Gran Colombia Gold

• Solid operating team with demonstrated experience operating and building mines in

Colombia.

• Re-rating potential for common shares and warrants in the current gold price environment.
• Strong Free Cash Flow yield driven by high-grade Segovia gold operations.
• Continuing to build strength in the Company’s balance sheet.
• Exploration upside places emphasis on the high-grade Segovia mines and the other 24 known

veins we are not currently mining. Accelerating step-out and brownfield drilling to include regional exploration targets.

• Valuation upside through investments in Caldas Gold (Marmato expansion), Zancudo

(IAMGOLD earning in), Gold X Mining (Toroparu) and Western Atlas (Nunavut, Venezuela).

TSX: GCM OTCQX: TPRFF July 2020

For Further Information, Contact: Mike Davies Chief Financial Officer (416) 360-4653

investorrelations@grancolombiagold.com