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TSX: GCM OTCQX: TPRFF Corporate May Creating a High-Growth, Latin American TSX: GCM OTCQX: TPRFF Presentation 2020 May 2020 Focused Intermediate Gold Producer DISCLAIMER Forward-Looking Statements CAUTIONARY NOTE REGARDING


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SLIDE 1

TSX: GCM OTCQX: TPRFF May 2020

TSX: GCM OTCQX: TPRFF

Creating a High-Growth, Latin American

Focused Intermediate Gold Producer May 2020 Corporate Presentation

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SLIDE 2

TSX: GCM OTCQX: TPRFF May 2020 CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION: This presentation contains "forward-looking information", which may include, but is not limited to, statements regarding the completion of the proposed transactions, the holding of the special meetings of Gran Colombia, Gold X and Guyana Goldfields and other statements that are not historical facts. While such forward- looking statements are expressed by Gran Colombia, as stated in this presentation, in good faith and believed by Gran Colombia to have a reasonable basis, they are subject to important risks and uncertainties including, without limitation, required Gran Colombia, Gold X and Guyana Goldfield securityholder approval and necessary court approval, the satisfaction or waiver of certain other conditions contemplated by the agreements governing each of the Gold X Transaction and the Proposed Guyana Goldfields Transaction, and changes in applicable laws or regulations, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. As a result of these risks and uncertainties, the proposed transactions could be modified, restructured or not be completed, and the results or events predicted in these forward-looking statements may differ materially from actual results or events. These forward- looking statements are not guarantees of future performance, given that they involve risks and uncertainties. Historical information contained in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. In this regard, certain financial information contained herein has been extracted from, or based upon, information available in the public domain or provided by Gran Colombia. In particular historical results should not be taken as a representation that such trends will be replicated in the

  • future. Other 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 Gran Colombia’s

Annual Information Form dated as of March 30, 2020, which is available for view on SEDAR at www.sedar.com. Gran Colombia is not affirming or adopting any statements made by any other person in respect of the proposed transactions and expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events

  • r otherwise, except in accordance with applicable securities law, or to comment on expectations of, or statements made by, any other person in respect of the proposed transactions. Investors

should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement. This presentation may have been sent to you in an electronic form. You are reminded that documents transmitted via this medium may be altered or changed during the process of electronic

  • transmission. You are responsible for protecting against viruses and other destructive items. Your receipt of this electronic transmission is at your own risk and it is your responsibility to take

precautions to ensure that it is free from viruses and other items of a destructive nature. As a consequence of the above, neither the Gran Colombia nor any director, officer, employee or agent of any of them or any affiliate of any such person accepts any liability or responsibility whatsoever in respect of any difference between the presentation distributed to you in electronic format and the hard copy version that may be made available to you. CAUTIONARY STATEMENT REGARDING TECHNICAL INFORMATION: This presentation contains information regarding mineral resources estimated at the mineral projects referenced herein. Mineral resources are not mineral reserves and do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, socio- political, marketing or other relevant issues. In particular, the quantity and grade of reported inferred mineral resources are uncertain in nature and there is insufficient exploration to define these inferred mineral resources and an indicated or measured mineral resource in all cases. It is uncertain in all cases whether further exploration will result in upgrading the inferred mineral resources to an indicated or measured mineral resource category. For details regarding the key assumptions, parameters and methods used to estimate the mineral resources presented in respect of the Segovia Operations, please see the “Amended NI 43-101 Technical Report Prefeasibility Study Update Segovia Project Colombia", with a report date of July 8, 2019 and an effective date of December 31, 2018 (the “Segovia PFS”) . The “qualified persons” for the purposes of NI 43-101 include Ben Parsons, MSc, MAusIMM (CP), Principal Resource Geologist; Brian Olson, BS Chemical Engineering, P.ENG, MMSAQP, Senior Metallurgist; Cristian A. Pereira Farias, SME-RM, Senior Hydrogeologist; David Bird, MSc, PG, SME-RM, Principal Geochemist, Fredy Henriquez, MS Eng, SME, ISRM, Principal Consultant, Rock Mechanics; Jeff Osborn, BEng Mining, MMSAQP, Principal Mining Engineer; Fernando Rodrigues, BS Mining, MBA, MAusIMM, MMSAQP, Practice Leader/Principal Mining Engineer; Joshua Sames, PE, Senior Consultant (SRK Consulting); and, Mark Allan Willow, MSc, CEM, SME-RM, Practice Leader/Principal Environmental Scientist, each of whom is a "qualified person" for the purposes of NI 43‐101. The full content of this report may be accessed through Gran Colombia’s website at www.grancolombiagold.com or through its profile on SEDAR at www.sedar.com. For details regarding the key assumptions, parameters and methods used to estimate the mineral resources presented in respect of the Marmato Project, please see “NI 43-101 Technical Report Preliminary Economic Assessment Marmato Project” with a report date of February 6, 2020 and an effective date of July 31, 2019, prepared by SRK Consulting (U.S.), Inc. (the “Marmato PEA”). The "qualified persons" for the purposes of NI 43-101 include Ben Parsons, MSc, MAusIMM (CP) – Principal Consultant (Resource Geologist); Cristian Pereira Farias, SME-RM – Senior Consultant (Hydrogeologist); David Bird, PG, SME-RM – Associate Principal Consultant (Geochemistry); David Hoekstra, Bs, PE, NCEES, SME-RM – Principal Consultant (Water Resource Engineering); Eric Olin, MSc, Metallurgy, MBA, SME-RM, MAusIMM – Principal Consultant (Metallurgy); Fernando Rodrigues, BS Mining, MBA, MAusIMM, MMSAQP – Principal Consultant (Mining Engineer); Jeff Osborn, BEng, Mining, MMSAQP – Principal Consultant (Mining Engineer); Joanna Poeck, BEng Mining, SME-RM, MMSAQP – Principal Consultant (Mining Engineer); John Tinucci, PhD, PE, ISRM – Principal Consultant (Geotechnical Engineer); Mark Allan Willow, MSc, CEM, SME-RM – Principal Consultant (Environmental); and Joshua Sames, BSc Civil, PE – Senior Consultant (Civil Engineering), each of whom is a "qualified person" for the purposes of NI 43‐101. The full content of this report may be accessed through Caldas Gold’s website at www.caldasgold.com or through its profile on SEDAR at www.sedar.com. 2

Forward-Looking Statements DISCLAIMER

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SLIDE 3

TSX: GCM OTCQX: TPRFF May 2020

GRAN COLOMBIA 2.0

STRATEGIC RATIONALE

3

Value Creation for All Parties

(1) Based on midpoint of Gran Colombia guidance for Segovia and Marmato (on an attributable basis via 74% ownership in Caldas Gold) and of Guyana Goldfields May 7th news release. (2) Based on management estimates.

HIGH-GROWTH, LATAM-FOCUSED INTERMEDIATE GOLD PRODUCER

  • Strong pro forma 2020 production of 275koz(1) with production growth to over

500koz/year(2) through the development of 3 near-term growth projects:

− Toroparu, Aurora Underground and Marmato (via 74% ownership in Caldas Gold)

  • Poised to become a consolidator of the Latin American gold sector

UNLOCKS REALIZABLE SYNERGIES IN GUYANA

  • Toroparu is ~50km from Aurora  optimization opportunity to connect the two

sites to utilize existing Aurora infrastructure and significantly reduce upfront capex

  • Management estimates potential savings of ~US$200M (including G&A savings)

based on latest Toroparu and Aurora technical reports

ENHANCED BALANCE SHEET + ACCESS TO CAPITAL

  • US$100M in cash in addition to the financing support provided by Wheaton

Precious Metals Corp. to fund development in Guyana

  • Caldas Gold currently evaluating financing options for the Marmato expansion

ahead of pre-feasibility study due mid-2020

HIGHLY ACCRETIVE WITH STRONG RE-RATE POTENTIAL

  • Transaction is highly accretive to net asset value per share
  • Strong potential to re-rate as Gran Colombia enters a new larger peer set due to

the resulting benefits of enhanced production, free cash flow and liquidity along with potential increased index inclusion

PROVEN LATAM OPERATING AND MINE BUILDING EXPERIENCE

  • Proven experience operating in Latin America
  • Highly qualified executive team with mine building experience in the Guiana Shield
  • Demonstrated ability to improve and optimize assets

Source: company filings.

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SLIDE 4

TSX: GCM OTCQX: TPRFF May 2020

Offer

  • Guyana Goldfields (“GUY”): 0.142 GCM shares per GUY share, implying a value of C$0.90/sh

− 29% premium to the closing price of GUY shares on May 8, 2020

  • Gold X (“GLDX”): 0.500 GCM shares per GLDX share, implying a value of C$3.17/sh

− 41% premium to the 20-day VWAP price of GLDX shares on the TSX Venture Exchange on May 8, 2020

Implied Val alue

  • GUY: Implied equity value of ~C$155M (vs. C$105M in Silvercorp transaction announcement(1))
  • GLDX: Implied equity value of ~C$100M for the remaining ~81% of GLDX shares not owned by GCM

Ownership

  • Pro-forma basic ownership in combined entity will be ~60% GCM, ~25% GUY, ~15% GLDX

Interim Fin Financing for

  • r GUY
  • GCM can provide GUY with a loan of up to US$15M with defined use of proceeds related to
  • ngoing operations at Aurora Underground

Ap Approvals s / Conditions

  • Acquisition of each company is contingent on acquisition of both
  • GLDX’s Special Committee of the Board and GCM’s Board of Directors have unanimously approved

the Transaction

  • GLDX and GUY require shareholder votes with a 66 2/3 approval threshold of votes cast; GCM

requires shareholder vote with a 50% approval threshold of votes cast

  • Completion of definitive documentation with GUY (already delivered to GUY)
  • Majority of minority shareholder approval for GLDX (excluding the votes cast by GCM)
  • Other approvals including: regulatory, stock exchange

Vot

  • ting

Agr Agreements

  • GLDX: Officers, directors and certain shareholders, who collectively own ~15.48% of GLDX’s issued

common shares, have entered into voting support agreements in favour of the GLDX Transaction

PROPOSAL SUMMARY

4

Superior Offer for Shareholders

(1) Refer to Silvercorp Metals Inc.’s April 27th news release. Source: Company filings.

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TSX: GCM OTCQX: TPRFF May 2020

GRAN COLOMBIA 2.0

5

COMBINED COMPANY High Growth Intermediate Gold Producer >C$640M

Pro-Forma Market Cap.

>US$100M

Pro-Forma Cash Balance

3

Producing Mines

3

Growth Projects(1)

2.9 Moz

Pro-Forma 2P Reserves(2,3)

14.3 Moz

Pro-Forma M&I Resources(2, 3, 4)

9.1 Moz

Pro-Forma Inferred Resources(2,3,4)

240 koz

Standalone 2019A Gold Production

500+ koz

Targeted Future Production(5)

(1) Including Toroparu, Aurora Underground and Marmato (via 74% ownership in Caldas Gold). (2) Derived from Company’s March 30th press release for Segovia; “A Mineral Resource Estimate for the Sulphur Rose Deposit” dated February 14, 2011; “Preliminary Economic Assessment Report Toroparu Gold Project” dated July 18, 2019; “NI 43-101 Technical Report Preliminary Economic Assessment Marmato Project” dated February 6, 2020; “Technical Report on the Aurora Gold Mine” dated March 31, 2020. (3) Please see “Cautionary Statement Regarding Technical Information”. (4) Inclusive basis and including resources from 74% Zona Baja and Sulphur Rose. (5) Based on management estimates. Source: Company filings.

COLOMBIA GUYANA

Production Development

Toroparu Aurora Segovia Marmato

(via 74% )

BRAZIL VENEZUELA

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TSX: GCM OTCQX: TPRFF May 2020

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)

GRAN COLOMBIA 2.0

6

OPERATING BASE Strong Free Cash Flow Generator

20 40 60 80 100 120 2015 2016 2017 2018 2019 Operating Cash Flow Free Cash Flow

(1) Last twelve months as at December 31, 2019. (2) Refer to Company’s MD&A for computation. Source: Company filings.

Comparative Asset Milled Grade(1)

g/t

Gran Colombia Cash Flow Metrics

US$M

Amongst the Highest Grade Mines in the Gold Sector Substantial and Increasing Free Cash Flow

~US$100M

2019 Operating Cash Flow

~US$60M

2019 Free Cash Flow(2)

16.4 g/t

2019 Segovia Milled Grade

(2)

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TSX: GCM OTCQX: TPRFF May 2020 7

Unlocks Unique Synergies

The proximity of Aurora and Toroparu provides the unique

  • pportunity to integrate both assets into one operation

and realize substantial synergies

Enhanced Scale

 Management estimates an integrated operation could support a 15- year mine life with combined production of 200koz per year with potential to increase to 300koz per year

 >11 Moz contained Au M&I(1, 2) resources and 2.2 Moz 2P reserves(1,

2) across Aurora and Toroparu combined

 Combined land concession package of 165,000 ha

Capital Synergies & Savings

 Toroparu development costs significantly reduced through utilization

  • f existing Aurora facilities and its timeline can be rapidly accelerated

 Utilizes Aurora O/P mining fleet, camp, and leach processing facility which removes the need to build a new mill  In turn, integration delivers reduced ramp up and operating risk for Aurora U/G

Mine Planning Optimization

 Integrated U/G and O/P significantly reduces ramp up risk  Allows for more conservative U/G mining rates at Aurora while maintaining plant utilization

Operating Cost Synergies

 Combine G&A budgets  Shared port and access road maintenance costs

Greater In-country Presence

Aurora – Toroparu Map

GUYANA CONSOLIDATION

Aurora Toroparu ~50km

Management Estimates Potential Synergies of

US$200 million

(1) Derived from “A Mineral Resource Estimate for the Sulphur Rose Deposit” dated February 14, 2011; “Preliminary Economic Assessment Report Toroparu Gold Project” dated July 18, 2019; “Technical Report on the Aurora Gold Mine” dated March 31, 2020 (2) Please see “Cautionary Statement Regarding Technical Information”.

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TSX: GCM OTCQX: TPRFF May 2020

Reserves & Resources 2P Reserves

(Moz)

0.7

  • 2.2
  • 2.9

M&I (Incl.)

(Moz)

1.4 1.5 4.1 7.4 14.3 Inferred

(Moz)

1.3 2.5 2.2 3.2 9.1 Operating Stats

  • Avg. LOM attributable values from latest technical reports shown

2019 PFS 2019 PEA 2020 LOM Plan 2019 PEA Au Production

(koz)

210 86 147 188 500+ Cash Costs

(US$/oz)

$711 $799 $736 $541 AISC

(US$/oz)

$958 $882 $1,043 $780 Growth Capex

(US$M)

  • $199

$141 $378 210 500+ Segovia Marmato Aurora Underground Toroparu Gran Colombia Post Project Development

8

PRODUCTION GROWTH Pathway to 500koz of Production

(3) See Segovia PFS. (4) See Marmato PEA. (5) Based on midpoint of Gran Colombia 2020E guidance. Source: Company filings.

Guyana projects to be integrated and optimized to reduce capex and increase IRR

(2) (2)

Defined Pathway to Targeted Future Production of 500+ koz Management is targeting combined production of 200koz per year with potential to increase to 300koz per year

(5) (1) (1)

(via 74% ownership in Caldas Gold)

(1) Based on management estimates. (2) Includes resources from Sulphur Rose. Please see “A Mineral Resource Estimate for the Sulphur Rose Deposit” dated February 14, 2011; “Technical Report on the Aurora Gold Mine” dated March 31, 2020. (3) (4)

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TSX: GCM OTCQX: TPRFF May 2020

  • 25%

25% 75% 125% PF GCM Equinox Gold SSR Mining Dundee Precious Eldorado New Gold OceanaGold Torex Silvercorp IAMGOLD Pretium Alacer n.r.

  • $500

$1,000 $1,500 Alacer Dundee Precious Torex SSR Mining Pretium PF GCM 2020 Equinox Gold Eldorado OceanaGold IAMGOLD New Gold Silvercorp

  • 250 500 750 1,000

IAMGOLD Equinox Gold PF GCM Post-Project Development OceanaGold Torex Eldorado Pretium SSR Mining New Gold Alacer PF GCM 2020 Dundee Precious Silvercorp

GRAN COLOMBIA 2.0

9

GRAN COLOMBIA 2.0 GRAN COLOMBIA 2.0

MARKET POSITION Strong Production, Low Costs, High Growth

2019 Gold Production

koz

2019 AISC

US$/oz

2019-2022E Production Growth

%

(3) (1) Based on management estimates. (2) Shown on an AuEq basis. (3) Calculated using pro -forma LOM annual average production post- project completion relative to 2019 production. Source: Street research, company filings.

STRONG PRODUCTION LOW COSTS HIGH GROWTH

(1)

(2) (2)

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TSX: GCM OTCQX: TPRFF May 2020 10

TRANSACTION METRICS Highly Accretive to Net Asset Value

Notes: GCM: Based on analyst consensus NAVPS of C$10.40 and FDITM GCM shares outstanding of 77.3M, adjusted to remove current market value of ~19% equity interest in GLDX. GUY: Based on analyst consensus NAVPS of C$1.16 and FDITM GUY shares outstanding of 174.6M. GLDX: Based on 2019 PEA Toroparu NPV5% @ $1,300/oz, adjusted for corporate balance sheet items from latest FY2019 disclosure. Operational Synergies: Based on management estimates. FX Rate: C$1.00 = US$0.72

Total Estimated Corporate NAV(1)

US$M

GCM Net Asset Value/Sh

C$/sh

~50% Accretive

(1) Analysis excludes transaction costs. (2) Based on pro-forma FDITM GCM shares of 124.3M. Source: Street research, company filings.

(2)

US$577M (US$16M) US$145M US$495M US$200M US$1,401M C$10.40 C$15.70 Less: GLDX Equity Int. Operational Synergies Pro-Forma GCM Current NAVPS Pro-Forma NAVPS

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TSX: GCM OTCQX: TPRFF May 2020

GRAN COLOMBIA 2.0

11

GRAN COLOMBIA 2.0 GRAN COLOMBIA 2.0 GRAN COLOMBIA 2.0

VALUATION Compelling Re-Rate Opportunity

Current P/NAV Valuation

Ratio

(1) No analyst coverage; est. NAV based on “Preliminary Economic Assessment Report Toroparu Gold Project” dated July 18, 2019 and latest FY2019 company disclosure. Source: Street research.

Significant Re-rate Potential in Addition to Strong NAV Synergies

(1)

 Gran Colombia has a significant re-rating opportunity to establish the company as a leading intermediate gold producer in Latin America

1.2x 1.1x 1.0x 0.9x 0.8x 0.7x 0.7x 0.7x 0.7x 0.6x 0.6x 0.6x 0.5x 0.2x Alacer Pretium Silvercorp SSR Mining Dundee Precious Equinox Gold Torex New Gold OceanaGold Eldorado Gran Colombia Guyana IAMGOLD Gold X

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TSX: GCM OTCQX: TPRFF May 2020 12

GRAN COLOMBIA 2.0 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

 MINE BUILDING EXPERIENCE IN

GUIANA SHIELD

 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

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TSX: GCM OTCQX: TPRFF May 2020

GRAN COLOMBIA 2.0

13

GRAN COLOMBIA 2.0

ASSET OVERVIEW: MARMATO

 The Marmato Project is a gold and silver deposit located in Colombia and is operated by Caldas Gold

 Caldas Gold is a ~C$100M market cap gold producer that is majority owned by Gran Colombia, with Gran Colombia holding a 74% equity interest

 The mineralization is featured in Zona Baja, which contains the existing underground mine in the Upper Zone, and a new Deep Zone operation which sits below the Upper Zone vein system  Caldas Gold is currently advancing a PFS to incorporate the Deep Zone into its existing operations, due mid-2020  In February 2020, Caldas filed the results of its 2019 PEA study

 Immediate implementation of an optimized mine plan in the existing Upper Zone operation  Concurrent development and construction of the Deep Zone (expected to come online in 2023) to further increase total gold production and extend mine life

2019 PEA Production Profile – First 10 Years(1)

Koz Au | 100% Basis

Reserves and Resources(1)

(1) Resource estimates as at July 31, 2019 (on an attributable basis via 74% ownership in Caldas Gold). Please see “NI 43-101 Technical Report Preliminary Economic Assessment Marmato Project” dated February 6, 2020. Source: Company filings.

2019 Marmato PEA Summary (100% Basis)(1)

Upper Zone Mine Life (yrs) 16.0 Processing Rate (tpd) 1,500 LOM Average Grade (g/t Au) 3.82 LOM Average Mill Recovery (%) 87.0% LOM Avg. Gold Production (koz) 35 koz Sustaining Capex (US$M) US$41M LOM Cash Cost (US$/oz) US$803/oz LOM AISC (US$/oz) US$872/oz Deep Zone Start Year 2023 Mine Life (yrs) 16.0 Processing Rate (tpd) 4,000 LOM Average Grade (g/t Au) 2.50 LOM Average Mill Recovery (%) 95.0% LOM Avg. Gold Production (koz) 100 koz Initial Capex (US$M) US$269M Sustaining Capex (US$M) US$141M LOM Cash Cost (US$/oz) US$797/oz LOM AISC (US$/oz) US$885/oz After-Tax NPV 5% (US$M) @ $1,300/oz US$207M After-Tax IRR (%) @ $1,300/oz 20.0% Zona Baja (Attributable) kt g/t Au g/t Ag koz Au koz Au M&I 17 3.7 13.0 1,509 5,341 Inferred 45 2.3 3.7 2,451 3,917 37 39 35 117 167 185 174 151 137 135 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E Production (koz)

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TSX: GCM OTCQX: TPRFF May 2020

GRAN COLOMBIA 2.0

14

GRAN COLOMBIA 2.0

ASSET OVERVIEW: AURORA

 The Aurora mine is Guyana Goldfields’ fully-owned, flagship

  • peration located in Guyana which achieved commercial

production in January 2016  The Aurora mine has historically represented a significant portion of gold production in Guyana  In March 2020, the Company announced the completion of the 2019 LOM Review

 The proposed LOM Plan sequencing of continued open pit mining, transitioning to underground operations in 2021  Updated mineral reserves containing ~2.2 Moz Au and M&I resources containing ~3.8 Moz Au(1)  LOM average annual production of ~150 koz over the 14-year mine life(1)

2020 Updated LOM Plan Production and Cost Profile – First 10 Years(1)

Koz Au | AISC US$/oz

Reserves and Resources(1)

(1) R&R estimates as at December 31, 2019. Please see “Technical Report on the Aurora Gold Mine” dated March 31, 2020. Source: Company filings.

2020 Aurora Updated LOM Plan Summary(1)

75 164 191 211 144 153 152 151 143 140 $1,759 $782 $1,001 $942 $1,064 $908 $943 $937 $1,057 $1,034 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Production (koz) AISC (US$/oz) Mine Life (yrs) 14.0 Processing Rate (tpd) 5,200 LOM Average Grade (g/t Au) 2.70 LOM Average Mill Recovery (%) 92.4% LOM Avg. Gold Production (koz) 147 koz Initial Capex (US$M) US$141M Sustaining Capex (US$M) US$391M LOM AISC (US$/oz) US$1,043/oz After-Tax NPV 5% (US$M) @ $1,400/oz US$353M After-Tax IRR (%) @ $1,400/oz 55.0%

Aurora kt g/t Au koz Au Reserves Proven 1,880 2.03 123 Probable 23,972 2.75 2,118 Total Reserves 25,852 2.70 2,241 M&I (incl.) 37,600 3.16 3,816 Inferred 25,900 2.28 1,901

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TSX: GCM OTCQX: TPRFF May 2020

GRAN COLOMBIA 2.0

15

GRAN COLOMBIA 2.0

ASSET OVERVIEW: TOROPARU

 The Toroparu gold project is 100% owned by Gold X and is an advanced stage project located in the Upper Puruni River Region of Guyana  One of the largest in-situ gold projects owned by an independent junior mining company in South America

 Conventional open pit project with a long mine life of 24 years and average annual production of 188 koz(1)  Roughly 7.4 Moz of M&I resources and 3.2 Moz Inferred(1)

 In the final stages of permitting with a final review and license approval with the Guyana Geology and Mines commission  Company currently focused on completing the necessary step to deliver a production decision  Re-scoped PEA completed in 2019(1)

 Two-phased Development Plan based on higher grade gold resources contained near surface  Phase 1 production will start with a carbon-in-leach processing facility with mill capacity of 11.5 ktpd with planned expansion to 23 ktpd in year 11

 MoU with the Government of Guyana to develop the Kurupung River Hydroelectric Project to support the Toroparu Project while also providing significant operating cost savings over the life of mine

Reserves and Resources(1)

(1) Resource estimates as at September 2018. Please see “Preliminary Economic Assessment Report Toroparu Gold Project” dated July 18, 2019. (2) Phase 1 of development plan at 11.5 ktpd processing rate. Source: Company filings.

2019 Toroparu PEA Summary(1) PEA Production and Cost Profile(1)

Koz Au | AISC US$/oz

(2)

161 202 188 $790 $769 $780 Years 1 - 8 Years 9 - 24 LOM Avg. Production (koz) AISC (US$/oz) Toroparu Mt g/t Au g/t Ag % Cu Moz Au Moz Ag Mlb Cu M&I 253 0.9 0.8 0.08% 7.4 6.3 444 Inferred 129 0.8 0.1 0.04% 3.2 0.3 104

Mine Life (yrs) 24.0 Processing Rate (tpd) - Phase 1 11,500 Processing Rate (tpd) - Phase 2 23,000 LOM Average Grade (g/t Au) 1.01 LOM Avg. Gold Production (koz) 188 koz Initial Capex (US$M) US$378M Sustaining Capex (US$M) US$614M LOM Cash Cost (US$/oz) US$541/oz LOM AISC (US$/oz) US$780/oz After-Tax NPV 5% (US$M) @ $1,300/oz US$495M After-Tax IRR (%) @ $1,300/oz 20.3%

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TSX: GCM OTCQX: TPRFF May 2020

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