TSX: GCM OTCQX: TPRFFs21.q4cdn.com/834539576/files/GCM-October-2019.pdfTSX: GCM OTCQX: TPRFF October 2019 GRAN COLOMBIA 2.0 Gran Colombia’s high‐grade Segovia Operations are continuing

TSX: GCM OTCQX: TPRFFOctober 2019

TSX: GCM OTCQX: TPRFF

A Leading High‐Grade Underground Gold Producer

October 2019

Corporate Presentation


Forward‐Looking Statements DISCLAIMER

This presentation contains "forward‐looking information", which may include, but is not limited to, statements with respect tothe future financial or operating performance of the Company and its projects, and, specifically, statements concerninganticipated growth in annual gold production, future cash costs and AISC, future G&A and capex, excess cash flow and futurerepayments of its gold‐linked notes. Often, but not always, forward‐looking statements can be identified by the use of wordssuch 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 unknownrisks, uncertainties and other factors which may cause the actual results, performance or achievements of Gran Colombia to bematerially different from any future results, performance or achievements expressed or implied by the forward‐lookingstatements. Factors that could cause actual results to differ materially from those anticipated in these forward‐lookingstatements 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 thedate 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 estimatesor 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 iscautioned not to place undue reliance on forward‐looking statements.

All amounts are denominated in U.S. dollars, unless indicated otherwise.


2018Gold Production

218,000 ozs

EMERGING MID-TIER GOLD MINER Focus in Colombia

3

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 and spin out to new vehicle

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


THE RIGHT TEAM

4

DirectorsMiguel 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

ManagementSerafino 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

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 operations in Colombia


GRAN COLOMBIA 2.0

Gran Colombia’s high‐grade Segovia Operations are continuing to fuel production growth with ~230,000 ounces of gold production in TTM September 2019, up 6% over 2018.

Market capitalization is benefitting from capital structure simplification in 2018 and execution of the turnaround strategy.

~98% appreciation in share price since one year ago. Share price is currently ~62% of analysts’ targets.

Maintaining strength in the Company’s balance sheet in 2019.

Gold Notes will be down 22% from one year ago to $68.8M as of October 31, 2019. $63M of cash as of September 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 underground expansion through new listed vehicle and 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.”

5TTM = Trailing 12 months


CAPITAL STRUCTURE Fully Diluted = ~68M shares

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

Stock Options1.7 million @ CA$2.55 to CA$3.67 (2021‐2024 expiry)

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

6

Common Shares

50.0 millionMarket Capitalization (as of October 15, 2019)

CA$247 million

Outperforming the TSX Global Gold Index


RESULTS Solid Turnaround

7

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

SegoviaMarmato

$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.


Cash & DebtRESULTSAISC (‐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 million as of September 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.

8


2019 OUTLOOK

Priorities1. CA$20M bought deal private placement of convertible debentures ‐ COMPLETED2. 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 filter press has been commissioned.

3. Expanding drilling program over next 18 months at Segovia with bought deal proceeds to accelerate step‐out and brownfield drilling to increase reserves for production growth and mine mine life extension.

4. Finalizing PEA document for underground expansion project at Marmato…proceeding to PFS.5. Providing technical support to Sandspring; monitoring opportunity in Venezuela.

2019 Targets2019 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

9


PROPERTIES

Marmato Project“Pursuing Underground Mine Expansion Opportunity”

Ownership 100%

MineralResources (1)‐ M&I‐ Inferred

Gold:3,844 kozs 2.9 g/t4,194 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%

MineralResources (1)‐ M&I‐ Inferred

Gold:1,327 kozs 11.8 g/t1,157 kozs 10.1 g/t

Mineral Reserves (1,2)‐ Proven‐ Probable

Gold:30 kozs 11.7 g/t658 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

10

Equity investments:

Sandspring ResourcesTSXV: SSP

(Guyana/Colombia)

Western AtlasTSXV: WA

(Canada/Venezuela)


SEGOVIA OPERATIONS Production Stage

High‐grade mesothermal quartz‐sulfide veins in historic miningdistrict….over 5 million ounces of gold produced through continuousmining over past 150+ years. Expected mine life runs through to 2026(2017 PEA).

Three active underground mines (27 known veins) and a substantialland package of ~9,000 hectares, including a unique RPP contractlicense over ~3,000 hectares which grants mining rights in perpetuity.

11

Main Mineralization ZonesLicense Boundaries for Segovia & Carla (100% Owned)


SEGOVIA OPERATIONS El Silencio Mine

12

M&I 784 kozs 10.6 g/tInferred 548 kozs 9.9 g.t

Reserves 381 kozs 9.3 g/t 2018 Production of 85,000 ozs, up 5% from 2017H1‐2019 Production of 43,000 ozs, up 6% from H1‐2018


SEGOVIA OPERATIONS Providencia Mine

13

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


Reserves 220 kozs 17.1 g/t


SEGOVIA OPERATIONS Sandra K Mine

14

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


Reserves 54 kozs 9.8 g/t


Chicharron(Sandspring Resources)

Blue Sky Potential

Currently operating mines on only 3 of 27 known veins in the RPP-140 license.

15

Increase M&I resources and reserves

Consolidate advance deposits

Follow‐up brownfield exploration projects

Areas of Immediate Interest

SEGOVIA OPERATIONS


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.

16


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

17


MARMATO PROJECT

Mountain of gold in historic mining district.

Mineralization is hosted by sheeted pyrite vein system indacite to andesite porphyry stocks.

Deep Zone drilling shows that mineralization is continuousalong strike for ~500 m and has a confirmed down dipextent that reaches up to 800 m with a thickness thatvaries between 35 m and 150 m. It remains open at depthand to the east.

The 2018‐19 drilling campaigns have increased ourconfidence in the geological model contributing toinclusion of additional Deep Zone mineralization in thelatest Mineral Resource update.

Currently finalizing PEA document for underground mineexpansion incorporating the Deep Zone mineralization.

Commencing additional drilling and technical studiestoward expected completion of a PFS by mid‐2020.

Gran Colombia has announced its intention to spin out theMarmato mining assets to a new listed vehicle.

Mine Expansion Opportunity

18

The Future of Marmato is Going Underground

11%2018

Production

Gran Colombia announced its intention on October 7, 2019 to spin out the Marmato mining assets in Zona Baja to a new listed vehicle in a transaction withBluenose Gold Corp. (TSX‐V: BN.H) whereby:

Bluenose will consolidate its shares on a 1‐for‐10 basis resulting in 10.6M shares I&O.

Gran Colombia will vend‐in the Marmato mining assets (C$57.5M valuation) plus C$5M in cash for an initial ~75% position in Bluenose.

Bluenose will complete a brokered private placement raising C$10M‐C$15M of C$2.00 Units (one share + one warrant at C$3.00 for 5 years), dilutingGran Colombia to between 56% and 67% depending on final deal size and exercise of warrants and options by third party investors.

Expect to close RTO and equity financing mid‐December 2019.


Mine Expansion OpportunityMARMATO PROJECT

19

Mining Upper Zone

Mining Deeps Zone

ZonaAlta/Echandia(Zona Alta)

ZonaBaja

Deeps Zone

Summary of Marmato Breakdown for Reporting Areas


Mineral Resource EstimateAs of July 31, 2019

MARMATO PROJECT

20

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

operation.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 othermetal.

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, suitablebenchmarked technical and economic parameters and gold recoveries of 95% for underground resources, without considering revenues from other metalwithin a limiting pit shell. The Deep Zone includes mineral resources an elevation of 1,025 masl.


Life‐of‐Mine Plan (“PEA”) ResultsMARMATO PROJECT

21

‐

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000

Oun

ces

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 headgrade 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 rangebetween 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 averageLoM 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.


For Further Information, Contact: Mauricio Ostos

Investor Relations(416) 360‐4653

[email protected]

Documents

TSX: GCM OTCQX: TPRFFs21.q4cdn.com/834539576/files/GCM-October-2019.pdfTSX: GCM OTCQX: TPRFF October 2019 GRAN COLOMBIA 2.0 Gran Colombia’s high‐grade Segovia Operations are continuing