Segovia Operations

BLUE SKY POTENTIAL OF ONE OF THE MOST PROLIFIC UNDERGROUND GOLD OPERATIONS IN COLOMBIA

November 2018

TSX: GCM

OTCQX: TPRFF

Forward-Looking Statements DISCLAIMER

This presentation contains "forward-looking information", which may include, but is not limited to, statements withrespect to the future financial or operating performance of the Company and its projects, and, specifically, statementsconcerning anticipated growth in annual gold production, future cash costs and AISC, future G&A, exploration andcapex, excess cash flow and future repayments of its gold-linked notes. Often, but not always, forward-lookingstatements 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 suchwords 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 factorswhich may cause the actual results, performance or achievements of Gran Colombia to be materially different fromany future results, performance or achievements expressed or implied by the forward-looking statements. Factorsthat could cause actual results to differ materially from those anticipated in these forward-looking statements aredescribed under the caption "Risk Factors" in the Company's Annual Information Form dated as of March 27, 2018and its interim MD&A dated as of August 14, 2018, both of which are 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 Colombiadisclaims, other than as required by law, any obligation to update any forward-looking statements whether as aresult of new information, results, future events, circumstances, or if management's estimates or opinions shouldchange, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actualresults 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.

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Canadian-listed (TSX: GCM) producer with offices in Toronto and Medellin. Also listed in the US on the OTCQX (TPRFF).

Primary focus is on the high-grade Segovia Operations. Continuing to explore, expand and mechanize the underground

mining operations (89% of total H1-2018 production). In August 2017, announced a 4-year extension in mine life to 2026.

The Marmato Project, one of the Top-20 largest undeveloped global gold deposits, provides significant optionality to gold and

silver prices. Currently evaluating the potential to expand the existing underground mining operations, incorporating additional

resources from the deep mineralization.

The Zancudo Project, a former high-grade producer, provides exploration upside. IAMGOLD signed an option agreement in

2017 and is conducting exploration (drilling) toward a potential purchase and joint venture on the project.

In 2018, we simplified our capital structure and strengthened our balance sheet. At June 30, 2018, we had US$25M of

cash on the balance sheet. As of October 31, 2018, our total debt is down to US$88M.

LTM (September 2018) gold production of 214,439 ounces, up ~23%

over 2017 annual production.

LTM (June 2018) Adjusted EBITDA of $95M yielded $25M of Excess

Cash Flow.

Upside in resource expansion and exploration assets in Colombia.

Leading Colombian high-grade underground gold producer.

undervalued versus peers!

COMPANY OVERVIEW

LTM = Latest 12-month period

~17% interest in Sandspring Resources (TSXV: SSP) and its Toroparu

Project in Guyana.

3

AISC

(-23

%)

kozs

-

75

150

225

2014 2015 2016 2017 LTM (9/18)

Segovia Marmato

214kGold Production

LTM = Latest 12 months.(1) See Company’s MD&A for computation.

COMPANY PERFORMANCE

$-

$50

$100

2014 2015 2016 2017 LTM (6/18)

$95MAdjusted EBITDA (1)

US$M

Focus on our high-grade Segovia Operations has driven growth in production and adjusted EBITDA since 2014.

4

5

Antioquia Dept.

Segovia – Remedios Mining District

Three underground mines currently in production:• Providencia• El Silencio• Sandra K

SEGOVIA OPERATIONSProperties Location

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Mining Title RPP 140 is the main mining right that covers a total area of 2,871 ha, and was

granted to FGM in perpetuity.

The Carla Project comprises of 16 concessions, which have a combined area of

approximately 6,000 ha.

SEGOVIA OPERATIONSMining Rights – 100% Owned

PRODUCTION BY GRAN COLOMBIA

Year Tonnes Gold Ounces Au grade (g/t) Silver Ounces2010 149,214 50,313 11.38 51,780

2011 189,411 69,179 12.19 64,633

2012 260,420 79,178 11.02 88,856

2013 327,414 80,226 8.59 113,734

2014 238,575 75,010 9.1 91,109

2015 211,050 92,541 14.32 82,910

2016 284,895 126,023 13.77 111,053

2017 270,408 148,659 16.73 121,843

1,931,387 721,129 12.08 725,918

Grand Total 12,357,137 5,349,269 10.1

2018 (Sept)2018 Guidance

144,241185-195Kozs

17.1 160,543

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PRODUCTION BY FGM

Year Tonnes Gold Ounces Au grade (g/t) Silver Ounces

1869 -1898 141,633

1899 -1954 1,869,991 1,810,725

1957 -2010 8,555,759 2,675,782 9.74 2,936,530

10,425,750 4,628,140 2,936,530

Source: FGM. Data is recovered ounces.

MINING FROM LATE XVI CENTURY

SEGOVIA OPERATIONSHIGH-GRADE

WORLD CLASS DEPOSIT

SEGOVIA OPERATIONSHistorical & Current Gold Production

Mine Country Owner Au Grade in Milled Ore

Q4-2017 g/t

Au Cash Costs

Q4-2017 USD/oz

Fosterville Australia Kirkland Lake 21.50 $226

Yaramoko Burkina Faso Roxgold 17.60 $417

Segovia Colombia Gran Colombia 17.48 $662

Cerro Negro Argentina Goldcorp 16.74 $457

Turquoise Ridge USA Barrick Gold 15.22 $550

SEGOVIA OPERATIONSTop 5 Highest-Grade Underground Gold Operations in 2017 (1)

0

200

400

600

800

Fosterville Yaramoko Segovia Cerro Negro Turquoise Ridge

Median Au Cash Costs Throughout the World in 2017 (US$/oz) (1)

(1) Source: IMARC (miningintelligence.com Whitepaper, July 2018)

“Gold grade is a profitability driver for a mine.”

miningintellince.com

Segovia’s cash cost was below the median for all mines in 2017.

8

9

10 km

The Segovia – Remedios Gold District is hosted entirely by the Segovia Batholith of

Upper Jurassic age of diorite to granodiorite composition.

SEGOVIA OPERATIONSRegional Geology

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• Gold mineralization

occurs in a series of

narrow quartz-sulphide

veins, fitting in a dextral

compressional shearing

system;

• Orebodies have excellent

continuity along strike

and down-plunge.

SEGOVIA OPERATIONSMain Ore Deposits - Geologic Setting

3 main mines27 known veins

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Historical Drilling by FGM Total(m)

Number holes

Subtotal 60,452 574

2010-2017 Drilling by GCGTotal(m)

Number holes

Providencia Mine 29,002 161

Sandra K, Chumeca & Cogote Project

29,792 134

Las Aves Vein System 27,116 90

El Silencio Mine 1,422 22

Subtotal 87,332 407

Grand total 147,784 981

DRILLING PROGRAMS

LAVS

SEGOVIA OPERATIONSHistorical & Current Drilling Summary

More than 20,000m of infill drilling completed YTD

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SEGOVIA OPERATIONSHistorical & Current Drilling Summary

2010 2011 2012 2013 2014 2015 2016 2017

Company-operated 0 0 0 0 0 390 2.299 3.300

Drilling Companies 2.344 30.254 2.971 21.995 0 0 5.623 15.783

0

5.000

10.000

15.000

20.000

25.000

30.000

35.000

Meters Drilled by GCG 2010 - 2017

mostly from surface

mostly from U/G

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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, using a gold price of US$1,400/oz.

SEGOVIA OPERATIONSMineral Resources & Reserves Estimate

In March 2018, Gran Colombia announced an updated Mineral Resource Estimate and its maiden Mineral ReserveEstimate as follows:

CategoryGold Resources (1)

(ozs)Grade (g/t)

Measured 146,000 21.3

Indicated 1,100,000 10.7

Inferred 1,107,000 10.1

CategoryGold Reserves (2)

(ozs)Grade (g/t)

Proven 68,000 45.4

Probable 592,000 11.4

(1) Sourced from Segovia Technical Report, May 2018.(2) Mineral Resources are reported inclusive of the Mineral Reserve.

0

200

400

600

800

1000

1200

1400

1600

April 2012 August 2013 April 2017 March 2018

233

462

1.100

1.246

1.084

1.442

978

1.108

661

Mineral Resource Estimates2010 - 2018

M&I (Koz) Inferred (Koz) Reserves (koz)

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SEGOVIA OPERATIONSMineral Resource Estimates

+138%

+13%

-32%

+13%

+98%

Extended mine life by 4 years to 2026

mostly infill drilling

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SEGOVIA OPERATIONSAccelerate Growth Exploration Initiative

Short and mid-term accelerated growth exploration initiative

focused on:

• An organic growth through resource and reserve expansion at the Company’s core operating mines;

• Consolidate other advance deposits, e.g. LAVS, maybe suitable for LHOS;

• Follow-up brownfield exploration targets, e.g. Cristales, Cogote, Vera, San Nicolas, etc.

• EXPLORATION DRILLING aimed to test the deposit to the west of the current underground development. No previous drilling carried out on this sector of the mine.

PROVIDENCIA

U/G drilling

• STEP-OUT DRILLING aimed to test the down-plunge extension of a high-grade ore-shoot on the Manto Vein, located at the northernmost end of the mine. Drilling designed on nominal 25m x 25m center spacing. It also aimed to test the Manto Vein in between the Pre-K and K faults.

EL SILENCIO

U/G drilling

• STEP-OUT U/G DRILLING aimed to test the down-plunge extension of the main ore-shoots located within the north fault block of the Sandra K mine. Drilling designed on nominal 20m x 20m center spacing, and planned to guide the U/G development up to Level 6.

SANDRA K

VEINS SYSTEM

U/G drilling

• STEP-OUT DRILLING aimed to test the down-plunge extension of the north, middle and south high-grade ore-shoots 200 meters below the deepest levels of the existing operation. Drilling designed on nominal 50m x 50m center spacing.

EL SILENCIO DEEP

U/G drilling

CARLA

U/G drilling

• STEP-OUT DRILLING aimed to test the south extension of the main ore-shoot, and follow-up a high-grade intercept along strike and dip.

Up to 30,000m of infill drilling planned for 2019

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SEGOVIA OPERATIONSUpside Potential to growth

Increase M&I resourcesand reserves

Follow-up brownfield exploration targets

Consolidate advance deposits

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SEGOVIA OPERATIONSFollow-up Brownfield Targets

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SANDRA K MINEExploration Potential

Step-out & Infill drilling

6640 VeinNew Discovery

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Nacional Vein

Manto Vein

EL SILENCIO MINETargets to Expand and Discover New Mineral Resources

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EL SILENCIO DEEP2018-2019 Directional Drilling Program

2 drill stations10,000m in total

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Providencia mine

LAVS

LAS AVES VEIN SYSTEMConsolidate Advance Deposit

L4

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THANKS