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TSX: GCM OTCQX: TPRFFJanuary 2020

TSX: GCM OTCQX: TPRFF

A Leading High‐Grade Underground Gold Producer

January 2020

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.


2019Gold Production

240,000 ozs+10% over 2018

EMERGING MID-TIER GOLD MINER Focus in Colombia

3

Marmato Project

High‐grade underground mines

88% of production

2019: 214,000 ozs

Head grades averaged 16.4 g/t in 2019

One of the Top 5 Highest Grade Underground Global Gold Mines

Underground mine expansion will incorporate Deep mineralization in second mining operation

Spinning out to a new vehicle, Caldas Gold Corp, in early 2020, retaining ~70% equity interest

12% of production

2019: 26,000 ozs

Segovia Operations

Mining Projects in Historic Mining Districts with

Significant Exploration Upside


THE RIGHT TEAM

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Directors Miguel 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

Seasoned Experience in Colombia


GRAN COLOMBIA 2.0 Gran Colombia’s high‐grade Segovia Operations are continuing to fuel the Company’s production

growth, reaching 240,000 ounces of gold production in 2019, up 10% over 2018.

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

~98% appreciation in share price in 2019. Share price is currently ~70% of analysts’ targets. CA$15M strategic investment by Eric Sprott in November 2019.

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

Gold Notes will be down 23% from one year ago to $63.9M as of January 31, 2020. $84M of cash as of December 31, 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. Accelerating step‐out and brownfield drilling with 70,000 m planned over the next approximately 18 months.

Upside potential with Marmato underground expansion through new TSXV‐listed vehicle (Caldas Gold Corp) 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.”

5


CAPITAL STRUCTURE Fully Diluted = ~74.4M shares

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

Unlisted: 3.3 million @ CA$5.40 (2023 expiry)

Stock Options0.4 million @ CA$2.55 (2021‐2022 expiry)

0.5 million @ CA$3.16 (2023 expiry)

0.5 million @ CA$3.67 (2024 expiry)

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

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Common Shares

53.6 millionMarket Capitalization (as of December 31, 2019)

CA$298 million

Outperforming the TSX Global Gold Index


RESULTS Solid Turnaround

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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 9M‐18 9M‐19

Segovia

Marmato

$M

$‐

$250

$500

$750

$1,000

2017 2018 TTM 9M‐18 9M‐19

AISC Total Cash Cost

US$/oz

$‐

$35

$70

$105

$140

2017 2018 TTM 9M‐18 9M‐19

$‐

$20

$40

$60

$80

$100

2017 2018 TTM 9M‐18 9M‐19

Operating Cash Flow Free Cash Flow

TTM = Trailing 12‐months ended September 2019 for financial measures.


Cash & DebtRESULTSAISC (‐23%

)

$‐

$20

$40

$60

$80

$100

$120

$140

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Cash Debt (1)

$M

2018 2019Gran Colombia’s balance sheet is getting stronger each quarter:• Cash has increased to $84 million as of December 31, 2019…added CA$15M through strategic investment in early

November 2019 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 and will be $63.9M at end of January 2020.• Fitch affirmed Gran Colombia’s “B” Stable Outlook rating at the end of October 2019.

(1) Aggregate principal amount outstanding.

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GOLD NOTES Exposure to Upside on Gold

• Issued April 30, 2018 and mature on April 30, 2024• Senior secured obligation of Gran Colombia• US$63.9 million outstanding as of January 31, 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 10% of Segovia’s projected future production is required to meet principal repayments

B (Outlook Stable) ‐

5,000

10,000

15,000

2020 2021 2022 2023 2024

Amortization Schedule(Ounces to be Deposited to Gold Trust Account)

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SEGOVIA OPERATIONS Production Stage

High‐grade mesothermal quartz‐sulfide veins in historic miningdistrict….over 6 million ounces of gold produced through continuousmining over past 150+ years.

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.

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


4th Highest Grade Gold Mine Globally (Last 12 Months *)

0

5

10

15

20

25

30

35

• As of September 2019** As of December 31, 2018

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SEGOVIA OPERATIONS High‐Grade Producer

2P reserves** 1.9 Mt 11.0 g/t 0.7 Mozs

M&I Resources** 3.5 Mt 11.8 g/t 1.3 MozsInferred Resources** 3.6 Mt 10.1 g/t 1.2 Mozs


Chicharron(Sandspring Resources)

Blue Sky Potential

Currently operating mines on only 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


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.

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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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MARMATO PROJECT The New Caldas Gold

Spinning out the Marmato mining assets in Zona Baja

RTO transaction with Bluenose Gold (TSX‐V: BN.H) to create Caldas Gold Corp with listing on the TSXV

Gran Colombia will maintain a controlling position in Caldas Gold

Completed a brokered private placement in late 2019 led by Scotia raising CA$6.6M

CA$2.00 Units ‐ one share + one warrant at CA$3.00 for five years

Gran Colombia will contribute up to CA$15M 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 in early 2020.

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Mine Expansion into the DEEPSMARMATO PROJECT

Mining Upper ZoneExisting mine and 1,200 tpd plant

Mining Deeps ZoneFuture mine with new 4,000 tpd plant

ZonaAltaRetained by Gran Colombia

Zona BajaCaldas Gold

See page 19 for Mineral Resources by Area and Page 20 for PEA Results Summary

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Zona BajaCaldas Gold


Mineral Resource EstimateAs of July 31, 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

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.

17


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

‐

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

18

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.


Exploration UpsideMARMATO 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

20

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For Further Information, Contact: Mauricio Ostos

Investor Relations(416) 360‐4653

[email protected]

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