Corporate Presentation September 2016 TSX: GCM OTC: TPRFF September - PowerPoint PPT Presentation

The leading high ‐ grade gold producer in Colombia Corporate Presentation September 2016 TSX: GCM OTC: TPRFF September 2016 1

DISCLAIMER Forward ‐ Looking Statements 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, reduction of cash costs and AISC, future G&A, capex and excess cash flow, interest payments on the senior debt and future purchases and/or redemptions of the senior debt. 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, 2016 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. TSX: GCM OTC: TPRFF September 2016 2

Gran Colombia Gold Leading Colombian high-grade underground gold producer. • undervalued versus peers! Gold production increased 18.5% to 117,000 ounces in 2015. • projecting 135,000 - 145,000 ozs in 2016…97,000 ozs through August. AISC (full year average) below US$900/ oz for 2015. • projecting US$850 to US$950/oz for 2016….$802/oz in H1-2016. Upside in resource expansion and exploration assets. Canadian-listed (TSX: GCM) producer with offices in Toronto/Medellin. Currently the largest underground gold and silver producer in Colombia. Advancing a project to expand and mechanize its high-grade gold and silver mines at its Segovia Operations (~84% of total production). The Marmato Project , one of the Top-20 largest undeveloped global gold deposits, provides significant optionality to gold and silver prices with current resources in excess of 14M ozs of gold and almost 90M ozs of silver. Deep mineralization holds potential to add resources. The Zancudo Project , a former high grade producer, provides additional exploration upside. Successfully completed senior debt restructuring in January 2016; launched NCIBs in July 2016 to repurchase debt. TSX: GCM OTC: TPRFF September 2016 3

SEGOVIA OPERATIONS Gold Resource (1) Grade Category (ozs) (g/t) Measured 77,000 25.3 Indicated 351,000 16.8 Inferred 1,298,000 10.5  High-grade quartz-sulfide veins in historic mining district.  Over 5 million ounces of gold produced through continuous mining over past 150 years. Production increased ~25% to 92,894 ozs of gold in 2015 with mine-level AISC (2) of US$776/oz.   Projected 7-year mine life producing > 600,000 ozs of gold with a LOM average mine-level AISC of US$839/oz according to SRK Consulting’s December 2015 Segovia mine plan update.  Three active underground mines (31 historic mines) and a substantial land package of ~9,000 hectares. Unique RPP contract license grants mining rights in perpetuity.  Currently advancing a project to develop, expand and mechanize underground mining operations.  Local contract cooperative mining model is successfully leveraging artisanal mining capabilities in high-grade secondary pillar recovery operations and improving environmental management in the area.  Maria Dama plant has been expanded to handle up to 1,500 tpd. (1) Based on September 2013 NI43 ‐ 101 and updated for production to December 31, 2015. (2) Cash cost, capex and environmental discharge fees; excludes allocation of corporate G&A. TSX: GCM OTC: TPRFF September 2016 4

MARMATO PROJECT  Mineralization is hosted by sheeted pyrite vein system in dacite to andesite porphyry stocks.  Mountain of gold in historic mining district.  Existing underground mining operation with production of 23,963 ozs of gold in 2015 with mine-level AISC (2) of US$967/oz.  Ranked in Top-20 of undeveloped global gold deposits by size.  Deep zone mineralization discovered in 2012 merits further exploration. Gold Resource (1) Silver Resource (1) Gold Grade Silver Category (ozs) (g/t) (ozs) Grade (g/t) Measured 1,689,000 1.0 7,832,000 4.8 Indicated 9,912,000 0.9 71,517,000 6.3 Inferred 2,583,000 1.0 9,419,000 3.7 (1) Based on August 2012 NI43 ‐ 101; updated for production to 12 ‐ 31 ‐ 2015 and reduction due to 2015 lapse of certain licenses in open pit area. (2) Cash cost, capex and E&E costs; excludes allocation of corporate G&A. TSX: GCM OTC: TPRFF September 2016 5

BOARD & MANAGEMENT Board of Directors Serafino Iacono Executive Co ‐ Chairman Miguel de La Campa Executive Co ‐ Chairman Robert Metcalfe * Lead Independent Director; Lawyer Mark Ashcroft * Mining executive; Professional Engineer Jaime Perez Branger * Managing Director, Blue Pacific Ed Couch * Investor Rodney Lamond * Mining executive; Professional Mining Engineer Ian Mann * Resource sector fund manager Hernan Martinez * Former Colombian Minister of Mines and Energy Mark Wellings * Mining executive; Professional Engineer Key Management Lombardo Paredes Chief Executive Officer Michael Davies Chief Financial Officer Alessandro Cecchi Vice President, Exploration Hector Melendez Mine General Manager, Segovia Operations Gabriel Gaviria Mine General Manager, Mineros Nacionales * Independent TSX: GCM OTC: TPRFF September 2016 6

January 20, 2016 DEBT RESTRUCTURING 2020 Debentures (TSX: GCM.DB.V) • Maturity – January 2, 2020 • Coupon – 6% cash, paid monthly • Convertible – holder option – US$0.13/ share Gold Notes • Redeemable/ open market repurchases permitted (US$100M*) • At Maturity – settle in cash • Senior secured, no changes to ranking, security or covenants 2018 Debentures (TSX: GCM.DB.U) • Maturity – August 31, 2018 • Coupon – 1% cash, paid monthly • Convertible – holder option – US$0.13/ share Silver Notes • Redeemable/ open market repurchases permitted (US$78.6M*) • At Maturity – Company option to settle in shares or in shares/cash if price < US$0.13/share • Senior unsecured, no changes to covenants or events of default • 100% of Excess Free Cash Flow New Sinking Funds • 75% for 2020 Debentures, 25% for 2018 Debentures • To fund redemptions, repurchases, maturity * Principal amount excluding accrued and unpaid TSX: GCM interest and a 2% restructuring fee. OTC: TPRFF September 2016 7

CAPITAL STRUCTURE TSX Symbol Exercise 12 ‐ 31 ‐ 2015 01 ‐ 20 ‐ 2016 09 ‐ 06 ‐ 2016 Fully Price Exchange Diluted Date Shares Common shares GCM 23.7M 113.6M 277.6M 277.6M 2018 Debentures * GCM.DB.U US$0.13 N/A ** $71.2M $49.8M 382.8M 2020 Debentures * GCM.DB.V US$0.13 N/A *** $104.0M $102.5M 788.3M 1,448.7M Warrants GCM.WT.A CA$3.25 4.2M 4.2M 4.2M Unlisted CA$18.75 1.0M 1.0M 1.0M Options CA$0.17 to CA$18.25 0.9M 0.9M 12.7M Gran Colombia launched Normal Course Issuer Bids on July 21, 2016 to repurchase the 2018 and 2020 Debentures on the open market for cancellation . * Amounts shown above for the Senior Convertible Debentures are at Face Value. ** Replaced the US$78.6M Silver Notes due 2018. *** Replaced the US$100M Gold Notes due 2017. TSX: GCM OTC: TPRFF September 2016 8

2016 OUTLOOK Priorities 1. Monthly interest payments on 2018 and 2020 Debentures. 2. Continue implementation of optimized mine plan at Segovia:  Primary focus on development and mechanization at Providencia;  Secondary focus on development and mechanization at El Silencio; and,  10,000m drilling program at Segovia to be completed by end of year. 3. Improve balance sheet by reducing the working capital deficit. 4. Excess free cash flow  sinking funds for 2018/2020 Debentures  NCIBs. 2016 Annual Targets Prior Guidance H1 ‐ 2016 Actual Current Guidance 69,718 (1) Gold production (ozs) 120,000 ‐ 138,000 135,000 – 145,000 Cash cost/oz sold $700 ‐ $750 $682 $ 700 ‐ $750 AISC/oz sold $850 ‐ $950 $802 $850 ‐ $950 (1) Actual = 96,572 ozs at end of August 2016. Focused on Cash, Costs and Execution! TSX: GCM OTC: TPRFF September 2016 9