Corporate Presentation January 2017 TSX: GCM January 2017 1 - PowerPoint PPT Presentation

The leading high ‐ grade gold producer in Colombia Corporate Presentation January 2017 TSX: GCM January 2017 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 January 2017 2

Gran Colombia Gold Leading Colombian high-grade underground gold producer. • undervalued versus peers! Annual gold production increased 28% to 149,687 ounces in 2016. AISC (full year average) expected to be US$825 to US$850/oz for 2016 compared with US$863/oz in 2015. 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. Reduced senior debt by $36M (19%) in 2016 through debt conversions and NCIB repurchases following January 2016 debt restructuring. TSX: GCM January 2017 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 ~36% to 126,237 ounces of gold in 2016.  Cash cost (2) averaged US$652/oz in 9M-2016.  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. Executing a 10,000 meters drill program that commenced in May 2016 to upgrade and expand resources.  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) By ‐ product credit basis. Refer to Company’s MD&A for computation. TSX: GCM January 2017 4

SEGOVIA OPERATIONS TSX: GCM January 2017 5

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 23,450 ozs of gold in 2016.  Cash cost (2) averaged US$962/oz in 9M-2016.  Ranked in Top-20 of undeveloped global gold deposits by size.  Deep zone drilling in 2012 shows that mineralization at Marmato extends at least 800m below the limit of the current underground mining operation and is still open at depth. Merits further exploration. Gold Resource (1) Gold Grade Silver Resource (1) 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) By ‐ product credit basis. Refer to Company’s MD&A for computation. TSX: GCM January 2017 6

MARMATO PROJECT Legend DRILL HOLES AU PPM Pending 0 0.1 0.1 0.3 0.3 1 1 2.5 > 2.5 BLOCKS AU PPM 0 0.1 0.1 0.3 0.3 1 1 2.5 > 2.5 TSX: GCM January 2017 7

CAPITAL STRUCTURE TSX Symbol Exercise 12 ‐ 31 ‐ 2015 01 ‐ 20 ‐ 2016 12 ‐ 31 ‐ 2016 Fully Price Exchange Diluted Date Shares Common shares GCM 23.7M 113.6M 277.7M 277.7M 2018 Debentures * GCM.DB.U US$0.13 N/A ** $71.2M $49.7M 382.6M 2020 Debentures * GCM.DB.V US$0.13 N/A *** $104.0M $101.2M 778.1M 1,438.4M 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 11.9M CA$1.84 0.7M Gran Colombia launched Normal Course Issuer Bids on July 21, 2016 to use the sinking funds to repurchase the 2018 and 2020 Debentures on the open market for cancellation . To date, Gran Colombia has repurchased and cancelled a total of US$2.9M principal amount of debentures , reducing its fully diluted shares by 22.4M. * 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 January 2017 8

SENIOR DEBT • Maturity – January 2, 2020 • Coupon – 6% cash, paid monthly • Convertible – holder option – US$0.13/ share • Redeemable/ open market repurchases permitted 2020 Debentures • At Maturity – settle in cash (TSX: GCM.DB.V) • Senior secured • Maturity – August 31, 2018 • Coupon – 1% cash, paid monthly • Convertible – holder option – US$0.13/ share • Redeemable/ open market repurchases permitted 2018 Debentures • At Maturity – Company option to settle in shares or in (TSX: GCM.DB.U) shares/cash if price < US$0.13/share • Senior unsecured • 100% of Excess Free Cash Flow Sinking Funds • 75% for 2020 Debentures, 25% for 2018 Debentures • To fund redemptions, repurchases, maturity TSX: GCM January 2017 9

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 January 2017 10

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 Latest Guidance Actual Trailing 12 Months as of Q3 ‐ 2016 144,000 – 150,000 (2) Gold production (ozs) 149,687 138,879 $699 (1) Cash cost/oz sold $700 ‐ $720 $700 AISC/oz sold $825 ‐ $850 $832 (1) $836 (1) 9M ‐ 2016 average. (2) Initial guidance was 120,000 to 138,000 ozs . TSX: GCM January 2017 11