October 2018 Corporate Presentation The Mid-Tier Gold Miner At a - PowerPoint PPT Presentation

October 2018 Corporate Presentation The Mid-Tier Gold Miner At a “Junior” Price TSX: GCM OTCQX: TPRFF Rising Production and EBITDA TSX: GCM October 2018 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, future cash costs and AISC, future G&A and capex, excess cash flow and future repayments of its gold-linked notes. 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 27, 2018 and 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 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 October 2018 2

GRAN COLOMBIA GOLD  Leading Colombian high-grade underground gold producer.  undervalued versus peers!  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.  ~17% interest in Sandspring Resources (TSXV: SSP) and its Toroparu Project in Guyana. 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 toward a potential purchase and joint venture on the project. Simplified capital structure and strengthened balance sheet in 2018. US$25M of cash on the balance sheet at June 30, 2018. LTM = Latest 12-month period TSX: GCM October 2018 3

2018 OUTLOOK Guidance Priorities 1. Improve capital structure: Settle 2018 Debentures; Refinance 2020/2024’s. 2. Continue implementation of optimized mine plan at Segovia: – Continue infrastructure, ventilation and other capital initiatives at Providencia and El Silencio mines; expand ore storage at Maria Dama plant; – Commence development and mechanization at Sandra K; – Environmental initiatives including tailings storage expansion and filter press; 3. 20,000m drilling program at Segovia; and 4. Technical studies and 8,500m drilling program at Marmato. 2018 Targets 2018 Guidance LTM Gold production 210,000 – 220,000 ozs (3) 214,439 (1) Cash cost/oz sold < $735/oz $705 (2) $915 (2) AISC/oz sold < $950/ oz (1) Latest 12-months ended September30, 2018. (2) Latest 12-months ended June 30, 2018. (3) Revised in September 2018; up from initial guidance of 182,000-193,000 ozs. TSX: GCM October 2018 4

2018 UPDATE On Track 2018 Priorities Progress Update Improve capital structure US$98M Offering completed April 30, 2018. New • Refinance 2020 and 2024 Debentures………………….. Gold Notes listed on the TSX in October (GCM.NT.U). Redeemed 20’s & 24’s on May 14, 2018. • Settle 2018 Debentures………………………………………… Completed on August 13, 2018. Settled balance 100% with shares. Common shares listed on OTCQX (TPRFF) in October. Continue implementation of optimized mine plan at Al programs underway….US$15.7M spent at Segovia Segovia …………………………………………………………………….. in H1-2018, including exploration and development and capital projects. 20,000m drilling program at Segovia ………………………. Executed 16,200m through September, ~81% of its planned 20,000m drilling campaign. New structure discovered at depth in El Silencio mine….following up with 10,000m additional drilling program starting in early November 2018. Technical studies (PEA) and 8,500m drilling program JDS Energy & Mining has been working with the at Marmato ……………………………………………………………… Company on the initial study phase of the project. Drilling commenced in mid-June with two rigs and by end of September, 34% of program completed. TSX: GCM October 2018 5

Highlights 2018 RESULTS 2 nd Quarter 1 st Half 2018 2017 2018 2017 52,906 46,075 Gold production (ozs) 105,578 85,083 53,051 45,179 Gold sales (ozs) 102,661 83,613 $1,286 $1,225 Realized gold price ($/oz) $1,290 $1,201 Cash cost ($/oz) (1) $696 $676 $683 $709 $913 $884 AISC ($/oz) (1) $905 $910 $68.9M $56.0M Revenue $133.7M $101.7M Adjusted EBITDA (1) $26.5M $21.3M $53.9M $34.9M ($30.7M) $33.8M Net income (loss) ($25.4M) $33.0M ($1.09) $1.65 Per share ($1.02) $1.64 Adjusted net income (1) $8.2M $6.8M $18.1M $9.9M Mine development at Sandra K – July 17, 2014 $0.29 $0.33 Per share $0.72 $0.50 Excess Cash Flow (1) $11.2M $3.2M $13.8M $5.5M TSX: GCM (1) Refer to Company’s MD&A for computation October 2018 6

2018 RESULTS Production 2 nd Quarter 1 st Half 2018 2017 2018 2017 Gold (ozs) Segovia Company mines 19,045 21,707 40,732 40,994 El Silencio 22,618 14,294 43,284 22,702 Providencia 2,867 889 4,923 1,664 Sandra K 44,530 36,890 Total Company mines 88,939 65,360 2,541 3,338 4,604 7,636 Other contract mines 47,071 40,228 Total Segovia Operations 93,543 72,996 5,835 5,847 Marmato 12,035 12,087 52,906 46,075 Total Company 105,578 85,083 47,930 44,691 Silver (ozs) 93,736 86,370 Segovia • Our primary focus is our Company mines which provided 95% of Segovia’s total H1-2018 gold production. • Improvement in head grades and tonnes mined in the Providencia mine has been key catalyst for Segovia’s production growth in 2018 versus 2017. Marmato • Continues to be a steady producer … . evaluating expansion options to incorporate the Deeps mineralization. TSX: GCM October 2018 7

Gold Production PERFORMANCE 225 214k 200 175 Segovia Marmato 150 AISC (-23%) 125 kozs 100 75 50 25 - 2014 2015 2016 2017 LTM * Focus on our high-grade Segovia Operations is driving growth. Raised guidance to 210,000 – 220,000 ounces for 2018. * LTM = Latest 12 months ended September 30, 2018 TSX: GCM October 2018 8

PERFORMANCE All-In Sustaining Costs (1) $1,400 $1,200 Capex, G&A Total Cash Cost AISC (-23%) $1,000 $915 US$/oz $800 sold $600 $400 2014 2015 2016 2017 LTM (2) Optimization of Segovia’s cost structure continues to benefit Total Cash Cost/oz. AISC reflecting increased focus on exploration, development and modernization of Segovia. (1) Refer to the Company’s MD&A for computation. TSX: GCM (2) LTM = Latest 12 months ended June 30, 2018. October 2018 9

PERFORMANCE Adjusted EBITDA (1) $100 $95M $80 $60 US$M $40 $20 $- 2014 2015 2016 2017 LTM (2) Adjusted EBITDA growth is driving improved capacity to fund capex programs, service debt and add cash to our balance sheet. (1) Refer to Company’s MD&A for computation. TSX: GCM (2) LTM = Latest 12 months ended June 30, 2018. October 2018 10

Excess Cash Flow (1) PERFORMANCE $95M of Adjusted EBITDA Excess Cash Flow is used Latest 12 Months Ended June 30, 2018 to meet principal repayments of debt and to build cash balances. Income taxes $19M Capex $31M Interest $9M Working capital and other obligations $11M Over the next 12 months, Excess cash flow principal repayments of the $25M Gold Notes to be funded with Excess Cash Flow will amount to $19.5M. (1) Refer to Company’s MD&A for computation . TSX: GCM October 2018 11