Gran Colombia Gold Corporate Presentation - September 2017

1. 1
September
2017
Corporate
Presentation
l TSX: GCM l
September
2017

2. 2
September
2017
Forward‐Looking Statements DISCLAIMER
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 sinking funds for the senior debentures and future purchases and/or redemptions of the senior
debentures. 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, 2017 which is available for view on SEDAR at www.sedar.com.
Forward‐looking statements contained herein are made as of the date of this press release 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.

3. 3
September
2017
Canadian-listed (TSX: GCM) producer with offices in Toronto and Medellin.
Primary focus is on the high-grade Segovia Operations. Continuing to expand and mechanize the underground mining
operations (~86% of total LTM production). Recently 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 to conduct exploration and for the potential purchase of an interest.
Reducing Senior Secured Debt and potential dilution ahead of maturity with Excess Cash Flow.
 LTM gold production of 165,073 ounces, up 10% over 2016 annual
production.
 LTM AISC averaged US$901/oz…..expected to be below US$900/oz
for the full year 2017.
 Upside in resource expansion and exploration assets in Colombia.
 Leading Colombian high-grade underground gold producer.
 undervalued versus peers!
Gran Colombia Gold
LTM = Latest 12‐month period ended June 30, 2017

4. 4
September
2017
2016 ACCOMPLISHMENTS
Priorities
 Completed senior debt restructuring in January 2016.
 Made all monthly interest payments on Senior Debentures.
 Continued implementation of optimized mine plan at Segovia.
 Completed 10,000m drilling program at Segovia….upgraded resources.
 Improved balance sheet by reducing working capital deficit.
 Balance sheet improved through conversion of Senior Debentures to equity.
 Generated Excess Cash Flow for deposit to sinking funds for Senior
Debentures and used funds to repurchase debt for cancellation.
2016 Targets
Guidance Actual
Gold production (ozs) 120,000 – 138,000 149,708
Cash cost/oz sold $700 ‐ $750 $706
AISC/oz sold $850 ‐ $950 $850
Exceeded Guidance

5. 5
September
2017
Mid‐2017 Progress Highlights
2017 Priorities First Half Accomplishments
Improve capital structure
• Share consolidation (1:15)
• Senior Secured debt extension
• Completed April 25, 2017.
• $47M extended to 2024 on May 31, 2017.
Generate Excess Cash Flow = 10% of principal
amount of Senior Debentures
• Generated $5.5M in H1‐2017.
• $2.0M used to cancel $2.4M of 2020s (NCIB).
• $3.0M redemption of 2020s on July 31, 2017.
Continue implementation of optimized mine plan
at Segovia:
• Development and mechanization at Providencia
and El Silencio
• Upgrades at Maria Dama and TSF expansion
H1‐2017 sustaining capex of $11.9M (~$142/oz):
• ~40% related to exploration &development
• ~30% mines and related infrastructure
• ~15% Maria Dama plant upgrades
• ~10% related to new water treatment plant
20,000m drilling program at Segovia • Commenced late January 2017.
• 4 rigs currently in the field; 40% complete
Update mineral resource estimates:
• Segovia
• Marmato Underground
• Completed effective March 15, 2017
• PEA to be filed September 2017
• Expected September2017

6. 6
September
2017
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
De Lyle Bloomquist * Retired executive
Ed Couch * Investor
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

7. 7
September
2017
CAPITAL STRUCTURE
TSX Symbol Exercise Price Issued &
Outstanding
2017‐08‐31
Fully Diluted
Shares (2)
Common shares GCM 20.5M 20.5M
2018 Debentures (1) GCM.DB.U US$1.95 $46.0M 23.6M
2020 Debentures (1) GCM.DB.V US$1.95 $48.7M 25.0M
2024 Debentures (1) GCM.DB.X US$1.95 $47.0M 24.1M
93.2M
Options CA$2.55 1.8M
(1) Amounts shown for the Senior Debentures are at Face Value.
(2) Pro forma assuming no further conversions, NCIB purchases or redemptions prior to that date.
Common shares consolidated on a 1:15 basis effective April 25, 2017.
Normal Course Issuer Bids (“NCIBs”):
• 2018 Debentures program ended July 2017: repurchased $0.8M at a discount in the open market for cancellation.
• 2020 Debentures program ended July 2017: repurchased $3.9M at a discount in the open market for cancellation.
• 2020 Debentures program ending July 2018: Up to $5.2M may be repurchased; $0.7M repurchased and cancelled to‐date.
Redeemed $3.0M of 2020 Debentures at par on July 31, 2017.
NCIB repurchases and redemptions to‐date have reduced potential dilution by 4.3M shares.
Extended the maturity date of $47.0M of 2020 Debentures to 2024 effective May 31, 2017.
Post Consolidation

8. 8
September
2017
VALUATION OPPORTUNITY
Undervalued Compared to Peer Group – Significant Upside Opportunity
Price / NAV EV / EBITDA
(2017e)
EV / Production
(2017e)
Market data as at September 20, 2017
Peer Group comprises 9 junior gold producers.
“Jr” amounts represent mean values for Peer Group.
Forward‐looking figures for GCM based on flat gold price of US$1,250/oz
Source: FactSet, Bloomberg, equity research and company disclosure.
Price / CFPS
(2017e)
0.1x
0.7x
GCM Junior Peers
0.6x
7.6x
GCM Junior Peers
2.5x
7.0x
GCM Junior Peers
$1,037
$3,489
GCM Junior Peers

9. 9
September
2017
RELATIVE PERFORMANCE
Relative Performance Since January 1st 2016 (%)
Chart data as at September 20, 2017
Source: Bloomberg
Relative Performance Since January 1st 2017 (%)
(10.0%)
0.0%
10.0%
20.0%
30.0%
1-Jan-17 1-Feb-17 1-Mar-17 1-Apr-17 1-May-17 1-Jun-17 1-Jul-17 1-Aug-17 1-Sep-17
Gold Silver GCM GDX GDXJ
8.1%
12.3%
6.2%
12.5%
40.5%
(50.0%)
0.0%
50.0%
100.0%
150.0%
200.0%
Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17
Gold Silver GCM GDX GDXJ
77.6%
71.3%
24.4%
22.6%
0.0%

10. 10
September
2017
PROPERTY MAP
2.1M oz
Resources
14M oz
Resources
Earn‐ in Option
with GCM

11. 11
September
2017
SEGOVIA OPERATIONS
Category
Gold Resource (1)
(ozs)
Grade
(g/t)
Measured 116,000 19.1
Indicated 984,000 11.4
Inferred 978,000 9.9
 High-grade quartz-sulfide veins in historic mining district.
 Over 5 million ounces of gold produced through continuous mining over past 150 years. Recently extended mine life
by 4 years to 2026.
 LTM(2) gold production totaled 141,374 ounces, up 12% over 2016 annual production.
 Total cash cost(3) averaged US$652/oz in H1-2017.
 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.
 Continuing to expand and mechanize underground mining operations. Executing 20,000 meters drilling campaign in
2017 to further its efforts to upgrade and extend its mineral resources at its Segovia 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 capacity to handle up to 1,500 tpd.
(1) Sourced from Company’s Press Release dated April 19, 2017.
(2) LTM = Latest 12 months ended June 30, 2017.
(3) By‐product credit basis. Refer to Company’s MD&A for computation.
86%
LTM
Production
Production Stage

12. 12
September
2017
2017 LOM Plan Update
• Updated Mineral Resource effective March 15, 2017
• Life‐of‐mine (“LOM”) plan updated in Q2‐2017 with key
results as follows:
• Mine life extended by 4 years to 2026
• Incorporates mining from 5 major mines within our
titles
• 4.1M tonnes processed over the LOM
• LOM head grade averages 8.8 g/t
• 1.0M ozs of gold production
• LOM total cash cost of $697/oz and AISC (ex G&A)
of $896/oz
• At $1,250 long‐term gold price, total
undiscounted after‐tax FCF of $210M
• SRK is preparing a 43‐101 PEA technical report to be filed
on SEDAR in September 2017
• 20,000 meters drilling program being conducted in 2017
aimed at increasing confidence in Mineral Resources and
expanding resources for future mining.
Measured &
Indicated
Inferred
Au
(koz)
Au
(koz)
March 15, 2017 1,100 978
December 31, 2016 402 1,278
Change vs 2016
698
174%
(300)
‐23%
• Mine life extension plus increase in LT
gold price assumption to $1,250/oz
triggered a $53M reversal of impairment
($35.5M after‐tax) in Q2‐2017.
SEGOVIA OPERATIONS

13. 13
September
2017
SEGOVIA OPERATIONS 12 g/t M&I Resources

14. 14
September
2017
MARMATO PROJECT
Category
Gold Resource (3)
(ozs)
Gold Grade
(g/t)
Silver Resource (3)
(ozs)
Silver
Grade (g/t)
Measured 1,661,000 1.0 7,606,000 4.8
Indicated 9,782,000 0.9 70,769,000 6.3
Inferred 2,581,000 1.0 9,408,000 3.7
 Mineralization is hosted by sheeted pyrite vein system in dacite to andesite porphyry stocks.
 Mountain of gold in historic mining district. Ranked in Top-20 of undeveloped global gold deposits by size.
 LTM(1) gold production of 23,699 ozs, up 1% over 2016 annual gold production.
 Total cash cost(2) averaged US$1,061/oz in H1-2017.
 Deep zone drilling shows that mineralization at Marmato extends at least 800m below the limit of the current
underground mining operation and is still open at depth. Evaluating potential to expand existing underground mining
operations.
(1) LTM = latest 12 months ended June 30, 2017.
(2) By‐product credit basis. Refer to Company’s MD&A for computation.
(3) Based on August 2012 NI43‐101; updated for production to 12‐31‐2016 and reduction due to lapse of certain licenses in open pit area.
Exploration Stage
14%
LTM
Production

15. 15
September
2017
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
Focus on Underground
Mine Expansion

16. 16
September
2017
Growth in Gran Colombia’s total gold production has been driven by the high‐grade
Segovia Operations. Marmato has been steady.
2017 production guidance is 150,000‐160,000 ounces of gold.
Gold ProductionRESULTS
AISC (‐23%)
000’s ozs
‐
25
50
75
100
125
150
175
2013 2014 2015 2016 LTM *
Segovia Marmato
165k
* LTM = Latest 12 months ended June 30, 2017

17. 17
September
2017
Total Cash Cost Per Ounce (1)RESULTS
117
89
$400
$600
$800
$1,000
$1,200
2013 2014 2015 2016 H1‐2017
Segovia
2013 2014 2015 2016 H1‐2017
Marmato
$1,061
16% of H1‐2017 gold sales
US$/oz sold
$652
84% of H1‐2017 gold sales
Total cash cost for the Company averaged $709/oz in H1‐2017.
Production growth helping to drive down fixed costs on a per ounce basis at Segovia.
Appreciation of the Colombian peso relative to last year has increased USD‐equivalent cash costs to some extent in H1‐
2017. Marmato’s cash cost on a per ounce basis has also been impacted by lower grades this year compared to 2016.
Continuing to expect FY2017 Company average total cash cost to remain below $720/oz.
(1) By‐product credit basis. Refer to Company’s MD&A for computation.

18. 18
September
2017
All‐In Sustaining Costs (1)
(1) All‐In Sustaining cash cost per ounce includes total cash costs per ounce and adds the
sum of G&A, sustaining capital and certain E&E costs and provision for
environmental discharge fees. Refer to the Company’s MD&A for computation.
(2) LTM = Latest 12 months ended June 30, 2017.
RESULTS
AISC (‐23%)
US$/oz sold
$400
$600
$800
$1,000
$1,200
$1,400
2013 2014 2015 2016 H1‐2017 LTM (2)
G&A,Sustaining
Capex and Other
Total Cash Cost
$901
2017 average AISC expected to remain below $900/oz.

19. 19
September
2017
0 200 400 600 800 1,000 1,200
Guyana Goldfields
Detour Gold
IamGold
Alamos Gold
TAHOE Resources
Kinross Gold
Argonaut Gold
New Gold
Yamana Gold
Gran Colombia Gold
Centerra Gold
Timmins / Alio Gold
Goldcorp
Kirkland Lake Gold
Barrick Gold US$/oz sold
Cash Cost AISC
Gran Colombia’s AISC is well positioned amongst industry peers.
All‐In Sustaining Costs (1)
(1) Q2‐2017 reported results from issuer filings; AISC is a common performance measure but does not have any
standardized meaning within the industry and therefore its computations may vary between companies.
RESULTS
AISC (‐23%)
$884

20. 20
September
2017
Adjusted EBITDA (1)
RESULTS
(1) Refer to Company’s MD&A for computation.
(2) LTM = Latest 12 months ended June 30, 2017.
$‐
$20
$40
$60
$80
2013 2014 2015 2016 LTM (2)
$71M
US$M
H1‐2017 adjusted EBITDA of $35M brings the LTM adjusted EBITDA at the end of June 2017 to $71M,
up 8% over FY2016.
At June 30, 2017, Net Debt/EBITDA is 2X and Interest Coverage is 9X.

21. 21
September
2017
Excess Cash Flow (1)
RESULTS
(1) As defined in the Indentures (available on the Company’s web site)
for the 2018 and 2020/2024 Debentures.
‐20.0 ‐10.0 0.0 10.0 20.0 30.0 40.0
Excess Cash Flow (1)
Working capital
Local debt repayments
Other obligations
Interest paid
Capex
Income taxes paid
Adjusted EBITDA
$5.5M
US$M
H1‐2017
$34.9M
Sinking Fund Balances – June 30, 2017:
2020/2024 Debentures ‐ $3.1M
2018 Debentures ‐ $1.5M
Used $1.4M of 2020 Sinking Fund to
repurchase $1.7M of debentures in
H1‐2017 under NCIB.
Used $3.0M of 2020 Sinking Fund at
June 30, 2017 for partial redemption
at par on July 31, 2017.
Expecting Excess Cash Flow of ~$16M for FY2017, up from $2.9m in FY2016

22. 22
September
2017
Balance SheetRESULTS
* Excludes current portion of short and long‐term debt
** Aggregate principal amounts issued and outstanding
June 2017 December 2016
Adjusted working capital deficit *
Cash $3.0M $2.8M
Accounts receivable $10.3M $11.4M
Accounts payable and accrued liabilities ($19.8M) ($16.6M)
Wealth taxes payable ($0.5M) ‐
Income taxes payable ($1.2M) ($6.1M)
Mining titles and compensation agreements payable ($10.5M) ($11.0M)
Inventories and other items, net $10.8M $9.2M
($7.9M) ($10.3M)
Total short and long‐term debt
Local debt, net of cash in trust $0.7M $1.4M
2018 Debentures ** $46.0M $49.7M
2020 Debentures ** $52.5M $101.2M
2024 Debentures** $47.0M N/A
Sinking funds for 2018 and 2020 Debentures ($4.6M) ($0.5M)

23. 23
September
2017
2017 OUTLOOK
Priorities
1. Improve capital structure: share consolidation and debt extension.
2. Generate Excess Cash Flow = 10% of principal amount of Senior Debentures.
3. Continue implementation of optimized mine plan at Segovia:
– Continue development and mechanization at Providencia and El Silencio;
– Additional upgrades at Maria Dama and tailings storage expansion;
4. 20,000m drilling program at Segovia; and
5. Update mineral resource estimates at Segovia and Marmato Underground.
2017 Targets
2017 Guidance H1‐2017 Actual LTM *
Gold production (ozs) 150,000 – 160,000 85,083 165,073
Cash cost/oz sold < $720 $709 $718
AISC/oz sold < $900 $910 $901
Maintaining Guidance
* LTM = Latest 12 months ended June 30, 2017

24. 24
September
2017
For Further Information, Contact:
Mike Davies
Chief Financial Officer
(416) 360‐4653
investorrelations@grancolombiagold.com
Town of Segovia