GCM Corporate Presentation

1. This presentation has been prepared by Gran Colombia Gold Corp. (the “Company” or “Gran Colombia”) and should be read in conjunction with the preliminary short form prospectus of the Company dated
February 28, 2019 (the “Preliminary Prospectus”) available on SEDAR at www.sedar.com. The information conveyed through the presentation does not include all of the information contained in the
Preliminary Prospectus and does not provide full disclosure of all material facts relating to the securities offered. Investors should read the Preliminary Prospectus, the final short form prospectus and any
amendment for disclosure of those facts, especially risk factors relating to the securities offered, before making an investment decision. This presentation is qualified entirely by the disclosure contained in
the Preliminary Prospectus.
A copy of the Preliminary Prospectus containing important information relating to the securities described in this document has been filed with the securities regulatory authorities in all of the provinces of
Canada, except Quebec, but has not yet become final for the purposes of the sale of securities. A copy of the Preliminary Prospectus is required to be delivered to any investor that received this document
and expressed an interest in acquiring the securities. The Preliminary Prospectus, and the information contained therein, is still subject to completion. There will not be any sale or any acceptance of an
offer to buy the securities of the Company until a receipt for the final prospectus has been issued by the securities regulatory authorities. No securities regulatory authority has expressed an opinion about
the Company’s securities and it is on offence to claim otherwise.
The Company’s prospectus constitutes a public offering (“Offering”) of securities of the Company only in those jurisdictions where they may be lawfully offered for sale and therein only by persons
permitted to sell such securities. The securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or any state securities laws and may
not be offered or sold in the United States or to, or for the account of benefit of, U.S. persons (as defined in Regulation S under the 1933 Act),except pursuant to an exemption from the registration
requirements or those laws. See “Plan of Distribution” in the Preliminary Prospectus.
A Leading High‐Grade Underground Gold Producer
TSX: GCM OTCQX: TPRFF
February 28, 2019Corporate Presentation

2. TSX: GCM OTCQX: TPRFF
February 28, 2019
Forward‐Looking Statements DISCLAIMER
A copy of the preliminary short form prospectus has been filed with the securities regulatory authorities in each of the provinces of Canada, excluding the province of Québec, but has
not yet become final for the purpose of the sale of securities. Information contained in the preliminary short form prospectus may not be complete and may have to be amended. The
securities may not be sold until a receipt for the short form prospectus is obtained from the securities regulatory authorities.
This presentation of Gran Colombia is for information only and shall not constitute an offer to buy, sell, issue or subscribe for, or the solicitation of an offer to buy, sell or issue, or
subscribe for any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The information contained herein is subject to change without notice and is
is based on publicly available information, internally developed data and other sources. Where any opinion or belief is expressed in this presentation, it is based on the assumptions
assumptions and limitations mentioned herein and is an expression of present opinion or belief only. The Company disclaims and excludes all liability (to the extent permitted by
law), for losses, claims, damages, demands, costs and expenses of whatever nature arising in any way out of or in connection with the information in this presentation, its accuracy,
accuracy, completeness or by reason of reliance by any person on any of it. This presentation should not be construed as legal, financial or tax advice to any individual, as each
individual’s circumstances are different. Readers should consult with their own professional advisors regarding their particular circumstances.
The distribution of this presentation may be restricted by law in certain jurisdictions and persons into whose possession any document or other information referred to herein
comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such
jurisdiction.
This presentation does not constitute an offer of securities for sale in the United States, nor may any securities referred to herein be offered or sold in the United States absent
registration or an exemption from registration as provided in the 1933 Act and the rules and regulations thereunder. The securities referred to herein have not been registered
pursuant to the 1933 Act and there is no intention to register any of the securities in the United States or to conduct a public offering of securities in the United States. Neither the
U.S. Securities and Exchange Commission nor any state securities commission, nor any regulatory authority, nor any Canadian provincial securities regulator has approved or
disapproved of these securities or passed upon the adequacy or accuracy of this presentation.
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
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
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
of November 13, 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
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,
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
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.
All dollar amounts herein are denominated in U.S. dollars unless otherwise indicated.
2

3. TSX: GCM OTCQX: TPRFF
February 28, 2019
2018
Gold Production
218,000 ozs
MID-TIER GOLD MINER Surpassed 2018 Guidance
We have produced more than 1 million
ounces of gold since inception in 2010
3
Marmato Project
 High‐grade underground
mines
 89% of production
 2018: 193,000 ozs
 Head grades averaged 17.1
g/t in 2018
 One of the Top 5 Highest
Grade Underground Mines
 Underground mine expansion
opportunity
 11% of production
 2018: 25,000 ozs
 Head grades averaged 2.7 g/t in
2018
 One of the Top 20 Undeveloped
Global Gold Deposits
Segovia Operations

4. TSX: GCM OTCQX: TPRFF
February 28, 2019
THE RIGHT TEAM
Management
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
4
Directors
Serafino Iacono, Executive Co‐Chairman – Company co‐
founder with 30+ years of experience in capital markets
and public companies
Miguel de la Campa, Executive Co‐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

5. TSX: GCM OTCQX: TPRFF
February 28, 2019
GRAN COLOMBIA 2.0
 Gran Colombia has become a mid‐tier gold miner with 218,001 ounces of gold
production in 2018, up 25% over 2017.
 Simplified our capital structure in 2018.
 Eliminated dilution overhang of previous convertible debentures.
 New Gold Notes and Warrants listed on the TSX in September 2018.
 Common shares listed on the OTCQX in the USA in October 2018.
 Strengthened balance sheet in 2018.
 Debt down to $83.4M as of January 31, 2019. Debt/EBITDA of ~0.8X.
 $33M of cash as of December 31, 2018, up from $3M at the end of 2017.
 Future growth continues emphasis on high‐grade Segovia mines and the other 24
known veins we are not currently mining.
 Blue sky potential with Marmato, Zancudo, Sandspring and Venezuela in the pipeline.
WHAT’S NEW? Gran Colombia 2.0
“Focused on what we can control……Cash, Costs and Execution.”
5

6. TSX: GCM OTCQX: TPRFF
February 28, 2019
CAPITAL STRUCTURE Simplified
Fully Diluted = ~63 million common shares
Warrants
GCM.WT.B: 12.2 million @ CA$2.21 (2024 expiry)
Stock Options
1.4 million @ CA$2.55 (2021‐2022 expiry)
1.2 million @ CA$3.16 (2023 expiry)
6
Common Shares
48.2 million
Market Capitalization
(as of February 27, 2019)
CA$209 million
Major Shareholders
Common shares
Founders/Management ‐ 5% | None > 10%
Gold Notes
Founders/Management ‐ 10% | No others > 10%
Outperforming TSX Global Gold Index

7. TSX: GCM OTCQX: TPRFF
February 28, 2019
$182M
BALANCE SHEET Strengthened
Senior Secured Gold‐Linked Notes due 2024
 Issued April 30, 2018
 TSX‐listed…GCM.NT.U
 $83.4 million currently outstanding
 8.25% coupon paid monthly
 Quarterly principal repayments in cash with gold kicker
above $1,250/oz
 Less than 10% of Segovia’s projected future production is
required to meet principal repayments
 Upgraded to B (Outlook Stable) in October
2018
Working Capital
 Turned positive in 2018
 $33 million of cash at end of 2018, up $30M from December
2017
 2,600 ozs in Gold Trust Account at end of 2018 for the January
2019 debt repayment
TTM = Latest 12 months ended September 2018.
$83M
December 2015 January 2019
2.1X
2015
4.7X
2015
7
0.9X
15.1X
TTM
TTM
Total Debt
Adjusted EBITDA to Interest
Debt to Adjusted EBITDA

8. TSX: GCM OTCQX: TPRFF
February 28, 2019
PROPERTIES
Marmato Project
“Pursuing Underground
Mine Expansion Opportunity”
Ownership 100%
Mineral
Resources (1)
‐ M&I
‐ Inferred
Gold:
3,872 kozs 2.9 g/t
4,194 kozs 2.5 g/t
2018 Gold
Production 24,951 ozs
2018 Head
Grade 2.7 g/t
Cash
Cost/oz (3) US$1,138
Segovia Operations
“Core Producer”
Ownership 100%
Mineral
Resources (1)
‐ M&I
‐ Inferred
Gold:
1,246 kozs 11.4 g/t
1,107 kozs 10.1 g/t
Mineral Reserves
(1,2)
‐ Proven
‐ Probable
Gold:
68 kozs 45.4 g/t
592 kozs 11.4 g/t
2018 Gold
Production 193,050 ozs
2018 Head
Grade 17.1 g/t
Cash
Cost/oz (3) US$618
(1) As of December 31, 2017
(2) Included in Mineral Resources
(3) Nine months ended September 30, 2018
Zancudo Project
“Exploration Stage”
Ownership 100%
IAMGOLD entering 3rd year of a 6‐year
earn‐in option agreement
Historic Mining Districts
8

9. TSX: GCM OTCQX: TPRFF
February 28, 2019
‐
75
150
225
14 15 16 17 18
Segovia Marmato
RESULTS Solid Turnaround
$‐
$250
$500
$750
$1,000
2014 2015 2016 2017 TTM
Capex and G&A Total Cash Cost
$899
$/oz sold
$‐
$20
$40
$60
$80
$100
$120
14 15 16 17 TTM
GCM Peers
2.4X
4.1X
Source: FactSet, Bloomberg, equity research
9
Gold Production reaches 218,001 ozs in 2018 Adjusted EBITDA surpasses $100M in 2018
AISC reflects focus on controlling costs EV/Adjusted EBITDA (2019e)
kozs $M
TTM = Trailing 12‐months ended September 2018

10. TSX: GCM OTCQX: TPRFF
February 28, 2019
SEGOVIA OPERATIONS Production Stage
 High‐grade mesothermal quartz‐sulfide veins in historic mining
district….over 5 million ounces of gold produced through continuous
mining over past 150+ years. Expected mine life runs through to 2026
(2017 PEA).
 Three active underground mines (27 known veins) and a substantial
land package of ~9,000 hectares, including a unique RPP contract
license over ~3,000 hectares which grants mining rights in perpetuity.
10
Main Mineralization ZonesLicense Boundaries for Segovia & Carla (100% Owned)

11. TSX: GCM OTCQX: TPRFF
February 28, 2019
SEGOVIA OPERATIONS El Silencio Mine
11
M&I 744 kozs 10.5 g/t
Inferred 498 kozs 9.7 g.t
Reserves 417 kozs 11.3 g/t 2018 Production of 85,000 ozs, up 5% from 2017

12. TSX: GCM OTCQX: TPRFF
February 28, 2019
SEGOVIA OPERATIONS Providencia Mine
12
2018 Production of 88,000 ozs, up 70% from 2017
M&I 330 kozs 15.8 g/t
Inferred 295 kozs 16.5 g.t
Reserves 156 kozs 25.5 g/t

13. TSX: GCM OTCQX: TPRFF
February 28, 2019
SEGOVIA OPERATIONS Sandra K Mine
13
2018 Production of 9,000 ozs, up 100% from 2017
M&I 125 kozs 9.7 g/t
Inferred 86 kozs 8.5 g.t
Reserves 50 kozs 8.3 g/t

14. TSX: GCM OTCQX: TPRFF
February 28, 2019
Chicharron
(Sandspring Resources)
Blue Sky Potential
Currently operating mines on
only 3 of 27 known veins in the
RPP-140 license.
14
Increase M&I
resources and
reserves
Consolidate
advance deposits
Follow‐up brownfield
exploration projects
Areas of Immediate
Interest
SEGOVIA OPERATIONS

15. TSX: GCM OTCQX: TPRFF
February 28, 2019
Segovia Heat Map ‐ Drilling Collars
THE SEGOVIA MINES Blue Sky Potential
15
FGM drilling
GCM Drilling
1,207 holes
175,796 meters

16. TSX: GCM OTCQX: TPRFF
February 28, 2019
SEGOVIA OPERATIONS Maria Dama Processing Plant & Lab
 Plant has capacity to handle up to 1,200 tpd at present; expanding to 1,500 tpd in 2019 at a capital cost of ~$1M.
 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 will be commissioned in 2019;
onsite water treatment facility is treating excess water to Colombian standards before being discharged.
16

17. TSX: GCM OTCQX: TPRFF
February 28, 2019
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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18. TSX: GCM OTCQX: TPRFF
February 28, 2019
MARMATO PROJECT
Category
Gold Resource (1)
(ozs)
Gold Grade
(g/t)
Silver Resource (1)
(ozs)
Silver
Grade (g/t)
Measured 388,000 4.8 1,774,000 21.3
Indicated 3,485,000 2.8 20,787,000 16.7
Inferred 4,194,000 2.5 15,005,000 9.0
 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.
 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.
 The 2018 drilling campaign has increased our confidence
in the geological model, outlining a higher‐grade zone
with excellent continuity over 450 meters along strike
and strong vertical continuity for more than 300 meters
below the deepest level of our existing mining operation.
 Currently evaluating the potential to expand
underground mining operations. Completing additional
drilling and technical studies toward expected
completion of a PEA by the end of 2019.
(1) Underground resource information based on Marmato 43‐101 Technical Report, November 2017.
Exploration Stage
18
The Future of Marmato is Going Underground
11%
2018
Production

19. TSX: GCM OTCQX: TPRFF
February 28, 2019
Exploration
Veins (1)
M&I: 13.3 Mt @ 4.6 g/t Au
for 1,979 koz
Inferred: 9.4 Mt @ 4.2 g/t Au
for 1,275 koz
Porphyry (1)
M&I: 27.0 Mt @ 2.1 g/t Au
for 1,858 koz
Inferred: 13.3 Mt @ 1.8 g/t Au
for 777 koz
Location of 2018‐
2019 Drilling
Program
MARMATO PROJECT
Deeps (2)
M&I: 0.9 Mt @ 2.0 g/t Au
for 60 koz
Inferred: 29.3 Mt @ 2.3 g/t Au
for 2,142 koz
(1) Using 1.9 g/t cut‐off grade
(2) Using 1.2 g/t cut‐off grade
19

20. TSX: GCM OTCQX: TPRFF
February 28, 2019
WHAT COMES NEXT?
Expected catalysts for 2019:
 2018 final production and 2019 production guidance (210,000 to 225,000 ounces) were
announced on January 16, 2019
 Continuing to pay down debt. $4.9M of Gold Notes principal repaid on January 31, 2019.
Future quarterly repayments on April 30th, July 31st and October 31st
 Additional first quarter news
 Final results from 2018 drilling programs at Segovia and Marmato
 Mineral reserves and resources update for Segovia Operations
 2018 fourth quarter and year end results; 2019 financial guidance
Second quarter
 Annual and special meeting of shareholders, including ratification of Shareholder Rights Plan – June
2019
Balance of 2019
 Ongoing results from 2019 drilling programs and Segovia and Marmato
 Update on expected PEA for underground expansion at the Marmato Project
Stay disciplined….remain focused on cash, costs and execution!
20

21. TSX: GCM OTCQX: TPRFF
February 28, 2019
ADDITIONAL INFORMATION
21

22. TSX: GCM OTCQX: TPRFF
February 28, 2019
COLOMBIA
 Colombia is a country of opportunities with a growing economy, one of
the lowest inflation rates in Latin America and free trade agreements
with eight trading partners including the USA, European Union and
more than 100 designated free-trade zones.
 Colombia’s government is very supportive of foreign investment and it
has the best investor protection in Latin America, 15th worldwide,
according to the World Bank (2018).
 Mining is a significant sector in the Colombian economy and one of the
country’s largest export sectors.
 Ranked #3 in Latin America for ease of doing business and #65
globally according to the World Bank (Doing Business, 2018)
 4th largest economy in South America (GDP $792 billion) (International
Monetary Fund, 2018)
 The latest Colombia Tax Reform reduces the corporate income tax
rate and repeals the 4% surcharge imposed on corporate income,
reducing the total tax rate from 37% in 2018 to 33% in 2019, 32% for
2020, 31% for 2021 and 30% for 2022 and onwards.
A Great Mining Jurisdiction
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23. TSX: GCM OTCQX: TPRFF
February 28, 2019
Mine Country Owner Au Grade in Milled
Ore
Q4‐2017 g/t
Au Cash Costs
Q4‐2017 USD/oz
Fosterville Australia Kirkland Lake 21.50 $226
Yaramoko Burkina Faso Roxgold 17.60 $417
Segovia Colombia Gran Colombia 17.48 $662
Cerro Negro Argentina Goldcorp 16.74 $457
Turquoise Ridge USA Barrick Gold 15.22 $550
Driving Cash FlowSEGOVIA OPERATIONS
Top 5 Highest‐Grade Underground Gold Operations in 2017 (1)
0
200
400
600
800
Fosterville Yaramoko Segovia Cerro Negro Turquoise Ridge
Median Au Cash Costs Throughout the World in 2017 (US$/oz) (1)
(1) Source: IMARC (miningintelligence.com Whitepaper, July 2018)
“Gold grade is a profitability driver
for a mine.”
miningintellince.com
Gran Colombia’s cash cost is below
below the median for all mines.
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24. TSX: GCM OTCQX: TPRFF
February 28, 2019
RESULTS All‐In Sustaining Costs
Gran Colombia’s AISC continues to be well positioned amongst industry peers.
I. Source: Issuer filings for Third
Quarter 2018
II. AISC is a common performance
measure but does not have any
standardized meaning within
the industry and therefore its
computations may vary
between companies.
Nine Months Ended September 30, 2018
US$/oz sold
$0 $200 $400 $600 $800 $1,000 $1,200 $1,400
Alio Gold
Kinross Gold
Detour Gold
TAHOE Resources
Golden Star
Asanko Gold
New Gold
Guyana Goldfields
IamGold
Centerra Gold
Alamos Gold
Leagold
Teranga Gold
Gran Colombia Gold
Argonaut Gold
Yamana Gold
Barrick Gold
Kirkland Lake Gold
Roxgold
Cash Cost AISC
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25. TSX: GCM OTCQX: TPRFF
February 28, 2019
ZANCUDO PROJECT Under Option to IAMGOLD
IAMGOLD Option
 Option granted in March 2017 to acquire a 65%
interest by incurring an aggregate of $10M of
exploration over a 6-year period.
 2nd option granted for further 5% interest if feasibility
study completed.
 IAMGOLD commenced exploration (drilling) in 2017
and continued their program in 2018….refer to our
October 9, 2018 press release for results to-date.
 The Zancudo Project is located 27 km south of
Medellin.
 Excellent infrastructure.
 In Municipality of Titiribi, a town dependent on
mining (coal).
 Multi-million ounce epithermal to mesothermal vein
system in the Cauca Porphyry Belt, adjacent to
Brazil Resources Titiribí Project (7.9 Moz Au
Inferred resources @ 0.5 g/t Au).
 1.5M ounces of past production.
25

26. TSX: GCM OTCQX: TPRFF
February 28, 2019
SANDSPRING RESOURCES
 Hold ~18% equity interest in Sandspring Resources (TSX-V: SSP).
 Sandspring’s Toroparu Project is considered to be one of the largest undeveloped gold deposits in South
America with 10.4Mozs in-situ gold (MI&I) resources.
 Vended in our 30% carried participating interest in the Chicharron Project in Segovia and subscribed for
CA$4M (~$3M) in Sandspring’s private placement in July 2018; purchased additional shares for CA$1.7M
(~$1.3M) in private transactions completed in October 2018 and February 2019.
 GCM has representation on Sandspring’s board.
Guyana
“The Sandspring transaction will allow us to diversify our project exposure outside of Colombia and to leverage
our previous experience in the Venezuelan Guyana Shield greenstone belt” Serafino Iacono
 Sandspring acquired 100% of the rights to
explore, develop and mine a 386 hectare area
within our mining title in the Segovia area
 Project Area lies outside of the areas of our
principal mining operations in Segovia.
 The Guia Antigua vein that is the current focus of
the Chicharron Project appears to be similar in
geology, structure, vein style and mineralogy to
other veins in the Segovia mining district.
Chicharron
Project
26
Sandspring Investment
Chicharron Project

27. For Further Information, Contact:
Mauricio Ostos
Investor Relations
(416) 360-4653
investorrelations@grancolombiagold.com
Town of Segovia