Gcm corporate presentation - september 2020 (final)

TSX: GCM OTCQX: TPRFF
September 2020
The leading high-grade gold
producer in Colombia
Corporate Presentation
September 2020

September 2020
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, operating and free cash
flow, future repayments of its gold-linked notes, future dividends and purchases of common shares under the NCIB. 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, 2020 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.
All amounts are denominated in U.S. dollars, unless indicated otherwise.
September 2020
2

September 2020
Emerging Mid-Tier Gold Miner
Focus in Colombia
Marmato Project
Caldas Gold Corp
57.5% ownership
o High-grade underground mines
o 2019 Production: 214,000 ozs
o One of the Top 5 Highest Grade Underground Global Gold
Mines…16.4 g/t in 2019
o Exploration extending existing mines and expanding to
include regional targets
o Spun out to Caldas Gold Corp in February 2020, retaining
control position
o 2019 Production: 26,000 ozs
o Building Colombia’s next major gold mine
o 2020 PFS and Wheaton stream validate underground mine
expansion into the Deeps Zone
Segovia Operations
Flagship Operation
100% ownership
Core Projects in Historic Mining Districts with Significant Exploration Upside
2019 Gold Production 240,000 ozs
+10% over 2018
September 2020
3

September 2020
Installation of Facial Recognition Technology
• Biometric facial recognition was installed for touchless access,
health screening, and mask compliance.
• The technology takes the temperature of each employee and alerts
if temperatures are over 38° C.
Employee Sanitization Stations
• Additional employee sanitization stations were installed.
• Stainless steel sinks with pedal pumps are used to avoid
surface contact.
Increased Security & Protection Protocols
• Continued COVID-19 restrictions in place, in-line with Colombian
national guidelines.
• Suspension of international travel for employees and restriction of
foreign personnel to our operations at Segovia.
• Work from home strategy for all office staff.
• Mandatory PPE and signage installed to aid in protective
measures and social distancing.
• Increased disinfection, monitoring of possible symptoms, and
around-the-clock employee access to medical care.
COVID-19 Response
Protecting our Workforce
September 2020

September 2020
COVID-19 Response
Supporting Vulnerable Communities
Protein groceries for families in Segovia, Remedios, Marmato, Caldas,
Riosucio and surrounding communities of Chinchina and Mato
Sanitation kits to first responders
110,000 face masks for the communities of
Antioquia and Caldas
Gran Colombia supported vulnerable communities, donating:
5

September 2020
Fully Diluted = ~89.4M shares
Warrants
GCM.WT.B: 11.2 million @ CA$2.21 (2024 expiry)
Unlisted: 3.3 million @ CA$5.40 (2023 expiry)
Unlisted: 7.1 million @ CA$6.50 (2023 expiry)
Stock Options
1.8 million @ CA$2.55 to CA$4.05 (2021-2024 expiry)
Convertible Debentures
CA$20 million @ CA$4.75 (2024 expiry)
Exchanges
TSX: GCM
OTCQX: TPRFF
Capital Structure
Undervalued Versus Peers
Common Shares
61.9 million
Market Capitalization
(as of August 31, 2020)
CA$372 million (1)
Quarterly Dividend
• CA$0.015 per common share
• Payment date: October 15,
2020
• Record date: September 30,
2020
NCIB (2)
• Commencing September 4,
2020 for a 12-month period
• Authorized to purchase up
to 5.9M common shares
(1) Based on C$6.00 at close on August 31, 2020.
(2) The NCIB will allow the Company to purchase for cancellation up to 5,934,811 Shares of the Company over a 12-month period, representing 10% of the current
issued and outstanding Shares in the public float as of August 31, 2020.
September 2020
$3.00
$4.00
$5.00
$6.00
$7.00
$8.00
6

September 2020
Valuation
Significant Re-Rating Potential
September 2020
Stifel GMP - CA$8.75/share target price
(August 14, 2020 Research Report)
“Another solid operational Q for GCM; significant free cash flow generation ahead. GCM currently trades at
0.44x spot P/NAV behind peers at 0.55x. GCM has a Free Cash Flow Yield of 32% versus peers at 10%.”
Red Cloud Securities - CA$13.00/share target price
“Confidence in H2/20 signaled with dividend declaration. GCM trades at 1.8x 2021E EV/EBITDA and 0.43x NAV
versus peers at 5.0x and 0.9x.”
Fundamental Research - CA$11.41/share target price
“We estimate GCM’s shares are trading approximately 75% below all the average metrics of senior producers.
GCM’s forward EV/EBITDA is just 1.5x versus the senior producers’ average of 8.1x.”
Frank Holmes, U.S. Global Investors
(August 20, 2020, Twitter)
“ GCM has the highest free cash flow yield 16% vs 75 gold stocks we follow with median 2.5%. Gold stocks
trade at 13x cash flow and GCM is 3x.”
7

September 2020 4
Directors
Miguel de la Campa, Vice 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 – Former Executive
President of the Bogota Chamber of
Commerce and former Colombian Minister
of Justice
De Lyle Bloomquist – Corporate director
Management
Serafino Iacono, Executive Chairman – Company co-founder with
30+ years of experience in capital markets and public companies
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
Amanda Fullerton, VP Legal and Corporate Secretary – Lawyer
with 12 years of experience in corporate securities law in
resource industries
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
The Right Team
Seasoned Experience in Colombia
September 2020

September 2020
GRAN COLOMBIA 2.0 Segovia Operations
40.7
13.0
5.5 5.0
2016 2017 2018 2019
LTI Frequency Rate
Health and Safety is
a Top Priority
80
75
93
126
149
193
214
$1,169
$1,037
$695 $655 $664 $623 $607
2013 2014 2015 2016 2017 2018 2019
Production (koz) Cash Cost (US$/oz)
Substantial Production
Growth while Lowering
Costs
✓ DEMONSTRATED OPERATING AND
MINE BUILDING EXPERIENCE IN
LATIN AMERICA
✓ TRACK RECORD OF IMPROVEMENT
✓ STRONG HEALTH & SAFETY RECORD
✓ FOCUSED ON BUILDING STRONG
COMMUNITY RELATIONSHIPS
Segovia Lost Time Incidents
Source: Company filings.
The Right Team
Focused on Cash, Costs & Execution
September 2020
9

September 2020
Annual Gold Production reaches 240,000 ozs Higher gold prices fueling Adjusted EBITDA growth
AISC reflects focus on controlling costs
$M
Free Cash Flow is servicing debt and building cash
kozs
-
40
80
120
160
200
240
2017 2018 2019 H1-2019 H1-2020
Segovia
Marmato
$M
$-
$250
$500
$750
$1,000
2017 2018 2019 H1-2019 H1-2020
AISC Total Cash Cost
US$/oz
$-
$50
$100
$150
2017 2018 2019 H1-2019 H1-2020
$-
$20
$40
$60
$80
$100
$120
2017 2018 2019 H1-2019 H1-2020
Operating Cash Flow Free Cash Flow
Refer to Company’s MD&A for computations.
Results
Performance Drivers
September 2020
10

September 2020
AISC(-23%)
$-
$20
$40
$60
$80
$100
$120
$140
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Gold Notes Convertible Debentures Cash
$M
2018 2019
Gran Colombia’s balance sheet continues to get stronger each quarter
Free Cash Flow strength facilitates implementation of a quarterly dividend commencing September 30, 2020.
(1) Aggregate principal amount outstanding.
2020
Results
Cash & Debt (1)
September 2020
11

September 2020
o Issued April 30, 2018 and mature on April 30, 2024
o Senior secured obligation of Gran Colombia
o US$38.4 million outstanding as of August 31, 2020
o Listed on the TSX under the symbol GCM.NT.U
o 8.25% annual coupon paid monthly in cash
o Quarterly principal repayments in cash with gold kicker above US$1,250/oz
o Company sets aside physical gold each month into a Gold Trust Account to meet quarterly principal payment
obligations
o Less than 5% of Segovia’s projected future production is required to meet principal repayments
B (Outlook Stable)
-
5,000
10,000
2020 2021 2022 2023 2024
Amortization Schedule
August 2020 to April 2024
(Ounces to be Deposited to Gold Trust Account)
Gold Notes
Exposure to Upside on Gold
September 2020
12

September 2020
• Colombia is an OECD member
country with a growing economy, and
one of the lowest inflation rates in
Latin America
• 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, and 32% for
2021, and 30% for 2022 and onwards
Annual GDP
(US$B)
$745
(4th largest in Latin
America)
Population 49.8 Million
GDP Per Capita ($US) $14,943
5-Year GDP CAGR (%) 2.8%
Inflation 3.2%
Public Debt to GDP 50.5%
Free Trade
Agreements
8 countries
(including the US, Canada,
and EU)
Ease of Doing Business
Ranking
3rd best in Latin America
(65th Globally out of 19)
Investor
Protection Ranking
1stin Latin America (15th
Globally out of 190)
Economic Freedom
Index Ranking
45th Globally out of 180
Credit Rating Investment Grade by
Moody’s, Fitch, and S&P
Why Colombia
A Great Mining Jurisdiction
September 2020
13

September 2020
License Boundaries for Segovia & Carla (100% Owned)
0
5
10
15
20
25
30
35
40
Fosterville(Kirkland)
Macassa(Kirkland)
EagleRiver(Wesdome)
Kainantu(K92)
Segovia(GCM)
Island(Alamos)
Midas(Hecla)
CerroNegro(Newmont)
CerroMoro(Yamana)
Bambanani(Harmony)
Yaramoko(Roxgold)
Gwalia(StBarbara)
Brucejack(Pretium)
RedLake(Newmont)
Comparative Asset Milled Grade(1)
g/t
Amongst the Highest-Grade
Mines in the Gold Sector
16.4 g/t
2019 Segovia
Milled Grade
Segovia Operations
Production Stage
September 2020
14
(1) Source: company reports, year ended December 31, 2019

September 2020
1) Derived from the NI 43-101 Technical Report Prefeasibility Study Update, Segovia Project, Colombia, dated May 14, 2020, prepared by SRK Consulting (US) Inc.
(“SRK”).
2) Mineral resources are not mineral reserves and do not have demonstrated economic viability.
3) All figures are rounded to reflect relative accuracy of the estimate. All composites have been capped where appropriate.
4) The Mineral Resources are reported at an in situ cut-off grade of 3.0 g/t Au over a 1.0 m mining width, which has been derived using a gold price of US$1,400
per ounce and technical and economic parameters for the existing underground mining and conventional gold mineralized material processing using a gold
recovery of 90.5%. Each of the mining areas have been sub-divided into Pillar areas (“Pillars”), which represent the areas within the current mining
development, and long-term resources (“LTR”), which lie along strike or down dip of the current mining development.
5) Derived from the Amended NI 43-101 Technical Report Prefeasibility Study Update, Segovia Project, Colombia, dated July 8, 2019, prepared by SRK.
Project Deposit Type
Measured Indicated Measured & Indicated Inferred
Tonnes
(kt)
Grade
(g/t)
Au
Metal
(koz)
Tonnes
(kt)
Grade
(g/t)
Au
Metal
(koz)
Tonnes
(kt)
Grade
(g/t)
Au
Metal
(koz)
Tonnes
(kt)
Grade
(g/t)
Au
Metal
(koz)
Segovia
Providencia
LTR 118 15.9 60 296 13.0 124 414 13.8 184 315 8.3 84
Pillars 108 26.1 90 116 12.1 45 224 18.8 135 389 20.0 249
Sandra K
LTR 385 10.3 128 385 10.3 128 315 8.6 87
Pillars 152 10.9 53 152 10.9 53
El Silencio
LTR 824 11.5 304 824 11.5 304 1,736 8.3 462
Pillars 1,459 10.7 504 1,459 10.7 504 395 12.1 154
Verticales LTR 771 7.1 176
Subtotal
Segovia
Project
LTR 118 15.9 60 1,504 11.5 555 1,623 11.8 616 3,136 8.0 809
Pillars 108 26.1 90 1,727 10.8 602 1,835 11.7 692 784 16.0 403
Carla
Subtotal Carla
Project
LTR 154 9.7 48 154 9.7 48 178 9.3 53
December 31, 2019 (1) 226 20.8 151 3,385 11.1 1,205 3,611 11.7 1,356 4,098 9.6 1,265
December 31, 2018 (2) 218 20.0 140 3,289 11.2 1,187 3,507 11.8 1,327 3,562 10.1 1,157
% Change vs previous 4% 4% 8% 3% -1% 2% 3% -1% 2% 15% -5% 9%
In the 2019 MRE update, Gran Colombia more than replaced what it mined in the year.
Segovia Operations
Mineral Resource Estimate as of December 31, 2019
September 2020
15

September 2020
Area Category
Tonnes
(kt)
Grade
(g/t)
Au Metal
(koz)
Providencia
Proven 165 16.5 88
Probable 154 12.0 59
Sandra K Probable 249 8.9 71
El Silencio Probable 1,313 9.9 419
Carla Probable 104 10.0 33
December 31, 2019 (1) Total 1,985 10.5 670
December 31, 2018 (2) Total 1,941 11.0 688
% Change vs previous 2% -5% -3%
1) Derived from the NI 43-101 Technical Report Prefeasibility Study Update, Segovia Project, Colombia, dated May 14, 2020, prepared by SRK Consulting (US) Inc.
(“SRK”).
2) Mineral resources are inclusive of mineral reserves.
3) All figures are rounded to reflect relative accuracy of the estimate. All composites have been capped where appropriate
4) Ore reserves are reported using a gold cutoff grade ranging from 3.25 to 4.24 g/t depending on mining area and mining method. The cutoff grade calculations
assume a $1,350/oz Au price, 90.5% metallurgical recovery, $6/oz smelting and refining charges, $25/t G&A, $26/t processing cost, and projected LoM mining
costs ranging from $76/t to 115/t. Mining dilution is applied to a minimum mining height and estimated overbreak (values differ by area/mining method) using a
zero grade. Mineral Reserves have been stated on the basis of a mine design, mine plan, and cash-flow model. There are potential survey unknowns in some
of the mining areas and lower extractions have been used to account for these unknowns.
5) Derived from the Amended NI 43-101 Technical Report Prefeasibility Study Update, Segovia Project, Colombia, dated July 8, 2019, prepared by SRK.
Segovia Operations
Mineral Reserve Estimate as of December 31, 2019
September 2020
16

September 2020
Chicharron
(Gold X Mining)
Currently operating mines on only
3 of 27 known veins in the RPP-140
license.
Segovia Operations
Blue Sky Potential
September 2020
17

September 2020 14
Segovia Operations
Maria Dama Processing Plant
o Plant has capacity to handle up to 1,500 tpd.
o 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.
o Onsite lab provides quick turnaround of development samples; exploration samples processed in SGS Medellin.
o The “El Chocho” tailings storage facility will receive material over the next seven years and a filter press
commissioned in 2019 enables tailings to be dry stacked; onsite water treatment facility is treating excess water to
Colombian standards before being discharged. 18

September 2020
Third Party Miner Contracts
o Agreements with 30+ third party miner groups
o Mine designated areas with the Company’s mining title
o GCM pays for recovered gold at fixed price
o Contractors manage miners & fund own costs
o GCM processes ore and sells the gold & silver
o GCM provides health & safety training
Benefits of Contract Mining Model
o Environmental benefits – GCM controls processing,
reducing mercury use
o Employment – expanded workforce
o Improved health & safety
o Workers receive health & pension benefits
o Government receives tax & royalties
Improving Health & Safety in Our Mines
Funding Community Programs
15
Segovia Operations
Positive Agent for Change
19

September 2020
Caldas Gold Corp (TSX-V: CGC, OTCQX: ALLXF) was
formed in a spin out by Gran Colombia Gold in
February 2020; GCM holds a 57.5% equity interest(1).
Caldas Gold is focused on a major underground mine
expansion at Marmato to incorporate the Deeps Zone
mineralization.
The existing mine has been in operation since 1991 and
has produced an average of ~24,000 ozs of gold
annually over the last 10 years (2019 – 25,750 ozs).
Exploration drilling is continuing to upgrade and
expand the Deeps Zone mineralization.
US$110M stream financing with Wheaton Precious
Metals to fund mine expansion.(2)
Completed CA$50M equity private placement and
US$83M Gold-Linked Notes Offering as part of the
financing for the mine expansion.(2)
Located in a Historic Mining District about 80 km south of Medellin
(1) As of July 2, 2020, Gran Colombia now owns 44,547,100 common shares of Caldas Gold.
(2) Refer to Caldas Gold press releases dated July 29, 2020 and August 26, 2020.
Building Colombia’s Next Major Gold Mine
Mine Expansion into the DEEPS ZONE
September 2020
20

September 2020
o Marmato mine in Zona Baja will comprise of two distinct operations: Upper Zone and Deeps Zone.
o Upper Zone: Immediate optimization of existing mining operation to reduce dilution, improving production and reducing
cash costs, together with an expansion of the existing processing plant over the next two years from 1,200 tpd to 1,500
tpd. A total pf 5.1M tonnes to be processed over 13-year life with average LoM Au grade of 4.2 g/t resulting in 0.6M ounces
of gold (32% of total).
o Deeps Zone: US$269M initial capital in 2020 to 2023. Total of 14.6M tonnes processed over a 11-year life starting in mid-
2023 at an average LoM Au grade of 2.9 g/t resulting in 1.3M ounces of gold (68% of total).
o Combined:
o 1.9M ounces of gold with LoM cash cost of US$778 per ounce and LoM AISC of US$880/oz.
o At US$1,400 per ounce long-term gold price, total undiscounted LoM after-tax project cash flow of US$491M (NPV
5% - US$256M).
o Before financing, after-tax IRR = 19.5% and payback by 2026.
Precious Metal Production Profile (ozs/year)
-
50,000
100,000
150,000
200,000
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Gold Silver
Marmato Project
Life-of-Mine Plan (“PFS”) Results (1)
September 2020
21
(1) Source: Caldas Gold NI 43-101 Technical Report Pre-Feasibility Study
Marmato Project Colombia dated August 17, 2020 prepared by SRK.

September 2020 Source: GCM press release dated February 3, 2020
The 2019 Phase 2
drilling continued to
demonstrate an
improvement of
grades in the Deep
Zone
Marmato Project
Exploration Upside
September 2020
22

September 2020
Juby
Project
Toroparu
Meadowbank
Zancudo
Project
• Location: Colombia
• 100% interest.
• Former high-grade producer in the Titribi mining district of Antioquia, about 27 km south of Medellin.
• Currently being drilled by IAMGOLD under a 6-year option agreement signed in March 2017 whereby
IAMGOLD can earn up to 70%.
• Location: Ontario
• Completed acquisition of 100% interest on July 2, 2020
• Advanced exploration-stage gold project within the Shining Tree area in the southern part of the Abitibi
greenstone belt.
• Gold was discovered in the Shining Tree area in the 1930’s.
• Over 14,000 acres controlled through claims covering 10 km strike length on the mineralized trend.
• Initial exploration phase will evaluate historical data incorporating machine learning and other studies to
develop a drilling program for execution in 2021.
• Location: Guyana
• 20% equity interest (TSX-V: GLDX).
• Advancing PFS for one of the largest undeveloped gold deposits in the Americas with 7.35 Mozs M&I and
3.15 Mozs Inferred. Commencing 58 km road connecting it to the Aurora Project and Tidewater.
• Robert Friedland recently joined as non-executive Chairman.
• Location: Nunavut
• 26% equity interest (TSX-V: WA).
• Exploring its 100% owned Meadowbank Project strategically positioned along trend immediately adjacent
to Agnico Eagle’s Meadowbank/ Amaruq producing gold mines.
• Recently completed initial 3,545 m drilling program.
Pipeline
Additional Opportunities for Growth and Value Creation
September 2020
23

September 2020
Why Invest in Gran Colombia?
Leading High-Grade Gold Producer in Colombia
Undervalued versus
peers
Strong free cash flow yield and healthy balance sheet
Pays quarterly dividend
Segovia is one of the top-5 highest grade global underground mines
Focusing on significant exploration upside at
Segovia
Strong management with Latin American mining experience
September 2020
24

September 2020
For Further Information, Contact:
Mike Davies
Chief Financial Officer
(416) 360-4653
investorrelations@grancolombiagold.com
Segovia Operations: El Chocho Tailings
Storage Facility and Filter Press

Gcm corporate presentation - september 2020 (final)

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