Gran Colombia Gold Q2 2020 Results Presentation

1. 1
TSX: GCM OTCQX: TPRFF
August 14, 2020
TSX: GCM
The leading high‐grade gold producer in
Colombia
OTCQX: TPRFF TSX: GCMOTCQX: TPRFF
Q2‐ 2020 Results
Lombardo Paredes Arenas, CEO
Mike Davies, CFO

2. 2
TSX: GCM OTCQX: TPRFF
August 14, 2020
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, AISC and All‐in costs, future G&A and capex, free cash flow,
future repayments of its gold‐linked notes, the completion of the proposed transactions with Gold X and Guyana Goldfields , the
holding of the special meetings of Gran Colombia, Gold X and Guyana Goldfields and other statements that are not historical
facts. 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.

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TSX: GCM OTCQX: TPRFF
August 14, 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.
Protecting our Workforce
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

4. 4
TSX: GCM OTCQX: TPRFF
August 14, 2020
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:
COVID‐19 Response

5. 5
TSX: GCM OTCQX: TPRFF
August 14, 2020
Highlights
Mine development at Sandra K – July 17, 2014
2nd Quarter 1st Half
2020 2019 2020 2019
48,228 57,882 Gold production (ozs) 104,475 118,483
$1,696 $1,293 Realized gold price ($/oz) $1,622 $1,296
$713 $655 Cash cost ($/oz) (1) $686 $638
$1,045 $878 AISC ($/oz) (1) $954 $855
$1,114 $903 All-in Cost ($/oz) (1) $1,034 $873
$77.1M $77.6M Revenue $178.1M $155.1M
$37.6M $33.2M Adjusted EBITDA (1) $88.0M $68.5M
($18.6M) $0.8M Net income (loss) $5.7M $8.7M
($0.27) $0.02 Per share $0.13 $0.18
$17.5M $14.2M Adjusted net income (1) $38.7M $27.2M
$0.29 $0.29 Per share $0.66 $0.56
$6.4M $18.2M Operating cash flow $38.2M $38.0M
($4.4M) $7.8M Free cash flow (1) $13.5M $19.0M
(1) Refer to the respective Company’s
MD&A for computation.

6. 6
TSX: GCM OTCQX: TPRFF
August 14, 2020
‐
50
100
150
200
250
2018 2019 LTM Q2‐19 Q2‐20
Segovia Marmato
48k56k
Gold Production
AISC (‐23%)
000’s ozs
Q2‐2020 production results were hampered by COVID‐19’s impact on availability of workers, particularly the first half of
April at Segovia and the entire quarter at Marmato.
2020 Annual Guidance updated to a range of 218,000 to 226,000 ozs.
LTM = Latest 12 months ended June 30, 2020.

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TSX: GCM OTCQX: TPRFF
August 14, 2020
Segovia
• Biggest impact of COVID‐19 was first half of April. From May to July, produced an average of 16,500 ozs/month.
• Updated 2020 Annual Guidance to a range of 195,000 to 200,000 ozs.
Marmato
• Availability of workers limited by COVID‐19 quarantine restrictions. Tonnes processed in Q2‐2020 were down 40%.
• Situation improving. Updated 2020 Annual Guidance to a range of 23,000 to 26,000 ozs.
Production
2nd Quarter 1st Half
2020 2019 2020 2019
Gold (ozs)
Segovia
16,626 19,867 El Silencio 33,454 43,174
19,486 24,539 Providencia 44,385 50,287
3,461 2,848 Sandra K 8,005 4,813
39,553 47,254 Total Company mines 85,843 98,274
4,824 4,371 Other contract mines 8,880 7,737
44,377 51,625 Total Segovia Operations 94,723 106,011
3,851 6,257 Marmato 9,752 12,472
48,228 57,882 Consolidated 104,475 118,483
46,447 56,904 Silver (ozs) 101,377 112,834

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TSX: GCM OTCQX: TPRFF
August 14, 2020
Total Cash Cost Per Ounce(1)
117
89
$100
$300
$500
$700
2018 2019 LTM Q2‐19 Q2‐20
Segovia
US$/oz sold
90% of 2020 gold sales
(1) By‐product credit basis.
Refer to Company’s MD&A for computation.
$654
$400
$600
$800
$1,000
$1,200
$1,400
2018 2019 LTM Q2‐19 Q2‐20
Marmato
$1,366
10% of 2020 gold sales
US$/oz sold
Consolidated Total Cash Cost averaged $713/oz in Q2‐2020, up from $661/oz in 2019.
Catalysts: (1) COVID‐19 impact on production which increased fixed production costs on a “per ounce” basis;
(2) higher gold prices increased production taxes and (3) cost of COVID‐19 protocols to be able to operate.
LTM = Latest 12 months ended June 30, 2020.

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TSX: GCM OTCQX: TPRFF
August 14, 2020
AISC & All‐In Costs (1)
(1) Refer to the Company’s MD&A for computation.
AISC (‐23%)
US$/oz sold
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
2018 2019 LTM Q2‐19 Q2‐20
Cash Cost AISC All‐In Realized Gold Price
The COVID‐19 impact on production accentuated our Q2‐2020 AISC and All‐In Cost results on a “per ounce” basis.
The gap between Realized Gold Price and All‐in costs is fuelling our Free Cash Flow generation.
LTM = Latest 12 months ended June 30, 2020.

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TSX: GCM OTCQX: TPRFF
August 14, 2020
Adjusted EBITDA (1)
(1) Refer to Company’s MD&A for computation.
$‐
$20
$40
$60
$80
$100
$120
$140
$160
$180
2018 2019 LTM Q2‐19 H1‐19 Q2‐20 H1‐20
US$M
Gran Colombia’s Adjusted EBITDA growth reflects leverage to gold prices and steady cash costs.
LTM = Latest 12 months ended June 30, 2020.

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TSX: GCM OTCQX: TPRFF
August 14, 2020
Cash Flow Metrics
(1) Refer to Company’s MD&A for computation.
Operating Cash Flow in 2020 reflects higher gold prices which mitigated increased income tax payments and COVID‐19
impact on gold sales volume in Q2.
Gran Colombia continues to be a solid Free Cash Flow generator.
0
20
40
60
80
100
120
2018 2019 LTM H1‐19 H1‐20
Operating Cash Flow Free Cash Flow (1)
$M
LTM = Latest 12 months ended June 30, 2020.

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TSX: GCM OTCQX: TPRFF
August 14, 2020
Cash & Debt (1)
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 getting stronger each quarter…..the time for a dividend has arrived!
(1) Aggregate principal amount outstanding.
2020
8

13. 13
TSX: GCM OTCQX: TPRFF
August 14, 2020
New Dividend Policy
3.75%
2.62%
2.49%
1.59%
1.40%
1.24% 1.22% 1.21%
1.03% 1.03%
0.94% 0.92% 0.89% 0.81%
0.72%
0.63% 0.62%
0.39%
0.26%
Average = 1.27%
Centamin
Dynacor
B2Gold
Newmont
Osisko
Centerra
Barrick
Yamana
Agnico Eagle
Kirkland Lake
Gran Colombia
Maverix
Dundee PM
Wheaton
Franco‐Nevada
Alamos
Pan American
Metalla
Silvercorp
Initial Yield of GCM dividend relative to Comps
CA 1.5 cents/share
Record date: September 30, 2020
Payment date: October 15, 2020
Source: Company reports. Market data as of August 12, 2020

14. 14
TSX: GCM OTCQX: TPRFF
August 14, 2020
Capital Structure
Fully Diluted = ~89.4M shares
Warrants
GCM.WT.B: 11.1 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)
5
Common Shares
61.9 million
Market Capitalization
(as of August 13, 2020)
CA$409 million

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TSX: GCM OTCQX: TPRFF
August 14, 2020
Investing in Gran Colombia
One of the Top‐5 Highest Grade Global Underground Mines
Significant exploration upside at existing mines and former mines
Strong Free Cash Flow Yield and healthy balance sheet
Pays a quarterly dividend
Strong management with Latin American mining experience
Re‐rating potential in current gold market and equity investments

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TSX: GCM OTCQX: TPRFF
August 14, 2020
For Further Information, Contact:
Mike Davies
Chief Financial Officer
(416) 360-4653
investorrelations@grancolombiagold.com