First Quarter 2017 Results

1. 1
TSX: GCM
May 16, 2017
Lombardo Paredes Arenas, CEO
Mike Davies, CFO
The leading high‐grade gold producer in Colombia
Q1‐2017 Results

2. 2
TSX: GCM
May 16, 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
TSX: GCM
May 16, 2017
Q1‐2017 Highlights
2017 Priorities Q1 Accomplishments
Improve capital structure
• Share consolidation
• Debt extension
• Completed April 25, 2017
• Announced on May 12, 2017 consent received
and $47M extending to 2024
Generate Excess Cash Flow = 10% of principal
amount of Senior Debentures
Generated $2.3M in Q1‐2017
Continue implementation of optimized mine plan
at Segovia:
• Development and mechanization at Providencia
and El Silencio
• Upgrades at Maria Dama and TSF expansion
Segovia 2017 capital program underway.
Q1‐2017 sustaining capex of $5M (~$131/oz sold)
related to exploration, development and capital
programs.
20,000m drilling program at Segovia Commenced late January 2017.
3 rigs in the field in Q1‐2017 and 4th added in
April.
Update mineral resource estimates:
• Segovia
• Marmato Underground
• Completed effective March 15, 2017
• Expected mid‐2017

4. 4
TSX: GCM
May 16, 2017
RESULTS Highlights
Mine development at Sandra K – July 17, 2014
1st Quarter
2017 2016
Gold production (ozs) 39,008 31,489
Gold sales (ozs) 38,434 29,686
Realized gold price ($/oz) $1,174 $1,144
Cash cost ($/oz) (1) $748 $685
AISC ($/oz) (1) $941 $790
Revenue $45.7M $34.5M
Adjusted EBITDA (1) $13.6M $11.6M
Net (loss) income ($0.8M) $10.8M
Per share ($0.04) $2.23
Adjusted net income (1) $3.1M $0.3M
Per share $0.16 $0.05
Excess Cash Flow (1) $2.3M $0.0M
(1) Refer to Company’s MD&A for computation

5. 5
TSX: GCM
May 16, 2017
RESULTS
Segovia
 Q1‐2017 up 26% over Q1‐2016….the company continued to benefit from strong performance in the higher
grade material from contract miners; processed 881 tpd at average head grade of 12.6 g/t this quarter vs 730
tpd at 12.9 g/t in Q1 last year.
Marmato
 2016 plant expansion facilitated a 22% increase in tonnes processed to 997 tpd vs 820 tpd in Q1 last year. Mill
recovery improved to 87.2% but head grades of 2.5 g/t were slightly lower than Q1‐2016.
Production
1st Quarter
2017 2016
Gold (ozs)
Segovia
Company-operated 7,900 5,089
Contract miners 24,868 20,910
32,768 25,999
Marmato 6,240 5,490
Total Company 39,008 31,489
Silver (ozs) 41,679 38,426

6. 6
TSX: GCM
May 16, 2017
Trailing 4 Quarters total gold production continuing to show improvement driven by growth from the Segovia
Operations. Marmato has been steady.
On track with 2017 annual gold production guidance of 150,000‐160,000 ounces.
Gold ProductionRESULTS
AISC (‐23%)
000’s ozs
‐
20
40
60
80
100
120
140
160
Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17
Qtr ‐ Marmato
Qtr ‐ Segovia
Trailing 4 Qtr ‐ Segovia
Trailing 4 Qtr ‐ Total GCM

7. 7
TSX: GCM
May 16, 2017
Q1‐2017 total cash cost for the Company of $748/oz in line with Company expectations for the current quarter. 2017 full
year average expected to remain below $720/oz.
• Q1‐2017 total cash cost adversely impacted by 10% appreciation of COP relative to USD over the last year. Increased
the Company total cash cost by $40/oz versus Q1‐2016 ($29/oz at Segovia, $100/oz at Marmato).
• Marmato total cash cost per ounce in Q1‐2017 also reflects adverse impact on gold production of the lower head
grades versus Q1‐2016.
Total Cash CostRESULTS
117
89 $500
$700
$900
$1,100
$1,300
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Segovia
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Marmato
$1,061
16% of Q1‐2017 gold sales
2015 2015
US$/oz sold
$690
2016 2016
84% of Q1‐2017 gold sales
2017 2017

8. 8
TSX: GCM
May 16, 2017
Q1‐2017 AISC of $941/oz consistent with Company expectations; reflects $40/oz impact of COP/USD appreciation
on total cash cost per ounce and $88/oz increase in sustaining capex versus Q1‐2016.
• Continue to expect the 2017 full year average AISC/oz will remain below $900/oz.
All‐In Sustaining Costs
*All‐In Sustaining cash cost per ounce includes total cash costs per ounce and
adds the sum of G&A, sustaining capital and certain E&E costs and provision
for environmental discharge fees
RESULTS
AISC (‐23%)
US$/oz sold
$500
$700
$900
$1,100
$1,300
$1,500
Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17
G&A,Sustaining
Capex and Other
Total Cash Cost
$941

9. 9
TSX: GCM
May 16, 2017
Adjusted EBITDA of $13.6M in Q1‐2017 is 17% better than Q1‐2016.
Trailing 4 Quarters Adjusted EBITDA reaches $68M at end of Q1‐2017.
Adjusted EBITDA (1)
RESULTS
AISC (‐23%)
US$M
$‐
$10
$20
$30
$40
$50
$60
$70
Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17
Adjusted Quarterly EBITDA
Trailing 4 Quarters Total
(1) Refer to Company’s MD&A for computation

10. 10
TSX: GCM
May 16, 2017
Excess Cash Flow (1)
RESULTS
(1) As defined in the Indentures (available on the
Company’s web site) for the 2018 and 2020 Debentures.
‐10 ‐5 0 5 10 15
Excess Cash Flow (1)
Working capital
Local debt repayments
Other obligations
Interest paid
Capex
Income taxes paid
Adjusted EBITDA
$2.3M
US$M
Q1‐2017
$13.6M
Sinking Funds – March 31, 2017:
2020 Debentures ‐ $2.1M
2018 Debentures ‐ $0.7M
Expecting 2017 Excess Cash Flow of $15M (10% of principal amount of Senior Debentures)

11. 11
TSX: GCM
May 16, 2017
Balance SheetRESULTS
* Excludes current portion of short and long‐term debt
** Aggregate principal amounts issued and outstanding
March 2017 December 2016
Adjusted working capital deficit *
Cash $2.9M $2.8M
Accounts receivable $8.7M $11.4M
Accounts payable and accrued liabilities ($18.3M) ($16.6M)
Wealth taxes payable ($1.0M) ‐
Income taxes payable ($2.7M) ($6.1M)
Mining titles and compensation agreements payable ($11.2M) ($11.0M)
Inventories and other items, net $10.2M $9.2M
($11.4M) ($10.3M)
Total short and long‐term debt
Local debt, net of cash in trust $1.2M $1.4M
2018 Debentures ** $46.0M $49.7M
2020 Debentures ** $101.2M $101.2M
Sinking funds for 2018 and 2020 Debentures ($2.8M) ($0.5M)

12. 12
TSX: GCM
May 16, 2017
CAPITAL STRUCTURE
TSX Symbol Exercise Price Issued &
Outstanding
2017‐05‐15
Issued &
Outstanding
2017‐05‐31 (2)
Fully Diluted
Shares (2)
Common shares GCM 20.5M 20.5M 20.5M
2018 Debentures (1) GCM.DB.U US$1.95 $46.0M $46.0M 23.6M
2020 Debentures (1) GCM.DB.V US$1.95 $100.5M $53.5M 27.4M
2024 Debentures (1) GCM.DB.X US$1.95 ‐ $47.0M 24.1M
95.6M
Warrants GCM.WT.A
Unlisted
CA$48.75
CA$281.25
0.3M
67K
Options CA$2.55
CA$27.60
1.9M
47K
(1) Amounts shown for the Senior Debentures are at Face
Value.
(2) Pro forma assuming no further conversions or NCIB
purchases prior to that date.
Common shares consolidated on a 1:15 basis effective April 25, 2017.
Normal Course Issuer Bids launched in July 2016 to repurchase the 2018 and 2020 Debentures on the open market for
cancellation. To date, the Company has purchased $0.8M of 2018 Debentures and $2.8M of 2020 Debentures under the NCIBs.
2020 Debenture holders consented to extend maturity date of $47.0M of debentures to 2024 effective May 31, 2017
Post Consolidation

13. 13
TSX: GCM
May 16, 2017
Mineral Resources Segovia Operations
Measured & Indicated Inferred
Tonnes
(kt)
Grade
(g/t)
Au
(koz)
Tonnes
(kt)
Grade
(g/t)
Au
(koz)
March 15, 2017 (1) 2,861 12.0 1,100 3,073 9.9 978
December 31, 2016 (2) 690 18.1 402 3,816 10.4 1,278
Change vs 2016
698
174%
(300)
‐23%
Upgrading of the El Silencio Mineral Resource below Mine Level 29 added 1.8 mt at 11.4 g/t = 659 koz from the
Inferred to the Indicated category in the 2017 MRE update.
Also added 398 koz to the Inferred category in the 2017 MRE update.
An updated NI 43‐101 independent technical report to be filed on SEDAR on or about June 2, 2017.
(1) Source: Company press release dated April 19, 2017.
(2) Source: September 2013 NI 43‐101 Technical Report,
updated for production to December 31, 2016 by SRK.

14. 14
TSX: GCM
May 16, 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
2016 Actual 2017 Guidance
Gold production (ozs) 149,708 150,000 – 160,000
Cash cost/oz sold $706 < $720
AISC/oz sold $850 < $900
Maintaining Guidance

15. 15
TSX: GCM
May 16, 2017
For Further Information, Contact:
Mike Davies
Chief Financial Officer
(416) 360‐4653
investorrelations@grancolombiagold.com
Town of Segovia