Gran Colombia Q1 2018 Results

1. 1
TSX: GCM
May 11, 2018
The leading high‐grade gold producer in Colombia
Q1‐2018 Results
Lombardo Paredes Arenas, CEO
Mike Davies, CFO

2. 2
TSX: GCM
May 11, 2018
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, future purchases and/or redemptions of the senior debentures
and future financings. 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 27, 2018 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 11, 2018
Q1‐2018 Highlights
2018 Priorities Progress Update
Improve capital structure
• Refinance 2020 and 2024 Debentures…………………..
• Settle 2018 Debentures…………………………………………
US$98M Offering completed April 30, 2018
Redemption of 20’s & 24’s on May 14th
US$7.3M accepted early settlement offer
US$34.4M currently outstanding
Continue implementation of optimized mine plan at
Segovia……………………………………………………………………..
Al programs underway….US$8.6M spent in Q1‐2018,
including exploration and development and capital
projects
Construction of El Chocho TSF underway and
scheduled to receive tailings in August
20,000m drilling program at Segovia………………………. Executed 5,400 meters or approximately 27% of its
planned 20,000 meters drilling campaign.
Segovia PFS completed and filed on SEDAR on May
10th….660,000 ozs of Proven and Probable Mineral
Reserves
Technical studies (PEA) and up to 10,000m drilling
program at Marmato………………………………………………..
JDS Energy & Mining has been engaged to conduct
the studies in two phases this year
Drilling expected to start in June

4. 4
TSX: GCM
May 11, 2018
CAPITAL STRUCTURE
TSX Symbol Exercise Price Issued &
Outstanding
2018‐05‐09
Fully Diluted
Shares
Common shares GCM 29.3M 29.3M
2018 Debentures (1) GCM.DB.U US$1.95 $34.4M 17.6M
2020 Debentures (1) GCM.DB.V US$1.95 $47.7M 24.5M
2024 Debentures (1) GCM.DB.X US$1.95 $40.8M 20.9M
92.3M
Warrants GCM.WT.A CA$48.75 0.3M
Options CA$2.55 1.8M
(1) Amounts shown for the Senior Debentures are at Face Value.
Offering Completed April 30, 2018
97,992 Units = ~$98M senior secured gold‐linked notes
Six‐year term, 8.25% coupon paid monthly
Upside return through gold price participation on quarterly repayments with $1,250/oz floor
Physical gold set aside in a Gold Trust Account to fund quarterly repayments
Each $1,000 Unit includes 124 Warrants at CA$2.21 per share (12.15M warrants in total)
Notes and warrants currently unlisted and subject to 4‐month hold period
$7.3M of 2018 Debentures redeemed for $1.4M cash from sinking fund and 3.0M shares on April 30, 2018
2020 Debentures and 2024 Debentures to be redeemed at par on May 14, 2018, reducing dilution exposure

5. 5
TSX: GCM
May 11, 2018
RESULTS Highlights
Mine development at Sandra K – July 17, 2014
1st Quarter
2018 2017
Gold production (ozs) 52,672 39,008
Gold sales (ozs) 49,610 38,434
Realized gold price ($/oz) $1,293 $1,174
Cash cost ($/oz) (1) $670 $748
AISC ($/oz) (1) $896 $941
Revenue $64.8M $45.7M
Adjusted EBITDA (1) $27.4M $13.6M
Net income (loss) $5.4M ($0.8M)
Per share $0.25 ($0.04)
Adjusted net income (1) $9.8M $3.1M
Per share $0.46 $0.16
Excess Cash Flow (1) $2.6M $2.3M
(1) Refer to Company’s MD&A for computation

6. 6
TSX: GCM
May 11, 2018
RESULTS
Segovia
• Our primary focus is our Company mines which provided 96% of Segovia’s Q1 2018 gold production.
• Improvement in head grades in the Providencia mine has been key catalyst for Segovia’s production growth.
Marmato
• Continues to be a steady producer…. evaluating expansion options to incorporate the Deeps mineralization.
Production
1st Quarter
2018 2017
Gold (ozs)
Segovia
Company mines
El Silencio 21,688 19,287
Providencia 20,667 8,408
Sandra K 2,055 775
Total Company mines 44,410 28,470
Other contract mines 2,062 4,298
Total Segovia Operations 46,472 32,768
Marmato 6,200 6,240
Total Company 52,672 39,088
Silver (ozs) 45,806 41,679

7. 7
TSX: GCM
May 11, 2018
‐
25
50
75
100
125
150
175
200
2016 2017 LTM (1) Q1 17 Q1 18
Segovia Marmato
187k
Growth in Gran Colombia’s total gold production has been driven by the Company mines in our high‐grade
Segovia Operations. Marmato has been steady.
Maintaining 2018 Annual production guidance of 182,000‐193,000 ounces of gold.
Gold ProductionRESULTS
AISC (‐23%)
000’s ozs
LTM = Latest 12‐months ended March 31, 2018

8. 8
TSX: GCM
May 11, 2018
Total Cash Cost
Per Ounce (1)
RESULTS
117
89
$400
$600
$800
$1,000
$1,200
2016 2017 LTM Q1 17 Q1 18
Segovia
$646
US$/oz sold
$616
The Company’s Total Cash Cost average decreased to $670/oz in the first quarter of 2018 from $748/oz in the first
quarter last year.
• Greater proportion of total gold sales is coming from the lower cost Segovia Operations this year.
• Segovia’s Q1‐2018 cash cost improved as production growth lowers fixed costs per ounce and per ounce costs have
benefitted from the increased head grades in Company‐operated areas at the Providencia mine.
Continue to expect 2018’s annual average Total Cash Cost will be below $735/oz.
(1) By‐product credit basis. Refer to Company’s MD&A for computation.
2016 2017 LTM Q1 17 Q1 18
Marmato
$1,141
$1,065
10% of Q1‐2018
Gold Sales
90% of Q1‐2018
Gold Sales
LTM = Latest 12‐months ended March 31, 2018

9. 9
TSX: GCM
May 11, 2018
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.
RESULTS
AISC (‐23%)
US$/oz
sold
$‐
$250
$500
$750
$1,000
2016 2017 LTM Q1 17 Q1 18
G&A,Sustaining Capex and Other Total Cash Cost
$896$908
2018 average AISC is expected to below $950/oz…Total Cash Cost per ounce is under control and using the
improved gold price environment to explore, develop and modernize our mining operations.
LTM = Latest 12‐months ended March 31, 2018

10. 10
TSX: GCM
May 11, 2018
Adjusted EBITDA (1)
RESULTS
(1) Refer to Company’s MD&A for computation.
$‐
$20
$40
$60
$80
$100
2016 2017 LTM Q1 17 Q1 18
$27.4M
$89.3M
US$M
Q1‐2018’s Adjusted EBITDA of $27.4M has doubled compared to Q1‐2017.
Increase in EBITDA driven by production growth, improved gold prices and relatively stable total cash costs.
LTM = Latest 12‐months ended March 31, 2018

11. 11
TSX: GCM
May 11, 2018
‐20 0 20 40
Excess Cash Flow (1)
Working capital
Other obligations
Interest paid
Income taxes paid
Capex
Adjusted EBITDA
$2.6M
Excess Cash Flow (1)
RESULTS
(1) As defined in the Indentures (available on the Company’s
web site) for the 2018 and 2020/2024 Debentures.
US$M
Q1 2018 vs. Q1 2017
$27.4M
Improvements in our internally generated cash flow has improved the Company’s liquidity.
$13.6M
$2.3M

12. 12
TSX: GCM
May 11, 2018
Balance SheetRESULTS
* Excludes current portion of long‐term debt
** Aggregate principal amounts issued and outstanding
March 2018 December 2017
Adjusted working capital deficit *
Cash $3.4M $3.3M
Accounts receivable $12.8M $14.4M
Accounts payable and accrued liabilities ($20.6M) ($18.8M)
Income taxes payable ($4.2M) ($8.4M)
Marmato compensation agreements payable ($12.0M) ($11.0M)
Inventories and other items, net $14.9M $10.9M
($5.7M) ($9.6M)
Long‐term debt and Cash in trust
Finance leases $0.4M $0.4M
2018 Debentures ** $44.0M $45.2M
Cash in trust for 2018 Debentures $4.9M $4.3M
2020 and 2024 Debentures ** $91.3M $95.7M
Cash in trust for 2020 and 2024 Debentures $9.6M $7.6M

13. 13
TSX: GCM
May 11, 2018
2018 OUTLOOK
Priorities
1. Improve capital structure: Settle 2018 Debentures; Refinance 2020/2024’s.
2. Continue implementation of optimized mine plan at Segovia:
– Continue infrastructure, ventilation and other capital initiatives at Providencia
and El Silencio mines; expand ore storage at Maria Dama plant;
– Commence development and mechanization at Sandra K;
– Environmental initiatives including tailings storage expansion and filter press;
3. 20,000m drilling program at Segovia; and
4. Technical studies (PEA) and up to 10,000m drilling program at Marmato.
2018 Targets
LTM 2018 Guidance
Gold production 187,485 182,000 – 193,000 ozs
Cash cost/oz sold $701 < $735/oz
AISC/oz sold $908 < $950/ oz
Guidance
LTM = Latest 12‐months ended March 31, 2018

14. 14
TSX: GCM
May 11, 2018
For Further Information, Contact:
Mike Davies
Chief Financial Officer
(416) 360‐4653
investorrelations@grancolombiagold.com
Town of Segovia