Gran Colombia Q3 2017 Results

1. 1
TSX: GCM
November 14, 2017
Lombardo Paredes Arenas, CEO
Mike Davies, CFO
The leading high‐grade gold producer in Colombia
Q3‐2017 Results

2. 2
TSX: GCM
November 14, 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
November 14, 2017
Q3‐2017 Update Highlights
2017 Priorities Nine Months Accomplishments
Improve capital structure
• Share consolidation
• Debt extension
• Completed April 25, 2017.
• $47M extended to 2024 on May 31, 2017.
Generate Excess Cash Flow = 10% of principal
amount of Senior Debentures
• Generated $7.8M in 9M‐2017.
• $2.1M used to cancel $2.5M of 2020s (NCIB).
• $3.0M redemption of 2020s on July 31, 2017.
Continue implementation of optimized mine plan
at Segovia:
• Development and mechanization at Providencia
and El Silencio
• Upgrades at Maria Dama and TSF expansion
9M‐2017 sustaining capex of $16.5M (~$140/oz):
• ~41% related to exploration &development
• ~35% mines and related infrastructure
• ~15% Maria Dama plant upgrades
• ~7% related to new water treatment plant
20,000m drilling program at Segovia • Commenced late January 2017.
• 3 rigs currently in the field; 66% complete
Update mineral resource estimates:
• Segovia
• Marmato Underground Mineral Resources
• Completed effective March 15, 2017
• PEA filed September 2017
• Press Release dated October 04, 2017

4. 4
TSX: GCM
November 14, 2017
RESULTS Highlights
Mine development at Sandra K – July 17, 2014
(1) Refer to Company’s MD&A for computation
(2) Per share information has been adjusted to reflect the
1:15 consolidation completed on April 25, 2017.
3rd Quarter Nine Months
2017 2016 2017 2016
37,039 39,111 Gold production (ozs) 122,122 108,829
33,932 39,017 Gold sales (ozs) 117,545 107,605
$1,246 $1,296 Realized gold price ($/oz) $1,214 $1,225
$748 $728 Cash cost ($/oz) $720 $699
$970 $884 AISC ($/oz) $927 $832
$42.7M $51.2M Revenue $144.4M $133.7M
$13.8M $19.7M Adjusted EBITDA (1) $48.7M $49.6M
($1.0M) $8.1M Net income $34.3M $19.0M
($0.05) $0.52 Per share(2) $1.70 $1.82
$3.8M $8.1M Adjusted net income (1) $11.0M $12.2M
$0.19 $0.52 Per share (2) $0.55 $1.17
$2.3M $0.1M Excess Cash Flow $7.8M $2.4M

5. 5
TSX: GCM
November 14, 2017
RESULTS
Segovia
 A 42‐day civil disruption that ended in early September reduced tonnes processed in Q3‐2017.
 Opening up of higher grade areas at Providencia in 2017 has increased the Company‐operated gold production in
Q2 and Q3…continuing capital development at both Providencia and El Silencio.
 Continuing negotiations to bring additional small mining collectives operating within thye Company’s title under
its contract mining model.
Marmato
 Q3‐2017 gold production fuelled by increase in tonnes processed to 1,100 tpd.
Production
3nd Quarter Nine Months
2017 2016 2017 2016
Gold (ozs)
Segovia
10,940 7,146 Company-operated 32,486 20,197
19,135 26,406 Contract miners 70,585 71,238
30,075 33,552 103,071 91,435
6,964 5,559 Marmato 19,051 17,394
37,039 39,111 Total Company 122,122 108,829
34,135 37,632 Silver (ozs) 120,505 119,780

6. 6
TSX: GCM
November 14, 2017
Growth in Gran Colombia’s total gold production has been driven by the high‐grade
Segovia Operations. Marmato has been steady.
2017 production guidance raised to 165,000‐170,000 ounces of gold.
Annualized
Gold Production
RESULTS
AISC (‐23%)
000’s ozs
‐
25
50
75
100
125
150
175
2013 2014 2015 2016 LTM *
Segovia Marmato
167k
* LTM = Latest 12 months ended October 31, 2017

7. 7
TSX: GCM
November 14, 2017
Total Cash Cost
Per Ounce (1)RESULTS
117
89
$400
$600
$800
$1,000
$1,200
2013 2014 2015 2016 9M‐2017
SegoviaUS$/oz sold
$665
85% of 9M‐2017 gold sales
Q3‐2017 Company cash cost of $748/oz brought the 9M‐2017 average to $720/oz , up from $699/oz in 9M‐2016.
Segovia’s Q3‐2017 cash cost of $700/oz was above expectations due to the impact of the 42‐day civil disruption on
production. Improvement expected in Q4‐2017 as operations returned to normal in early September.
Marmato’s Q3‐2017 cash cost improved to $958/oz on the strength of increased production.
Continuing to expect the 2017 full year cash cost average for the Company to be below $720/oz.
(1) By‐product credit basis. Refer to Company’s MD&A for computation.
2013 2014 2015 2016 9M‐2017
Marmato
$1,035
15% of 9M‐2017 gold sales

8. 8
TSX: GCM
November 14, 2017
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.
(2) Latest 12 months ended September 30, 2017.
RESULTS
AISC (‐23%)
US$/oz sold
$400
$600
$800
$1,000
$1,200
$1,400
2013 2014 2015 2016 9M‐2017 LTM (2)
G&A,Sustaining
Capex and Other
Total Cash Cost
$920
2017 average AISC expected to be about $900/oz.

9. 9
TSX: GCM
November 14, 2017
Adjusted EBITDA (1)
RESULTS
(1) Refer to Company’s MD&A for computation.
(2) LTM = Latest 12 months ended September 30, 2017.
$‐
$25
$50
$75
2013 2014 2015 2016 LTM (2)
$65.1M
US$M
9M‐2017 adjusted EBITDA of $49M was slightly below 9M‐2016 as the Q3‐2017 adjusted EBITDA of $14M was
lower than expected due to the Segovia civil disruption.
The LTM adjusted EBITDA is $65M at the end of September 2017 and expected to improve in Q4‐2017.

10. 10
TSX: GCM
November 14, 2017
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.
‐20.0 ‐10.0 0.0 10.0 20.0 30.0 40.0 50.0
Excess Cash Flow (1)
Working capital
Local debt repayments
Other obligations
Interest paid
Capex
Income taxes paid
Adjusted EBITDA
$7.8M
US$M
9M‐2017
$48.7M
Sinking Fund Balances – September 30, 2017:
2020/2024 Debentures ‐ $1.1M
2018 Debentures ‐ $2.1M
Used $2.1M of 2020 Sinking Fund to repurchase
$2.5M of debentures in 2017 under NCIB.
Used $3.0M of 2020 Sinking Fund for partial
redemption at par on July 31, 2017.
Continuing to expect Excess Cash Flow of ~$16M for FY2017, up from $2.9m in FY2016

11. 11
TSX: GCM
November 14, 2017
Balance SheetRESULTS
* Excludes current portion of short and long‐term debt
** Aggregate principal amounts issued and outstanding
September 2017 December 2016
Adjusted working capital deficit *
Cash $3.3M $2.8M
Accounts receivable $9.6M $11.4M
Accounts payable and accrued liabilities ($21.0M) ($16.6M)
Income taxes payable ($2.2M) ($6.1M)
Mining titles and compensation agreements payable ($11.1M) ($11.0M)
Inventories and other items, net $13.4M $9.2M
($8.0M) ($10.3M)
Total short and long‐term debt
Local debt, net of cash in trust $0.5M $1.4M
2018 Debentures ** $46.0M $49.7M
2020 Debentures ** $48.7M $101.2M
2024 Debentures** $47.0M N/A
Sinking funds for 2018 and 2020 Debentures $3.2M $0.5M

12. 12
TSX: GCM
November 14, 2017
CAPITAL STRUCTURE
TSX Symbol Exercise Price Issued &
Outstanding
2017‐11‐13
Fully Diluted
Shares
Common shares GCM 20.9M 20.9M
2018 Debentures (1) GCM.DB.U US$1.95 $45.2M 23.2M
2020 Debentures (1) GCM.DB.V US$1.95 $48.7M 25.0M
2024 Debentures (1) GCM.DB.X US$1.95 $47.0M 24.1M
93.2M
Warrants GCM.WT.A CA$48.75 0.3M
Options CA$2.55
CA$27.60
1.8M
47K
(1) Amounts shown for the Senior Debentures are at Face Value.
In the third quarter of 2017, Gran Colombia:
• Repurchased $0.7M of 2020 Debentures at a discount for cancellation
• Partially redeemed $3.0M of 2020 Debentures at par
In October 2017:
$0.8M of 2018 Debentures elected to convert to common shares
Post Consolidation

13. 13
TSX: GCM
November 14, 2017
RESULTS Marmato Underground
Resources
Updated Mineral Resource:
• Completed effective June 16, 2017.
• Changing focus of the mining style from
open pit to underground mining.
• Increase in the cut‐off grades used from 0.3
g/t in the 2012 MRE to 1.2 g/t and 1.9 g/t
for the different mineralization styles.
• Major focus on modelling of the geological
continuity of the veins has resulted in
reduced tonnages but higher grades.
• Additional “Deeps Zone” mineralization
included for the first time within the
Inferred category.
Category Quantity Grade Metal
Au Ag Au Ag
Mt g/t g/t 000's oz 000's oz
Underground Vein**
Measured and Indicated 13.3 4.6 22.1 1,979 9,434
Inferred 9.4 4.2 18.9 1,275 5,722
Underground Porphyry***
Measured and Indicated 27.0 2.1 14.9 1,858 12,892
Inferred 13.3 1.8 15.4 777 6,655
Underground Deeps Zone***
Measured and Indicated 0.9 2.0 8.0 60 235
Inferred 29.3 2.3 2.8 2,142 2,628
Underground Combined
Measured and Indicated 41.2 2.9 17.0 3,897 22,561
Inferred 52.0 2.5 9.0 4,194 15,005
Mineros
Nacionales
Mine
Next Steps:
• NI 43‐101 Report on the MRE to be
filed on or about November 20th
• Readying 2018 drilling program
• Proceeding to a PEA study in first
half of 2018
** Vein mineral resources are reported at a cut‐off grade of 1.9 g/t.
*** Porphyry and Deeps mineral resources are reported at a cut‐off grade of 1.2 g/t.

14. 14
TSX: GCM
November 14, 2017
RESULTS Marmato Underground
Resources
Veins
13.3 Mt @ 4.6 g/t Au
for 1,979 Moz
using 1.9 g/t CoG
Porphyry
27.0 Mt @ 2.1 g/t Au
for 1,858 Moz
using 1.9 g/t CoG
Summary Section of the Marmato Project, showing areas of potential at depth.

15. 15
TSX: GCM
November 14, 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
2017 Guidance
Revised 2017
Guidance
9M‐2017 Actual LTM
Gold production (ozs) 150,000 – 160,000 165,000‐ 170,000 122,122 166,908 *
Cash cost/oz sold < $720 < $720 $720 $722 **
AISC/oz sold < $900 About $900 $927 $920 **
Raising Production
Guidance
* LTM = Latest 12 months ended October 31, 2017
** LTM = Latest 12 months ended September 30, 2017

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TSX: GCM
November 14, 2017
For Further Information, Contact:
Mike Davies
Chief Financial Officer
(416) 360‐4653
investorrelations@grancolombiagold.com
Town of Segovia