Gran Colombia Gold Q3 2018 Results

1. 1
TSX: GCM OTCQX: TPRFF
November 14, 2018
Q3‐2018 Results
Lombardo Paredes Arenas, CEO
Mike Davies, CFO
November 14, 2018
The leading high‐grade gold producer in Colombia

2. 2
TSX: GCM OTCQX: TPRFF
November 14, 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, 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 and its interim MD&A dated as of
November 13, 2018, both of which are 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 OTCQX: TPRFF
November 14, 2018
THIRD QUARTER 2018 Highlights
2018 Priorities Progress Update
Improve capital structure
• Refinance 2020 and 2024 Debentures…………………..
• Settle 2018 Debentures………………………………………
US$98M Offering completed April 30, 2018.
Redeemed 20’s & 24’s on May 14, 2018.
Completed on August 13, 2018.
Settled balance 100% with shares.
TSX Symbol Exercise Price Issued &
Outstanding
2018‐11‐13
Fully Diluted
Shares
Common shares GCM 48,150,305 48,150,305
2024 Gold Notes (1) GCM.NT.U $88,250,000
Warrants GCM.WT.A CA$48.75 280,795
GCM.WT.B CA$2.21 12,151,008 12,151,008
Options CA$2.55 1,774,660 1,774,660
CA$3.16 1,200,000 1,200,000
CA$27.60 47,000
63,275,973
Transformation of Gran Colombia’s capital structure is now complete!
(1) Amount shown for the Gold Notes is at Face Value.

4. 4
TSX: GCM OTCQX: TPRFF
November 14, 2018
CAPITAL STRUCTURE New Listings
GCM.WT.B
GCM.NT.U
TPRFF
2024 Warrants
Listed September 2018
2024 Gold Notes
Listed October 2018
Common Shares
Listed October 2018
Outlook
StableB Upgrade from B‐
Announced October 2018

5. 5
TSX: GCM OTCQX: TPRFF
November 14, 2018
Highlights
2018 Priorities Progress Update
Improve capital structure
• Refinance 2020 and 2024 Debentures…………………..
• Settle 2018 Debentures…………………………………………
US$98M Offering completed April 30, 2018.
Redeemed 20’s & 24’s on May 14, 2018.
Completed on August 13, 2018.
Settled balance 100% with shares.
Continue implementation of optimized mine plan at
Segovia……………………………………………………………………..
US$23.1M spent at Segovia in first nine months of
2018, including exploration and development and
capital projects:
• $11.5M on exploration and development;
• $6.1M on mine equipment, infrastructure,
ventilation improvements;
• $3.6M on Maria Dama plant and lab, including
costs associated with El Choco TSF and new filter
press;
• $1.1M on upgrades to minesite facilities and
buildings, IT and security; and,
• $0.8M related to 44kV connection at the mines.
Construction of El Chocho TSF is continuing and
started receiving tailings in July.
New filter press construction remains on track for
commissioning in 2019.
THIRD QUARTER 2018
Fans at Providencia Mine ventilation shaft

6. 6
TSX: GCM OTCQX: TPRFF
November 14, 2018
Highlights
2018 Priorities Progress Update
Improve capital structure
• Refinance 2020 and 2024 Debentures…………………..
• Settle 2018 Debentures…………………………………………
US$98M Offering completed April 30, 2018.
Redeemed 20’s & 24’s on May 14, 2018.
Completed on August 13, 2018.
Settled balance 100% with shares.
Continue implementation of optimized mine plan at
Segovia……………………………………………………………………..
US$23.1M spent at Segovia in first nine months of
2018, including exploration and development and
capital projects.
20,000m drilling program at Segovia………………………. Executed 16,200 meters in 128 holes representing
approximately 81% of its planned 20,000 meters
drilling campaign.
New structure discovered at depth in El Silencio
mine….following up with 10,000m drilling program
starting before the end of 2018.
Also identified a new structure at the Sandra K mine
and a new high‐grade zone at Providencia.
Initial step‐out results at the Cristales Vein are
encouraging…has potential to become a future mine.
THIRD QUARTER 2018
See our Press Releases dated
June 18, 2018 and October 3, 2018
for detailed interim results.

7. 7
TSX: GCM OTCQX: TPRFF
November 14, 2018
Highlights
2018 Priorities Progress Update
Improve capital structure
• Refinance 2020 and 2024 Debentures…………………..
• Settle 2018 Debentures…………………………………………
US$98M Offering completed April 30, 2018.
Redeemed 20’s & 24’s on May 14, 2018.
Completed on August 13, 2018.
Settled balance 100% with shares.
Continue implementation of optimized mine plan at
Segovia……………………………………………………………………..
US$23.1M spent at Segovia in first nine months of
2018, including exploration and development and
capital projects.
20,000m drilling program at Segovia………………………. Executed 16,200 meters in 128 holes representing
approximately 81% of its planned 20,000 meters
drilling campaign.
Technical studies (PEA) and up to 8,500m drilling
program at Marmato……………………………………………….. Drilling commenced in mid‐June with two
rigs….2,900m executed in nine holes representing
34% of the 2018 program. Two new zones of Deeps‐
style mineralization have been identified and
continue to increase confidence in the geological
model.
Initial study phase of the Project is in process.
THIRD QUARTER 2018
See our Press Release dated
October 4, 2018
for detailed interim results.

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TSX: GCM OTCQX: TPRFF
November 14, 2018
RESULTS Highlights
Mine development at Sandra K – July 17, 2014
3rd Quarter Nine Months
2018 2017 2018 2017
57,163 37,039 Gold production (ozs) 162,741 122,122
55,601 33,932 Gold sales (ozs) 158,262 117,545
$1,186 $1,246 Realized gold price ($/oz) $1,253 $1,214
$657 $748 Cash cost ($/oz) (1) $674 $720
$888 $971 AISC ($/oz) (1) $899 $928
$66.6M $42.7M Revenue $200.3M $144.4M
$24.7M $13.8M Adjusted EBITDA (1) $78.7M $48.7M
$12.4M ($1.0M) Net income (loss) ($13.0M) $32.0M
$0.31 ($0.05) Per share ($0.43) $1.58
$9.9M $3.8M Adjusted net income (1) $28.0M $13.8M
$0.25 $0.19 Per share $0.93 $0.69
(1) Refer to Company’s MD&A for computation

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TSX: GCM OTCQX: TPRFF
November 14, 2018
RESULTS
Segovia
• Our primary focus is our Company mines which provided 95% of Segovia’s total 2018 gold production.
• Improvement in head grades and tonnes mined in the Providencia mine has been the key catalyst for
Segovia’s production growth in 2018 versus last year. Q3‐2017 was adversely impacted by a 42‐day civil
disruption which reduced production during that period.
Marmato
• Continues to be a steady producer…. evaluating expansion options to incorporate the Deeps mineralization.
Production
3rd Quarter Nine Months
2018 2017 2018 2017
Gold (ozs)
Segovia
Company mines
23,282 16,256 El Silencio 64,014 57,250
22,070 11,408 Providencia 65,354 34,110
2,080 831 Sandra K 7,003 2,495
47,432 28,495 Total Company mines 136,371 93,855
3,266 1,580 Other contract mines 7,870 9,216
50,698 30,075 Total Segovia Operations 144,241 103,071
6,465 6,964 Marmato 18,500 19,051
57,163 37,039 Total Company 162,741 122,122
52,367 34,135 Silver (ozs) 146,103 120,505

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TSX: GCM OTCQX: TPRFF
November 14, 2018
‐
25
50
75
100
125
150
175
200
225
2016 2017 LTM Nine Months‐17 Nine Months‐18
Segovia Marmato215k
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.
Refined 2018 annual production guidance….expect between 214,000 and 220,000 ounces of gold this year.
Gold ProductionRESULTS
AISC (‐23%)
000’s
ozs
LTM = Latest 12‐months ended October 31, 2018

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TSX: GCM OTCQX: TPRFF
November 14, 2018
Total Cash Cost
Per Ounce (1)
RESULTS
117
89
$400
$600
$800
$1,000
$1,200
2016 2017 LTM 9M‐17 9M‐18
Segovia
$630
US$/oz sold
$618
The Company’s Total Cash Cost average decreased to $674/oz in the first nine months of 2018 from $720/oz in the first
nine months last year.
• Greater proportion of total gold sales is coming from the lower cost Segovia Operations this year.
• Segovia’s 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 remain below $735/oz.
(1) By‐product credit basis. Refer to Company’s MD&A for computation.
2016 2017 LTM 9M 17 9M 18
Marmato
$1,138$1,12911% of
YTD2018
Gold
Sales
89% of
YTD2018
Gold
Sales
LTM = Latest 12‐months ended September 30, 2018.

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TSX: GCM OTCQX: TPRFF
November 14, 2018
All‐In Sustaining Costs (1)
(1) AISC per ounce includes total cash cost per ounce and adds the sum of
G&A, sustaining capital and certain E&E costs and provision for
environmental fees. Refer to the Company’s MD&A for computation.
RESULTS
AISC (‐23%)
US$/oz
sold
$‐
$250
$500
$750
$1,000
2016 2017 LTM 9M 17 9M 18
G&A,Sustaining Capex and Other Total Cash Cost
$899$899
2018 average AISC is expected to below $950/oz…Total Cash Cost per ounce is under control and using the
improved operating cash flow in 2018 to explore, develop and modernize our mining operations.
LTM = Latest 12‐months ended September 30, 2018.

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TSX: GCM OTCQX: TPRFF
November 14, 2018
Adjusted EBITDA (1)
RESULTS
(1) Refer to Company’s MD&A for computation.
$‐
$20
$40
$60
$80
$100
$120
2016 2017 LTM 9M‐17 9M‐18
$78.7M
$105.4M
US$M
YTD2018’s Adjusted EBITDA of $78.7M is up 62% compared to first nine months of 2017.
Increase in EBITDA driven by production growth, improved gold prices and focus on controlling
operating costs.
LTM = Latest 12‐months ended September 30, 2018.

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TSX: GCM OTCQX: TPRFF
November 14, 2018
Balance SheetRESULTS
* Excludes current portion of long‐term debt, Gold Trust Account and Cash in Trust.
** Aggregate principal amounts issued and outstanding at par.
September 2018 December 2017
Adjusted working capital deficit *
Cash $29.5M $3.3M
Accounts receivable $15.6M $14.4M
Accounts payable and accrued liabilities ($22.1M) ($18.8M)
Income taxes payable ($13.1M) ($8.4M)
Marmato compensation agreements payable ($7.8M) ($11.0M)
Inventories and other items, net $18.2M $10.9M
$20.3M ($9.6M)
Long‐term debt, including current portion
Finance leases $0.2M $0.4M
Senior Convertible Debentures ** ‐ $140.8M
Cash in trust for Senior Debentures ‐ $11.9M
Gold Notes** (equivalent to 74,500 ozs) $93.1M ‐
Gold Trust Account for Gold Notes $3.1M ‐

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TSX: GCM OTCQX: TPRFF
November 14, 2018
2018 OUTLOOK
Priorities
1. Improve capital structure: Settle 2018 Debentures; Refinance 2020/2024’s (Complete)
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 8,500m drilling program at Marmato.
2018 Targets
Nine Months 2018 LTM 2018 Guidance
Gold production 162,741 ozs 215,509 ozs (1) 214,000‐ 220,000 ozs
Cash cost/oz sold $674 $686 (2) < $735/oz
AISC/oz sold $899 $899 (2) < $950/ oz
Guidance – On Track
(1) Latest 12‐months ended October 30, 2018.
(2) Latest 12‐months ended September 30, 2018.

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