This corporate presentation from Gran Colombia Gold provides an overview of the company as the leading high-grade gold producer in Colombia. It summarizes Gran Colombia's key assets including its flagship Segovia Operations, the Marmato Project, and the Zancudo Project. It also provides details on recent financial and operating results such as increased annual gold production to 149,687 ounces in 2016 and reduced cash costs. The presentation aims to position Gran Colombia as an undervalued, leading Colombian gold producer with growth potential from resource expansion and exploration upside.

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TSX: GCM
January 2017
The leading high‐grade gold producer in Colombia
Corporate Presentation
January 2017

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TSX: GCM
January 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, reduction of cash costs and AISC, future G&A, capex and
excess cash flow, interest payments on the senior debt and future purchases and/or redemptions of the senior debt.
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, 2016 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.

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TSX: GCM
January 2017
Canadian-listed (TSX: GCM) producer with offices in Toronto/Medellin.
Currently the largest underground gold and silver producer in
Colombia.
Advancing a project to expand and mechanize its high-grade gold and
silver mines at its Segovia Operations (~84% of total production).
The Marmato Project, one of the Top-20 largest undeveloped global
gold deposits, provides significant optionality to gold and silver prices
with current resources in excess of 14M ozs of gold and almost 90M
ozs of silver. Deep mineralization holds potential to add resources.
The Zancudo Project, a former high grade producer, provides
additional exploration upside.
Reduced senior debt by $36M (19%) in 2016 through debt conversions
and NCIB repurchases following January 2016 debt restructuring.
Annual gold production increased 28% to 149,687 ounces in 2016.
AISC (full year average) expected to be US$825 to US$850/oz for 2016
compared with US$863/oz in 2015.
Upside in resource expansion and exploration assets.
Leading Colombian high-grade underground gold producer.
• undervalued versus peers!
Gran Colombia Gold

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TSX: GCM
January 2017
SEGOVIA OPERATIONS
Category
Gold Resource (1)
(ozs)
Grade
(g/t)
Measured 77,000 25.3
Indicated 351,000 16.8
Inferred 1,298,000 10.5
 High-grade quartz-sulfide veins in historic mining district.
 Over 5 million ounces of gold produced through continuous mining over past 150 years.
 Production increased ~36% to 126,237 ounces of gold in 2016.
 Cash cost(2) averaged US$652/oz in 9M-2016.
 Three active underground mines (31 historic mines) and a substantial land package of ~9,000 hectares. Unique
RPP contract license grants mining rights in perpetuity.
 Currently advancing a project to develop, expand and mechanize underground mining operations. Executing a
10,000 meters drill program that commenced in May 2016 to upgrade and expand resources.
 Local contract cooperative mining model is successfully leveraging artisanal mining capabilities in high-grade
secondary pillar recovery operations and improving environmental management in the area.
 Maria Dama plant has been expanded to handle up to 1,500 tpd.
(1) Based on September 2013 NI43‐101 and updated for production to December 31, 2015.
(2) By‐product credit basis. Refer to Company’s MD&A for computation.

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TSX: GCM
January 2017
SEGOVIA OPERATIONS

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TSX: GCM
January 2017
MARMATO PROJECT
Category
Gold Resource (1)
(ozs)
Gold Grade
(g/t)
Silver Resource (1)
(ozs)
Silver
Grade (g/t)
Measured 1,689,000 1.0 7,832,000 4.8
Indicated 9,912,000 0.9 71,517,000 6.3
Inferred 2,583,000 1.0 9,419,000 3.7
 Mineralization is hosted by sheeted pyrite vein system in dacite to andesite porphyry stocks.
 Mountain of gold in historic mining district.
 Existing underground mining operation with production of 23,450 ozs of gold in 2016.
 Cash cost(2) averaged US$962/oz in 9M-2016.
 Ranked in Top-20 of undeveloped global gold deposits by size.
 Deep zone drilling in 2012 shows that mineralization at Marmato extends at least 800m below the limit of the
current underground mining operation and is still open at depth. Merits further exploration.
(1) Based on August 2012 NI43‐101; updated for production to 12‐31‐2015 and reduction due to 2015 lapse of certain licenses in open pit area.
(2) By‐product credit basis. Refer to Company’s MD&A for computation.

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TSX: GCM
January 2017
MARMATO PROJECT
Legend
DRILL HOLES AU PPM
Pending
0 0.1
0.1 0.3
0.3 1
1 2.5
> 2.5
BLOCKS AU PPM
0 0.1
0.1 0.3
0.3 1
1 2.5
> 2.5

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TSX: GCM
January 2017
TSX Symbol Exercise
Price
12‐31‐2015 01‐20‐2016
Exchange
Date
12‐31‐2016 Fully
Diluted
Shares
Common shares GCM 23.7M 113.6M 277.7M 277.7M
2018 Debentures * GCM.DB.U US$0.13 N/A ** $71.2M $49.7M 382.6M
2020 Debentures * GCM.DB.V US$0.13 N/A *** $104.0M $101.2M 778.1M
1,438.4M
Warrants GCM.WT.A
Unlisted
CA$3.25
CA$18.75
4.2M
1.0M
4.2M
1.0M
4.2M
1.0M
Options CA$0.17
CA$1.84
11.9M
0.7M
* Amounts shown above for the Senior Convertible Debentures are at Face Value.
** Replaced the US$78.6M Silver Notes due 2018.
*** Replaced the US$100M Gold Notes due 2017.
CAPITAL STRUCTURE
Gran Colombia launched Normal Course Issuer Bids on July 21, 2016 to use the sinking funds to repurchase
the 2018 and 2020 Debentures on the open market for cancellation.
To date, Gran Colombia has repurchased and cancelled a total of US$2.9M principal amount of
debentures, reducing its fully diluted shares by 22.4M.

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TSX: GCM
January 2017
SENIOR DEBT
• Maturity – January 2, 2020
• Coupon – 6% cash, paid monthly
• Convertible – holder option – US$0.13/ share
• Redeemable/ open market repurchases permitted
• At Maturity – settle in cash
• Senior secured
2020 Debentures
(TSX: GCM.DB.V)
2018 Debentures
(TSX: GCM.DB.U)
• Maturity – August 31, 2018
• Coupon – 1% cash, paid monthly
• Convertible – holder option – US$0.13/ share
• Redeemable/ open market repurchases permitted
• At Maturity – Company option to settle in shares or in
shares/cash if price < US$0.13/share
• Senior unsecured
Sinking Funds
• 100% of Excess Free Cash Flow
• 75% for 2020 Debentures, 25% for 2018 Debentures
• To fund redemptions, repurchases, maturity

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TSX: GCM
January 2017
BOARD & MANAGEMENT
Board of Directors
Serafino Iacono Executive Co‐Chairman
Miguel de La Campa Executive Co‐Chairman
Robert Metcalfe * Lead Independent Director; Lawyer
Mark Ashcroft * Mining executive; Professional Engineer
Jaime Perez Branger * Managing Director, Blue Pacific
Ed Couch * Investor
Rodney Lamond * Mining executive; Professional Mining Engineer
Ian Mann * Resource sector fund manager
Hernan Martinez * Former Colombian Minister of Mines and Energy
Mark Wellings * Mining executive; Professional Engineer
Key Management
Lombardo Paredes Chief Executive Officer
Michael Davies Chief Financial Officer
Alessandro Cecchi Vice President, Exploration
Hector Melendez Mine General Manager, Segovia Operations
Gabriel Gaviria Mine General Manager, Mineros Nacionales
* Independent

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TSX: GCM
January 2017
2016 OUTLOOK
Priorities
1. Monthly interest payments on 2018 and 2020 Debentures.
2. Continue implementation of optimized mine plan at Segovia:
– Primary focus on development and mechanization at Providencia;
– Secondary focus on development and mechanization at El Silencio; and,
– 10,000m drilling program at Segovia to be completed by end of year.
3. Improve balance sheet by reducing the working capital deficit.
4. Excess free cash flow  sinking funds for 2018/2020 Debentures  NCIBs.
2016 Annual Targets
Latest Guidance Actual Trailing 12 Months
as of Q3‐2016
Gold production (ozs) 144,000 – 150,000 (2) 149,687 138,879
Cash cost/oz sold $700 ‐ $720 $699(1) $700
AISC/oz sold $825 ‐ $850 $832(1) $836
(1) 9M‐ 2016 average.
(2) Initial guidance was 120,000 to 138,000 ozs.

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TSX: GCM
January 2017
Growth in Gran Colombia’s total gold production has been driven by the high‐grade Segovia
Operations. Marmato has been steady.
Gold ProductionRESULTS
AISC (‐23%)
000’s ozs
‐
15
30
45
60
75
90
105
120
135
150
2013 2014 2015 2016
Segovia Marmato

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TSX: GCM
January 2017
Cash Cost Per Ounce (1)RESULTS
117
89
$400
$600
$800
$1,000
$1,200
2013 2014 2015 LTM
Segovia
2013 2014 2015 LTM
Marmato
$916
15% of 9M‐2016 gold sales
US$/oz sold
$656
85% of 9M‐2016 gold sales
LTM‐2016 total cash cost for the Company was $700/oz, down from $729/oz in 2015, benefitting from:
 Principal source of Gran Colombia’s gold production is the high‐grade resources at Segovia where the Company has
cut costs and optimized its operating cost structure in recent years.
 Fixed costs on a per ounce basis have decreased as a result of increased production in 2016.
 Devaluation of the Colombian peso in H2‐2015 positively impacted US$ equivalent costs in 2016 vs 2015.
(1) By‐product credit basis. Refer to Company’s MD&A for computation.
(2) LTM: latest 12 month ended September 30, 2016
(2) (2)

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TSX: GCM
January 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) LTM: latest 12 months ended September 30, 2016
RESULTS
AISC (‐23%)
US$/oz sold
$400
$600
$800
$1,000
$1,200
$1,400
2013 2014 2015 LTM
G&A,Sustaining
Capex and Other
Total Cash Cost
$836
Reductions in total cash costs and G&A have been the key to success in reducing AISC to the current level.
Anticipate 2016 full year average AISC of $825 to $850 per ounce.
(2)

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TSX: GCM
January 2017
Gran Colombia’s AISC is well positioned amongst industry peers.
All‐In Sustaining Costs (1)
(1) Nine months 2016 reported results per Q3‐2016 filings; AISC is a common performance measure but does not
have any standardized meaning within the industry and therefore its computations may vary between companies.
RESULTS
AISC (‐23%)
US$/oz sold
$0 $200 $400 $600 $800 $1,000 $1,200
IamGold
Alamos Gold
(TAHOE) Lakeshore Gold
Kin Ross Gold
Argonaut Gold
Kirkland Lake Gold
Yamana Gold
Goldcorp
Gran Colombia Gold
Centerra Gold
Timmins Gold
Guyana Goldfields
Barrick Gold
New Gold
Cash Cost AISC
$832

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TSX: GCM
January 2017
Adjusted EBITDA (1)
RESULTS
(1) Refer to Company’s MD&A for computation.
(2) LTM = Latest 12 months ended September 30, 2016.
$‐
$10
$20
$30
$40
$50
$60
$70
2013 2014 2015 LTM (2)
$59.6M
$38.4MUS$M
Improved production together with reductions in total cash costs and G&A have been the key to our
success in increasing Adjusted EBITDA.

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TSX: GCM
January 2017
Excess Cash FlowRESULTS
(1) As defined in the Indentures (available on the
Company’s web site) for the 2018 and 2020 Debentures.
‐10 0 10 20 30 40 50
Excess Cash Flow (1)
Other obligations
Local debt repayments
Debt restructuring costs
Payables reduction
Receivables and inventories
Equity, wealth & income taxes
Interest paid, net
Capex
Adjusted EBITDA
$2.3M
US$M
9M‐2016
$49.6M
Adjusted EBITDA has been used in 2016 in accordance
with Gran Colombia’s Priorities: to meet interest
obligations related to its Senior Debt, to invest in its
Segovia Operations and to improve its working capital
deficit.
The Excess Cash Flow generated has been deposited to
the Sinking Funds and used to repurchase Senior Debt for
cancellation under the NCIBs.

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TSX: GCM
January 2017
RELATIVE PERFORMANCE
Relative Performance Since January 1st 2016 (%)
Chart data as at January 9, 2017
Source: Bloomberg
(100.0%)
(50.0%)
0.0%
50.0%
100.0%
150.0%
200.0%
1-Jan-16 31-Jan-16 1-Mar-16 31-Mar-16 30-Apr-16 30-May-16 29-Jun-16 29-Jul-16 28-Aug-16 27-Sep-16 27-Oct-16 26-Nov-16 26-Dec-16
Gold Spot $/Oz Silver Spot $/Oz GCM GDX GDXJ
87.2%
63.7%
19.9%
11.3%
(23.1%)

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TSX: GCM
January 2017
VALUATION OPPORTUNITY
Undervalued Compared to Peer Group – Significant Upside Opportunity
GCM GCM GCM
Peer
Group
0.2x
3.1x
4.1x
$1,392/oz
$2,662/oz
0.7x
Price / NAV EV / EBITDA
(2017e)
EV / Production
(2017e)
Peer
Group
Peer
Group
Market data as at January 6, 2017.
Peer Group comprises 14 junior gold producers.
“Peer Group” amounts represent Median values.
GCM has not provided guidance yet for 2017. “GCM 2017e” represent GMP Equity Research estimates.
Source: FactSet, Bloomberg, equity research and company disclosure.
NAV per GMP Equity Research.
GCM
Peer
Group
Price / CFPS
(2017e)
0.8x
6.0x

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