Gran Colombia Gold produced over 214,000 ounces of gold in the last 12 months from its Segovia operations in Colombia and Marmato mine. It is focused on continuing to expand and mechanize underground mining at Segovia, where recent drilling discovered a new structure at depth. The company has strengthened its balance sheet in 2018 through debt refinancing and repayments. It is on track to meet its 2018 production guidance of 210,000-220,000 ounces of gold.

1. 1
TSX: GCM
October 2018
TSX: GCM
The Mid-Tier Gold Miner At a “Junior” Price
Rising Production and EBITDA
October 2018Corporate Presentation
OTCQX: TPRFF

2. 2
TSX: GCM
October 2018
Forward-Looking StatementsDISCLAIMER
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 future repayments of its gold-linked notes. 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 August 14, 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 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.

3. 3
TSX: GCM
October 2018
Canadian-listed (TSX: GCM) producer with offices in Toronto and Medellin. Also listed in the US on the OTCQX (TPRFF).
Primary focus is on the high-grade Segovia Operations. Continuing to explore, expand and mechanize the underground
mining operations (89% of total H1-2018 production). In August 2017, announced a 4-year extension in mine life to 2026.
The Marmato Project, one of the Top-20 largest undeveloped global gold deposits, provides significant optionality to gold and
silver prices. Currently evaluating the potential to expand the existing underground mining operations, incorporating additional
resources from the deep mineralization.
The Zancudo Project, a former high-grade producer, provides exploration upside. IAMGOLD signed an option agreement in
2017 and is conducting exploration toward a potential purchase and joint venture on the project.
Simplified capital structure and strengthened balance sheet in 2018. US$25M of cash on the balance sheet at June 30, 2018.
 LTM (September 2018) gold production of 214,439 ounces, up ~23%
over 2017 annual production.
 LTM (June 2018) Adjusted EBITDA of $95M yielded $25M of Excess
Cash Flow.
 Upside in resource expansion and exploration assets in Colombia.
 Leading Colombian high-grade underground gold producer.
 undervalued versus peers!
GRAN COLOMBIA GOLD
LTM = Latest 12-month period
 ~17% interest in Sandspring Resources (TSXV: SSP) and its Toroparu
Project in Guyana.

4. 4
TSX: GCM
October 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 and 8,500m drilling program at Marmato.
2018 Targets
2018 Guidance LTM
Gold production 210,000 – 220,000 ozs (3) 214,439 (1)
Cash cost/oz sold < $735/oz $705 (2)
AISC/oz sold < $950/ oz $915 (2)
Guidance
(1) Latest 12-months ended September30, 2018.
(2) Latest 12-months ended June 30, 2018.
(3) Revised in September 2018; up from initial
guidance of 182,000-193,000 ozs.

5. 5
TSX: GCM
October 2018
2018 UPDATE On Track
2018 Priorities Progress Update
Improve capital structure
• Refinance 2020 and 2024 Debentures…………………..
• Settle 2018 Debentures…………………………………………
US$98M Offering completed April 30, 2018. New
Gold Notes listed on the TSX in October (GCM.NT.U).
Redeemed 20’s & 24’s on May 14, 2018.
Completed on August 13, 2018. Settled balance
100% with shares.
Common shares listed on OTCQX (TPRFF) in October.
Continue implementation of optimized mine plan at
Segovia……………………………………………………………………..
Al programs underway….US$15.7M spent at Segovia
in H1-2018, including exploration and development
and capital projects.
20,000m drilling program at Segovia………………………. Executed 16,200m through September, ~81% of its
planned 20,000m drilling campaign.
New structure discovered at depth in El Silencio
mine….following up with 10,000m additional drilling
program starting in early November 2018.
Technical studies (PEA) and 8,500m drilling program
at Marmato………………………………………………………………
JDS Energy & Mining has been working with the
Company on the initial study phase of the project.
Drilling commenced in mid-June with two rigs and by
end of September, 34% of program completed.

6. 6
TSX: GCM
October 2018
2018 RESULTS Highlights
Mine development at Sandra K – July 17, 2014
2nd Quarter 1st Half
2018 2017 2018 2017
52,906 46,075 Gold production (ozs) 105,578 85,083
53,051 45,179 Gold sales (ozs) 102,661 83,613
$1,286 $1,225 Realized gold price ($/oz) $1,290 $1,201
$696 $676 Cash cost ($/oz) (1) $683 $709
$913 $884 AISC ($/oz) (1) $905 $910
$68.9M $56.0M Revenue $133.7M $101.7M
$26.5M $21.3M Adjusted EBITDA (1) $53.9M $34.9M
($30.7M) $33.8M Net income (loss) ($25.4M) $33.0M
($1.09) $1.65 Per share ($1.02) $1.64
$8.2M $6.8M Adjusted net income (1) $18.1M $9.9M
$0.29 $0.33 Per share $0.72 $0.50
$11.2M $3.2M Excess Cash Flow (1) $13.8M $5.5M
(1) Refer to Company’s MD&A for computation

7. 7
TSX: GCM
October 2018
2018 RESULTS
Segovia
• Our primary focus is our Company mines which provided 95% of Segovia’s total H1-2018 gold production.
• Improvement in head grades and tonnes mined in the Providencia mine has been key catalyst for Segovia’s
production growth in 2018 versus 2017.
Marmato
• Continues to be a steady producer…. evaluating expansion options to incorporate the Deeps mineralization.
Production
2nd Quarter 1st Half
2018 2017 2018 2017
Gold (ozs)
Segovia
Company mines
19,045 21,707 El Silencio 40,732 40,994
22,618 14,294 Providencia 43,284 22,702
2,867 889 Sandra K 4,923 1,664
44,530 36,890 Total Company mines 88,939 65,360
2,541 3,338 Other contract mines 4,604 7,636
47,071 40,228 Total Segovia Operations 93,543 72,996
5,835 5,847 Marmato 12,035 12,087
52,906 46,075 Total Company 105,578 85,083
47,930 44,691 Silver (ozs) 93,736 86,370

8. 8
TSX: GCM
October 2018
Gold Production
AISC(-23%)
kozs
-
25
50
75
100
125
150
175
200
225
2014
2015
2016
2017
LTM *
Segovia Marmato
214k
* LTM = Latest 12 months ended September 30, 2018
PERFORMANCE
Focus on our high-grade Segovia Operations is driving growth.
Raised guidance to 210,000 – 220,000 ounces for 2018.

9. 9
TSX: GCM
October 2018
All-In Sustaining Costs (1)
AISC(-23%)
US$/oz
sold
$400
$600
$800
$1,000
$1,200
$1,400
2014
2015
2016
2017
LTM (2)
Capex, G&A
Total Cash Cost
$915
(1) Refer to the Company’s MD&A for computation.
(2) LTM = Latest 12 months ended June 30, 2018.
PERFORMANCE
Optimization of Segovia’s cost structure continues to benefit Total Cash Cost/oz.
AISC reflecting increased focus on exploration, development and modernization of Segovia.

10. 10
TSX: GCM
October 2018
Adjusted EBITDA (1)
(1) Refer to Company’s MD&A for computation.
(2) LTM = Latest 12 months ended June 30, 2018.
US$M
$-
$20
$40
$60
$80
$100
2014
2015
2016
2017
LTM (2)
$95M
PERFORMANCE
Adjusted EBITDA growth is driving improved capacity to fund capex programs, service debt and
add cash to our balance sheet.

11. 11
TSX: GCM
October 2018
Excess Cash Flow (1)
(1) Refer to Company’s MD&A for computation.
Capex
$31M
Excess cash flow
$25M
Working capital and
other obligations
$11M
Interest
$9M
Income taxes
$19M
$95M of Adjusted EBITDA
Latest 12 Months Ended June 30, 2018
PERFORMANCE
Excess Cash Flow is used
to meet principal
repayments of debt and to
build cash balances.
Over the next 12 months,
principal repayments of the
Gold Notes to be funded
with Excess Cash Flow will
amount to $19.5M.

12. 12
TSX: GCM
October 2018
BALANCE SHEET Strengthened
Senior Secured Gold-Linked Notes due 2024
• Issued April 30, 2018
• US$93.1 million currently outstanding
• 8.25% coupon paid monthly
• Quarterly principal repayments in cash with
gold kicker above US$1,250/oz
• Less than 10% of Segovia’s projected future
production is required to meet principal
repayments
B- Stable Outlook
Cash
• US$25 million as of June 30, 2018
10.8X 0.7X
Adjusted EBITDA to Net Interest Net Debt to Adjusted EBITDA
4.6X
LTM = Latest 12 months ended June 30, 2018.
2.1X$73M$178M
Net Debt
December 2015 June 2018 2015 LTM 2015 LTM
(TSX: GCM.NT.U)

13. 13
TSX: GCM
October 2018
CAPITAL STRUCTURE
Common Shares
48.2 million
Market Capitalization (as of October 19, 2018)
CA$118 million
Simplified
Fully Diluted = ~63 million common shares
Warrants
GCM.WT.A: 0.3 million @ CA$48.75 (2019 expiry)
GCM.WT.B: 12.2 million @ CA$2.21 (2024 expiry)
Stock Options
1.8 million @ CA$2.55 (2021-2022 expiry)
1.2 million @ CA$3.16 (2023 expiry)

14. 14
TSX: GCM
October 2018
EV / EBITDA
(2018e)
EV / Production
(2018e USD/oz)
Price / CFPS
(2018e)
Market data as at October 19, 2018.
“Peers” includes LMC, GUY, GSC, TGZ, AKG, ROXG and AR.
“Peers” amounts represent mean values for Peer Group.
Forward-looking figures for GCM based on flat gold price of US$1,250/oz
Source: FactSet, Bloomberg, equity research and company disclosure.
WHY INVEST IN GCM? Valuation Opportunity
GCM Peers
1.9X
4.2X
GCM Peers
1.7X
3.8X
GCM Peers
$817
$1,547
“The Mid-Tier Gold Miner at a “Junior” Price.”
Stockhouse, August 2018

15. 15
TSX: GCM
October 2018
PROPERTY MAP
1.2 Mozs M&I
1.1 Mozs Inferred
Resources
Earn- in Option
with GCM
3.9 Mozs M&I
4.2 Mozs Inferred
Resources
Reserves
660 kozs

16. 16
TSX: GCM
October 2018
SEGOVIA OPERATIONS
Category
Gold Resource (1)
(ozs)
Grade
(g/t)
Measured 146,000 21.3
Indicated 1,100,000 10.7
Inferred 1,107,000 10.1
Category
Gold Reserves (3)
(ozs)
Grade
(g/t)
Proven 68,000 45.4
Probable 592,000 11.4
 High-grade quartz-sulfide veins in historic mining district.
 Over 5 million ounces of gold produced through continuous mining over past 150 years. In 2017, extended expected
mine life by 4 years to 2026.
 LTM September 2018 gold production totaled 189,828 ounces, up 28% over 2017 production.
 Total cash cost(2) averaged US$620/oz in H1-2018, down from US$664/oz in 2017.
 Three active underground mines (27 known veins) and a substantial land package of ~9,000 hectares, including a
unique RPP contract license over ~3,000 hectares which grants mining rights in perpetuity.
 Mineral Reserves of 660,000 ozs as of December 2017 (68,000 ozs Proven, 592,000 ozs Probable).
 Continuing to expand and mechanize underground mining operations. Executing 20,000 meters drilling campaign in
2018 to further its efforts to upgrade and extend its mineral reserves and resources at its Company mines.
 Local contract cooperative mining model is successfully leveraging artisanal mining capabilities in high-grade
secondary pillar recovery operations in the Company mines and improving environmental management in the area
with other small contract mines.
 Maria Dama plant has capacity to handle up to 1,200 tpd at present; expandable to 1,500 tpd.
(1) Sourced from Segovia Technical Report, May 2018.
(2) By-product credit basis. Refer to Company’s MD&A for computation.
(3) Mineral Resources are reported inclusive of the Mineral Reserve.
86%
2017
Production
Production Stage

17. 17
TSX: GCM
October 2018
Mine Country Owner Au Grade in
Milled Ore
Q4-2017 g/t
Au Cash Costs
Q4-2017 USD/oz
Fosterville Australia Kirkland Lake 21.50 $226
Yaramoko Burkina Faso Roxgold 17.60 $417
Segovia Colombia Gran Colombia 17.48 $662
Cerro Negro Argentina Goldcorp 16.74 $457
Turquoise Ridge USA Barrick Gold 15.22 $550
Driving Cash FlowSEGOVIA OPERATIONS
Top 5 Highest-Grade Underground Gold Operations in 2017 (1)
0
200
400
600
800
Fosterville Yaramoko Segovia Cerro Negro Turquoise Ridge
Median Au Cash Costs Throughout the World in 2017 (US$/oz) (1)
(1) Source: IMARC (miningintelligence.com Whitepaper, July 2018)
“Gold grade is a profitability
driver for a mine.”
miningintellince.com
Gran Colombia’s cash cost is
below the median for all mines.

18. 18
TSX: GCM
October 2018
License Boundaries for Segovia & Carla (100% Owned )
LEGEND
Carla License
Segovia License
El Silencio
Sandra K
Providencia
Proximity to Medellin
MEDELLIN
ASSET LOCATION
Segovia
SEGOVIA OPERATIONS Proximity Maps

19. 19
TSX: GCM
October 2018
Mill
Chicharron
(Sandspring Resources)
THE SEGOVIA MINES Blue Sky Potential
Currently operating mines on
only 3 of 27 known veins in the
RPP-140 license.

20. 20
TSX: GCM
October 2018
Segovia Heat Map - Drilling Collars
THE SEGOVIA MINES Blue Sky Potential

21. 21
TSX: GCM
October 2018
SEGOVIA OPERATIONS 2018 Exploration
A total of 16,200m of drilling, representing 81% of the planned 20,000m for 2018, have been completed in the first nine
months of 2018. Refer to detailed press releases dated June 18, 2018 and October 3, 2018.
• Multiple high-grade results achieved in the underground sampling program in the deepest levels of the El Silencio
mine and a new structure identified at El Silencio; added another 10,000m, starting in November 2018, to test
extensions another 200m below the existing resource at El Silencio.
• Drilling continuing to increase confidence in our mineral resources with further high-grade intercepts at our three
producing mines; encouraging initial results from step-out drilling at the Cristales Vein.
Additional drilling at the El Silencio mine
expected to commence in November 2018
2018 Channel Samples
• 424 total samples
• 291 samples (69% of total) > 10 g/t
• 163 samples (38% of total) > 30 g/t

22. 22
TSX: GCM
October 2018
MARMATO PROJECT
Category
Gold Resource (2)
(ozs)
Gold Grade
(g/t)
Silver Resource (2)
(ozs)
Silver
Grade (g/t)
Measured 388,000 4.8 1,774,000 21.3
Indicated 3,485,000 2.8 20,787,000 16.7
Inferred 4,194,000 2.5 15,005,000 9.0
 Mineralization is hosted by sheeted pyrite vein system in dacite to andesite porphyry stocks.
 Mountain of gold in historic mining district. Ranked in Top-20 of undeveloped global gold deposits by size.
 LTM September 2018 gold production of 24,611 ozs, ~2% below 2017.
 Total cash cost(1) averaged US$1,061/oz in H1-2018 compared with US$1,049/oz in 2017.
 Deep zone drilling shows that mineralization at Marmato extends at least 800m below the limit of the current
underground mining operation and is still open at depth. Evaluating potential to expand existing underground mining
operations. JDS engaged to complete technical studies in 2018 and we plan to drill 8,500m in 2018.
(1) By-product credit basis. Refer to Company’s MD&A for computation.
(2) Underground resource information based on Marmato Technical Report, November 2017.
Exploration Stage
14%
2017
Production

23. 23
TSX: GCM
October 2018
MARMATO PROJECT Underground Resources
Updated Mineral Resource (MRE):
• Completed effective June 16, 2017.
• Changed the focus of the mining style from
open pit to underground mining.
• Increased 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 resulted in reduced
tonnages but higher grades.
• Additional “Deeps Zone” mineralization
included for the first time within the
Inferred category.
• NI 43-101 Report on the MRE filed on
SEDAR on November 20, 2017
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:
• 2018 drilling program underway
• Completing certain technical
studies toward PEA in 2019
** 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.

24. 24
TSX: GCM
October 2018
2018 Exploration
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
Location of 2018 Drilling Program:
• 32 holes from Level 20
• Total of 8,500m planned
MARMATO PROJECT

25. 25
TSX: GCM
October 2018
As announced in our press release dated October 4, 2018:
• Two drill rigs in operation since late June 2018; 9 holes completed so far totaling ~2,900m (34% of total planned).
• Early results have outlined two new zones of Deeps-style mineralization with grades falling in the medium-grade interval
(2-3 g/t Au).
• Drilling continues to increase our confidence in the geological model with the potential to increase resources and
expected mine life at the Marmato Project.
MARMATO PROJECT 2018 Exploration

26. 26
TSX: GCM
October 2018
ZANCUDO PROJECT Under Option to IAMGOLD
IAMGOLD Option
• Option granted in March 2017 to acquire a 65% interest
by incurring an aggregate of US$10M of exploration over
a 6-year period.
• 2nd option granted for further 5% interest if feasibility
study completed.
• IAMGOLD commenced exploration (drilling) in 2017 and
has continued their program in 2018….refer to our
October 9, 2018 press release for results to-date.
• The Zancudo Project is located 27 km south of
Medellin.
• Excellent infrastructure.
• In Municipality of Titiribi, a town dependent on mining
(coal).
• Multi-million ounce epithermal to mesothermal vein
system in the Cauca Porphyry Belt, adjacent to Brazil
Resources Titiribí Project (7.9 Moz Au Inferred
resources @ 0.5 g/t Au).
• 1.5M ounces of past production.

27. 27
TSX: GCM
October 2018
SANDSPRING RESOURCES
Sandspring Investment
o Acquired ~17% equity interest in Sandspring Resources (TSX-V: SSP) in 2018.
o Sandspring’s Toroparu Project is considered to be one of the largest undeveloped gold deposits in
South America with 10.4Mozs in-situ gold (MI&I) resources.
o Vended in our 30% carried participating interest in the Chicharron Project in Segovia and subscribed
for CA$4M (~US$3M) in Sandspring’s private placement in July 2018; purchased additional shares for
CA$1M (~US$0.8M)in a private transaction completed in early October 2018.
o GCM has representation on Sandspring’s board.
Guyana
“The Sandspring transaction will allow us to diversify our project exposure outside of Colombia and to
leverage our previous experience in the Venezuelan Guyana Shield greenstone belt” Serafino Iacono
Chicharron Project
o Sandspring acquired 100% of the rights to
explore, develop and mine a 386 hectare area
within our mining title in the Segovia area
o Project Area lies outside of the areas of our
principal mining operations in Segovia.
o The Guia Antigua vein that is the current focus
of the Chicharron Project appears to be similar
in geology, structure, vein style and
mineralogy to other veins in the Segovia
mining district.
Chicharron
Project

28. For Further Information, Contact:
Mike Davies
Chief Financial Officer
(416) 360-4653
investorrelations@grancolombiagold.com
Town of Segovia