Gran Colombia Gold- Corporate presentation May 2020

TSX: GCM OTCQX: TPRFF
May 2020
Creating a High-Growth, Latin American
Focused Intermediate Gold Producer
May
2020
Corporate
Presentation

May 2020
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION: This presentation contains "forward-looking information", which may include, but is not limited to, statements regarding the
completion of the proposed transactions, the holding of the special meetings of Gran Colombia, Gold X and Guyana Goldfields and other statements that are not historical facts. While such forward-
looking statements are expressed by Gran Colombia, as stated in this presentation, in good faith and believed by Gran Colombia to have a reasonable basis, they are subject to important risks and
uncertainties including, without limitation, required Gran Colombia, Gold X and Guyana Goldfield securityholder approval and necessary court approval, the satisfaction or waiver of certain other
conditions contemplated by the agreements governing each of the Gold X Transaction and the Proposed Guyana Goldfields Transaction, and changes in applicable laws or regulations, which could
cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. As a result of these risks and uncertainties, the proposed transactions
could be modified, restructured or not be completed, and the results or events predicted in these forward-looking statements may differ materially from actual results or events. These forward-
looking statements are not guarantees of future performance, given that they involve risks and uncertainties. Historical information contained in this presentation regarding past trends or activities
should not be taken as a representation that such trends or activities will continue in the future. In this regard, certain financial information contained herein has been extracted from, or based
upon, information available in the public domain or provided by Gran Colombia. In particular historical results should not be taken as a representation that such trends will be replicated in the
future. Other 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 Gran Colombia’s
Annual Information Form dated as of March 30, 2020, which is available for view on SEDAR at www.sedar.com. Gran Colombia is not affirming or adopting any statements made by any other person
in respect of the proposed transactions and expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events
or otherwise, except in accordance with applicable securities law, or to comment on expectations of, or statements made by, any other person in respect of the proposed transactions. Investors
should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement.
This presentation may have been sent to you in an electronic form. You are reminded that documents transmitted via this medium may be altered or changed during the process of electronic
transmission. You are responsible for protecting against viruses and other destructive items. Your receipt of this electronic transmission is at your own risk and it is your responsibility to take
precautions to ensure that it is free from viruses and other items of a destructive nature. As a consequence of the above, neither the Gran Colombia nor any director, officer, employee or agent of
any of them or any affiliate of any such person accepts any liability or responsibility whatsoever in respect of any difference between the presentation distributed to you in electronic format and the
hard copy version that may be made available to you.
CAUTIONARY STATEMENT REGARDING TECHNICAL INFORMATION: This presentation contains information regarding mineral resources estimated at the mineral projects referenced herein. Mineral
resources are not mineral reserves and do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, socio-
political, marketing or other relevant issues. In particular, the quantity and grade of reported inferred mineral resources are uncertain in nature and there is insufficient exploration to define these
inferred mineral resources and an indicated or measured mineral resource in all cases. It is uncertain in all cases whether further exploration will result in upgrading the inferred mineral resources to
an indicated or measured mineral resource category.
For details regarding the key assumptions, parameters and methods used to estimate the mineral resources presented in respect of the Segovia Operations, please see the “Amended NI 43-101
Technical Report Prefeasibility Study Update Segovia Project Colombia", with a report date of July 8, 2019 and an effective date of December 31, 2018 (the “Segovia PFS”) . The “qualified persons”
for the purposes of NI 43-101 include Ben Parsons, MSc, MAusIMM (CP), Principal Resource Geologist; Brian Olson, BS Chemical Engineering, P.ENG, MMSAQP, Senior Metallurgist; Cristian A. Pereira
Farias, SME-RM, Senior Hydrogeologist; David Bird, MSc, PG, SME-RM, Principal Geochemist, Fredy Henriquez, MS Eng, SME, ISRM, Principal Consultant, Rock Mechanics; Jeff Osborn, BEng Mining,
MMSAQP, Principal Mining Engineer; Fernando Rodrigues, BS Mining, MBA, MAusIMM, MMSAQP, Practice Leader/Principal Mining Engineer; Joshua Sames, PE, Senior Consultant (SRK Consulting);
and, Mark Allan Willow, MSc, CEM, SME-RM, Practice Leader/Principal Environmental Scientist, each of whom is a "qualified person" for the purposes of NI 43‐101. The full content of this report
may be accessed through Gran Colombia’s website at www.grancolombiagold.com or through its profile on SEDAR at www.sedar.com.
For details regarding the key assumptions, parameters and methods used to estimate the mineral resources presented in respect of the Marmato Project, please see “NI 43-101 Technical Report
Preliminary Economic Assessment Marmato Project” with a report date of February 6, 2020 and an effective date of July 31, 2019, prepared by SRK Consulting (U.S.), Inc. (the “Marmato PEA”). The
"qualified persons" for the purposes of NI 43-101 include Ben Parsons, MSc, MAusIMM (CP) – Principal Consultant (Resource Geologist); Cristian Pereira Farias, SME-RM – Senior Consultant
(Hydrogeologist); David Bird, PG, SME-RM – Associate Principal Consultant (Geochemistry); David Hoekstra, Bs, PE, NCEES, SME-RM – Principal Consultant (Water Resource Engineering); Eric Olin,
MSc, Metallurgy, MBA, SME-RM, MAusIMM – Principal Consultant (Metallurgy); Fernando Rodrigues, BS Mining, MBA, MAusIMM, MMSAQP – Principal Consultant (Mining Engineer); Jeff Osborn,
BEng, Mining, MMSAQP – Principal Consultant (Mining Engineer); Joanna Poeck, BEng Mining, SME-RM, MMSAQP – Principal Consultant (Mining Engineer); John Tinucci, PhD, PE, ISRM – Principal
Consultant (Geotechnical Engineer); Mark Allan Willow, MSc, CEM, SME-RM – Principal Consultant (Environmental); and Joshua Sames, BSc Civil, PE – Senior Consultant (Civil Engineering), each of
whom is a "qualified person" for the purposes of NI 43‐101. The full content of this report may be accessed through Caldas Gold’s website at www.caldasgold.com or through its profile on SEDAR at
www.sedar.com.
2
Forward-Looking StatementsDISCLAIMER

May 2020
GRAN COLOMBIA 2.0
STRATEGIC RATIONALE
3
Value Creation for All Parties
(1) Based on midpoint of Gran Colombia guidance for Segovia and Marmato (on an
attributable basis via 74% ownership in Caldas Gold) and of Guyana Goldfields May 7th
news release.
(2) Based on management estimates.
HIGH-GROWTH,
LATAM-FOCUSED
INTERMEDIATE
GOLD PRODUCER
• Strong pro forma 2020 production of 275koz(1) with production growth to over
500koz/year(2) through the development of 3 near-term growth projects:
− Toroparu, Aurora Underground and Marmato (via 74% ownership in Caldas Gold)
• Poised to become a consolidator of the Latin American gold sector
UNLOCKS REALIZABLE
SYNERGIES
IN GUYANA
• Toroparu is ~50km from Aurora  optimization opportunity to connect the two
sites to utilize existing Aurora infrastructure and significantly reduce upfront capex
• Management estimates potential savings of ~US$200M (including G&A savings)
based on latest Toroparu and Aurora technical reports
ENHANCED BALANCE
SHEET + ACCESS
TO CAPITAL
• US$100M in cash in addition to the financing support provided by Wheaton
Precious Metals Corp. to fund development in Guyana
• Caldas Gold currently evaluating financing options for the Marmato expansion
ahead of pre-feasibility study due mid-2020
HIGHLY ACCRETIVE
WITH STRONG
RE-RATE POTENTIAL
• Transaction is highly accretive to net asset value per share
• Strong potential to re-rate as Gran Colombia enters a new larger peer set due to
the resulting benefits of enhanced production, free cash flow and liquidity along
with potential increased index inclusion
PROVEN LATAM
OPERATING AND
MINE BUILDING
EXPERIENCE
• Proven experience operating in Latin America
• Highly qualified executive team with mine building experience in the Guiana Shield
• Demonstrated ability to improve and optimize assets
Source: company filings.

May 2020
Offer
• Guyana Goldfields (“GUY”): 0.142 GCM shares per GUY share, implying a value of C$0.90/sh
− 29% premium to the closing price of GUY shares on May 8, 2020
• Gold X (“GLDX”): 0.500 GCM shares per GLDX share, implying a value of C$3.17/sh
− 41% premium to the 20-day VWAP price of GLDX shares on the TSX Venture Exchange on May 8, 2020
Implied Value
• GUY: Implied equity value of ~C$155M (vs. C$105M in Silvercorp transaction announcement(1))
• GLDX: Implied equity value of ~C$100M for the remaining ~81% of GLDX shares not owned by GCM
Ownership • Pro-forma basic ownership in combined entity will be ~60% GCM, ~25% GUY, ~15% GLDX
Interim Financing
for GUY
• GCM can provide GUY with a loan of up to US$15M with defined use of proceeds related to
ongoing operations at Aurora Underground
Approvals /
Conditions
• Acquisition of each company is contingent on acquisition of both
• GLDX’s Special Committee of the Board and GCM’s Board of Directors have unanimously approved
the Transaction
• GLDX and GUY require shareholder votes with a 66 2/3 approval threshold of votes cast; GCM
requires shareholder vote with a 50% approval threshold of votes cast
• Completion of definitive documentation with GUY (already delivered to GUY)
• Majority of minority shareholder approval for GLDX (excluding the votes cast by GCM)
• Other approvals including: regulatory, stock exchange
Voting
Agreements
• GLDX: Officers, directors and certain shareholders, who collectively own ~15.48% of GLDX’s issued
common shares, have entered into voting support agreements in favour of the GLDX Transaction
PROPOSAL SUMMARY
4
Superior Offer for Shareholders
(1) Refer to Silvercorp Metals Inc.’s April 27th news release.
Source: Company filings.

May 2020
GRAN COLOMBIA 2.0
5
COMBINED COMPANY High Growth Intermediate Gold Producer
>C$640M
Pro-Forma
Market Cap.
>US$100M
Pro-Forma
Cash Balance
3
Producing
Mines
3
Growth
Projects(1)
2.9 Moz
Pro-Forma
2P Reserves(2,3)
14.3 Moz
Pro-Forma M&I
Resources(2, 3, 4)
9.1 Moz
Pro-Forma Inferred
Resources(2,3,4)
240 koz
Standalone 2019A
Gold Production
500+ koz
Targeted
Future Production(5)
(1) Including Toroparu, Aurora Underground and Marmato (via 74% ownership in Caldas Gold).
(2) Derived from Company’s March 30th press release for Segovia; “A Mineral Resource Estimate for the Sulphur Rose Deposit” dated February 14, 2011; “Preliminary Economic Assessment Report Toroparu Gold Project”
dated July 18, 2019; “NI 43-101 Technical Report Preliminary Economic Assessment Marmato Project” dated February 6, 2020; “Technical Report on the Aurora Gold Mine” dated March 31, 2020.
(3) Please see “Cautionary Statement Regarding Technical Information”.
(4) Inclusive basis and including resources from 74% Zona Baja and Sulphur Rose.
COLOMBIA
GUYANA
Production
Development
Toroparu
Aurora
Segovia
Marmato
(via 74% )
BRAZIL
VENEZUELA

May 2020
0
5
10
15
20
25
30
35
40
Fosterville(Kirkland)
Macassa(Kirkland)
EagleRiver(Wesdome)
Kainantu(K92)
Segovia(GCM)
Island(Alamos)
Midas(Hecla)
CerroNegro(Newmont)
CerroMoro(Yamana)
Bambanani(Harmony)
Yaramoko(Roxgold)
Gwalia(StBarbara)
Brucejack(Pretium)
RedLake(Newmont)
GRAN COLOMBIA 2.0
6
OPERATING BASE Strong Free Cash Flow Generator
0
20
40
60
80
100
120
2015 2016 2017 2018 2019
Operating Cash Flow Free Cash Flow
(1) Last twelve months as at December 31, 2019.
(2) Refer to Company’s MD&A for computation.
Comparative Asset Milled Grade(1)
g/t
Gran Colombia Cash Flow Metrics
US$M
Amongst the Highest Grade
Mines in the Gold Sector
Substantial and Increasing
Free Cash Flow
~US$100M
2019 Operating
Cash Flow
~US$60M
2019 Free
Cash Flow(2)
16.4 g/t
2019 Segovia
Milled Grade
(2)

May 2020 7
Unlocks Unique Synergies
The proximity of Aurora and Toroparu provides the unique
opportunity to integrate both assets into one operation
and realize substantial synergies
Enhanced Scale
 Management estimates an integrated operation could support a 15-
year mine life with combined production of 200koz per year with
potential to increase to 300koz per year
 >11 Moz contained Au M&I(1, 2) resources and 2.2 Moz 2P reserves(1,
2) across Aurora and Toroparu combined
 Combined land concession package of 165,000 ha
Capital Synergies & Savings
 Toroparu development costs significantly reduced through utilization
of existing Aurora facilities and its timeline can be rapidly accelerated
 Utilizes Aurora O/P mining fleet, camp, and leach processing facility
which removes the need to build a new mill
 In turn, integration delivers reduced ramp up and operating risk for
Aurora U/G
Mine Planning Optimization
 Integrated U/G and O/P significantly reduces ramp up risk
 Allows for more conservative U/G mining rates at Aurora while
maintaining plant utilization
Operating Cost Synergies
 Combine G&A budgets
 Shared port and access road maintenance costs
Greater In-country Presence
Aurora – Toroparu Map
GUYANA CONSOLIDATION
Aurora
Toroparu
~50km
Management Estimates
Potential Synergies of
US$200 million
(1) Derived from “A Mineral Resource Estimate for the Sulphur Rose Deposit” dated February
14, 2011; “Preliminary Economic Assessment Report Toroparu Gold Project” dated July 18,
2019; “Technical Report on the Aurora Gold Mine” dated March 31, 2020
(2) Please see “Cautionary Statement Regarding Technical Information”.

May 2020
Reserves & Resources
2P Reserves (Moz) 0.7 -- 2.2 -- 2.9
M&I (Incl.) (Moz) 1.4 1.5 4.1 7.4 14.3
Inferred (Moz) 1.3 2.5 2.2 3.2 9.1
Operating Stats Avg. LOM attributable values from latest technical reports shown
2019 PFS 2019 PEA 2020 LOM Plan 2019 PEA
Au Production (koz) 210 86 147 188 500+
Cash Costs (US$/oz) $711 $799 $736 $541
AISC (US$/oz) $958 $882 $1,043 $780
Growth Capex (US$M) -- $199 $141 $378
210
500+
Segovia Marmato Aurora
Underground
Toroparu Gran Colombia
Post Project
Development
8
PRODUCTION GROWTH Pathway to 500koz of Production
(3) See Segovia PFS.
(4) See Marmato PEA.
(5) Based on midpoint of Gran Colombia 2020E guidance.
Guyana projects to be integrated and optimized to
reduce capex and increase IRR
(2)
(2)
Defined Pathway to Targeted
Future Production of 500+ koz
Management is targeting combined
production of 200koz per year with
potential to increase to 300koz per year
(5)
(1)
(1)
(via 74% ownership in
Caldas Gold)
(2) Includes resources from Sulphur Rose. Please see “A Mineral
Resource Estimate for the Sulphur Rose Deposit” dated February
14, 2011; “Technical Report on the Aurora Gold Mine” dated
March 31, 2020.
(3) (4)

May 2020
-25% 25% 75% 125%
PF GCM
Equinox Gold
SSR Mining
Dundee Precious
Eldorado
New Gold
OceanaGold
Torex
Silvercorp
IAMGOLD
Pretium
Alacern.r.
-- $500 $1,000 $1,500
Alacer
Dundee Precious
Torex
SSR Mining
Pretium
PF GCM 2020
Equinox Gold
Eldorado
OceanaGold
IAMGOLD
New Gold
Silvercorp
-- 250 500 750 1,000
IAMGOLD
Equinox Gold
PF GCM Post-Project
Development
OceanaGold
Torex
Eldorado
Pretium
SSR Mining
New Gold
Alacer
PF GCM 2020
Dundee Precious
Silvercorp
GRAN COLOMBIA 2.0
9
GRAN COLOMBIA 2.0GRAN COLOMBIA 2.0
MARKET POSITION Strong Production, Low Costs, High Growth
2019 Gold Production
koz
2019 AISC
US$/oz
2019-2022E Production Growth
%
(3)
(2) Shown on an AuEq basis.
(3) Calculated using pro -forma LOM annual average production post-
project completion relative to 2019 production.
Source: Street research, company filings.
STRONG PRODUCTION LOW COSTS HIGH GROWTH
(1)
(2)
(2)

May 2020 10
TRANSACTION METRICS Highly Accretive to Net Asset Value
Notes:
GCM: Based on analyst consensus NAVPS of C$10.40 and FDITM GCM shares outstanding of 77.3M, adjusted to remove current market value of ~19% equity interest in GLDX.
GUY: Based on analyst consensus NAVPS of C$1.16 and FDITM GUY shares outstanding of 174.6M.
GLDX: Based on 2019 PEA Toroparu NPV5% @ $1,300/oz, adjusted for corporate balance sheet items from latest FY2019 disclosure.
Operational Synergies: Based on management estimates.
FX Rate: C$1.00 = US$0.72
Total Estimated Corporate NAV(1)
US$M
GCM Net Asset Value/Sh
C$/sh
~50%
Accretive
(1) Analysis excludes transaction costs.
(2) Based on pro-forma FDITM GCM shares of 124.3M.
Source: Street research, company filings.
(2)
US$577M (US$16M)
US$145M
US$495M
US$200M US$1,401M
C$10.40
C$15.70
Less: GLDX
Equity Int.
Operational
Synergies
Pro-Forma
GCM
Current
NAVPS
Pro-Forma
NAVPS

May 2020
GRAN COLOMBIA 2.0
11
GRAN COLOMBIA 2.0GRAN COLOMBIA 2.0GRAN COLOMBIA 2.0
VALUATION Compelling Re-Rate Opportunity
Current P/NAV Valuation
Ratio
(1) No analyst coverage; est. NAV based on “Preliminary Economic
Assessment Report Toroparu Gold Project” dated July 18, 2019 and
latest FY2019 company disclosure.
Source: Street research.
Significant Re-rate Potential in
Addition to Strong NAV Synergies
(1)
 Gran Colombia has a significant re-rating opportunity to establish the company as a leading
intermediate gold producer in Latin America
1.2x
1.1x
1.0x
0.9x
0.8x
0.7x
0.7x 0.7x 0.7x
0.6x
0.6x
0.6x 0.5x
0.2x
Alacer
Pretium
Silvercorp
SSRMining
DundeePrecious
EquinoxGold
Torex
NewGold
OceanaGold
Eldorado
GranColombia
Guyana
IAMGOLD
GoldX

May 2020 12
GRAN COLOMBIA 2.0GRAN COLOMBIA 2.0GRAN COLOMBIA 2.0
RIGHT TEAM OPERATING AND BUILDING EXPERIENCE
Segovia Operations
40.7
13.0
5.5 5.0
2016 2017 2018 2019
LTI Frequency Rate
Health and Safety is a
Top Priority
80
75
93
126
149
193
214
$1,169
$1,037
$695 $655 $664 $623 $607
2013 2014 2015 2016 2017 2018 2019
Production (koz) Cash Cost (US$/oz)
Substantial Production
Growth while Lowering Costs
 DEMONSTRATED OPERATING
EXPERIENCE IN LATIN AMERICA
 MINE BUILDING EXPERIENCE IN
GUIANA SHIELD
 TRACK RECORD OF IMPROVEMENT
 STRONG HEALTH & SAFETY RECORD
 FOCUSED ON BUILDING STRONG
COMMUNITY RELATIONSHIPS
Segovia Lost Time Incidents
Key Management
Serafino Iacono, Executive Chairman – Company co-founder
with 30+ years of experience in capital markets and public
companies
Lombardo Paredes, CEO – 20+ years of corporate leadership
and operations management experience in the resource
sector in Latin America
Mike Davies, CFO – CPA,CA with 20+ years of international
and public company experience in resource and other sectors

May 2020
GRAN COLOMBIA 2.0
13
GRAN COLOMBIA 2.0
ASSET OVERVIEW: MARMATO
 The Marmato Project is a gold and silver deposit located in
Colombia and is operated by Caldas Gold
 Caldas Gold is a ~C$100M market cap gold producer that is
majority owned by Gran Colombia, with Gran Colombia holding a
74% equity interest
 The mineralization is featured in Zona Baja, which contains the
existing underground mine in the Upper Zone, and a new Deep
Zone operation which sits below the Upper Zone vein system
 Caldas Gold is currently advancing a PFS to incorporate the
Deep Zone into its existing operations, due mid-2020
 In February 2020, Caldas filed the results of its 2019 PEA study
 Immediate implementation of an optimized mine plan in the
existing Upper Zone operation
 Concurrent development and construction of the Deep Zone
(expected to come online in 2023) to further increase total gold
production and extend mine life
2019 PEA Production Profile – First 10 Years(1)
Koz Au | 100% Basis
Reserves and Resources(1)
(1) Resource estimates as at July 31, 2019 (on an attributable basis via 74% ownership in
Caldas Gold). Please see “NI 43-101 Technical Report Preliminary Economic Assessment
Marmato Project” dated February 6, 2020.
2019 Marmato PEA Summary (100% Basis)(1)
Upper Zone
Mine Life (yrs) 16.0
Processing Rate (tpd) 1,500
LOM Average Grade (g/t Au) 3.82
LOM Average Mill Recovery (%) 87.0%
LOM Avg. Gold Production (koz) 35 koz
Sustaining Capex (US$M) US$41M
LOM Cash Cost (US$/oz) US$803/oz
LOM AISC (US$/oz) US$872/oz
Deep Zone
Start Year 2023
Initial Capex (US$M) US$269M
After-Tax NPV 5% (US$M) @ $1,300/oz US$207M
After-Tax IRR (%) @ $1,300/oz 20.0%
Zona Baja (Attributable) kt g/t Au g/t Ag koz Au koz Au
M&I 17 3.7 13.0 1,509 5,341
Inferred 45 2.3 3.7 2,451 3,917
37 39 35
117
167
185 174
151
137 135
2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E
Production (koz)

May 2020
GRAN COLOMBIA 2.0
14
GRAN COLOMBIA 2.0
ASSET OVERVIEW: AURORA
 The Aurora mine is Guyana Goldfields’ fully-owned, flagship
operation located in Guyana which achieved commercial
production in January 2016
 The Aurora mine has historically represented a significant
portion of gold production in Guyana
 In March 2020, the Company announced the completion of the
2019 LOM Review
 The proposed LOM Plan sequencing of continued open pit
mining, transitioning to underground operations in 2021
 Updated mineral reserves containing ~2.2 Moz Au and M&I
resources containing ~3.8 Moz Au(1)
 LOM average annual production of ~150 koz over the 14-year
mine life(1)
2020 Updated LOM Plan Production and Cost Profile – First 10 Years(1)
Koz Au | AISC US$/oz
(1) R&R estimates as at December 31, 2019. Please see “Technical Report on the Aurora Gold
Mine” dated March 31, 2020.
2020 Aurora Updated LOM Plan Summary(1)
75
164
191
211
144 153 152 151 143 140$1,759
$782
$1,001 $942 $1,064
$908 $943 $937 $1,057 $1,034
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Production (koz) AISC (US$/oz)
LOM AISC (US$/oz) US$1,043/oz
After-Tax IRR (%) @ $1,400/oz 55.0%
Aurora kt g/t Au koz Au
Reserves
Proven 1,880 2.03 123
Probable 23,972 2.75 2,118
Total Reserves 25,852 2.70 2,241
M&I (incl.) 37,600 3.16 3,816
Inferred 25,900 2.28 1,901

May 2020
GRAN COLOMBIA 2.0
15
GRAN COLOMBIA 2.0
ASSET OVERVIEW: TOROPARU
 The Toroparu gold project is 100% owned by Gold X and is an
advanced stage project located in the Upper Puruni River
Region of Guyana
 One of the largest in-situ gold projects owned by an
independent junior mining company in South America
 Conventional open pit project with a long mine life of 24 years
and average annual production of 188 koz(1)
 Roughly 7.4 Moz of M&I resources and 3.2 Moz Inferred(1)
 In the final stages of permitting with a final review and license
approval with the Guyana Geology and Mines commission
 Company currently focused on completing the necessary step
to deliver a production decision
 Re-scoped PEA completed in 2019(1)
 Two-phased Development Plan based on higher grade gold
resources contained near surface
 Phase 1 production will start with a carbon-in-leach processing
facility with mill capacity of 11.5 ktpd with planned expansion to
23 ktpd in year 11
 MoU with the Government of Guyana to develop the Kurupung
River Hydroelectric Project to support the Toroparu Project
while also providing significant operating cost savings over the
life of mine
(1) Resource estimates as at September 2018. Please see “Preliminary Economic Assessment
Report Toroparu Gold Project” dated July 18, 2019.
(2) Phase 1 of development plan at 11.5 ktpd processing rate.
2019 Toroparu PEA Summary(1)
PEA Production and Cost Profile(1)
Koz Au | AISC US$/oz
(2)
161
202 188
$790 $769 $780
Years
1 - 8
Years
9 - 24
LOM
Avg.
Production (koz) AISC (US$/oz)
Toroparu Mt g/t Au g/t Ag % Cu Moz Au Moz Ag Mlb Cu
M&I 253 0.9 0.8 0.08% 7.4 6.3 444
Inferred 129 0.8 0.1 0.04% 3.2 0.3 104
Processing Rate (tpd) - Phase 1 11,500
Processing Rate (tpd) - Phase 2 23,000
After-Tax IRR (%) @ $1,300/oz 20.3%

May 2020
For Further Information, Contact:
Mike Davies
Chief Financial Officer
(416) 360-4653
investorrelations@grancolombiagold.com

Gran Colombia Gold- Corporate presentation May 2020

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