Gran Colombia Gold is a leading high-grade underground gold producer with its principal mining operations at Segovia in Colombia. In 2018, Gran Colombia produced 218,000 ounces of gold at its Segovia and Marmato operations. The company is focused on increasing production to between 225,000-240,000 ounces in 2019 through continued optimization of its mining plans and infrastructure improvements at Segovia. Gran Colombia maintains a strong balance sheet with over $50 million in cash and steadily decreasing debt.

1. TSX: GCM OTCQX: TPRFF
September 2019
Denver Gold Forum A Leading High-Grade Underground
Gold Producer
September 2019
TSX: GCM OTCQX: TPRFF

2. TSX: GCM OTCQX: TPRFF
September 2019
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, 2019 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.
All amounts are denominated in U.S. dollars, unless indicated otherwise.

3. TSX: GCM OTCQX: TPRFF
September 2019
2018
Gold Production
218,000 ozs
EMERGING MID-TIER GOLD MINER Focus in Colombia
3
Marmato Project
❖ High-grade underground
mines
❖ 89% of production
❖ 2018: 193,000 ozs
❖ Head grades averaged 17.1
g/t in 2018
❖ One of the Top 5 Highest
Grade Underground Mines
❖ Underground mine expansion
opportunity
❖ 11% of production
❖ 2018: 25,000 ozs
❖ Head grades averaged 2.7 g/t
in 2018
❖ One of the Top 20
Undeveloped Global Gold
Deposits
Segovia Operations
On Track to Produce up to
240,000 ozs in 2019

4. TSX: GCM OTCQX: TPRFF
September 2019
THE RIGHT TEAM
4
Directors
Serafino Iacono, Executive Chairman – Company co-founder
with 30+ years of experience in capital markets and public
companies
Miguel de la Campa, Vice Chairman – Company co-founder
with 30+ years of experience in financing and developing
mining and other resource projects
Jaime Perez Branger – Executive with 30+ years of
experience in finance and capital markets
Robert Metcalfe – Lawyer and corporate director
Hernan Martinez – Former Colombian Minister of Mines and
Energy
Monica De Greiff – Executive President of the Bogota
Chamber of Commerce and former Colombian Minister of
Justice
De Lyle Bloomquist – Corporate director
Management
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
Alessandro Cecchi, VP Exploration – Exploration geologist
with 20+ years of experience focused gold exploration and
development in South America.
Jose Ignacio Noguera, VP Corporate Affairs – Lawyer with
20+ years of experience in public and government affairs and
sustainability in the resource sector in Colombia
Angel Meza, General Manager, Segovia Operations – Mine
engineer with 17+ years of experience in mining operations
in South America and Africa
Inivaldo Diaz, Technical Manager, Segovia Operations – Civil
mine engineer with 24+ years of experience in the mining
industry in South America
Gabriel Gaviria, General Manager, Marmato Operations –
Mine engineer with 39+ years of experience in mining
operations in Colombia

5. TSX: GCM OTCQX: TPRFF
September 2019
GRAN COLOMBIA 2.0
❖ Gran Colombia’s high-grade Segovia Operations are continuing to fuel production
growth with 230,906 ounces of gold production in TTM June 2019, up 6% over 2018.
❖ Market capitalization is benefitting from capital structure simplification in 2018 and
execution of the turnaround strategy.
❖ ~130% appreciation in share price since one year ago.
❖ Share price is currently ~60% of analysts’ targets.
❖ Maintaining strength in the Company’s balance sheet in 2019.
❖ Gold Notes down 20% from one year ago to $73.6M as of July 31, 2019.
❖ $51M of cash as of June 30, 2019, up from $36M at the end of 2018.
❖ Future growth continues emphasis on high-grade Segovia mines and the other 24 known
veins we are not currently mining. Raised CA$20M through convertible debentures
financing in April 2019 to fund accelerated drilling campaign over next two years.
❖ Upside potential with Marmato expansion, Zancudo, Sandspring and Venezuela in the
pipeline.
WHAT’S NEW? Gran Colombia Continuing to
Deliver
“Focused on what we can control……Cash, Costs and Execution.”
5
TTM = Trailing 12 months

6. TSX: GCM OTCQX: TPRFF
September 2019
CAPITAL STRUCTURE Fully Diluted = ~68M shares
Warrants
GCM.WT.B: 12.0 million @ CA$2.21 (2024 expiry)
Stock Options
1.8 million @ CA$2.55 to CA$3.67 (2021-2024
expiry)
Convertible Debentures
CA$20 million @ CA$4.75 (2024 expiry)
6
Common Shares
49.9 million
Market Capitalization
(as of September 10, 2019)
CA$243 million
Outperforming the TSX Global Gold Index

7. TSX: GCM OTCQX: TPRFF
September 2019
RESULTS Solid Turnaround
9
Annual Gold Production reaches 231,000 ozs Annual Adjusted EBITDA surpasses $100M
AISC reflects focus on controlling costs
$M
Free Cash Flow is servicing debt and building cash
kozs
-
40
80
120
160
200
240
2017 2018 TTM H1-18 H1-19
Segovia
Marmato
$M
$-
$250
$500
$750
$1,000
2017 2018 TTM H1-18 H1-19
AISC Total Cash Cost
US$/oz
$-
$30
$60
$90
$120
2017 2018 TTM H1-18 H1-19
$-
$20
$40
$60
$80
$100
2017 2018 TTM H1-18 H1-19
Operating Cash Flow Free Cash Flow
TTM = Trailing 12-months ended June 30, 2019.

8. TSX: GCM OTCQX: TPRFF
September 2019
Cash & DebtRESULTS
AISC(-23%)
$-
$20
$40
$60
$80
$100
$120
$140
Q1 Q2 Q3 Q4 Q1 Q2
Cash Debt (1)
$M
2018 2019
Gran Colombia’s balance sheet is getting stronger each quarter:
• Cash has increased to $51.3 million as of June 30, 2019, including $13.7 million from the CA$20.0 million of
Convertible Debentures issued in April 2019.
• The Gold Notes amortization schedule is steadily reducing debt by $4.9 million each quarter.
• Net debt to Adjusted EBITDA has decreased to 0.35X at H1-2019 from 0.5X at the end of 2018.
(1) Aggregate principal amount outstanding of Gold Notes
and Convertible Debentures.

9. TSX: GCM OTCQX: TPRFF
September 2019
2019 OUTLOOK
Priorities
1. CA$20M bought deal private placement of convertible debentures - COMPLETED
2. Continue implementation of optimized mine plan at Segovia:
– Expanding infrastructure to access deep levels at El Silencio and Providencia.
– Continuing ventilation improvements at El Silencio and commence Sandra K.
– Continuing El Chocho tailings storage construction and commission filter press.
3. Expanding planned 20,000m drilling program in H2-2019 at Segovia with bought deal
proceeds to accelerate step-out and brownfield drilling to increase reserves for
production growth and mine life extension.
4. Completing technical studies for underground expansion project at Marmato.
5. Providing technical support to Sandspring; monitoring opportunity in Venezuela.
2019 Targets
2019 Guidance H1-2019 TTM (1)
Gold production 225,000 – 240,000 ozs 118,483 ozs 230,906 ozs
Cash cost/oz sold < $680/oz $638/oz $657/oz
AISC/oz sold < $925/ oz $855/ oz $883/ oz
All-In Cost/oz sold < $950/ oz $873/ oz $900/ oz
Raised Production Guidance
(1) Trailing 12-months ended June 30, 2019

10. TSX: GCM OTCQX: TPRFF
September 2019
PROPERTIES
Marmato Project
“Pursuing Underground
Mine Expansion Opportunity”
Ownership 100%
Mineral
Resources (1)
- M&I
- Inferred
Gold:
3,844 kozs 2.9 g/t
4,194 kozs 2.5 g/t
2018 Gold
Production 24,951 ozs
2018 Head
Grade 2.7 g/t
2018 Cash
Cost/oz US$1,132
Segovia Operations
“Core Producer”
Ownership 100%
Mineral
Resources (1)
- M&I
- Inferred
Gold:
1,327 kozs 11.8 g/t
1,157 kozs 10.1 g/t
Mineral
Reserves (1,2)
- Proven
- Probable
Gold:
30 kozs 11.7 g/t
658 kozs 11.0 g/t
2018 Gold
Production 193,050 ozs
2018 Head
Grade 17.1 g/t
2018 Cash
Cost/oz US$623
(1) As of December 31, 2018
(2) Included in Mineral Resources
Zancudo Project
“Exploration Stage”
Ownership 100%
IAMGOLD entering 3rd year of a 6-
year earn-in option agreement
Historic Mining Districts
8

11. TSX: GCM OTCQX: TPRFF
September 2019
SEGOVIA OPERATIONS Production Stage
El Silencio
Sandra k
Providencia
Las
Verticales
Faulting
❖ High-grade mesothermal quartz-sulfide veins in historic mining
district….over 5 million ounces of gold produced through
continuous mining over past 150+ years. Expected mine life runs
through to 2026 (2017 PEA).
❖ 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.
10
Main Mineralization ZonesLicense Boundaries for Segovia & Carla (100% Owned)

12. TSX: GCM OTCQX: TPRFF
September 2019
SEGOVIA OPERATIONS El Silencio Mine
11
M&I 784 kozs 10.6 g/t
Inferred 548 kozs 9.9 g.t
Reserves 381 kozs 9.3 g/t 2018 Production of 85,000 ozs, up 5% from 2017
H1-2019 Production of 43,000 ozs, up 6% from H1-
2018

13. TSX: GCM OTCQX: TPRFF
September 2019
SEGOVIA OPERATIONS Providencia Mine
12
2018 Production of 88,000 ozs, up 70% from 2017
H1-2019 production of 50,000 ozs, up 16% from H1-
2018
M&I 354 kozs 17.6 g/t
Inferred 307 kozs 16.7 g.t
Reserves 220 kozs 17.1 g/t

14. TSX: GCM OTCQX: TPRFF
September 2019
SEGOVIA OPERATIONS Sandra K Mine
13
2018 Production of 9,000 ozs, up 100% from 2017
H1-2019 production of 5,000 ozs, on par with H1-
2018
M&I 142 kozs 10.2 g/t
Inferred 73 kozs 7.1 g.t
Reserves 54 kozs 9.8 g/t

15. TSX: GCM OTCQX: TPRFF
September 2019
Chicharron
(Sandspring Resources)
Blue Sky Potential
Currently operating mines on
only 3 of 27 known veins in the
RPP-140 license.
14
Increase M&I
resources and
reserves
Consolidate
advance deposits
Follow-up brownfield
exploration projects
Areas of
Immediate
Interest
SEGOVIA OPERATIONS

16. TSX: GCM OTCQX: TPRFF
September 2019
SEGOVIA OPERATIONS Maria Dama Processing Plant
❖ Plant now has capacity to handle up to 1,500 tpd.
❖ Plant includes crushing, grinding, gravity concentration, gold flotation, cyanidation of the flotation concentrate, Merrill-
Crowe precipitation and refining of both the Merrill-Crowe precipitate and gravity concentrate to produce a final doré.
❖ Onsite lab provides quick turnaround of development samples; exploration samples processed in SGS Medellin.
❖ New “El Chocho” tailings storage facility will receive material over the next six years and filter press has been commissioned
in 2019; onsite water treatment facility is treating excess water to Colombian standards before being discharged.
15

17. TSX: GCM OTCQX: TPRFF
September 2019
Third Party Miner Contracts
❖ Agreements with 30+ third party miner groups
❖ Mine designated areas with the Company’s mining title
❖ GCM pays for recovered gold at fixed price
❖ Contractors manage miners & fund own costs
❖ GCM processes ore and sells the gold & silver
❖ GCM provides health & safety training
Benefits of Contract Mining
Model
❖ Environmental benefits – GCM controls processing,
reducing mercury use
❖ Employment – expanded workforce
❖ Improved health & safety
❖ Workers receive health & pension benefits
❖ Government receives tax & royalties
SEGOVIA OPERATIONS Positive Agent for Change
Improving Health & Safety in Our
Mines
Funding Community
Programs
16

18. TSX: GCM OTCQX: TPRFF
September 2019
MARMATO PROJECT
Category
Gold Resource (1)
(ozs)
Gold Grade
(g/t)
Silver Resource (1)
(ozs)
Silver
Grade (g/t)
Measured 359,000 5.2 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.
❖ 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.
❖ The 2018 drilling campaign has increased our
confidence in the geological model, outlining a
higher-grade zone with excellent continuity over
450 meters along strike and strong vertical
continuity for more than 300 meters below the
deepest level of our existing mining operation.
❖ Currently evaluating the expansion of the
underground mining operations to incorporate the
Deeps mineralization. Completing additional drilling
and technical studies toward expected completion
of a PEA by the end of 2019.
(1) Derived from the NI 43-101 Mineral Resource Estimate on the Marmato Project, Colombia dated November 20,
2017 and effective as of June 16, 2017, prepared by SRK and updated by Ben Parsons, an independent Qualified
Person under NI 43-101, of SRK for production through to December 31, 2018 .
Mine Expansion
Opportunity
17
The Future of Marmato is Going Underground
11%
2018
Production

19. TSX: GCM OTCQX: TPRFF
September 2019
Mine Expansion Opportunity
Veins (1)
M&I: 13.3 Mt @ 4.6 g/t Au
for 1,979 koz
Inferred: 9.4 Mt @ 4.2 g/t Au
for 1,275 koz
Porphyry (1)
M&I: 27.0 Mt @ 2.1 g/t Au
for 1,858 koz
Inferred: 13.3 Mt @ 1.8 g/t Au
for 777 koz
MARMATO PROJECT
Deeps (2)
M&I: 0.9 Mt @ 2.0 g/t Au
for 60 koz
Inferred: 29.3 Mt @ 2.3 g/t Au
for 2,142 koz
(1) Using 1.9 g/t cut-off grade
(2) Using 1.2 g/t cut-off grade
18

20. TSX: GCM OTCQX: TPRFF
September 2019
For Further Information, Contact:
Mauricio Ostos
Investor Relations
(416) 360-4653
investorrelations@grancolombiagold.com