Gran Colombia Gold reported its financial results for the second quarter of 2019, highlighting increased production and lower costs compared to the same period last year. Gold production at its Segovia Operations increased 18% year-over-year to over 1,143 tonnes per day. Total cash costs per ounce decreased to $638, driving the company's all-in sustaining costs down to $855 per ounce. For the full year 2019, Gran Colombia has increased its gold production guidance to between 225,000 to 240,000 ounces and expects average all-in sustaining costs to remain below $925 per ounce.

1. 1
TSX: GCM OTCQX: TPRFF
August 15, 2019
Lombardo Paredes, CEO
Mike Davies, CFO
A Leading High-Grade Underground
Gold Producer
Second Quarter 2019 Results
August 15, 2019
TSX: GCM OTCQX: TPRFF

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TSX: GCM OTCQX: TPRFF
August 15, 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.

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TSX: GCM OTCQX: TPRFF
August 15, 2019
RESULTS Highlights
Mine development at Sandra K – July 17, 2014
(1) Refer to Company’s MD&A for computation

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TSX: GCM OTCQX: TPRFF
August 15, 2019
-
30
60
90
120
150
180
210
240
2017 2018 TTM H1-18 H1-19
Segovia Marmato
231k
12%
6%
At the Segovia Operations, in H1-2019, tonnes processed increased 18% vs H1-2018 to an average of 1,143 tpd
and head grades averaged 17.8 g/t. Mill expansion to 1,500 tpd is complete.
2019 Annual production guidance has been raised to a range of 225,000 to 240,000 ounces of gold.
Gold ProductionRESULTS
000’s ozs
TTM = Trailing 12-months ended June 2019

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TSX: GCM OTCQX: TPRFF
August 15, 2019
RESULTS
Segovia
• Our primary focus is our Company mines which provided 93% of Segovia’s total H1-2019 gold production.
• Improvement in head grades and tonnes mined in the Providencia mine has been key catalyst for Segovia’s
production growth in 2019 versus last year.
Marmato
• Continues to be a steady producer…. evaluating expansion options to incorporate the Deeps mineralization.
Production

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TSX: GCM OTCQX: TPRFF
August 15, 2019
RevenueRESULTS
AISC(-23%)
$55
$60
$65
$70
$75
$80
Q1 Q2 Q3 Q4 Q1 Q2
$77.6M$77.5M
$M
2018 2019
Revenue in H1-2019 is up 16% over H1-2018:
• Gold sales volumes were up 15% in H1-2019 vs H1-2018 as a result of production growth.
• Although spot gold prices in H1-2019 were 1% lower than H1-2018, realized gold prices increased to $1,296/oz in
H1-2019 from $1,290/oz in H1-2018.
• Saved $20/oz in refining charges under new agreement implemented in January 2019. New agreement also
helps cash flow and reduces credit risk with better payment terms.
• Recent run-up in gold prices could significantly benefit H2-2019 revenue.

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TSX: GCM OTCQX: TPRFF
August 15, 2019
Total Cash Cost
Per Ounce (1)
RESULTS
117
89
$400
$600
$800
$1,000
$1,200
2017 2018 TTM H1-18 H1-19
Segovia
$605
US$/oz sold
$585
The Company’s Total Cash Cost average decreased to $638/oz in the first half of 2019 from $683/oz in the first half last
year.
• Improvement in total cash costs at Segovia Operations (90% of sales) to $585/oz in the first half this year.
• Total cash costs at Maramto have also shown expected to improvement in 2019 to the $1,100/oz level.
(1) By-product credit basis. Refer to Company’s MD&A for computation.
2017 2018 TTM H1-18 H1-19
Marmato
$1,107$1,09910% of H1-2019
Gold Sales
90% of H1-2019
Gold Sales
TTM = Trailing 12-months ended June 30, 2019.

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TSX: GCM OTCQX: TPRFF
August 15, 2019
(1) Refer to the Company’s MD&A for computation.
RESULTS
AISC(-23%)
US$/oz
sold
$-
$300
$600
$900
$1,200
2017 2018 TTM H1-18 H1-19
All-In Cost AISC Total Cash Cost
$873$900
Lower cash cost drives H1-2019 AISC down to $855/oz. Full year 2019 average AISC is expected to below $925/oz.
All-in Cost in H1-2019 of $873/oz includes additional $18/oz for “growth” capex, mainly at Marmato Project. Expect
additional growth capex at both Segovia and Marmato in H2-2019. Full year 2019 will average below $950/oz.
TTM = Trailing 12-months ended June 30, 2019.
AISC and All-in Costs (1)

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TSX: GCM OTCQX: TPRFF
August 15, 2019
Adjusted EBITDA (1)
RESULTS
(1) Refer to Company’s MD&A for computation.
$-
$20
$40
$60
$80
$100
$120
2017 2018 TTM H1-18 H1-19
$68.5M
$116.9M
14%
27%
US$M
Production growth and lower cash costs per ounce increased H1-2019’s Adjusted EBITDA by 27% versus H1-2018.
Trailing 12-months’ Adjusted EBITDA increased to $116.9M at end of H1-2019, up 14% from 2018.
Recent run-up in gold prices should bolster Adjusted EBITDA in H2-2019.
TTM = Trailing 12-months ended June 30, 2019.

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TSX: GCM OTCQX: TPRFF
August 15, 2019
Cash Flow MetricsRESULTS
(1) Refer to Company’s MD&A for computation.
TTM Operating Cash Flow increased to $82.1M fuelling Free Cash Flow growth to $44.7M by end of H1-2019.
Free Cash Flow is covering debt service and adding cash to the balance sheet…..poised to benefit in H2-2019
from recent run-up in gold prices.
0
20
40
60
80
100
2017 2018 TTM H1-18 H1-19
Operating Cash Flow Free Cash Flow (1)
$82.1M
$44.7M$M
TTM = Trailing 12-months ended June 30, 2019.

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TSX: GCM OTCQX: TPRFF
August 15, 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.

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TSX: GCM OTCQX: TPRFF
August 15, 2019
CAPITAL STRUCTURE Fully Diluted = ~67.9M shares
Warrants
GCM.WT.B: 12.0 million @ CA$2.21 (2024 expiry)
Stock Options
0.9 million @ CA$2.55 (2021-2022 expiry)
1.0 million @ CA$3.16 (2023 expiry)
0.8 million @ CA$3.67 (2024 expiry)
Convertible Debentures
CA$20 million @ CA$4.75 (2024 expiry)
6
Common Shares
49.0 million
Market Capitalization
(as of August 14, 2019)
CA$267 million
Outperforming the TSX Global Gold Index

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TSX: GCM OTCQX: TPRFF
August 15, 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
Gold production 225,000 – 240,000 ozs 118,483 ozs 229,776 ozs (1)
Cash cost/oz sold < $680/oz $638/oz $657/oz (2)
AISC/oz sold < $925/ oz $855/ oz $883/ oz (2)
All-In Cost/oz sold < $950/ oz $873/ oz $900/ oz (2)
Increased 2019
Production Guidance
(1) Trailing 12-months ended July 31, 2019
(2) Trailing 12-months ended June 30, 2019

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TSX: GCM OTCQX: TPRFF
August 15, 2019
For Further Information, Contact:
Mauricio Ostos
Investor Relations
(416) 360-4653
investorrelations@grancolombiagold.com