- Gran Colombia Gold reported its Q4 and full year 2017 results, with gold production of 51,699 ounces in Q4 and 173,821 ounces for the full year. - At its Segovia Operations, the company increased mineral resources by 13% and updated reserves to 660,000 ounces of gold. - For 2018, the company expects gold production of 182,000-193,000 ounces at an average total cash cost below $735/ounce and average AISC below $950/ounce.

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TSX: GCM
March 28, 2018
Lombardo Paredes Arenas, CEO
Mike Davies, CFO
The leading high‐grade gold producer in Colombia
Q4 and Full Year 2017 Results

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TSX: GCM
March 28, 2018
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, future cash costs and AISC, future G&A and capex, excess
cash flow and sinking funds for the senior debentures, future purchases and/or redemptions of the senior debentures
and future financings. 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 which is available for view on SEDAR
at www.sedar.com. Forward‐looking statements contained herein are made as of the date of this press release 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
March 28, 2018
Results Highlights
2017 Priorities Accomplishments
Improve capital structure
• Share consolidation
• Debt extension
• Completed April 25, 2017.
• $47M extended to 2024 on May 31, 2017.
• $10M debt reduction in 2017.
Generate Excess Cash Flow = 10% of principal
amount of Senior Debentures
• Generated $16.4M in 2017.
• $11.9M in the Sinking Funds at 12‐31‐2017
Continue implementation of optimized mine plan
at Segovia:
• Development and mechanization at Providencia
and El Silencio
• Upgrades at Maria Dama and TSF expansion
• $24M of capex at Segovia in 2017 including
exploration and development
• Met capex program objectives, including
health & safety and environment initiatives
• El Chocho TSF construction is underway
20,000m drilling program at Segovia • Completed ~17,500 meters
• Increased Mineral Resources by 13%
Update mineral resource estimates:
• Segovia
• Marmato Underground
• MRE completed effective March 15, 2017
• PEA filed September 2017
• MRE updated December 31, 2017
• PFS probable reserve of 660,000 ozs
• MRE completed effective June 16, 2017

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TSX: GCM
March 28, 2018
RESULTS Highlights
Mine development at Sandra K – July 17, 2014
(1) Refer to Company’s MD&A for computation.
(2) Basic per share; 2016 information has been adjusted to
reflect the 1:15 consolidation completed on April 25, 2017.
4th Quarter Year
2017 2016 2017 2016
51,699 40,879 Gold production (ozs) 173,821 149,708
56,100 41,357 Gold sales (ozs) 173,645 148,962
$1,252 $1,201 Realized gold price ($/oz) $1,226 $1,218
$719 $725 Cash cost ($/oz) $720 $706
$899 $899 AISC ($/oz) $918 $850
$70.9M $50.4M Revenue $215.4 $184.1M
$26.8M $16.5M Adjusted EBITDA (1) $75.5M $66.0M
$4.9M ($15.3M) Net income $36.8M $3.7M
$0.23 ($0.82) Per share(2) $1.81 $0.30
$9.1M $3.4M Adjusted net income (1) $22.9M $15.6M
$0.44 $0.19 Per share (2) $1.13 $1.26
$8.6M $0.5M Excess Cash Flow (1) $16.4M $2.9M

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TSX: GCM
March 28, 2018
RESULTS
Segovia
• Our primary focus is our Company mines….92% of Segovia’s 2017 gold production came from El Silencio, Providencia and
Sandra K.
• Development of new Company‐operated mining areas at Providencia in 2017 was a key enabler of Segovia’s growth.
Marmato
• Continues to be a steady producer…continuing to evaluate expansion options to incorporate the Deeps mineralization.
Production
4th Quarter Year
2017 2016 2017 2016
Gold (ozs)
Segovia
Company mines
17,761 9,977 Company-operated areas 50,248 30,174
25,723 22,003 Contractor-mined areas 87,091 84,586
43,484 31,980 Total Company mines 137,339 114,760
2,104 2,846 Other contract mines 11,320 11,501
45,588 34,826 Total Segovia Operations 148,659 126,261
6,111 6,053 Marmato 25,162 23,447
51,699 40,879 Total Company 173,821 149,708
45,491 42,389 Silver (ozs) 165,996 162,169

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TSX: GCM
March 28, 2018
‐
25
50
75
100
125
150
175
2013 2014 2015 2016 2017
Segovia Marmato
174k
Growth in Gran Colombia’s total gold production has been driven by the
high‐grade Segovia Operations. Marmato has been steady.
2018 Annual production guidance of 182,000‐193,000 ounces of gold.
Gold ProductionRESULTS
AISC (‐23%)
000’s ozs

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TSX: GCM
March 28, 2018
RESERVES+RESOURCES Segovia Operations
Resources Measured & Indicated Inferred
Tonnes
(kt)
Grade
(g/t)
Au
(koz)
Tonnes
(kt)
Grade
(g/t)
Au
(koz)
December 31, 2017 (1) 3,402 11.4 1,245 3,420 10.1 1,107
March 15, 2017 (2) 2,861 12.0 1,100 3,073 9.9 978
Change
+145
13%
+129
13%
20,500 meters of new data from 157 drillholes from 2016‐2017 programs and almost 6,000 meters of channel samples.
Reaffirms high grade nature of the gold deposits.
Largest gains in all categories were at El Silencio (Veta National area at depth)
(1) Source: Company press release dated March 27, 2018.
(2) Source: Company press release dated April 19, 2017.
Reserves Probable
Tonnes
(kt)
Grade
(g/t)
Au
(koz)
December 31, 2017 (1) 1,660 12.4 660
Preliminary results from a PFS being
prepared by SRK
• Six‐year mine life
• LoM total cash cost of $669/oz
• LoM AISC of $915/oz
• LoM undiscounted after‐tax cash
flow of $142 million @ $1,300 Au

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TSX: GCM
March 28, 2018
Heat Map ‐ Drilling Collars
BLUE SKY POTENTIAL Segovia Operations
981 Holes
148,000m

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TSX: GCM
March 28, 2018
Total Cash Cost
Per Ounce (1)RESULTS
117
89
$400
$600
$800
$1,000
$1,200
2013 2014 2015 2016 2017
SegoviaUS$/oz sold
$664
86% of 2017 gold sales
The Company’s Total Cash Cost average increased to $720/oz in 2017 from $706/oz last year due to:
• An increase in Marmato’s production costs on a per ounce basis, and
• The adverse impact on Segovia’s Total Cash Cost of the 42‐day civil disruption in the third quarter of 2017.
Expecting 2018’s annual average Total Cash Cost will be below $735/oz.
(1) By‐product credit basis. Refer to Company’s MD&A for computation.
2013 2014 2015 2016 2017
Marmato
$1,049
14% of 2017 gold sales

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TSX: GCM
March 28, 2018
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.
RESULTS
AISC (‐23%)
US$/oz sold
$400
$600
$800
$1,000
$1,200
$1,400
2013 2014 2015 2016 2017
G&A,Sustaining
Capex and Other
Total Cash Cost
$918
2017’s AISC reflected a planned increase in Sustaining Capex to $150/oz focused on Segovia Operations.
2018 average AISC is expected to below $950/oz…continued focus on Segovia exploration, expansion and
modernization … adding technical studies and up to 10,000m of drilling at Marmato.

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TSX: GCM
March 28, 2018
RESULTS Segovia Operations

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TSX: GCM
March 28, 2018
RESOURCES Marmato Underground
Updated Mineral Resource:
• Completed effective June 16, 2017.
• Changing focus of the mining style from
open pit to underground mining.
• Increase in 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 has resulted in
reduced tonnages but higher grades.
• Additional “Deeps Zone” mineralization
included for the first time within the
Inferred category.
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
** 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.

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TSX: GCM
March 28, 2018
$0 $200 $400 $600 $800 $1,000 $1,200
Detour Gold
Alio Gold
IamGold
TAHOE Resources
Kin Ross Gold
Alamos Gold
Argonaut Gold
Gran Colombia Gold
Yamana Gold
New Gold
Guyana Goldfields
Goldcorp
Kirkland Lake Gold
Barrick Gold
Centerra Gold
Cash AISC
RESULTS All‐In Sustaining Costs
Gran Colombia’s AISC continues to be well positioned amongst industry peers.
(1) Source: Issuer filings for 2017
(2) AISC is a common performance measure but does not have any standardized meaning within
the industry and therefore its computations may vary between companies.
US$/oz sold

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TSX: GCM
March 28, 2018
$0
$5
$10
$15
$20
$25
$30
$35
$40
RESULTS Revenue/G&A (1)
Gran Colombia is well positioned amongst industry peers.
In 2 years we have grown from $24 of Revenue for every $1 of G&A to $28 of Revenue per $1 of G&A.
(1) Source: Issuer filings for the year ended December 31, 2017
US$
$28

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TSX: GCM
March 28, 2018
Adjusted EBITDA (1)
RESULTS
(1) Refer to Company’s MD&A for computation.
$‐
$20
$40
$60
$80
2013 2014 2015 2016 2017
$75.5M
US$M
2017’s Adjusted EBITDA of $75.5M increased by 14% over 2016 and has doubled since 2015.
Increase in EBITDA driven by production growth, improved gold prices and relatively stable total cash costs.

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TSX: GCM
March 28, 2018
Excess Cash Flow (1)
RESULTS
(1) As defined in the Indentures (available on the Company’s
web site) for the 2018 and 2020/2024 Debentures.
‐20 0 20 40 60 80
Excess Cash Flow (1)
Working capital
Debt restructuring costs
Equity/wealth taxes
Other obligations
Interest paid
Income taxes paid
Capex
Adjusted EBITDA
$16.5M
US$M
2017 vs. 2016
$75.5M
Of the total $19.4M Excess Cash Flow generated the last 2 years, $7.5M was used to reduce debt through NCIBs and a
partial redemption…..the remaining $11.9M remains in the Sinking Funds
$66.0M
$2.9M

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TSX: GCM
March 28, 2018
Balance SheetRESULTS
* Excludes current portion of short and long‐term debt
** Aggregate principal amounts issued and outstanding
December 2017 December 2016
Adjusted working capital deficit *
Cash $3.3M $2.8M
Accounts receivable $14.4M $11.4M
Accounts payable and accrued liabilities ($18.8M) ($16.6M)
Income taxes payable ($8.4M) ($6.1M)
Mining titles and compensation agreements payable ($11.0M) ($11.0M)
Inventories and other items, net $10.9M $9.2M
($9.6M) ($10.3M)
Total short and long‐term debt
Local debt, net of cash in trust $0.4M $1.4M
2018 Debentures ** $45.2M $49.7M
2020 Debentures ** $48.7M $101.2M
2024 Debentures** $47.0M N/A
Sinking funds for 2018, 2020 and 2024 Debentures $11.9M $0.5M

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TSX: GCM
March 28, 2018
CAPITAL STRUCTURE
TSX Symbol Exercise Price Issued &
Outstanding
2018‐03‐27
Fully Diluted
Shares
Common shares GCM 23.7M 23.7M
2018 Debentures (1) GCM.DB.U US$1.95 $44.0M 22.6M
2020 Debentures (1) GCM.DB.V US$1.95 $48.0M 24.6M
2024 Debentures (1) GCM.DB.X US$1.95 $43.3M 22.2M
93.1M
Warrants GCM.WT.A CA$48.75 0.3M
Options CA$2.55 1.8M
(1) Amounts shown for the Senior Debentures are at Face Value.
Proposed Refinancing of 2020 and 2024 Debentures
Best efforts private placement of up to $95M senior secured gold‐linked notes
Six‐year term, 8.25% coupon paid monthly
Upside return through gold price participation on quarterly repayments with $1,250/oz floor
Physical gold set aside in a Gold Trust Account to fund quarterly repayments
Each $1,000 Unit includes 124 Warrants at CA$2.21 per share
Offer to 2018 Debenture Holders to settle early
Will receive $190 cash and 415 shares for each $1,000 of principal

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TSX: GCM
March 28, 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 (PEA) and up to 10,000m drilling program at Marmato.
2018 Targets
2017 Actual 2018 Guidance
Gold production 173,821 ozs 182,000 – 193,000 ozs
Cash cost/oz sold $720 < $735/oz
AISC/oz sold $918 < $950/ oz
Guidance

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TSX: GCM
March 28, 2018
For Further Information, Contact:
Mike Davies
Chief Financial Officer
(416) 360‐4653
investorrelations@grancolombiagold.com
Town of Segovia