TSX: GCM OTCQX: TPRFF

TSX: GCM OTCQX: TPRFFJuly 2020

TSX: GCM OTCQX: TPRFF

THE LARGEST UNDERGROUND GOLD AND SILVER PRODUCER IN COLOMBIA

July 2020

Corporate Presentation


Forward-Looking Statements

DISCLAIMER

This presentation contains "forward-looking information", which may include, but is not limited to, statements withrespect to the future financial or operating performance of the Company and its projects, and, specifically, statementsconcerning anticipated growth in annual gold production, future cash costs and AISC, future G&A and capex, excesscash flow and future repayments of its gold-linked notes. Often, but not always, forward-looking statements can beidentified 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 statethat 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 theactual 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 actualresults 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 30, 2020 which is available for view onSEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this presentationand Gran Colombia disclaims, other than as required by law, any obligation to update any forward-looking statementswhether as a result of new information, results, future events, circumstances, or if management's estimates or opinionsshould change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, asactual results and future events could differ materially from those anticipated in such statements. Accordingly, thereader 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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2019Gold Production

240,000 ozs+10% over 2018

EMERGING MID-TIER GOLD MINER Focus in Colombia

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Marmato Projecto High-grade underground

mines

o 2019 Production: 214,000 ozs.

o One of the Top 5 Highest Grade Underground Global Gold Mines…16.4 g/t in 2019

o Exploration expanding to include regional targets

o Spun out to Caldas Gold Corp in Feb 2020, retaining 57.5% interest

o Underground mine expansion will incorporate Deep Zone

o 2019 Production: 26,000 ozs.

o Exploration upgrading and expanding the Deep Zone mineralization

Segovia Operations

Core Projects in Historic Mining Districts with Significant Exploration Upside


OTHER PROJECTS

Juby Project(Ontario)

Toroparu(Guyana)

Meadowbank(Nunavut)

Zancudo Project(Colombia)

100% interest. Former high-grade producer in the Titribi mining district of Antioquia, about 27

km south of Medellin. Currently being drilled by IAMGOLD under a 6-year option agreement signed in

March 2017 whereby IAMGOLD can earn up to 70%.

Completed Juby acquisition in July 2020. Advanced exploration-stage gold project within the Shining Tree area in the

southern part of the Abitibi greenstone belt. Over 14,000 acres controlled through claims covering 10 km strike length on

the mineralized trend…1.1 Mozs M&I (1.28 g/t) and 2.9 Mozs Inferred (0.94 g/t).

19% equity interest (TSX-V: GLDX) Advancing PFS for one of the largest undeveloped gold deposits in the

Americas with 7.35 Mozs M&I and 3.15 Mozs Inferred. Robert Friedland recently joined as non-executive Chairman

20% equity interest (TSX-V: WA) Exploring its 100% owned Meadowbank Project strategically positioned along

trend immediately adjacent to Agnico Eagleʼs Meadowbank/ Amaruq producing gold mines.

Planning to drill 4,000 m in 2020.

Additional Growth Opportunities

4


CAPITAL STRUCTURE Fully Diluted = ~89.4M shares

WarrantsGCM.WT.B: 11.2 million @ CA$2.21 (2024 expiry)Unlisted: 3.3 million @ CA$5.40 (2023 expiry)Unlisted: 7.1 million @ CA$6.50 (2023 expiry)

Stock Options1.9 million @ CA$2.55 to CA$4.05 (2021-2024

expiry)

Convertible DebenturesCA$20 million @ CA$4.75 (2024 expiry)

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Common Shares

61.8 millionMarket Capitalization (as of June 30, 2020)

CA$425 million

TSX: GCM OTCQX: TPRFFJuly 2020 6

GRAN COLOMBIA 2.0GRAN COLOMBIA 2.0RIGHT TEAM OPERATING AND BUILDING EXPERIENCESegovia Operations

40.7

13.0

5.5 5.0

2016 2017 2018 2019

LTI Frequency Rate

Health and Safety is a Top Priority

8075

93

126149

193214

$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

TRACK RECORD OF IMPROVEMENT

STRONG HEALTH & SAFETY RECORD

FOCUSED ON BUILDING STRONG COMMUNITY RELATIONSHIPS

Segovia Lost Time Incidents

Source: Company filings.

Key Management Serafino Iacono, Executive Chairman – Company co-founder with 30+ years of experience in capital markets and public companiesLombardo Paredes, CEO – 20+ years of corporate leadership and operations management experience in the resource sector in Latin AmericaMike Davies, CFO – CPA,CA with 20+ years of international and public company experience in resource and other sectors


RESULTS Performance Drivers

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Annual Gold Production reaches 240,000 ozs Annual Adjusted EBITDA exceeds $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 2019 Q1-19 Q1-20

SegoviaMarmato

$M

$-

$250

$500

$750

$1,000

2017 2018 2019 Q1-19 Q1-20

AISC Total Cash Cost

US$/oz

$-

$50

$100

$150

2017 2018 2019 Q1-2019 Q1-2020

$-

$20

$40

$60

$80

$100

$120

2017 2018 2019 Q1-19 Q1-20

Operating Cash Flow Free Cash Flow

Refer to Company’s MD&A for computations.


Cash & Debt (1)AISC (-23%

)

$‐

$20

$40

$60

$80

$100

$120

$140

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

Former Debt Gold Notes Convertible Debentures Cash

$M

2018 2019

Gran Colombia’s balance sheet continues getting stronger each quarter• Early redemption on March 31, 2020 of 30% of the Gold Notes (funded by February 2020 private placement)

reduced debt by ~$19 million and will improve cash flow over the remainder of 2020 by >$4 million.

(1) Aggregate principal amount outstanding.

RESULTS

2020

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GOLD NOTES Exposure to Upside on Gold• Issued April 30, 2018 and mature on April 30,

2024• Senior secured obligation of Gran Colombia• US$41.3 million outstanding as of April 30, 2020• Listed on the TSX under the symbol GCM.NT.U• 8.25% annual coupon paid monthly in cash• Quarterly principal repayments in cash with gold

kicker above US$1,250/oz• Company sets aside physical gold each month

into a Gold Trust Account to meet quarterly principal payment obligations

• Less than 5% of Segovia’s projected future production is required to meet principal repayments

B (Outlook Stable)

-

5,000

10,000

2020 2021 2022 2023 2024

Amortization ScheduleMay 2020 to April 2024

(Ounces to be Deposited to Gold Trust Account)

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SEGOVIA OPERATIONS Production Stage

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License Boundaries for Segovia & Carla (100% Owned)

0

5

10

15

20

25

30

35

40

Fosterville (K

irkland

)

Macassa (K

irkland

)

Eagle River (Wesdo

me)

Kainantu (K

92)

Segovia (GCM

)

Island

(Alamos)

Midas (H

ecla)

Cerro Negro (N

ewmon

t)

Cerro Moro (Yam

ana)

Bambanani (H

armon

y)

Yaramoko (Roxgold)

Gwalia (St B

arbara)

Brucejack (Pretiu

m)

Red Lake (N

ewmon

t)

Comparative Asset Milled Grade(1)

g/t

Amongst the Highest Grade Mines in the Gold Sector

16.4 g/t2019 Segovia Milled Grade


Chicharron(Sandspring Resources)

Blue Sky Potential

Currently operating mines on only 3 of 27 known veins in the RPP-140 license.

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Increase M&I resources and reserves

Consolidate advance deposits

Follow-up brownfield exploration projects

Areas of Immediate

Interest

SEGOVIA OPERATIONS


SEGOVIA OPERATIONS Maria Dama Processing Plant

Plant 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 seven years and filter press was commissioned in 2019 to dry stack tailings; onsite water treatment facility is treating excess water to Colombian standards before being discharged.

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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

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Caldas Gold Corp (TSX-V: CGC, OTCQX: ALLXF) was formed in a spin out by Gran Colombia Gold (TSX: GCM) in February 2020; GCM holds a 57.5% equity interest(1).

Caldas Gold is focused on a major underground mine expansion at Marmato to incorporate the Deep Zone mineralization.

The existing mine has been in operation since 1991 and has produced an average of ~24,000 ozs of gold annually over the last 10 years (2019 – 25,750 ozs).

Exploration drilling is continuing to upgrade and expand the Deep Zone mineralization.

$US110M stream financing with Wheaton Precious Metals to fund mine expansion.(2)

Proposed US$150M Gold-Linked Notes Offering.(2)

Located in a Historic Mining District about 80 km south of Medellin

Gran Colombia Investment: Marmato Expansion

(1) As of July 2, 2020, Gran Colombia now owns 44,547,100 common shares of Caldas Gold.(2) Refer to Company press release dated June 22, 2020.


MARMATO PROJECT

Deposit Area

Measured Indicated Measured & Indicated Inferred

Tonnes(kt)

Grade(g/t)

Au Metal(koz)

Tonnes(kt)

Grade(g/t)

Au Metal(koz)

Tonnes(kt)

Grade(g/t)

Au Metal(koz)

Tonnes(kt)

Grade(g/t)

Au Metal(koz)

Zona Baja (4)

Veins 2.1 5.6 387 7.2 5.0 1,156 9.3 5.2 1,543 2.7 4.4 386

Porphyry 2.1 2.5 165 2.1 2.5 165 1.7 2.6 145

TransitionZone

3.4 2.7 294 3.4 2.7 294 0.0 2.0 2

Deep Zone 24.7 2.6 2,085 24.7 2.6 2,085 21.9 2.3 1,639

Total 2.1 5.6 387 37.3 3.1 3,699 39.4 3.2 4,086 26.4 2.6 2,172

1) Mineral resources are not mineral reserves and do not have demonstrated economic viability.2) All figures are rounded to reflect relative accuracy of the estimate. All composites have been capped where appropriate.3) Vein and Porphyry mineral resources are associated with the current Upper Zone mine using existing cut and fill mining methodology and are

reported at a cut-off grade of 1.9 g/t and gold recoveries of 90% for underground resources without considering revenues from other metals.4) Transition Zone is defined as mining of the Deep Zone above an elevation of 950 m accessed from the Upper Zone mine using a modified

longhole stoping method.5) Deep Zone mineral resources are reported at a cut-off grade of 1.3 g/t. Cut-off grades have been based on a price of US$1,500 per ounce of

gold and gold recoveries of 95% for underground resources, without considering revenues from other metals within a limiting pit shell. The DeepZone is defined as mining below an elevation of 950 m using longhole stope mining methods.

Mineral Resource EstimateAs of March 17, 2020

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Mineral Reserve EstimateAs of March 17, 2020

MARMATO PROJECT

Deposit Area

Proven Probable Total

Tonnes(kt)

Grade(g/t)

Au Metal(koz)

Tonnes(kt)

Grade(g/t)

Au Metal(koz)

Tonnes(kt)

Grade(g/t)

Au Metal(koz)

Zona Baja (4)

Veins 0.8 5.0 123 3.0 4.2 412 3.8 4.4 535

TransitionZone

0.0 7.6 10 1.3 3.4 143 1.3 3.6 152

Deep Zone - - - 14.6 2.9 1,333 14.6 2.9 1,333

Total 0.8 5.1 133 18.9 3.1 1,888 19.7 3.2 2,020

1) Mineral resources are inclusive of mineral reserves.2) All figures are rounded to reflect relative accuracy of the estimate. All composites have been capped where appropriate.3) Veins ore reserves are reported using a CoG of 2.23 g/t Au. The Veins CoG calculation assumes a US$1,400/oz Au price, 85% Au metallurgical recovery,

US$49.45/t mining cost, US$13.63/t G&A, US$12.24/t processing cost, and US$8.96/t royalties. Transition ore reserves are reported using a CoG of 1.91 g/tAu. The Transition Zone CoG calculation assumes a US$1,400/oz Au price, 95% Au metallurgical recovery, US$46/t mining cost, US$13.63/t G&A, US$12.24/tprocessing cost, and US$8.96/t royalties. MDZ ore reserves are reported using a CoG of 1.61 g/t Au. The Deep Zone CoG calculation assumes a US$1,400/ozAu price, 95% metallurgical recovery, US$42/t mining cost, US$14/t processing cost, US$6.75/t production royalties/taxes, US$3/t G&A, and US$3/t tailingscost. Note that costs/prices used here may be somewhat different than those in the final economic model. This is due to the need to make assumptions earlyon for mine planning prior to finalizing other items and using long-term forecasts for the LoM plan.

4) The Veins area is currently mined using cut-and-fill methods. Mining dilution ranges from 20% - 55%, averaging 26%, is included in the Reserves using a zerograde for dilution. A mining recovery of 90% is applied to stopes. The Transition Zone is envisioned to be mined using a modified longhole stoping method. Amining dilution of 7% is included in the Reserves using a zero grade for dilution. A mining recovery of 90% is applied to stopes.

5) The Deep Zone portion of the project is amenable to underground longhole open stoping mining methods. Mining dilution (internal and external) is included inthe Reserve. Stope dilution is 8%, and a portion of the stope dilution is applied using grade values based on average surrounding block information. A miningrecovery of 92.5% is applied to stopes.

TSX-V: CGCOCTQX: ALLXF

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Life‐of‐Mine Plan (“PFS”) Results (B)MARMATO PROJECT

Marmato mine in Zona Baja will comprise of two distinct operations: Upper Zone and Deep Zone.

Upper Zone: Immediate optimization of existing mining operation to reduce dilution, improving production and reducingcash costs, together with an expansion of the existing processing plant over the next two years from 1,200 tpd to 1,500 tpd.A total pf 5.1M tonnes to be processed over 13-year life with average LoM Au grade of 4.2 g/t resulting in 0.6M ounces ofgold (32% of total).

Deep Zone: US$269M initial capital in 2020 to 2023. Total of 14.6M tonnes processed over a 11-year life starting in mid-2023 at an average LoM Au grade of 2.9 g/t resulting in 1.3M ounces of gold (68% of total).

Combined: 1.9M ounces of gold with LoM cash cost of US$772 per ounce and LoM AISC of US$872/oz. At US$1,400 per ounce long-term gold price, total undiscounted LoM after-tax project cash flow of US$501M (NPV

5% - US$263M). Before financing, after-tax IRR = 20% and payback by 2026.

Precious Metal Production Profile (ozs/year)

TSX-V: CGCOCTQX: ALLXF

‐

50,000

100,000

150,000

200,000

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033

Gold Silver

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Mine Expansion into the DEEPS ZONE

MARMATO PROJECT

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Upper ZoneExisting mine and 1,200 tpdMerrill Crowe plant

Deep ZoneFuture mine with new 4,000 tpd CIL plant Zona Baja

Mining License

Excellent infrastructure: • located by the Pan

American Highway with access to Medellin to the north and Manizales to the south

• access to the national electricity grid

TSX: GCM OTCQX: TPRFFJuly 2020 17

Exploration UpsideMARMATO PROJECT

Source: GCM press release dated February 3, 2020

The 2019 Phase 2 drilling continued to

demonstrate an improvement of

grades in the Deep Zone


Exploration PotentialDEEPS ZONE

Source: Caldas Gold press release dated March 2, 2020

New Zone discovered down-plunge by more than 200 meters at its Marmato Project

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Completed acquisition of 100% interest on July 2, 2020

GCM funded cash portion of acquisition cost with a CA$14M private placement (7,000,000 shares at CA$2.00).

GCM now owns ~57.5% of the total number of issued and outstanding common shares of Caldas Gold.

Advanced exploration-stage gold project within the Shining Tree area in the southern part of the Abitibi greenstone belt.

Gold was discovered in the Shining Tree area in the 1930’s.

Over 14,000 acres controlled through claims covering 10 km strike length on the mineralized trend.

Last 43-101 was prepared by Temex Resources in 2014 with 1.1 Mozs M&I @ 1.28 g/t and 2.9 Mozs Inferred @ 0.94 g/t.

Initial exploration phase will evaluate historical data incorporating machine learning and other studies to develop a drilling program for execution in 2021.

Exploration PipelineJUBY PROJECT


For Further Information, Contact: Mike Davies

Chief Financial Officer(416) 360-4653

[email protected]

TSX: GCM OTCQX: TPRFF

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