Corporate Presentation October 2018

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TSX: GCMOctober 2018

TSX: GCM

The Mid-Tier Gold Miner At a “Junior” PriceRising Production and EBITDA

October 2018Corporate Presentation

OTCQX: TPRFF

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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 andphrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur orbe achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors whichmay cause the actual results, performance or achievements of Gran Colombia to be materially different from anyfuture results, performance or achievements expressed or implied by the forward-looking statements. Factors thatcould cause actual results to differ materially from those anticipated in these forward-looking statements aredescribed under the caption "Risk Factors" in the Company's Annual Information Form dated as of March 27, 2018and its interim MD&A dated as of August 14, 2018, both of which are 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 Colombiadisclaims, other than as required by law, any obligation to update any forward-looking statements whether as aresult of new information, results, future events, circumstances, or if management's estimates or opinions shouldchange, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actualresults and future events could differ materially from those anticipated in such statements. Accordingly, the reader iscautioned not to place undue reliance on forward-looking statements.

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Canadian-listed (TSX: GCM) producer with offices in Toronto and Medellin. Also listed in the US on the OTCQX (TPRFF).

Primary focus is on the high-grade Segovia Operations. Continuing to explore, expand and mechanize the undergroundmining operations (89% of total H1-2018 production). In August 2017, announced a 4-year extension in mine life to 2026.

The Marmato Project, one of the Top-20 largest undeveloped global gold deposits, provides significant optionality to gold andsilver prices. Currently evaluating the potential to expand the existing underground mining operations, incorporating additionalresources from the deep mineralization.

The Zancudo Project, a former high-grade producer, provides exploration upside. IAMGOLD signed an option agreement in2017 and is conducting exploration toward a potential purchase and joint venture on the project.

Simplified capital structure and strengthened balance sheet in 2018. US$25M of cash on the balance sheet at June 30, 2018.

LTM (September 2018) gold production of 214,439 ounces, up ~23% over 2017 annual production.

LTM (June 2018) Adjusted EBITDA of $95M yielded $25M of Excess Cash Flow.

Upside in resource expansion and exploration assets in Colombia.

Leading Colombian high-grade underground gold producer. undervalued versus peers!

GRAN COLOMBIA GOLD

LTM = Latest 12-month period

~17% interest in Sandspring Resources (TSXV: SSP) and its ToroparuProject in Guyana.

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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 Providenciaand 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 and 8,500m drilling program at Marmato.

2018 Targets

2018 Guidance LTM

Gold production 210,000 – 220,000 ozs (3) 214,439 (1)

Cash cost/oz sold < $735/oz $705 (2)

AISC/oz sold < $950/ oz $915 (2)

Guidance

(1) Latest 12-months ended September30, 2018.(2) Latest 12-months ended June 30, 2018.

(3) Revised in September 2018; up from initial guidance of 182,000-193,000 ozs.

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2018 UPDATE On Track

2018 Priorities Progress Update

Improve capital structure• Refinance 2020 and 2024 Debentures…………………..

• Settle 2018 Debentures…………………………………………

US$98M Offering completed April 30, 2018. New Gold Notes listed on the TSX in October (GCM.NT.U).Redeemed 20’s & 24’s on May 14, 2018.

Completed on August 13, 2018. Settled balance 100% with shares.

Common shares listed on OTCQX (TPRFF) in October.

Continue implementation of optimized mine plan at Segovia……………………………………………………………………..

Al programs underway….US$15.7M spent at Segovia in H1-2018, including exploration and development and capital projects.

20,000m drilling program at Segovia………………………. Executed 16,200m through September, ~81% of its planned 20,000m drilling campaign.

New structure discovered at depth in El Silenciomine….following up with 10,000m additional drilling program starting in early November 2018.

Technical studies (PEA) and 8,500m drilling program at Marmato………………………………………………………………

JDS Energy & Mining has been working with the Company on the initial study phase of the project.

Drilling commenced in mid-June with two rigs and by end of September, 34% of program completed.

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2018 RESULTS Highlights

Mine development at Sandra K – July 17, 2014

2nd Quarter 1st Half

2018 2017 2018 2017

52,906 46,075 Gold production (ozs) 105,578 85,083

53,051 45,179 Gold sales (ozs) 102,661 83,613

$1,286 $1,225 Realized gold price ($/oz) $1,290 $1,201

$696 $676 Cash cost ($/oz) (1) $683 $709

$913 $884 AISC ($/oz) (1) $905 $910

$68.9M $56.0M Revenue $133.7M $101.7M

$26.5M $21.3M Adjusted EBITDA (1) $53.9M $34.9M

($30.7M) $33.8M Net income (loss) ($25.4M) $33.0M

($1.09) $1.65 Per share ($1.02) $1.64

$8.2M $6.8M Adjusted net income (1) $18.1M $9.9M

$0.29 $0.33 Per share $0.72 $0.50

$11.2M $3.2M Excess Cash Flow (1) $13.8M $5.5M

(1) Refer to Company’s MD&A for computation

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2018 RESULTS

Segovia• Our primary focus is our Company mines which provided 95% of Segovia’s total H1-2018 gold production.• Improvement in head grades and tonnes mined in the Providencia mine has been key catalyst for Segovia’s

production growth in 2018 versus 2017.

Marmato• Continues to be a steady producer…. evaluating expansion options to incorporate the Deeps mineralization.

Production

2nd Quarter 1st Half

2018 2017 2018 2017

Gold (ozs)

Segovia

Company mines

19,045 21,707 El Silencio 40,732 40,994

22,618 14,294 Providencia 43,284 22,702

2,867 889 Sandra K 4,923 1,664

44,530 36,890 Total Company mines 88,939 65,360

2,541 3,338 Other contract mines 4,604 7,636

47,071 40,228 Total Segovia Operations 93,543 72,996

5,835 5,847 Marmato 12,035 12,087

52,906 46,075 Total Company 105,578 85,083

47,930 44,691 Silver (ozs) 93,736 86,370

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Gold ProductionA

ISC (-2

3%

)

kozs

-

25

50

75

100

125

150

175

200

225

20142015

20162017

LTM *

Segovia Marmato

214k

* LTM = Latest 12 months ended September 30, 2018

PERFORMANCE

Focus on our high-grade Segovia Operations is driving growth.

Raised guidance to 210,000 – 220,000 ounces for 2018.

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All-In Sustaining Costs (1)A

ISC (-2

3%

)

US$/ozsold

$400

$600

$800

$1,000

$1,200

$1,400

20142015

20162017

LTM (2)

Capex, G&A

Total Cash Cost

$915

(1) Refer to the Company’s MD&A for computation.(2) LTM = Latest 12 months ended June 30, 2018.

PERFORMANCE

Optimization of Segovia’s cost structure continues to benefit Total Cash Cost/oz.

AISC reflecting increased focus on exploration, development and modernization of Segovia.

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Adjusted EBITDA (1)

(1) Refer to Company’s MD&A for computation.(2) LTM = Latest 12 months ended June 30, 2018.

US$M

$-

$20

$40

$60

$80

$100

20142015

20162017

LTM (2)

$95M

PERFORMANCE

Adjusted EBITDA growth is driving improved capacity to fund capex programs, service debt and add cash to our balance sheet.

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Excess Cash Flow (1)

(1) Refer to Company’s MD&A for computation.

Capex$31M

Excess cash flow$25M

Working capital and other obligations

$11M

Interest$9M

Income taxes$19M

$95M of Adjusted EBITDALatest 12 Months Ended June 30, 2018

PERFORMANCE

Excess Cash Flow is used to meet principal repayments of debt and to build cash balances.

Over the next 12 months, principal repayments of the Gold Notes to be funded with Excess Cash Flow will amount to $19.5M.

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BALANCE SHEET Strengthened

Senior Secured Gold-Linked Notes due 2024• Issued April 30, 2018• US$93.1 million currently outstanding• 8.25% coupon paid monthly• Quarterly principal repayments in cash with

gold kicker above US$1,250/oz• Less than 10% of Segovia’s projected future

production is required to meet principal repayments

B- Stable Outlook

Cash• US$25 million as of June 30, 2018

10.8X 0.7X

Adjusted EBITDA to Net Interest Net Debt to Adjusted EBITDA

4.6X

LTM = Latest 12 months ended June 30, 2018.

2.1X$73M$178M

Net Debt

December 2015 June 2018 2015 LTM 2015 LTM

(TSX: GCM.NT.U)

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CAPITAL STRUCTURE

Common Shares

48.2 million

Market Capitalization (as of October 19, 2018)

CA$118 million

Simplified

Fully Diluted = ~63 million common shares

Warrants

GCM.WT.A: 0.3 million @ CA$48.75 (2019 expiry)

GCM.WT.B: 12.2 million @ CA$2.21 (2024 expiry)

Stock Options

1.8 million @ CA$2.55 (2021-2022 expiry)

1.2 million @ CA$3.16 (2023 expiry)

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EV / EBITDA(2018e)

EV / Production (2018e USD/oz)

Price / CFPS(2018e)

Market data as at October 19, 2018.“Peers” includes LMC, GUY, GSC, TGZ, AKG, ROXG and AR.

“Peers” amounts represent mean values for Peer Group.Forward-looking figures for GCM based on flat gold price of US$1,250/oz

Source: FactSet, Bloomberg, equity research and company disclosure.

WHY INVEST IN GCM? Valuation Opportunity

GCM Peers

1.9X

4.2X

GCM Peers

1.7X

3.8X

GCM Peers

$817

$1,547

“The Mid-Tier Gold Miner at a “Junior” Price.”Stockhouse, August 2018

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PROPERTY MAP

1.2 Mozs M&I1.1 Mozs Inferred

Resources

Earn- in Option with GCM

3.9 Mozs M&I4.2 Mozs Inferred

Resources

Reserves660 kozs

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SEGOVIA OPERATIONS

CategoryGold Resource (1)

(ozs)Grade (g/t)

Measured 146,000 21.3Indicated 1,100,000 10.7

Inferred 1,107,000 10.1

CategoryGold Reserves (3)

(ozs)Grade (g/t)

Proven 68,000 45.4

Probable 592,000 11.4

High-grade quartz-sulfide veins in historic mining district.

Over 5 million ounces of gold produced through continuous mining over past 150 years. In 2017, extended expected mine life by 4 years to 2026.

LTM September 2018 gold production totaled 189,828 ounces, up 28% over 2017 production.

Total cash cost(2) averaged US$620/oz in H1-2018, down from US$664/oz in 2017.

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.

Mineral Reserves of 660,000 ozs as of December 2017 (68,000 ozs Proven, 592,000 ozs Probable).

Continuing to expand and mechanize underground mining operations. Executing 20,000 meters drilling campaign in 2018 to further its efforts to upgrade and extend its mineral reserves and resources at its Company mines.

Local contract cooperative mining model is successfully leveraging artisanal mining capabilities in high-grade secondary pillar recovery operations in the Company mines and improving environmental management in the area with other small contract mines.

Maria Dama plant has capacity to handle up to 1,200 tpd at present; expandable to 1,500 tpd.(1) Sourced from Segovia Technical Report, May 2018.

(2) By-product credit basis. Refer to Company’s MD&A for computation.(3) Mineral Resources are reported inclusive of the Mineral Reserve.

86%2017

Production

Production Stage

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Mine Country Owner Au Grade in Milled Ore

Q4-2017 g/t

Au Cash Costs

Q4-2017 USD/oz

Fosterville Australia Kirkland Lake 21.50 $226

Yaramoko Burkina Faso Roxgold 17.60 $417

Segovia Colombia Gran Colombia 17.48 $662

Cerro Negro Argentina Goldcorp 16.74 $457

Turquoise Ridge USA Barrick Gold 15.22 $550

Driving Cash FlowSEGOVIA OPERATIONS

Top 5 Highest-Grade Underground Gold Operations in 2017 (1)

0

200

400

600

800

Fosterville Yaramoko Segovia Cerro Negro Turquoise Ridge

Median Au Cash Costs Throughout the World in 2017 (US$/oz) (1)

(1) Source: IMARC (miningintelligence.com Whitepaper, July 2018)

“Gold grade is a profitability driver for a mine.”

miningintellince.com

Gran Colombia’s cash cost is below the median for all mines.

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License Boundaries for Segovia & Carla (100% Owned )

LEGEND

Carla LicenseSegovia License

El SilencioSandra K

Providencia

Proximity to Medellin

MEDELLIN

ASSET LOCATION

Segovia

SEGOVIA OPERATIONS Proximity Maps

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Mill

Chicharron

(Sandspring Resources)

THE SEGOVIA MINES Blue Sky Potential

Currently operating mines on

only 3 of 27 known veins in the

RPP-140 license.

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Segovia Heat Map - Drilling Collars

THE SEGOVIA MINES Blue Sky Potential

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SEGOVIA OPERATIONS 2018 Exploration

A total of 16,200m of drilling, representing 81% of the planned 20,000m for 2018, have been completed in the first nine months of 2018. Refer to detailed press releases dated June 18, 2018 and October 3, 2018.• Multiple high-grade results achieved in the underground sampling program in the deepest levels of the El Silencio

mine and a new structure identified at El Silencio; added another 10,000m, starting in November 2018, to test extensions another 200m below the existing resource at El Silencio.

• Drilling continuing to increase confidence in our mineral resources with further high-grade intercepts at our three producing mines; encouraging initial results from step-out drilling at the Cristales Vein.

Additional drilling at the El Silencio mine expected to commence in November 2018

2018 Channel Samples• 424 total samples• 291 samples (69% of total) > 10 g/t• 163 samples (38% of total) > 30 g/t

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MARMATO PROJECT

CategoryGold Resource (2)

(ozs)Gold Grade

(g/t)Silver Resource (2)

(ozs)Silver

Grade (g/t)

Measured 388,000 4.8 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.

LTM September 2018 gold production of 24,611 ozs, ~2% below 2017.

Total cash cost(1) averaged US$1,061/oz in H1-2018 compared with US$1,049/oz in 2017.

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. Evaluating potential to expand existing underground mining operations. JDS engaged to complete technical studies in 2018 and we plan to drill 8,500m in 2018.

(1) By-product credit basis. Refer to Company’s MD&A for computation.(2) Underground resource information based on Marmato Technical Report, November 2017.

Exploration Stage

14%2017

Production

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MARMATO PROJECT Underground Resources

Updated Mineral Resource (MRE): • Completed effective June 16, 2017.• Changed the focus of the mining style from

open pit to underground mining.• Increased 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 resulted in reduced tonnages but higher grades.

• Additional “Deeps Zone” mineralization included for the first time within the Inferred category.

• NI 43-101 Report on the MRE filed on SEDAR on November 20, 2017

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

Next Steps:• 2018 drilling program underway• Completing certain technical

studies toward PEA in 2019

** 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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2018 Exploration

Veins

13.3 Mt @ 4.6 g/t Aufor 1,979 Mozusing 1.9 g/t CoG

Porphyry

27.0 Mt @ 2.1 g/t Aufor 1,858 Mozusing 1.9 g/t CoG

Location of 2018 Drilling Program:• 32 holes from Level 20• Total of 8,500m planned

MARMATO PROJECT

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As announced in our press release dated October 4, 2018:• Two drill rigs in operation since late June 2018; 9 holes completed so far totaling ~2,900m (34% of total planned).• Early results have outlined two new zones of Deeps-style mineralization with grades falling in the medium-grade interval

(2-3 g/t Au).• Drilling continues to increase our confidence in the geological model with the potential to increase resources and

expected mine life at the Marmato Project.

MARMATO PROJECT 2018 Exploration

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ZANCUDO PROJECT Under Option to IAMGOLD

IAMGOLD Option• Option granted in March 2017 to acquire a 65% interest

by incurring an aggregate of US$10M of exploration overa 6-year period.

• 2nd option granted for further 5% interest if feasibilitystudy completed.

• IAMGOLD commenced exploration (drilling) in 2017 andhas continued their program in 2018….refer to ourOctober 9, 2018 press release for results to-date.

• The Zancudo Project is located 27 km south ofMedellin.

• Excellent infrastructure.• In Municipality of Titiribi, a town dependent on mining

(coal).• Multi-million ounce epithermal to mesothermal vein

system in the Cauca Porphyry Belt, adjacent to BrazilResources Titiribí Project (7.9 Moz Au Inferredresources @ 0.5 g/t Au).

• 1.5M ounces of past production.

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SANDSPRING RESOURCES

Sandspring Investmento Acquired ~17% equity interest in Sandspring Resources (TSX-V: SSP) in 2018.o Sandspring’s Toroparu Project is considered to be one of the largest undeveloped gold deposits in

South America with 10.4Mozs in-situ gold (MI&I) resources.o Vended in our 30% carried participating interest in the Chicharron Project in Segovia and subscribed

for CA$4M (~US$3M) in Sandspring’s private placement in July 2018; purchased additional shares for CA$1M (~US$0.8M)in a private transaction completed in early October 2018.

o GCM has representation on Sandspring’s board.

Guyana

“The Sandspring transaction will allow us to diversify our project exposure outside of Colombia and to leverage our previous experience in the Venezuelan Guyana Shield greenstone belt” Serafino Iacono

Chicharron Projecto Sandspring acquired 100% of the rights to

explore, develop and mine a 386 hectare area within our mining title in the Segovia area

o Project Area lies outside of the areas of our principal mining operations in Segovia.

o The Guia Antigua vein that is the current focus of the Chicharron Project appears to be similar in geology, structure, vein style and mineralogy to other veins in the Segovia mining district.

ChicharronProject

For Further Information, Contact: Mike Davies

Chief Financial Officer(416) 360-4653

[email protected]

Town of Segovia

Documents

Corporate Presentation October 2018