Second Quarter & First Half 2021 Results

1TSX: GCM | OTCQX: TPRFF www.grancolombiagold.com

Second Quarter

& First Half 2021

ResultsLombardo Paredes Arenas, CEO

Mike Davies, CFO

http://www.grancolombiagold.com/

TSX: GCM | OTCQX: TPRFFGran Colombia Gold | Q2 2021 Results

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, AISC and All-in costs, future G&A and

capex, free cash flow, future repayments of its gold-linked notes, and other statements that are not historical facts. 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 31, 2021 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.

Forward-Looking Statements

TSX: GCM | OTCQX: TPRFF |Gran Colombia Gold | Q2 & First Half 2021 Results 3

Q2 Highlights

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

2nd Quarter 1st Half

2021 2020 2021 2020

52,198 48,228 Gold production (ozs) 103,684 104,475

$1,797 $1,696 Realized gold price ($/oz) $1,805 $1,622

$767 $713 Cash cost ($/oz) (1) $816 $686

$1,101 $1,045 AISC ($/oz) (1) $1,133 $954

$96.4M $77.1M Revenue $198.3M $178.1M

$48.0M $37.6M Adjusted EBITDA (1) $94.3M $88.0M

$29.8M ($18.6M) Net income (loss) $148.1M $5.7M

$0.41 ($0.27) Per share $2.31 $0.13

$23.6M $17.5M Adjusted net income (1) $45.5M $38.7M

$0.33 $0.29 Per share $0.69 $0.66

$12.8M $7.0M Operating cash flow $26.4M $38.9M

($3.0M) ($3.8M) Free cash flow (1) ($0.5M) $14.1M


Q2 Highlights

6.875% Senior Unsecured Notes Maturing August 9, 2026

Use of Proceeds • Fund the development of the Toroparu Project

• Prepay our remaining Gold-Linked Notes

• General corporate purposes

Joint Bookrunners

Completion of Gold X Transaction &Closing of US$300 Million Notes Offering

Completed

Gold X Transaction

on June 4, 2021

Major step forward in our strategy to

grow through diversification

Two Cornerstone Assets with 8.8 Mozs Total M&I Gold Resources

Acquired all of the issued and outstanding common

shares of Gold X Gran Colombia did not already own

B+ B+


Simplified Organization Structure

Marmato Project

Juby Project

Lomero Project

Guia Antigua Project

Zancudo Project


Capital Structure

Exchanges

TSX: GCM

OTCQX: TPRFF Common Shares98.5 million

Market Capitalization CA$467.8 million (1)

Warrants

GCM.WT.B: 10.4 million @ CA$2.21 (2024 expiry)

Unlisted: 3.3 million @ CA$5.40 (2023 expiry)

Unlisted: 7.1 million @ CA$6.50 (2023 expiry)

Unlisted GLDX (2): 6.5 million @ CA$1.90 to CA$5.76 (2022-2024 expiry)

Stock Options2.5 million @ CA$2.55 to CA$6.88 (2022-2026 expiry)

Convertible DebenturesCA$18 million @ CA$4.75 (2024 expiry)

Fully Diluted132.1 million shares

(1) Based on C$4.75 at close on July 31, 2021.

(2) Adjusted to reflect the 0.6948 Exchange Ratio.

52 Week High/ LowCA$8.40/ CA$4.94

0

200,000

400,000

600,000

800,000

1,000,000

$0

$1

$2

$3

$4

$5

$6

$7

$8

$9

Volume Close


6.31%6.10%

5.77%

3.81% 3.79%3.51%

2.68%2.40%

2.16%1.99% 1.83% 1.75% 1.67% 1.65%

1.59% 1.55%1.23% 1.23% 1.21% 1.18% 1.04% 1.02% 1.00% 0.99%

0.79% 0.75% 0.67%0.50%

0.13%

Shareholder ReturnsDividends

CA 1.5 cents/share

Record date: July 30, 2021

Payment date: August 16, 2021

GCM Dividend Yield Relative to Comps

Next Dividend:

Source: Company reports. Market data as of July 31, 2021

Average = 1.93%

Continuing to Pay a Monthly Dividend

Returned a total of $7.6 million to shareholders in the first half of 2021 with

payment of its monthly dividends totaling $4.4 million and repurchased

702,000 shares at a cost of $3.2 million

Returning ~CA$1.5 Million of Free Cash Flow to shareholders each month


Gold Production000’s

ozs

Segovia Operations

For July 2021, production amounted to 15,258 ounces of gold and 14,993 ounces of silver. This brings the Company’s trailing 12-months (TTM) total gold production at the end of July 2021 to 201,688 ounces, up 3% over 2020.

The Company remains on track with its annual production guidance for 2021 of 200,000 to 220,000 ounces of gold.

-

50

100

150

200

250

2018 2019 2020 TTM 2021 Q2-20 Q2-21 H1-20 H1-21

52.2k44.4k

94.7k101.3k


Production

Processed an average of 1,526 tonnes per day (“tpd”) in the first half of 2021 at an average head grade of 12.7 g/t.

The expansion of processing capacity from 1,500 tpd to 2,000 tpd at the Maria Dama plant is also proceeding on schedule and will be completed by the end of the year.

New polymetallic plant construction will be completed in Q3-2021.

(1) First half 2021 represents just the month of January 2021 prior to the loss of control of Aris.

2nd Quarter 1st Half

2021 2020 2021 2020

Gold (ozs)

Segovia

21,062 16,626 El Silencio 39,915 33,454

19,018 19,466 Providencia 37,308 44,385

4,897 3,461 Sandra K 8,876 8,005

58 - Carla 181 8,005

45,036 39,553 Total Company mines 86,279 85,843

7,162 4,824 Other contract mines 14,977 8,880

52,198 44,377 Total Segovia Operations 101,256 94,723

- 3,851 Marmato(1) 2,428 9,752

52,198 48,228 Consolidated 103,684 104,475

54,573 41,342 Silver (ozs) at Segovia 111,888 87,260


Revenue

Segovia’s revenue of $96.4 million in the second quarter of 2021 was up 36% over the second quarter of 2020 as a result of a 6% increase in realized gold prices, a 28%

increase in the volume of gold sold (second quarter 2020 gold production was adversely impacted by the COVID-19 national quarantine) and increased silver revenue.

Consolidated revenue in the second quarter of 2021 did not include any revenue from the Marmato Mining Assets as a result of the loss of control early in 2021.

$269

$327

$391

$77$96

$178$198

$1,000

$1,100

$1,200

$1,300

$1,400

$1,500

$1,600

$1,700

$1,800

$1,900

$50

$100

$150

$200

$250

$300

$350

$400

2018 2019 2020 Q2-20 Q2-21 H1-20 H1-21

Realized Gold Price

$M US$/oz

Consolidated


Total Cash Cost Per Ounce Sold (1)

117

89

$623 $607 $699 $654$767

$625$796

$-

$400

$800

$1,200

$1,600

$2,000

2018 2019 2020 Q2-20 Q2-21 H1-20 H1-21

Cash Cost Realized Gold Price

US$/o

zso

ld

(1) By-product credit basis.

Refer to Company’s MD&A for computation.

Segovia Operations

The year-over-year increase in Segovia’s total cash cost per ounce in the second quarter and first half of 2021 reflects:

(i) an increase in contractor and artisanal mining payment rates (which had not changed since 2017) implemented in the third quarter of 2020 in response to the

current gold market conditions,

(ii) higher spot gold prices which increased production taxes on a per ounce basis and

(iii) additional costs to maintain the necessary COVID-19 protocols required to protect the health and safety of Segovia’s workers and the local communities.

Including Marmato, consolidated total cash costs were $816 per ounce in the first half of 2021 compared with $686 per ounce in the first half last year.


AISC Per Ounce Sold(1)U

S$/o

zso

ld

$-

$400

$800

$1,200

$1,600

$2,000

2018 2019 2020 Q2-20 Q2-21 H1-20 H1-21

Cash Cost AISC Realized Gold Price

$1,101 $1,133

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

The year-over year increase in AISC per ounce sold in Q2-2021 reflects:

(i) the increased total cash costs as described and

(ii) an increase in mine development and other sustaining capital expenditures.

Consolidated


Adjusted EBITDA (1)

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

$102.4

$146.7

$187.8

$37.6$48.0

$88.0 $94.3

$-

$50

$100

$150

$200

2018 2019 2020 Q2-20 Q2-21 H1-20 H1-21

US$M

The Company’s trailing 12-months adjusted EBITDA at the end of June 2021 stood at $194.1 million compared with $187.8 million in 2020


Cash Flow Metrics

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

$M

Gran Colombia’s cash flow results in 2021 reflect the normal “seasonal” impact from settling income tax obligations in the second quarter.

Free cash flow metrics in 2021 reflect an increase in sustaining capital expenditures in the first half of the year. In 2020, COVID delayed many

initiatives until the second half of the year.

Consolidated

-10

10

30

50

70

90

110

130

2018 2019 2020 Q2-20 Q2-21 H1-20 H1-21

Operating Cash Flow Free Cash Flow (1)


ResultsCash & Debt (1)

$-

$20

$40

$60

$80

$100

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Gold Notes Convertible Debentures Cash

Gran Colombia’s balance sheet remains strong in 2021The Company’s cash position stood at $57.8 million and the aggregate principal amount of the Gold Notes had been reduced to $19.8 million

(1) Aggregate principal amount of debt outstanding. Excludes Aris Gold’s (formerly Caldas Gold) cash and debt.

2019 2020 2021


Denotes existing operating Company mines

Denotes regional exploration target in process

Segovia OperationsRegional Exploration Program

Currently operating mines on

only 3 of 27 known veins in the

RPP-140 license.

Gran Colombia’s ongoing drilling program

at Segovia continues to provide

encouraging results as announced in

press releases dated June 9, 2021 and July

12, 2021.

Gran Colombia is carrying out 60,000

meters of drilling at Segovia in 2021 with

40,000 meters dedicated to the ongoing

in-mine and near-mine drill program at its

four operating mines and the other

20,000 meters is aimed at testing its

highest priority brownfield targets on the

24 known veins in its mining title that it is

not currently mining.


Community & Sustainability UpdateVaccinations & Inaugural Sustainability Report

Gran Colombia is committed to the health of its employees.

We were the first mining company in Antioquia to start

vaccinating our employees through COMFAMA, purchasing

vaccines to immunize employees and their families.

Administered 5,267 first doses total

5,117 vaccinated in Segovia

150 vaccinated in Medellín

We’ve vaccinated 96.6% of eligible employees

CO

VID

-19

Vaccin

ati

on

s

Inau

gu

ral

Su

stain

ab

ilit

y R

ep

ort

Gran Colombia published its inaugural sustainability report on

June 15, 2021. The report, which can be found on the

Company’s website, reflects a focused effort of measuring and

disclosing our environmental, social and governance (ESG)

priorities and performance moving forward.

18

For Further Information:

Mike Davies

Chief Financial Officer

(416) 360-4653

[email protected]

Documents

Second Quarter & First Half 2021 Results