Building COLOMBIA’S next MAJOR GOLD MINE

Corporate Presentation

September 2020

TSX-V: CGC

OCTQX: ALLXF

Forward-Looking Statements

This presentation of Caldas Gold Corp. (the “Company” or “Caldas”) is for information only and contains "forward-looking information", under applicable securities law, which may include, but is not limited to,

statements with respect to strategies, expectations, planned operations, future actions or the future financial or operating performance of the Company and its projects, and, specifically, statements concerning

anticipated growth in annual gold production, the completion of anticipated financing and security offerings, the development of the Marmato Project including the building or expansion of any processing facilities

or the achievement of future production levels, the exploration upside at Marmato, the anticipated cash flow and internal rate of return from expanding the Marmato Project, and the performance of the Company’s

stock. Statements as to Mineral Reserves and Mineral Resources are further qualified by the language continued under “Technical Information” below. All statements, other than those of historical fact, which

address activities, events, outcomes, results, developments, performance or achievements that the Company anticipates or expects may or will occur in the future (in whole o in part) should be considered forward-

looking information. 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 Caldas 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 Filing Statement dated as of February 19, 2020 and filed at www.sedar.com. Such factors are based on information currently available to

the Company, including information obtained from third-party industry analysts and other third-party sources, and are based on management’s current expectations regarding future growth, results of operations,

future capital (including the amount, nature and sources of funding thereof) and expenditures. Forward-looking statements contained herein are made as of the date of this presentation and Caldas 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. The forward-looking information contained in this presentation is expressly qualified by the cautionary statement.

Technical Information

A Preliminary Feasibility Study is a comprehensive study of a range of options for the technical and economic viability of a mineral project that has advanced to a stage where a preferred mining method, in the case

of underground mining, or the pit configuration, in the case of an open pit, is established and an effective method of mineral processing is determined. It includes a financial analysis based on reasonable

assumptions on any modifying factors and the evaluation of any other relevant factors which are sufficient for a Qualified Person, acting reasonably, to determine if all or part of the Mineral Resource may be

converted to a Mineral Reserve at the time of reporting. A Preliminary Feasibility Study is at a lower confidence level than a Feasibility Study.

The Mineral Resources and Mineral Reserves described in this presentation were estimated using the Canadian Institute of Mining Metallurgy and Petroleum (“CIM”) Standards on Mineral Resources and Reserves,

Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council and incorporated by reference in National Instrument 43-101 – Standards of Disclosure for

Mineral Projects (“NI 43-101”). Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting,

legal, title, taxation, socio-political, marketing, or other relevant issues. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be

converted to a Mineral Reserve. There is no certainty that Inferred Mineral Resources will be converted to the Measured and Indicated Resource categories through further drilling, or into Mineral Reserves, once economic

considerations are applied. As such, readers are cautioned not to assume that part or all of an Inferred Mineral Resource exists, or is economically or legally mineable.

For all Marmato Project drilling results described in this presentation, verification by the Qualified Person included a review of the quality assurance and quality control samples, and review of the applicable assay

databases and assay certificates. The core samples were prepared by SGS Laboratories Ltd (ISO 9001:2008) at their laboratory in Medellin, and assayed in their laboratory in Segovia, Colombia. Gold was assayed by

30 g fire assay with atomic absorption spectrophotometer (“AAS”) finish. Samples over 10.0 g/t gold were re-assayed by 30 g fire assay with gravimetric finish. Silver was assayed by aqua regia digestion and AAS

finish. Blank, standard and duplicate samples were routinely inserted for quality assurance and quality control.

Technical Disclosure Footnotes:

A. Disclosure with regard to the updated Mineral Resource estimate for Caldas’ Marmato Project was prepared in accordance with the CIM Definition Standards incorporated by reference in NI 43-101 with an

effective date of March 17, 2020, as disclosed in the Company’s press release dated July 6, 2020. The Mineral Resources were estimated by Benjamin Parsons, MSc, MAusIMM #222568 of SRK, a Qualified

Person pursuant to NI 43-101. The Veins and Transition Mineral Reserves were estimated by Fernando Rodrigues, BS Mining, MBA, MMSAQP #01405, MAusIMM #304726 of SRK, a Qualified Person pursuant to

NI 43-101. The MDZ Mineral Reserves were estimated by Joanna Poeck, BEng Mining, SME-RM, MMSAQP #01387QP, a Qualified Person pursuant to NI 43-101. For a full description of the “Veins”, “Transition”

and “MDZ” zones, please see the Company’s press release dated July 6, 2020

B. Refers to the preliminary results of a Preliminary Feasibility Study (“PFS”) for the Marmato Project, focused on the Zona Baja mining operations, effective March 17, 2020, and was prepared in accordance with

the CIM Definition Standards incorporated by reference in NI 43-101, as disclosed in the Company’s press release dated July 6, 2020. Fernando Rodrigues, BS Mining, MBA, MAusIMM, MMSAQP Practice

Leader/Principal Consultant (Mining Engineer) with SRK, prepared the PFS according to CIM Definition Standards and will be supported by a NI 43-101 independent report which will be published and filed on

the Company’s website and SEDAR profile within 45 days. Mr. Rodrigues is a Qualified Person as defined by NI 43-101.

C. Disclosure with regard to the exploration drilling program at the Marmato Project is derived from the press release of Gran Colombia Gold Corp dated February 3, 2020, which contains details of all drill holes

to date from the exploration campaign, other than drill hole MT-IU-053A. Dr. Stewart D. Redwood, PhD, FIMMM, Senior Consulting Geologist to the Company, is a qualified person as defined by NI 43-101 and

prepared or reviewed the preparation of the scientific and technical information in such press release.

D. Disclosure with regard to the exploration upside at the Marmato Project described in this slide is taken from the press release of the Company dated March 2, 2020, which contains details on drill hole MT-IU-

053A from the exploration campaign. Dr. Stewart D. Redwood, PhD, FIMMM, Senior Consulting Geologist to the Company, is a qualified person as defined by NI 43-101 and prepared or reviewed the

preparation of the scientific and technical information in such press release.

E. Disclosure with regard to the exploration upside at the Marmato Project described in this slide is taken from the press release of the Company dated May 13, 2020, which contains details on all drill holes

completed to date since the previous press release. Dr. Stewart D. Redwood, PhD, FIMMM, Senior Consulting Geologist to the Company, is a qualified person as defined by NI 43-101 and prepared or reviewed

the preparation of the scientific and technical information in such press release.

DISCLAIMER

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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

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Mine Expansion into the DEEP ZONE

BUILDING COLOMBIA’S NEXT MAJOR GOLD MINE

(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.

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Warrants

Unlisted: 10.8 million @ CA$3.00 (2024 expiry)

Special Warrants

Unlisted: 22.2 million, including one common share

and one warrant @ CA$2.75 (2025 expiry)

Stock Options

0.3 million @ CA$2.10 (2021 expiry)

4.6 million @ CA$2.00 (2025 expiry)

0.1 million @ CA$2.50 (2025 expiry)

Broker Warrants

0.1 million @ CA$2.00 (2022 expiry)

Common Shares

77.5 millionMarket Capitalization

CA$230.2 million(1)Close – September 8th: CA$2.97

52 Week High: CA$3.00

52 Week Low: CA$1.30

CAPITAL STRUCTURE

(1) Market cap based on closing price on September 8, 2020.

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$1.30

$1.80

$2.30

$2.80

$3.30

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GRAN COLOMBIA 2.0

DEMONSTRATED OPERATING

EXPERIENCE IN LATIN

AMERICA

PROVEN SUCCESS

STRONG

HEALTH & SAFETY RECORD

FOCUSED ON BUILDING

STRONG COMMUNITY

RELATIONSHIPS

Serafino Iacono, Executive Chairman and CEO Company founder with 30+ years of experience in capital

markets and public companies

Lombardo Paredes, President 20+ years of corporate leadership and operations management

experience in the resource sector in Latin America

Robert Parr, COO Australian mining engineer with 20+ years of international

operations and technical experience

Mike Davies, CFO CPA,CA with 20+ years of international and public company

experience in resource and other sectors

Board of DirectorsSerafino Iacono

Miguel de la Campa

Lombardo Paredes

Hernan Juan Jose Martinez Torres

Robert Doyle

Belinda Labatte

Humberto Calderon Berti

Experienced Management Team

STRONG LEADERSHIP

0

10

20

30

2012 2013 2014 2015 2016 2017 2018 2019

Gold Production (ozs)

84 67

33 3528

2016 2017 2018 2019 2020

LTI Frequency Rate

Mining Operations

Marmato Lost Time Incidents

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Highlights

INVESTING IN CALDAS GOLD

Highly Attractive Project with Low Cost Position and High Margins

Funded with External Validation and Shareholder Support from Gran

Colombia Gold

Strong Management with Experience Building Mines in Colombia

Commitment to ESG

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Significant Exploration Upside in Historic Mining Districts

Equity Re-rating Potential in Current Gold Price Environment

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2020

MILESTONES

FEB

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MAR APR MAY JUN

Completed RTO and

Listed on the TSX-V

(CGC)

Drilling Results at

Marmato Prove the

Down-Dip Extension

of the Recently

Discovered New

Zone

During the COVID-19

pandemic, Caldas

provided support to

vulnerable low-

income families in

the local mining

communities of

Marmato, Supia,

Riosucio

Drilling Results

at Marmato

Extend the Strike

of the Recently

Discovered New

Zone to More

Than 400 Meters

Announced US$110

Million Precious

Metals Stream with

Wheaton Precious

Metals on the

Marmato Project;

Launched Proposed

Issuance of Up To

US$150 Million of

Gold Notes and

Concurrent Equity

Financing up to

CA$50 Million to

Fund the Marmato

Project Expansion

CA$14 Million Private

Placement With Gran

Colombia to Fund Juby

Project Acquisition

Shares begin trading on

the OCTQX (ALLXF)

JUL

Juby Project

Acquisition Closed

on July 2, 2020

Announced PFS

Results for

Marmato Project

on July 6, 2020

Closed CA$50M

bought deal of

Special Warrants

on July 29, 2020

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Mine Expansion into the DEEP ZONE

MARMATO PROJECT

Upper ZoneExisting mine and expanding 1,200 tpd

Merrill Crowe plant to 1,500 tpd

Deep Zone (“MDZ”)Future mine with new 4,000 tpd CIL plant

Initial capital of US$269.3M (2020 PFS)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

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Mineral Resource Estimate (A)As of March 17, 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

Transition

Zone3.4 2.7 294 3.4 2.7 294 0.0 2.0 2

MDZ 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 MDZ above an elevation of 950 m accessed from the Upper Zone mine using a modified longhole

stoping method.

5) MDZ 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 MDZ is

defined as mining below an elevation of 950 m using longhole stope mining methods.

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(A) Please refer to Technical Disclosure footnote (A) at page 2 of this presentation.

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Mineral Reserve Estimate (A)As 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

Transition

Zone0.0 7.6 10 1.3 3.4 143 1.3 3.6 152

MDZ - - - 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/t Au.

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/t

processing 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/oz Au

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 tailings cost.

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 early on 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 zero

grade 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. A

mining 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 MDZ portion of the project is amenable to underground longhole open stoping mining methods. Mining dilution (internal and external) is included in the

Reserve. Stope dilution is 8%, and a portion of the stope dilution is applied using grade values based on average surrounding block information. A mining

recovery of 92.5% is applied to stopes.

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(A) Please refer to Technical Disclosure footnote (A) at page 2 of this presentation.

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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 MDZ.

❖ Upper Zone: Immediate optimization of existing mining operation to reduce dilution, improving production and reducing

cash 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 of

gold (32% of total).

❖MDZ: US$269M initial capital in 2020 to 2023. Total of 14.6M tonnes processed over a 10 ½ 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$264M).

❖ Before financing, after-tax IRR = 20% and payback by 2026.

Precious Metal Production Profile (ozs/year)

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50,000

100,000

150,000

200,000

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

Gold Silver

(B) Please refer to Technical Disclosure footnote (B) at page 2 of this presentation.

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General Infrastructure Location

MARMATO PROJECT

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Source: SEDAR, PEA dated February 6, 2020

Deep Zone Mineralization

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CA$50 million bought deal offering of Special Warrants (1)

22,222,222 Special Warrants at CA$2.25 each

Exercisable for one common share and one warrant

Warrants exercisable at CA$2.75 per share, 5-year term and acceleration after 3 years

Qualifying by prospectus; other 4-month hold.

US$80 to US$90 million of Senior Secured Gold-Linked Notes

PROJECT FINANCING

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(1) Refer to Company press release dated July 29, 2020.

Net proceeds will be used to fund the Marmato Expansion Project

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Non-binding term sheet (1) signed with Wheaton Precious Metals for US$110M

streaming agreement to fund mine expansion at the Marmato Project.

6.5% and 100% of payable gold and silver delivered to Wheaton until 190koz and

2.5Moz of payable gold and silver delivered, stepping down to 3.25% and 50% thereafter.

External Validation from a World Class Partner

PROJECT FINANCING

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For each ounce of delivered gold and silver, Wheaton will make a cash payment to

Caldas of 18% of spot gold and silver, increasing to 22% once the upfront deposit has

been reduced to nil.

(1) Refer to Company press release dated June 22, 2020.

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Exploration Upside (C)MARMATO PROJECT

Source: GCM press release dated February 3, 2020

The 2019 Phase 2

drilling continued to

demonstrate an

improvement of

grades in the MDZ

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(C) Please refer to Technical Disclosure footnote (C) at page 2 of this presentation.

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Source: Caldas Gold press release dated March 2, 2020

Exploration Upside (C)(D)DEEP ZONE

New Zone discovered

down-plunge by more than

200 meters at its Marmato

Project

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(C) Please refer to Technical Disclosure footnote (C) at page 2 of this presentation.

(D) Please refer to Technical Disclosure footnote (D) at page 2 of this presentation.

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Hole ID From (m) To (m) Width (m) Au Grade (g/t)Ag Grade

(g/t)

Grade-Width

Au (g/t *m)Zone

MT-IU-050 226.75 696.25 469.50 2.29 3.2 1075 Deeps

including 246.75 301.17 54.42 3.65 4.3 199 Deeps

including 379.30 431.10 51.80 3.00 6.0 155 Deeps

including 449.00 490.35 41.35 4.14 4.3 171 Deeps

including 538.25 615.00 76.75 3.12 1.9 239 Deeps

Source: GCM press release dated February 3, 2020

Exploration Upside (C)DEEP ZONE

Significant Drill Intersections of 2020 to Date - TSX TOP 10(1)

(1) OPAXE Report from June 22-28, 2020

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(C) Please refer to Technical Disclosure footnote (C) at page 2 of this presentation.

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Hole ID From (m) To (m) Width (m) Au Grade (g/t) Ag Grade (g/t)Grade-

WidthZone

MT-IU-058 114.90 130.60 15.70 2.06 6.38 32.3 EVS

and 337.05 767.57 430.52 1.82 1.6 784.0 MDZ

including 337.05 380.90 43.85 2.48 3.6 108.9 MZ

including 489.60 511.85 22.25 2.34 1.7 52.0 MZ

including 535.80 609.00 73.20 2.44 1.5 179.0 MZ

including 735.72 767.57 31.85 3.24 2.5 103.2 MZ

Source: Caldas Gold press release dated May 13, 2020

Marmato Producing Some of the Best Drill Holes in 2020

EXPLORATION UPSIDE (E)

Significant Drill Intersections of the Month of May(1)

(1) OPAXE Report from May 18-24, 2020

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(E) Please refer to Technical Disclosure footnote (E) at page 2 of this presentation.

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Installation of Facial Recognition Technology• Biometric facial recognition was installed for touchless access,

health screening, and mask compliance.

• The technology takes the temperature of each employee and alerts

if temperatures are over 38° C.

Employee Sanitization Stations• Additional employee sanitization stations were installed.

• Stainless steel sinks with pedal pumps are used to avoid surface

contact.

Protecting our Workforce

COVID-19 RESPONSE

Increased Security & Protection Protocols• Continued COVID-19 restrictions in place, in-line with Colombian

national guidelines.

• Suspension of international travel for employees and restriction of

foreign personnel to our operations at Marmato.

• Work from home strategy for all office staff.

• Mandatory PPE and signage installed to aid in protective measures

and social distancing.

• Increased disinfection, monitoring of possible symptoms, and

around-the-clock employee access to medical care.

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15,400 protein groceries for families in Marmato,

Caldas, Riosucio and surrounding communities of

Chinchina and Mato

3,000 sanitation kits to first responders

110,000 face masks for the communities of

Caldas and Antioquia

Supporting Vulnerable Communities

COVID-19 RESPONSE

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Caldas has spent US$385,000 towards COVID-19 related community support, donating:

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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 Pipeline

JUBY PROJECT

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For Further Information, Contact:

Mike Davies

Chief Financial Officer

(416) 360-4653

investorrelations@caldasgold.ca