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TSX: GCM OTCQX: TPRFFFebruary 2020
TSX: GCM OTCQX: TPRFF
A Leading High-Grade Underground Gold Producer
February 2020
Corporate Presentation
TSX: GCM OTCQX: TPRFFFebruary 2020
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 future repayments of its gold-linked notes. 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, 2019 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.
TSX: GCM OTCQX: TPRFFFebruary 2020
2019
Gold Production
240,000 ozs+10% over 2018
EMERGING MID-TIER GOLD MINER Focus in Colombia
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Marmato Project
❖ High-grade underground
mines
❖ 88% of production
❖ 2019: 214,000 ozs
❖ Head grades averaged 16.4
g/t in 2019
❖ One of the Top 5 Highest
Grade Underground Global
Gold Mines
❖ Underground mine expansion
will incorporate Deep
mineralization in second
mining operation
❖ Spun out to a new vehicle,
Caldas Gold Corp, in Feb
2020, retaining 72% equity
interest
❖ 12% of production
❖ 2019: 26,000 ozs
Segovia Operations
Mining Projects in Historic Mining Districts with
Significant Exploration Upside
TSX: GCM OTCQX: TPRFFFebruary 2020
THE RIGHT TEAM
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Directors Miguel de la Campa, Vice Chairman – Company co-founder with 30+ years of experience in financing and developing mining and other resource projects
Jaime Perez Branger – Executive with 30+ years of experience in finance and capital markets
Robert Metcalfe – Lawyer and corporate director
Hernan Martinez – Former Colombian Minister of Mines and Energy
Monica De Greiff – Executive President of the Bogota Chamber of Commerce and former Colombian Minister of Justice
De Lyle Bloomquist – Corporate director
ManagementSerafino Iacono, Executive Chairman – Company co-founder with 30+ years of experience in capital markets and public companies
Lombardo Paredes, CEO - 20+ years of corporate leadership and operations management experience in the resource sector in Latin America
Mike Davies, CFO – CPA,CA with 20+ years of international and public company experience in resource and other sectors
Alessandro Cecchi, VP Exploration – Exploration geologist with 20+ years of experience focused gold exploration and development in South America.
Jose Ignacio Noguera, VP Corporate Affairs – Lawyer with 20+ years of experience in public and government affairs and sustainability in the resource sector in Colombia
Angel Meza, General Manager, Segovia Operations – Mine engineer with 17+ years of experience in mining operations in South America and Africa
Inivaldo Diaz, Technical Manager, Segovia Operations – Civil mine engineer with 24+ years of experience in the mining industry in South America
Gabriel Gaviria, General Manager, Marmato Operations –
Mine engineer with 39+ years of experience in mining operations in Colombia
Seasoned Experience in Colombia
TSX: GCM OTCQX: TPRFFFebruary 2020
GRAN COLOMBIA 2.0❖ Gran Colombia’s high-grade Segovia Operations are continuing to fuel the Company’s
production growth, reaching 240,000 ounces of gold production in 2019, up 10% over
2018.
❖ Market capitalization is benefitting from execution of the Company’s strategy focused on
free cash flow generation from its high-grade Segovia Operations and the improved gold
price environment since mid-2019.
❖ ~52% appreciation in share price over the last 12 months.
❖ Share price remains below analysts’ targets.
❖ CA$35M strategic investment by Eric Sprott since November 2019.
❖ Maintaining strength in the Company’s balance sheet in 2019.
❖ Gold Notes are down 23% from one year ago to $63.9M as of January 31, 2020.
Redeeming another 30% of principal at the end of March 2020.
❖ $84M of cash as of December 31, 2019, up from $36M at the end of 2018.
❖ Future growth continues emphasis on high-grade Segovia mines and the other 24 known
veins we are not currently mining. Accelerating step-out and brownfield drilling with
45,000 m planned for 2020.
❖ Upside potential with Caldas Gold Corp (Marmato expansion) and Zancudo (IAMGOLD
earn-in), Gold X Mining (Toroparu) and Western Atlas (Nunavut, Venezuela) in the
pipeline.
WHAT’S NEW? Gran Colombia Continuing to
Deliver
“Focused on what we can control……Cash, Costs and Execution.”
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TSX: GCM OTCQX: TPRFFFebruary 2020
CAPITAL STRUCTURE Fully Diluted = ~88.7M shares
Warrants
GCM.WT.B: 12.0 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 Options
0.4 million @ CA$2.55 (2021-2022 expiry)
0.5 million @ CA$3.16 (2023 expiry)
0.4 million @ CA$3.67 (2024 expiry)
Convertible Debentures
CA$20 million @ CA$4.75 (2024 expiry)
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Common Shares
60.8 millionMarket Capitalization
(as of February 26, 2020)
CA$408 million
Outperforming the TSX Global Gold Index
TSX: GCM OTCQX: TPRFFFebruary 2020
RESULTS Solid Turnaround
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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 9M-18 9M-19
Segovia
Marmato
$M
$-
$250
$500
$750
$1,000
2017 2018 TTM 9M-18 9M-19
AISC Total Cash Cost
US$/oz
$-
$35
$70
$105
$140
2017 2018 TTM 9M-18 9M-19
$-
$20
$40
$60
$80
$100
2017 2018 TTM 9M-18 9M-19
Operating Cash Flow Free Cash Flow
TTM = Trailing 12-months ended September 2019 for financial measures.
TSX: GCM OTCQX: TPRFFFebruary 2020
Cash & DebtRESULTSA
ISC (-2
3%
)
$-
$20
$40
$60
$80
$100
$120
$140
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Cash Debt (1)
$M
2018 2019
Gran Colombia’s balance sheet is getting stronger each quarter:• Cash has increased to $84 million as of December 31, 2019…added CA$15M through strategic investment in early
November 2019 by Eric Sprott.• The Gold Notes amortization schedule is steadily reducing debt by $4.9 million each quarter….down to $68.8 million at
the end of 2019 and $63.9M at end of January 2020. 30% redemption announced for end of March 2020.• Fitch affirmed Gran Colombia’s “B” Stable Outlook rating at the end of October 2019.
(1) Aggregate principal amount outstanding.
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TSX: GCM OTCQX: TPRFFFebruary 2020
GOLD NOTES Exposure to Upside on Gold
• Issued April 30, 2018 and mature on April 30, 2024
• Senior secured obligation of Gran Colombia
• US$63.9 million outstanding as of January 31, 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 10% of Segovia’s projected future
production is required to meet principal repayments
• 30% partial redemption at the end of March 2020 at
par plus a make-whole premium (~10%)
B (Outlook Stable) -
5,000
10,000
15,000
2020 2021 2022 2023 2024
Amortization Schedule(Ounces to be Deposited to Gold Trust Account,
Adjusted for Impact of 2020 Partial Redemption)
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TSX: GCM OTCQX: TPRFFFebruary 2020
SEGOVIA OPERATIONS Production Stage
El Silencio
Sandra k
Providencia
Las Verticales
Faulting
❖ High-grade mesothermal quartz-sulfide veins in historic mining
district….over 6 million ounces of gold produced through
continuous mining over past 150+ years.
❖ 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.
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Main Mineralization ZonesLicense Boundaries for Segovia & Carla (100% Owned)
TSX: GCM OTCQX: TPRFFFebruary 2020
4th Highest Grade Gold Mine Globally (Last 12 Months *)
0
5
10
15
20
25
30
35
• As of September 2019** As of December 31, 2018
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SEGOVIA OPERATIONS High-Grade
Producer
2P reserves** 1.9 Mt 11.0 g/t 0.7 Mozs
M&I Resources** 3.5 Mt 11.8 g/t 1.3 MozsInferred Resources** 3.6 Mt 10.1 g/t 1.2 Mozs
TSX: GCM OTCQX: TPRFFFebruary 2020
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
TSX: GCM OTCQX: TPRFFFebruary 2020
SEGOVIA OPERATIONS Maria Dama Processing Plant
❖ Plant now 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 has been
commissioned in 2019; onsite water treatment facility is treating excess water to Colombian standards before being
discharged.
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TSX: GCM OTCQX: TPRFFFebruary 2020
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
MinesFunding Community
Programs
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TSX: GCM OTCQX: TPRFFFebruary 2020
The Future of MarmatoLies Underground
TSXV: CGC
❖ RTO transaction with Bluenose Gold
created Caldas Gold Corp on February
25, 2020
❖ Listed on the TSXV under the symbol
“CGC” with trading commencing on
February 28, 2020
❖ Spun out the Marmato mining assets
in Zona Baja to Caldas Gold in the RTO
❖ Gran Colombia maintains a 72%
controlling position in Caldas Gold
❖ Completed a brokered private
placement in late 2019 led by Scotia
raising CA$6.6M and another CA$15M
from Gran Colombia
❖ CA$2.00 Units => one share +
one warrant at CA$3.00 for five
years
❖ 50.5M shares issued & outstanding;
61.9M fully-diluted
❖Mineral Resource estimate updated as
of July 31, 2019
❖ PEA completed and 43-101 Technical
Report filed on SEDAR
❖ PFS underway for completion mid-
2020
❖ Drilling up to 15,000m in 2020 in the
Deeps Zone
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TSX: GCM OTCQX: TPRFFFebruary 2020
Mine Expansion into the DEEPSMARMATO PROJECT
Mining Upper ZoneExisting mine and 1,200 tpd plant
Mining Deeps ZoneFuture mine with new 4,000 tpd plant
ZonaAltaRetained by Gran Colombia
Zona BajaCaldas Gold
See page 17 for Zona Baja Mineral Resources by Area and Page 18 for PEA Results Summary
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Zona BajaCaldas Gold
TSX: GCM OTCQX: TPRFFFebruary 2020
Mineral Resource EstimateAs of July 31, 2019
MARMATO PROJECT
Deposit Type
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 4.9 325 7.2 4.5 1,037 9.2 4.6 1,362 3.3 4.4 466
Porphyry 1.6 2.7 140 1.6 2.7 140 0.3 3.1 34
Subtotal 2.1 4.9 325 8.8 4.2 1,177 10.8 4.3 1,502 3.6 4.2 500
Deep Zone 6.4 2.6 537 6.4 2.6 537 41.2 2.1 2,812
Total 2.1 4.9 325 15.2 3.5 1,714 17.3 3.7 2,039 44.9 2.3 3,312
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) Zona Baja includes mineral resources from the Echandia license below 1,340 masl and above 1,025 masl and are accessible from the current mining
operation.
4) Vein and Porphyry mineral resources are reported at a cut-off grade of 1.9 g/t. Cut-off grades have been based on a price of US$1,500 per ounce of gold,
suitable benchmarked technical and economic parameters and gold recoveries of 95% for underground resources, without considering revenues from other
metal.
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, suitable
benchmarked technical and economic parameters and gold recoveries of 95% for underground resources, without considering revenues from other metal
within a limiting pit shell. The Deep Zone includes mineral resources an elevation of 1,025 masl.
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TSX: GCM OTCQX: TPRFFFebruary 2020
Life-of-Mine Plan (“PEA”) ResultsMARMATO PROJECT
-
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
200,000
Ou
nce
s
Precious Metal Production Profile (ozs/year)
Gold Silver
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❖ Marmato mine in Zona Baja will comprise two distinct operations: Upper Zone and Deep Zone.
❖ Upper Zone: Immediate optimization of existing mining operation…5.5M tonnes processed over 16-year life with average LoM headgrade of 3.8 g/t resulting in 0.6M ounces of gold (27% of total). Annual production to increase from current ~25,000/yr to a rangebetween 35,000 and 40,000 starting in 2020. LoM cash cost of US$803/oz (down ~25% from historical) and LoM AISC of US$872/oz.
❖ Deep Zone: US$269M initial capital in 2020 to 2022. Total of 20.8M tonnes processed over a 16-year life starting in 2023 at an averageLoM grade of 2.5 g/t resulting in 1.6M ounces of gold (73% of total). LoM cash cost of US$797/oz and LoM AISC of US$885/oz
❖ Combined:❖ 2.2M ounces of gold with LoM cash cost of US$799 per ounce and LoM AISC of US$882/oz.❖ At US$1,300 per ounce long-term gold price, total undiscounted LoM after-tax cash flow of US$448M (NPV 5% - US$207M).❖ Before financing, IRR = 20% and payback by 2026.
TSX: GCM OTCQX: TPRFFFebruary 2020
Exploration UpsideMARMATO PROJECT
“I haven’t seen too many holes like MT-IU-041 with 73.63 meters at 5.72 g/t.”Serafino Iacono, Executive Chairman of GCM and Interim CEO of Caldas Gold
Recent Phase 2 drilling in 2019 continues to demonstrate an improvement of grades in
the Deeps
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TSX: GCM OTCQX: TPRFFFebruary 2020
For Further Information, Contact: Mauricio Ostos
Investor Relations(416) 360-4653