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TSX: GCMJune 2018

The leading high‐grade gold producer in Colombia

Annual General Meeting

Lombardo Paredes, CEO

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TSX: GCMJune 2018

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, reduction of cash costs and AISC, future G&A, capex andexcess cash flow, interest payments on the senior debt and future purchases and/or redemptions of the senior debt.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 andunknown risks, uncertainties and other factors which may cause the actual results, performance or achievements ofGran Colombia to be materially different from any future results, performance or achievements expressed or impliedby the forward‐looking statements. Factors that could cause actual results to differ materially from those anticipatedin these forward‐looking statements are described under the caption "Risk Factors" in the Company's AnnualInformation Form dated as of March 27, 2018 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, otherthan as required by law, any obligation to update any forward‐looking statements whether as a result of newinformation, results, future events, circumstances, or if management's estimates or opinions should change, orotherwise. There can be no assurance that forward‐looking statements will prove to be accurate, as actual resultsand 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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TSX: GCMJune 2018

2017 ACCOMPLISHMENTS

Priorities Improved capital structure with share consolidation, debt extension and debt 

reductions Met guidance with $16 million of Excess Cash Flow Continued implementation of optimized mine plan at Segovia Completed 17,500m drilling program at Segovia Reported first mineral reserve of 660,000 ozs for Segovia and increased total 

resources to 2.3 Mozs Reported 8.1 Mozs underground resource at the Marmato Project

2017 Targets

Guidance Actual

Gold production (ozs) 150,000 – 160,000 173,821

Cash cost/oz sold < $720 $720

AISC/oz sold < $900 $918

Solid Performance

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TSX: GCMJune 2018

2018 Update On Track

2018 Priorities ProgressImprove capital structure: Settle 2018 Debenturesand refinance 2020/2024 Debentures

• Completed $98M gold‐linked notes financing on April 30th and redeemed 2020/2024 Debentures on May 14th

• Settled $7.3M of 2018’s on April 30th with shares/cash• Expect remaining ~$34M of 2018 Debentures to be 

settled 100% with shares between now and maturity in August

Continue implementation of optimized mine plan at Segovia, including development and mechanization at Sandra K and environmental initiatives (including tailings storage expansion and filter press)

• On track with programs• El Chocho TSF nearing readiness to receive material• Filter press under construction in Peru and 

commissioning planned for 2019

20,000m drilling program at Segovia • To date, total of 64 holes and ~7,000m completed• 4 drill rigs in operation with 3 rigs carrying out resource 

definition in Providencia and El Silencio and 1 rig at Sandra K targeting peripheral extensions to the known vein system

Technical studies (PEA) and up to 10,000m drilling program at Marmato

• Drilling program starting in June with 2 rigs drilling from Level 20

• Primary work on the technical studies by JDS will commence later in the year

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TSX: GCMJune 2018

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

Trending toward 200,000 ounces for 2018.

Gold ProductionRESULTSAISC (‐23%

)

000’s ozs

 ‐

 25

 50

 75

 100

 125

 150

 175

 200

20142015

20162017

LTM*

Segovia Marmato

(*) Latest 12 months ended May 31, 2018. 

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TSX: GCMJune 2018

All‐In Sustaining Costs (1)

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

RESULTSAISC (‐23%

)

US$/oz sold

 $400

 $600

 $800

 $1,000

 $1,200

20142015

20162017

LTM*

G&A,Sustaining Capex and Other

Total Cash Cost

$908

$701

$918

$720

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

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

(*) Latest 12 months ended March 31, 2018. 

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TSX: GCMJune 2018

Adjusted EBITDA (1)RESULTS

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

 $‐

 $25

 $50

 $75

 $100

20142015

20162017

LTM

$89M 

US$M

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

(*) Latest 12 months ended March 31, 2018. 

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TSX: GCMJune 2018

CAPITAL STRUCTURE Simplified

TSX Symbol Exercise Price Issued &Outstanding2018‐06‐12

Fully DilutedShares

Common shares GCM 30.6M 30.6M

2018 Debentures  GCM.DB.U US$1.95 $34.1M 17.5M

Gold‐Linked Notes Unlisted $98.0M

Warrants Unlisted CA$2.21 12.2M 12.2M

Stock Options CA$2.55 1.8M 1.8M

62.0M

The debt re‐financing in 2018 has significantly reduced our potential fully diluted common shares from 95M to 62M and added $13 million of cash to our balance sheet.

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TSX: GCMJune 2018

SHARE PRICE

Our share price performance over the past year seems to reflect our improving operating and financial performance and since mid‐May 2018, is reacting positively to the new capital structure.

Since The Last AGM

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TSX: GCMJune 2018

For Further Information, Contact: Mike Davies

Chief Financial Officer(416) 360‐4653

investorrelations@grancolombiagold.com

Town of Segovia