Gran Colombia Gold Q1 2019 Results Presentation

1. 1
TSX: GCM OTCQX: TPRFF
May 16, 2019
Q4 & Full Year 2018 Results
Lombardo Paredes, CEO
Mike Davies, CFO
Lombardo Paredes, CEO
Mike Davies, CFO
A Leading High-Grade Underground
Gold Producer
First Quarter 2019 Results
May 16, 2019
TSX: GCM OTCQX: TPRFF

2. 2
TSX: GCM OTCQX: TPRFF
May 16, 2019
Forward-Looking StatementsDISCLAIMER
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.

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TSX: GCM OTCQX: TPRFF
May 16, 2019
RESULTS Highlights
Mine development at Sandra K – July 17, 2014
(1) Refer to Company’s MD&A for computation of non-IFRS measures.

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TSX: GCM OTCQX: TPRFF
May 16, 2019
-
30
60
90
120
150
180
210
240
2017 2018 TTM Q1-18 Q1-19
Segovia Marmato
230k
60.6k
Head grades averaged 18.8 g/t in Q1-2019 at the Segovia Operations and were a key driver to increasing
2019’s total gold production to a new quarterly record.
TTM is above the top end of our 2019 Annual production guidance of 210,000-225,000 ounces of gold.
Gold ProductionRESULTS
AISC(-23%)
000’s ozs
TTM = Trailing 12-months ended April 30, 2019

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TSX: GCM OTCQX: TPRFF
May 16, 2019
RESULTS
Segovia
• Processed 1,112 tpd (+19% vs Q1-2018) at an average head grade of 18.8 g/t (Q1-2018: 16.1 g/t).
• Key driver was a 36% increase in high-grade material from the Company-operated area of the Providencia mine which
contributed 21% of total tonnes processed at an average grade of 34.8 g/t.
• Additional growth in Q1-2019 came from Company-operated areas in the El Silencio mine.
Marmato
• Continues to be a steady producer…. evaluating expansion options to incorporate the Deeps mineralization.
Production

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TSX: GCM OTCQX: TPRFF
May 16, 2019
RevenueRESULTS
AISC(-23%)
$55
$60
$65
$70
$75
$80
Q1 Q2 Q3 Q4 Q1
$77.5M
$M
2018 2019
Revenue in Q1-2019 is up 20% over Q1-2018:
• Gold sales volumes were up 19% in Q1-2019 vs Q1-2018 as a result of production growth.
• Although spot gold prices in Q1-2019 were 2% lower than Q1-2018, realized gold prices increased to $1,298/oz in
Q1-2019 from $1,293/oz in Q1-2018.
• Saved $20/oz in refining charges under new agreement implemented in January 2019. New agreement helps
cash flow and reduces credit risk with better payment terms.

7. 7
TSX: GCM OTCQX: TPRFF
May 16, 2019
Total Cash Cost
Per Ounce (1)
RESULTS
117
89
$400
$600
$800
$1,000
$1,200
2017 2018 TTM Q1-18 Q1-19
Segovia
$610
US$/oz sold
$570
The Company’s Total Cash Cost average decreased to $621/oz in the first quarter of 2019 from $670/oz in the first
quarter last year.
• Greater proportion of total gold sales is coming from the lower cost Segovia Operations this year.
• Segovia’s Q1-2019 cash cost hit a historical low as production growth lowered fixed costs per ounce and per ounce
costs benefitted from the increase in head grades in the Company-operated areas at the Providencia mine.
(1) By-product credit basis. Refer to Company’s MD&A for computation.
2017 2018 TTM Q1-18 Q1-19
Marmato
$1,128$1,1309% of Q1-2019
Gold Sales
91% of Q1-2019
Gold Sales
TTM = Trailing 12-months ended March 31, 2019.

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TSX: GCM OTCQX: TPRFF
May 16, 2019
All-In Sustaining Costs (1)
(1) AISC includes total cash costs per ounce and adds the sum of G&A, sustaining
capital and certain other items. Refer to the Company’s MD&A for computation.
RESULTS
AISC(-23%)
US$/oz
sold
$-
$300
$600
$900
$1,200
2017 2018 TTM Q1-18 Q1-19
G&A,Sustaining Capex and Other Total Cash Cost
$832
$896
Lower cash cost drives Q1-2019 AISC to $832/oz. Full year 2019 average AISC is expected to below $950/oz.
All-in Cost in Q1-2019 of $843/oz includes additional $11/oz for “growth” capex at Marmato Project.
TTM = Trailing 12-months ended March 31, 2019

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TSX: GCM OTCQX: TPRFF
May 16, 2019
AISC and All-in Costs (1)
(1) Refer to the Company’s MD&A for computation
of these non-IFRS measures.
RESULTS
AISC(-23%)
AISC and All-in Costs are non-IFRS metrics and they have been adapted in 2019 to align with the World Gold Council
updated guidance issued in late 2018.
AISC and All-in Costs in Q1-2019 also include the adoption of IFRS 16 related to Leases effective January 1, 2019.
TTM = Trailing 12-months ended March 31, 2019
US$/oz sold 2017 2018 TTM Q1-2018 Q1-2019
AISC, former basis $918 $907 $887 $896 $819
Social contributions 24 23 22 24 24
Marmato Project - (11) (13) - (11)
AISC, new basis 942 919 896 920 832
Growth capex:
Marmato Project - 11 13 - 11
All-in Costs $942 $930 $909 $920 $843

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TSX: GCM OTCQX: TPRFF
May 16, 2019
Adjusted EBITDA (1)
RESULTS
(1) Refer to Company’s MD&A for computation.
$-
$20
$40
$60
$80
$100
$120
2017 2018 TTM Q1-18 Q1-19
$35.3M
$110.2M
US$M
Production growth pushed Q1-2019’s Adjusted EBITDA to new quarterly high of $35.3M.
Trailing 12-months’ Adjusted EBITDA increases to $110.2M at end of Q1-2019, up 8% from 2018.
TTM = Trailing 12-months ended March 31, 2019.

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TSX: GCM OTCQX: TPRFF
May 16, 2019
Cash Flow MetricsRESULTS
(1) Refer to Company’s MD&A for computation.
TTM Operating Cash Flow increased to $86.6M fuelling Free Cash Flow growth to $50.8M by end of Q1-2019.
Free Cash Flow is covering debt service and adding cash to the balance sheet in 2018 and 2019.
0
20
40
60
80
100
2017 2018 TTM Q1-18 Q1-19
Operating Cash Flow Free Cash Flow (1)
$86.8M
$50.8M
$M
TTM = Trailing 12-months ended March 31, 2019.

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TSX: GCM OTCQX: TPRFF
May 16, 2019
Cash & DebtRESULTS
AISC(-23%)
$-
$20
$40
$60
$80
$100
$120
$140
Q1 Q2 Q3 Q4 Q1
Cash Debt (1)
$M
2018 2019
Gran Colombia’s balance sheet is getting stronger each quarter:
• Cash has increased to $40.2 million as of March 31, 2019.
• The Gold Notes amortization schedule is steadily reducing debt by $4.9M each quarter.
(1) Aggregate principal amount outstanding.

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TSX: GCM OTCQX: TPRFF
May 16, 2019
CAPITAL STRUCTURE Fully Diluted = ~68M shares
Warrants
GCM.WT.B: 12.2 million @ CA$2.21 (2024 expiry)
Stock Options
1.4 million @ CA$2.55 (2021-2022 expiry)
1.1 million @ CA$3.16 (2023 expiry)
0.9 million @ CA$3.67 (2024 expiry)
Convertible Debentures
CA$20 million @ CA$4.75 (2024 expiry)
6
Common Shares
48.3 million
Market Capitalization
(as of May 15, 2019)
CA$161 million
Outperforming the TSX Global Gold Index

14. 14
TSX: GCM OTCQX: TPRFF
May 16, 2019
2019 OUTLOOK
Priorities
1. CA$20M bought deal private placement of convertible debentures - COMPLETED
2. Continue implementation of optimized mine plan at Segovia:
– Expanding infrastructure to access deep levels at El Silencio and Providencia.
– Continuing ventilation improvements at El Silencio and commence Sandra K.
– Continuing El Chocho tailings storage construction and commission filter press.
3. Expanding planned 20,000m drilling program in H2-2019 at Segovia with bought
deal proceeds to accelerate step-out and brownfield drilling to increase reserves
for production growth and mine life extension.
4. Completing technical studies for underground expansion project at Marmato.
5. Providing technical support to Sandspring; monitoring opportunity in Venezuela.
2019 Targets
2019 Guidance Q1-2019 TTM
Gold production 210,000 – 225,000 ozs 60,601 ozs 230,000 ozs (1)
Cash cost/oz sold < $720/oz $621/oz $667/oz (2)
AISC/oz sold < $950/ oz $832/ oz $896/ oz (2)
Maintaining Guidance
(1) Trailing 12-months ended April 30, 2019
(2) Trailing 12-months ended March 31, 2019

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TSX: GCM OTCQX: TPRFF
May 16, 2019
For Further Information, Contact:
Mauricio Ostos
Investor Relations
(416) 360-4653
investorrelations@grancolombiagold.com