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TSX: GCMMarch 28, 2018

Lombardo Paredes Arenas, CEOMike Davies, CFO

The leading high‐grade gold producer in Colombia

Q4 and Full Year 2017 Results

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TSX: GCMMarch 28, 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, future cash costs and AISC, future G&A and capex, excesscash flow and sinking funds for the senior debentures, future purchases and/or redemptions of the senior debenturesand future financings. Often, but not always, forward‐looking statements can be identified by the use of words suchas "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‐lookingstatements 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 orachievements expressed or implied by the forward‐looking statements. Factors that could cause actual results todiffer materially from those anticipated in these forward‐looking statements are described under the caption "RiskFactors" in the Company's Annual Information Form dated as of March 27, 2018 which is available for view on SEDARat www.sedar.com. Forward‐looking statements contained herein are made as of the date of this press release andGran Colombia disclaims, other than as required by law, any obligation to update any forward‐looking statementswhether as a result of new information, results, future events, circumstances, or if management's estimates oropinions should change, or otherwise. There can be no assurance that forward‐looking statements will prove to beaccurate, 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.

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TSX: GCMMarch 28, 2018

Results Highlights

2017 Priorities Accomplishments

Improve capital structure• Share consolidation• Debt extension

• Completed April 25, 2017.• $47M extended to 2024 on May 31, 2017.• $10M debt reduction in 2017.

Generate Excess Cash Flow = 10% of principal amount of Senior Debentures

• Generated $16.4M in 2017.• $11.9M in the Sinking Funds at 12‐31‐2017

Continue implementation of optimized mine planat Segovia:• Development and mechanization at Providenciaand El Silencio

• Upgrades at Maria Dama and TSF expansion

• $24M of capex at Segovia in 2017 including exploration and development

• Met capex program objectives, including health & safety and environment initiatives

• El Chocho TSF construction is underway

20,000m drilling program at Segovia • Completed ~17,500 meters• Increased Mineral Resources by 13%

Update mineral resource estimates:• Segovia

• Marmato Underground

• MRE completed effective March 15, 2017• PEA filed September 2017• MRE updated December 31, 2017• PFS probable reserve of 660,000 ozs

• MRE completed effective June 16, 2017

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TSX: GCMMarch 28, 2018

RESULTS Highlights

Mine development at Sandra K – July 17, 2014

(1) Refer to Company’s MD&A for computation.(2) Basic per share; 2016 information has been adjusted to reflect the 1:15 consolidation completed on April 25, 2017.

4th Quarter Year

2017 2016 2017 2016

51,699 40,879 Gold production (ozs) 173,821 149,708

56,100 41,357 Gold sales (ozs) 173,645 148,962

$1,252 $1,201 Realized gold price ($/oz) $1,226 $1,218

$719 $725 Cash cost ($/oz) $720 $706

$899 $899 AISC ($/oz) $918 $850

$70.9M $50.4M Revenue $215.4 $184.1M

$26.8M $16.5M Adjusted EBITDA (1) $75.5M $66.0M

$4.9M ($15.3M) Net income $36.8M $3.7M

$0.23 ($0.82) Per share(2) $1.81 $0.30

$9.1M $3.4M Adjusted net income (1) $22.9M $15.6M

$0.44 $0.19 Per share (2) $1.13 $1.26

$8.6M $0.5M Excess Cash Flow (1) $16.4M $2.9M

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TSX: GCMMarch 28, 2018

RESULTS

Segovia• Our primary focus is our Company mines….92% of Segovia’s 2017 gold production came from El Silencio, Providencia and

Sandra K.• Development of new Company‐operated mining areas at Providencia in 2017 was a key enabler of Segovia’s growth.Marmato• Continues to be a steady producer…continuing to evaluate expansion options to incorporate the Deeps mineralization.

Production

4th Quarter Year

2017 2016 2017 2016

Gold (ozs)

Segovia

Company mines

17,761 9,977 Company-operated areas 50,248 30,174

25,723 22,003 Contractor-mined areas 87,091 84,586

43,484 31,980 Total Company mines 137,339 114,760

2,104 2,846 Other contract mines 11,320 11,501

45,588 34,826 Total Segovia Operations 148,659 126,261

6,111 6,053 Marmato 25,162 23,447

51,699 40,879 Total Company 173,821 149,708

45,491 42,389 Silver (ozs) 165,996 162,169

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TSX: GCMMarch 28, 2018

 ‐

 25

 50

 75

 100

 125

 150

 175

2013 2014 2015 2016 2017

Segovia Marmato

174k

Growth in Gran Colombia’s total gold production has been driven by the high‐grade Segovia Operations. Marmato has been steady.

2018 Annual production guidance of 182,000‐193,000 ounces of gold. 

Gold ProductionRESULTSAISC (‐23%

)

000’s ozs

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TSX: GCMMarch 28, 2018

RESERVES+RESOURCES Segovia Operations

Resources Measured & Indicated Inferred

Tonnes(kt)

Grade(g/t)

Au(koz)

Tonnes(kt)

Grade(g/t)

Au(koz)

December 31, 2017 (1) 3,402 11.4 1,245 3,420 10.1 1,107

March 15, 2017 (2) 2,861 12.0 1,100 3,073 9.9 978

Change +14513%

+12913%

20,500 meters of new data from 157 drillholes from 2016‐2017 programs and almost 6,000 meters of channel samples.Reaffirms high grade nature of the gold deposits.

Largest gains in all categories were at El Silencio (Veta National area at depth) 

(1) Source: Company press release dated March 27, 2018.(2) Source: Company press release dated April 19, 2017.

Reserves Probable

Tonnes(kt)

Grade(g/t)

Au(koz)

December 31, 2017 (1) 1,660 12.4 660

Preliminary results from a PFS being prepared by SRK

• Six‐year mine life• LoM total cash cost of $669/oz• LoM AISC of $915/oz• LoM undiscounted after‐tax cash 

flow of $142 million @ $1,300 Au

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TSX: GCMMarch 28, 2018

Heat Map ‐ Drilling Collars

BLUE SKY POTENTIAL Segovia Operations

981 Holes

148,000m

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TSX: GCMMarch 28, 2018

Total Cash Cost Per Ounce (1)RESULTS

117

89 $400

 $600

 $800

 $1,000

 $1,200

2013 2014 2015 2016 2017

SegoviaUS$/oz sold

$664

86% of 2017 gold sales

The Company’s Total Cash Cost average increased to $720/oz in 2017 from $706/oz last year due to:

• An increase in Marmato’s production costs on a per ounce basis, and 

• The adverse impact on Segovia’s Total Cash Cost of the 42‐day civil disruption in the third quarter of 2017.

Expecting 2018’s annual average Total Cash Cost will be below $735/oz.

(1) By‐product credit basis. Refer to Company’s MD&A for computation.

2013 2014 2015 2016 2017

Marmato

$1,049

14% of 2017 gold sales

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TSX: GCMMarch 28, 2018

All‐In Sustaining Costs (1)

(1) All‐In Sustaining cash cost per ounce includes total cash costs per ounce and adds the sum of G&A, sustaining capital and certain E&E costs and provision for environmental discharge fees. Refer to the Company’s MD&A for computation.

RESULTSAISC (‐23%

)

US$/oz sold

 $400

 $600

 $800

 $1,000

 $1,200

 $1,400

2013 2014 2015 2016 2017

G&A,SustainingCapex and Other

Total Cash Cost

$918

2017’s AISC reflected a planned increase in Sustaining Capex to $150/oz focused on Segovia Operations.

2018 average AISC is expected to below $950/oz…continued focus on Segovia exploration, expansion and modernization … adding technical studies and up to 10,000m of drilling at Marmato.

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TSX: GCMMarch 28, 2018

RESULTS Segovia Operations

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TSX: GCMMarch 28, 2018

RESOURCES Marmato Underground

Updated Mineral Resource: • Completed effective June 16, 2017.• Changing focus of the mining style from 

open pit to underground mining.• Increase in the cut‐off grades used from 0.3 

g/t in the 2012 MRE to 1.2 g/t and 1.9 g/t for the different mineralization styles.

• Major focus on modelling of the geological continuity of the veins has resulted in reduced tonnages but higher grades.

• Additional “Deeps Zone” mineralization included for the first time within the Inferred category.

Category  Quantity  Grade  Metal     Au  Ag  Au  Ag   Mt  g/t  g/t  000's oz  000's oz Underground Vein**           Measured and Indicated 13.3 4.6 22.1 1,979 9,434Inferred  9.4  4.2  18.9  1,275  5,722 Underground Porphyry***           Measured and Indicated  27.0  2.1  14.9  1,858  12,892 Inferred 13.3 1.8 15.4 777 6,655Underground Deeps Zone***Measured and Indicated  0.9  2.0  8.0  60  235 Inferred  29.3  2.3  2.8  2,142  2,628 Underground Combined           Measured and Indicated  41.2  2.9  17.0  3,897  22,561 Inferred 52.0 2.5 9.0 4,194 15,005

 

Mineros Nacionales Mine

** Vein mineral resources are reported at a cut‐off grade of 1.9 g/t. *** Porphyry and Deeps mineral resources are reported at a cut‐off grade of 1.2 g/t. 

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TSX: GCMMarch 28, 2018

$0 $200 $400 $600 $800 $1,000 $1,200

Detour Gold

Alio Gold

IamGold

TAHOE Resources

Kin Ross Gold

Alamos Gold

Argonaut Gold

Gran Colombia Gold

Yamana Gold

New Gold

Guyana Goldfields

Goldcorp

Kirkland Lake Gold

Barrick Gold

Centerra Gold

Cash AISC

RESULTS All‐In Sustaining Costs

Gran Colombia’s AISC continues to be well positioned amongst industry peers.

(1) Source: Issuer filings for 2017 (2) AISC is a common performance measure but does not have any standardized meaning within 

the industry and therefore its computations may vary between companies.

US$/oz sold

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TSX: GCMMarch 28, 2018

$0

$5

$10

$15

$20

$25

$30

$35

$40

RESULTS Revenue/G&A (1)

Gran Colombia is well positioned amongst industry peers.

In 2 years we have grown from $24 of Revenue for every $1 of G&A to $28 of Revenue per $1 of G&A.

(1) Source: Issuer filings for the year ended December 31, 2017

US$

$28

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TSX: GCMMarch 28, 2018

Adjusted EBITDA (1)RESULTS

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

 $‐

 $20

 $40

 $60

 $80

2013 2014 2015 2016 2017

$75.5M

US$M

2017’s Adjusted EBITDA of $75.5M increased by 14% over 2016 and has doubled since 2015.

Increase in EBITDA driven by production growth, improved gold prices and relatively stable total cash costs.

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TSX: GCMMarch 28, 2018

Excess Cash Flow (1)RESULTS

(1) As defined in the Indentures (available on the Company’s web site) for the 2018 and 2020/2024 Debentures. 

‐20 0 20 40 60 80

Excess Cash Flow (1)

Working capitalDebt restructuring costs

Equity/wealth taxes

Other obligations

Interest paid

Income taxes paid

Capex

Adjusted EBITDA

$16.5M

US$M

2017 vs. 2016

$75.5M

Of the total $19.4M Excess Cash Flow generated the last 2 years, $7.5M was used to reduce debt through NCIBs and a partial redemption…..the remaining $11.9M remains in the Sinking Funds

$66.0M

$2.9M

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TSX: GCMMarch 28, 2018

Balance SheetRESULTS

* Excludes current portion of short and long‐term debt   ** Aggregate principal amounts issued and outstanding

December 2017 December 2016

Adjusted working capital deficit *

Cash $3.3M $2.8M

Accounts receivable $14.4M $11.4M

Accounts payable and accrued liabilities ($18.8M) ($16.6M)

Income taxes payable ($8.4M) ($6.1M)

Mining titles and compensation agreements payable ($11.0M) ($11.0M)

Inventories and other items, net $10.9M $9.2M

($9.6M) ($10.3M)

Total short and long‐term debt

Local debt, net of cash in trust $0.4M $1.4M

2018 Debentures ** $45.2M $49.7M

2020 Debentures ** $48.7M $101.2M   

2024 Debentures** $47.0M N/A

Sinking funds for 2018, 2020 and 2024 Debentures $11.9M $0.5M

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TSX: GCMMarch 28, 2018

CAPITAL STRUCTURE

TSX Symbol Exercise Price Issued &Outstanding2018‐03‐27

Fully DilutedShares

Common shares GCM 23.7M 23.7M

2018 Debentures (1) GCM.DB.U US$1.95 $44.0M 22.6M

2020 Debentures (1) GCM.DB.V US$1.95 $48.0M 24.6M

2024 Debentures (1) GCM.DB.X US$1.95 $43.3M 22.2M

93.1M

Warrants GCM.WT.A CA$48.75 0.3M

Options CA$2.55  1.8M

(1) Amounts shown for the Senior Debentures are at Face Value.

Proposed Refinancing of 2020 and 2024 DebenturesBest efforts private placement of up to $95M senior secured gold‐linked notes

Six‐year term, 8.25% coupon paid monthlyUpside return through gold price participation on quarterly repayments with $1,250/oz floor

Physical gold set aside in a Gold Trust Account to fund quarterly repaymentsEach $1,000 Unit includes 124 Warrants at CA$2.21 per share

Offer to 2018 Debenture Holders to settle earlyWill receive $190 cash and 415 shares for each $1,000 of principal

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TSX: GCMMarch 28, 2018

2018 OUTLOOK

Priorities1. Improve capital structure: Settle 2018 Debentures; Refinance 2020/2024’s.2. Continue implementation of optimized mine plan at Segovia:

– Continue infrastructure, ventilation and other capital initiatives at Providenciaand El Silencio mines; expand ore storage at Maria Dama plant;

– Commence development and mechanization at Sandra K;– Environmental initiatives including tailings storage expansion and filter press;

3. 20,000m drilling program at Segovia; and4. Technical studies (PEA) and up to 10,000m drilling program at Marmato.

2018 Targets

2017 Actual 2018 Guidance

Gold production 173,821 ozs 182,000 – 193,000 ozs

Cash cost/oz sold $720 < $735/oz

AISC/oz sold $918 < $950/ oz

Guidance

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TSX: GCMMarch 28, 2018

For Further Information, Contact: Mike Davies

Chief Financial Officer(416) 360‐4653

investorrelations@grancolombiagold.com

Town of Segovia