the leading high-grade golds21.q4cdn.com/834539576/files/doc_presentations/2020/12/... · 2020. 12....

TSX: GCM OTCQX: TPRFF

December 2020

Corporate Presentation

December 2020


The leading high-grade gold

producer in Colombia


December 2020

DisclaimerForward-Looking Statements

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 Gran Colombia Gold Corp. (“Company” or “GCM”) and its projects, and,

specifically, statements concerning anticipated growth in annual gold production, future cash costs and AISC, future G&A and

capex, operating and free cash flow, future repayments of its gold-linked notes, future dividends and purchases of common

shares under the NCIB. 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 30,

2020 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.

2


December 2020

Emerging Mid-Tier Gold MinerFocus in Colombia

Marmato ProjectCaldas Gold Corp. (TSX-V: CGC; OTCQX: ALLXF)53.5% ownership(2)

o High-grade underground mines

o TTM (1) Production: 204,000 ozs

o One of the Top 5 Highest Grade Underground Global Gold

Mines…16.4 g/t in 2019….14.7 g/t YTD 2020

o Exploration extending existing mines and expanding to

include regional targets in the mining title

o Spun out to Caldas Gold Corp in February 2020, retaining

control position; Aris Gold Transaction (2) bringing funding,

new leadership team and growth strategy

o TTM (1) Production: 24,000 ozs

o Building Colombia’s next major gold mine

o 2020 PFS and Wheaton stream validate underground mine

expansion into the Deeps Zone

Segovia OperationsFlagship Operation 100% ownership

Core Projects in Historic Mining Districts with Significant Exploration Upside

On Track to Produce 218,000 - 226,000 ozs in 2020

Now Paying a Monthly Dividend

3

(1) TTM = Trailing 12 month period ended September 30, 2020.

(2) As of November 27, 2020. Upon completion of the Aris Gold Transaction (page 25),

GCM will hold an ~45% equity interest. See also Caldas Gold’s press release dated

November 23,2020.


December 2020

Fully Diluted = ~88.7M shares

Warrants

GCM.WT.B: 10.6 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

1.8 million @ CA$2.55 to CA$6.88 (2021-2025 expiry)

Convertible Debentures

CA$20 million @ CA$4.75 (2024 expiry)

Exchanges

TSX: GCM

OTCQX: TPRFF

Common Shares61.7 million

Market Capitalization (as of November 30, 2020)

CA$373 million (1)

Monthly Dividend• CA$0.015 per common share

• Record date: November 30, 2020

• Payment date: December 15, 2020

NCIB (2)• Commenced September 4, 2020

for a 12-month period

• Authorized to purchase up to

5.9M common shares

• To date, have purchased

834,100 shares @ CA$6.13 per

share average price

(1) Based on C$6.04 at close on November 30, 2020.

(2) The NCIB will allow the Company to purchase for cancellation up to 5,934,811 Shares of the Company over a 12-month period, representing 10% of the

current issued and outstanding Shares in the public float as of August 31, 2020.

Capital StructureUndervalued vs Peers

4

$3.50

$4.00

$4.50

$5.00

$5.50

$6.00

$6.50

$7.00

$7.50

$8.00


December 2020

ValuationSignificant Re-Rating Potential

Stifel GMPBUY: CA$8.75/share target price(November 11, 2020 Research Report)

“GCM generated $53.5M in Free Cash Flow in Q3-2020 or 20% of the Company’s market cap. GCM has

tripled its newly minted dividend to CA$0.18/share, implying a yield of 3% as of November 11th close. GCM

now has the highest yield within our coverage universe.”

Red Cloud Securities BUY: CA$16.50/share target price(November 13, 2020 Research Report)

“We expect Gran Colombia’s share price to be driven by steady operating results coupled with exploration

success at Segovia.”

Fundamental Research BUY: CA$11.69/share fair value estimate(November 13, 2020 Research Report)

“GCM’s shares are trading well below junior gold producers. Our fair value estimate increased from

CA$11.41 to CA$11.69 per share due to higher 2021 EPS forecast.”

5


December 2020

GCM Dividend Yield Relative to Comps

Source: Company reports. Market data as of November 10, 2020

CA 1.5 cents/share

Record date: November 30, 2020

Payment date: December 15, 2020

7.77%

4.31%

3.24%2.97%

2.66%2.46%

1.94% 1.91%1.69% 1.63% 1.55% 1.47% 1.39% 1.36%

1.14% 1.08% 0.99% 0.94% 0.88% 0.86% 0.80% 0.77%0.58%

0.39% 0.33%

Average = 1.79%

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Payment Frequency Changed from a

Quarterly to a Monthly Basis

Dividend DeclarationSignificant Re-Rating Potential

6


December 2020

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

De Lyle Bloomquist – Corporate director

ManagementSerafino Iacono, Director and 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

Amanda Fullerton, VP Legal and Corporate Secretary –

Lawyer with 12 years of experience in corporate securities law in

resource industries

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

The Right TeamSeasoned Experience in Colombia

9


December 2020

GRAN COLOMBIA 2.0 Segovia Operations

40.7

13.0

5.5 5.0

2016 2017 2018 2019

LTI Frequency Rate

Health and Safety is

a Top Priority

8075

93

126

149

193

214

$1,169 $1,037

$695 $655 $664 $623 $607

2013 2014 2015 2016 2017 2018 2019

Production (koz) Cash Cost (US$/oz)

Substantial Production

Growth while Lowering

Costs

DEMONSTRATED OPERATING AND MINE BUILDING EXPERIENCE IN

LATIN AMERICA

TRACK RECORD OF IMPROVEMENT

STRONG HEALTH & SAFETY RECORD

FOCUSED ON BUILDING STRONG COMMUNITY RELATIONSHIPS

Segovia Lost Time Incidents

Source: Company filings.

The Right TeamFocused on Cash, Costs & Execution

8


December 2020

Annual Gold Production reaches 240,000 ozs in 2019 Higher gold prices fueling Adjusted EBITDA growth

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-2019 9M-2020

Segovia

Marmato

$M

$-

$350

$700

$1,050

2017 2018 2019 9M-2019 9M-2020

AISC Total Cash Cost

US$/oz

$-

$50

$100

$150

2017 2018 2019 9M-2019 9M-2020

$-

$20

$40

$60

$80

$100

$120

2017 2018 2019 9M-2019 9M-2020

Operating Cash Flow Free Cash Flow

Refer to Company’s MD&A for computations.

ResultsPerformance Drivers

9


December 2020

AIS

C (-2

3%

)

$-

$20

$40

$60

$80

$100

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

Gold Notes Convertible Debentures Cash

$M

2018 2019

Gran Colombia’s balance sheet continues to get stronger each quarterFree Cash Flow and balance sheet strength facilitates an increased monthly dividend commencing November 30, 2020.

(1) Aggregate principal amount of debt outstanding. Excludes Caldas

Gold’s cash and debt.

2020

ResultsCash & Debt (1)

10


December 2020

o Issued April 30, 2018 and mature on April 30, 2024

o Senior secured obligation of Gran Colombia

o US$35.5 million outstanding as of November 2, 2020

o Listed on the TSX under the symbol GCM.NT.U

o 8.25% annual coupon paid monthly in cash

o Quarterly principal repayments in cash with gold kicker above US$1,250/oz

o Company sets aside physical gold each month into a Gold Trust Account to meet quarterly principal payment

obligations

o A total of 28,420 ounces, representing less than 5% of Segovia’s projected future production, are required to

meet the remaining principal repayments

B+ (Outlook Stable) -

5,000

10,000

2020 2021 2022 2023 2024

Amortization ScheduleNovember 2020 to April 2024

(Ounces to be Deposited to Gold Trust Account)

Gold NotesExposure to Upside on Gold

11


December 2020

Colombia is an OECD member

country with a growing economy, and

one of the lowest inflation rates in

Latin America.

The latest Colombia Tax Reform

reduces the corporate income tax rate

and repeals the 4% surcharge

imposed on corporate income,

Reducing the total tax rate from 37%

in 2018 to 33% in 2019, and 32% for

2021, and 30% for 2022 and onwards.

Annual GDP

(US$B)

$745

(4th largest in

Latin America)

Population 49.8 Million

GDP Per Capita ($US) $14,943

5-Year GDP CAGR (%) 2.8%

Inflation 3.2%

Public Debt to GDP 50.5%

Free Trade

Agreements

8 countries

(including the US,

Canada, and EU)

Ease of Doing Business

Ranking

3rd best in Latin America

(65th Globally out of 19)

Investor

Protection Ranking

1st in Latin America (15th

Globally out of 190)

Economic Freedom

Index Ranking45th Globally out of 180

Credit RatingInvestment Grade by

Moody’s, Fitch, and S&P

Why ColombiaA Great Mining Jurisdiction

12


December 2020

License Boundaries for Segovia & Carla (100% Owned)

0

5

10

15

20

25

30

35

40

45

Foste

rvill

e (

Kirkla

nd

)

Ne

va

da O

ps (

He

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)

Ma

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Kirkla

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Sego

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(G

CM

)

Eagle

Riv

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(We

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Co

ste

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(Ma

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Ho

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TM

AC

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(A

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Bam

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arm

on

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Seab

ee (

SS

R M

inin

g)

Comparative Asset Milled Grade(1)g/t

Amongst the Highest-Grade

Mines in the Gold Sector

14.9 g/tQ1-20 Segovia

Milled Grade

Segovia OperationsProduction Stage

(1) Source: Kitco commentaries 2020-11-27 13


December 2020

From 2010 through 2019, Segovia has produced 1.1 Mozs at 13.7 g/t

0

0.5

1

1.5

2

2.5

3

2010 2012 2013 2014 2015 2016 2017 2018 2019

Reserves Other M&I Inferred

M&I

Grade

(g/t)

13.1 12.1 15.2 12.0 11.4 11.8 11.7

Mozs

Drilling suspended

during period of low

gold prices

Total M&I

1.36 Mozs

Total Inferred

1.26 Mozs

14

Segovia OperationsHistorical Progression of Mineral Resource and Reserve Estimates


December 2020

1) Derived from the NI 43-101 Technical Report Prefeasibility Study Update, Segovia Project, Colombia, dated May 14, 2020, prepared by SRK Consulting (US) Inc.

(“SRK”).

2) Mineral resources are not mineral reserves and do not have demonstrated economic viability.

3) All figures are rounded to reflect relative accuracy of the estimate. All composites have been capped where appropriate.

4) The Mineral Resources are reported at an in situ cut-off grade of 3.0 g/t Au over a 1.0 m mining width, which has been derived using a gold price of US$1,400 per

ounce and technical and economic parameters for the existing underground mining and conventional gold mineralized material processing using a gold recovery

of 90.5%. Each of the mining areas have been sub-divided into Pillar areas (“Pillars”), which represent the areas within the current mining development, and long-

term resources (“LTR”), which lie along strike or down dip of the current mining development.

5) Derived from the Amended NI 43-101 Technical Report Prefeasibility Study Update, Segovia Project, Colombia, dated July 8, 2019, prepared by SRK.

Project Deposit Type

Measured Indicated Measured & Indicated Inferred

Tonne

s

(kt)

Grade

(g/t)

Au

Metal

(koz)

Tonne

s

(kt)

Grade

(g/t)

Au

Metal

(koz)

Tonne

s

(kt)

Grade

(g/t)

Au

Metal

(koz)

Tonne

s

(kt)

Grade

(g/t)

Au

Metal

(koz)

Segovia

ProvidenciaLTR 118 15.9 60 296 13.0 124 414 13.8 184 315 8.3 84

Pillars 108 26.1 90 116 12.1 45 224 18.8 135 389 20.0 249

Sandra KLTR 385 10.3 128 385 10.3 128 315 8.6 87

Pillars 152 10.9 53 152 10.9 53

El SilencioLTR 824 11.5 304 824 11.5 304 1,736 8.3 462

Pillars 1,459 10.7 504 1,459 10.7 504 395 12.1 154

Verticales LTR 771 7.1 176

Subtotal

Segovia

Project

LTR 118 15.9 60 1,504 11.5 555 1,623 11.8 616 3,136 8.0 809

Pillars 108 26.1 90 1,727 10.8 602 1,835 11.7 692 784 16.0 403

CarlaSubtotal Carla

ProjectLTR 154 9.7 48 154 9.7 48 178 9.3 53

December 31, 2019 (1) 226 20.8 151 3,385 11.1 1,205 3,611 11.7 1,356 4,098 9.6 1,265

December 31, 2018 (2) 218 20.0 140 3,289 11.2 1,187 3,507 11.8 1,327 3,562 10.1 1,157

% Change vs previous 4% 4% 8% 3% -1% 2% 3% -1% 2% 15% -5% 9%

In the 2019 MRE update, Gran Colombia more than replaced what it mined in the year

Segovia OperationsMineral Resource Estimate as of December 31, 2019

15


December 2020

Area CategoryTonnes

(kt)

Grade

(g/t)

Au Metal

(koz)

ProvidenciaProven 165 16.5 88

Probable 154 12.0 59

Sandra K Probable 249 8.9 71

El Silencio Probable 1,313 9.9 419

Carla Probable 104 10.0 33

December 31, 2019 (1) Total 1,985 10.5 670

December 31, 2018 (2) Total 1,941 11.0 688

% Change vs previous 2% -5% -3%

1) Derived from the NI 43-101 Technical Report Prefeasibility Study Update, Segovia Project, Colombia, dated May 14, 2020, prepared by SRK Consulting (US)

Inc. (“SRK”).

2) Mineral resources are inclusive of mineral reserves.

3) All figures are rounded to reflect relative accuracy of the estimate. All composites have been capped where appropriate

4) Ore reserves are reported using a gold cutoff grade ranging from 3.25 to 4.24 g/t depending on mining area and mining method. The cutoff grade calculations

assume a $1,350/oz Au price, 90.5% metallurgical recovery, $6/oz smelting and refining charges, $25/t G&A, $26/t processing cost, and projected LoM mining

costs ranging from $76/t to 115/t. Mining dilution is applied to a minimum mining height and estimated overbreak (values differ by area/mining method) using a

zero grade. Mineral Reserves have been stated on the basis of a mine design, mine plan, and cash-flow model. There are potential survey unknowns in some

of the mining areas and lower extractions have been used to account for these unknowns.

5) Derived from the Amended NI 43-101 Technical Report Prefeasibility Study Update, Segovia Project, Colombia, dated July 8, 2019, prepared by SRK.

Segovia OperationsMineral Reserve Estimate as of December 31, 2019

16


December 2020

Currently operating mines on only

3 of 27 known veins in the RPP-140

license.

Segovia OperationsRegional Exploration Program Now In Process in Mining Title

17


December 2020

Segovia OperationsMaria Dama Processing Plant and “El Chocho” Tailings Storage

• Plant has capacity to handle up to 1,500 tpd. Currently using about 90% and expansion to 2,000 tpd is possible

• 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

• The “El Chocho” tailings storage facility will receive material over the next seven years and a filter press

commissioned in 2019 enables tailings to be dry stacked; onsite water treatment facility is treating excess water to

Colombian standards before being discharged

18


December 2020

Artisanal Miner Contract Model

o Agreements with 50 third party miner groups

who mine in designated areas within our title

o GCM pays for recovered gold at fixed price

o Contractors manage miners & fund own costs

o GCM processes ore and sells the gold/silver

o GCM provides health & safety training

Benefits of Contract Mining

o Environmental benefits – GCM controls

processing, reducing mercury use

o Employment – expanded workforce

o Improved health & safety

o Workers receive health & pension benefits

o Government receives tax & royalties

Improving Health & Safety

in our Mines

Funding Education and

Community Programs

Segovia Operations

Governance

o ESG Committee of the

Board provides oversight

o Corporate ESG Manager

focused on enhancing

ESG reporting at

investor level

ESG is in our DNA

Health Education

Environment Community

19


December 2020

Protein Groceries

Sanitation Kits for First Responders

Face Masks, Sewn Locally, Contributing to

Economic Relief

Hospital Equipment

Donations of:

Increased Security &

Protection Protocols

Installation of Facial

Recognition Technology

Employee Sanitization

Stations

Ongoing COVID-19 ReliefProtecting our Workforce and Supporting Communities

20


December 2020

GCM Mines

Benchmarking Gold Mine EmissionsPositioned Well Amongst ~200 Mines Globally

Source: Skarn Associates, Colombia Gold Symposium

21


December 2020

(1) As of November 27, 2020, Gran Colombia owns 53,435,989 common shares

of Caldas Gold.

(2) Refer to Caldas Gold press releases dated July 29, 2020 , August 26, 2020,

and September 29, 2020.

Building Colombia’s Next Major Gold MineMine Expansion into the DEEP ZONE

Caldas Gold Corp (TSX-V: CGC, OTCQX: ALLXF) was

formed in a spin out by Gran Colombia Gold in

February 2020; GCM holds a 53.5% equity interest(1).

• Caldas Gold is focused on a major underground mine

expansion at Marmato to incorporate the

Deep Zone mineralization.

• US$110M stream financing with Wheaton

Precious Metals to fund mine expansion.(2)

• Completed CA$50M equity private placement and US$83M

Gold-Linked Notes Offering as part of the financing for the

mine expansion.(2)

22

• Aris Gold Transaction (page 25) brings funding and new leadership team


December 2020

Building Colombia’s Next Major Gold MineContinuing to drill and extend the DEEP ZONE

Caldas Gold Corp (TSX-V: CGC, OTCQX: ALLXF) was

formed in a spin out by Gran Colombia Gold in

February 2020; GCM holds a 57.5% equity interest(1).

Exploration drilling is continuing to upgrade and

expand the Deeps 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).

23


December 2020

o Marmato mine in Zona Baja will comprise of two distinct operations: Upper Zone and Deep Zone

o 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)

o Deep Zone: US$269M initial capital in 2020 to 2023. Total of 14.6M tonnes processed over a 11-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)

o Combined:

o 1.9M ounces of gold with LoM cash cost of US$778 per ounce and LoM AISC of US$880/oz.

o At US$1,400 per ounce long-term gold price, total undiscounted LoM after-tax project cash flow of US$491M (NPV

5% - US$256M)

o Before financing, after-tax IRR = 19.5% and payback by 2026

Precious Metal Production Profile (ozs/year)

-

50,000

100,000

150,000

200,000

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

Gold Silver

Marmato ProjectLife-of-Mine Plan (“PFS”) Results (1)

(1) Source: Caldas Gold NI 43-101 Technical Report Pre-Feasibility Study

Marmato Project Colombia dated August 17, 2020 prepared by SRK.24


December 2020

FOUNDERS, CHAIRS &

LEADERS OF THE WORLD’s

TOP MINING COMPANIES

Ian TelferChair, Independent

David GarofaloIndependent

Peter MarroneIndependent

Neil WoodyerCEO, Independent

Attie RouxNon-Independent

Daniela CamboneIndependent

Serafino IaconoNon-independent, GCM Nominee

Hernan MartinezIndependent; GCM Nominee

CA$85M NON-BROKERED PRIVATE PLACEMENT

37,777,778 UNITS AT CA$2.25

(each unit = 1 share + 1 warrant @ CA$2.75)

GRAN COLOMBIA RETAINS ~45% EQUITY STAKE

~$38M OF PERSONAL PARTICIPATION FROM

INCOMING LEADERSHIP GROUP

MDZ EXPANSION FULLY FUNDED

PROVEN TRACK RECORD OF BUILDING

SUCCESSFUL PRECIOUS METALS MINING

COMPANIES

CHANGING NAME TO ARIS GOLD CORPORATION

Neil WoodyerCEO

Attie RouxTechnical Consultant

Doug Bowlby, CFASVP, Corporate

Andrew GubbelsSVP, Corporate Development

Ashley Baker, LL.BGeneral Counsel & Secretary

Robert Eckford, CPAVP, Finance & CFO

Richard Thomas, P.Eng.Technical Consultant

BOARD OF DIRECTORS MANAGEMENT

“I am extremely excited to introduce a new leadership team

and financing partners to Caldas Gold.” Serafino Iacono,

Chairman and CEO of Caldas Gold

“…the launch of the new Aris Gold. We believe the Marmato

mine with its current production and expansion plans

supported by a large-scale gold resource represents an ideal

platform for us to build a major gold mining company.” Neil

Woodyer, CEO of Aris Gold

“… a strong Board with an outstanding, fully-funded growth

asset in Colombia….. a strong macro-economic backdrop from

which to launch a gold company.” Ian Telfer, Chairman of Aris

Gold

Aris Gold Transaction (1)

Funding & New Leadership at CGC

25(1) Refer to Caldas Gold press release dated November 23, 2020

Frank GiustraMining financier, philanthropist

STRATEGIC ADVISOR


December 2020

Juby

Project

Toroparu

Meadowbank

Zancudo

Project

• Location: Colombia

• Former high-grade producer in the Titribi mining district of Antioquia, about 27 km south of Medellin

• Currently being drilled by IAMGOLD under a 6-year option agreement signed in March 2017 whereby IAMGOLD can

earn up to 70%

• Entered into a LOI on September 23, 2020 to spin out its interest to ESV Resources (TSXV:ESV.H) for 27,000,000

common shares. ESV plans to become a silver-focused company, changing its name to Denarius Silver Corp. Gran

Colombia subscribed for CA$3,000,000 of subscription receipts in a non-brokered private placement

• Location: Ontario

• Caldas Gold completed the acquisition of a 100% interest on July 2, 2020

• 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

• Completed an updated Mineral Resource estimate with an effective date of July 14, 2020. Indicated Resources of

773,000 ozs (21.3 Mt @ 1.13 g/t) and Inferred Resources of 1,488,000 ozs (47.1 Mt @ 0.98 g/t)

• Preparing for a proposed drilling program for execution in 2021

• Location: Guyana

• 18% equity interest (TSX-V: GLDX).

• Advancing PFS for one of the largest undeveloped gold deposits in the Americas with 7.35 Mozs M&I and 3.15

Mozs Inferred. Commencing 58 km road connecting it to the Aurora Project and Tidewater

• Recently commenced a 12,000 m drilling program to upgrade and expand mineral resources at Toroparu

• Location: Nunavut

• 26% equity interest (TSX-V: WA).

• Exploring its 100% owned Meadowbank Project strategically positioned along trend immediately adjacent to Agnico

Eagle’s Meadowbank/ Amaruq producing gold mines

• Recently completed initial 3,545 m drilling program

PipelineAdditional Opportunities for Growth and Value Creation for Gran Colombia

26


December 2020

Why Invest in Gran Colombia?Leading High-Grade Gold Producer in Colombia

Undervalued versus peers

Strong free cash flow yield and healthy balance sheet

Pays monthly dividend

Segovia is one of the highest grade global underground gold mines

Focusing on significant exploration upside at Segovia

Strong management with Latin American mining experience

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December 2020

For Further Information;

Mike Davies

Chief Financial Officer

(416) 360-4653

[email protected]

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