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TSX: GCM OTCQX: TPRFFAugust 2020

TSX: GCM

The leading high-grade gold producer in Colombia

OTCQX: TPRFF TSX: GCMOTCQX: TPRFF

Corporate PresentationAugust 2020


Forward-Looking Statements Disclaimer

This presentation contains "forward-looking information", which may include, but is not limited to, statementswith 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 (includingnegative 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 orachievements 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 actualresults to differ materially from those anticipated in these forward-looking statements are described underthe caption "Risk Factors" in the Company's Annual Information Form dated as of March 30, 2020 which isavailable for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as ofthe date of this presentation and Gran Colombia disclaims, other than as required by law, any obligation toupdate 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 noassurance that forward-looking statements will prove to be accurate, as actual results and future eventscould differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not toplace undue reliance on forward-looking statements.

All amounts are denominated in U.S. dollars, unless indicated otherwise.

2


2019

Gold Production

240,000 ozs+10% over 2018

Emerging Mid-Tier Gold Miner Focus in Colombia

3

Marmato ProjectCaldas Gold Corp

57.5% ownership

o High-grade underground mines

o 2019 Production: 214,000 ozs.

o One of the Top 5 Highest Grade Underground Global Gold Mines…16.4 g/t in 2019

o Exploration expanding to include regional targets

o Spun out to Caldas Gold Corp in Feb 2020, retaining 57.5% interest

o 2019 Production: 26,000 ozs.

o PFS and Wheaton stream validate underground mine expansion into the Deep Zone

o Exploration upgrading and expanding the Deep Zone mineralization

Segovia OperationsFlagship Operation

100% ownership

Core Projects in Historic Mining Districts with Significant Exploration Upside


Other Projects

Juby Project(Ontario)

Toroparu(Guyana)

Meadowbank(Nunavut)

Zancudo Project(Colombia)

• 100% interest.• 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%.

• Completed acquisition of 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.• Initial exploration phase will evaluate historical data incorporating machine

learning and other studies to develop a drilling program for execution in 2021.

• 19% 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.• Robert Friedland recently joined as non-executive Chairman.

• 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.

• Commenced planned drill program on July 14, 2020.

Additional Growth Opportunities

4


Capital Structure Fully Diluted = ~89.4M shares

Warrants

GCM.WT.B: 11.2 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$4.05 (2021-2024 expiry)

Convertible Debentures

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

5

Exchanges

TSX: GCM

OTCQX: TPRFF

Common Shares

61.9 million

Market Capitalization (as of July 31, 2020)

CA$440 million

TSX: GCM OTCQX: TPRFFAugust 2020 6

GRAN COLOMBIA 2.0GRAN COLOMBIA 2.0Right Team OPERATING AND BUILDING EXPERIENCE

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 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.

Key Management

Serafino 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


Results Performance Drivers

7

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 Q1-19 Q1-20

Segovia

Marmato

$M

$-

$250

$500

$750

$1,000

2017 2018 2019 Q1-19 Q1-20

AISC Total Cash Cost

US$/oz

$-

$50

$100

$150

2017 2018 2019 Q1-2019 Q1-2020

$-

$20

$40

$60

$80

$100

$120

2017 2018 2019 Q1-19 Q1-20

Operating Cash Flow Free Cash Flow

Refer to Company’s MD&A for computations.


Cash & Debt (1)A

ISC

(-23%

)

$-

$20

$40

$60

$80

$100

$120

$140

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

Former Debt Gold Notes Convertible Debentures Cash

$M

2018 2019

Gran Colombia’s balance sheet continues getting stronger each quarter• Early redemption on March 31, 2020 of 30% of the Gold Notes (funded by February 2020 private placement)

reduced debt by ~$19 million and will improve cash flow over the remainder of 2020 by >$4 million.

(1) Aggregate principal amount outstanding.

Results

2020

8


Gold Notes Exposure to Upside on Gold

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

2024

o Senior secured obligation of Gran Colombia

o US$38.4 million outstanding as of July 31, 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 Less than 5% of Segovia’s projected future

production is required to meet principal

repayments

B (Outlook Stable)

-

5,000

10,000

2020 2021 2022 2023 2024

Amortization ScheduleMay 2020 to April 2024

(Ounces to be Deposited to Gold Trust Account)

9


Segovia Operations Production Stage

10

License Boundaries for Segovia & Carla (100% Owned)

0

5

10

15

20

25

30

35

40

Fo

sterv

ille

(K

irkla

nd

)

Maca

ssa (

Kir

kla

nd

)

Eag

le R

iver

(Wesd

om

e)

Kain

an

tu (

K92)

Seg

ovia

(G

CM

)

Isla

nd

(A

lam

os)

Mid

as

(Hecl

a)

Cerr

o N

eg

ro (

New

mo

nt)

Cerr

o M

oro

(Y

am

an

a)

Bam

ban

an

i (H

arm

on

y)

Yara

mo

ko

(R

oxg

old

)

Gw

alia (

St

Barb

ara

)

Bru

ceja

ck (

Pre

tiu

m)

Red

Lake (

New

mo

nt)

Comparative Asset Milled Grade(1)

g/t

Amongst the Highest-Grade Mines in the Gold Sector

16.4 g/t2019 Segovia

Milled Grade


Segovia Operations

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.

Mineral Resource EstimateAs of December 31, 2019

11

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)

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.


Mineral Reserves EstimateAs of December 31, 2019

12

Segovia Operations

Area CategoryTonnes

(kt)

Grade

(g/t)

Au Metal

(koz)

Providencia

Proven 165 16.5 88

Probable 154 12.0 59

Sandra KProbable 249 8.9 71

El SilencioProbable 1,313 9.9 419

CarlaProbable 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 previous2% -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 gradecalculations 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, andprojected LoM mining costs ranging from $76/t to 115/t. Mining dilution is applied to a minimum mining height and estimated overbreak (values differby 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.


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


Segovia Operations Maria Dama Processing Plant

o Plant has capacity to handle up to 1,500 tpd.

o 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.

o Onsite lab provides quick turnaround of development samples; exploration samples processed in SGS Medellin.

o New “El Chocho” tailings storage facility will receive material over the next seven years and filter press was commissioned in 2019 to dry stack tailings; onsite water treatment facility is treating excess water to Colombian standards before being discharged.

14


Third Party Miner Contracts

o Agreements with 30+ third party miner groups

o Mine designated areas with the Company’s mining 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 Model

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

Segovia Operations Positive Agent for Change

Improving Health & Safety in Our Mines

Funding Community Programs

15


Caldas Gold Corp (TSX-V: CGC, OTCQX: ALLXF) was formed in a spin out by Gran Colombia Gold (TSX: GCM) in February 2020; GCM holds a 57.5% equity interest.

Caldas Gold is focused on a major underground mine expansion at Marmato to incorporate the Deep 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).

Exploration drilling is continuing to upgrade and expand the Deep Zone mineralization.

US110M stream financing with Wheaton Precious Metals to fund mine expansion.(1)

Proposed US$150M Gold-Linked Notes Offering(1)

and CA$45M bought deal equity offering(2).

Located in a Historic Mining District about 80 km south of Medellin

Gran Colombia Investment in Caldas Gold : Marmato Expansion

(1) Refer to Caldas Gold press release dated June 22, 2020.(2) Refer to Caldas Gold press release dated July 13, 2020.

16


Life-of-Mine Plan (“PFS”) Results (B)

Marmato Project

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 reducingcash costs, together with an expansion of the existing processing plant over the next two years from 1,200 tpd to 1,500tpd. 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 ouncesof 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$772 per ounce and LoM AISC of US$872/oz.o At US$1,400 per ounce long-term gold price, total undiscounted LoM after-tax project cash flow of US$501M (NPV

5% - US$263M).o Before financing, after-tax IRR = 20% 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

19

TSX: GCM OTCQX: TPRFFAugust 2020 21

Exploration UpsideMarmato Project

Source: GCM press release dated February 3, 2020

The 2019 Phase 2 drilling continued to

demonstrate an improvement of

grades in the Deep Zone


Completed acquisition of 100% interest on July 2, 2020

GCM funded cash portion of acquisition cost with a CA$14M private placement (7,000,000 shares at CA$2.00).

GCM now owns ~57.5% of the total number of issued and outstanding common shares of Caldas Gold.

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.

Initial exploration phase will evaluate historical data incorporating machine learning and other studies to develop a drilling program for execution in 2021.

Exploration PipelineJuby Project - Ontario

23


Why Invest in Gran Colombia Gold

o Solid operating team with demonstrated experience operating and building mines in Colombia.

o Re-rating potential for common shares and warrants in the current gold price environment.

o Strong Free Cash Flow yield driven by high-grade Segovia gold operations.

o Continuing to build strength in the Company’s balance sheet.

o Exploration upside places emphasis on the high-grade Segovia mines and the other 24 known veins we are not currently mining. Accelerating step-out and brownfield drilling to include regional exploration targets.

o Valuation upside through investments in Caldas Gold (Marmato expansion), Zancudo(IAMGOLD earning in), Gold X Mining (Toroparu) and Western Atlas (Nunavut, Venezuela).


For Further Information, Contact: Mike Davies

Chief Financial Officer(416) 360-4653

[email protected]

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