Q Results. Lombardo Paredes Arenas, CEO Mike Davies, CFO. The leading high grade gold producer in Colombia. TSX: GCM May 11,

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1 Q Results The leading high grade gold producer in Colombia Lombardo Paredes Arenas, CEO Mike Davies, CFO 1

2 DISCLAIMER Forward 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 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 sinking funds for the senior debentures, future purchases and/or redemptions of the senior debentures and future financings. 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, 2018 which is available for view on SEDAR at Forward looking statements contained herein are made as of the date of this press release 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 readeris cautioned nottoplace undue reliance onforward looking statements. 2

3 Q Highlights 2018 Priorities Progress Update Improve capital structure Refinance 2020 and 2024 Debentures.. US$98M Offering completed April 30, 2018 Redemption of 20 s & 24 s on May 14 th Settle 2018 Debentures Continue implementation of optimized mine plan at Segovia.. US$7.3M accepted early settlement offer US$34.4M currently outstanding Al programs underway.us$8.6m spent in Q1 2018, including exploration and development and capital projects Construction of El Chocho TSF underway and scheduled to receive tailings in August 20,000m drilling program at Segovia. Executed 5,400 meters or approximately 27% of its planned 20,000 meters drilling campaign. Segovia PFS completed and filed on SEDAR on May 10 th.660,000 ozs of Proven and Probable Mineral Reserves Technical studies (PEA) and up to 10,000m drilling program at Marmato.. JDS Energy & Mining has been engaged to conduct the studies in two phases this year Drilling expected to start in June 3

4 CAPITAL STRUCTURE TSX Symbol Exercise Price Issued & Outstanding Fully Diluted Shares Common shares GCM 29.3M 29.3M 2018 Debentures (1) GCM.DB.U US$1.95 $34.4M 17.6M 2020 Debentures (1) GCM.DB.V US$1.95 $47.7M 24.5M 2024 Debentures (1) GCM.DB.X US$1.95 $40.8M 20.9M Warrants GCM.WT.A CA$ M Options CA$ M Offering Completed April 30, ,992 Units = ~$98M senior secured gold linked notes Six year term, 8.25% coupon paid monthly Upside 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 repayments Each $1,000 Unit includes 124 Warrants at CA$2.21 per share (12.15M warrants in total) Notes and warrants currently unlisted and subject to 4 month hold period $7.3M of 2018 Debentures redeemed for $1.4M cash from sinking fund and 3.0M shares on April 30, Debentures and 2024 Debentures to be redeemed at par on May 14, 2018, reducing dilution exposure 92.3M (1) Amounts shown for the Senior Debentures are at Face Value. 4

5 Highlights 1 st Quarter Gold production (ozs) 52,672 39,008 Gold sales (ozs) 49,610 38,434 Realized gold price ($/oz) $1,293 $1,174 Cash cost ($/oz) (1) $670 $748 AISC ($/oz) (1) $896 $941 Revenue $64.8M $45.7M Adjusted EBITDA (1) $27.4M $13.6M Net income (loss) $5.4M ($0.8M) Per share $0.25 ($0.04) Adjusted net income (1) $9.8M $3.1M Mine development at Sandra K July 17, 2014 Per share $0.46 $0.16 Excess Cash Flow (1) $2.6M $2.3M (1) Refer to Company s MD&A for computation 5

6 Production Gold (ozs) Segovia Company mines 1 st Quarter El Silencio 21,688 19,287 Providencia 20,667 8,408 Sandra K 2, Total Company mines 44,410 28,470 Other contract mines 2,062 4,298 Total Segovia Operations 46,472 32,768 Marmato 6,200 6,240 Total Company 52,672 39,088 Silver (ozs) 45,806 41,679 Segovia Our primary focus is our Company mines which provided 96% of Segovia s Q gold production. Improvement in head grades in the Providencia mine has been key catalyst for Segovia s production growth. Marmato Continues to be a steady producer. evaluating expansion options to incorporate the Deeps mineralization. 6

7 Gold Production k s ozs Segovia Marmato AISC ( 23%) LTM (1) Q1 17 Q1 18 Growth in Gran Colombia s total gold production has been driven by the Company mines in our high grade Segovia Operations. Marmato has been steady. Maintaining 2018 Annual production guidance of 182, ,000 ounces of gold. LTM = Latest 12 months ended March 31,

8 Total Cash Cost Per Ounce (1) US$/oz sold $1,200 90% of Q Gold Sales Segovia % of Q Gold Sales Marmato $1,065 $1,141 $1,000 $800 $600 $646 $616 $ LTM Q1 17 Q LTM Q1 17 Q1 18 The Company s Total Cash Cost average decreased to $670/oz in the first quarter of 2018 from $748/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 Q cash cost improved as production growth lowers fixed costs per ounce and per ounce costs have benefitted from the increased head grades in Company operated areas at the Providencia mine. Continue to expect 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. LTM = Latest 12 months ended March 31,

9 All In Sustaining Costs (1) $1,000 G&A,Sustaining Capex and Other $908 Total Cash Cost $896 $750 US$/oz sold $500 AISC ( 23%) $250 $ LTM Q1 17 Q average AISC is expected to below $950/oz Total Cash Cost per ounce is under control and using the improved gold price environment to explore, develop and modernize our mining operations. (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. LTM = Latest 12 months ended March 31,

10 Adjusted EBITDA (1) $100 $89.3M $80 US$M $60 $40 $27.4M $20 $ LTM Q1 17 Q1 18 Q s Adjusted EBITDA of $27.4M has doubled compared to Q Increase in EBITDA driven by production growth, improved gold prices and relatively stable total cash costs. (1) Refer to Company s MD&A for computation. LTM = Latest 12 months ended March 31,

11 Excess Cash Flow (1) Adjusted EBITDA $27.4M $13.6M Capex Income taxes paid Interest paid Q vs. Q Other obligations Working capital Excess Cash Flow (1) $2.6M $2.3M US$M Improvements in our internally generated cash flow has improved the Company s liquidity. (1) As defined in the Indentures (available on the Company s web site) for the 2018 and 2020/2024 Debentures. 11

12 Balance Sheet March 2018 December 2017 Adjusted working capital deficit * Cash $3.4M $3.3M Accounts receivable $12.8M $14.4M Accounts payable and accrued liabilities ($20.6M) ($18.8M) Income taxes payable ($4.2M) ($8.4M) Marmato compensation agreements payable ($12.0M) ($11.0M) Inventories and other items, net $14.9M $10.9M ($5.7M) ($9.6M) Long term debt and Cash in trust Finance leases $0.4M $0.4M 2018 Debentures ** $44.0M $45.2M Cash in trust for 2018 Debentures $4.9M $4.3M 2020 and 2024 Debentures ** $91.3M $95.7M Cash in trust for 2020 and 2024 Debentures $9.6M $7.6M * Excludes current portion of long term debt ** Aggregate principal amounts issued and outstanding 12

13 2018 OUTLOOK Guidance Priorities 1. 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 Providencia and 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; and 4. Technical studies (PEA) and up to 10,000m drilling program at Marmato Targets LTM 2018 Guidance Gold production 187, , ,000 ozs Cash cost/oz sold $701 < $735/oz AISC/oz sold $908 < $950/ oz LTM = Latest 12 months ended March 31,

14 For Further Information, Contact: Mike Davies Chief Financial Officer (416) Town of Segovia 14