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Corporate Presentation March 2019
TSX: GCM OTCQX: TPRFF
TSX: GCM
March 2019
OTCQX: TPRFF
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 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, 2018 and its interim MD&A dated as of November 13, 2018, both of which are 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.
TSX: GCM OTCQX: TPRFF
March 2019 2
MID-TIER GOLD MINER Surpassed 2018 Guidance
2018
Gold Production
Segovia Operations 218,000 ozs Marmato Project
High‐grade underground Underground mine expansion
mines We have produced more than 1 million opportunity
ounces of gold since inception in 2010
89% of production 11% of production
2018: 193,000 ozs 2018: 25,000 ozs
Head grades averaged 17.1 Head grades averaged 2.7 g/t in
g/t in 2018 2018
One of the Top 5 Highest One of the Top 20 Undeveloped
Grade Underground Mines Global Gold Deposits
TSX: GCM OTCQX: TPRFF
March 2019 3
THE RIGHT TEAM
Directors Management
Serafino Iacono, Executive Co‐Chairman – Company co‐ Lombardo Paredes, CEO ‐ 20+ years of corporate
founder with 30+ years of experience in capital markets leadership and operations management experience in the
and public companies resource sector in Latin America
Miguel de la Campa, Executive Co‐Chairman – Company Mike Davies, CFO – CPA, CA with 20+ years of international
co‐founder with 30+ years of experience in financing and and public company experience in resource and other
developing mining and other resource projects sectors
Jaime Perez Branger – Executive with 30+ years of Alessandro Cecchi, VP Exploration – Exploration geologist
experience in finance and capital markets with 20+ years of experience focused gold exploration and
development in South America
Robert Metcalfe – Lawyer and corporate director
Jose Ignacio Noguera, VP Corporate Affairs – Lawyer with
Hernan Martinez – Former Colombian Minister of Mines
20+ years of experience in public and government affairs
and Energy
and sustainability in the resource sector in Colombia
Monica De Greiff – Executive President of the Bogota
Angel Meza, General Manager, Segovia Operations –
Chamber of Commerce and former Colombian Minister of
Mine engineer with 17+ years of experience in mining
Justice
operations in South America and Africa
De Lyle Bloomquist – Corporate director
Inivaldo Diaz, Technical Manager, Segovia Operations –
Civil mine engineer with 24+ years of experience in the
mining industry in South America
Gabriel Gaviria, General Manager, Marmato Operations –
Mine engineer with 39+ years of experience in mining
operations in Colombia
TSX: GCM OTCQX: TPRFF
March 2019 4
WHAT’S NEW?
GRAN COLOMBIA 2.0
Gran Colombia 2.0
Gran Colombia has become a mid‐tier gold miner with 218,001 ounces of gold
production in 2018, up 25% over 2017.
Simplified our capital structure in 2018.
Eliminated dilution overhang of previous convertible debentures.
New Gold Notes and Warrants listed on the TSX in September 2018.
Common shares listed on the OTCQX in the USA in October 2018.
Strengthened balance sheet in 2018.
Debt down to $83.4M as of January 31, 2019. Debt/EBITDA of ~0.8X.
$33M of cash as of December 31, 2018, up from $3M at the end of 2017.
Future growth continues emphasis on high‐grade Segovia mines and the other 24
known veins we are not currently mining.
“Focused on what we can control……Cash, Costs and Execution.”
TSX: GCM OTCQX: TPRFF
March 2019 5
CAPITAL STRUCTURE Simplified
Common Shares Warrants
48.2 million GCM.WT.B: 12.2 million @ CA$2.21 (2024 expiry)
Stock Options
Market Capitalization 1.4 million @ CA$2.55 (2021‐2022 expiry)
(as of March 1, 2019)
1.2 million @ CA$3.16 (2023 expiry)
CA$172 million
Major Shareholders
Common shares Fully Diluted = ~63 million common shares
Founders/Management ‐ 5% | None > 10%
Gold Notes
Founders/Management ‐ 10% | No others > 10% Outperforming TSX Global Gold Index
TSX: GCM OTCQX: TPRFF
March 2019 6
BALANCE SHEET Strengthened
Working Capital
Turned positive in 2018
$33 million of cash at end of 2018, up $30M from December
2017
2,600 ozs in Gold Trust Account at end of 2018 for the January
$182M $83M
December 2015 January 2019
2019 debt repayment
Senior Secured Gold‐Linked Notes due 2024
Total Debt
Issued April 30, 2018
TSX‐listed…GCM.NT.U
$83.4 million currently outstanding
8.25% coupon paid monthly 2.1X 15.1X
2015 TTM
Quarterly principal repayments in cash with gold kicker
above $1,250/oz Adjusted EBITDA to Interest
Less than 10% of Segovia’s projected future production is
required to meet principal repayments
4.7X 0.9X
2015 TTM
Upgraded to B (Outlook Stable) in October
2018
Debt to Adjusted EBITDA
TTM = Latest 12 months ended September 2018.
TSX: GCM OTCQX: TPRFF
March 2019 7
PROPERTIES Historic Mining Districts
TSX: GCM OTCQX: TPRFF
March 2019 8
RESULTS Solid Turnaround
Gold Production reaches 218,001 ozs in 2018 Adjusted EBITDA surpasses $100M in 2018
$120
225
Segovia Marmato $100
150 $80
kozs $M $60
75 $40
$20
‐ $‐
14 15 16 17 18 14 15 16 17 TTM
TTM = Trailing 12‐months ended September 2018
AISC reflects focus on controlling costs EV/Adjusted EBITDA (2019e)
$/oz sold
Capex and G&A Total Cash Cost 4.1X
$1,000 $899
$750 2.4X
$500
$250
$‐
2014 2015 2016 2017 TTM GCM Peers
Source: FactSet, Bloomberg, equity research
TSX: GCM OTCQX: TPRFF
March 2019 9
SEGOVIA OPERATIONS Production Stage
License Boundaries for Segovia & Carla (100% Owned) Main Mineralization Zones
TSX: GCM OTCQX: TPRFF
March 2019 10
SEGOVIA OPERATIONS El Silencio Mine
M&I 744 kozs 10.5 g/t
Inferred 498 kozs 9.7 g.t
M&I 330 kozs 15.8 g/t
Inferred 295 kozs 16.5 g.t
M&I 125 kozs 9.7 g/t
Inferred 86 kozs 8.5 g.t
Increase M&I
resources and
reserves
Consolidate
advance deposits
Follow‐up brownfield
exploration projects
Chicharron
(Sandspring Resources)
TSX: GCM OTCQX: TPRFF
March 2019 14
THE SEGOVIA MINES Blue Sky Potential
Segovia Heat Map ‐ Drilling Collars – Historical drilling centered around the three existing mines. Going forward,
drilling will be focused on stepping out at the mines and evaluating other brownfield opportunities.
FGM drilling
GCM Drilling
1,207 holes
175,796 meters
TSX: GCM OTCQX: TPRFF
March 2019 15
SEGOVIA OPERATIONS Maria Dama Processing Plant & Lab
TSX: GCM OTCQX: TPRFF
March 2019 16
SEGOVIA OPERATIONS Positive Agent for Change
Third Party Miner Contracts
Agreements with 30+ third party miner groups
Mine designated areas with the Company’s mining title
GCM pays for recovered gold at fixed price
Contractors manage miners & fund own costs
GCM processes ore and sells the gold & silver
GCM provides health & safety training
Benefits of Contract Mining Model
Environmental benefits – GCM controls processing,
reducing mercury use
Employment – expanded workforce
Improved health & safety
Workers receive health & pension benefits
Government receives tax & royalties
Improving Health & Safety in Our Mines
Funding Community Programs
TSX: GCM OTCQX: TPRFF
March 2019 17
MARMATO PROJECT Exploration Stage
The Future of Marmato is Going Underground
Mineralization is hosted by sheeted pyrite vein system in
dacite to andesite porphyry stocks.
11% Mountain of gold in historic mining district. Ranked in
2018
Production Top‐20 of undeveloped global gold deposits by size.
Deep zone drilling shows that mineralization at Marmato
extends at least 800m below the limit of the current
underground mining operation and is still open at depth.
The 2018 drilling campaign has increased our confidence
in the geological model, outlining a higher‐grade zone
with excellent continuity over 450 meters along strike
and strong vertical continuity for more than 300 meters
below the deepest level of our existing mining operation.
Currently evaluating the potential to expand
underground mining operations. Completing additional
drilling and technical studies toward expected
completion of a PEA by the end of 2019.
TSX: GCM OTCQX: TPRFF
March 2019 18
MARMATO PROJECT Exploration
Veins (1)
M&I: 13.3 Mt @ 4.6 g/t Au
for 1,979 koz
Inferred: 9.4 Mt @ 4.2 g/t Au
for 1,275 koz
Porphyry (1)
M&I: 27.0 Mt @ 2.1 g/t Au
for 1,858 koz
Inferred: 13.3 Mt @ 1.8 g/t Au
for 777 koz
Deeps (2)
M&I: 0.9 Mt @ 2.0 g/t Au
Location of 2018‐
for 60 koz
2019 Drilling Inferred: 29.3 Mt @ 2.3 g/t Au
Program for 2,142 koz
(1) Using 1.9 g/t cut‐off grade
(2) Using 1.2 g/t cut‐off grade
TSX: GCM OTCQX: TPRFF
March 2019 19
WHAT COMES NEXT?
Expected catalysts for 2019:
2018 final production and 2019 production guidance (210,000 to 225,000 ounces) were
announced on January 16, 2019
Continuing to pay down debt. $4.9M of Gold Notes principal repaid on January 31, 2019.
Future quarterly repayments on April 30th, July 31st and October 31st
Additional first quarter news
Final results from 2018 drilling programs at Segovia and Marmato
Mineral reserves and resources update for Segovia Operations
2018 fourth quarter and year end results; 2019 financial guidance
Second quarter
Annual and special meeting of shareholders, including ratification of Shareholder Rights Plan – June
2019
Balance of 2019
Ongoing results from 2019 drilling programs and Segovia and Marmato
Update on expected PEA for underground expansion at the Marmato Project
Stay disciplined….remain focused on cash, costs and execution!
TSX: GCM OTCQX: TPRFF
March 2019 20
ADDITIONAL INFORMATION
TSX: GCM OTCQX: TPRFF
March 2019 21
COLOMBIA A Great Mining Jurisdiction
The latest Colombia Tax Reform reduces the corporate income tax
rate and repeals the 4% surcharge imposed on corporate income,
reducing the total tax rate from 37% in 2018 to 33% in 2019, 32% for
2020, 31% for 2021 and 30% for 2022 and onwards.
TSX: GCM OTCQX: TPRFF
March 2019 22
SEGOVIA OPERATIONS Driving Cash Flow
Top 5 Highest‐Grade Underground Gold Operations in 2017 (1)
Mine Country Owner Au Grade in Au Cash Costs
Milled Ore
Q4‐2017 g/t Q4‐2017 USD/oz
800
Median Au Cash Costs Throughout the World in 2017 (US$/oz) (1)
“Gold grade is a profitability driver
for a mine.” 600
miningintellince.com
400
200
Gran Colombia’s cash cost is below
below the median for all mines. 0
Fosterville Yaramoko Segovia Cerro Negro Turquoise Ridge
(1) Source: IMARC (miningintelligence.com Whitepaper, July 2018)
TSX: GCM OTCQX: TPRFF
March 2019 23
RESULTS All‐In Sustaining Costs
Roxgold Nine Months Ended September 30, 2018
Kirkland Lake Gold US$/oz sold
Barrick Gold
Yamana Gold I. Source: Issuer filings for Third
Quarter 2018
Argonaut Gold
II. AISC is a common performance
Gran Colombia Gold measure but does not have any
standardized meaning within
Teranga Gold the industry and therefore its
Leagold computations may vary
between companies.
Alamos Gold
Centerra Gold
Cash Cost AISC
IamGold
Guyana Goldfields
New Gold
Asanko Gold
Golden Star
TAHOE Resources
Detour Gold
Kinross Gold
Alio Gold
Gran Colombia’s AISC continues to be well positioned amongst industry peers.
TSX: GCM OTCQX: TPRFF
March 2019 24
ZANCUDO PROJECT Under Option to IAMGOLD
The Zancudo Project is located 27 km south of
Medellin.
Excellent infrastructure.
In Municipality of Titiribi, a town dependent on
mining (coal).
Multi-million ounce epithermal to mesothermal vein
system in the Cauca Porphyry Belt, adjacent to
Brazil Resources Titiribí Project (7.9 Moz Au
Inferred resources @ 0.5 g/t Au).
1.5M ounces of past production.
IAMGOLD Option
Option granted in March 2017 to acquire a 65%
interest by incurring an aggregate of $10M of
exploration over a 6-year period.
2nd option granted for further 5% interest if feasibility
study completed.
IAMGOLD commenced exploration (drilling) in 2017
and continued their program in 2018….refer to our
October 9, 2018 press release for results to-date.
TSX: GCM OTCQX: TPRFF
March 2019 25
SANDSPRING RESOURCES Guyana
Sandspring Investment
Hold ~18% equity interest in Sandspring Resources (TSX-V: SSP).
Sandspring’s Toroparu Project is considered to be one of the largest undeveloped gold deposits in South
America with 10.4Mozs in-situ gold (MI&I) resources.
Vended in our 30% carried participating interest in the Chicharron Project in Segovia and subscribed for
CA$4M (~$3M) in Sandspring’s private placement in July 2018; purchased additional shares for CA$1.7M
(~$1.3M) in private transactions completed in October 2018 and February 2019.
GCM has representation on Sandspring’s board.
Chicharron Project
Sandspring acquired 100% of the rights to
explore, develop and mine a 386 hectare area
within our mining title in the Segovia area
Project Area lies outside of the areas of our
principal mining operations in Segovia.
The Guia Antigua vein that is the current focus of
the Chicharron Project appears to be similar in Chicharron
Project
geology, structure, vein style and mineralogy to
other veins in the Segovia mining district.
“The Sandspring transaction will allow us to diversify our project exposure outside of Colombia and to leverage
our previous experience in the Venezuelan Guyana Shield greenstone belt” Serafino Iacono
TSX: GCM OTCQX: TPRFF
March 2019 26
For Further Information, Contact:
Mauricio Ostos
Town of Segovia
Investor Relations
(416) 360-4653
investorrelations@grancolombiagold.com