mike davies, cfo

1TSX: GCM | OTCQX: TPRFF www.grancolombiagold.com

Fourth Quarter & Full Year

2020 ResultsLombardo Paredes Arenas, CEO

Mike Davies, CFO

TSX: GCM | OTCQX: TPRFFGran Colombia Gold | Q4 & Full Year 2020 Results

Disclaimer

This presentation contains "forward-looking information", which may include, but is not limited to, statements with respect to the future financial or operating performance ofthe Company and its projects, and, specifically, statements concerning anticipated growth in annual gold production, future cash costs, AISC and All-in costs, future G&A andcapex, free cash flow, future repayments of its gold-linked notes, and other statements that are not historical facts. Often, but not always, forward-looking statements can beidentified 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 beachieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements ofGran Colombia to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that couldcause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risk Factors" in the Company's AnnualInformation Form dated as of March 31, 2021 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the dateof 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 newinformation, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-lookingstatements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautionednot to place undue reliance on forward-looking statements.

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

Forward-Looking Statements

TSX: GCM | OTCQX: TPRFF |Gran Colombia Gold | Q4 & Full Year 2020 Results 3

COVID-19 ResponseProtecting Our Workforce & Supporting Communities

Health & Safety:• Increased Security & Protection Protocols• Installation of Facial Recognition Technology• Employee Sanitization Stations• Prevention & Awareness Campaigns

Donations of:• Hospital Equipment• Protein Groceries• Sanitation Kits for First Responders• Face Masks (Sewn Locally), Contributing to Economic Relief


Continued ESG Progress

Environment Social Governance• Signed an agreement to construct an 8 MW

Renewable Energy Electricity Project. This solar generation plant will reduce the Company’s carbon footprint and produce up to 21,500 MWh per annum

• Green House Gas Emissions (ghg) well below industry averages(1)

• The El Chocho tailings facility’s new filter press allows compliance with international best practices by dry stacking the material and re-circulating clean water back to the Maria Dama for re-use in plant operations

• Planted ~12,000 trees within 16 hectares of mining title

• Small Mining Supply Chain Initiative - 56 agreements with artisanal third-party miner groups who mine in designated areas within our title, providing economic, health & safety, and environmental benefits, and creating ~4,000 jobs

• Education for Development Initiativebenefited 3,800 children

• Completed construction of local high-school• Provided ~620 scholarships• Restored 13 schools in collaboration with

local authorities• Completed the Agri-business center for the

community of Segovia• Donated equipment to the local hospital• Improved local infrastructure (roads, sewers,

sidewalks)

• Formed an ESG committee of the Board of Directors

• Hired an ESG Manager to oversee and implement the Company’s first ESG Report

• Publishing inaugural ESG Report in 2021

(1) Skarn Associates, Colombia Gold Symposium

Highlights


Highlights4th Quarter Full Year

2020 2019 2020 201957,265 65,237 Gold production (ozs) 220,194 239,991$1,875 $1,480 Realized gold price ($/oz) $1,751 $1,381$904 $685 Cash cost ($/oz) (1) $768 $661

$1,382 $1,003 AISC ($/oz) (1) $1,101 $916$99.7M $88.5M Revenue $390.9M $326.5M$43.1M $40.6M Adjusted EBITDA (1) $187.8M $146.7M

($51.3M) ($148.8M) Net loss ($27.6M) ($131.2M)($0.59) ($2.86) Per share ($0.08) ($2.65)$7.7M $17.1M Adjusted net income (1) $75.9M $60.5M$0.15 $0.33 Per share $1.28 $1.22

$30.4M $35.7M Operating cash flow $136.4M $104.3M$6.8M $23.0M Free cash flow (1) $73.6M $61.7M

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


NCIB (2)

• Commenced September 2020• Over the last 7 months, we have repurchased 1.5 million shares at an average price of

CA$5.93 per share for a total cost of CA$9.1 million

Capital StructureExchangesTSX: GCM OTCQX: TPRFF

Common Shares61.1 million

Market Capitalization (as of March 31, 2021)CA$330 million (1)

WarrantsGCM.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 Options1.6 million @ CA$2.55 to CA$6.88 (2022-2025 expiry)

Convertible DebenturesCA$20 million @ CA$4.75 (2024 expiry)• Redemption of CA$2 million (10%) on April 4, 2021 • Holders have elected to convert into 0.4 million sharesFully Diluted

87.9 million shares

(1) Based on C$5.39 at close on March 31, 2021.(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.

52 Week High/ LowCA$8.40/ CA$2.88


Gold NotesExposure to Upside on Goldo Issued April 30, 2018 and mature on April 30, 2024o Senior secured obligation of Gran Colombiao Listed on the TSX under the symbol GCM.NT.Uo 8.25% annual coupon paid monthly in casho Quarterly principal repayments in cash with gold kicker above US$1,250/ozo Company sets aside physical gold each month into a Gold Trust Account to meet quarterly principal payment obligations

B+ (Outlook Stable)

o US$32.6 million outstanding as of March 31, 2021o The next scheduled Amortizing Principal Payment of US$2.9 million plus

Gold Premium will take place on April 30, 2021o An early optional redemption of US$10.0 million plus 4.13% premium

will take place on May 10, 2021o At that point, the aggregate principal amount outstanding will be

US$19.75 milliono A total of 15,800 ounces of gold, representing less than 3% of Segovia’s

projected future production, will be required to meet the remaining principal repayments through April 30, 2024 0

40

80

120

Issued 2018 2019 2020 2021 2022 2023 2024

Original Amortization

Current Amortization

US$M

Aggregate Principal Amount Outstandingat December 31st


8.24%

4.02% 3.96%3.67%

3.19%2.64% 2.50% 2.29%

2.02% 1.93% 1.93% 1.92% 1.72%1.62% 1.57% 1.52% 1.41% 1.41% 1.34% 1.16% 0.99% 0.97% 0.85% 0.82% 0.78%

0.44% 0.43%

Shareholder ReturnsDividends

CA 1.5 cents/shareRecord date: March 31, 2021Payment date: April 15, 2021

GCM Dividend Yield Relative to Comps

Next Dividend:

Source: Company reports. Market data as of February 28,, 2021

Average = 2.05%

Implemented a Monthly Dividend in 2020

Added to the OTCQX Dividend Index (.OTCQXDIV) in January 2021 Track's dividend-paying U.S. and international OTCQX companies

GCM remains one of the Highest Yields in the Sector and the Only Producer (Non-Royalty) Providing a Monthly Dividend

Returning ~CA$928,000 of Free Cash Flow to shareholders each month


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50

100

150

200

250

2016 2017 2018 2019 2020 2021E

Segovia Marmato

Gold Production

The Company produced 196,362 ounces of gold from its high-grade Segovia Operations in 2020. 2021 production guidance for Segovia is 200,000 to 220,000 ounces of gold.


Production4th Quarter Full Year

2020 2019 2020 2019Gold (ozs)Segovia

20,755 24,805 El Silencio 72,531 86,15418,222 24,320 Providencia 85,759 98,6403,161 4,260 Sandra K 15,217 12,801

38 - Carla 38 -42,176 53,385 Total Company mines 173,545 197,5957,908 4,795 Other contract mines 22,817 16,646

50,084 58,180 Total Segovia Operations 196,362 214,2417,181 7,057 Marmato 23,832 25,750

57,265 65,237 Consolidated 220,194 239,99161,990 60,821 Silver (ozs) 220,214 227,379

Achieved annual production guidance for the fifth consecutive year


Revenue

$-

$400

$800

$1,200

$1,600

$2,000

$-

$100

$200

$300

$400

$500

2016 2017 2018 2019 2020

Revenue Realized Gold Price

$M

For the full year, revenue reached a new record of $390.9 million in 2020, up 20% over 2019

US$/ozNew Record


Total Cash Cost Per Ounce (1)

117

89 $-

$400

$800

$1,200

$1,600

$2,000

2016 2017 2018 2019 2020

Cash Cost Realized Gold Price

US$/oz sold

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

Catalysts for the increase in Segovia’s cash cost/oz in 2020 included: (i) an increase in contractor and artisanal mining payment rates (which had not changed since 2017) in response to the current gold market conditions, (ii) higher spot gold prices which increased production taxes on a per

ounce basis, (iii) COVID-19 costs and (iv) the impact of the lower production in 2020 on fixed operating costs per ounce

Segovia Operations


AISC & All-In Costs (1)US

$/oz

sold

$-

$400

$800

$1,200

$1,600

$2,000

2016 2017 2018 2019 2020

Cash Cost AISC Realized Gold Price

Catalysts for the increase in AISC/oz in 2020 included (i) the increase in total cash costs/oz, (ii) an increase in sustaining capital expenditures, and (iii) the impact of lower gold sales volume on its AISC on a per ounce basis.

The gap between Realized Gold Price and AISC is fuelling our Free Cash Flow generation.(1) Refer to the Company’s MD&A for computation.


Adjusted EBITDA (1)

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

$-

$50

$100

$150

$200

2016 2017 2018 2019 2020

US$M

For the full year, adjusted EBITDA reached a new annual record of $187.8 million, up 28% over 2019.Gran Colombia’s Adjusted EBITDA growth reflects leverage to gold prices and steady cash costs.

New Annual Record


Cash Flow Metrics

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

Production growth, increased gold prices and control of its costs have fueled the growth in Gran Colombia’s Free Cash Flow.

0

50

100

150

2016 2017 2018 2019 2020

Operating Cash Flow Free Cash Flow (1)

$M


ResultsCash & Debt (1)

$-

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$100

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Gold Notes Convertible Debentures Cash

Gran Colombia’s balance sheet continues to get stronger each quarterFree Cash Flow and balance sheet strength facilitates the new monthly dividend instituted in 2020.

(1) Aggregate principal amount of debt outstanding. Excludes Aris Gold’s (formerly Caldas Gold) cash and debt.

2019 2020


Segovia OperationsFrom 2010 through 2020, Segovia has produced 1.3 Mozs at 13.8 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&I1.36 Mozs

Total Inferred1.26 Mozs

Historical Progression of Mineral Resource and Reserve Estimates

Providencia Vein• PV-GM-U02-19: 111.79 g/t Au over 0.95m• PV-IU-276: 51.22 g/t Au over 1.91m

Sandra K Techno Vein• SK-IU-140: 45.63 g/t AU and 78.4 g/t Ag over 0.5m• SK-IU-158: 63.92 g/t Au and 458.4 g/t Ag over 0.63mSandra K 6640 Vein• SK-IU-138: 34.13 g/t Au and 182.7 g/t Ag over 0.48m

Nacional Vein• ES-MH07-01: 12.32 g/t Au and 13.4 g/t Ag over 0.38mManto Vein• ES-MH07-01: 29.66 g/t Au and 41.6 g/t Ag over 0.72m• ES-MO07-04: 87.40 g/t Au and 13.4 g/t Ag over 0.56m1180 Vein• ES-IU-116: 70.13 g/t Au and 184.1 g/t Ag over 0.99m

450 Vein (New discovery in 2020)• ES-MH07-05: 162.70 g/t Au and 77.0 g/t Ag over 0.51m

CARLA MINEGran Colombia Vein• CA-ES-016: 59.29 g/t Au and 48.6 g/t Ag over 0.66m• CA-ES-019: 100.3 g/t Au and 59.3 g/t Ag over 1.26m

Vera Vein (Brownfield Program)• VER-ES-006: 96.68 g/t Au and 423.7 g/t Ag over 0.49m• VER-ES-005: 46.54 g/t Au and 365.0 g/t Ag over 0.34m• VER-ES-003: 5.48 g/t Au and 212.1 g/t Ag over 0.64m

2020 Ongoing Drilling Program Continues to Yield

High-Grade Results


Segovia OperationsFrom 2010 through 2020, Segovia has produced 1.3 Mozs at 13.8 g/t

0

0.5

1

1.5

2

2.5

3

2010 2012 2013 2014 2015 2016 2017 2018 2019 2020

Reserves Other M&I Inferred

M&I Grade(g/t)

13.1 12.1 15.2 12.0 11.4 11.8 11.7 11.2

Mozs

Drilling suspended during period of low gold prices

Total M&I1.43 Mozs

Total Inferred1.21 Mozs

Historical Progression of Mineral Resource and Reserve Estimates


Denotes existing operating Company minesDenotes regional exploration target in process

Segovia OperationsRegional Exploration Program

Currently operating mines on only 3 of 27 known veins in the

RPP-140 license.

• High-grade intercepts reported from the first 8 step-out diamond drill holes, totaling 2,223 meters, from the brownfield program at Vera which started in October 2020.

• The 2021 exploration program includes approximately 40,000 meters of in-mine and near-mine diamond drilling at the El Silencio, Providencia, Sandra K and Carla mines at a total cost of approximately US$10 million.

• The 2021 exploration program also includes a multi-phase fieldwork program for each of the high-priority brownfield targets at Vera (ongoing), Cristales, Marmajito and San Nicolas, including 20,000 meters of drilling, at a total cost of approximately US$4 million.


Investment PortfolioOpportunities for Growth & Value Creation

(1) Acquisition in process.

27% equity interestTSX-V: DSLV Zancudo

Colombia

Marmato(Colombia)

Juby(Ontario)

ToroparuGuyana

MeadowbankNunavut

44% equity interestTSX: ARIS

18% equity interestTSX-V: GLDX

26% equity interestTSX-V: WA

Guia AntiugaColombia

LomeroSpain (1)


Gold X TransactionCreating a Mid-Tier Latin American Gold Producer

• Gran Colombia will acquire all of the issued and outstanding common shares it does not own (GCM currently owns 9,571,158 shares of Gold X, ~18% of the Gold X Shares outstanding)

• Gold X Shares will be acquired by GCM in exchange for GCM common shares on the basis of 0.6948 of a GCM Share for each Gold X Share

Creation of a New, Latin American-Focused Growth

Platform

Latin American Operating & Mine Building Expertise

Significant Resource Growth & Exploration

Potential

Enhanced Balance Sheet & Access to

Capital

Enhanced Capital Markets

Profile

• The Exchange Ratio implies consideration of CA$4.10 per Gold X Share based on the 20-day volume weighted average price of the Gran Colombia Shares on the TSX as of the market close on March 12, 2021

• Total consideration of approximately CA$315 million on a 100% and fully diluted in-the-money basis


Peer BenchmarkingGold X Offers Compelling Value

Note: Market data is presented as of March 15, 2021; Gold equivalent calculated using spot metal prices of US$1,732/oz Au, US$26.23/oz Ag, US$4.15/lb Cu and US$11.79/lb Mo(1) Based on the implied offer of C$4.10/share on March 15, 2021 for the Gold X securities not owned by Gran Colombia at the time of the offer; utilizes Gran Colombia’s average cost base for the Gold X securities held by Gran Colombia at the time of the offer(2) Average does not include Gold X Mining Corp. (Offer)

Selected Latin American Gold Explorers & Developers (Open-Pit)

CompanyKey Asset Global

ResourceEV/

ResourceName Stage Location

(Moz AuEq) (US$/oz AuEq)

Bluestone Resources Inc. Cerro Blanco PEA Guatemala 3.23

Belo Sun Mining Corp Volta Grande Feasibility Brazil 6.72

Amarillo Gold Corporation Mara Rosa Feasibility Brazil 1.72

Goldsource Mines Inc. Eagle Mountain Resource Guyana 1.72

Big River Gold Limited Borborema Feasibility Brazil 2.43

Almaden Minerals Ltd. lXtaca Feasibility Mexico 4.41

Rio2 Limited Fenix PFS Chile 6.37

New Oroperu Resources Inc. Tres Cruces Resource Peru 2.58

TriStar Gold Inc. Castelo de Sonhos PEA Brazil 2.20

Gold X Mining Corp. (Offer) 1 Toroparu PEA Guyana 11.91

Lumina Gold Corp. Cangrejos PEA Ecuador 23.11 $10

$14

$16

$17

$18

$20

$21

$21

$27

$43

$49

Average: $24 2

24

For Further Information: Mike Davies

Chief Financial Officer(416) 360-4653

[email protected]

mike davies, cfo

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