OTCQX: TPRFF March 2021 Presentation
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The leading high-grade gold producer in Colombia TSX: GCM OTCQX: TPRFF www.grancolombiagold.com March 2021 Presentation 1
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 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. Corporate Presentation | March 2021 TSX: GCM | OTCQX: TPRFF
Emerging Mid-Tier Gold Company
Focus in Colombia
Segovia Operations
Flagship Operation
100% ownership
High-Grade Underground 2020 Production
Mines 196,000 ozs
One of the Top 5 Highest- 1.3 Million Ounces
Grade Underground Global Produced over the Last
Gold Mines. 10 Years with Average
14.5 g/t in 2020 Head Grade of 13.8 g/t
Exploration extending
Core Projects in Historic
existing mines and
Mining Districts with
expanding to include other
Significant Exploration
brownfield targets in the
Upside
mining title
Met Guidance for Fifth Now Paying a Monthly
Consecutive Year Dividend
Gran Colombia Gold | Corporate Presentation | March 2021 TSX: GCM | OTCQX: TPRFF | 3
Capital Structure
Exchanges Market Capitalization Warrants
(as of February 28, 2021)
TSX: GCM CA$349.4 million (1)
GCM.WT.B: 10.6 million @ CA$2.21 (2024 expiry)
OTCQX: TPRFF Unlisted: 3.3 million @ CA$5.40 (2023 expiry)
Unlisted: 7.1 million @ CA$6.50 (2023 expiry)
Common Shares
61.8 million Stock Options
1.6 million @ CA$2.55 to CA$6.88 (2022-2025 expiry)
52 Week High/ Low Convertible Debentures
CA$8.40/ CA$2.88 CA$20 million @ CA$4.75 (2024 expiry)
Fully Diluted
~88.6M shares
NCIB (2)
• Expires September 2021
• Can purchase up to 5.9M shares; 834,100 shares purchased to-date at CA$6.13/share
(1) Based on C$5.65 at close on February 28, 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.
Gran Colombia Gold | Corporate Presentation | March 2021 TSX: GCM | OTCQX: TPRFF | 4
Shareholder Returns
CA 1.5 cents/share
Next Dividend: Record date: February 26, 2021
Payment date: March 15, 2021
Dividends
Implemented a Monthly Dividend in 2020
8.24%
Returning ~CA$928,000 of Free Cash Flow to shareholders each month
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
4.02% 3.96%
3.67% Producer (Non-Royalty) Providing a Monthly Dividend
3.19%
2.64% 2.50%
2.29%
2.02% 1.93% 1.93% 1.92% 1.72% Average = 2.05%
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%
GCM Dividend Yield Relative to Comps
Source: Company reports. Market data as of February 28,, 2021
Gran Colombia Gold | Corporate Presentation | March 2021 TSX: GCM | OTCQX: TPRFF | 5
Re-Rating Opportunity
Undervalued vs Peers
Current Valuation Comparables (6)
CAD CAD/Share (5) Company Price EV/EBITDA EV/EBITDA P/NAV
CAD 2021E 2022E
Market capitalization $349.4M $5.65 Pretium $13.04 6.4x 5.7x 0.84x
February 28, 2021
Cash & cash equivalents (1)(2) $114.2M $1.85 Fiore Gold $1.09 2.2x 1.8x 0.38x
Total debt (2)(3) $61.4M $0.99 Wesdome $8.53 6.6x 3.4x 0.75x
Equity investments (4) $203.0M $3.28 Lundin Gold $9.79 5.4x 4.7x 0.81x
Enterprise Value $93.6M $1.51 Argonaut $2.27 2.2x 1.8x 0.40x
Gold
(1) US$90M at December 31, 2020, excluding Aris Gold. Victoria $11.57 9.7x 2.4x 0.52x
(2) Translated to CAD based on Bank of Canada closing exchange rate on February 26, 2021 of 1.2685 per
US$1.00.
Gold
(3) US$32.6M Gold Notes and CA$20M of Convertible Debentures at February 26, 2021.
(4) Based on TSX/TSXV quoted closing share prices on February 26, 2021 for common shares in Aris Gold, Gold Peer 4.9x 3.1x 0.60x
X, Western Atlas and listed warrants in Aris Gold. Denarius common shares valued at CA$0.45/share. Value of
unlisted warrants in Aris Gold and Gold X not included. Average
(5) Derived based on 61,845,744 common shares issued & outstanding.
(6) Source: Red Cloud Securities Research report dated February 24, 2021. Gran $6.19 0.9x 0.9x 0.46x
Colombia
Current Dividend Yield is > 3%
Gran Colombia Gold | Corporate Presentation | March 2021 TSX: GCM | OTCQX: TPRFF | 6
Valuation
Significant Re-Rating Potential
One-year growth of 44.7% to close 2020 at $8.06/share
Stifel GMP
BUY: 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$17.50/share target price
(February 24, 2021 Research Report)
“Following recent corporate and strategic announcements we believe Gran Colombia is poised to comprehensively explore and enhance its Segovia
operations. In our view, exploration success that results in the expansion of the high-grade reserve base at Segovia could result in a re-rating of the stock,
helping to close its valuation gap to peers.”
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.”
Gran Colombia Gold | Corporate Presentation | March 2021 TSX: GCM | OTCQX: TPRFF | 7
Investment Portfolio
Opportunities for Growth & Value Creation
44% equity interest Marmato
TSX: ARIS (Colombia)
Juby
(Ontario)
36% equity interest
TSX-V: DSLV Zancudo
Colombia
Guia Antiuga
Colombia
Lomero
Spain (1)
18% equity interest Toroparu
TSX-V: GLDX Guyana
26% equity interest
TSX-V: WA
Meadowbank
Nunavut
(1) Acquisition in process.
Gran Colombia Gold | Corporate Presentation | March 2021 TSX: GCM | OTCQX: TPRFF | 8
The Right Team
Seasoned Experience in Colombia
Demonstrated operating and mine Management
building experience in Latin America Serafino Iacono, Director and Executive Chairman
Lombardo Paredes, CEO
Mike Davies, CFO
Alessandro Cecchi, VP Exploration
Track record of improvement
Directors
Miguel de la Campa, Vice Chairman
Strong health & safety record at Jaime Perez Branger
Robert Metcalfe
Segovia
Hernan Martinez
De Lyle Bloomquist
Focused on building strong
community relationships; ESG is in
our DNA
Gran Colombia Gold | Corporate Presentation | March 2021 TSX: GCM | OTCQX: TPRFF | 9
Results Releasing 2020 Year End Results on March 31, 2021
Performance Drivers
Met guidance for fifth consecutive year Higher gold prices fueling Adjusted EBITDA growth
240 $150
Segovia Marmato
200
160 $100
kozs $M
120
80 $50
40
- $-
2017 2018 2019 2020 2017 2018 2019 9M-2019 9M-2020
AISC reflects focus on controlling costs Free Cash Flow is servicing debt and building cash
$1,050
AISC Total Cash Cost $120
Operating Cash Flow Free Cash Flow
$100
$700
$80
US$/oz $60
$M
$350 $40
$20
$- $-
2017 2018 2019 9M-2019 9M-2020 2017 2018 2019 9M-2019 9M-2020
Refer to Company’s MD&A for computations.
Gran Colombia Gold | Corporate Presentation | March 2021 TSX: GCM | OTCQX: TPRFF | 10Results
Cash & Debt (1)
$100
Gold Notes Convertible Debentures Cash
$80
$60
$40
$20
$-
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2019 2020
Gran Colombia’s balance sheet continues to get stronger each quarter
Free Cash Flow and balance sheet strength facilitates the increased annual dividend with monthly payments.
(1) Aggregate principal amount of debt outstanding. Excludes Aris Gold’s (formerly Caldas Gold) cash and debt.
Gran Colombia Gold | Corporate Presentation | March 2021 TSX: GCM | OTCQX: TPRFF | 11Gold 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$32.6 million outstanding as of March 1, 2021
o
o
Listed on the TSX under the symbol GCM.NT.U
8.25% annual coupon paid monthly in cash
B+ (Outlook Stable)
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 26,110 ounces, representing less than 5% of Segovia’s projected future production, are required to meet the remaining principal repayments
Amortization Schedule
February 2021 to April 2024
(Ounces to be Deposited to Gold Trust Account)
10,000
5,000
-
2021 2022 2023 2024
Gran Colombia Gold | Corporate Presentation | March 2021 TSX: GCM | OTCQX: TPRFF | 12Why Colombia
A Great Mining Jurisdiction
$745
Annual GDP
(4th
largest in
Colombia is an OECD member country with a growing economy, (US$B)
Latin America)
and one of the lowest inflation rates in Latin America.
Population 49.8 Million
The latest Colombia Tax Reform reduces the corporate income tax
GDP Per Capita ($US) $14,943
rate and repeals the 4% surcharge imposed on corporate income,
reducing the total tax rate from 37% in 2018 to 33% in 2019, and 5-Year GDP CAGR (%) 2.8%
32% for 2021, and 30% for 2022 and onwards.
Inflation 3.2%
Public Debt to GDP 50.5%
100 2020 Corruption Perceptions Index (1)
8 countries
The CPI scores 180 countries & territories by their perceived Free Trade
80 levels of public sector corruption, according to experts and (including the US,
Agreements
businesspeople. Canada, and EU)
Scores scale from 0 to 100 (0 is highly corrupt).
60 Ease of Doing Business 3rd best in Latin America
2/3 of Countries score below 50, and the average score is 43. Ranking (65th Globally out of 19)
40 Investor 1st in Latin America
Protection Ranking (15th Globally out of 190
20
Economic Freedom
45th Globally out of 180
Index Ranking
0
New Zealand Canada US Argentina Colombia Brazil Mexico Venezula Somalia Investment Grade by
Credit Rating
(Rank: 1) (Rank: 11) (Rank: 25) (Rank: 78) (Rank: 92) (Rank: 94) (Rank: 124) (Rank: 176) (Rank: 179) Moody’s, Fitch, and S&P
(1) Transparency International 2020 Report.
Gran Colombia Gold | Corporate Presentation | March 2021 TSX: GCM | OTCQX: TPRFF | 13Segovia Operations
Operations
100%
owned
Massive land packages for
Segovia & Carla makes for
the biggest gold producer in
Colombia
Over 6 million ounces of gold recovered
from Segovia title over last 100+ years
Gran Colombia Gold | Corporate Presentation | March 2021 TSX: GCM | OTCQX: TPRFF | 14Segovia Operations Segovia Operations
Production Stage
One of the Top 5 Highest Grade Underground Global Gold Mines…
16.4 g/t in 2019 and 14.5 g/t in 2020
Comparative Asset Milled Grade g/t
Kitco commentaries November 27, 2020 based on Q1 2020 results.
40
30 14.9 g/t Q1-20
Segovia Milled Grade
20
10
0
Gran Colombia Gold | Corporate Presentation | March 2021 TSX: GCM | OTCQX: TPRFF | 15Segovia Operations Releasing Reserve and Resource Update on March 31, 2021
Historical Progression of Mineral Resource and Reserve Estimates
From 2010 through 2020, Segovia has produced 1.3 Mozs at 13.8 g/t
3
Reserves Other M&I Inferred
2.5
2 Total
Inferred
Mozs 1.26 Mozs
1.5
1
Total M&I
0.5 1.36 Mozs
Drilling suspended during
period of low gold prices
0
2010 2012 2013 2014 2015 2016 2017 2018 2019
M&I Grade
13.1 12.1 15.2 12.0 11.4 11.8 11.7
(g/t)
Gran Colombia Gold | Corporate Presentation | March 2021 TSX: GCM | OTCQX: TPRFF | 16Segovia Operations
Mineral Resource Estimate as of December 31, 2019
Measured Indicated Measured & Indicated Inferred
Au Au Au
Project Deposit Type Tonnes Grade Tonnes Grade Tonnes Grade Tonnes Grade Au Metal
Metal Metal Metal
(kt) (g/t) (kt) (g/t) (kt) (g/t) (kt) (g/t) (koz)
(koz) (koz) (koz)
LTR 118 15.9 60 296 13.0 124 414 13.8 184 315 8.3 84
Providencia
Pillars 108 26.1 90 116 12.1 45 224 18.8 135 389 20.0 249
LTR 385 10.3 128 385 10.3 128 315 8.6 87
Sandra K
Pillars 152 10.9 53 152 10.9 53
Segovia LTR 824 11.5 304 824 11.5 304 1,736 8.3 462
El Silencio
Pillars 1,459 10.7 504 1,459 10.7 504 395 12.1 154
Verticales LTR 771 7.1 176
Subtotal Segovia LTR 118 15.9 60 1,504 11.5 555 1,623 11.8 616 3,136 8.0 809
Project Pillars 108 26.1 90 1,727 10.8 602 1,835 11.7 692 784 16.0 403
Subtotal Carla
Carla LTR 154 9.7 48 154 9.7 48 178 9.3 53
Project
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%
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.
In the 2019 MRE update, Gran Colombia more than replaced what it mined in the year
Gran Colombia Gold | Corporate Presentation | March 2021 TSX: GCM | OTCQX: TPRFF | 17Segovia Operations
Mineral Reserve Estimate as of December 31, 2019
Tonnes Grade Au Metal
Area Category
(kt) (g/t) (koz)
Proven 165 16.5 88
Providencia
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.
Gran Colombia Gold | Corporate Presentation | March 2021 TSX: GCM | OTCQX: TPRFF | 18Segovia Operations
Nacional Vein
• ES-MH07-01: 12.32 g/t Au and 13.4 g/t Ag over 0.38m
Manto Vein
2020 Ongoing Drilling
Historical
• ES-MH07-01:Progression of41.6
29.66 g/t Au and Mineral Resource
g/t Ag over 0.72m Program Continues to Yield
and Reserve Estimates
• ES-MO07-04: 87.40 g/t Au and 13.4 g/t Ag over 0.56m
1180 Vein High-Grade Results
• ES-IU-116: 70.13 g/t Au and 184.1From 2010
g/t Ag over through 2020, Segovia has produced
0.99m 1.3 Mozs at 13.8 g/t
3
450 Vein (New discovery in 2020)
Reserves
• ES-MH07-05: 162.70 g/t Au and 77.0 g/t Ag over 0.51m
Other M&I Inferred
2.5
2 Total
Inferred
Mozs 1.26 Mozs
1.5
1 Sandra K Techno Vein
• SK-IU-140: 45.63 g/t AU and 78.4 g/t Ag over 0.5m
Total
• SK-IU-158: 63.92 g/t Au and 458.4 g/t Ag over M&I
0.63m
Providencia Vein
0.5
• PV-GM-U02-19: 111.79 g/t Au over 0.95m
Sandra K 6640 Vein 1.36 Mozs
Drilling suspended during • SK-IU-138: 34.13 g/t Au and 182.7 g/t Ag over 0.48m
• PV-IU-276: 51.22 g/t Au over 1.91m
period of low gold prices
0
2010MINE
CARLA 2012 2013 2014 2015 2016 Vera2017 2018
Vein (Brownfield Program) 2019
Gran Colombia Vein • VER-ES-006: 96.68 g/t Au and 423.7 g/t Ag over 0.49m
M&I Grade • CA-ES-016: 59.29 g/t Au and 48.6 g/t Ag over 0.66m • VER-ES-005: 46.54 g/t Au and 365.0 g/t Ag over 0.34m
13.1
• CA-ES-019: 12.1
100.3 15.2
g/t Au and 59.3 g/t Ag over 1.26m 12.0 11.4
• VER-ES-003: 11.8
5.48 g/t 11.7
Au and 212.1 g/t Ag over 0.64m
(g/t)
Gran Colombia Gold | Corporate Presentation | March 2021 TSX: GCM | OTCQX: TPRFF | 19Segovia Operations
Regional 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 Denotes existing operating
a total cost of approximately US$10 million. Company mines
Denotes regional
• The 2021 exploration program also includes a multi-phase exploration target in
fieldwork program for each of the high-priority brownfield process
targets at Vera (ongoing), Cristales, Marmajito and San
Nicolas, including 20,000 meters of drilling, at a total cost
of approximately US$4 million.
Gran Colombia Gold | Corporate Presentation | March 2021 TSX: GCM | OTCQX: TPRFF | 20Segovia Operations
Maria Dama Processing Plant & El Chocho Tailings Storage
Maria Dama El Chocho
o Plant has capacity to handle up to 1,500 tpd. Currently using about 90% and expansion to 2,000 tpd is possible.
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 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.
Gran Colombia Gold | Corporate Presentation | March 2021 TSX: GCM | OTCQX: TPRFF | 21Segovia Operations
ESG is in Our DNA
Artisanal Miner Contract Model Benefits of Contract Mining
Health
o Agreements with 50+ third party miner groups o Environmental benefits – GCM controls
who mine in designated areas within our title processing, reducing mercury use
o GCM pays for recovered gold at fixed price o Employment – expanded workforce
o Contractors manage miners & fund own costs o Improved health & safety
o GCM processes ore and sells the gold/silver o Workers receive health & pension benefits
o GCM provides health & safety training o Government receives tax & royalties
Improving Health & Safety Governance Education
o Our number one priority in our operations o ESG Committee of the Board provides
o Investment in training and awareness initiatives oversight
o Improved underground mine ventilation and o Corporate ESG Manager focused on
personal protective equipment, resulting in enhancing ESG reporting at investor level
major reductions in lost-time injuries
Environment
Funding Education & Community Programs
o In partnership with Fundacion Angelitos de Luz, GCM administers the local elementary school,
Gimnasio la Salada. In 2020, the school had ~500 students enrolled in kindergarten through to
grade seven
Community
o Construction of high-school completed in 2020, which enrolled ~200 students in its first year
o In partnership with SENA, constructed the Agribusiness Mining Technology Center, which will
benefit more than 139,000 people in Northeast Antioquia
Gran Colombia Gold | Corporate Presentation | March 2021 TSX: GCM | OTCQX: TPRFF | 22Benchmarking Gold Mines Emissions
Renewable Energy
o Signed an agreement to construct an 8 MW Renewable Energy Electricity Project in Colombia that
will start up in late 2021 and operate for 30 years using a solar generation plant that will produce Positioned Well Amongst ~200 Mines Globally
up to 21,500 MWh per annum
o A portion of GCM’s electricity requirements at its operations can be accessed through the national
grid and receive CO2 certificates, reducing the Company’s carbon footprint
Reforestation
o Have exceeded environmental permit requirements, planting approximately 12,000 new trees in
16 hectares of GCM’s mining title
o Reforestation ratio of 5 new trees planted for every tree removed
o Rehabilitated former tailings storage sites using specific vegetation and water catchment design GCM Mines
to create safe and natural areas
Tailings
o El Chocho, GCM’s new tailings storage facility that receives material from its Maria Dama plant at
its Segovia Operations, opened in 2019
o New filter press allows compliance with international best practices by dry stacking the material
and re-circulating clean water back to Maria Dama for re-use in plant operations
o El Chocho will receive material for ~7 more years, after which it will be rehabilitated for
Source: Skarn Associates, Colombia Gold Symposium
community use
Gran Colombia Gold | Corporate Presentation | March 2021 TSX: GCM | OTCQX: TPRFF | 23On-Going COVID-19 Relief
Protecting Our Workforce & Supporting Communities
Health & Safety
Increased Security & Protection Protocols
Installation of Facial Recognition Technology
Employee Sanitization Stations
Donations of:
Hospital Equipment
Protein Groceries
Sanitation Kits for First Responders
Face Masks (Sewn Locally), Contributing to
Economic Relief
Gran Colombia Gold | Corporate Presentation | March 2021 TSX: GCM | OTCQX: TPRFF | 24Why Invest in Gran Colombia Gold
01 02 03
Strong management with Segovia is one of the Strong free cash flow
Latin American mining highest grade global yield and healthy
experience underground gold balance sheet
mines
04 05 06
Pays monthly dividend Focusing on significant “Sum of the parts”
exploration upside at undervalued versus
Segovia peers
Gran Colombia Gold | Corporate Presentation | March 2021 TSX: GCM | OTCQX: TPRFF | 25APPENDIX
26Segovia Operations Providencia Mine
Providencia Mine In-fill Drilling Grade Intercepts
51.22 g/t Au and 1.9 g/t Ag
New Level 14 ore body
over 1.91 meters
42.0m @ 25.0 g/t Au on the Providencia Vein (PV-IU-276)
Cross section showing high grade intercept at
intersection of the Providencia
NE Looking SW
Level 9
SW
Level 11
New Level 14 ore body
42.0m @ 25.0 g/t Au Providencia
Vein
Level 14 PV-IU-283
PV-IU-274 PV-IU-283
PV-IU-285
PV-IU-274 PV-IU-276 1.87m @ 7.55 g/t Au
2.30m @ 6.59 g/t Au
PV-IU-285
F Fault 0.48m @ 19.06 g/t Au
PV-IU-276
1.91m @ 51.22 g/t Au
Refer to Gran Colombia’s press release dated December 21, 2020.
Gran Colombia Gold | Corporate Presentation | March 2021 TSX: GCM | OTCQX: TPRFF | 27Segovia Operations Sandra K Mine
Sandra K Mine In-fill Drilling Grade Intercepts
63.92 g/t Au and 458.4 g/t Ag
over 0.63 meters
on the Sandra K Techo Vein (SK-IU-158)
Cross section of the Sandra K vein system at
northernmost end of the mine
Plan View
Level 3
W E
Level 4
Level 5
Sandra K Techo
Sandra K Mine
Vein
SK-IU-154
Level 6 SK-IU-154 2.10m @ 25.98 g/t Au
SK-IU-158 SK-IU-158
0.63m @ 63.92 g/t Au
SK-IU-161
SK-IU-160
SK-IU-160
0.33m @ 7.53 g/t Au
Refer to Gran Colombia’s press release dated December 21, 2020.
Gran Colombia Gold | Corporate Presentation | March 2021 TSX: GCM | OTCQX: TPRFF | 28Segovia Operations El Silencio Mine
Cross section of the El Silencio vein system
El Silencio Mine In-fill Drilling Grade Intercepts 87.40 g/t Au and 13.4 g/t Ag over 0.56
ES5880
meters on the Manto Vein (ES-MH07-04)
Plan View
Level 38 1140 Vein
W E
ES-EU-009 ES-EU-005
0.31m @ 9.28 g/t Au 0.34m @ 8.20 g/t Au
ES-EU-010 Tensional Vein
0.32m @ 27.79 g/t Au
El Silencio Mine
ES-EU-009
0.80m @ 78.48 g/t Au
Manto-HW Vein ES-EU-010
ES-EU-005
Manto Vein ES-EU-009
Cross section of the El Silencio deep vein system
ES-MH07-05
ES-MH07-01
0.51m @ 162.70 g/t Au
0.54m @ 9.52 g/t Au
ES-MH07-03 Level 40
0.87m @ 25.82 g/t Au 450 Vein
ES-MH07-04
1.06m @ 93.90 g/t Au
162.70 g/t Au and 77.0 g/t Ag over 0.51
meters on the 450 Vein (ES-MH07-05) ES-MH07-01
W E ES-MH07-04
ES-MH07-03
ElSection
Silencioline
Mine Nacional Vein ES-MH07-05
ES-MH07-04
Refer to Gran Colombia’s press release dated December 21, 2020. 1.28m @ 44.37 g/t Au
Gran Colombia Gold | Corporate Presentation | March 2021 TSX:
Manto Vein GCM | OTCQX: TPRFF | 29Segovia Operations Carla Mine
Carla Mine In-fill Drilling Grade Intercepts
Carla: 100.30 g/t Au and 59.3 g/t Ag
over 1.26 meters on the
Gran Colombia Vein-HW1 (CA-ES-019)
Cross section of the Carla vein system
W E
LGC
LGC-HW1
CA-ES-019
0.84m @ 149.08 g/t Au
CA-ES-019
CA-ES-020
CA-ES-019 CA-ES-018
0.66m @ 11.82 g/t Au 1.32m @ 24.99 g/t Au
LGC-FW1 “new structure”?
CA-ES-016 *
0.66m @ 59.29 g/t Au
* CA-ES-016 was reported in the Company’s July 20, 2020 press release CA-ES-018
Refer to Gran Colombia’s press release dated December 21, 2020.
Gran Colombia Gold | Corporate Presentation | March 2021 TSX: GCM | OTCQX: TPRFF | 30Segovia Operations Vera Mine
Plan View of the Ongoing Drilling Program (Vera Target)
96.68 g/t Au and 423.7 g/t Ag over 0.49 meters on the Lluvias
Vein (VER-ES-006);
46.54 g/t Au and 365.0 g/t Ag over 0.34 meters on the Lluvias
Vein (VER-ES-005); and
5.48 g/t Au and 212.1 g/t Ag over 0.64 meters on the Lluvias Vein
(VER-ES-003).
Cross section of the Vera Mine
Refer to Gran Colombia’s press release dated February 23, 2021.
Gran Colombia Gold | Corporate Presentation | March 2021 TSX: GCM | OTCQX: TPRFF | 31For Further Information:
Mike Davies
Chief Financial Officer
(416) 360-4653
investorrelations@grancolombiagold.com
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