Gran Colombia - Leading Underground Gold Producer at Denver Gold Forum

1. TSX: GCM OTCQX: TPRFF September 2019 Denver Gold Forum A Leading High-Grade Underground Gold Producer

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 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, 2019 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.

3. Focus in Colombia EMERGING MID-TIERGOLD MINER 2018 Gold Production 218,000 ozs Marmato Project Segovia Operations • High-grade underground mines • 89% of production • 2018: 193,000 ozs • Head grades averaged 17.1 g/t in 2018 • One of the Top 5 Highest Grade Underground Mines • Underground mine expansion opportunity • 11% of production • 2018: 25,000 ozs • Head grades averaged 2.7 g/t in 2018 • One of the Top 20 Undeveloped Global Gold Deposits On Track to Produce up to 240,000 ozs in 2019 3

4. THE RIGHT TEAM • Management • 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 • Alessandro Cecchi, VP Exploration – Exploration geologist with 20+ years of experience focused gold exploration and development in South America. • Jose Ignacio Noguera, VP Corporate Affairs – Lawyer with 20+ years of experience in public and government affairs and sustainability in the resource sector in Colombia • Angel Meza, General Manager, Segovia Operations – Mine engineer with 17+ years of experience in mining operations in South America and Africa • 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 • Directors • Serafino Iacono, Executive Chairman – Company co-founder with 30+ years of experience in capital markets and public companies • Miguel de la Campa, Vice Chairman – Company co-founder with 30+ years of experience in financing and developing mining and other resource projects • Jaime Perez Branger – Executive with 30+ years of experience in finance and capital markets • Robert Metcalfe – Lawyer and corporate director • Hernan Martinez – Former Colombian Minister of Mines and Energy • Monica De Greiff – Executive President of the Bogota Chamber of Commerce and former Colombian Minister of Justice • De Lyle Bloomquist – Corporate director 4

5. Gran Colombia Continuing to Deliver Gran Colombia 2.0 WHAT’S NEW? • Gran Colombia’s high-grade Segovia Operations are continuing to fuel production growth with 230,906 ounces of gold production in TTM June 2019, up 6% over 2018. • Market capitalization is benefitting from capital structure simplification in 2018 and execution of the turnaround strategy. • ~130% appreciation in share price since one year ago. • Share price is currently ~60% of analysts’ targets. • Maintaining strength in the Company’s balance sheet in 2019. • Gold Notes down 20% from one year ago to $73.6M as of July 31, 2019. • $51M of cash as of June 30, 2019, up from $36M at the end of 2018. • Future growth continues emphasis on high-grade Segovia mines and the other 24 known veins we are not currently mining. Raised CA$20M through convertible debentures financing in April 2019 to fund accelerated drilling campaign over next two years. • Upsidepotential with Marmato expansion, Zancudo, Sandspring and Venezuela in the pipeline. “Focused on what we can control……Cash, Costs and Execution.” TTM = Trailing 12 months 5

6. CAPITAL STRUCTURE Fully Diluted = ~68M shares Common Shares 49.9 million Market Capitalization (as of September 10, 2019) CA$243 million Warrants GCM.WT.B: 12.0 million @ CA$2.21 (2024 expiry) Stock Options 1.8 million @ CA$2.55 to CA$3.67 (2021-2024 expiry) Convertible Debentures CA$20 million @ CA$4.75 (2024 expiry) Outperforming the TSX Global Gold Index 6

7. RESULTS Solid Turnaround Annual Gold Production reaches 231,000 ozs Annual Adjusted EBITDA surpasses $100M kozs $M Free Cash Flow is servicing debt and building cash AISC reflects focus on controlling costs US$/oz $M TTM = Trailing 12-months ended June 30, 2019. 9

8. RESULTS Cash & Debt $M AISC (-23%) 2018 2019 • Gran Colombia’s balance sheet is getting stronger each quarter: • Cash has increased to $51.3 million as of June 30, 2019, including $13.7 million from the CA$20.0 million of Convertible Debentures issued in April 2019. • The Gold Notes amortization schedule is steadily reducing debt by $4.9 million each quarter. • Net debt to Adjusted EBITDA has decreased to 0.35X at H1-2019 from 0.5X at the end of 2018. Aggregate principal amount outstanding of Gold Notes and Convertible Debentures.

9. 2019 OUTLOOK Raised Production Guidance Priorities • CA$20M bought deal private placement of convertible debentures - COMPLETED • Continue implementation of optimized mine plan at Segovia: • Expanding infrastructure to access deep levels at El Silencio and Providencia. • Continuing ventilation improvements at El Silencio and commence Sandra K. • Continuing El Chocho tailings storage construction and commission filter press. • Expanding planned 20,000m drilling program in H2-2019 at Segovia with bought deal proceeds to accelerate step-out and brownfield drilling to increase reserves for production growth and mine life extension. • Completing technical studies for underground expansion project at Marmato. • Providing technical support to Sandspring; monitoring opportunity in Venezuela. 2019 Targets Trailing 12-months ended June 30, 2019

10. Historic Mining Districts PROPERTIES As of December 31, 2018 Included in Mineral Resources 8

11. Production Stage SEGOVIA OPERATIONS License Boundaries for Segovia & Carla (100% Owned) Main Mineralization Zones • High-grade mesothermal quartz-sulfide veins in historic mining district….over 5 million ounces of gold produced through continuous mining over past 150+ years. Expected mine life runs through to 2026 (2017 PEA). • Three active underground mines (27 known veins) and a substantial land package of ~9,000 hectares, including a unique RPP contract license over ~3,000 hectares which grants mining rights in perpetuity. 10

12. SEGOVIA OPERATIONS El Silencio Mine M&I 784 kozs10.6 g/t Inferred 548kozs9.9 g.t Reserves 381kozs9.3 g/t 2018 Production of 85,000 ozs, up 5% from 2017 H1-2019 Production of 43,000 ozs, up 6% from H1-2018 11

13. SEGOVIA OPERATIONS Providencia Mine M&I 354 kozs17.6 g/t Inferred 307kozs16.7 g.t Reserves 220kozs17.1g/t 2018 Production of 88,000 ozs, up 70% from 2017 H1-2019 production of 50,000 ozs, up 16% from H1-2018 12

14. SEGOVIA OPERATIONS Sandra K Mine M&I 142 kozs10.2g/t Inferred 73kozs7.1g.t Reserves 54 kozs9.8g/t 2018 Production of 9,000 ozs, up 100% from 2017 H1-2019 production of 5,000 ozs, on par with H1-2018 13

15. SEGOVIA OPERATIONS Blue Sky Potential Currently operating mines on only 3 of 27 known veins in the RPP-140 license. Areas of Immediate Interest Increase M&I resources and reserves Consolidate advance deposits Follow-up brownfield exploration projects Chicharron (Sandspring Resources) 14

16. Maria Dama Processing Plant SEGOVIA OPERATIONS • Plant now has capacity to handle up to 1,500 tpd. • 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. • Onsite lab provides quick turnaround of development samples; exploration samples processed in SGS Medellin. • New “El Chocho” tailings storage facility will receive material over the next six years and filter press has been commissioned in 2019; onsite water treatment facility is treating excess water to Colombian standards before being discharged. 15

17. Positive Agent for Change SEGOVIA OPERATIONS • 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 16

18. MARMATO PROJECT Mine Expansion Opportunity The Future of Marmato is Going Underground • Mineralization is hosted by sheeted pyrite vein system in dacite to andesite porphyry stocks. • Mountain of gold in historic mining district. Ranked in 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 expansion of the underground mining operations to incorporate the Deeps mineralization. Completing additional drilling and technical studies toward expected completion of a PEA by the end of 2019. 11% 2018 Production (1) Derived from the NI 43-101 Mineral Resource Estimate on the Marmato Project, Colombia dated November 20, 2017 and effective as of June 16, 2017, prepared by SRK and updated by Ben Parsons, an independent Qualified Person under NI 43-101, of SRK for production through to December 31, 2018 . 17

19. Mine Expansion Opportunity MARMATO PROJECT 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 for 60 koz Inferred: 29.3 Mt @ 2.3 g/t Au for 2,142 koz Using 1.9 g/t cut-off grade Using 1.2 g/t cut-off grade 18

20. For Further Information, Contact: Mauricio Ostos Investor Relations (416) 360-4653 investorrelations@grancolombiagold.com