Corporate Presentation - September 2016

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    TSX:GCMOTC:TPRFFSeptember2016

    TheleadinghighgradegoldproducerinColombia

    CorporatePresentationSeptember2016

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    TSX:GCMOTC:TPRFFSeptember2016

    ForwardLookingStatementsDISCLAIMER

    This presentation contains "forwardlooking information", which may include, but is not limited to, statements withrespect to the future financial or operating performance of the Company and its projects, and, specifically, statementsconcerning anticipated growth in annual gold production, reduction of cash costs and AISC, future G&A, capex andexcess cash flow, interest payments on the senior debt and future purchases and/or redemptions of the senior debt.Often, but not always, forwardlooking 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. Forwardlooking statements involve known andunknown 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 impliedby the forwardlooking statements. Factors that could cause actual results to differ materially from those anticipatedin these forwardlooking statements are described under the caption "Risk Factors" in the Company's AnnualInformation Form dated as of March 30, 2016 which is available for view on SEDAR at www.sedar.com. Forwardlooking statements contained herein are made as of the date of this presentation and Gran Colombia disclaims, otherthan as required by law, any obligation to update any forwardlooking statements whether as a result of newinformation, results, future events, circumstances, or if management's estimates or opinions should change, orotherwise. There can be no assurance that forwardlooking statements will prove to be accurate, as actual resultsand future events could differ materially from those anticipated in such statements. Accordingly, the reader iscautioned not to place undue reliance on forwardlooking statements.

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    TSX:GCMOTC:TPRFFSeptember2016

    Canadian-listed (TSX: GCM) producer with offices in Toronto/Medellin.

    Currently the largest underground gold and silver producer inColombia.

    Advancing a project to expand and mechanize its high-grade gold andsilver mines at its Segovia Operations (~84% of total production).

    The Marmato Project, one of the Top-20 largest undeveloped globalgold deposits, provides significant optionality to gold and silver priceswith current resources in excess of 14M ozs of gold and almost 90Mozs of silver. Deep mineralization holds potential to add resources.

    The Zancudo Project, a former high grade producer, providesadditional exploration upside.

    Successfully completed senior debt restructuring in January 2016;launched NCIBs in July 2016 to repurchase debt.

    Gold production increased 18.5% to 117,000 ounces in 2015. projecting 135,000 - 145,000 ozs in 201697,000 ozs through August.

    AISC (full year average) below US$900/ oz for 2015. projecting US$850 to US$950/oz for 2016.$802/oz in H1-2016.

    Upside in resource expansion and exploration assets.

    Leading Colombian high-grade underground gold producer. undervalued versus peers!

    GranColombiaGold

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    TSX:GCMOTC:TPRFFSeptember2016

    SEGOVIAOPERATIONS

    Category Gold Resource (1)

    (ozs)Grade (g/t)

    Measured 77,000 25.3

    Indicated 351,000 16.8

    Inferred 1,298,000 10.5

    High-grade quartz-sulfide veins in historic mining district.

    Over 5 million ounces of gold produced through continuous mining over past 150 years.

    Production increased ~25% to 92,894 ozs of gold in 2015 with mine-level AISC(2) of US$776/oz.

    Projected 7-year mine life producing > 600,000 ozs of gold with a LOM average mine-level AISC of US$839/oz

    according to SRK Consultings December 2015 Segovia mine plan update.

    Three active underground mines (31 historic mines) and a substantial land package of ~9,000 hectares. Unique

    RPP contract license grants mining rights in perpetuity.

    Currently advancing a project to develop, expand and mechanize underground mining operations.

    Local contract cooperative mining model is successfully leveraging artisanal mining capabilities in high-grade

    secondary pillar recovery operations and improving environmental management in the area.

    Maria Dama plant has been expanded to handle up to 1,500 tpd.

    (1)BasedonSeptember2013NI43101andupdatedforproductiontoDecember31,2015.(2)Cashcost,capex andenvironmentaldischargefees;excludesallocationofcorporateG&A.

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    TSX:GCMOTC:TPRFFSeptember2016

    MARMATOPROJECT

    Category Gold Resource (1)

    (ozs)Gold Grade

    (g/t)Silver Resource (1)

    (ozs)Silver

    Grade (g/t)

    Measured 1,689,000 1.0 7,832,000 4.8

    Indicated 9,912,000 0.9 71,517,000 6.3

    Inferred 2,583,000 1.0 9,419,000 3.7

    Mineralization is hosted by sheeted pyrite vein system in dacite

    to andesite porphyry stocks.

    Mountain of gold in historic mining district.

    Existing underground mining operation with production of

    23,963 ozs of gold in 2015 with mine-level AISC(2) of US$967/oz.

    Ranked in Top-20 of undeveloped global gold deposits by size.

    Deep zone mineralization discovered in 2012 merits further

    exploration.

    (1)BasedonAugust2012NI43101;updatedforproductionto12312015andreductiondueto2015lapseofcertainlicensesinopenpitarea.(2)Cashcost,capex andE&Ecosts;excludesallocationofcorporateG&A.

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    TSX:GCMOTC:TPRFFSeptember2016

    BOARD&MANAGEMENT

    BoardofDirectorsSerafino Iacono ExecutiveCoChairmanMigueldeLaCampa ExecutiveCoChairmanRobertMetcalfe* LeadIndependentDirector;LawyerMarkAshcroft* Miningexecutive;ProfessionalEngineerJaimePerezBranger * ManagingDirector,BluePacificEdCouch* InvestorRodneyLamond* Miningexecutive;ProfessionalMiningEngineerIanMann* ResourcesectorfundmanagerHernanMartinez* FormerColombianMinisterofMinesandEnergyMarkWellings* Miningexecutive;ProfessionalEngineer

    KeyManagementLombardoParedes ChiefExecutiveOfficerMichaelDavies ChiefFinancialOfficerAlessandroCecchi VicePresident,ExplorationHectorMelendez MineGeneralManager,SegoviaOperationsGabrielGaviria MineGeneralManager,Mineros Nacionales

    *Independent

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    TSX:GCMOTC:TPRFFSeptember2016

    DEBTRESTRUCTURING2020Debentures(TSX:GCM.DB.V) Maturity January2,2020 Coupon 6%cash,paidmonthly Convertible holderoption US$0.13/share Redeemable/openmarketrepurchasespermitted AtMaturity settleincash Seniorsecured,nochangestoranking,securityor

    covenants

    GoldNotes(US$100M*)

    SilverNotes(US$78.6M*)

    2018Debentures(TSX:GCM.DB.U) Maturity August31,2018 Coupon 1%cash,paidmonthly Convertible holderoption US$0.13/share Redeemable/openmarketrepurchasespermitted AtMaturity Companyoptiontosettleinsharesorin

    shares/cashifprice

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    TSX:GCMOTC:TPRFFSeptember2016

    CAPITALSTRUCTURE

    TSXSymbol ExercisePrice

    12312015 01202016Exchange

    Date

    09062016 FullyDilutedShares

    Commonshares GCM 23.7M 113.6M 277.6M 277.6M

    2018Debentures* GCM.DB.U US$0.13 N/A** $71.2M $49.8M 382.8M

    2020Debentures* GCM.DB.V US$0.13 N/A*** $104.0M $102.5M 788.3M

    1,448.7M

    Warrants GCM.WT.AUnlisted

    CA$3.25CA$18.75

    4.2M1.0M

    4.2M1.0M

    4.2M1.0M

    Options CA$0.17toCA$18.25 0.9M 0.9M 12.7M

    GranColombialaunchedNormalCourseIssuerBidsonJuly21,2016torepurchasethe2018and2020Debenturesontheopenmarketforcancellation.

    *AmountsshownabovefortheSeniorConvertibleDebenturesareatFaceValue.**ReplacedtheUS$78.6MSilverNotesdue2018.***ReplacedtheUS$100MGoldNotesdue2017.

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    TSX:GCMOTC:TPRFFSeptember2016

    2016OUTLOOK

    FocusedonCash,CostsandExecution!

    Priorities1. Monthlyinterestpaymentson2018and2020Debentures.2. ContinueimplementationofoptimizedmineplanatSegovia:

    PrimaryfocusondevelopmentandmechanizationatProvidencia; SecondaryfocusondevelopmentandmechanizationatElSilencio;and, 10,000mdrillingprogramatSegoviatobecompletedbyendofyear.

    3. Improvebalancesheetbyreducingtheworkingcapitaldeficit.4. Excessfreecashflow sinkingfundsfor2018/2020Debentures NCIBs.

    2016AnnualTargets

    PriorGuidance H12016Actual CurrentGuidance

    Goldproduction(ozs) 120,000 138,000 69,718(1) 135,000 145,000

    Cashcost/oz sold $700 $750 $682 $700 $750

    AISC/oz sold $850 $950 $802 $850 $950

    (1)Actual=96,572ozs atendofAugust2016.

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    TSX:GCMOTC:TPRFFSeptember2016

    GrowthinGranColombiastotalgoldproduction hasbeendrivenbythehighgradeSegoviaOperations.Marmato hasbeensteady.

    2016annualgoldproductionguidancewasincreasedmidyearto135,000145,000 ounces.

    GoldProductionRESULTSAISC(23%

    )

    000sozs

    15

    30

    45

    60

    75

    90

    105

    120

    135

    2013 2014 2015 LTM(1) H12015 H12016

    Segovia Marmato

    (1)LTM=Latest12monthsendedJune30,2016.

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    TSX:GCMOTC:TPRFFSeptember2016

    CashCostPerOunce(1)RESULTS

    117

    89$400

    $600

    $800

    $1,000

    $1,200

    2013 2014 2015 H1'15 H1'16

    Segovia

    2013 2014 2015 H1'15 H1'16

    Marmato

    $900

    16%ofH12016goldsalesUS$/oz sold

    $641

    84%ofH12016goldsales

    H12016 total cash cost for the Company was $682/oz, down 15% from H12015, benefitting from:

    Principal source of Gran Colombias gold production is the highgrad