tsx: gcm otcqx: tprff ......2.5 million @ ca$2.55 to ca$6.88 (2022-2026 expiry) convertible...

1

Mid-Tier Latin American Gold Producer

TSX: GCM OTCQX: TPRFF www.grancolombiagold.com August 2021 Presentation

http://www.grancolombiagold.com/

TSX: GCM | OTCQX: TPRFFCorporate Presentation | August 2021

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 of

the 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 and

capex, 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 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 31, 2021 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.

Forward-Looking Statements

TSX: GCM | OTCQX: TPRFF |Gran Colombia Gold | Corporate Presentation | August 2021 3

Mid-Tier Latin American Gold ProducerGrowth Through Diversification

Two Cornerstone Assets with 8.8 Mozs Total M&I Gold Resources

Strong Balance Sheet with Proven Track Record of Mine Building

and Operating in Latin America

Segovia Toroparu Diversified Portfolio

+ =Consistently ranked in

the world’s top 5

highest-grade

underground gold

mines

One of the largest

undeveloped gold

deposits in the

Americas with 7.35

million ounces

Measured & Indicated

Gran Colombia’s diversified portfolio within the

mining friendly jurisdictions of Colombia and

Guyana, combined with its strong balance sheet

and qualified management, position the Company

as a leading Latin American gold producer

Colombia Guyana Latin American Gold Producer

Paying a monthly Dividend with an

annual yield equivalent to > 3%


Growth Through Diversification

Colombia100% ownership

Segovia Operations

Latin American Gold Producer

60,000 m of Drilling in 2021 at

Existing Mines and Brownfield

Targets in the Mining Title

High-Grade Underground Mines

2020 Production 196,000 ozs;

1.3 Million Ounces Over Last

10 Years

One of the Top 5 Highest-Grade

Underground Global Gold Mines.

14.5 g/t in 2020

RPP Title in Historic Mining

District with Significant

Exploration Upside

Guyana100% ownership

Toroparu Project

Advanced Development Stage

Project with Key Permits in Place

7.35 Million Ounces M&I Gold

Resources

Guyana is Poised to be the

World’s Fastest Growing

Economy According to the IMF

One of the Largest Undeveloped

Gold Deposits in the Americas

2020/2021 Drilling has Identified

Higher-Grade Gold Structures

Being Incorporated in a New

Geologic Model


Capital Structure

Exchanges

TSX: GCM

OTCQX: TPRFF Common Shares98.5 million

Market Capitalization CA$467.8 million (1)

Warrants

GCM.WT.B: 10.4 million @ CA$2.21 (2024 expiry)

Unlisted: 3.3 million @ CA$5.40 (2023 expiry)

Unlisted: 7.1 million @ CA$6.50 (2023 expiry)

Unlisted GLDX (2): 6.5 million @ CA$1.90 to CA$5.76 (2022-2024 expiry)

Stock Options2.5 million @ CA$2.55 to CA$6.88 (2022-2026 expiry)

Convertible DebenturesCA$18 million @ CA$4.75 (2024 expiry)

Fully Diluted132.1 million shares

(1) Based on C$4.75 at close on July 31, 2021.

(2) Adjusted to reflect the 0.6948 Exchange Ratio.

52 Week High/ LowCA$8.40/ CA$4.94

0

200,000

400,000

600,000

800,000

1,000,000

$0

$1

$2

$3

$4

$5

$6

$7

$8

$9

Volume Close


6.31%6.10%

5.77%

3.81% 3.79%3.51%

2.68%2.40%

2.16%1.99% 1.83% 1.75% 1.67% 1.65%

1.59% 1.55%1.23% 1.23% 1.21% 1.18% 1.04% 1.02% 1.00% 0.99%

0.79% 0.75% 0.67%0.50%

0.13%

Shareholder ReturnsDividends

CA 1.5 cents/share

Record date: July 30, 2021

Payment date: August 16, 2021

GCM Dividend Yield Relative to Comps

Next Dividend:

Source: Company reports. Market data as of July 31, 2021

Average = 1.93%

Continuing to Pay a Monthly Dividend

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$1.5 Million of Free Cash Flow to shareholders each month


Core InvestmentsOpportunities for Growth & Value Creation

27% equity interest

TSX-V: DSLV

ZancudoColombia

MarmatoColombia

JubyOntario

44% equity interest

TSX: ARIS

Guia AntiguaColombia

LomeroSpain

• Building Colombia’s next major gold mine – fully funded and permitted

• 2020 Production: 24,000 ozs

• 2020 PFS and Wheaton stream validate underground mine expansion into

the Deeps Zone

• Successfully negotiated a 30-year extension of the mining title at the

Marmato mine to October 2051

• PFS Highlights Include: Gold 2P Mineral Reserves of 2.0Moz @3.2g/t; Total

Processing Capacity of 5,500 tpd; M&I Gold Mineral Resources of 4.1Moz

@3.2g/t; Production (LOM avg.) of 165k oz per year; Inferred Gold Mineral

Resources of 2.2Moz @ 2.6g/t; Lower Mine Project Development Capex of

US$269M; 13-Year Mine Life (Reserves Only); US$880/oz AISC (LOM avg.)

An advanced exploration-stage gold project located within the

Shining Tree area in the southern part of the Abitibi greenstone

belt about 100 km south-southeast of the Timmins gold camp

• Located in the north-east part of the Spanish/Portuguese Iberian Pyrite

Belt in the Huelva Province of Southern Spain

• The Iberian Pyrite Belt is the largest concentration of massive sulphides in

the world

• The estimated historical production at the Lomero-Poyatos Project was at

least 2.6 million tonnes of massive sulphide ore grading 5g/t Au, 80g/t Ag,

1.20% Cu, 1.10% Pb and 2.91% Zn

• Exploration conducted by prior ownership (Behre Dolbear 2012 NI 43-101

mineral resource) indicates an inferred resource of 20.93 MT at the

following grades: 3.08 g/t Gold; 62.38 Silver; 0.90% Copper; 0.85% Lead;

3.05% Zinc

High-grade Segovia mining district. Have been in

continuous operation for over 150 years and over that

time have produced roughly 5 million ounces of gold.

Past-producing, high-grade Titibirí Mining District. Option

Agreement in place with IAMGOLD for further mineral

exploration.


The Right TeamSeasoned Experience in Latin America

Management TeamSerafino Iacono, Director and Executive Chairman

Lombardo Paredes, CEO

Mike Davies, CFO

Alessandro Cecchi, VP Exploration

Board of Directors Miguel de la Campa, Vice Chairman

Jaime Perez Branger

Robert Metcalfe

Hernan Martinez

De Lyle Bloomquist

Demonstrated operating and mine

building experience in Latin America

Track record of improvement

Strong health & safety record at

Segovia

Focused on building strong

community relationships; ESG is in

our DNA


$-

$20

$40

$60

$80

$100

$120

$140

2018 2019 2020

Operating Cash Flow

Free Cash Flow

$-

$50

$100

$150

$200

2018 2019 2020

ResultsPerformance DriversMet guidance for fifth consecutive year Higher gold prices fueling Adjusted EBITDA growth

AISC reflects focus on controlling costs

$M

Free Cash Flow is servicing debt, paying dividends and

building cash

kozs

-

40

80

120

160

200

240

2018 2019 2020

Segovia Marmato

$-

$350

$700

$1,050

$1,400

2018 2019 2020

AISC Total Cash Cost

US$/oz

Refer to Company’s MD&A for computations.

$M


ResultsCash & Debt (1)

$-

$20

$40

$60

$80

$100

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

Gold Notes Convertible Debentures Cash

Gran Colombia’s balance sheet remains strong in 2021

The Company completed early redemptions of 10% of its Convertible Debentures with shares in April 2021 and $10 million of its Gold Notes with cash in May 2021.

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

2019 2020 2021


Gold NotesExposure to Upside on Gold

o Issued April 30, 2018 and mature on April 30, 2024

o Senior secured obligation of Gran Colombia

o Listed on the TSX under the symbol GCM.NT.U

o 8.25% annual coupon paid monthly in cash

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

B+ (Stable Outlook)

o US$18,006,250 outstanding as of August 3, 2021

o A total of 14,405 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 Outstanding

at December 31st

Affirmed as of July 28, 2021


0

20

40

60

80

100

New Zealand

(Rank: 1)

Canada

(Rank: 11)

US

(Rank: 25)

Argentina

(Rank: 78)

Colombia

(Rank: 92)

Brazil

(Rank: 94)

Mexico

(Rank: 124)

Venezula

(Rank: 176)

Somalia

(Rank: 179)

Why ColombiaA Great Mining Jurisdiction

Annual GDP

(US$B)

$745

(4th largest in

Latin America)

Population 49.8 Million

GDP Per Capita ($US) $14,943

5-Year GDP CAGR (%) 2.8%

Inflation 3.2%

Public Debt to GDP 50.5%

Free Trade

Agreements

8 countries

(including the US,

Canada, and EU)

Ease of Doing Business

Ranking

3rd best in Latin America

(65th Globally out of 190)

Investor

Protection Ranking

1st in Latin America

(15th Globally out of 190)

Economic Freedom

Index Ranking45th Globally out of 180

Credit RatingInvestment Grade by Moody’s, Fitch

and DBRS

Colombia is an OECD member country with a growing economy, and one of the lowest inflation rates in Latin America.

Under the latest Colombia Tax Reform corporate income tax is 31% for 2021 and expected to be 30% for 2022 and onwards.

2020 Corruption Perceptions Index (1)

The CPI scores 180 countries & territories by their perceived

levels of public sector corruption, according to experts and

businesspeople.

Scores scale from 0 to 100 (0 is highly corrupt).

2/3 of Countries score below 50, and the average score is 43.

(1) Transparency International 2020 Report.


Segovia Operations

100%

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

owned

Segovia Operations


Segovia Operations Segovia Operations

One of the Top 5 Highest Grade Underground Global Gold Mines

0

10

20

30

40

Comparative Asset Milled Grade g/tKitco commentaries November 27, 2020 based on Q1 2020 results.

14.9 g/t Q1-20

Segovia Milled Grade

Production Stage


Segovia Operations

From 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&I

1.43 Mozs

Total

Inferred

1.21 Mozs

Historical Progression of Mineral Resource and Reserve Estimates

Latest NI 43-101 Technical Report Filed on May 13, 2021


Denotes existing operating Company mines

Denotes regional exploration target in process

Segovia OperationsRegional Exploration Program

Currently operating mines on

only 3 of 27 known veins in the

RPP-140 license.

• On June 9, 2021, announced multiple high-grade

intercepts from the latest 62 diamond drill holes, totaling

13,056 meters, from the 2021 in-mine and near-mine

drilling programs and a further 11 diamond drill holes,

totaling 3,190 meters, from the 2021 brownfield drilling

programs at its Segovia Operations.

• The Company also announced the assay results from four

additional kick-off diamond drill holes (2,319 meters) from

the ongoing directional drilling program at the El Silencio

Deep Zone.

• 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.


Segovia OperationsMaria Dama Processing Plant & El Chocho Tailings Storage

o The “El Chocho” tailings storage facility 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.

Maria DamaProcessing Plant

El ChochoTailings Storage

o Plant has capacity to handle 1,500 tpd and expanding to 2,000 tpd to be completed by end of 2021.

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 Construction of the new polymetallic plant for recovery of zinc, lead, gold and silver from the tailings into concentrate at Segovia is expected be completed in third quarter

2021 and we expect to commence commissioning shortly thereafter.

o Onsite lab provides quick turnaround of development samples; exploration samples processed in SGS Medellin.


Learn more about our ESG

initiatives in our video

‘Beyond Gold’

Segovia OperationsESG is in Our DNA

Artisanal Miner Contract Modelo Agreements with 50+ third party miner groups

who mine in designated areas within our title

o GCM pays for recovered gold at fixed price

o Contractors manage miners & fund own costs

o GCM processes ore and sells the gold/silver

o GCM provides health & safety training

o Environment, economic and H&S benefits

Environment

o Signed agreement to construct an 8 MW

Renewable Energy Electricity Project in Colombia

o Exceeded environmental permits by planting over

12,000 trees in 16 hectares of GCM’s mining title.

Reforestation ratio of 5:1

o New filter press enables tailings to be dry stacked,

complying with international best practices

o ESG Committee of the Board provides

oversight

o Corporate ESG Manager focused on

enhancing ESG reporting at investor level

o ESG Report to be published mid-June

GovernanceImproving Health & Safety

Funding Education & Community Programs

o Our number one priority in our operations

o Investment in training and awareness initiatives

o Improved underground mine ventilation and

personal protective equipment, resulting in

major reductions in lost-time injuries

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

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

Health

Education

Environment

Community

https://www.youtube.com/watch?v=3bQyzXBWz_c&t=592s


Resource Endowment

Gold: Omai, Aurora, Karouni, Toroparu, Aremu,

Peters Mine

Oil: 8 bn barrel gross recoverable resource

from ExxonMobil’s 16 discoveries in the

Stabroek Block (25% explored). 3 Production

Projects w/ 120 mbo/d production in 2020

growing to 560 mbo/d by 2023

Bauxite: Guyana’s 350 M-ton bauxite reserve is

one of the world’s largest deposits with current

projects belonging to First Bauxite (US), Rusal

(RUS), Bosai (CHN)

Manganese: 30 M-ton reserve being

developed by Bosai (CHN) with 600kt/y

expected to begin in 2021

Why GuyanaThe World’s Fastest Growing Economy

0

20

40

60

80

100

New Zealand

(Rank: 1)

Canada

(Rank: 11)

US

(Rank: 25)

Argentina

(Rank: 78)

Guyana

(Rank: 83)

Brazil

(Rank: 94)

Mexico

(Rank: 124)

Venezula

(Rank: 176)

Somalia

(Rank: 179)

2020 Corruption Perceptions Index (1)

The CPI scores 180 countries & territories by their perceived

levels of public sector corruption, according to experts and

businesspeople.

Scores scale from 0 to 100 (0 is highly corrupt).

2/3 of Countries score below 50, and the average score is 43.

(1) Transparency International 2020 Report.

English speaking democratic republic.

Member of Commonwealth of Nations, World Trade Organization, and CARICOM

headquarters located in Georgetown.

Courts governed by British Common Law.

Financing supported by - International Finance Corporation (IFC) - Overseas

Private Investment Corp (OPIC) - Export Development Bank of Canada - US

Import-Export Bank (EXIM).


ToroparuInfrastructure

Gran Colombia’s 100% controlled Upper Puruni

Concession contains 53,283-hectare(s) of mineral

leases located in the Cuyuni-Mazaruni Region (Region

7) of Western Guyana.

The region’s hilly terrain is accessible by air and road.

Facilities at Toroparu include a 150-person camp and

2,500-foot all-weather airfield.

Toroparu is currently accessed overland via the 240-

km Itiballi-Puruni-Papishao Landing Road, which was

rehabilitated by Gold X in 2003, and is a major

corridor for both western Guyana and one of its

important gold producing areas.

Plans include completion of a second access road

extending to the north to Buckhall on the Essequibo

River.

~50 km


ToroparuResource Potential

Upper Puruni Concession

The Puruni Shear zone is a regional structure extending

100 km into Venezuela.

Medium to large batholiths identified as low magnetic

features align with the southern boundary of the shear.

The Toroparu and Sona Hill deposits occur at the

margin between the batholiths and surrounding

metavolcanic host rocks.

Several exploration targets within the 20km x 7km

hydrothermal alteration halo surrounding Toroparu

represent satellite deposit targets.


ToroparuLatest Drill Results

Confirmed 4-Km Strike Length of

Structurally Controlled High-Grade

Gold Mineralized Structures

The recently completed, two-phase diamond drill program

comprised a total of 20,750 meters in 114 drill holes and has

confirmed a 4-kilometer ("km") strike length of high-grade

structurally controlled gold mineralization.

The program identified a repeated pattern of intersections of

NW-SE and E-W oriented sub-vertical structures containing

high-grade zones extending over mineable widths up to 100

m vertically (“jewelry boxes”) that support our belief that a

high-grade resource amenable to underground mining

methods lies at the core of this very large, disseminated gold

deposit.

View the full release from July 6, 2021, here

https://grancolombiagold.com/news-and-investors/press-releases/press-releases-details/2021/Gran-Colombia-Announces-Results-From-the-2021-Drill-Program-at-Its-Toroparu-Project-in-Guyana-Confirms-4-Km-Strike-Length-of-Structurally-Controlled-High-Grade-Gold-Mineralized-Structures/default.aspx


Toroparu ProjectMineral Resource Estimate as of September 26, 2018

Notes on Resource Estimate:

• All resources in the September 26, 2018 mineral resource statement are in-

pit resources reported within an optimized pit shell (Resource Pit Shell)

above an economic cut-off grade of 0.30 g/t Au. The optimized pit shell was

determined for Measured, Indicated and Inferred resources using a gold

price of US$1,350/oz, a copper price of US$3.00/lb; an average

metallurgical recovery of 88.2% for gold, and 81.5% for copper mill feed

sent to the copper flotation circuit. The optimized pit shell was determined

using an average mining cost of US$1.60/t mined, saprolite processing cost

of US$2.50/t, CIL processing cost of US$8.50/t, flotation processing cost of

US$10.47/t, and G&A cost of US$1.24/t processed. Other costs included

US$125/oz Au for gold refining and royalties, and US$1.036/lb for copper

concentrate transportation and smelting with 97% pay for terms. Pit slopes

used in the pit optimization were 45°. Copper and Silver resources have not

been estimated at Sona Hill.

• Mineral Resources are reported in accordance with Canadian Securities

Administrators (CSA) National Instrument 43-101 (NI 43-101) and have

been estimated in conformity with generally accepted Canadian Institute of

Mining, Metallurgy and Petroleum (CIM) “Estimation of Mineral Resource

and Mineral Reserves Best Practices” guidelines;

• Mineral resources are not mineral reserves and do not have demonstrated

economic viability. There is no certainty that all or any part of the mineral

resources estimated will be converted into mineral reserves estimate;

• Mineral resource tonnage and contained metal have been rounded to

reflect the accuracy of the estimate, and numbers may not add due to

rounding;

While the estimate of mineral resources may be materially affected by

environmental, permitting, legal, title, taxation, socio-political, marketing, or

other relevant issues, the Company is not aware of any such issues;

• The quantity and grade of reported Inferred resources in this estimation are

uncertain in nature and there has been insufficient exploration to define

these Inferred resources as an Indicated or Measured mineral resource and

it is uncertain if further exploration will result in upgrading them to an

Indicated or Measured mineral resource category; and “(000)” = thousands,

“g/t” = gram per metric tonne. Tonnes are rounded to the nearest one

thousand tonnes, gold to nearest 1,000 oz Au, gold grade to nearest 0.01

g/t Au, and copper to nearest million pounds

Ag


Why Invest in Gran Colombia Gold

“Sum of the parts”

undervalued versus

peers

Strong free cash flow

yield and healthy

balance sheet

Pays monthly dividend

Cornerstone assets in

attractive mining

jurisdictions

Significant exploration

upside at Segovia and

Toroparu

Strong management with

Latin American mining

experience

01 02 03

04 05 06

25

APPENDIX


Segovia OperationsMineral Resource Estimate as of December 31, 2020

In the 2020 MRE update, Gran Colombia more than replaced what it mined in the year

Project Deposit Type

Measured Indicated Measured & Indicated Inferred

Tonnes

(kt)

Grade

(g/t)

Au

Metal

(koz)

Tonnes

(kt)

Grade

(g/t)

Au

Metal

(koz)

Tonnes

(kt)

Grade

(g/t)

Au

Metal

(koz)

Tonnes

(kt)

Grade

(g/t)

Au

Metal

(koz)

Segovia

ProvidenciaLTR 218 18.5 130 237 14.9 114 455 16.6 243 171 9.9 55

Pillars 109 22.3 78 99 10.2 32 208 16.5 110 384 19.8 245

Sandra KLTR 413 10.0 132 413 10.0 132 384 9.9 122

Pillars 156 11.1 56 156 11.1 56 17 27.5 15

El SilencioLTR 1,277 9.8 404 1,277 9.8 404 1,279 9.0 371

Pillars 1,326 10.6 454 1,326 10.6 454 395 11.4 145

Verticales LTR 771 7.1 176

Subtotal

Segovia Project

LTR 218 18.5 130 1,927 10.5 650 2,145 11.3 780 2,605 8.6 724

Pillars 109 22.3 78 1,581 10.7 542 1,690 11.4 620 796 15.8 405

CarlaSubtotal Carla

ProjectLTR 132 6.0 25 132 6.0 25 260 9.7 81

December 31, 2020 (1) 327 19.8 208 3,639 10.4 1,217 3,967 11.2 1,425 3,661 10.3 1,209

December 31, 2019 (2) 226 20.8 151 3,385 11.1 1,205 3,611 11.7 1,356 4,098 9.6 1,265

% Change vs previous 45% -5% 38% 8% -6% 1% 10% -4% 5% -11% 7% -4%

(1) The Mineral Resources are reported at an in situ cut-off grade of 2.9 g/t Au over a 1.0 m mining width, which has been derived using a gold price of US$1,700 per ounce and suitable benchmarked technical and economic parameters for the existing

underground mining (mining = US$85.0/t, processing = US$24.0/t, G&A = US$24.0/t, Royalties = US$11.1/t) and conventional gold mineralized material processing (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. Mineral Resources are reported inclusive of the Mineral Reserve. Mineral

Resources are not Mineral Reserves and do not have demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate. All composites have been capped where appropriate.

(2) Sourced from the NI 43-101 Technical Report, Prefeasibility Study Update, Segovia Project, Colombia dated May 14, 2020 and effective as of December 31, 2019, prepared by SRK Consulting (US) Inc. (“SRK”). Some production at Segovia is sourced

from mining areas that are not currently included in the Company’s MRE.


Segovia OperationsMineral Reserve Estimate as of December 31, 2020

Area CategoryTonnes

(kt)

Grade

(g/t)

Au Metal

(koz)

Providencia Proven 187 13.9 83

Providencia Probable 176 10.4 59

Sandra K Probable 273 9.1 79

El Silencio Probable 1,472 8.3 394

Carla Probable 88 6.3 18

December 31, 2020 (1) Total 2,196 9.0 633

December 31, 2019 (2) Total 1,985 10.5 670

% Change vs previous 11% -14% -6%

(1) Ore reserves are reported using a gold cutoff grade ranging from 3.11 to 3.86 g/t depending on mining area and mining method. The cutoff grade calculations assume a $1,600/oz Au price, 90.5% metallurgical recovery, $6/oz smelting and refining

charges, $24/t G&A, $24/t processing cost, and projected LOM mining costs ranging from $85/t to $110/t. The reserves are valid as of December 31, 2020. Mining dilution is applied to a minimum mining height and estimated overbreak (values

differ by area/mining method) using a zero grade. Reserves are inclusive of Mineral Resources. All figures are rounded to reflect the relative accuracy of the estimates. Totals may not sum due to rounding. Mineral Reserves have been stated on the

basis of a mine design, mine plan, and economic model. There are potential survey unknowns in some of the mining areas and lower extractions have been used to account for these unknowns. The Mineral Reserves were estimated by Fernando

Rodrigues, BS Mining, MBA, MMSAQP #01405, MAusIMM #304726 of SRK, a Qualified Person.

(2) Sourced from the NI 43-101 Technical Report, Prefeasibility Study Update, Segovia Project, Colombia dated May 14, 2020 and effective as of December 31, 2019, prepared by SRK.


Denotes existing operating Company mines

Denotes regional exploration target in process

Segovia OperationsRegional Exploration Program

Currently operating mines on

only 3 of 27 known veins in the

RPP-140 license.

2021 Drill Program results in this appendix include

key intercepts at:

• Providencia

• Sandra K

• El Silencio

• Chumeca

• Vera

• Marmajito

View the full news release here

https://grancolombiagold.com/news-and-investors/press-releases/press-releases-details/2021/Gran-Colombia-Announces-Multiple-High-Grade-Drill-Results-From-the-2021-In-Mine-and-Brownfield-Drilling-Campaigns-at-Its-Segovia-Operations-Success-Continues-at-the-Brownfield-Vera-Project-Including-31.78-gt-Au-and-8150.0-gt-Ag-Over-0.30-Meters/default.aspx


owned

ProvidenciaKey Highlights

Multiple medium to high gold grades were intersected from 13 drill holes (2,929

meters)

Maximum intersection grades of 37.33 g/t Au with 24.2 g/t Ag over 0.55 meters

on an interpreted footwall structure of the Providencia Vein (PV-EU-023)

Multiple high gold grades were intersected from 5 drill holes (2,364 meters) on the

main vein system with maximum intersection grades of 211.68 g/t Au with 253.6

g/t Ag over 0.33 meters on the Providencia Vein (PV-ES-008).

Key intercepts as reported in the June 9, 2021 press release. Results from in-mine drilling are reported for 11

holes (1,957 m) at Providencia (PV-EU-017 to PV-EU-024, MAR-EU-002, 004 and PV-HYDRO-003), of which

there are no results above cut-off grade for 6 holes and so these holes are not listed in the table.

Results from near-mine surface exploration drilling are reported for 11 holes (4,724 m) at Providencia (PV-ES-

001 to PV-ES-010), of which one was lost, and there are no results above cut-off grade for 6 holes and these

holes are not listed in the table.


owned

Sandra KKey Highlights

Multiple high gold grades were intersected from 12 drill holes (1,905 meters) on the

main vein system with maximum intersection grades of 147.91 g/t Au with 194.8

g/t Ag over 0.74 meters on the Sandra K Techo Hanging-wall Vein (SK-IU-175).

This new orebody offers the potential for another phase of resource growth and the

high-grade gold mineralized intercepts encountered so far confirm the higher-grade

mineralization at depth.

Drill hole SK-ES-001 returned 8.88 g/t Au with 4.4 g/t Ag over 0.58 meters on the

Sandra K Techo Vein.

Key intercepts as reported in the June 9, 2021 press release. Results from in-mine drilling are reported for 15 holes

(2,339 m) at Sandra K (SK-IU-163 to SK-IU-178), except for hole SK-IU-174 whose results are still pending. There are

no results above cut-off grade for 6 holes and so these holes are not listed in the table.

Results from near-mine surface exploration drilling are reported for 5 holes (1,995 m) at Sandra K (SK-ES-001 to SK-

ES-005), of which there are no results above cut-off grade for 4 holes and these holes are not listed in the table.


owned

El SilencioKey HighlightsDiscovery of two additional high-grade veins announced on July 12,

2021. The ongoing directional drilling program on the El Silencio Deep

Zone is targeted to better delineate the southern ore-shoot down-

plunge below Level 40, the deepest level of historical mining on the

Manto Vein by Frontino Gold Mines.

Drilling on the southern ore-shoot continues to be successful in

confirming the high-grade nature of the 450 Vein and the down-

plunge continuity of the two distinct high-grade domains, previously

combined, on the Manto Vein. The 450 Vein, interpreted as a low angle

vein or manto, occurs in the hanging-wall of the Nacional Vein, some

40 meters vertically above.

Multiple high gold grades were intersected from 4 kick-off holes (2,319

meters) with maximum intersection grades of 37.16 g/t Au with 52.5

g/t Ag over 0.55 meters on the 450 Vein (ES-MH08-02) and 70.56 g/t

Au with 289.5 g/t Ag over 0.57 meters on the Manto Vein (ES-MH08-

03).

Key intercepts as reported in the June 9, 2021 press release. Results from directional drilling from one purpose-built station

at El Silencio are reported from 4 kick-off holes (ES-MH07-07 and ES-MH08-01 to ES-MH08-03), totaling 2,319 m, all drilled

on the southern ore-shoot. In addition, 527 meters were drilled in one mother hole (ES-MH-008).

https://grancolombiagold.com/news-and-investors/press-releases/press-releases-details/2021/Gran-Colombia-Gold-Announces-the-Discovery-of-Two-Additional-High-Grade-Veins-at-Its-El-Silencio-Mine-at-Its-Segovia-Operations/default.aspx


owned

ChumecaKey Highlights

Multiple medium to high gold grades were intersected from 20 drill

holes (2,041 meters) on the main vein system, which identified two

distinct structures named as the Chumeca hanging-wall and footwall

veins interpreted as a split of the main Chumeca Vein, with maximum

intersection grades of 187.11 g/t Au with 242.2 g/t Ag over 0.43

meters on the hangingwall structure (CH-IU-030) and 15.90 g/t Au with

20.5 g/t Ag over 0.56 meters on the footwall structure (CH-IU-032).

In-mine infill drilling from underground station CH5110, installed off

Level 2, aimed to extend a cluster of potential ore-shoots outlined by

mining within the upper levels of the past operation, was completed.

Key intercepts as reported in the June 9, 2021 press release. Results from in-mine drilling are reported for 20 holes (2,041

m) at Chumeca (CH-IU-015 to CH-IU-033 and CH-IU-028A), of which one was lost, and there are no results above cut-off

grade for 16 holes and so these holes are not listed in the table.


VeraKey Highlights

Exploration drilling from surface station VER5340 confirmed the

continuity of the high-grade gold and silver mineralization in the

upthrown fault block, below the deepest level of the historical mine.

A bonanza silver grade coupled with a high gold grade was intersected

in drill hole VER-ES-010, one of the latest 7 drill holes (2,140 meters)

completed on the main vein system, with maximum intersection grades

of 31.78 g/t Au with 8,150 g/t Ag over 0.30 meters on the Lluvias

Vein.

Key intercepts as reported in the June 9, 2021 press release. Results from brownfield exploration drilling are reported for 7

holes (2,140 m) at Vera (VER-ES-009 to VER-ES-015) of which there are no results above cut-off grade for 6 holes and these

are not listed in the table.


owned

MarmajitoKey Highlights

The ongoing brownfield exploration drilling program commenced in

February 2021 with one diamond drill rig operating from the

underground drill station PV5630, installed off Level 16 of the

Providencia mine. This drilling program is aimed at exploring the

down-dip extension of the historical Marmajito Vein operated by

Frontino Gold Mines (FGM) until early 2000.

The style of mineralization is characterized by narrow veins hosting two

main stages of mineralization: “Stage 1” is represented by milky

quartz+disseminated pyrite and sphalerite, while “Stage 2” is

characterized by grey quartz+banded pyrite intergrown with galena.

A total of 4 drill holes totaling 1,050 meters) have been completed so

far, with maximum intersection grades of 123.65 g/t Au with 172.60

g/t Ag over 0.93 meters on the Marmajito Vein.

FGM developed the mine on 18 levels, the longest (Level 4) with an

approximate length of 800 meters. Historical records report 232,000 t

with 18 g/t of Au as reserves. Gold mineralization at Marmajito is

contained predominantly within a N40-50W trending massive white

quartz vein gently dipping (35-45°) to the north, averaging in width

0.33 m, hosted by intrusive rocks, mainly granodiorite.

Key intercepts as reported in the June 9, 2021 press release. Results from brownfield exploration drilling are reported for 4

holes (1,050 m) at Marmajito (MAR-EU-001, 003, 005 and 006), of which there are no results above cut-off grade for 3 holes

and these are not listed in the table.

35

For Further Information:

Mike Davies

Chief Financial Officer

(416) 360-4653

[email protected]

tsx: gcm otcqx: tprff ......2.5 million @ ca$2.55 to ca$6.88 (2022-2026 expiry) convertible...

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