TSX: GCM OTCQX: TPRFF - Gran Colombia Gold
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TSX: GCM OTCQX: TPRFF
Corporate
TSX: GCM OTCQX: TPRFF Creating a High-Growth, Latin American May
Presentation
May 2020
Focused Intermediate Gold Producer 2020
DISCLAIMER Forward-Looking Statements CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION: This presentation contains "forward-looking information", which may include, but is not limited to, statements regarding the completion of the proposed transactions, the holding of the special meetings of Gran Colombia, Gold X and Guyana Goldfields and other statements that are not historical facts. While such forward- looking statements are expressed by Gran Colombia, as stated in this presentation, in good faith and believed by Gran Colombia to have a reasonable basis, they are subject to important risks and uncertainties including, without limitation, required Gran Colombia, Gold X and Guyana Goldfield securityholder approval and necessary court approval, the satisfaction or waiver of certain other conditions contemplated by the agreements governing each of the Gold X Transaction and the Proposed Guyana Goldfields Transaction, and changes in applicable laws or regulations, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. As a result of these risks and uncertainties, the proposed transactions could be modified, restructured or not be completed, and the results or events predicted in these forward-looking statements may differ materially from actual results or events. These forward- looking statements are not guarantees of future performance, given that they involve risks and uncertainties. Historical information contained in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. In this regard, certain financial information contained herein has been extracted from, or based upon, information available in the public domain or provided by Gran Colombia. In particular historical results should not be taken as a representation that such trends will be replicated in the future. Other 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 Gran Colombia’s Annual Information Form dated as of March 30, 2020, which is available for view on SEDAR at www.sedar.com. Gran Colombia is not affirming or adopting any statements made by any other person in respect of the proposed transactions and expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except in accordance with applicable securities law, or to comment on expectations of, or statements made by, any other person in respect of the proposed transactions. Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement. This presentation may have been sent to you in an electronic form. You are reminded that documents transmitted via this medium may be altered or changed during the process of electronic transmission. You are responsible for protecting against viruses and other destructive items. Your receipt of this electronic transmission is at your own risk and it is your responsibility to take precautions to ensure that it is free from viruses and other items of a destructive nature. As a consequence of the above, neither the Gran Colombia nor any director, officer, employee or agent of any of them or any affiliate of any such person accepts any liability or responsibility whatsoever in respect of any difference between the presentation distributed to you in electronic format and the hard copy version that may be made available to you. CAUTIONARY STATEMENT REGARDING TECHNICAL INFORMATION: This presentation contains information regarding mineral resources estimated at the mineral projects referenced herein. Mineral resources are not mineral reserves and do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, socio- political, marketing or other relevant issues. In particular, the quantity and grade of reported inferred mineral resources are uncertain in nature and there is insufficient exploration to define these inferred mineral resources and an indicated or measured mineral resource in all cases. It is uncertain in all cases whether further exploration will result in upgrading the inferred mineral resources to an indicated or measured mineral resource category. For details regarding the key assumptions, parameters and methods used to estimate the mineral resources presented in respect of the Segovia Operations, please see the “Amended NI 43-101 Technical Report Prefeasibility Study Update Segovia Project Colombia", with a report date of July 8, 2019 and an effective date of December 31, 2018 (the “Segovia PFS”) . The “qualified persons” for the purposes of NI 43-101 include Ben Parsons, MSc, MAusIMM (CP), Principal Resource Geologist; Brian Olson, BS Chemical Engineering, P.ENG, MMSAQP, Senior Metallurgist; Cristian A. Pereira Farias, SME-RM, Senior Hydrogeologist; David Bird, MSc, PG, SME-RM, Principal Geochemist, Fredy Henriquez, MS Eng, SME, ISRM, Principal Consultant, Rock Mechanics; Jeff Osborn, BEng Mining, MMSAQP, Principal Mining Engineer; Fernando Rodrigues, BS Mining, MBA, MAusIMM, MMSAQP, Practice Leader/Principal Mining Engineer; Joshua Sames, PE, Senior Consultant (SRK Consulting); and, Mark Allan Willow, MSc, CEM, SME-RM, Practice Leader/Principal Environmental Scientist, each of whom is a "qualified person" for the purposes of NI 43‐101. The full content of this report may be accessed through Gran Colombia’s website at www.grancolombiagold.com or through its profile on SEDAR at www.sedar.com. For details regarding the key assumptions, parameters and methods used to estimate the mineral resources presented in respect of the Marmato Project, please see “NI 43-101 Technical Report Preliminary Economic Assessment Marmato Project” with a report date of February 6, 2020 and an effective date of July 31, 2019, prepared by SRK Consulting (U.S.), Inc. (the “Marmato PEA”). The "qualified persons" for the purposes of NI 43-101 include Ben Parsons, MSc, MAusIMM (CP) – Principal Consultant (Resource Geologist); Cristian Pereira Farias, SME-RM – Senior Consultant (Hydrogeologist); David Bird, PG, SME-RM – Associate Principal Consultant (Geochemistry); David Hoekstra, Bs, PE, NCEES, SME-RM – Principal Consultant (Water Resource Engineering); Eric Olin, MSc, Metallurgy, MBA, SME-RM, MAusIMM – Principal Consultant (Metallurgy); Fernando Rodrigues, BS Mining, MBA, MAusIMM, MMSAQP – Principal Consultant (Mining Engineer); Jeff Osborn, BEng, Mining, MMSAQP – Principal Consultant (Mining Engineer); Joanna Poeck, BEng Mining, SME-RM, MMSAQP – Principal Consultant (Mining Engineer); John Tinucci, PhD, PE, ISRM – Principal Consultant (Geotechnical Engineer); Mark Allan Willow, MSc, CEM, SME-RM – Principal Consultant (Environmental); and Joshua Sames, BSc Civil, PE – Senior Consultant (Civil Engineering), each of whom is a "qualified person" for the purposes of NI 43‐101. The full content of this report may be accessed through Caldas Gold’s website at www.caldasgold.com or through its profile on SEDAR at www.sedar.com. TSX: GCM OTCQX: TPRFF May 2020 2
STRATEGIC RATIONALE
GRAN COLOMBIA 2.0
Value Creation for All Parties
HIGH-GROWTH, • Strong pro forma 2020 production of 275koz(1) with production growth to over
LATAM-FOCUSED 500koz/year(2) through the development of 3 near-term growth projects:
INTERMEDIATE − Toroparu, Aurora Underground and Marmato (via 74% ownership in Caldas Gold)
GOLD PRODUCER • Poised to become a consolidator of the Latin American gold sector
• Toroparu is ~50km from Aurora optimization opportunity to connect the two
UNLOCKS REALIZABLE
sites to utilize existing Aurora infrastructure and significantly reduce upfront capex
SYNERGIES
• Management estimates potential savings of ~US$200M (including G&A savings)
IN GUYANA
based on latest Toroparu and Aurora technical reports
• US$100M in cash in addition to the financing support provided by Wheaton
ENHANCED BALANCE
Precious Metals Corp. to fund development in Guyana
SHEET + ACCESS
• Caldas Gold currently evaluating financing options for the Marmato expansion
TO CAPITAL
ahead of pre-feasibility study due mid-2020
• Transaction is highly accretive to net asset value per share
HIGHLY ACCRETIVE
• Strong potential to re-rate as Gran Colombia enters a new larger peer set due to
WITH STRONG
the resulting benefits of enhanced production, free cash flow and liquidity along
RE-RATE POTENTIAL
with potential increased index inclusion
PROVEN LATAM • Proven experience operating in Latin America
OPERATING AND
• Highly qualified executive team with mine building experience in the Guiana Shield
MINE BUILDING
• Demonstrated ability to improve and optimize assets
EXPERIENCE
(1) Based on midpoint of Gran Colombia guidance for Segovia and Marmato (on an
attributable basis via 74% ownership in Caldas Gold) and of Guyana Goldfields May 7th
TSX: GCM OTCQX: TPRFF news release.
Source: company filings. 3
May 2020 (2) Based on management estimates.PROPOSAL SUMMARY Superior Offer for Shareholders
• Guyana Goldfields (“GUY”): 0.142 GCM shares per GUY share, implying a value of C$0.90/sh
− 29% premium to the closing price of GUY shares on May 8, 2020
Offer
• Gold X (“GLDX”): 0.500 GCM shares per GLDX share, implying a value of C$3.17/sh
− 41% premium to the 20-day VWAP price of GLDX shares on the TSX Venture Exchange on May 8, 2020
• GUY: Implied equity value of ~C$155M (vs. C$105M in Silvercorp transaction announcement (1))
Implied Value
• GLDX: Implied equity value of ~C$100M for the remaining ~81% of GLDX shares not owned by GCM
Ownership • Pro-forma basic ownership in combined entity will be ~60% GCM, ~25% GUY, ~15% GLDX
Interim Financing • GCM can provide GUY with a loan of up to US$15M with defined use of proceeds related to
for GUY ongoing operations at Aurora Underground
• Acquisition of each company is contingent on acquisition of both
• GLDX’s Special Committee of the Board and GCM’s Board of Directors have unanimously approved
the Transaction
Approvals / • GLDX and GUY require shareholder votes with a 66 2/3 approval threshold of votes cast; GCM
Conditions requires shareholder vote with a 50% approval threshold of votes cast
• Completion of definitive documentation with GUY (already delivered to GUY)
• Majority of minority shareholder approval for GLDX (excluding the votes cast by GCM)
• Other approvals including: regulatory, stock exchange
Voting • GLDX: Officers, directors and certain shareholders, who collectively own ~15.48% of GLDX’s issued
Agreements common shares, have entered into voting support agreements in favour of the GLDX Transaction
TSX: GCM OTCQX: TPRFF (1) Refer to Silvercorp Metals Inc.’s April 27th news release.
May 2020 Source: Company filings. 4COMBINED COMPANY
GRAN COLOMBIA 2.0
High Growth Intermediate Gold Producer
>C$640M >US$100M
Pro-Forma Pro-Forma
Market Cap. Cash Balance
VENEZUELA
Segovia
Aurora
Marmato
Toroparu 3 3
Producing Growth
(via 74% )
Mines Projects(1)
GUYANA
COLOMBIA 14.3 Moz
Pro-Forma M&I
2.9 Moz Resources(2, 3, 4)
Pro-Forma
2P Reserves(2,3)
9.1 Moz
BRAZIL Pro-Forma Inferred
Resources(2,3,4)
240 koz 500+ koz
Production
Standalone 2019A Targeted
Development Gold Production Future Production(5)
(1) Including Toroparu, Aurora Underground and Marmato (via 74% ownership in Caldas Gold).
(2) Derived from Company’s March 30th press release for Segovia; “A Mineral Resource Estimate for the Sulphur Rose Deposit” dated February 14, 2011; “Preliminary Economic Assessment Report Toroparu Gold Project”
dated July 18, 2019; “NI 43-101 Technical Report Preliminary Economic Assessment Marmato Project” dated February 6, 2020; “Technical Report on the Aurora Gold Mine” dated March 31, 2020.
(3) Please see “Cautionary Statement Regarding Technical Information”.
(4) Inclusive basis and including resources from 74% Zona Baja and Sulphur Rose.
(5) Based on management estimates.
Source: Company filings.
TSX: GCM OTCQX: TPRFF
May 2020 5OPERATING BASE
GRAN COLOMBIA 2.0
Strong Free Cash Flow Generator
Comparative Asset Milled Grade(1) Gran Colombia Cash Flow Metrics
g/t US$M
16.4 g/t ~US$100M ~US$60M
2019 Segovia 2019 Operating 2019 Free
Milled Grade Cash Flow Cash Flow(2)
40 120
35 Amongst the Highest Grade 100
Substantial and Increasing
30 Mines in the Gold Sector Free Cash Flow
80
25
20 60
15
40
10
20
5
0 0
Island (Alamos)
Segovia (GCM)
Fosterville (Kirkland)
Brucejack (Pretium)
Eagle River (Wesdome)
Midas (Hecla)
Cerro Moro (Yamana)
Red Lake (Newmont)
Kainantu (K92)
Macassa (Kirkland)
Bambanani (Harmony)
Yaramoko (Roxgold)
Cerro Negro (Newmont)
Gwalia (St Barbara)
2015 2016 2017 2018 2019
Operating Cash Flow Free Cash Flow (2)
(1) Last twelve months as at December 31, 2019.
TSX: GCM OTCQX: TPRFF (2) Refer to Company’s MD&A for computation.
May 2020 6
Source: Company filings.GUYANA CONSOLIDATION Unlocks Unique Synergies
The proximity of Aurora and Toroparu provides the unique Aurora – Toroparu Map
opportunity to integrate both assets into one operation
and realize substantial synergies
Enhanced Scale
Management estimates an integrated operation could support a 15-
year mine life with combined production of 200koz per year with
potential to increase to 300koz per year
>11 Moz contained Au M&I(1, 2) resources and 2.2 Moz 2P reserves(1, Aurora
2) across Aurora and Toroparu combined
Combined land concession package of 165,000 ha
~50km
Capital Synergies & Savings
Toroparu development costs significantly reduced through utilization Toroparu
of existing Aurora facilities and its timeline can be rapidly accelerated
Utilizes Aurora O/P mining fleet, camp, and leach processing facility
which removes the need to build a new mill
In turn, integration delivers reduced ramp up and operating risk for
Aurora U/G Management Estimates
Mine Planning Optimization
Integrated U/G and O/P significantly reduces ramp up risk Potential Synergies of
Allows for more conservative U/G mining rates at Aurora while
maintaining plant utilization
Operating Cost Synergies
Combine G&A budgets
US$200 million
Shared port and access road maintenance costs
Greater In-country Presence
(1) Derived from “A Mineral Resource Estimate for the Sulphur Rose Deposit” dated February
TSX: GCM OTCQX: TPRFF 14, 2011; “Preliminary Economic Assessment Report Toroparu Gold Project” dated July 18,
May 2020 2019; “Technical Report on the Aurora Gold Mine” dated March 31, 2020 7
(2) Please see “Cautionary Statement Regarding Technical Information”.PRODUCTION GROWTH Pathway to 500koz of Production
Defined Pathway to Targeted
500+(1)
Future Production of 500+ koz
210
Management is targeting combined
production of 200koz per year with
potential to increase to 300koz per year
Segovia Marmato Aurora Toroparu Gran Colombia
(via 74% ownership in Underground Post Project
Caldas Gold) Development
Reserves & Resources
2P Reserves (Moz) 0.7 -- 2.2 -- 2.9
M&I (Incl.) (Moz) 1.4 1.5 4.1 (2) 7.4 14.3
(2)
Inferred (Moz) 1.3 2.5 2.2 3.2 9.1
Operating Stats Avg. LOM attributable values from latest technical reports shown
2019 PFS (3) 2019 PEA (4) 2020 LOM Plan 2019 PEA
(5) (1)
Au Production (koz) 210 86 147 188 500+
Cash Costs (US$/oz) $711 $799 $736 $541
AISC (US$/oz) $958 $882 $1,043 $780
Growth Capex (US$M) -- $199 $141 $378
Guyana projects to be integrated and optimized to
reduce capex and increase IRR
(1) Based on management estimates.
(2) Includes resources from Sulphur Rose. Please see “A Mineral (3) See Segovia PFS.
TSX: GCM OTCQX: TPRFF Resource Estimate for the Sulphur Rose Deposit” dated February (4) See Marmato PEA.
May 2020 14, 2011; “Technical Report on the Aurora Gold Mine” dated (5) Based on midpoint of Gran Colombia 2020E guidance. 8
March 31, 2020. Source: Company filings.MARKET POSITION
GRAN COLOMBIA 2.0
Strong Production, Low Costs, High Growth
2019 Gold Production 2019 AISC 2019-2022E Production Growth
koz US$/oz %
-- 250 500 750 1,000 -- $500 $1,000 $1,500 -25% 25% 75% 125%
(3)
IAMGOLD Alacer PF GCM
Equinox Gold Dundee Precious Equinox Gold
PF GCM Post-Project
(1)
Development Torex SSR Mining
OceanaGold
SSR Mining Dundee Precious
Torex
Pretium Eldorado
Eldorado
PF GCM 2020 New Gold
Pretium
Equinox Gold OceanaGold
SSR Mining
Eldorado Torex
New Gold
OceanaGold Silvercorp
Alacer
PF GCM 2020 IAMGOLD IAMGOLD
(2)
Dundee Precious New Gold Pretium
(2)
Silvercorp Silvercorp n.r. Alacer
STRONG PRODUCTION LOW COSTS HIGH GROWTH
(1)Based on management estimates.
(2) Shown on an AuEq basis.
TSX: GCM OTCQX: TPRFF (3) Calculated using pro -forma LOM annual average production post-
May 2020 project completion relative to 2019 production. 9
Source: Street research, company filings.TRANSACTION METRICS Highly Accretive to Net Asset Value
Total Estimated Corporate NAV(1) GCM Net Asset Value/Sh
US$M C$/sh
US$200M US$1,401M C$15.70 (2)
~50%
Accretive
US$495M
C$10.40
US$145M
US$577M (US$16M)
Less: GLDX Operational Pro-Forma Current Pro-Forma
Equity Int. Synergies GCM NAVPS NAVPS
Notes:
GCM: Based on analyst consensus NAVPS of C$10.40 and FDITM GCM shares outstanding of 77.3M, adjusted to remove current market value of ~19% equity interest in GLDX.
GUY: Based on analyst consensus NAVPS of C$1.16 and FDITM GUY shares outstanding of 174.6M.
GLDX: Based on 2019 PEA Toroparu NPV5% @ $1,300/oz, adjusted for corporate balance sheet items from latest FY2019 disclosure.
Operational Synergies: Based on management estimates.
FX Rate: C$1.00 = US$0.72
(1) Analysis excludes transaction costs.
TSX: GCM OTCQX: TPRFF
(2) Based on pro-forma FDITM GCM shares of 124.3M. 10
May 2020 Source: Street research, company filings.VALUATION
GRAN COLOMBIA 2.0
Compelling Re-Rate Opportunity
Gran Colombia has a significant re-rating opportunity to establish the company as a leading
intermediate gold producer in Latin America
Current P/NAV Valuation
Ratio
1.2x
1.1x
1.0x Significant Re-rate Potential in
0.9x Addition to Strong NAV Synergies
0.8x
0.7x
0.7x 0.7x 0.7x
0.6x
0.6x
0.6x 0.5x
(1)
0.2x
Gran Colombia
Silvercorp
Torex
Guyana
Alacer
SSR Mining
Equinox Gold
Pretium
OceanaGold
IAMGOLD
Dundee Precious
New Gold
Gold X
Eldorado
(1) No analyst coverage; est. NAV based on “Preliminary Economic
TSX: GCM OTCQX: TPRFF Assessment Report Toroparu Gold Project” dated July 18, 2019 and
May 2020 latest FY2019 company disclosure. 11
Source: Street research.RIGHT TEAM
GRAN COLOMBIA 2.0
OPERATING AND BUILDING EXPERIENCE
DEMONSTRATED OPERATING Segovia Operations
Production (koz) Cash Cost (US$/oz)
EXPERIENCE IN LATIN AMERICA 214
Substantial Production 193
MINE BUILDING EXPERIENCE IN
Growth while Lowering Costs
149
GUIANA SHIELD $1,169
126
$1,037 93
TRACK RECORD OF IMPROVEMENT 80
75
$695 $655 $664 $623 $607
STRONG HEALTH & SAFETY RECORD
FOCUSED ON BUILDING STRONG
2013 2014 2015 2016 2017 2018 2019
Segovia Lost Time Incidents
COMMUNITY RELATIONSHIPS
LTI Frequency Rate
40.7
Key Management
Health and Safety is a
Serafino Iacono, Executive Chairman – Company co-founder Top Priority
with 30+ years of experience in capital markets and public
companies
Lombardo Paredes, CEO – 20+ years of corporate leadership
13.0
and operations management experience in the resource
5.5
sector in Latin America 5.0
Mike Davies, CFO – CPA,CA with 20+ years of international
and public company experience in resource and other sectors 2016 2017 2018 2019
TSX: GCM OTCQX: TPRFF
May 2020 Source: Company filings. 12ASSET OVERVIEW: MARMATO
GRAN COLOMBIA 2.0
The Marmato Project is a gold and silver deposit located in Reserves and Resources(1)
Colombia and is operated by Caldas Gold
Zona Baja (Attributable) kt g/t Au g/t Ag koz Au koz Au
Caldas Gold is a ~C$100M market cap gold producer that is
majority owned by Gran Colombia, with Gran Colombia holding a M&I 17 3.7 13.0 1,509 5,341
74% equity interest
Inferred 45 2.3 3.7 2,451 3,917
The mineralization is featured in Zona Baja, which contains the
existing underground mine in the Upper Zone, and a new Deep 2019 Marmato PEA Summary (100% Basis)(1)
Zone operation which sits below the Upper Zone vein system
Upper Zone
Caldas Gold is currently advancing a PFS to incorporate the Mine Life (yrs) 16.0
Deep Zone into its existing operations, due mid-2020 Processing Rate (tpd) 1,500
LOM Average Grade (g/t Au) 3.82
In February 2020, Caldas filed the results of its 2019 PEA study LOM Average Mill Recovery (%) 87.0%
Immediate implementation of an optimized mine plan in the LOM Avg. Gold Production (koz) 35 koz
existing Upper Zone operation Sustaining Capex (US$M) US$41M
Concurrent development and construction of the Deep Zone LOM Cash Cost (US$/oz) US$803/oz
(expected to come online in 2023) to further increase total gold LOM AISC (US$/oz) US$872/oz
production and extend mine life Deep Zone
Start Year 2023
2019 PEA Production Profile – First 10 Years(1) Mine Life (yrs) 16.0
Koz Au | 100% Basis Processing Rate (tpd) 4,000
Production (koz) LOM Average Grade (g/t Au) 2.50
LOM Average Mill Recovery (%) 95.0%
LOM Avg. Gold Production (koz) 100 koz
185 174
167 Initial Capex (US$M) US$269M
151
137 135 Sustaining Capex (US$M) US$141M
117
LOM Cash Cost (US$/oz) US$797/oz
LOM AISC (US$/oz) US$885/oz
37 39 35 After-Tax NPV 5% (US$M) @ $1,300/oz US$207M
After-Tax IRR (%) @ $1,300/oz 20.0%
2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E
(1) Resource estimates as at July 31, 2019 (on an attributable basis via 74% ownership in
TSX: GCM OTCQX: TPRFF Caldas Gold). Please see “NI 43-101 Technical Report Preliminary Economic Assessment
May 2020 Marmato Project” dated February 6, 2020. 13
Source: Company filings.ASSET OVERVIEW: AURORA
GRAN COLOMBIA 2.0
The Aurora mine is Guyana Goldfields’ fully-owned, flagship Reserves and Resources(1)
operation located in Guyana which achieved commercial Aurora kt g/t Au koz Au
production in January 2016 Reserves
Proven 1,880 2.03 123
The Aurora mine has historically represented a significant Probable 23,972 2.75 2,118
Total Reserves 25,852 2.70 2,241
portion of gold production in Guyana
M&I (incl.) 37,600 3.16 3,816
In March 2020, the Company announced the completion of the Inferred 25,900 2.28 1,901
2019 LOM Review
2020 Aurora Updated LOM Plan Summary(1)
The proposed LOM Plan sequencing of continued open pit
Mine Life (yrs) 14.0
mining, transitioning to underground operations in 2021
Processing Rate (tpd) 5,200
Updated mineral reserves containing ~2.2 Moz Au and M&I LOM Average Grade (g/t Au) 2.70
resources containing ~3.8 Moz Au(1) LOM Average Mill Recovery (%) 92.4%
LOM Avg. Gold Production (koz) 147 koz
LOM average annual production of ~150 koz over the 14-year Initial Capex (US$M) US$141M
mine life(1) Sustaining Capex (US$M) US$391M
LOM AISC (US$/oz) US$1,043/oz
After-Tax NPV 5% (US$M) @ $1,400/oz US$353M
After-Tax IRR (%) @ $1,400/oz 55.0%
2020 Updated LOM Plan Production and Cost Profile – First 10 Years(1)
Koz Au | AISC US$/oz
Production (koz) AISC (US$/oz)
211
191
164 153
$1,759 144 152 151 143 140
75 $1,001 $942 $1,064 $943 $1,057 $1,034
$908 $937
$782
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
TSX: GCM OTCQX: TPRFF (1) R&R estimates as at December 31, 2019. Please see “Technical Report on the Aurora Gold
May 2020 Mine” dated March 31, 2020. 14
Source: Company filings.ASSET OVERVIEW: TOROPARU
GRAN COLOMBIA 2.0
The Toroparu gold project is 100% owned by Gold X and is an Reserves and Resources(1)
advanced stage project located in the Upper Puruni River
Toroparu Mt g/t Au g/t Ag % Cu Moz Au Moz Ag Mlb Cu
Region of Guyana
M&I 253 0.9 0.8 0.08% 7.4 6.3 444
One of the largest in-situ gold projects owned by an
independent junior mining company in South America Inferred 129 0.8 0.1 0.04% 3.2 0.3 104
Conventional open pit project with a long mine life of 24 years
and average annual production of 188 koz(1) 2019 Toroparu PEA Summary(1)
Roughly 7.4 Moz of M&I resources and 3.2 Moz Inferred(1) Mine Life (yrs) 24.0
Processing Rate (tpd) - Phase 1 11,500
In the final stages of permitting with a final review and license Processing Rate (tpd) - Phase 2 23,000
approval with the Guyana Geology and Mines commission LOM Average Grade (g/t Au) 1.01
LOM Avg. Gold Production (koz) 188 koz
Company currently focused on completing the necessary step Initial Capex (US$M) US$378M
Sustaining Capex (US$M) US$614M
to deliver a production decision
LOM Cash Cost (US$/oz) US$541/oz
LOM AISC (US$/oz) US$780/oz
Re-scoped PEA completed in 2019(1)
After-Tax NPV 5% (US$M) @ $1,300/oz US$495M
Two-phased Development Plan based on higher grade gold After-Tax IRR (%) @ $1,300/oz 20.3%
resources contained near surface
PEA Production and Cost Profile(1)
Phase 1 production will start with a carbon-in-leach processing Koz Au | AISC US$/oz
facility with mill capacity of 11.5 ktpd with planned expansion to
Production (koz) AISC (US$/oz)
23 ktpd in year 11
202 188
MoU with the Government of Guyana to develop the Kurupung 161
River Hydroelectric Project to support the Toroparu Project
while also providing significant operating cost savings over the
$790 $769 $780
life of mine
Years Years LOM
(2)
1-8 9 - 24 Avg.
(1) Resource estimates as at September 2018. Please see “Preliminary Economic Assessment
TSX: GCM OTCQX: TPRFF Report Toroparu Gold Project” dated July 18, 2019.
May 2020 (2) Phase 1 of development plan at 11.5 ktpd processing rate. 15
Source: Company filings.For Further Information, Contact:
Mike Davies
Chief Financial Officer
(416) 360-4653
investorrelations@grancolombiagold.com
TSX: GCM OTCQX: TPRFF
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