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A Leading High‐Grade Underground Gold Producer

Corporate Presentation March 2019

March 2019
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, 2018 and its interim MD&A dated as of November 13, 2018, both of which are 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.

March 2019 2
MID-TIER GOLD MINER Surpassed 2018 Guidance

Gold Production 
Segovia Operations 218,000 ozs Marmato Project
 High‐grade underground   Underground mine expansion 
mines We have produced more than 1 million  opportunity
ounces of gold since inception in 2010
 89% of production  11% of production
 2018: 193,000 ozs  2018: 25,000 ozs
 Head grades averaged 17.1   Head grades averaged 2.7 g/t in 
g/t in 2018 2018
 One of the Top 5 Highest   One of the Top 20 Undeveloped 
Grade Underground Mines Global Gold Deposits

March 2019 3
Directors Management
Serafino Iacono, Executive Co‐Chairman – Company co‐ Lombardo Paredes, CEO ‐ 20+ years of corporate 
founder with 30+ years of experience in capital markets  leadership and operations management experience in the 
and public companies resource sector in Latin America
Miguel de la Campa, Executive Co‐Chairman – Company  Mike Davies, CFO – CPA, CA with 20+ years of international 
co‐founder with 30+ years of experience in financing and  and public company experience in resource and other 
developing mining and other resource projects sectors 
Jaime Perez Branger – Executive with 30+ years of  Alessandro Cecchi, VP Exploration – Exploration geologist 
experience in finance and capital markets with 20+ years of experience focused gold exploration and 
development in South America
Robert Metcalfe – Lawyer and corporate director
Jose Ignacio Noguera, VP Corporate Affairs – Lawyer with 
Hernan Martinez – Former Colombian Minister of Mines 
20+ years of experience in public and government affairs 
and Energy 
and sustainability in the resource sector in Colombia
Monica De Greiff – Executive President of the Bogota 
Angel Meza, General Manager, Segovia Operations –
Chamber of Commerce and former Colombian Minister of 
Mine engineer with 17+ years of experience in mining 
operations in South America and Africa
De Lyle Bloomquist – Corporate director
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

March 2019 4
Gran Colombia 2.0

 Gran Colombia has become a mid‐tier gold miner with 218,001 ounces of gold 
production in 2018, up 25% over 2017.

 Simplified our capital structure in 2018.

 Eliminated dilution overhang of previous convertible debentures.
 New Gold Notes and Warrants listed on the TSX in September 2018.
 Common shares listed on the OTCQX in the USA in October 2018.
 Strengthened balance sheet in 2018. 

 Debt down to $83.4M as of January 31, 2019. Debt/EBITDA of ~0.8X. 
 $33M of cash as of December 31, 2018, up from $3M at the end of 2017.
 Future growth continues emphasis on high‐grade Segovia mines and the other 24 
known veins we are not currently mining.

 Blue sky potential with Marmato, Zancudo, Sandspring and Venezuela in the pipeline.

“Focused on what we can control……Cash, Costs and Execution.”

March 2019 5
Common Shares Warrants

48.2 million GCM.WT.B: 12.2 million @ CA$2.21 (2024 expiry)
Stock Options
Market Capitalization  1.4 million @ CA$2.55 (2021‐2022 expiry)
(as of March 1, 2019)
1.2 million @ CA$3.16 (2023 expiry)
CA$172 million
Major Shareholders
Common shares Fully Diluted = ~63 million common shares
Founders/Management ‐ 5% | None > 10%
Gold Notes
Founders/Management ‐ 10% | No others > 10% Outperforming TSX Global Gold Index

March 2019 6
BALANCE SHEET Strengthened

Working Capital
 Turned positive in 2018
 $33 million of cash at end of 2018, up $30M from December 
 2,600 ozs in Gold Trust Account at end of 2018 for the January 
$182M $83M
December 2015 January 2019
2019 debt repayment

Senior Secured Gold‐Linked Notes due 2024
Total Debt
 Issued April 30, 2018
 TSX‐listed…GCM.NT.U
 $83.4 million currently outstanding
 8.25% coupon paid monthly 2.1X 15.1X
2015 TTM
 Quarterly principal repayments in cash with gold kicker 
above $1,250/oz Adjusted EBITDA to Interest
 Less than 10% of Segovia’s projected future production is 
required to meet principal repayments

4.7X 0.9X
2015 TTM
 Upgraded to B (Outlook Stable) in October
Debt to Adjusted EBITDA

TTM = Latest 12 months ended September 2018. 
March 2019 7
PROPERTIES Historic Mining Districts

Zancudo Project Segovia Operations

“Exploration Stage” “Core Producer”
Ownership 100% Ownership 100%

IAMGOLD entering 3rd year of a 6‐year  Mineral

earn‐in option agreement Resources (1) Gold:
‐ M&I 1,246 kozs 11.4 g/t
‐ Inferred 1,107 kozs 10.1 g/t

Marmato Project Mineral Reserves 

“Pursuing Underground  (1,2) Gold:
Mine Expansion Opportunity” ‐ Proven 68 kozs 45.4 g/t
‐ Probable 592 kozs 11.4 g/t
Ownership 100%
2018 Gold 
Mineral Production 193,050 ozs
Resources (1) Gold:
‐ M&I 3,872 kozs 2.9 g/t 2018 Head 
‐ Inferred 4,194 kozs 2.5 g/t Grade 17.1 g/t
2018 Gold  Cash 
Production 24,951 ozs US$618
Cost/oz (3)
2018 Head 
Grade 2.7 g/t

Cash  (1) As of December 31, 2017

Cost/oz (3) US$1,138 (2) Included in Mineral Resources
(3) Nine months ended September 30, 2018

March 2019 8
RESULTS Solid Turnaround
Gold Production reaches 218,001 ozs in 2018 Adjusted EBITDA surpasses $100M in 2018
Segovia Marmato  $100

 150  $80
kozs $M  $60

 75  $40


 ‐  $‐
14 15 16 17 18 14 15 16 17 TTM
TTM = Trailing 12‐months ended September 2018

AISC reflects focus on controlling costs EV/Adjusted EBITDA (2019e)

$/oz sold
Capex and G&A Total Cash Cost 4.1X
 $1,000 $899

 $750 2.4X



2014 2015 2016 2017 TTM GCM Peers
Source: FactSet, Bloomberg, equity research
March 2019 9
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.

March 2019 10

M&I          744 kozs 10.5 g/t
Inferred   498 kozs 9.7 g.t

Reserves  417 kozs 11.3 g/t 2018 Production of 85,000 ozs, up 5% from 2017

March 2019 11

M&I          330 kozs 15.8 g/t
Inferred   295 kozs 16.5 g.t

Reserves  156 kozs 25.5 g/t 2018 Production of 88,000 ozs, up 70% from 2017

March 2019 12

M&I          125 kozs 9.7 g/t
Inferred     86 kozs 8.5 g.t

Reserves    50 kozs 8.3 g/t 2018 Production of 9,000 ozs, up 100% from 2017

March 2019 13

Currently operating mines on

only 3 of 27 known veins in the Areas of Immediate 
RPP-140 license. Interest 

Increase M&I 
resources and 

advance deposits

Follow‐up brownfield 
exploration projects
(Sandspring Resources)

March 2019 14
THE SEGOVIA MINES Blue Sky Potential
Segovia Heat Map ‐ Drilling Collars – Historical drilling centered around the three existing mines. Going forward, 
drilling will be focused on stepping out at the mines and evaluating other brownfield opportunities.

FGM drilling

GCM Drilling

1,207 holes

175,796 meters

March 2019 15
SEGOVIA OPERATIONS Maria Dama Processing Plant & Lab

 Plant has capacity to handle up to 1,200 tpd at present; expanding to 1,500 tpd in 2019 at a capital cost of ~$1M.

 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 will be commissioned in 2019; 
onsite water treatment facility is treating excess water to Colombian standards before being discharged.

March 2019 16
SEGOVIA OPERATIONS Positive Agent for Change

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

March 2019 17
MARMATO PROJECT Exploration Stage
The Future of Marmato is Going Underground
 Mineralization is hosted by sheeted pyrite vein system in
dacite to andesite porphyry stocks.
11%  Mountain of gold in historic mining district. Ranked in
Production 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 potential to expand
underground mining operations. Completing additional
drilling and technical studies toward expected
completion of a PEA by the end of 2019.

Gold Resource (1) Gold Grade Silver Resource (1) Silver 

(ozs) (g/t) (ozs) Grade (g/t)

Measured 388,000 4.8 1,774,000 21.3

Indicated 3,485,000 2.8  20,787,000 16.7
Inferred 4,194,000 2.5  15,005,000 9.0
(1) Underground resource information based on Marmato 43‐101 Technical Report, November 2017.

March 2019 18

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 
Location of 2018‐
for 60 koz
2019 Drilling  Inferred: 29.3 Mt @ 2.3 g/t Au 
Program for 2,142 koz

(1) Using 1.9 g/t cut‐off grade
(2) Using 1.2 g/t cut‐off grade
March 2019 19
Expected catalysts for 2019:
 2018 final production and 2019 production guidance (210,000 to 225,000 ounces) were 
announced on January 16, 2019
 Continuing to pay down debt. $4.9M of Gold Notes principal repaid on January 31, 2019. 
Future quarterly repayments on April 30th, July 31st and October 31st
 Additional first quarter news
 Final results from 2018 drilling programs at Segovia and Marmato
 Mineral reserves and resources update for Segovia Operations
 2018 fourth quarter and year end results; 2019 financial guidance

Second quarter
 Annual and special meeting of shareholders, including ratification of Shareholder Rights Plan – June 

Balance of 2019
 Ongoing results from 2019 drilling programs and Segovia and Marmato
 Update on expected PEA for underground expansion at the Marmato Project

Stay disciplined….remain focused on cash, costs and execution!
March 2019 20

March 2019 21
COLOMBIA A Great Mining Jurisdiction

 Colombia is a country of opportunities with a growing economy, one of

the lowest inflation rates in Latin America and free trade agreements
with eight trading partners including the USA, European Union and
more than 100 designated free-trade zones.

 Colombia’s government is very supportive of foreign investment and it

has the best investor protection in Latin America, 15th worldwide,
according to the World Bank (2018).

 Mining is a significant sector in the Colombian economy and one of the

country’s largest export sectors.

 Ranked #3 in Latin America for ease of doing business and #65

globally according to the World Bank (Doing Business, 2018)

 4th largest economy in South America (GDP $792 billion) (International

Monetary Fund, 2018)

 The latest Colombia Tax Reform reduces the corporate income tax
rate and repeals the 4% surcharge imposed on corporate income,
reducing the total tax rate from 37% in 2018 to 33% in 2019, 32% for
2020, 31% for 2021 and 30% for 2022 and onwards.

March 2019 22
Top 5 Highest‐Grade Underground Gold Operations in 2017 (1)
Mine Country Owner Au Grade in  Au Cash Costs
Milled Ore
Q4‐2017 g/t Q4‐2017 USD/oz

Fosterville Australia Kirkland Lake 21.50 $226

Yaramoko Burkina Faso Roxgold 17.60 $417
Segovia Colombia Gran Colombia 17.48 $662
Cerro Negro Argentina Goldcorp 16.74 $457
Turquoise Ridge USA Barrick Gold 15.22 $550

Median Au Cash Costs Throughout the World in 2017 (US$/oz) (1)
“Gold grade is a profitability driver 
for a mine.” 600

Gran Colombia’s cash cost is below 
below the median for all mines. 0
Fosterville Yaramoko Segovia Cerro Negro Turquoise Ridge
(1) Source: IMARC (miningintelligence.com Whitepaper, July 2018)

March 2019 23
RESULTS All‐In Sustaining Costs
Roxgold Nine Months Ended September 30, 2018
Kirkland Lake Gold US$/oz sold
Barrick Gold
Yamana Gold I. Source: Issuer filings for Third 
Quarter 2018 
Argonaut Gold
II. AISC is a common performance 
Gran Colombia Gold measure but does not have any 
standardized meaning within 
Teranga Gold the industry and therefore its 
Leagold computations may vary 
between companies.
Alamos Gold
Centerra Gold
Cash Cost AISC
Guyana Goldfields
New Gold
Asanko Gold
Golden Star
TAHOE Resources
Detour Gold
Kinross Gold
Alio Gold

$0 $200 $400 $600 $800 $1,000 $1,200 $1,400

Gran Colombia’s AISC continues to be well positioned amongst industry peers.

March 2019 24
 The Zancudo Project is located 27 km south of
 Excellent infrastructure.
 In Municipality of Titiribi, a town dependent on
mining (coal).
 Multi-million ounce epithermal to mesothermal vein
system in the Cauca Porphyry Belt, adjacent to
Brazil Resources Titiribí Project (7.9 Moz Au
Inferred resources @ 0.5 g/t Au).
 1.5M ounces of past production.

 Option granted in March 2017 to acquire a 65%
interest by incurring an aggregate of $10M of
exploration over a 6-year period.
 2nd option granted for further 5% interest if feasibility
study completed.
 IAMGOLD commenced exploration (drilling) in 2017
and continued their program in 2018….refer to our
October 9, 2018 press release for results to-date.

March 2019 25
Sandspring Investment
 Hold ~18% equity interest in Sandspring Resources (TSX-V: SSP).
 Sandspring’s Toroparu Project is considered to be one of the largest undeveloped gold deposits in South
America with 10.4Mozs in-situ gold (MI&I) resources.
 Vended in our 30% carried participating interest in the Chicharron Project in Segovia and subscribed for
CA$4M (~$3M) in Sandspring’s private placement in July 2018; purchased additional shares for CA$1.7M
(~$1.3M) in private transactions completed in October 2018 and February 2019.
 GCM has representation on Sandspring’s board.

Chicharron Project
 Sandspring acquired 100% of the rights to
explore, develop and mine a 386 hectare area
within our mining title in the Segovia area
 Project Area lies outside of the areas of our
principal mining operations in Segovia.
 The Guia Antigua vein that is the current focus of
the Chicharron Project appears to be similar in Chicharron
geology, structure, vein style and mineralogy to
other veins in the Segovia mining district.

“The Sandspring transaction will allow us to diversify our project exposure outside of Colombia and to leverage 
our previous experience in the Venezuelan Guyana Shield greenstone belt” Serafino Iacono 

March 2019 26
For Further Information, Contact:
Mauricio Ostos
Town of Segovia 
Investor Relations
(416) 360-4653