Gran Colombia Gold Corp. Announces Closing of Offering of US$300 Million 6.875% Senior Unsecured Notes

Serafino Iacono, Executive Chairman of Gran Colombia, commented, "We are delighted with the overwhelming success of this offering, one which attracted high quality institutional and retail investors who recognized our focus on a strong credit profile and growth through diversification. With the net proceeds of this offering, we will be fully funded to develop our Toroparu gold/copper project in Guyana and we will not need to go to market with any dilutive equity financings to carry out our strategy. We are nearing completion of our updated preliminary economic assessment for the Toroparu Project incorporating the recently announced high-grade results from the 2020-2021 drilling program. We are very excited to begin this next chapter, creating value for our stakeholders through our diversified growth platform centered on two cornerstone assets, our Segovia Operations in Colombia and our Toroparu Project in Guyana."

This press release is neither an offer to sell nor a solicitation of an offer to buy the 2026 Notes, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

The 2026 Notes have not been registered under the Act, or the securities laws of any other jurisdiction, and may not be offered or sold in the United States absent registration or an applicable exemption from registration rights. The 2026 Notes are being offered exclusively to qualified institutional buyers in the United States pursuant to Rule 144A under the Act, to non-U.S. persons in transactions outside the United States pursuant to Regulation S under the Act and pursuant to certain prospectus exemptions in Canada.

Early Optional Redemption of 8.25% Senior Secured Gold-Linked Notes due 2024 ("Gold Notes") (TSX: GCM.NT.U)

Currently, the aggregate principal amount of Gold Notes issued and outstanding is US$18,006,250. Gran Colombia also announced today that pursuant to the Gold Notes Indenture, it will complete an early optional redemption on September 9, 2021 of the full remaining aggregate principal amount of its Gold Notes outstanding. In accordance with the Gold Notes Indenture, the early redemption price will be 104.13% of the aggregate principal amount of the Gold Notes being redeemed plus accrued interest. Following the early optional redemption, the Gold Notes will be delisted from the Toronto Stock Exchange.

About Gran Colombia Gold Corp.

Gran Colombia is a mid-tier gold producer with a proven track record of mine building and operating in Latin America. In Colombia, the Company is currently the largest underground gold and silver producer with several mines in operation at its high-grade Segovia Operations. In Guyana, the Company is advancing the Toroparu Project, one of the largest undeveloped gold projects in the Americas. Gran Colombia also owns an approximately 44% equity interest in Aris Gold Corporation (TSX: ARIS) (Colombia - Marmato), an approximately 27% equity interest in Denarius Silver Corp. (TSX-V: DSLV) (Spain - Lomero-Poyatos; Colombia - Guia Antigua and Zancudo) and an approximately 26% equity interest in Western Atlas Resources Inc. (TSX-V: WA) (Nunavut - Meadowbank).

Additional information on Gran Colombia can be found on its website at www.grancolombiagold.com and by reviewing its profile on SEDAR at www.sedar.com.

Cautionary Statement on Forward-Looking Information:

This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to the early optional redemption of the Gold Notes and other anticipated business plans or strategies. 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 press release 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.

For Further Information, Contact:
Mike Davies, Chief Financial Officer
(416) 360-4653
investorrelations@grancolombiagold.com