CNL Corporate PPT 3-10-19 121MI Prit compressed · 3 | | High-Grade Colombian Gold WHY INVEST IN TSX CNL OTCQX CGOOF Shares Outstanding1 203.1 Million Market Cap2 $627 Million COLOMBIA’S

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1 | www.continentalgold.com | High-Grade Colombian Gold

October 2019

CORPORATEPRESENTATION

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CAUTION REGARDING FORWARD-LOOKING INFORMATIONExcept for statements of historical fact relating to the Company, certain information contained in this presentationconstitutes “forward-looking information” within the meaning of applicable Canadian securities legislation and“forward-looking statements within the meaning of applicable U.S. securities laws. Forward-looking informationincludes, but is not limited to: statements with respect to the potential of the Company’s properties; the estimation ofmineral resources and mineral reserves; exploration results; potential mineralization; exploration and minedevelopment plans; obtaining necessary permits; timing of the commencement of operations; the future price of goldand other mineral commodities; the realization of mineral resource and mineral reserve estimates; success ofexploration activities; cost and timing of future exploration and development; continued advancement of theCompany’s Corporate Social Responsibility (“CSR”) program; conclusion of economic evaluations; requirements foradditional capital; other statements relating to the financial and business prospects of the Company; and other futureevents and information as to the Company’s strategy, plans or future financial or operating performance.

Generally, forward-looking information is characterized by the use of forward-looking terminology such as “plans”,“expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “is projected”,“anticipates” or “does not anticipate”, “believes”, “targets”, or variations of such words and phrases. Forward-lookinginformation may also be identified in statements where certain actions, events or results “may”, “could”, “should”,“would”, “might”, “will be taken”, “occur” or “be achieved”.

Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions ofmanagement considered reasonable at the date the statements are made in light of management’s experience andits perception of historical trends, current conditions and expected future developments, as well as other factors thatit believes to be relevant and reasonable in the circumstances at the date that such statements are made. Forward-looking information is inherently subject to known and unknown risks, uncertainties and other factors that may causethe actual results, level of activity, performance or achievements of the Company to be materially different from thoseexpressed or implied by such forward-looking information, including but not limited to risks related to: the actualresults of exploration activities; the inherent risks involved in the exploration and development of mineral properties;changes in project parameters as plans continue to be refined; delays in obtaining government approvals; theuncertainties of project cost overruns or unanticipated costs and expenses; uncertainties inherent in conductingoperations in a foreign country; title risks related to the ownership of the Company’s projects and the related surfacerights and to the boundaries of the Company’s projects; risks relating to the Company’s pending concessionapplications; the Company’s limited operating history; uncertainties related to the availability and costs of financingneeded in the future; risks arising from the Company’s ability to satisfy covenants in the credit facility for thedevelopment of the Buriticá Project; fluctuations in mineral prices; uninsurable risks related to exploration,development and production; reliance on economic studies to determine the potential economic viability of themineral resources comprising the Buriticá Project; uncertainties of construction and operating cost overruns; the riskthat the conclusion of pre-production studies may not be accurate; unexpected adverse changes that may result infailure to comply with environmental and other regulatory requirements; differing interpretations of tax regimes inforeign jurisdictions; the loss of Canadian tax resident status; uncertainties inherent in competition with otherexploration companies; non-governmental organization intervention and the creation of adverse sentiment amongthe inhabitants of areas of mineral development; uncertainties related to conflicts of interest of directors and officersof the Company; dependence on key management employees; reliance on outside contractors in certain miningoperations; labour and employment matters; the presence of artisanal/illegal miners and the effect of mineralextraction by third parties without title; risks arising from the closure of illegal mines; security risks; risks arising fromthe formalization process for small-scale miners; the reliability of mineral resource estimates; the ability to fundoperations through foreign subsidiaries; the residency of directors, officers and others; uncertainties related toholding minority interests in other companies; foreign currency fluctuations; uncertainty relating to decommissioningand reclamation costs; unreliable historical data for projects; reliance on adequate infrastructure for mining activities;health and safety risks; compliance with government regulation and anti-corruption laws; the market price of sharesof the Company; the payment of future dividends; future sales of shares of the Company; accounting policies andinternal controls; impairment of mineral properties; and Bermuda legal matters. See “Risks and Uncertainties” in theCompany’s most recent Annual Information Form and other regulatory filings for further discussion regarding riskfactors.

MATERIAL FORWARD-LOOKING INFORMATIONManagement’s current total project cost estimate (including scope changes) is $512 million (including contingencybut excluding working capital). The Company believes that the estimate, determined internally, is accurate within -5%/+10%. However, the estimate is subject to change and is based on assumptions which can affect the accuracy ofthe cost estimates, including but not limited to data on which engineering assumptions are made, accuracy ofequipment and construction cost estimates, unanticipated changes in grade and tonnage to be mined and processedand mining plans. Unanticipated factors can also impact the cost estimate, including but not limited to difficulty orfailure to meet scheduled construction completion dates, facility or equipment commissioning dates; poor orunsatisfactory construction quality resulting in failure to meet completion, commission or production dates; capitaloverrun related to the completion of any construction phase including capital overrun associated with demobilizationof construction workers; labour negotiations; unanticipated costs relating to the commencement of operations, rampup and production sustainment; changes in government regulations (including regulations relating to prices, cost ofconsumables, royalties, duties, taxes, permitting and restrictions on production quotas or exportation of theCompany’s products and changes in commodity input costs and quantities).

Although management of the Company has attempted to identify important factors that could cause actual actions,events or results to differ materially from those described in forward-looking information, there may be other factorsthat cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance thatforward-looking information will prove to be accurate, as actual results and future events could differ materially fromthose anticipated. Accordingly, readers are cautioned not to place undue reliance on forward-looking information.The forward-looking information contained herein is presented for the purpose of assisting shareholders inunderstanding the Company’s expected financial and operational performance and the Company’s plans andobjectives and may not be appropriate for other purposes. The Company does not undertake to update any forward-looking information contained herein or incorporated by reference herein, except in accordance with applicablesecurities laws.

DIFFERENCES IN REPORTING OF MINERAL RESOURCE ESTIMATESThis presentation was prepared in accordance with Canadian standards for reporting of mineral resource estimates,which differ in some respects from U.S. standards. In particular, and without limiting the generality of the foregoing,the terms “inferred mineral resources,” “indicated mineral resources,” “measured mineral resources” and “mineralresources” used or referenced in this presentation are Canadian mineral disclosure terms as defined in accordancewith Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) under theguidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) Standards on MineralResources and Mineral Reserves (the “CIM Standards”). Until recently, the CIM Standards differed significantly fromstandards in the U.S. The U.S. Securities and Exchange Commission (the “SEC”) has adopted amendments to itsdisclosure rules to modernize the mineral property disclosure requirements for issuers whose securities areregistered with the SEC under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”). Theseamendments became effective February 25, 2019 (the “SEC Modernization Rules”) with compliance required for thefirst fiscal year beginning on or after January 1, 2021. The SEC Modernization Rules replace the historical propertydisclosure requirements for mining registrants that were included in SEC Industry Guide 7, which will be rescindedfrom and after the required compliance date of the SEC Modernization Rules. As a result of the adoption of the SECModernization Rules, the SEC now recognizes estimates of “measured mineral resources”, “indicated mineralresources” and “inferred mineral resources”. In addition, the SEC has amended its definitions of “proven mineralreserves” and “probable mineral reserves” to be “substantially similar” to the corresponding definitions under the CIMStandards, as required under NI 43-101. Accordingly, during this period leading up to the compliance date of theSEC Modernization Rules, information regarding mineral resources or mineral reserves contained or referencedherein may not be comparable to similar information made public by United States companies.

Readers are cautioned that “inferred mineral resources” have a great amount of uncertainty as to their existence, andgreat uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferredmineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineralresources may not form the basis of feasibility or other economic studies, except in limited circumstances. The term“resource” does not equate to the term “reserves”. Readers should not assume that all or any part of measured orindicated mineral resources will ever be converted into mineral reserves. Readers are also cautioned not to assumethat all or any part of an inferred mineral resource exists or is economically or legally mineable.

All dollar amounts in US$ unless otherwise specified

IMPORTANT NOTICE

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W H Y I N V E S T I N

TSX CNLOTCQX CGOOFShares

Outstanding1 203.1 Million

Market Cap2 $627 Million

COLOMBIA’S EMERGINGLEADING GOLD COMPANY

One of the world’s largest and highest-grade gold projectsMechanical completion expected Q1 20203

Anticipated to be in lowest quartile of AISC ~$600/ozMulti-million ounce growth potential already outlined by sparse drillingMineral Reserves, February 2016:Proven & Probable 3.71Moz @ 8.4g/t Gold4

10.7Moz @ 24.3g/t Silver4

Mineral Resource estimate, January 2019:5

Measured & Indicated 5.32Moz @ 10.32g/t Gold21.0Moz @ 40.8g/t Silver

Inferred 6.02Moz @ 8.56g/t Gold26.2Moz @ 37.3g/t Silver

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Most unexplored and prospective country in Latin America

Strong pro-business, right-leaning government in place

All Continental Gold projects are 100% owned

Total land package: 209,298 ha6

- Buriticá – 75,547 ha flagship project

1

2

3

4

WHY COLOMBIA?

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STRONG AND SUPPORTIVESTRATEGIC INVESTOR PARTNERS

• Cumulative investment of US$166.2 million at a weighted average share price of C$3.66 between May 2017 and July 2019.

• Presently owns 19.9% of the Company with ability to own approximately 28% on a partially-diluted basis.

• January 10, 2017Provided $275 million of debt at attractive and flexible terms. Estimated cost of capital: 12%

• May 18, 2017Invested $25 million at $4.00/share.

• March 15, 2019Provided $100 million for a 2.1% gold and 100% silver stream. Full buyback option on gold stream for $80 million by December 31, 2021. Estimated cost of capital: 8.4%

• July 5, 2019Invested $25 million in equity by way of non-brokered private placement.

E R I C S P R O T T

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Fully permitted and on Schedule for 2020 Commercial Production3

• Underground Development advancing at more than 1,000 metres per month

BURITICÁPROJECT

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BURITICÁ PROJECT

Grades Metal

Category Tonnes(M)

Gold(g/t)

Silver(g/t)

Gold(Moz)

Silver(Moz)

Proven 0.68 21.1 60.0 0.46 1.3

Probable 13.04 7.8 22.5 3.25 9.4

Total P&P 13.72 8.4 24.3 3.71 10.7

Global Mineral Reserve Estimate4 Global Mineral Resource Estimate5

Grades Metal

Category Tonnes(M)

Gold(g/t)

Silver(g/t)

Gold(Moz)

Silver(Moz)

Measured 1.4 13.7 57.2 0.62 2.6

Indicated 14.62 10 39.2 4.7 18.4

Total M&I 16.02 10.32 40.8 5.32 21

Inferred 21.87 8.56 37.3 6.02 26.2

Yaraguá Mine Production 2012-2017

Grades Metal

Tonnes Milled

Gold Head Grade(g/t)

Silver Head Grade(g/t)

GoldOunces

Produced

SilverOunces

Produced

44,252 24.93 48.17 32,001 30,842

• Production of up to 300,000 oz/year

• Mechanical completion expected Q1 20203

• 14-year mine life

• Lowest quartile AISC of ~$600/oz gold

• Pre-production capital costs of $512 million7

• Mineral resource estimate updated January 2019

• Mine plan for years 1-3 to be updated before commercial production begins in 2020

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Mineable Reserves

Modeled Veins EnvelopeIncludes Inferred Resources

BURITICÁ PROJECT: TOPOGRAPHY & INFRASTRUCTURE3

High-Grade and size Excellent metallurgy Gravity assistedOpen for growth

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• Paved road• High voltage power• Labour• Water• 65km from Medellín

BURITICÁ PROJECT: TOPOGRAPHY & INFRASTRUCTURE3

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1,101

NUMBER OF DIRECT COLOMBIAN-BASED

EMPLOYEES

Colombian 1,078 Expats 23

COUNTRY MANAGER

Luis Germán Meneses, MBAOver 37 years of senior management experience. Former Executive Vice-President and COO of Cerrejón. Holds a degree in Systems Engineering and a Master of Business Administration.

CHIEF OPERATINGOFFICER

Donald Gray, M.Sc., MBAOver 30 years of project development, startup and operational experience with strong focus on Latin America. Most recently led the development of El Escobal mine in Guatemala.

OPERATIONSMANAGER

Álvaro RondónOver 10 years of underground mining experience at various projects in Mexico, Peru and Canada. Most recently worked as a Technical Services Superintendent for Nyrstar’s Campo Morado mine in Mexico.

98%COLOMBIAN

CONTINENTAL GOLDOPERATIONS TEAM

Direct EmployeesFrom Antioquia

Direct Employees from Local

Municipalities

79%

51%

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INFRASTRUCTURE AREA

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CONSTRUCTION OFMINING FACILITIES

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CONSTRUCTION OF MILL

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CRUSHER &CONVEYOR

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VETA SUR SYSTEM ORE DRIVE DEVELOPMENT

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SHALLOW YARAGUÁ UNDERGROUND CHANNEL SAMPLING RESULTS8

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MID-ELEVATION YARAGUÁ UNDERGROUND CHANNEL SAMPLING RESULTS9

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SHALLOW VETA SUR UNDERGROUND CHANNEL SAMPLING RESULTS10

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MID-ELEVATION VETA SUR UNDERGROUND CHANNEL SAMPLING RESULTS11

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Stope Production (combined) Estimated Actual Increase

Ounces gold 862 1,285 49%

Ounces silver 1,652 2,678 62%

Tonnes 3,649 4,627 27%

Grade g/t gold 7.34 8.60 17%

Grade g/t silver 14 18 26%

Stope Production Estimated Actual Increase

Ounces gold 1,033 2,093 103%

Ounces silver 1,620 2,733 69%

Tonnes 2,022 2,090 3%

Grade g/t gold 15.9 31.1 96%

Grade g/t silver 24.9 40.7 63%

15 m

30 m

15 m

20 m

First Trial Mining Test – May 3, 2016 News Release Second Trial Mining Test – December 18, 2017 News Release

18.9 m

MECHANIZED LONG-HOLE TRIAL MINING TESTS IN THE YARAGUÁ SYSTEM12

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Veta Sur Yaraguá

EW

• Broad Mineralized Zones (BMZ): where master veins are intersected by veins at other orientations and different rock packages coalesce

EW

Veta Sur

Yaraguá

43

1 2

5

Mineable Reserves


BMZ

3 1425

BROAD MINERALIZED ZONES (BMZ)

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BMZ1 Mineral Resource Statement at a 3 g/t Cut-offEffective January 30, 2019

Resource Grades Metal

Category Tonnes Gold(g/t)

Silver(g/t)

Gold(Oz)

Silver(Oz)

Measured 206,980 24.29 37.3 161,600 248,300 Indicated 621,880 10.77 18.2 215,300 363,000

M&I 828,870 14.15 22.9 377,000 611,000 Inferred 141,150 5.37 12.1 24,400 55,000

Broad MineralizedZone (BMZ)

Commercial Scale Development

GOLD (G/T)

BUUY42540.60m @ 16.55 g/t Au, 7.0 g/t Ag

BUUY43023.00m @ 10.20 g/t Au, 8.3 g/t Ag

BUUY42717.40m @ 11.99 g/t Au, 21.6 g/t Ag

BUUY43015.65m @ 15.36 g/t Au, 10.4 g/t Ag

BUUY42119.90m @ 88.91 g/t Au, 13.0 g/t Ag

BUUY39323.80m @ 22.80 g/t Au, 18.9 g/t Ag

BUUY36320.55m @ 70.87 g/t Au, 29.0 g/t Ag

BUUY33145.6m @ 17.7 g/t Au, 16.0 g/t Ag

BUUY33633.9m @ 17.2 g/t Au, 26.0 g/t Ag

YARAGUÁ BMZ113

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BUSY39812.10m @ 18.75 g/t Au, 20.0 g/t Ag

BUSY40227.40m @ 8.57 g/t Au, 35.1 g/t Ag

BUSY39120.10m @ 9.02 g/t Au, 7.9 g/t Ag

BUUY41223.65m @ 3.20 g/t Au, 27.7 g/t Ag

BUSY3998.50m @ 17.71 g/t Au, 68.9 g/t Ag

BUSY3994.60m @ 28.17 g/t Au, 14.9 g/t Ag

BUSY3975.20m @ 17.94 g/t Au, 31.0 g/t Ag

YARAGUÁ BMZ214

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Broad MineralizedZone 3 Target Area (BMZ)

Commercial Scale Development

Vein System

GOLD (G/T)

BUUY4205.50m @ 202.23 g/t Au, 24.5 g/t Ag

BUUY4316.90m @ 9.90 g/t Au, 35.6 g/t Ag

BUUY42812.45m @ 9.74 g/t Au, 2.4 g/t Ag

BUUY4242.00m @ 29.97 g/t Au, 54.3 g/t Ag

BUUY42630.15m @ 7.97 g/t Au, 5.5 g/t Ag

BUUY41620.80m @ 4.02 g/t Au, 4.1 g/t Ag

BUUY4267.30m @ 20.66 g/t Au, 58.7 g/t Ag

YARAGUÁ BMZ315

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Broad MineralizedZone (BMZ)

Gold (g/t)

BUSY40915.50m @ 7.03 g/t Au, 9.1 g/t Ag

BUSY41627.90m @ 7.04 g/t Au, 7.5 g/t Ag

BUSY4115.65m @ 18.69 g/t Au, 38.7 g/t Ag

BUSY40712.30m @ 10.17 g/t Au, 4.4 g/t Ag

BUSY4078.70m @ 6.49 g/t Au, 57.2 g/t Ag

BUSY41014.75m @ 4.82 g/t Au, 15.4 g/t Ag

BUSY41211.45m @ 8.24 g/t Au, 17.3 g/t Ag

YARAGUÁ BMZ416

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10m

YARAGUÁ BMZ517

3.16m @ 56 g/t Au, 154 g/t A

g along 92m

30m @

10 g/t Au, 47 g/t Ag

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Yaragua

Veta Sur

Laurel

Adonis

Perseus

Orion

Venus

Poseidon

Medusa

Definition drilling(55,000 metres)• Focusing on stope

preparation ahead of production

Infill drilling(18,500 metres)• Focusing on BMZs

N

BURITICÁ: 73,500 METRES OF DRILLING IN 2019

0 2.5 5

kilometers

Electra N

Electra S

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EW

Global Mineral Resource Estimate5

Veta Sur Yaraguá

HigabraTunnel

Mineable Reserves


Step-out Drilling Target

Grades Metal

Category Tonnes(M)

Gold(g/t)

Silver(g/t)

Gold(Moz)

Silver(Moz)

Measured 1.4 13.7 57.2 0.62 2.6

Indicated 14.62 10 39.2 4.7 18.4

Total M&I 16.02 10.32 40.8 5.32 21

Inferred 21.87 8.56 37.3 6.02 26.2

CONTINUATION OF VEIN SYSTEMS OR PORPHYRY AT DETPH?

BUSY374D052.60m @ 131.96 g/t Au, 21.9 g/t Ag

BUUY349D023.75m @ 51.39 g/t Au, 35.0 g/t Ag

BURITICÁ PROJECT:WIDE OPEN FOR GROWTH18

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Veta Sur YaraguáNE

BURITICÁ IS OPEN FOR GROWTH

BUSY374D052.60m @ 131.96 g/t Au, 21.9 g/t Ag

BUUY349D023.75m @ 51.39 g/t Au, 35.0 g/t Ag

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DRILLING TO EXTEND HIGH-GRADE VEINS& TEST FOR THE PORPHYRY FEEDER19

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12.35

2.37

24.62

1.624

1.9

29.68

20.15.2

7.88

1.625

2.273

0.694

1 Km

N

Electra SouthSamples Gold Grade (g/t)

36 10 – 136

75 Greater than 2

All Figures are in g/t Gold

ORION AND ELECTRA SOUTH:GOLD IN CHANNEL SAMPLING

OrionSamples Gold Grade (g/t)

23 11.1 – 94.5

44 Greater than 2

Electra North

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1 Km

13.5 – 198 g/t Gold

PERSEUS:GOLD IN CHANNEL SAMPLING

Perseus

Yaraguá

Veta sur

Laurel

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2nd ONLY TO BRUCEJACK FOR MINERAL RESOURCESFOR UNDERGROUND PROJECTS20

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CompanyMarket

Capitalization US$MM

Mineral Resources(M&I+I 000

oz)

Mineral Reserves(P+P 000

oz)

GoldGrade g/t (MineableReserves)

Estimated Production

(oz/year)

All-In Sustaining

Costs

Project Financingin Place

Continental Gold $627 11,340 3,700 8.4 253,000 ~$600

Gold Road Resources $720 6,200 3,500 1.2 135,000

(50%) $690

MAG Silver(Au:Ag 80:1) $930 3,810 N/A

6.52(Au + Ag)

(resource estimate)

101,750(Au + Ag + Lb + Zn)

$351(PEA)

Lundin Gold $1,328 9,480 4,800 9.67 340,000 $583

Osisko Mining $653 2,885 0 6.7(PEA) 218,000 $704

CNL: RELATIVE VALUATIONCOMPARISON21

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As of September 6, 2019 Continental Gold Lundin Gold

Market Capitalization $627 million $1,328 billion

Project Debt Financing $275 million $350 million

Stream Facility $100 million $150 million

Gold Prepay Facility 0 $150 million

Convertible Debenture $75 million 0

Project Total Royalties 3.2% 6.0%

Mineral Reserves (P&P) 3.7 million ounces @ 8.4 g/t gold4 5.02 million ounces @ 8.74 g/t gold

Mineral Resources (MI&I) 11.34 million ounces @ 9.39 g/t gold5,23 9.48 million ounces @ 8.73 g/t gold

Average Annual Production 253,000 ounces of gold 325,000 ounces of gold

All-in Sustaining Costs ~$600 $583

CONTINENTAL GOLD PEER COMPARISON22

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EXPLORATION PROJECT CONSTRUCTION PRODUCTION

High Risk/High Reward

Medium Risk/Investor Malaise Low Risk/Low Reward

ExplorationEuphoria

Discovery

Permitting

Financing &Construction

ProductionCommences

BuriticáExpansion?

WEARE

HERE

TIME

VALU

ATIO

N

LIFE CYCLE OF A GOLD MINING COMPANY: WHERE IS CNL?24

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37

Major construction earthworks commence Q4 2017

First concrete pour April 2018

Begin steel installation Q1 2019

Mineral resource estimate update Q1 2019

Powerline to be completed Q3 2019

Mechanical Completion Q1 2020

Mine plan update for years 1-3 2020

NEAR-TERMCATALYSTSAND PATH TO PRODUCTION3

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Analyst Targets25Cash and Available Liquidity26 $133.8 Million

Shares Outstanding1 203.1 Million

Fully Diluted1 235.1 Million

Major Shareholders • Newmont Mining

• Van Eck Global

• Fidelity• Franklin

Templeton• Ruffer LLP

CAPITAL STRUCTUREAND ANALYST COVERAGE

C$8.50 BMO Capital MarketsBrian Quast

C$7.00 GMP SecuritiesSteve Butler

C$6.75 Clarus SecuritiesJamie Spratt

C$6.60 Cormark SecuritiesTyron Breytenbach

C$6.50 TD SecuritiesDaniel Earle

C$6.00 RBC Capital MarketsMark Mihaljevic

C$5.85 Eight CapitalCraig Stanley

C$4.25 Scotia Capital Inc.Ovais Habib

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CommunityInfrastructure

InstitutionalStrengthening Small-Scale Mining

Formalization

Local LabourTraining

Plan Buriticá:Local Dialogue

PlatformLocal Supply Chain

Strengthening

EnvironmentalServices Payments

Program (PSA)

“Siembra Futuro”Agro-Development

Fund

MODERN MININGSOCIAL LICENSE TO OPERATE

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AGRICULTURALDEVELOPMENTPROGRAMS

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JOINT TRAININGINITIATIVES

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* NI 43-101 Qualified Person

OUR PEOPLESenior Management

Leon Teicher – Chairman of the Board• Former President and CEO of Cerrejón Coal Ltd., Colombia's

largest private coal producer and exporter owned by BHP Billiton, Glencore Xstrata and Anglo American (2006-2011)

• Currently on the board of Cementos Argos, the fourth largest cement producer in Latin America

Dr. Kenneth Thomas, P.Eng – Lead Director• Former President, Canadian Institute of Mining Metallurgy &

Petroleum (CIM)• Over 45 years of mining sector experience, including as

former Senior Vice-President at Barrick Gold and Kinross• 2001 Selwyn G. Blaylock Medal recipient for achievement in

international mine design from CIM

Paul J. Murphy, B. Comm, CA – Director

Martín Carrizosa – Director

Stephen Gottesfeld – Director (Newmont Nominee)

Dr. Claudia Jiménez – Director

Christopher Sattler, MBA – Director

Ari Sussman – Director and Chief Executive Officer

Board of Directors

Ari Sussman – Chief Executive Officer • Over 20 years of experience in the mining industry• Instrumental in sourcing, funding and developing mineral

assets with a strong focus on Latin America• Raised over C$800 million since 2006 for various companies

Luis Germán Meneses – Country Manager • Over 37 years of senior management experience• Former Executive Vice-President and COO of Cerrejón• Holds a degree in Systems Engineering and a Master of

Business Administration (MBA)

Donald Gray, M.Sc., MBA* – Chief Operating Officer• Formerly Vice-President, Operations for Tahoe Resources

Inc., where he led the constructing, commissioning and operating of the flagship Escobal mine

• Long-hole mining operational expertise in narrow veins at both La Camorra mine in Venezuela and the Cerro Bayomine in Chile

Paul Begin, CA, MBA – Chief Financial Officer• Chartered Accountant with over 15 years of experience • Formerly CFO with Hanfeng Evergreen Inc., Trilliant

Incorporated and OZZ Corporation

David Reading, MSc. Economic Geology. FIMMM* – Special Advisor to CEO• Previously CEO of European Goldfields and Head of

Exploration for Randgold Resources• Over 38 years experience in exploration and evaluation in the

Americas, Africa, Europe and Asia

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APPENDIX

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Strategic Investments >$75M

STRATEGIC INVESTMENTS

• Newmont Goldcorp’s 2017 $109M strategic investment in Continental Gold amongst the largest made with one of the highest premiums paid

• The majority of strategic investments have been relatively small

- Only 7 of 56 strategic investments >$75M since 2005

- Average size of C$17M for 49 strategic investments <$75M

Investor RioTinto

CITICMetal Kinross Newmont

Goldcorp South32 CGN Mining Zijin Mining -

Date 18-Oct-06 11-Jun-18 4-May-10 11-May-17 1-May-17 8-Dec-14 8-Dec-14 -

Pro Forma Interest Acquired

19.9% 19.9% 9.4% 19.9% 15.0% 16.7% 9.9% 11.1%

Premium to Prior 26.7% 13.0% 2.2% 46.0% 29.6% 25.0% (5.3%) 10.3%

Strategic Investment Size ($M)

C$787 C$723

C$600

US$109 /C$149

C$110 C$82 C$81

C$17

IvanhoeMining

IvanhoeMines

Red BackMining

ContinentalGold

ArizonaMining

Fission PretiumResources

Average of49 Others

Source: Company Disclosure.* Average of 49 strategic investments since 2005.

Other*

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P&P Reserves3.71Moz gold and 10.7Moz silver 13.72M tonnes @ 8.4 g/t gold and 24.3 g/t silver

Mineral Recovery (LOM) 94.1% gold and 59.9% silver

Average Mine Production Rate (Gold) 2,100 tpd (years 1 and 2) and 3,000 tpd (by year 3)

Average Gold Production (14 years) 253,000 oz/year with 282,000 oz/year (1-5 years)

Pre-Production Capital Costs $512 million

LOM Sustaining Capital $272.5 million

Total Operating Cost $111.59 per tonne

All-In Sustaining Costs (AISC)** ~$600/oz gold

Metal Pricing Assumptions $1,267/oz gold and $15.59/oz silver

Economics (base case)**$780 million

25.3%2.9 Years

Net Present Value (5% discount)Internal Rate of ReturnPayback of Capital

* Initial capital costs in the Feasibility Study were $389.2 million, including contingency but excluding working capital. Management’s current total project cost estimate (including scope changes), determined internally and subject to change, is $512 million (including contingency but excluding working capital), which the Company believes is accurate within -5%/+10%. The Company does not currently envision any additional major scope changes to the project infrastructure as detailed engineering is well advanced. For further details, please see the Company’s Q1 2019 MD&A and the technical report entitled “NI 43-101 Buriticá Mineral Resource 2019-01, Antioquia, Colombia” dated March 18, 2019 with an effective date of January 30, 2019.

** Based on the same assumptions as are set forth in the 2019 Technical Report other than the pre-production capital costs.

BURITICÁ: POST-TAX ECONOMIC MODEL*

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Project Location Company Study Year TPD Mining Milling G&A

Total OperatingCosts per

Tonne

Sustaining Capital per Processed

Tonne

Buriticá Colombia ContinentalGold 2016 3,000 $57.21 $26.16 $28.22 $111.59 $19.86

Brucejack Northern BC Pretium 2014 2,700 $67.38 $14.20 $35.99 $117.56 $19.37

Hope Bay Nunavut TMAC 2015 2,500 $62.33 $23.52 $31.53 $117.38 $19.79

Fruta del Norta Ecuador Lundin Gold 2016 3,500 $60 $34 $15 $118 $18.96

Escobal Guatemala Tahoe Resources 2014 4,000 $38.35 $23.51 $15.51 $77.37 $9.75

Juanicipio Mexico MAG Silver 2014 2,400 $45.24 $19.76 $3.56 $68.56 $20.08

OPEX - Studies not completed in 2015 have been escalated by 3% per year to 2015 dollars.Source: Company filings, street research. All figures in US$ per tonne.

ECONOMIC STUDY BENCHMARKING TABLES: UNDERGROUND MINES

|


2017 2018 2019 2020(Production)

Engineering

Procurement

Equipment Fabrication and Delivery

Mine Development

Plant Construction

Infrastructure

Offsite Facilities

Mechanical Completion / First Gold Pour

Commercial Production

Preliminary mine plan and start date based on indicative timeline which is dependent on, among other things, continued exploration success, environmental and board approvals, completing positive economic studies and the determination that the deposit is economically viable.

PROJECT SCHEDULE

|


-

50,000

100,000

150,000

200,000

250,000

300,000

PP Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11 Yr 12 Yr 13 Yr 14

Average annual production rate 253,000 ounces

Gold Production in oz/yr

Source: 2019 Technical Report titled “NI 43-101 Buriticá Mineral Resource 2019-01, Antioquia, Colombia”, led by independent consultants Ivor Jones Pty Ltd.Preliminary mine plan and start date based on indicative timeline which is dependent on, among other things, continued exploration success, environmental and board approvals, completing positive economic studies and the determination that the deposit is economically viable.

ESTIMATED ANNUAL GOLD PRODUCTIONCOMMENCING H2 2020

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UNDERGROUND PRODUCTIONPROFILE: LIFE OF MINE

Production (Tonnes per Day)

Tonnes per Stope per Day % of Production 2,100 3,000

Longhole (Including Development) 157 82.0% 11 16

Cut & Fill 65 16.4% 5 7

Shrinkage 54 1.6% 1 1

Backfill 6 7

Total 23 31

Longhole11.3 MT

Cut & Fill 2.2 MT

Shrinkage 0.2 MT 82%

16.4%

1.6%

Total Tonnes by Mining Method EW

Source: 2019 Technical Report titled “NI 43-101 Buriticá Mineral Resource 2019-01, Antioquia, Colombia”, led by independent consultants Ivor Jones Pty Ltd.Preliminary mine plan and start date based on indicative timeline which is dependent on, among other things, continued exploration success, environmental and board approvals, completing positive economic studies and the determination that the deposit is economically viable.

Test Stope

Longhole

Cut & Fill

Shrinkage

|


Slide3, 6, 7, 8, 9, 28, 35, 37, 38

1 As of August 8, 2019.2 As of October 4, 2019.3 Preliminary mine plan and start date based on indicative timeline which is dependent on, among other things, continued exploration success, environmental and board

approvals, completing positive economic studies and the determination that the deposit is economically viable.4 Source: 2019 Technical Report titled “NI 43-101 Buriticá Mineral Resource 2019-01, Antioquia, Colombia”, led by independent consultants Ivor Jones Pty Ltd.

Based on cut-off grades of 3.8 g/t for Yaraguá and 4.0 g/t for Veta Sur, $950 per ounce gold price, and US$/COP exchange rate of 2,850. Minor variations may occur during the addition of rounded numbers. M in Figures and Tables represents millions.

5 Source: 2019 Technical Report titled “NI 43-101 Buriticá Mineral Resource 2019-01, Antioquia, Colombia”, led by independent consultants Ivor Jones Pty Ltd.3 g/t gold cut-off as at January 30, 2019. Reported tonnage and grade figures have been rounded from raw estimates to reflect the order of accuracy of the estimate. There have been no assumptions made as to metal prices or recoveries in this mineral resource estimate. Minor variations may occur during the addition of rounded numbers. M in Figures and Tables represents millions.

Slide 4 6 As of June 30, 2019.Slide 7 7 Source: 2019 Technical Report titled “NI 43-101 Buriticá Mineral Resource 2019-01, Antioquia, Colombia”, led by independent consultants Ivor Jones Pty Ltd.

Initial capital costs in the Feasibility Study were $389.2 million, including contingency but excluding working capital. Management’s current total project cost estimate (including scope changes), determined internally and subject to change, is $512 million (including contingency but excluding working capital), which the Company believes is accurate within -5%/+10%. The Company does not currently envision any additional major scope changes to the project infrastructure as detailed engineering is well advanced. For further details, please see the Company’s Q1 2019 MD&A and the technical report entitled “NI 43-101 Buriticá Mineral Resource 2019-01, Antioquia, Colombia” dated March 18, 2019 with an effective date of January 30, 2019.

Slide 16 8 Source: Company press releases dated March 5, 2019.Slide 17 9 Source: Company press releases dated September 9, 2019.Slide 18 10 Source: Company press releases dated April 15, 2019.Slide 19 11 Source: Company press releases dated June 4, 2019.Slide 20 12 Source: Company press releases dated May 3, 2016 and December 18, 2017.Slide 22 13 Source: Company press releases dated January 17, 2018, January 31, 2018, October 1, 2018, February 12, 2019 and March 20, 2019.Slide 23 14 Source: Company press releases dated January 15, 2019 and March 1, 2019.Slide 24 15 Source: Company press releases dated February 21, 2019.Slide 25 16 Source: Company press releases dated May 16, 2019.Slide 26 17 Source: Company press releases dated October 28, 2014.Slide 28 18 Source: Company press releases dated May 2, 2018 and August 20, 2018.Slide 30 19 Source: Company press releases dated September 25, 2019.Slide 33 20 Source: Company disclosure, SNL Metals and Mining.Slide 34 21 Source: Company disclosure. As of October 4, 2019.Slide 35 22 Source: Company disclosure. As of October 4, 2019.

23 MI&I gold grade is calculated using weighted average. M&I - 5.32Moz @ 10.32 g/t Gold, Inferred - 6.02Moz @ 8.56 g/t Gold (Source: 2019 Technical Report).Slide 36 24 Source: U.S. Global Research.Slide 38 25 Continental Gold is followed by the research analysts listed. Note that any opinions, estimates or forecasts regarding Continental Gold made by these analysts are theirs

alone and do not represent opinions, forecasts or predictions of Continental Gold or its management. Continental Gold does not imply endorsement of, or concurrence with, such information or conclusions.

26 As of August 8, 2019.

TECHNICAL INFORMATION AND FOOTNOTES

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+1 416 583 5611 [email protected]+1 877 273 8228 (Toll-Free) www.continentalgold.com

INVESTOR RELATIONS

October 4, 2019

Documents

CNL Corporate PPT 3-10-19 121MI Prit compressed · 3 | | High-Grade Colombian Gold WHY INVEST IN TSX CNL OTCQX CGOOF Shares Outstanding1 203.1 Million Market Cap2 $627 Million COLOMBIA’S