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TSX: GCM OTC: TPRFF November 2014

Lombardo Paredes Arenas, CEO Mike Davies, CFO

The leading high-grade gold producer in Colombia

Q3 2014 Update November 14, 2014

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TSX: GCM OTC: TPRFF November 2014

Forward-Looking Statements 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 and reduction of cash costs. 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, 2014 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.

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TSX: GCM OTC: TPRFF November 2014

Q3 2014 RESULTS

Cash, Costs & Execution

Highlights

Mine development at Sandra K – July 17, 2014

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TSX: GCM OTC: TPRFF November 2014

Q3 2014 RESULTS

Segovia Q3-2014 impacted by mine infrastructure limitations while simultaneously carrying out mine development

and internal ramps construction as part of the Pampa Verde project. Increased head grades holding in Q3-2014.

Marmato Tonnes processed increased in Q3-2014 to 818 per day; best quarterly production in last two years.

Production

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TSX: GCM OTC: TPRFF November 2014

At Segovia, workforce reductions and spending cuts have been key to reductions to date.

At Marmato, production volume has been more influential in reducing costs on a per ounce basis.

Q4-2014 cash costs expected to be close to $900/oz at both mines – production/COP rates/gold price.

Cash Cost Per Ounce

Mechanised Mining to Drive Long-Term Cost Improvements At Segovia

Q3 2014 RESULTS

117

89

$800

$1,000

$1,200

$1,400

Q1 Q2 Q3 Q4 Q1 Q2 Q3

Segovia

Q1 Q2 Q3 Q4 Q1 Q2 Q3

Marmato

2013 2013 2014 2014

US$/oz sold

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TSX: GCM OTC: TPRFF November 2014

Reductions in cash costs and G&A since the beginning of 2013 have been the key to our success in reducing AISC to the current level.

Positive impact of production growth on fixed costs per ounce, natural hedge to gold prices in our cost structure and COP devaluation will be key drivers to expected future AISC reductions.

All-In Sustaining Costs

Q4’14 AISC Expected

To be $1,025

*All-In Sustaining cash cost per ounce includes total cash costs per ounce and adds the sum of G&A, sustaining capital and certain E&E costs and provision

for environmental discharge fees

Q3 2014 RESULTS A

ISC (-2

3%

)

$800

$1,000

$1,200

$1,400

$1,600

Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14

G&A,SustainingCapex and Other

Cash Cost

US$/oz sold

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TSX: GCM OTC: TPRFF November 2014

Balance Sheet

Q3 2014 RESULTS

* Excludes Gold Notes cash in trust, current portion of short and long-term debt and Marmato titles payables

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TSX: GCM OTC: TPRFF November 2014

PAMPA VERDE Update

Equipment warehouse

SAG Mill Ball mill

Thickeners

Stockpile

Office/ warehouse

Refinery & Smelting Grinding

• Mine development

– Continuing to make progress

• Focus on Providencia, Sandra K and El Silencio mines

– Going to take more time than previously expected to reach 10,000 ozs/month level….now by mid-2015

• Limitations in historical mine infrastructure, particularly material handling

– Construction of internal ramps underway to alleviate this issue

• Hoisting equipment and other material handling systems still generally in older condition

– Upgrading maintenance programs and adding new, more experienced maintenance management personnel

• Employee training is key as we introduce mechanization into historical mining practices

– Already underway and first group of operators has been successfully qualified

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TSX: GCM OTC: TPRFF November 2014

PAMPA VERDE Aerial View of New Plant Site

October 2014

Equipment warehouse

SAG Mill Ball mill

Thickeners

Stockpile

Office/ warehouse

Refinery & Smelting Grinding

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TSX: GCM OTC: TPRFF November 2014

2014 OUTLOOK

Guidance

• 2014 total annual gold production of 100,000 ozs:

– 77,000 ozs from Segovia Operations.

– 23,000 ozs from Marmato Underground.

• Updated Segovia life-of-mine plan in process.

– Preliminary information indicates 2015 annual production of 115,000 ozs.

– Completion of updated LOM plan this year.

• Q4-2014 AISC expected to be $1,025/oz at current gold prices in $1,150-$1,170 range. Improvement vs Q3-2014 due to:

– Impact on fixed costs and spending of Segovia’s Q4 production growth.

– Impact on cash costs of lower gold prices due to natural hedge in Segovia’s contract mining costs and in production taxes at both operations.

– Impact of COP devaluation from Q3-2014 average of 1,908 to current level of 2,100.

• Advisors engaged to assist in the evaluation of options to address liquidity given need to fund debt service of senior notes and complete Pampa Verde project.

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TSX: GCM OTC: TPRFF November 2014

www.grancolombiagold.com @GCMGold

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Gran Colombia Gold