GCM Q3 2015 Results

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TSX: GCMOTC: TPRFFNovember 12, 2015

Lombardo Paredes Arenas, CEOMike Davies, CFO

Peter Volk, General Counsel

The leading high‐grade gold producer in Colombia

Q3 and First Nine Months 2015 ResultsNovember 12, 2015

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Forward‐Looking Statements DISCLAIMER

This presentation contains "forward‐looking information", which may include, but is not limited to, statements withrespect to the future financial or operating performance of the Company and its projects, and, specifically, statementsconcerning anticipated growth in annual gold production, reduction of cash costs and AISC, the debt restructuringproposal, interest payments on the senior debt and the expected timing for the meetings of the Gold Notes, the SilverNotes and the Company’s common shares. Often, but not always, forward‐looking statements can be identified by theuse 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 thatcertain 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 actualresults, 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 causeactual results to differ materially from those anticipated in these forward‐looking statements are described under thecaption "Risk Factors" in the Company's Annual Information Form dated as of March 31, 2015 which is available forview on SEDAR at www.sedar.com. Forward‐looking statements contained herein are made as of the date of thispress 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'sestimates or opinions should change, or otherwise. There can be no assurance that forward‐looking statements willprove to be accurate, as actual results and future events could differ materially from those anticipated in suchstatements. Accordingly, the reader is cautioned not to place undue reliance on forward‐looking statements.

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RESULTS Highlights

Mine development at Sandra K – July 17, 2014

Third Quarter Nine Months2015 2014 2015 201434,339 24,666 Gold production (ozs) 86,807 69,57935,501 24,203 Gold sales (ozs) 87,356 69,341$1,090 $1,256 Realized gold price ($/oz) $1,142 $1,265

$644 $1,054 Cash cost ($/oz) $737 $1,072$789 $1,216 AISC ($/oz) $867 $1,206

$39.3M $30.9M Revenue $101.2M $89.5M$13.3M $1.8M Adjusted EBITDA (1) $28.4M $5.3M

$2.0M ($5.6M) Adjusted net income (loss) (1) $1.8M ($15.1M)$0.08 ($0.23) Per share $0.08 ($0.71)

(1) Refer to Company’s MD&A for computation

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RESULTS

Segovia Q3‐2015 up 51% over Q3‐2014….improved overall head grades averaging 16.1 g/t this quarter

with contract mining cooperatives representing 82% of Segovia’s Q3‐2015 gold production.Marmato

Processed 871 tpd in Q3‐2015, up 6% from Q3 last year; additional development fronts and mill capacity increase facilitated Q3‐2015’s gold production increase versus Q3 last year.

Production

Third Quarter Nine Months2015 2014 2015 2014

Gold (ozs)Segovia

4,920 2,889 Company-operated 10,351 12,22223,028 15,590 Contract miners 58,675 39,85727,948 18,479 69,026 52,079

6,391 6,187 Marmato 17,781 17,50034,339 24,666 Total Company 86,807 69,57943,019 31,219 Silver (ozs) 101,313 93,535

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Q3‐2015 total cash cost for the Company was $644/oz.

Colombian peso devaluation, Q1‐2015 reduction in Segovia contract miner rate and improvedproduction reducing fixed costs on a per ounce basis have been the key drivers to improvementsin 2015 total cash cost per ounce at Segovia and the Company average.

Cash Cost Per OunceRESULTS

117

89

$500

$700

$900

$1,100

$1,300

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

Segovia

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

Marmato

$778

18% of Q3‐2015 gold sales

2013 20132014 2014

US$/oz sold

$614

2015 2015

82% of Q3‐2015 gold sales

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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 below $800/oz.

All‐In Sustaining Costs

*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

RESULTSAISC (‐23%

)

US$/oz sold

$500

$700

$900

$1,100

$1,300

$1,500

Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15

G&A,SustainingCapex and Other

Cash Cost

$789

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Balance SheetRESULTS

* Excludes current portion of short and long‐term debt** At fair value plus accrued and unpaid interest

September 2015 December 2014

Adjusted working capital deficit *

Cash $2.4M $0.8M

Accounts receivable $6.3M $13.1M

Accounts payable ($26.9M) ($37.5M)

Equity and wealth taxes payable ($6.2M) ($6.8M)

Other items, net $2.3M $2.6M

($22.1M) ($27.8M)

Total short and long‐term debt

Colombian bank debt $2.4M $4.4M

Finance leases $1.2M $1.5M

$100M Gold and $78.6M Silver Notes ** $118.5M $114.3M

$122.1M $120.2M

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DEBT RESTRUCTURINGUS$100M* 2020 Debentures• Maturity – October 30, 2020• Coupon – 3% cash/ 4% PIK• Convertible – Holder option – US$0.30/ share• Redeemable/ open market repurchases permitted• At Maturity – Company option to settle in shares

provided trading threshold met• Senior secured, no changes to ranking, security or

covenants

US$100M Gold Notes

US$78.6M Silver Notes

US$78.6M* 2022 Debentures• Maturity – August 31, 2022• Coupon – 1.5% cash/ 2.5% PIK• Convertible – Holder option – US$0.25/ share• Redeemable/ open market repurchases permitted• At Maturity – Company option to settle in shares

provided trading threshold met• Senior unsecured, no changes to covenants or events

of default

New Sinking Fund• 75% of Excess Free Cash Flow• 2/3rd for 2020 Debentures, 1/3rd for 2022 Debentures• To fund redemptions, repurchases, maturity

* Plus accrued and unpaid interest

November 27, 2015

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2015 OUTLOOK

Priorities1. Continue monthly interest payments on Gold and Silver Notes2. Reorganize debt3. Implement optimized mine plan at Segovia

Primary focus on development and mechanization at ProvidenciaSecondary focus on development and mechanization at El Silencio

TargetsTotal gold production – 114,000 to 136,000 ozs

Segovia – 90,000 to 110,000 ozsMarmato – 24,000 to 26,000 ozs

Cash cost ‐ $700 to $750 per ozG&A ‐ $6M = $45 to $50 per ozSustaining capex ‐ $140 to $190 per ozEnvironmental fee ‐ $13 per ozAISC ‐ $900 to $1,000 per oz

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