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TSX: GCMOTC: TPRFF April 1, 2015

Lombardo Paredes Arenas, CEOMike Davies, CFO

The leading high-grade gold producer in Colombia

Q4 & Full Year 2014 ResultsApril 1, 2015

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TSX: GCMOTC: TPRFF April 1, 2015

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, 2015 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: GCMOTC: TPRFF April 1, 2015

RESULTS

Cash, Costs & Execution

Highlights

Mine development at Sandra K – July 17, 2014

4th Quarter Year

2014 2013 2014 2013

29,043 22,106 Gold production (ozs)

98,622 102,792

28,287 21,247 Gold sales (ozs) 97,628 102,080

$1,168 $1,295 Realized gold price ($/oz)

$1,237 $1,416

$908 $1,077 Cash cost ($/oz) $1,024 $1,152

$995 $1,230 AISC ($/oz) $1,145 $1,322

$33.5M $28.5M Revenue $123.0M $148.5M

($0.2M) ($4.0) Adjusted net loss ($14.3M)

($17.2M)

($0.01) ($0.26) Per share ($0.65) ($1.13)

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TSX: GCMOTC: TPRFF April 1, 2015

RESULTS

Segovia Q4-2014 up 21% over Q3-2014….improved overall head grades averaging 12.56 g/t.

Marmato Tonnes processed steady in Q4-2014 at 815 per day; slight head grade improvement to 3.04 g/t.

Production

4th Quarter Year

2014 2013 2014 2013

Gold (ozs)

Segovia Operations

3,139 4,194 Company-operated

15,361 24,524

19,288 11,982 Contract miners 59,145 55,702

22,427 16,176 74,506 80,226

6,616 5,930 Marmato Underground

24,116 22,566

29,043 22,106 Total Company 98,622 102,792

32,320 35,562 Silver (ozs) 125,716 153,649

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TSX: GCMOTC: TPRFF April 1, 2015

Q4-2014 total cash cost for the Company was $908/oz. Colombian peso devaluation, impact of increased production on fixed costs per ounce and, at Segovia, lower

contract mining costs (with costs tied to spot gold which decreased in Q4-2014).

Cash Cost Per Ounce

Mechanised Mining to Drive Long-Term Cost Improvements At Segovia

RESULTS

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89

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 $800

$1,000

$1,200

$1,400

Segovia

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Marmato

$874

2013 20132014 2014

US$/oz sold

$918

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TSX: GCMOTC: TPRFF April 1, 2015

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 $1,000/oz level.

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%

)

Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 $800

$1,000

$1,200

$1,400

$1,600

G&A,Sustaining Capex and Other

Cash Cost

$995

US$/oz sold

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TSX: GCMOTC: TPRFF April 1, 2015

Balance SheetRESULTS

Balance sheet December

2014

December2013

Cash $0.8M $1.6M

Restricted cash $0.7M $31.8M

Adjusted working capital deficit*

($13.6M) ($20.1M)

Total short and long-term debt

Colombian bank debt $4.4M $13.7M

Finance leases $1.5M $1.7M

LW factoring loan - $1.0M

Blue Pacific bridge loan - $4.0M

$100M Gold and $78.6M Silver Notes - at fair value plus arrears interest

$114.3M $152.1M

Total debt $120.2M $172.5M

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

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TSX: GCMOTC: TPRFF April 1, 2015

PAMPA VERDE

Equipmentwarehouse

SAG Mill Ball mill

Thickeners

Stockpile

Office/warehouse

Refinery & SmeltingGrinding

• Engaged SRK USA’s mine engineering team to work with the local team at Segovia to optimize the life-of-mine (LOM) plan….plan completed end of February 2015.

• Focus was on the Company-operated areas, calculating appropriate mining cut-off grades, generating mine designs/schedules and the LOM cash flow models, including opex and capex.

Conclusions:• Priority should be given to developing the main ramp at Providencia.• Recommended change to existing mining method from room & pillar to

mechanized cut & fill.• Develop in waste rather than ore.• Complete the on site lab to reduce sample turnaround time.• Implement infill drilling from underground drilling stations to update the block

model and mine plans and increase confidence in grades prior to mining.• Prioritized equipment requirements including underground drills, lab equipment

and mine equipment.• Pampa Verde plant can wait….Maria Dama has sufficient capacity during LOM.

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TSX: GCMOTC: TPRFF April 1, 2015

PAMPA VERDE

Equipmentwarehouse

SAG Mill Ball mill

Thickeners

Stockpile

Office/warehouse

Refinery & SmeltingGrinding Providencia

Sandra K

Mine Development Sequencing Providencia 2015-2017

El Silencio 2015-2022Sandra K 2016-2019

Carla 2018-2020

Mine Design Features

• Multiple ramps, located in waste in the hanging wall

• Main ramps will be 4m x 3.5m• 3m x 3m secondary access to 2.5m x

2.5m attack ramps• Providencia design includes a hoist and

390m extension of shaft started in 2014• Sandra K design includes a new

shaft/hoist

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TSX: GCMOTC: TPRFF April 1, 2015

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 oz

Environmental fee - $13 per ozAISC - $900 to $1,000 per oz

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TSX: GCMOTC: TPRFF April 1, 2015

www.grancolombiagold.com@GCMGold

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@GCMGoldGran Colombia Gold