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TSX: GCM OTC: TPRFF April 1, 2015

Lombardo Paredes Arenas, CEO Mike Davies, CFO

The leading high-grade gold producer in Colombia

Q4 & Full Year 2014 Results April 1, 2015

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TSX: GCM OTC: 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: GCM OTC: TPRFF April 1, 2015

RESULTS

Cash, Costs & Execution

Highlights

Mine development at Sandra K – July 17, 2014

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TSX: GCM OTC: 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

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TSX: GCM OTC: 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

117

89

$800

$1,000

$1,200

$1,400

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Segovia

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Marmato

$874

2013 2013 2014 2014

US$/oz sold

$918

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TSX: GCM OTC: 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

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 Q4'14

G&A,SustainingCapex and Other

Cash Cost

$995

US$/oz sold

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TSX: GCM OTC: TPRFF April 1, 2015

Balance Sheet

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 April 1, 2015

PAMPA VERDE

Equipment warehouse

SAG Mill Ball mill

Thickeners

Stockpile

Office/ warehouse

Refinery & Smelting Grinding

• 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: GCM OTC: TPRFF April 1, 2015

PAMPA VERDE

Equipment warehouse

SAG Mill Ball mill

Thickeners

Stockpile

Office/ warehouse

Refinery & Smelting Grinding

Providencia

Sandra K

Mine Development Sequencing Providencia 2015-2017

El Silencio 2015-2022 Sandra 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: GCM OTC: TPRFF April 1, 2015

2015 OUTLOOK

Priorities

1. Continue monthly interest payments on Gold and Silver Notes

2. Reorganize debt

3. Implement optimized mine plan at Segovia

Primary focus on development and mechanization at Providencia

Secondary focus on development and mechanization at El Silencio

Targets

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

Segovia – 90,000 to 110,000 ozs

Marmato – 24,000 to 26,000 ozs

Cash cost - $700 to $750 per oz

G&A - $6M = $45 to $50 per oz

Sustaining capex - $140 to $190 per oz

Environmental fee - $13 per oz

AISC - $900 to $1,000 per oz

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TSX: GCM OTC: TPRFF April 1, 2015

www.grancolombiagold.com @GCMGold

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@GCMGold

Gran Colombia Gold