Gran Colombia Gold Q1 2015 Results

1. 1
TSX: GCM
OTC: TPRFF
May 15, 2015
Lombardo Paredes Arenas, CEO
Mike Davies, CFO
The leading high-grade gold producer in Colombia
Q1 2015 Results
May 15, 2015

2. 2
TSX: GCM
OTC: TPRFF
May 15, 2015
Forward-Looking StatementsDISCLAIMER
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.

3. 3
TSX: GCM
OTC: TPRFF
May 15, 2015
RESULTS Highlights
Mine development at Sandra K – July 17, 2014

4. 4
TSX: GCM
OTC: TPRFF
May 15, 2015
RESULTS
Segovia
 Q1-2015 up 37% over Q1-2014….improved overall head grades averaging 14.12 g/t this year.
Marmato
 Tonnes processed steady in Q1-2015 at 813 per day; slightly lower head grades than Q1-2014.
Production

5. 5
TSX: GCM
OTC: TPRFF
May 15, 2015
 Q1-2015 total cash cost for the Company was $824/oz.
 Reduction in Segovia contract miner rate and further Colombian peso devaluation were key drivers to
improvements in Q1-2015 total cash cost per ounce at Segovia and the Company average.
Cash Cost Per Ounce
Mechanised Mining to Drive Long-Term Cost Improvements At Segovia
RESULTS
117
89
$700
$900
$1,100
$1,300
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Segovia
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Marmato
$914
2013 20132014 2014
US$/oz sold
$795
2015 2015

6. 6
TSX: GCM
OTC: TPRFF
May 15, 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 level below $1,000/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
RESULTS
AISC(-23%)
$600
$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 Q1'15
G&A,Sustaining
Capex and Other
Cash Cost
$938
US$/oz sold

7. 7
TSX: GCM
OTC: TPRFF
May 15, 2015
Balance SheetRESULTS
* Excludes Gold Notes cash in trust, current portion of
short and long-term debt and Marmato titles payables

8. 8
TSX: GCM
OTC: TPRFF
May 15, 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

9. 9
TSX: GCM
OTC: TPRFF
May 15, 2015
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Gran Colombia Gold