Gran Colombia Gold Q4 2014 Results

1. 1
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

2. 2
TSX: GCM
OTC: TPRFF
November 2014
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, 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.

3. 3
TSX: GCM
OTC: TPRFF
November 2014
Q3 2014 RESULTS
Cash, Costs & Execution
Highlights
Mine development at Sandra K – July 17, 2014

4. 4
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

5. 5
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
$1,400
Q1 Q2 Q3 Q4 Q1 Q2 Q3
Segovia
Q1 Q2 Q3 Q4 Q1 Q2 Q3
Marmato
2013 20132014 2014
US$/oz sold

6. 6
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
AISC(-23%)
$800
$1,000
$1,200
$1,400
$1,600
Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14
G&A,Sustaining
Capex and Other
Cash Cost
US$/oz sold

7. 7
TSX: GCM
OTC: TPRFF
November 2014
Balance SheetQ3 2014 RESULTS
* Excludes Gold Notes cash in trust, current portion of
short and long-term debt and Marmato titles payables

8. 8
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

9. 9
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

10. 10
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.

11. 11
TSX: GCM
OTC: TPRFF
November 2014
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Gran Colombia Gold