GCM Q3 2015 Results

1. 1
TSX: GCM
OTC: TPRFF
November 12, 2015
Lombardo Paredes Arenas, CEO
Mike Davies, CFO
Peter Volk, General Counsel
The leading high‐grade gold producer in Colombia
Q3 and First Nine Months 2015 Results
November 12, 2015

2. 2
TSX: GCM
OTC: TPRFF
November 12, 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, reduction of cash costs and AISC, the debt restructuring
proposal, interest payments on the senior debt and the expected timing for the meetings of the Gold Notes, the Silver
Notes and the Company’s common shares. 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
November 12, 2015
RESULTS Highlights
Mine development at Sandra K – July 17, 2014
Third Quarter Nine Months
2015 2014 2015 2014
34,339 24,666 Gold production (ozs) 86,807 69,579
35,501 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

4. 4
TSX: GCM
OTC: TPRFF
November 12, 2015
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 Months
2015 2014 2015 2014
Gold (ozs)
Segovia
4,920 2,889 Company-operated 10,351 12,222
23,028 15,590 Contract miners 58,675 39,857
27,948 18,479 69,026 52,079
6,391 6,187 Marmato 17,781 17,500
34,339 24,666 Total Company 86,807 69,579
43,019 31,219 Silver (ozs) 101,313 93,535

5. 5
TSX: GCM
OTC: TPRFF
November 12, 2015
 Q3‐2015 total cash cost for the Company was $644/oz.
 Colombian peso devaluation, Q1‐2015 reduction in Segovia contract miner rate and improved
production reducing fixed costs on a per ounce basis have been the key drivers to improvements
in 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

6. 6
TSX: GCM
OTC: TPRFF
November 12, 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 $800/oz.
All‐In Sustaining Costs
*All‐In Sustaining cash cost per ounce includes total cash costs per ounce and
adds the sum of G&A, sustaining capital and certain E&E costs and provision
for environmental discharge fees
RESULTS
AISC (‐23%)
US$/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,Sustaining
Capex and Other
Cash Cost
$789

7. 7
TSX: GCM
OTC: TPRFF
November 12, 2015
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

8. 8
TSX: GCM
OTC: TPRFF
November 12, 2015
DEBT RESTRUCTURING
US$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

9. 9
TSX: GCM
OTC: TPRFF
November 12, 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

10. 10
TSX: GCM
OTC: TPRFF
November 12, 2015
www.grancolombiagold.com
@GCMGold
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Gran Colombia Gold