Third Quarter 2016 Results

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TSX: GCMNovember 15, 2016

Lombardo Paredes Arenas, CEOMike Davies, CFO

The leading high‐grade gold producer in Colombia

Third Quarter 2016 Results

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Forward‐Looking Statements DISCLAIMER

This presentation contains "forward‐looking information", which may include, but is not limited to, statements withrespect to the future financial or operating performance of the Company and its projects, and, specifically, statementsconcerning anticipated growth in annual gold production, reduction of cash costs and AISC, future G&A and capex,interest payments on the senior debt and future purchases and/or redemptions of the senior debt. Often, but notalways, 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 (includingnegative 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 unknownrisks, uncertainties and other factors which may cause the actual results, performance or achievements of GranColombia to be materially different from any future results, performance or achievements expressed or implied by theforward‐looking statements. Factors that could cause actual results to differ materially from those anticipated inthese forward‐looking statements are described under the caption "Risk Factors" in the Company's AnnualInformation Form dated as of March 30, 2016 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, otherthan as required by law, any obligation to update any forward‐looking statements whether as a result of newinformation, results, future events, circumstances, or if management's estimates or opinions should change, orotherwise. There can be no assurance that forward‐looking statements will prove to be accurate, as actual resultsand future events could differ materially from those anticipated in such statements. Accordingly, the reader iscautioned not to place undue reliance on forward‐looking statements.

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RESULTS Highlights

Mine development at Sandra K – July 17, 2014

3nd Quarter Nine Months

2016 2015 2016 2015

39,111 34,339 Gold production (ozs) 108,829 86,807

39,017 35,501 Gold sales (ozs) 107,605 87,356

$1,296 $1,090 Realized gold price ($/oz) $1,225 $1,142

$728 $644 Cash cost ($/oz) $699 $737

$884 $789 AISC ($/oz) $832 $867

$51.2M $39.3M Revenue $133.7M $101.2M

$19.7M $13.3M Adjusted EBITDA (1) $49.6M $28.4M

$8.1M $6.7M Net income $19.0M $6.4M

$0.03 $0.28 Per share $0.12 $0.27

$8.1M $2.0M Adjusted net income (1) $12.2M $1.8M

$0.03 $0.08 Per share $0.08 $0.08

(1) Refer to Company’s MD&A for computation

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RESULTS

Segovia YTD 2016 up 32% over YTD 2015….increased daily tonnes processed in 2016 by 40% to an average of 764 tpd with

head grades averaging 13.7 g/t…2016 production aided by improved recovery of Company‐operated gold frommill circuit…produced 11,173 ozs in October 2016 bringing 10 months total to 102,608 ozs.

Marmato YTD 2016 down 2% vs YTD 2015… increased daily tonnes processed in 2016 by ~13% to an average of 924 tpd;

head grades and mill recovery each tracking ~8% and 5%, respectively, below YTD 2015 levels…produced 1,915ozs in October 2016 bringing 10 months total to 19,309 ozs.

Production

3rd Quarter Nine Months

2016 2015 2016 2015

Gold (ozs)

Segovia

7,146 4,920 Company-operated 20,197 10,351

26,406 23,028 Contract miners 71,238 58,675

33,552 27,948 91,435 69,026

5,559 6,391 Marmato 17,394 17,781

39,111 34,339 Total Company 108,829 86,807

36,942 43,019 Silver (ozs) 118,976 101,313

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Over the last 8 quarters, GCM has realized growth in its Trailing 4 Quarters total gold production driven by growth from the Segovia Operations. Marmato has been steady.

Increasing 2016 annual gold production guidance to 144,000‐150,000 ounces.

Total Gold ProductionRESULTSAISC (‐23%

)

000’s ozs

‐

20

40

60

80

100

120

140

Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16

Qtr ‐ Marmato

Qtr ‐ Segovia

Trailing 4 Qtr ‐ Segovia

Trailing 4 Qtr ‐ Total GCM

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Q3‐2016 total cash cost for the Company of $728/oz brings the Nine Months 2016 average to $699/oz, down 5% fromsame period in 2015, benefitting from:

Principal source of Gran Colombia’s gold production is the high‐grade resources at Segovia where the Company hascut costs and optimized its operating cost structure in the last couple of years; fixed costs on a per ounce havedecreased as a result of increased production in first nine months of 2016.

Devaluation of the Colombian peso in H2‐2015 positively impacted US$ equivalent costs this year vs last year.

Marmato cash cost/oz for Q2‐Q3 2016 adversely impacted by lower grades and mill recovery. Spending is under control.

Total 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

$1,094

15% of YTD 2016 gold sales

2014 20142015 2015

US$/oz sold

$672

2016 2016

85% of YTD 2016 gold sales

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Reductions in total cash costs and G&A have been the key to success in reducing AISC to the current level.

Anticipate 2016 full year average AISC/oz of $825 to $850 based on YTD AISC average of $832/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

RESULTSAISC (‐23%

)

US$/oz sold

$500

$700

$900

$1,100

$1,300

$1,500

Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16

G&A,SustainingCapex and Other

Total Cash Cost

$884

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Gran Colombia’s AISC is well positioned amongst industry peers.

All‐In Sustaining Costs (1)

(1) Nine months 2016 reported results per Q3‐2016 filings; AISC is a common performance measure but does not have any standardized meaning within the industry and therefore its computations may vary between companies.

RESULTSAISC (‐23%

)

US$/oz sold

$0 $200 $400 $600 $800 $1,000 $1,200

IamGold

Alamos Gold

(TAHOE) Lakeshore Gold

Kin Ross Gold

Argonaut Gold

Kirkland Lake Gold

Yamana Gold

Goldcorp

Gran Colombia Gold

Centerra Gold

Timmins Gold

Guyana Goldfields

Barrick Gold

New Gold

Cash Cost AISC

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Improved production together with reductions in total cash costs and G&A have been the key to our success in increasing quarterly EBITDA since Q4‐2014.

Adjusted EBITDA (1)RESULTSAISC (‐23%

)

US$M

$‐

$10

$20

$30

$40

$50

$60

Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16

Adjusted Quarterly EBITDA

Trailing 4 Quarters Total

(1) Refer to Company’s MD&A for computation

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Excess Cash FlowRESULTS

* As defined in Indentures (available on the Company’s web site) for the 2018 and 2020 Debentures

In US$000’s Q32016

Nine Months2016

Adjusted EBITDA as reported $19,712 $49,597

Repayment of local long‐term debt and increase in cash in trust for debt service (411) (1,241)

Interest paid, net of finance income (3,354) (7,908)

Debt restructuring costs paid ‐ (1,714)

Capital, development and exploration expenditures (4,277) (10,147)

Payments for Marmato titles and compensation agreements (389) (1,030)

Equity, wealth and income tax payments, net of income tax refund (4,349) (8,972)

Frontino health plan payments (580) (994)

Segovia environmental discharge fees paid (500) (1,192)

Changes in non‐cash working capital and CIIGSA sale proceeds (5,740) (13,988)

Excess Cash Flow * $112 $2,411

2018 Debentures sinking fund deposits (25%) $28 $603

2020 Debentures sinking fund deposits (75%) $84 $1,808

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Balance SheetRESULTS

* Excludes current portion of short and long‐term debt ** Principal amounts less unamortized discount *** At fair value plus accrued and unpaid interest

September 2016 December 2015

Adjusted working capital deficit *

Cash $3.1M $3.0M

Accounts receivable $13.3M $6.2M

Accounts payable and accrued liabilities ($21.1M) ($25.3M)

Equity and wealth taxes payable ($2.5M) ($5.5M)

Income taxes payable ($10.3M) ($1.1M)

Mining titles and compensation agreements payable ($11.5M) ($11.5M)

Inventories and other items, net $11.0M $9.1M

($18.0M) ($25.1M)

Total short and long‐term debt

Local debt, net of cash in trust $1.9M $2.9M

2018 and 2020 Debentures ** $80.2M ‐

Cash in trust for 2018 and 2020 Debentures ($1.1M) ‐

Gold and Silver Notes *** ‐ $100.7M

$81.0M $103.6M

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RESULTS

TSX Symbol Exercise Price

12‐31‐2015 01‐20‐2016Exchange

Date

09‐30‐2016 FullyDilutedShares

Common shares GCM 23.7M 113.6M 277.7M 277.7M

2018 Debentures * GCM.DB.U US$0.13 N/A ** $71.2M $49.7M 382.6M

2020 Debentures * GCM.DB.V US$0.13 N/A *** $104.0M $102.5M 788.1M

1,448.4M

Warrants GCM.WT.AUnlisted

CA$3.25CA$18.75

4.2M1.0M

4.2M1.0M

4.2M1.0M

Options CA$0.17 to CA$18.25 0.9M 0.9M 12.6M

* Amounts shown above for the Senior Convertible Debentures are at Face Value.** Replaced the US$78.6M Silver Notes due 2018.*** Replaced the US$100M Gold Notes due 2017.

Capital Structure

Gran Colombia launched Normal Course Issuer Bids on July 21, 2016 to repurchase the 2018 and 2020 Debentures on the open market for cancellation.

To date, Gran Colombia has repurchased and cancelled a total of $1.6M principal amount of debentures, reducing its fully diluted shares by 12.5M.

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2016 OUTLOOK

Priorities1. Monthly interest payments on 2018 and 2020 Debentures.2. Continue implementation of optimized mine plan at Segovia:

– Primary focus on development and mechanization at Providencia;– Secondary focus on development and mechanization at El Silencio; and,– 10,000m drilling program at Segovia to be completed by end of year.

3. Improve balance sheet by reducing the working capital deficit.4. Excess free cash flow sinking funds for 2018/2020 Debentures NCIBs.

2016 Annual Targets

Current Guidance Nine Months 2016 Actual

Trailing 12 Monthsas of Q3‐2016

Gold production (ozs) 144,000 – 150,000 108,829 (1) 138,879

Cash cost/oz sold $700 ‐ $720 $699 $700

AISC/oz sold $825 ‐ $850 $832 $836

(1) Actual = 121,917 ozs at end of October 2016

Improving Guidance

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For Further Information, Contact: Mike Davies

Chief Financial Officer(416) 360‐4653

[email protected]

Town of Segovia

Investor Relations

Third Quarter 2016 Results