Eldorado Gold Corporation · TSX:ELD
Eldorado Gold — Investor Presentation (September 2013)
30 slides from Eldorado Gold's investor presentation, September 2013
Slide 1: Delivering from Solid Foundations
Delivering from Solid Foundations Investor Presentation September 2013 Kişladağ, Gold Mine, Turkey
Slide 2: Forward Looking Statement
Forward Looking Statement Certain of the statements made in this Presentation may contain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of applicable Canadian securities law. Thes
Slide 3: Operating on Solid Foundations
Operating on Solid Foundations Where we are Today Kişladağ, Gold Mine, Turkey 660,000 oz/year gold producer with 20 years of international operating experience Leading low Experienced Track record of Solid reserve value creation Transparent cost operator management and resource through dividend poli
Slide 4: Our Assets: Diversified, Well-Balanced Global Portfolio
Our Assets Diversified, Well-Balanced Global Portfolio www.eldoradogold.com 4
Slide 5: Proven Track Record
Proven Track Record Significant Growth at Low Costs Increasing Reserves & Resources 60 40,000 35,000 50 Oz / 1,000 Shares 30,000 Thousand Ounces Over the past 5 years we have: 40 25,000 30 20,000 15,000 Doubled production 20 10,000 10 5,000 Materially increased reserves 0 0 and resources per sha
Slide 6: Q2 Highlights
Q2 Highlights Increased Production & Revenues at Low Costs Q1 Q2 Q2 Financial and Operating Results 2013 2013 2012 Revenues (M) $338.1 $266.9 $244.2 Gold produced (oz) 163,768 183,971 140,694 Gold sold (oz) 189,346 176,260 132,919 Average realized gold price ($/oz) $1,622 $1,382 $1,612 Cash operatin
Slide 7: 2013 YTD Operational Performance
2013 YTD Operational Performance Solid & Steady Strong H1 2013 operating performance Significant cash flow generation from producing assets Gold Production Cash Operating Costs 800,000 600 700,000 745,000 500 520 600,000 492 400 Production (oz) 500,000 US$/oz 400,000 300 300,000 347,739* 200 200
Slide 8: 2013 Operational Guidance
2013 Operational Guidance Delivering on Expectations Mines are on track to deliver at high end of initial production guidance and low end of initial cost guidance 705,000 760,000 Gold Production (Oz) Revised to 745,000 oz $515 $530 Cash Operating Cost ($/Oz sold) Revised to $520 Beg. Year Mid-Poin
Slide 9: Revised Operating Plan
Revised Operating Plan Adapting to Lower Gold Prices Strategy Unchanged Focus remains on building a long-term, high-quality, low-cost business Disciplined approach to growth and capital allocation Modified Operating Plan Proactive revision of 2013 capital expenditure and exploration budget K
Slide 10: 2013 Capex Guidance
2013 Capex Guidance Proactive & Prudent Reductions Modified capital allocation to maintain existing balance sheet strength at lower gold prices 2013 Capital Expenditure* 2013 Exploration Budget $900 $150.0 $800 $125.0 $700 $670 $100.0 $98.5 Millions (US$) $600 36% reduction Millions (US$) 48% redu
Slide 11: Returning Capital to Shareholders
Returning Capital to Shareholders High Dividend Payout Ratio Dividend as % of Adjusted Earnings Sustainable dividend 35% formula – linked to gold price and ounces sold 30% Formula encourages capital discipline and improved 25% capital return predictability Gold Price Dividend 20% (US$/oz) (CDN$/
Slide 12: Strong Profit Margins
Strong Profit Margins Reflects Quality of Assets and Cost Management Expanding Margins per Ounce Strong Gross Profit Margins vs Peer Group 1,800 75% 1,600 70% 1,400 1,200 65% Gross Profit Margin (%) 1,000 US$/oz 60% 800 600 55% 400 50% 200 0 45% 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Opera
Slide 13: All-In Cash Costs: Eldorado vs Peers
All-In Cash Costs Eldorado vs Peers Historic Industry All-In Cash Cost ($/oz) 2013E All-In Sustaining Cash Cost ($/oz) 1,500 1,500 1,400 1,400 1,300 1,300 1,200 1,200 2013E All-In Sustaining Cash Costs ($/oz) 1,100 1,100 1,000 1,000 Eldorado All-In Cash Costs ($/oz) 900 2013E 900 (company estimate)
Slide 14: Why Invest in Eldorado?
Why Invest in Eldorado? Our Competitive Strengths 3. Disciplined Growth 2. Balance Sheet Strength Diversified, well- 1. Solid Foundations $743.6M in Cash and balanced portfolio Flexible development Term Deposits Strong production base from options from 6 projects $375M in available 5 produ
Slide 15: Solid Foundations Disciplined Growth Background Information
Solid Foundations Disciplined Growth Bank of America Merrill Lynch Background Information May 2013 Efemcukuru Processing Plant, Turkey
Slide 16: Kisladag Gold Mine - Turkey
Kisladag Gold Mine - Turkey Our Flagship Asset Overview Location Usak Province, Western Turkey Deposit Gold porphyry Ownership 100% Eldorado Open pit Type Heap leach Expected Life of Mine* 20 years (LOM) Recovery 65% Strip Ratio 2013 1.75:1 Reserves and Resources (at Dec 31, 2012) Overview 2P Reserv
Slide 17: Efemcukuru Gold Mine - Turkey
Efemcukuru Gold Mine - Turkey PRODUCTION Overview Location Izmir Province, Western Turkey Deposit High grade, epithermal gold vein Ownership 100% Eldorado Underground Type Flotation and carbon in leach Expected Life of Mine* 11 years (LOM) Recovery 87% Reserves and Resources (at Dec 31, 2012) Overvi
Slide 18: Jinfeng Gold Mine - China
Jinfeng Gold Mine - China PRODUCTION Overview Location Guizhou Province, China Deposit Carlin type Ownership 82% Eldorado Open pit and underground Type Biox and carbon in leach Expected Life of Mine* 13 years (LOM) Recovery 85% Overview Reserves and Resources (at Dec 31, 2012) Acquired by Eldorado
Slide 19: Tanjianshan Gold Mine - China
Tanjianshan Gold Mine - China PRODUCTION Overview Location Qinghai Province, China Deposit Orogenic Ownership 90% Eldorado Open pit Type Float roast carbon in leach Expected Life of Mine (LOM)* 5 years Recovery 81% Strip Ratio (JLG open pit) 1.39:1 Overview Acquired by Eldorado from Afcan Mining i
Slide 20: White Mountain Gold Mine - China
White Mountain Gold Mine - China PRODUCTION Overview Location Jilin Province, China Deposit Orogenic Ownership 95% Eldorado Underground Type Carbon in leach Expected Life of Mine (LOM)* 7 years Recovery 80% Overview Reserves and Resources (at Dec 31, 2012) Acquired by Eldorado from Sino Gold in 20
Slide 21: Vila Nova Iron Ore Mine - Brazil
Vila Nova Iron Ore Mine - Brazil PRODUCTION Overview Location Amapa State, Brazil Ownership 100% Eldorado Type Open pit Expected Life of Mine (LOM)* 11 years Reserves and Resources (at Dec 31, 2012) Overview 2P Reserves 9.7 Mt @ 58.8% Fe Commercial production began in 2011 M+I Resources 14.5 Mt @
Slide 22: Stratoni Silver, Lead, Zinc Mine - Greece
Stratoni Silver, Lead, Zinc Mine - Greece PRODUCTION Overview Chalkidiki Peninsula, Northern Location Greece Deposit Replaced mixed sulphide Ownership 95% Eldorado Underground drift and fill Type Multi-stage flotation Expected Life of Mine (LOM)* 5 years Reserves and Resources (at Dec 31, 2012) Over
Slide 23: Olympias Gold, Silver, Lead, Zinc Mine - Greece
Olympias Gold, Silver, Lead, Zinc Mine - Greece PRODUCTION**/CONSTRUCTION Overview Location Chalkidiki Peninsula, Northern Greece Deposit Replacement mixed sulfide Ownership 95% Eldorado Underground Type (previously mined using drift and fill) Flotation Expected Life of Mine 20 years (LOM)* Commerci
Slide 24: Skouries Gold, Copper Project - Greece
Skouries Gold, Copper Project - Greece CONSTRUCTION Overview Chalkidiki Peninsula, Northern Location Greece Deposit Gold-copper porphyry Ownership 95% Eldorado Open pit then underground Type Flotation and gravity circuit Expected Life of Mine 27 years (LOM)* Strip Ratio (open pit) 0.7:1 Production E
Slide 25: Perama Hill Gold, Silver Project - Greece
Perama Hill Gold, Silver Project - Greece DEVELOPMENT Overview Eastern Thrace, Northern Location Greece Epithermal gold-silver vein Deposit deposit Ownership 100% Eldorado Open pit Type Conventional carbon in leach Expected Life of Mine (LOM)* 9 years 90% gold Expected Recovery 60% silver Strip Rati
Slide 26: Certej Gold, Silver Project - Romania
Certej Gold, Silver Project - Romania DEVELOPMENT Overview ‘Golden Quadrilateral’ area Apuseni Location Mountains, Western Romania Deposit Epithermal gold-silver deposit Ownership 80% Eldorado Open pit Type (previously mined via shallow open pit) Expected Life of Mine * (LOM) Production Expected 201
Slide 27: Tocantinzinho Gold Project - Brazil
Tocantinzinho Gold Project - Brazil DEVELOPMENT Overview Tapajos District, Para State, Location Brazil Shallow, intrusion-hosted, Deposit non refractory gold deposit Ownership 100% Eldorado Type Open pit Expected Life of Mine (LOM)* 13 years Reserves and Resources (at Dec 31, 2012) Overview Prelim
Slide 28: Eastern Dragon Gold, Silver Project - China
Eastern Dragon Gold, Silver Project - China DEVELOPMENT Overview Location Heilongjiang Province, China High-grade, epithermal gold- Deposit silver vein Ownership 95% Eldorado Open pit and underground Type Carbon in leach plant under construction Expected Life of Mine (LOM)* 11 years Expected Recover
Slide 29: Gold Resources and Reserves
Gold Resources and Reserves At December 31, 2012 Total Proven and Probable Total Measured and Indicated Inferred Resources Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces (x1000) (Au g/t) (x1000) (x1000) (Au g/t) (x1000) (x1000) (Au g/t) (x1000) Certej (See Note 5) 106,700 1.27 4,380 24,
Slide 30: Thank You
Thank You TSX: ELD NYSE: EGO Investor Relations: Nancy Woo (604) 601 6650 nancyw@eldoradogold.com Total Shares Outstanding: 715M (at June 30, 2013) Efemcukuru Processing Plant, Turkey
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