Eldorado Gold Corporation · TSX:ELD
Eldorado Gold — Investor Presentation (April 2012)
31 slides from Eldorado Gold's investor presentation, Apr 12, 2012
Slide 1: Eldorado's Growth Continues
Eldorado’s Growth Continues April 12, 2012 www.eldoradogold.com 1
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: Mine and Project Locations
Mine and Project Locations www.eldoradogold.com 3
Slide 4: Integration of New Assets
Integration of New Assets www.eldoradogold.com 4
Slide 5: Development and Expansion Capital
Development and Expansion Capital 700 • US$ 1.95 billion being spent on development 600 and expansion projects over the next 5 years n) Required (US$ mln 500 • US$ 810 million being 400 spent in Greece 300 Capital R • US$ 270 million being spent in Romania 200 100 0 2012 2013 2014 2015 2016 Turkey C
Slide 6: Revenue & Operating Costs
Revenue & Operating Costs 3,000 2,750 2,500 2,250 2,000 1,750 $1.8 Bln US$ mln 1,500 1,250 1,000 750 500 250 0 2012 2013 2014 2015 2016 Revenue Operating Costs *Revenue estimate assumes analyst consensus metal prices www.eldoradogold.com 6
Slide 7: Strong Production Growth and Declining Cash Costs
Strong Production Growth and Declining Cash Costs 2,000,000 2,000 1,800 • Achieve Key Milestone of 1,750,000 1.5 million oz of gold 1,600 production by 2015 1,500,000 1,400 1,250,000 h Costs (US$/oz) • 1.7 million ounces of 1,200 Gold Production (Oz) gold production by 2016 1,000,000 1,000 (growth o
Slide 8: Geographically Diversified Gold Production
Geographically Diversified Gold P d i Production Gold Production by Country (2012) Gold Production by Country (2016) Turkey China Greece Turkey China Greece Romania Brazil www.eldoradogold.com 8
Slide 9: Other Metal Production
Other Metal Production 40 000 40,000 4 000 4,000 35,000 3,500 30,000 3,000 25,000 2,500 Ouncces (000’s) Tonnes 20,000 2,000 15,000 1,500 10,000 1,000 5,000 500 0 0 2012 2013 2014 2015 2016 Copper (t) Lead (t) Zinc (t) Silver (oz) www.eldoradogold.com 9
Slide 10: Predominantly Gold Revenue
Predominantly Gold Revenue Eldorado Revenue Distribution (2012‐2016) 4% 5% 5% 9% 15% 96% 95% 95% 91% 85% Other 2012 2013 2014 2015 2016 Gold Peer Group Revenue Distriubtion (2014) 1 8% 12% 12% 31% 23% 27% 35% 92% 88% 88% 69% 77% 73% 65% Yamana Agnico‐Eagle IAMGOLD 2 New Gold Barrick Goldcorp Newmont
Slide 11: Strong Cash Flow Growth
Strong Cash Flow Growth $2.75 $2.50 • With industry leading cash $2.25 costs of ~US$350/oz $2.00 Cash Flow Per Share (USS$) expected over the next 5 $1.75 years, Eldorado’s extensive $1.50 mine development, $1.25 construction and expansion $1.00 programs can be funded largely by expanding $0.75 inte
Slide 12: Summary of New Assets
Summary of New Assets Olympias ‐ Greece Polymetallic, replacement mixed sulphide deposit Underground mine Brownfields site with existing mill infrastructure Proven & probable reserves 13.6 Mt @ 8.7 g/t Au, 132 g/t Ag, 4.4% Pb, 5.9% Zn = 3.8 M oz Au, 57.6 M oz Ag, 597.2 kt Pb, 597.2 kt Zn E
Slide 13: Olympias, Greece
Olympias, Greece Location: 8 km north of Stratoni OLYMPIAS Replacement mixed Deposit: sulphide Ownership: 95% 13.6 Mt @ 8.7 g/t Au, 132 P+P Reserves: g/t Ag, 4.4% Pb, 5.9% Zn 12.4 Mt @ 10 g/t Au, 152 M+I Resources: g/t Ag, 5.1 Pb, 6.7% Zn Start Date: 2012 * Reserves and resources at 100% +existing t
Slide 14: Olympias, Greece
Olympias, Greece Phases of Development Payable Gold Cash Costs Period Description Production (net by‐product) Phase I 2012 ‐ 2015 Tailings Treatment + Refurbish Underground 50,000 oz/yr $700/oz Phase II 2016 ‐ 2017 Underground Mining at 400‐500 ktpa 105,000 oz/yr ‐$100/oz Phase III 2018 ‐ Onward Und
Slide 15: Skouries, Greece
Skouries, Greece 35km by road from Stratoni Location: port Northern Greece port, Deposit: Gold‐Copper Porphyry Ownership: 95% P+P Reserves: 138Mt @ 0.8 g/t Au, 0.5% Cu SKOURIES M+I Resources: 246 Mt @ 0.7 g/t Au, 0.5% Cu 0.75 : 1 Strip Ratio: Start Date: 2015 • Environmental Impact Study (EIS) appro
Slide 16: Skouries, Greece
Skouries, Greece Phases of Development Payable Au Payable Cu Cash Costs Period Description Production Production (net by‐product) Phase I 2015 ‐ 2020 Open‐pit ‐ 8 Mtpa 130,000 oz/yr 28,500 t/yr ‐US$700/oz Phase II 2020 ‐ Onward Underground ‐ 4 Mtpa 100,000 oz/yr 22,000 t/yr US$135/oz *ca s h cos ts
Slide 17: Stratoni, Greece
Stratoni, Greece Location Chalkidiki Peninsula, Northern Greece Deposit Replacement mixed sulphide Ownership 95% STRATONI Type Underground drift and fill 1.8 Mt @ 8.5% Zn, 6.3% Pb, 177 g/t Ag P+P reserves = 0.15 Mt Zn, 0.11 Mt Pb, 10 M oz Ag 1.8 Mt @ 10.8% Zn, 7.8% Pb, 217 g/t Ag M+I resources* =0.2
Slide 18: Stratoni, Greece
Stratoni, Greece Concentrate Sales Terms Unit Amount Lead Concentrate Treatment Cost US$/t 262.00 Payable Lead % 93% Payable Silver % 95% Zinc Concentrate Treatment cost US$/t $ 173.00 Payable Zinc % 85% • Good exploration potential down plunge from existing workings • Concentrates are shipped by se
Slide 19: Certej, Romania
Certej, Romania Located in the “Golden Quadrilateral” area of Location p the Apuseni Mountains in Western Romania Deposit Epithermal gold/silver Ownership 80% Type Brownfield site with existing infrastructure P+P reserves* 40.6 Mt @ 1.8 g/t Au, 11.86 g/t Ag M+I resources* 41.5 Mt @ 2.0 g/t Au, 12.23
Slide 20: Certej, Romania
Certej, Romania Certej Operating Highlights Commissioning: i i i Q2 2015 20 Avg Gold Production: 130,000 oz/yr LOM Cash Costs (by‐product): $400/oz Development Capital: 270 mln Sustaining Capital 60 mln Gold Recovery: Recovery 82% Silver Recovery: 77% Certej Capital Costs US$mln • Ore processing con
Slide 21: Perama Hill, Greece
Perama Hill, Greece Location: Eastern Thrace, Northern Greece Deposit: Epithermal non-refractory oxide Ownership: 100% Type: Open pit P+P reserves: 975,000 oz gold @ 3.13g/t Perama Operating Details M+I resources: 1,382,000 oz gold @ 3.46 g/t Commissioning: Q1 2015 Avg Gold Production: 110,000 oz/yr
Slide 22: Where we Explore
Where we Explore 2012 Exploration budget: $81 million www.eldoradogold.com 22
Slide 23: Greece Exploration
Greece Exploration • 2012 Exploration budget: $13.1 million • Drilling programs planned or underway at Skouries, Piavitsa, Fisoka/Tsikara and Perama Hill • Outstanding upside potential for future resource growth at Olympias, Stratoni and Piavitsa • Regional exploration opportunities in geologically
Slide 24: Chalkidiki Mining District
Chalkidiki Mining District www.eldoradogold.com 24
Slide 25: Piavitsa Exploration
Piavitsa Exploration www.eldoradogold.com 25
Slide 26: Piavitsa Cross Section
Piavitsa Cross Section www.eldoradogold.com 26
Slide 27: Romania Exploration
Romania Exploration • 2012 Exploration budget: $3.9 $3 9 million • Drilling planned for high-grade vein targets at Certej West • Satellite targets at Teascu/Magura, Certej North • Exploration license applications pending in prospective Brad / Deva belt www.eldoradogold.com 27
Slide 28: Certej Exploration Program
Certej Exploration Program www.eldoradogold.com 28
Slide 29: Eldorado's Gold Reserves & Resources
Eldorado’s do ado s Gold Go d Reserves ese es & Resources esou ces Proven & Probable Measured & Indicated Inferred Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces (x1000) (Au g/t) (x1000) (x1000) (Au g/t) (x1000) (x1000) (Au g/t) (x1000) Kisladag 459,870 0.71 10,516 579,860 0.65 12,055 3
Slide 30: Analyst Consensus Metal Prices
Analyst a yst Co Consensus se sus Metal eta Prices ces C Consensus M Metall P Price i F Forecasts Metal Unit 2012 2013 2014 2015 2016 2017 Long-term Gold US$/oz 1,772 1,816 1,595 1,476 1,346 1,292 1,250 Silver US$/oz 35.30 33.13 28.21 25.88 25.62 21.75 21.75 Copper US$/lb 3.83 4.01 3.66 3.38 2.84 2.
Slide 31: Thank you
Th k you Thank TSX: ELD NYSE: EGO ASX: EAU Total shares outstanding (as of February 29, 2012): 709.7 M Investor Relations: Nancy Woo (604) 601-6650 ڄnancyw@eldoradogold.com www.eldoradogold.com 31