Eldorado Gold Corporation · TSX:ELD

Eldorado Gold — Investor Presentation (February 2013)

48 slides from Eldorado Gold's investor presentation, February 2013

  1. Slide 1: Focusing on Delivery

    Focusing on Delivery Investor Presentation February 2013

  2. Slide 2: Forward-looking statements

    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. These forward-looking statemen

  3. Slide 3: Gold producer with 20 years of international operating experience

     > 650,000 oz gold producer with 20 years of international operating experience  Leading low cost operator with solid margins and a strong balance sheet  Experienced management team with a proven ability to build and operate Open Pit, Kişladağ, Turkey mines www.eldoradogold.com 3

  4. Slide 4: Track record of value creation

     Track record of value creation through exploration, development, production and acquisitions  Solid reserve and resource base (P&P gold reserves: 25.7 Moz)  Competitive and transparent dividend Processing Plant, Efemcukuru, Turkey policy www.eldoradogold.com 4

  5. Slide 5: 2013 guidance and priorities

     Gold production of 705,000–760,000 oz  Cash operating costs of $515–$530/oz; estimated total cash costs of ~$585/oz  Capital expenditure of $648m ($410 operations; $238 projects)  Exploration budget increased by 22% to $98.5m  Cash and cash equivalents of $817m at year end 2012  Dividend of C

  6. Slide 6: Operations in highly prospective areas

     Operations in highly prospective areas with well-established mining cultures  Asset base is diversified across the mining lifecycle  Pipeline of assets drives organic growth www.eldoradogold.com 6

  7. Slide 7: By 2016, we aim to

     By 2016, we aim to:  Produce over 1.5m ounces of gold (2012: ~660,000oz)  Have cash operating costs of $300-350/oz net of by-product (2012: $489/oz)  Maintain balance sheet strength  Continue to distribute an industry leading dividend Gold Bars, White Mountain, Chine www.eldoradogold.com 7

  8. Slide 8: Estimated Gold Production 2012-2016

    Estimated Gold Production 2012-2016 1,650,000 1,800  We’re seeing: 1,500,000 1,600  Strong production 1,350,000 1,400 growth (Average 1,200,000 1,200 Annual Growth Rate: 1,050,000 Gold Production (oz) 1,000 27%) with decreasing 900,000 cash costs 750,000 800 US$/oz 600,000 600  Over 1.5 million o

  9. Slide 9: Increasing Gold Production and Reserves & Resources

    Increasing Gold Production and Reserves & Resources  Over the past 5 years we have: Reserves & Resources (Moz) 40 700 Gold Production (Koz) 35 600 30 500  Doubled production 25 400 20 300 15 200  Materially increased reserves 10 5 100 & resources per share 0 0 2008 2009 2010 2011 2012 P+P M+I Pro

  10. Slide 10: Four projects account for 75% of future production growth

    These four projects account for 75% of Eldorado’s future production growth Kişladağ Olympias Skouries Perama Hill (Expansion) (Expansion) (Construction) (Development) www.eldoradogold.com 10

  11. Slide 11: Kişladağ Expansion Highlights

    EXPANSION Highlights Current production rate 12.5 million tonnes / year (crushing, screening, stacking) Expanded production rate 25.0 million tonnes / year (crushing, screening, stacking) Expanded production rate, average 475,000 ounces / year LOM strip ratio 1.4:1 ROM ore treatment , average 8MT /

  12. Slide 12: Kişladağ Expansion Engineering and Construction

    EXPANSION Engineering  Detailed engineering design initiated Procurement Phase IV Leach Pad Expansion  Continue procurement of major mining and process equipment Phase IV Plant Expansion  Major fabrication initiated Construction  Construction of Phase IV leach pad extension  Installation of Nor

  13. Slide 13: Development Potential

    Development Potential  Projects within a 10km radius  Projects EIA approved  Excellent infrastructure (roads, power, port access)  Experienced & growing local teams  Phased construction approach  Strong government support Reserves as at December 31, 2012 www.eldoradogold.com 13

  14. Slide 14: Olympias Project Highlights

    EXPANSION Deposit Type Replacement mixed sulphide Mine Life 25 years Initial Capex ~US $165 million to Phase II UG Production Mining Rate Phase I (2012 - 2015) –Tailings 2013: 900 ktpa Phase II (2016 - 2017) – Underground: 450 ktpa Phase III (2018 - On) – Underground Expansion: 850 ktpa Grade 7.9 g/

  15. Slide 15: Olympias Work in 2012 and 2013

    EXPANSION Work in 2012  Plant refurbishment a. complete  Schist  Production from tailings  Amphibolite Gneiss commenced in Q4 Marble  Refurbishment of existing  Intrusive mine ramp complete  Underground tunnels  refurbished using rock- bolting and shotcreting c. d. Work in 2013  Achieve com

  16. Slide 16: Skouries Project Highlights

    CONSTRUCTION Deposit Type Gold-Copper Porphyry Mine Life 27 years Initial Capex ~US $340 million to plant production from Open Pit Schist Mining Rate 8 Mtpa Open Pit Amphibolite Gneiss 4.4 Mtpa Underground Marble Grade (OP & UG) 0.76 g/t Au and 0.57% Cu Intrusive Strip Ratio 0.7 : 1 Gold Production

  17. Slide 17: Skouries Work in 2012 and 2013

    CONSTRUCTION Work in 2012  Site preparation – surface clearing Schist activities and earth moving Amphibolite Gneiss Marble  Road access  Intrusive  Portal excavation  Work in 2013  Continue construction of Processing Plant  Advance underground development  Test geological potential of near

  18. Slide 18: Perama Hill Project Highlights

    DEVELOPMENT Disseminated epithermal Deposit Type gold-silver deposit Mine Life 8 years Initial Capex ~US $220 million Mining Rate 1.25 Mtpa Open Pit 3.13 g/t Au Grade 4 g/t Ag Strip Ratio 0.35 : 1 Gold Production 110,000 oz/year Silver 85,000 oz/year Production Cash Costs $288/oz (by-product) Proces

  19. Slide 19: Perama Hill Work in 2012 and 2013

    DEVELOPMENT Work in 2012  PEIA approved in February 2012   EIA submitted to Ministry of  Environment (MoE) in March 2012 under Fast Track Legislation  Basic engineering package for process  plant completed in Q4 Work in 2013  EIA approval anticipated in Q1  Commence construction activities i

  20. Slide 20: Efemcukuru Piavitsa Certej Tanjianshan

    Efemcukuru Piavitsa Certej Tanjianshan www.eldoradogold.com 20

  21. Slide 21: Efemcukuru exploration: Kestane Beleni and Kokarpinar veins

    EXPLORATION Kestane Beleni Vein  At KBNW: Drilling defined a new shallowly-plunging ore shoot with high gold grades. Remains open to the northwest.  At SOS and MOS/NOS: Drilling extended the known mineralization downdip. Ore shoots remain open at depth. Kokarpinar Vein  Drilling identified two ne

  22. Slide 22: Exploration

    EXPLORATION www.eldoradogold.com 22

  23. Slide 23: Exploration Potential

    Exploration Potential  Strategic land position  Mining district with multiple deposit styles within 10km radius  Defined gold resources of:  M+I: 9.7 Moz Au  Inferred: 3.9 Moz Au  Untested targets provide excellent upside potential Reserves as at December 31, 2012 www.eldoradogold.com 23

  24. Slide 24: Initial inferred resource of 1.7 Moz Au

    EXPLORATION  Initial inferred resource of 1.7 Moz Au  Excellent upside potential  2012 program tested target horizon on 100m x 200m spaced grid www.eldoradogold.com 24

  25. Slide 25: Over 1.5 million oz added to M&I resource base in 2012

    EXPLORATION  Over 1.5 million oz added to M&I resource base in 2012  2012 drill holes in Link Zone target cut high- grade gold mineralization  West Pit target has high-grade epithermal veins  Limited modern exploration in Romania but extensive historical exploration and mining data www.eldoradog

  26. Slide 26: Qinglongtan North and Xijingou drilling

    EXPLORATION Qinglongtan North (QN)  Several holes at QN intersected a new high-grade gold zone beneath previously mined deposit  Further drill testing planned for 2013 Drillhole From To Interval Au (g/t) QD-278 233.0 243.0 10.0 2.87 QD-279 247.0 273.0 26.0 9.24 Including 251.0 257.0 6.0 36.72 Xiji

  27. Slide 27: Investment highlights summary

     Low cost operator with strong balance sheet  Portfolio of high-quality, long-life mines and development projects  Management team that has built 4 mines in 3 countries since 2005  Track record of growing reserves and resources, expanding production and increasing margins  Competitive and trans

  28. Slide 28: Thank You

    Thank You TSX: ELD NYSE: EGO Total shares outstanding (as at Dec 31, 2012): 714.3 M Investor Relations: Nancy Woo (604) 601-6650 ⋅ nancyw@eldoradogold.com www.eldoradogold.com 28

  29. Slide 29: Background Information

    Background Information www.eldoradogold.com 29

  30. Slide 30: Five cornerstone gold mines

     Five cornerstone gold mines: Kişladağ Efemçukuru Jinfeng Tanjianshan White Mountain www.eldoradogold.com 30

  31. Slide 31: Kişladağ production overview

    PRODUCTION OVERVIEW Location Uşak Province, Western Turkey Deposit Gold porphyry Ownership 100% Eldorado Open pit Type Heap leach gold mine Expected Life of Mine 15-20 years Recovery 65% Strip Ratio 2013 1.75:1 RESERVES AND RESOURCES (at Dec 31, 2012) Proven + Probable Reserves 10.0 Moz Au @ 0.70 g/

  32. Slide 32: Efemçukuru production overview

    PRODUCTION OVERVIEW Location Izmir Province, Western Turkey Deposit High grade epithermal gold vein Ownership 100% Eldorado Underground gold mine Type Flotation and Carbon in Leach Expected Life of Mine 12 years Recovery 87% RESERVES AND RESOURCES (at Dec 31, 2012) Proven + Probable Reserves 1.3 Moz

  33. Slide 33: Jinfeng production overview

    PRODUCTION OVERVIEW Location Guizhou Province, China Deposit Carlin type 82% Eldorado Ownership 18% Guizhou Lannigou Gold Mine Ltd Open pit and underground gold mine Type Biox and Carbon in Leach Expected Life of Mine 13 years Recovery 85% RESERVES AND RESOURCES (at Dec 31, 2012) Overview  Acquired

  34. Slide 34: Tanjianshan production overview

    PRODUCTION OVERVIEW Location Qinghai Province, China Deposit Orogenic 90% Eldorado 5% First Institute of Geology and Ownership Mineral Exploration of Qinghai Province 5% Dachaidan Gold Mine Open pit gold mine Type Float roast Carbon in Leach Expected Life of Mine 5 years Recovery 81% Overview Strip

  35. Slide 35: White Mountain production overview

    PRODUCTION OVERVIEW Location Jilin Province, China Deposit Orogenic 95% Eldorado Ownership 5% Jilin Tonghua Institute of Geology and Minerals Exploration and Development Underground gold mine Type Carbon in Leach plant Expected Life of Mine 9 years Recovery 80% Overview  Acquired by Eldorado from S

  36. Slide 36: Olympias production overview

    PRODUCTION OVERVIEW Location Chalkidiki Peninsula, Northern Greece Deposit Polymetallic gold, silver, lead and zinc 95% Eldorado Ownership 5% Aktor SA Underground mine Type (previously mined using underground drift and fill) Estimated Development Capital US$165 million Production (from tailings) Q4

  37. Slide 37: Vila Nova iron ore production overview

    PRODUCTION OVERVIEW Location Amapa State, Brazil Ownership 100% Eldorado Type Open pit iron ore mine Expected Life of Mine 9 years RESERVES AND RESOURCES (at Dec 31, 2012) Overview  Commercial production began in 2011 Proven + Probable Reserves 9.7 Mt @ 58.8% Fe 2013 Guidance Measured + Indicated R

  38. Slide 38: Stratoni production overview

    PRODUCTION OVERVIEW Location Chalkidiki Peninsula, Northern Greece Deposit Replacement mixed sulphide 95% Eldorado Ownership 5% Aktor SA Underground drift and fill Type Multi-stage flotation Expected Life of Mine 5 years RESERVES AND RESOURCES (at Dec 31, 2012) 5.3 Moz Ag @ 184 g/t Proven + Probable

  39. Slide 39: Five key development projects

     Five key development projects: Skouries Perama Hill Certej Tocantinzinho Eastern Dragon www.eldoradogold.com 39

  40. Slide 40: Skouries construction overview

    CONSTRUCTION OVERVIEW Chalkidiki Peninsula, Location Northern Greece Deposit Gold-copper porphyry 95% Eldorado Ownership 5% Aktor SA Type Open pit and underground Strip Ratio (open pit) 0.7:1 Estimated Development Capital US$340 million Overview Production Expected 2015  Acquired from European Gold

  41. Slide 41: Perama Hill development overview

    DEVELOPMENT OVERVIEW Eastern Thrace, northern Location Greece Epithermal gold-silver vein Deposit deposit Ownership 100% Eldorado Type Open pit gold mine Expected Life of Mine 8 years 90% (Gold) Expected Recovery 60% (Silver) Estimated Development Capital US$220 million Production Expected Q1 2015 S

  42. Slide 42: Certej development overview

    DEVELOPMENT OVERVIEW “Golden Quadrilateral” area Location of the Apuseni Mountains, Western Romania Epithermal gold-silver Deposit deposit Ownership 80% Eldorado Open pit Type (Previously mined via shallow open pit) Expected Life of Mine 12 years Estimated Development Capital US$270 million Overview

  43. Slide 43: Tocantinzinho development overview

    DEVELOPMENT OVERVIEW Tapajos district, Para State, Location central Brazil Shallow, intrusion-hosted, Deposit non-refractory gold deposit Ownership 100% Eldorado Type Open pit gold mine Expected Life of Mine 11 years RESERVES AND RESOURCES (at Dec 31, 2012) Proven + Probable Reserves 1.9 Moz Au @ 1.

  44. Slide 44: Eastern Dragon development overview

    DEVELOPMENT OVERVIEW Location Heilongjiang Province, China Deposit High-grade, epithermal, gold-silver vein 95% Eldorado Ownership 5% County (Daxinglanling Yihua Development Company Ltd) Open pit and underground gold mine, Type CIL plant under construction Expected Life of Mine 7 years Expected Reco

  45. Slide 45: 2013 Exploration budget: US$98.5 million

     2013 Exploration budget: US$98.5 million Romania ($12m)  5 projects  34,000 meters Vancouver (Head Office) ($3.5m) Greece ($23m)  6 projects  47,000 meters Turkey ($12m) China ($22m)  4 projects  9 projects  25,000 meters  59,000 meters Brazil ($16m)  4 projects  16,000 meters Other Proj

  46. Slide 46: Summarized Financial Results

    Summarized Financial Results 2012 2011 Revenues (millions) $1,147.5 $1,103.7 Gold sold (ounces) 625,394 658,919 Average realized gold price ($/ounce) $1,674 $1,581 Cash operating costs ($/ounce sold) (1) $483 $405 Total cash cost ($/ounce sold) (1) $554 $472 Gross profit from gold mining operations(

  47. Slide 47: Reserves and resources by project

    Total Proven and Probable Total Meaured 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 24,400 1.01 800 Eastern Dragon 3,090 7.71 764 3,500 7

  48. Slide 48: TSX: ELD NYSE: EGO

    TSX: ELD NYSE: EGO Total shares outstanding (as at Dec 31, 2012): 714.3 M Investor Relations: Nancy Woo (604) 601-6650 ⋅ nancyw@eldoradogold.com www.eldoradogold.com 48

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