Slide 1: Delivering Sustainable Value
Delivering Sustainable Value Investor Presentation July 2012
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
Slide 3: Industry-leading growth profile
Industry-leading growth profile: Commissioning of 6 new mines plus expansion of Kişladağ by 2016 Growing reserves and resources (CAGR: ~ 34%) On track to produce over 1.7 million ounces of gold by 2016 (+160% growth over 5 years) Industry leading cash costs – lowest quartile costs and soli
Slide 4: Strategic focus: low-cost operator of high-quality assets
Eldorado’s strategic focus is on being a low-cost operator of high-quality assets We seek to maximize the potential of our assets, balance sheet and people to deliver sustainable value for all our stakeholders Current asset base provides platform for future growth Skilled High Quality, Managem
Slide 5: Focus on highly prospective areas with established mining cultures
Focus on highly prospective areas with well-established mining cultures: The Mediterranean and Balkans (Turkey, Greece, Romania) Asia (China) South America (Brazil) Legend www.eldoradogold.com 5
Slide 6: Asset base diversified across the mining lifecycle
Asset base is well diversified across the mining lifecycle Stratoni (Greece) (2005) Pipeline of assets drives Kişladağ (Turkey) (2006) organic growth Jinfeng (China) (2007) Young, high-quality assets Tanjianshan (China) (2007) Production White Mountain (China) (2009) Vila Nova Iron Ore Mine (B
Slide 7: Summarized Financial Results Q1 2012
Summarized Financial Results Q1 2012 Q1 2011 % Increase Revenues (millions) $271.5 $219.2 24% Gold sold (ounces) 150,661 148,530 1.4% Average realized gold price ($/ ounce) $1,707 $1,397 22% Cash operating costs ($/ ounce sold) (1) $452 $410 10% Total cash cost ($/ ounce sold) (1) $529 $462 15% Earn
Slide 8: Gold Reserves & Resources
Gold Reserves & Resources Gold Reserves and Resources – Ounces per 1,000 shares 40 70.0 CAGR: ~34% Annual reserve per share growth rate: ~13% 35 60.0 30 50.0 25 Oz (000’s) 40.0 20 30.0 15 20.0 10 10.0 5 0 0.0 2006 2007 2008 2009 2010 2011 Post 2006 2007 2008 2009 2010 2011 Post EGU EGU 2P M&I I Rese
Slide 9: Exploration Spending and Contained Ounces
32,500 22,500 $220 30,000 20,000 $200 27,500 $180 25,000 European Goldfields 17,500 Average Cost of Average Cost of Exploration Spending ($mln) ~$220/oz Organic Resource $160 Contained Ounces (000's) 22,500 Acquired Resource 15,000 Contained Ounces (000's) Ounce: ~$11/oz 20,000 Ounce: ~$180/oz $140
Slide 10: Annual Gold Production and Expanding Margins
Annual Gold Production Expanding Margins 1,800 900 Average annual growth rate: 77% 1,600 800 1,400 700 1,200 Oz (000’s) 600 $1,183 1,000 $1,110 ($/oz) 500 800 $800 400 $658 600 $587 300 $279 $411 200 400 100 200 0 0 2006 2007 2008 2009 2010 2011 2012 E 2006 2007 2008 2009 2010 2011 2012 E Total Cash
Slide 11: Estimated Production 2012-2016
Estimated Production 2012-2016 2,000,000 2,000 1.5 million oz of Average annual growth rate: ~30% gold production 1,750,000 1,800 by 2015 1,600 1,500,000 1,400 1.7 million oz of 1,250,000 Cash Costs (US$/oz) 1,200 Gold Production (Oz) gold production in 2016 1,000,000 1,000 800 750,000 Average
Slide 12: Gold Production by Country
Gold Production by Country Gold Production by Country (2012) Gold Production by Country (2016) 2012e 2016e Turkey China Greece Turkey China Greece Romania Brazil www.eldoradogold.com 12
Slide 13: Revenue Distribution vs Peer Group
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 Intermediate Producers Ave
Slide 14: Total Cash Costs 2011
Total Cash Costs 2011 Eldorado is one of the $800 lowest-cost primary producers of gold $700 $600 Lowest quartile of cash costs – 2011 $500 operating cash costs of $405/ oz and total ($/oz) $400 cash costs of $472/ oz $300 2012e operating $200 cash costs of $430- $450/ oz $100 $0 New Gold Eldo
Slide 15: Large margins to fund capex, opportunities and dividend
3,000 2,750 2,500 2,250 Large margins from which to fund: 2,000 Capital $1.8 Bln 1,750 US$ mln expenditure 1,500 Future opportunities 1,250 Dividend 1,000 750 500 250 0 2012 2013 2014 2015 2016 Revenue Operating Costs * Revenue estimate assumes analyst consensus metal prices www.eldoradogold
Slide 16: Estimated Capital Expenditure 2012-2016
Estimated Capital Expenditure 2012-2016* 700 US$ 1.95 billion being spent on development 600 and expansion projects over the next 5 years 500 Capital Requireed (US$ mln) US$ 810 million being 400 spent in Greece 300 US$ 270 million being spent in Romania 200 100 0 2012 2013 2014 2015 2016 Turk
Slide 17: Estimated Capex/oz of Future Production
Estimated Capex/ oz of Future Production 7,000 6,000 Capex $/oz / Annual Gold Production 5,000 4,000 3,000 2,000 1,000 0 Eldorado Agnico-Eagle Yamana IAMGOLD Newmont Goldcorp Kinross New Gold Barrick Source: TD Securities www.eldoradogold.com 17
Slide 18: Dividend as % of Earnings 2011
Dividend as % of Earnings 2011 30% 25% 20% (% of earnings) 15% 10% 5% 0% Yamana Barrick Eldorado Goldcorp Kinross www.eldoradogold.com 18
Slide 19: Track record with communities and governments
Political Track record of working with local communities and all levels of government to take projects from exploration to production In-country personnel skilled at permitting and managing relationships in own jurisdictions Technical International teams with proven exploration, operating, dev
Slide 20: Greece: foreign investment and government support for mining
Foreign investment is key to Greek growth Broad government support for mining Sovereignty of assets is solid Increased job creation and investment in local infrastructure through advancement of new projects Stratoni Port www.eldoradogold.com 20
Slide 21: 2012 Exploration budget: $81 million
2012 Exploration budget: $81 million www.eldoradogold.com 21
Slide 22: Exploration highlights: Efemçukuru, Jinfeng, Piavitsa
Efemçukuru, Turkey New high-grade zone in the Kokarpinar vein identified Jinfeng, China Positive results from all areas tested in new deposit model Piavitsa, Greece Potential for a high-grade Olympias-style replacement orebody confirmed from initial drillholes Jinfeng www.eldoradogold.co
Slide 23: Strategic land position in historic mining district
Strategic land position in historic mining district Multiple deposit styles within 10km radius Untested targets provide excellent upside potential www.eldoradogold.com 23
Slide 24: Positive results from preliminary 2012 drilling
Positive results from preliminary 2012 drilling > 8km strike length of targets defined by historic workings, geophysical signature Previous drilling intersected numerous massive sulphide zones (many not assayed) www.eldoradogold.com 24
Slide 25: Piavitsa Drilling, Inclined Longitudinal Section
Piavitsa Drilling 2 Inclined Longitudinal Section eldoradogold Fig. 3: Piavitsa Drilling, Inclined Longitudinal Section| Untested Legend © 2012 Drill Hole, Assay Pending @ = 2012 Drill Hole © Historical Drill Hole (TVX) www.eldoradogold.com 25
Slide 26: Link area between West and Central Zone largely untested
Link Area between West Zone & Central Zone largely untested (inferred or outside resource model) West Pit Target Area includes both high grade veins and disseminated mineralization www.eldoradogold.com 26
Slide 27: New structural model refines geometry of mineralized faults
New structural model refines geometry of mineralized principal faults and linking structure 2012 drilling validates exploration program based on new structural model www.eldoradogold.com 27
Slide 28: New bonanza grade intercepts in Kokarpinar vein
New bonanza grade intercepts in untested central segment of Kokarpinar vein New intercepts open updip, downdip and to the northwest • Izmir www.eldoradogold.com 28
Slide 29: 2012 objectives: quality growth at low cost
Focus on quality growth at low cost: Complete integration of European Goldfields assets Increase gold production to approximately 730,000 - 775,000 oz at US$430 - $450/ oz cash operating cost Make construction decisions on Perama Hill, Tocantinzinho and Certej Maintain production costs in
Slide 30: 2012 expected news flow
Announce long-term corporate plan April Receipt of PEIA - Perama Hill February Complete construction refurbishment – Olympias Commission plant for tailings treatments – Olympias Drilling results - Piavitsa, Efemçukuru, White Mountain and regional programs Commence construction activi
Slide 31: Management team
Paul N. Wright – CEO Norm Pitcher – President* Paul Skayman – COO* Fabiana Chubbs – CFO Dawn Moss – Executive VP & Corporate Secretary* Doug Jones – Senior VP Operations* Dale Churcher – VP Engineering Peter Lewis – VP Exploration Nancy Woo – VP Investor Relations Lincoln Silva –
Slide 32: Background Information
Background Information www.eldoradogold.com 32
Slide 33: Five cornerstone mines
Five cornerstone mines: Kişladağ Efemçukuru Jinfeng Tanjianshan White Mountain www.eldoradogold.com 33
Slide 34: Kişladağ, Uşak Province, Western Turkey
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 1.3:1 Overview RESERVES AND RESOURCES (at Dec 31, 2011) Largest gold mine in Turkey Proven + Probable Reserves
Slide 35: Kişladağ highlights
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 / year Initi
Slide 36: Kişladağ production and cash operating cost
600 $500 500 $400 400 $300 x 1,000 oz $/oz 300 $200 200 $100 100 0 $0 2012 2013 2014 2015 2016 Cash Operating Cost (US$/oz) www.eldoradogold.com 36
Slide 37: Efemçukuru, Izmir Province, Turkey
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, 2011) Overview Proven + Probable Reserves 1.5 M oz
Slide 38: Jinfeng, Guizhou Province, China
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% Overview RESERVES AND RESOURCES (at Dec 31, 2011) Acquired by Eldorad
Slide 39: Tanjianshan, Qinghai Province, China
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 5 years Mine Recovery 81% Overview Strip Ratio 1.39:
Slide 40: White Mountain, Jilin Province, China
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 9 years Mine Overview Recovery 80% Acquired by Eldorado from Sino Gold in
Slide 41: Vila Nova Iron Ore Mine, Brazil
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, 2011) Overview Proven + Probable Reserves 8.9 M tonnes (60.9% Fe) Commercial production began in 2011 Measured + Indicated Resources 9.6 M tonn
Slide 42: Stratoni, Chalkidiki, Northern Greece
OVERVIEW Location Chalkidiki Peninsula, Northern Greece Deposit Replacement mixed sulphide 95% Eldorado Ownership 5% Aktor SA Underground drift and fill Type Multi-stage floatation Expected Life of 5 years Mine Overview RESERVES AND RESOURCES (Source: European Goldfields)* Acquired from European G
Slide 43: Six key development projects
Six key development projects: Eastern Dragon Tocantinzinho Perama Hill Olympias Skouries Certej www.eldoradogold.com 43
Slide 44: Eastern Dragon, Heilongjiang Province, China
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 7 years Mine Expected Recovery 90% RES
Slide 45: Tocantinzinho, Para State, Brazil
OVERVIEW Location Tapajos district, Para State, central Brazil Shallow, intrusion-hosted, non-refractory Deposit gold deposit Ownership 100% Eldorado Type Open pit gold mine Expected Life of 11 years Mine Initial Capital $383.5 million Expenditures Production Expected Q1 2016 2012 Objectives RESERVE
Slide 46: Perama Hill, Eastern Thrace, Greece
OVERVIEW Location Eastern Thrace, northern 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) Initial Capital Expenditures $189 million Production Expected Q1 2015 2012 Objectives
Slide 47: Olympias, Chalkidiki, Greece
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 Capital Expenditures ~$207 million (2012-2016) 2012 Objectives Production Ex
Slide 48: Skouries, Chalkidiki, Greece
OVERVIEW Location Chalkidiki Peninsula, Northern Greece Deposit Gold-copper porphyry 95% Eldorado Ownership 5% Aktor SA Type Open pit and underground Strip Ratio 0.75 : 1 Capital Expenditures 2012 Objectives ~$345 million (Phase I) Environmental Impact Study (EIS) approved by Ministry of Environme
Slide 49: Certej, Apuseni Mountains, Romania
OVERVIEW “Golden Quadrilateral” area of the Location Apuseni Mountains, Western Romania Deposit Epithermal gold-silver deposit Ownership 80% Eldorado Open pit Type (Previously mined via shallow open pit) Expected Life of 12 years Mine 2012 Objectives Capital Expenditures ~$270 million Brownfield s
Slide 50: Proven & Probable, Measured & Indicated, Inferred Resources
Proven & Probable Measured & Indicated Inferred Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces (x1000) (Au g/t) (x1000) (x1000) (Au g/t) (x1000) (x1000) (Au g/t) (x1000) Kisladag 459,870 0.71 10,516 579,860 0.65 12,055 380,760 0.40 4,921 Efemcukuru 5,023 9.13 1,475 5,426 9.57 1,670 2,52
Slide 51: Consensus Metal Price Forecasts (April 2012)
Consensus Metal Price Forecasts (April 2012) Metal Unit 2012 2013 2014 2015 2016 2017 Long-term Gold US$/ 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 2.63 2.59 Lead US$/ t 2,226 2,380 2,446 2,446 2,182
Slide 52: Thank You
Thank You TSX: ELD NYSE: EGO ASX: EAU Total shares outstanding (as of March 31, 2012): 711.3 M Investor Relations: Nancy Woo (604) 601-6650 ⋅ nancyw@eldoradogold.com www.eldoradogold.com 52