Eldorado Gold Corporation · TSX:ELD
Eldorado Gold — Investor Presentation (March 2012)
51 slides from Eldorado Gold's investor presentation, Mar 28, 2012
Slide 1: Growing the Leading Global Gold Producer
Growing the Leading Global Gold Producer March 28, 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: 2011 Operating Highlights
2011 Operating Highlights (Amounts in US$ unless otherwise stated) 2010 2011 Increase Gold production (oz) 632,539 658,652 4% Total cash cost ($/oz) 423 472 12% Average realized gold price ($/oz) 1,223 1,581 29% Gold revenues ($ million) 783 1,042 33% Cash generated from operating activities ($ mill
Slide 4: Mine and Project Locations
Mine and Project Locations www.eldoradogold.com 4
Slide 5: Focus on Quality Growth at Low Cost
Focus on Quality Growth at Low Cost Expanding Margins ($/oz) Annual Gold Production (x1,000 oz) 1,800 Total Cash Cost Cash Margins 900 Average annual growth rate: 77% 1,600 800 1,400 700 1,200 600 $1,183 1,000 $1,110 500 800 $800 400 $658 600 $587 300 $279 $411 400 200 200 100 0 0 2006 2007 2008 200
Slide 6: Strong Growth on a per Share Basis
Strong Growth on a per Share Basis Earnings and cash flow Gold reserves and resources – per share (US$/share) ounces per 1,000 shares $1.00 70.0 Annual EPS growth rate of ~125% Annual reserve per share growth rate: ~13% $0.90 Annual CFPS growth rate of ~146% 60.0 $0.80 $0.70 50.0 $0.60 40.0 $0.50 30
Slide 7: European Goldfields Acquisition
European Goldfields Acquisition Adding sizeable, high quality, long-life assets with robust resource base Increasing Eldorado’s reserves by 53% to 29.1 million ounces Expanding future production growth Maintaining low cash costs Strengthening regional presence Adding significant explorat
Slide 8: Robust Asset Base
Robust Asset Base Eldorado continues to own a solid asset base that drives organic growth Exploration Exploration Projects (Turkey, Brazil, China, Greece, Romania) Feasibility & Permitting Tocantinzinho (Brazil) Certej (Romania) Permitting Kişladağ Expansion (Turkey) Perama Hill (Greece) Skouries (G
Slide 9: European Goldfields Assets
European Goldfields Assets Stratoni - Greece Polymetallic, replacement mixed sulphide deposit Producing underground mine Reserves support production through 2015; however, currently drilling to extend mine life Significant exploration potential with drilled and drill-ready targets Proven &
Slide 10: European Goldfields Assets
European Goldfields Assets Northern Greece is geologically prospective and under-explored • Piavitsa shows evidence of mineralization style and geophysical signature similar to Olympias orebody but is three times the strike length • Early-stage porphyry targets at Fisoka and Tsikara have potential f
Slide 11: Piavitsa Exploration, Greece
Piavitsa Exploration, Greece • Previous limited drilling and mapping outlined a 2.5km strike length A Surface level B • Airborne EM shows conductors over 6km strike • EM highlights NW Splay 5.5m @ 4.0g/t Au 9m @ 2.7% Zn and 1% Pb Amphibolite NW Splay from EM schist 10.9m @ 7.9g/t Au N 7.9m @ 6.6% Pb
Slide 12: Predominantly Gold
Predominantly Gold Revenue Distribution by Commodity Type (%) (1) 100% 8% 10% 10% 13% Other 75% 92% 90% 90% Gold 87% 50% 2011E 2012E 2013E 2014E Intermediate Producer Peers Senior Producers Eldorado Gold Yamana Agnico-Eagle IAMGOLD (4) New Gold Barrick Goldcorp Newmont Other 2014E 92% 87% 88% 77% 73
Slide 13: Geographically Diversified Production
Geographically Diversified Production 2011 Gold Production By Country 2015E Gold Production By Country China Turkey Greece Brazil Romania www.eldoradogold.com 13
Slide 14: 2012 Strategy and Objectives
2012 Strategy and Objectives (Amounts in US$ unless otherwise stated) Focus on quality growth at low cost: Complete integration of European Goldfields assets Increase gold production to approximately 730,000 - 775,000 oz at $430 - $450/oz cash operating cost Make construction decisions on Pera
Slide 15: 2012 Catalysts
2012 Catalysts Announce long-term corporate plan Receipt of PEIA - Perama Hill Complete construction refurbishment - Olympias Commission plant for tailings treatments - Olympias Drilling results - Piavitsa, Fisoka, Efemçukuru, White Mountain and regional programs Commence construction
Slide 16: Eldorado's Share Price
Eldorado’s Share Price (10- year price performance) 3100% Average Annual Growth Rate (%) 2700% Eldorado - 186% Gold Price - 47% 2300% S&P TSX Gold - 11% 1900% 1500% 1100% 700% 300% -100% Feb-02 Feb-03 Feb-04 Feb-05 Feb-06 Feb-07 Feb-08 Feb-09 Feb-10 Feb-11 Feb-12 Gold (US$/oz) Eldorado Gold Corp. S&
Slide 17: Percentage of Earnings Paid as Dividend in 2011
Percentage of Earnings Paid as Dividend in 2011 30% 25% 20% 15% 10% 5% 0% Yamana Barrick Eldorado Goldcorp Kinross www.eldoradogold.com 17
Slide 18: Core Characteristics
Core Characteristics Experienced management team Strong balance sheet Growth from assets in five jurisdictions Lowest quartile of costs producer Proven track record of developing mines in diversified geographies www.eldoradogold.com 18
Slide 19: Thank you
Thank you www.eldoradogold.com 19
Slide 20: Background Information
Background Information www.eldoradogold.com 20
Slide 21: Eldorado Gold Reserves & Resources
Eldorado Gold Reserves & Resources As of December 31, 2010 As of December 31, 2011 P&P M&I Inferred P&P M&I Inferred (In-situ gold (In-situ gold (In-situ gold (In-situ gold (In-situ gold (In-situ gold ounces; ounces; ounces; ounces; ounces; ounces; x1000) x1000) x1000) x1000) x1000) x1000) Kisladag
Slide 22: Kişladağ Mine, Turkey
Kişladağ Mine, Turkey Location Uşak Province, Western Turkey Deposit Gold porphyry Ownership 100% Type Open pit, heap leach gold mine Commercial July 2006 production P+P reserves* 10.5 M oz gold @ 0.71 g/t M+I resources* 12.1 M oz gold @ 0.65 g/t 2012 Highlights • Newly commissioned concentrate trea
Slide 23: Kişladağ Mine Expansion (Phase IV)
Kişladağ Mine Expansion (Phase IV) Highlights Current production rate (crushing, screening, stacking) 12.5 million tonnes / year Expanded production rate (crushing, screening, stacking) 25.0 million tonnes / year Expanded production rate, average 475,000 ounces / year LOM strip ratio 1.4:1 ROM ore t
Slide 24: Kişladağ Expanded Production
Kişladağ Expanded Production 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 24
Slide 25: Efemçukuru Mine, Turkey
Efemçukuru Mine, Turkey Location Izmir Province, Western Turkey Deposit High grade epithermal gold vein Ownership 100% Type Underground gold mine Commercial Production December 2011 P+P reserves* 1.5 M oz gold @ 9.13 g/t M+I resources* 1.7 M oz gold @ 9.57 g/t 2012 Highlights Inferred resources* 484
Slide 26: Efemçukuru Exploration Programs
Efemçukuru Exploration Programs Kestani Beleni Vein 2011 surface exploration program at Efemcukuru included over 9,500 metres drilling, focusing on two main areas: the northwest along-strike extension of the Kestani Beleni vein, and the parallel Kokarpinar vein, located 400 to 500 metres to the east
Slide 27: Jinfeng Mine, China
Jinfeng Mine, China Location Guizhou Province, China Deposit Carlin-type 82% Eldorado, 18% Guizhou Ownership Lannigou Gold Mine Limited Type Open pit and underground gold mine P+P reserves* 2.1 M oz gold @ 3.75 g/t M+I resources* 2.9 M oz gold @ 3.52 g/t 2012 Highlights Inferred resources* 1.1 M oz
Slide 28: Jinfeng Mine 2011 & 2012 Exploration Targets
Jinfeng Mine 2011 & 2012 Exploration Targets Jinfeng Open Pit - Plan View Rongban- F7 www.eldoradogold.com 28
Slide 29: Tanjianshan Mine, China
Tanjianshan Mine, China Location Qinghai Province, China Deposit Orogenic 90% Eldorado, 5% Qinghai Ownership Number One Geological Brigade, 5% Dachaidan Gold Mine Type Open pit gold mine, float-roast-CIL P+P reserves* 562,000 oz gold @ 3.16 g/t 2012 Highlights M+I resources* 818,000 oz gold @ 2.77 g
Slide 30: White Mountain Mine, China
White Mountain Mine, China Location Jilin Province, China Deposit Orogenic 95% Eldorado, 5% Jilin Tonghua Ownership Institute of Geology and Minerals Exploration and Development Type Underground gold mine, CIL plant P+P reserves* 692,000 oz gold @ 3.68 g/t M+I resources* 866,000 oz gold @ 3.47 g/t 2
Slide 31: White Mountain – Long Section with Grade x Thickness Contours
White Mountain – Long Section with Grade x Thickness Contours Demonstrating Mineralization Model F102 Trace Hypothetical F102-parallel fault www.eldoradogold.com 31
Slide 32: Vila Nova Mine, Brazil
Vila Nova Mine, Brazil Location Amapa State, Brazil Ownership 100% Type Open pit iron ore mine P+P reserves* 8.9 M tonnes (60.9% Fe) M+I resources* 9.6 M tonnes (61.5% Fe) Inferred resources* 2.0 M tonnes (61.2% Fe) Designed annual production 900,000 ROM ore capacity 2012 Highlights Mine life 9 year
Slide 33: Eastern Dragon Project, China
Eastern Dragon Project, China Location Heilongjiang Province, China Deposit High-grade, epithermal, gold-silver vein 95% Eldorado, Ownership 5% County (DaxinglanlingYihua Development Company Limited) Open pit and underground gold mine, CIL Type plant under construction Production Q3, 2012 Gold Silve
Slide 34: Perama Hill Project, Greece
Perama Hill Project, 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 M+I resources* 1,382,000 oz gold @ 3.46 g/t Inferred resources* 554,000 oz gold @ 1.96 g/t 2012 Highlights Strip ratio 0.3
Slide 35: Tocantinzinho Project (TZ), Brazil
Tocantinzinho Project (TZ), Brazil Location Tapajos district, Para State, central Brazil Shallow, intrusion-hosted, non-refractory Deposit gold deposit Ownership 100% Type Open pit P+P reserves* 1.9 M oz gold @ 1.25 g/t M+I resources* 2.4 M oz gold @ 1.06g/t 2012 Highlights Inferred resources* 147,0
Slide 36: Stratoni, Greece
Stratoni, Greece Location Chalkidiki Peninsula, Northern Greece Deposit Replacement mixed sulphide Ownership 95% 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* =0.20 Mt Zn,
Slide 37: Skouries, Greece
Skouries, Greece 35 km by road from Stratoni port, Location Northern Greece Deposit Gold-copper porphyry Ownership 95% Type Underground drift and fill 138 Mt @0.8 g/t Au, 0.5% Cu P+P reserves* = 3.6 M oz Au, 0.7 Mt Cu 246.4 Mt @ 0.67 g/t Au, 0.49% Cu • Production of Cu-Au concentrate via M+I resourc
Slide 38: Olympias, Greece
Olympias, Greece 8 km north of Stratoni, Location Northern Greece Deposit Replacement mixed sulphide Ownership 95% Brownfield site with existing Type infrastructure (mill and shaft) 13.6 Mt @ 8.7 g/t Au, 132 g/t Ag, • Phased development plan with $15 mm initial P+P reserves* 4.4% Pb, 5.9% Zn = 3.8 M
Slide 39: Certej, Romania
Certej, Romania Located in the highly prospective “Golden Location Quadrilateral” area of the Apuseni Mountains of Transylvania in Western Romania Deposit Epithermal gold/silver Ownership 80% Brownfield site with existing Type infrastructure (mill and shaft) 40.6 Mt @ 1.8 g/t Au, 11.86 g/t Ag P+P re
Slide 40: Where we Explore
Where we Explore 2012 Exploration budget: $66 million www.eldoradogold.com 40
Slide 41: 2012 Exploration Budget Distribution
2012 Exploration Budget Distribution 4% Corporate G & A 2% Greece 20% Minesite 28% Brazil Programs 20% Turkey 44% Greenfields and Generative 36% Brownfields Programs 46% China Turkey China Brazil 66% 53% 34% 35% 31% 47% 13% 21% Minesite Greenfields Brownfields Minesite Greenfields Brownfields Minesi
Slide 42: Exploration Multi-Year Plan
Exploration Multi-Year Plan 2010 - 2011 ◦ Advance existing brownfields/greenfields projects ◦ Build Vancouver office and regional office exploration teams ◦ Integrate new assets in China ◦ Refine corporate strategy, develop Eldorado’s exploration system 2011 and ongoing ◦ Aggressively te
Slide 43: Brazil Exploration Programs
Brazil Exploration Programs 2012 Focus: • Advancing projects to decision points • New project generation outside of the Tapajos District www.eldoradogold.com 43
Slide 44: Tapajos Land Position
Tapajos Land Position 907 km2 land position www.eldoradogold.com 44
Slide 45: China Exploration Programs
China Exploration Programs 2012 Focus: • Existing minesite and brownfields projects • Project generation in favourable jurisdictions www.eldoradogold.com 45
Slide 46: China Exploration Programs
China Exploration Programs Guizhou ◦ Three projects within a 100 km radius of Jinfeng Mine ◦ 13,500 metres diamond drilling ◦ Plus 25,000 metres underground and surface drilling at Jinfeng Jilin ◦ Three projects within a 50 km radius of the White Mountain Mine ◦ 12,000 metres diamond drilling ◦
Slide 47: Regional Setting - Jinfeng Mine
Regional Setting - Jinfeng Mine www.eldoradogold.com 47
Slide 48: Turkey Exploration Programs
Turkey Exploration Programs 2012 Focus: • Efemçukuru and Kişladağ programs • First drilling programs on three reconnaissance projects • Project generation www.eldoradogold.com 48
Slide 49: IP Geophysical Survey Areas 2011 & 2012 – Kişladağ Mine
IP Geophysical Survey Areas 2011 & 2012 – Kişladağ Mine www.eldoradogold.com 49
Slide 50: Greece Exploration Programs
Greece Exploration Programs 2012 Focus: • Perama Hill district • Epithermal (intermediate, high sulfidation) gold systems target evaluation • Advanced stage exploration programs • Mine site / brownfields setting and testing • Building exploration team www.eldoradogold.com 50
Slide 51: Thank you
Thank you TSX: ELD NYSE: EGO ASX: EAU Total shares outstanding (fully diluted, as of February 29, 2012): 727.8M Investor Relations: Nancy Woo (604) 601-6650 ⋅ nancyw@eldoradogold.com www.eldoradogold.com 51