Eldorado Gold Corporation · TSX:ELD
Eldorado Gold — European Gold Forum 2012
38 slides from Eldorado Gold's conference presentation, Apr 17, 2012
Slide 1: Growing the Leading Global Gold Producer
Growing the Leading Global Gold Producer European Gold Forum April 17-20, 17 20, 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: Focus on Quality Growth at Low Cost
Focus on Quality Growth at Low Cost Expanding Margins ($/oz) ($/ ) Annual Gold Production (x1,000 ( 1 000 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 $411 400 200 200 100 0 0 2
Slide 5: Strong Growth on a per Share Basis
Strong Growth on a per Share Basis Earnings and cash flow Gold reserves and resources – per share (US$/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 $0.50 30
Slide 6: Eldorado's Share Price & Dividend
Eldorado’s Share Price & Dividend (10 year price (10- i performance) f ) 2900% Average g Annual Growth Rate ((%)) Eldorado - 161% 2600% Gold Price - 45% 2300% S&P TSX Gold - 8% 2000% 1700% 1400% Dividend as % of Earnings 1100% (2011) 30% 800% 25% 500% 20% 200% 15% -100% 100% Apr-11 Apr-02 Apr-03 Apr
Slide 7: Robust Asset Base
Robust Asset Base Eldorado continues to own a solid asset base that drives organic growth Exploration Exploration Projects (Turkey, Brazil, China, Greece, Romania) Feasibility & Permitting Tocantinzinho (Brazil) Certej (Romania) Permitting Kişladağ Expansion (Turkey) Perama Hill (Greece) Skouries (G
Slide 8: 2012 Strategy and Objectives
2012 Strategy and Objectives (Amounts in US$ 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 att $430 - $450/oz $450/ cashh operating ti costt Make construction decis
Slide 9: 2012 Catalysts
2012 Catalysts Announce long‐term corporate plan Receipt of PEIA – Perama Hill Complete construction refurbishment – Olympias Commission plant for tailings treatments – Olympias Drilling results – Piavitsa, Fisoka, Efemçukuru, White Mountain and regional programs Commence C construct
Slide 10: Olympias, Skouries, Stratoni Reserves Overview
Olympias ‐ Greece Polymetallic, replacement mixed sulphide deposit Underground mine Brownfields site with existing mill infrastructure Proven & probable reserves 13.6 Mt @ 8.7 g/t Au, 132 g/t Ag, 4.4% Pb, 5.9% Zn = 3.8 M oz Au, 57.6 M oz Ag, 597.2 kt Pb, 597.2 kt Zn Existing tailings with
Slide 11: Development and Expansion Capital
Development and Expansion Capital 700 • US$ 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 12: 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 13: 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 13
Slide 14: 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 15: 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 15
Slide 16: 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 17: Core Characteristics
Core Characteristics Experienced E i d managementt tteam Strong balance sheet Growth G th from f assets t in i five fi jurisdictions j i di ti Lowest quartile of costs producer Proven P track t k record d off developing d l i mines i iin di diversified ifi d geographies www.eldoradogold.co
Slide 18: Background Information
Background Information www.eldoradogold.com 18
Slide 19: Integration of New Assets
Integration of New Assets www.eldoradogold.com 19
Slide 20: 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 21: Olympias, Greece: Phases of Development
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 22: 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 23: Skouries, Greece: Phases of Development
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$135/oz *ca s h cos ts
Slide 24: Stratoni, Greece
Stratoni, Greece Location Chalkidiki Peninsula, Northern Greece Deposit Replacement mixed sulphide Ownership 95% STRATONI Type Underground drift and fill 1.8 Mt @ 8.5% Zn, 6.3% Pb, 177 g/t Ag P+P reserves = 0.15 Mt Zn, 0.11 Mt Pb, 10 M oz Ag 1.8 Mt @ 10.8% Zn, 7.8% Pb, 217 g/t Ag M+I resources* =0.2
Slide 25: Stratoni, Greece: Concentrate Sales Terms
Stratoni, Greece Concentrate Sales Terms Unit Amount Lead Concentrate Treatment Cost US$/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 26: 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% Brownfield site with existing infrastructure Type (mill and shaft) P+P reserves* 40.6 Mt @ 1.8 g/t Au, 11.86 g/t Ag M+I resources* 41.5 Mt @
Slide 27: Certej, Romania: Operating Highlights
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 28: Perama Hill, Greece
Perama Hill, Greece Location: E astern T hrace, Northern Greece Deposit: Epithermal non-refractory oxide O wnership: 100% T ype: O pen 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
Slide 29: Where we Explore
Where we Explore 2012 Exploration budget: $81 million www.eldoradogold.com 29
Slide 30: 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 31: Chalkidiki Mining District
Chalkidiki Mining District www.eldoradogold.com 31
Slide 32: Piavitsa Exploration
Piavitsa Exploration www.eldoradogold.com 32
Slide 33: Piavitsa Cross Section
Piavitsa Cross Section www.eldoradogold.com 33
Slide 34: Romania Exploration
Romania Exploration • 2012 Exploration budget: $3.9 $3 9 million • Drilling planned for high-grade vein targets at Certej West • Satellite targets at Teascu/Magura, Certej North • Exploration license applications pending in prospective Brad / Deva belt www.eldoradogold.com 34
Slide 35: Certej Exploration Program
Certej Exploration Program www.eldoradogold.com 35
Slide 36: Eldorado's Gold Reserves & Resources
Eldorado’s do ado s Gold Go d Reserves ese es & Resources esou ces Proven & Probable Measured & Indicated Inferred Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces (x1000) (Au g/t) (x1000) (x1000) (Au g/t) (x1000) (x1000) (Au g/t) (x1000) Kisladag 459,870 0.71 10,516 579,860 0.65 12,055 3
Slide 37: Analyst Consensus Metal Prices
Analyst a yst Co Consensus se sus Metal eta Prices ces C Consensus M Metall P Price i F Forecasts Metal Unit 2012 2013 2014 2015 2016 2017 Long-term Gold US$/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 38: 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 38