Eldorado Gold Corporation · TSX:ELD
Eldorado Gold — Investor Presentation (May 2013)
33 slides from Eldorado Gold's investor presentation, May 2013
Slide 1: Solid Foundations Disciplined Growth
Solid Foundations Disciplined Growth Investor Presentation May 2013 Kişladağ, Gold Mine, Turkey
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: Operating on Solid Foundations
Operating on Solid Foundations Where we are Today Kişladağ, Gold Mine, Turkey 660,000 oz/year gold producer with 20 years of international operating experience Leading low Experienced Track record of Solid reserve value creation Transparent cost operator management and resource through dividend poli
Slide 4: Our Assets: Diversified, Well-Balanced Global Portfolio
Our Assets Diversified, Well-Balanced Global Portfolio www.eldoradogold.com 4
Slide 5: Proven Track Record
Proven Track Record Significant Growth at Low Costs Increasing Reserves & Resources 60 40,000 35,000 50 Oz / 1,000 Shares 30,000 Thousand Ounces Over the past 5 years we have: 40 25,000 30 20,000 15,000 Doubled production 20 10,000 10 5,000 Materially increased reserves 0 0 and resources per sha
Slide 6: Q1 Highlights
Q1 Highlights Solid Quarter, Robust Financial Position Financial and Operating Results Q1 2013 Q1 2012 Revenues (M) $338.1 $271.5 Gold produced (oz) 163,768 155,535 Gold sold (oz) 189,346 150,661 Average realized gold price ($/oz) $1,622 $1,707 Cash operating costs ($/ozsold)(1) $505 $452 Total cash
Slide 7: Strong Profit Margins
Strong Profit Margins Reflects Quality of Assets and Cost Management Expanding Margins per Ounce Strong Gross Profit Margins vs Peer Group 1,800 75% 1,600 70% 1,400 1,200 65% Gross Profit Margin (%) 1,000 US$/oz 60% 800 600 55% 400 50% 200 0 45% 2008 2009 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Opera
Slide 8: 2013 Guidance
2013 Guidance Focusing on Delivery Production/Sales Unit Low High Development Capital ($488m) Kisladag oz 290,000 300,000 Kışladağ Efemcukuru oz 125,000 135,000 Efemçukuru Tanjianshan oz 90,000 100,000 14% 27% Olympias White Mountain oz 60,000 70,000 6% Skouries Jinfeng oz 105,000 115,000 Perama Hil
Slide 9: All-In Cash Costs: Eldorado vs Peers
All-In Cash Costs Eldorado vs Peers Historic Industry All-In Cash Cost ($/oz) 2013E All-In Cash Cost ($/oz) 1,500 1,500 1,400 1,400 1,300 1,300 1,200 1,200 1,100 1,100 1,000 1,000 Eldorado All-In Cash Costs ($/oz) All-In Cash Costs ($/oz) 900 2013E 900 (company estimate) 800 800 700 700 600 600 500
Slide 10: A Leading Growth Profile
A Leading Growth Profile Expanding Production while Reducing Costs Gold Production and Cash Costs 2012-2016 CAGR 2012-2016 (%) 1,800 30% 25% 1,600 Gold Production (Koz) / Operating Cash Cost ($/oz) 20% 1,400 15% 1,200 10% 1,000 5% 800 0% 600 Source: Morgan Stanley 400 200 Over 1.5 million ounces o
Slide 11: A Leading Growth Profile: Low All-In Costs
A Leading Growth Profile Increasing Production at Low All-In Costs 7,500 $5.6B 7,300 7,100 Barrick, $19.3B 6,900 $5.6B 3,500 2013E Production (Koz) 3,250 6,700 3,000 2,750 6,500 2,500 400 500 600 700 800 900 1,000 1,100 1,200 1,300 1,400 2,250 Goldcorp, $23.4B Kinross, $6.1B 2,000 1,750 1,500 Yamana
Slide 12: Multiple Sources of Growth
Multiple Sources of Growth Low Risk Expansion and Flexible Development Growth Through Development & Expansion 1,600,000 Eastern Dragon Number of projects and 1,400,000 China phased development provide high option value 1,200,000 Development in Greece & Romania Adds ~500,000 oz of Annual Producti
Slide 13: Disciplined Capital Outlay
Disciplined Capital Outlay Development Capital Spread Across Multiple Projects Total Development Capex Split – $2B 4% Spending $2 billion globally across 5 operating mines and 5 development 16% Greece projects Turkey 52% Romania Spending ~$1 billion in Greece across 28% China 3 projects (~50% of
Slide 14: Highly Capital Efficient Projects
Highly Capital Efficient Projects Lowest Capex per Incremental Ounce of Production Peer Group Eldorado Projects* $7,000 $6,000 Capex / Avg Annual Gold Production $5,000 $4,000 $3,000 $2,000 $1,000 $0 Eastern Olympias Skouries Kisladag Perama Certej Dragon Phase II Open-Pit Expansion Hill Source: TD
Slide 15: Returning Capital to Shareholders
Returning Capital to Shareholders High Dividend Payout Ratio Dividend as % of Adjusted Earnings Sustainable dividend 35% formula – linked to gold price and ounces sold 30% Formula encourages capital discipline and 25% improved capital return predictability 20% Gold Price Dividend 15% (US$/oz) (C
Slide 16: Why Invest in Eldorado?
Why Invest in Eldorado? Our Competitive Strengths 3. Disciplined 2. Growth Balance Sheet 1. Strength Diversified, well- balanced portfolio Solid Low risk, near-term $827.5M in Cash and growth from Kisladag Foundations Term Deposits expansion $375M in available Flexible development Strong
Slide 17: Background Information
Solid Foundations Disciplined Growth Bank of America Merrill Lynch Background Information May 2013 Efemcukuru Processing Plant, Turkey
Slide 18: Kisladag Expansion - Turkey
Kisladag Expansion - Turkey Phase IV Overview Highlights Current production rate 12.5M (crushing, screening, stacking) tonnes/year Phase IV Leach Pad Expansion Expanded production rate 25.0M (crushing, screening, stacking) tonnes/year Expanded production rate 475,000 (average) ounces/year Phase IV P
Slide 19: Kisladag Gold Mine - Turkey
Kisladag Gold Mine - Turkey Our Flagship Asset Overview Location Usak Province, Western Turkey Deposit Gold porphyry Ownership 100% Eldorado Open pit Type Heap leach Expected Life of Mine* 14 years (LOM) Recovery 65% Strip Ratio 2013 1.75:1 Reserves and Resources (at Dec 31, 2012) Overview 2P Reserv
Slide 20: Efemcukuru Gold Mine - Turkey
Efemcukuru Gold Mine - Turkey PRODUCTION Overview Location Izmir Province, Western Turkey Deposit High grade, epithermal gold vein Ownership 100% Eldorado Underground Type Flotation and carbon in leach Expected Life of Mine* 11 years (LOM) Recovery 87% Reserves and Resources (at Dec 31, 2012) Overvi
Slide 21: Jinfeng Gold Mine - China
Jinfeng Gold Mine - China PRODUCTION Overview Location Guizhou Province, China Deposit Carlin type Ownership 82% Eldorado Open pit and underground Type Biox and carbon in leach Expected Life of Mine* 13 years (LOM) Recovery 85% Overview Reserves and Resources (at Dec 31, 2012) Acquired by Eldorado
Slide 22: Tanjianshan Gold Mine - China
Tanjianshan Gold Mine - China PRODUCTION Overview Location Qinghai Province, China Deposit Orogenic Ownership 90% Eldorado Open pit Type Float roast carbon in leach Expected Life of Mine (LOM)* 5 years Recovery 81% Strip Ratio (JLG open pit) 1.39:1 Overview Acquired by Eldorado from Afcan Mining i
Slide 23: White Mountain Gold Mine - China
White Mountain Gold Mine - China PRODUCTION Overview Location Jilin Province, China Deposit Orogenic Ownership 95% Eldorado Underground Type Carbon in leach Expected Life of Mine (LOM)* 7 years Recovery 80% Overview Reserves and Resources (at Dec 31, 2012) Acquired by Eldorado from Sino Gold in 20
Slide 24: Vila Nova Iron Ore Mine - Brazil
Vila Nova Iron Ore Mine - Brazil PRODUCTION Overview Location Amapa State, Brazil Ownership 100% Eldorado Type Open pit Expected Life of Mine (LOM)* 11 years Reserves and Resources (at Dec 31, 2012) Overview 2P Reserves 9.7 Mt @ 58.8% Fe Commercial production began in 2011 M+I Resources 14.5 Mt @
Slide 25: Stratoni Silver, Lead, Zinc Mine - Greece
Stratoni Silver, Lead, Zinc Mine - Greece PRODUCTION Overview Chalkidiki Peninsula, Northern Location Greece Deposit Replaced mixed sulphide Ownership 95% Eldorado Underground drift and fill Type Multi-stage flotation Expected Life of Mine (LOM)* 5 years Reserves and Resources (at Dec 31, 2012) Over
Slide 26: Olympias Gold, Silver, Lead, Zinc Mine - Greece
Olympias Gold, Silver, Lead, Zinc Mine - Greece CONSTRUCTION Overview Location Chalkidiki Peninsula, Northern Greece Deposit Replacement mixed sulfide Ownership 95% Eldorado Underground Type (previously mined using drift and fill) Flotation Expected Life of Mine 20 years (LOM)* Production Expected Q
Slide 27: Skouries Gold, Copper Project - Greece
Skouries Gold, Copper Project - Greece CONSTRUCTION Overview Chalkidiki Peninsula, Northern Location Greece Deposit Gold-copper porphyry Ownership 95% Eldorado Open pit then underground Type Flotation and gravity circuit Expected Life of Mine 27 years (LOM)* Strip Ratio (open pit) 0.7:1 Production E
Slide 28: Perama Hill Gold, Silver Project - Greece
Perama Hill Gold, Silver Project - Greece DEVELOPMENT Overview Eastern Thrace, Northern Location Greece Epithermal gold-silver vein Deposit deposit Ownership 100% Eldorado Open pit Type Conventional carbon in leach Expected Life of Mine (LOM)* 9 years 90% gold Expected Recovery 60% silver Strip Rati
Slide 29: Certej Gold, Silver Project - Romania
Certej Gold, Silver Project - Romania DEVELOPMENT Overview ‘Golden Quadrilateral’ area Apuseni Location Mountains, Western Romania Deposit Epithermal gold-silver deposit Ownership 80% Eldorado Open pit Type (previously mined via shallow open pit) Expected Life of Mine * (LOM) Production Expected 201
Slide 30: Tocantinzinho Gold Project - Brazil
Tocantinzinho Gold Project - Brazil DEVELOPMENT Overview Tapajos District, Para State, Location Brazil Shallow, intrusion-hosted, Deposit non refractory gold deposit Ownership 100% Eldorado Type Open pit Expected Life of Mine (LOM)* 13 years Reserves and Resources (at Dec 31, 2012) Overview Prelim
Slide 31: Eastern Dragon Gold, Silver Project - China
Eastern Dragon Gold, Silver Project - China DEVELOPMENT Overview Location Heilongjiang Province, China High-grade, epithermal gold- Deposit silver vein Ownership 95% Eldorado Open pit and underground Type Carbon in leach plant under construction Expected Life of Mine (LOM)* 11 years Expected Recover
Slide 32: Gold Resources and Reserves
Gold Resources and Reserves At December 31, 2012 Total Proven and Probable Total Measured 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,
Slide 33: Thank You
Thank You TSX: ELD NYSE: EGO Investor Relations: Nancy Woo (604) 601 6650 nancyw@eldoradogold.com Total Shares Outstanding: 714.6M (at March 31, 2013) Efemcukuru Processing Plant, Turkey