Eldorado Gold Corporation · TSX:ELD

Eldorado Gold — Investor Presentation (January 2014)

40 slides from Eldorado Gold's investor presentation, January 2014

  1. Slide 1: Delivering through Discipline

    Delivering through Discipline Investor Presentation January 2014 Kişladağ Gold Mine, Turkey

  2. 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

  3. Slide 3: Operating on Solid Foundations

    Operating on Solid Foundations Where we are today ~720,000 ounce gold producer with 20 years of international operating experience Track record of Leading low cost Experienced value creation Solid reserve and Transparent operator with solid management through resource base – dividend policy margins

  4. Slide 4: Our Assets

    Our Assets Diversified, well-balanced global portfolio www.eldoradogold.com 4

  5. Slide 5: 2013 Operating Highlights

    2013 Operating Highlights Record production at low cash costs  10% production growth over 2012  Mines delivered to initial production guidance and below cost guidance 705,000 oz 760,000 oz Gold Production (oz) Actual 721,200 oz $515/oz $530/oz Actual $494/oz Cash Operating Cost ($/oz) Beg. Year Gu

  6. Slide 6: 2013 Q4 Financial Position

    2013 Q4 Financial Position Significant cash, liquidity and financial flexibility Financial Position USD (at Dec 31, 2013)* (millions) Cash equivalents and term deposits $623 Undrawn Credit Facility Total debt $601 $375 Undrawn credit facility $375 *Unaudited figures $998 million liquidity Long-Term

  7. Slide 7: Navigating Current Gold Price Weakness

    Navigating Current Gold Price Weakness Protecting the balance sheet 2013 34% reduction in capital expenditure $ 230.0 million 32% reduction in exploration expenditure $ 31.5 million 14% reduction in G&A costs $ 11.0 million Positive net impact on cash flow ~$ 272.5 million 2014  Slowing of capital

  8. Slide 8: 2014 Guidance: Increasing production at consistently low costs

    2014 Guidance Increasing production at consistently low costs Low High Global Gold Production Gold Production Kisladag oz 300,000 - 335,000 OLY Efemcukuru oz 90,000 - 100,000 WM 4% Tanjianshan oz 95,000 - 100,000 9% White Mountain oz 70,000 - 75,000 TJS KIS Jinfeng oz 145,000 - 155,000 13% 730-800 4

  9. Slide 9: 2014 Guidance: Prudent capital allocation

    2014 Guidance Prudent capital allocation Sustaining Capital (1) Development Capital (1) Exploration Spending (2) KIS 22% 41% 12% SKO OLY EFM 62% 18% 12% $170M $345M 9% $45M 30% PH TJS 7% JF 12% 13% 20% CTJ WM 10% 14% 15% TZ 3% Turkey China Greece Romania Brazil Other (1) Capital expenditure guidance

  10. Slide 10: Key Deliverables in 2014

    Key Deliverables in 2014 Focusing on delivery Corporate Greece  Announce resources and reserves  Continue development at Olympias and update Skouries  Closure of Glory Resources transaction  Receive approval of Perama Hill EIA  Meet production and cash cost guidance Turkey Romania  Receive app

  11. Slide 11: Consistent Strategy

    Consistent Strategy Delivering through discipline 1. Disciplined approach to operations, capital allocation and development projects 2. Focus on operational excellence – value creation through operating efficiencies and cost reductions 3. Continue to strengthen safety culture and environmental manag

  12. Slide 12: Among the Lowest Cost Mines Globally

    Among the Lowest Cost Mines Globally Provide a solid foundation  ELD’s average cost was $483/oz in 2012 vs industry average of $705/oz  ~60% of production was below $500/oz 2012 Gold Industry Cost Curve $3,500 $3,000 Industry Avg Eldorado Avg 2012 Operating Cash Costs ($/oz) $2,500 White Mountain

  13. Slide 13: Strong Profit Margins

    Strong Profit Margins Reflects asset quality and cost management Solid Margins per Ounce Strong Gross Profit Margins* vs Peer Group** 1,800 70.0% 1,600 65.0% 1,400 60.0% 1,200 Gross Profit Margin (%) 55.0% 1,000 $/oz 800 50.0% 600 45.0% 400 40.0% 200 0 35.0% 2009 2010 2011 2012 2013 Q1 Q2 Q3 Q4 Q1 Q

  14. Slide 14: All-In Sustaining Cash Costs

    All-In Sustaining Cash Costs Lowest among peer group 2013E All-In Sustaining Cash Costs ($/oz) 1,300 1,200 1,100 1,000 900 800 ($/oz) 700 600 500 400 300 200 100 - Agnico-Eagle Newmont Kinross IAMGOLD Barrick Goldcorp Yamana Eldorado Operating Sustaining Exploration G&A Other Source: TD Securities w

  15. Slide 15: Growing Potential of Chalkidiki Mining District

    Growing Potential of Chalkidiki Mining District ~20 million oz (AuEq) defined in a 10km radius  Area has:  x1 operating mine  x2 development projects  x3 exploration targets  Excellent infrastructure (roads, power, port access)  Experienced local miners  Government support  Area holds M&I re

  16. Slide 16: Construction Advancing at Skouries

    Construction Advancing at Skouries Project milestones 2013  Received installation permit   Began plant construction and  underground development (UG)  Experienced project management  team; > 400 employees & contractors in place 2014  Continue plant construction and UG development  Begin cons

  17. Slide 17: Progress at Olympias

    Progress at Olympias Project milestones 2013  Completed 1.4km of the 8km  Stratoni-Olympias tunnel  Completed >3km of underground  development and >1km of underground rehabilitation  10% increase in M&I gold resources  to 4.7m oz at 8.10 g/t 2014  Declare commercial production from tailings r

  18. Slide 18: Rehabilitation of Olympias Valley

    Rehabilitation of Olympias Valley Returning 26.5 hectares of land to a natural state  Currently cleaning up over 2.4 million tonnes of tailings from previous mining activities  Rehabilitated land will be equivalent to an area of more than 35 soccer pitches  Working with the Forestry and Natural E

  19. Slide 19: Progress at Certej

    Progress at Certej Project milestones 2013  First phase of construction of  alternate access road completed  Geotechnical work for pit design and  process plant foundations conducted  Ongoing metallurgical testwork   46,000m of exploration drilling  completed and 13% increase in M&I gold res

  20. Slide 20: Potential of the Golden Quadrilateral Area

    Potential of the Golden Quadrilateral Area Certej blue-sky potential  Includes Certej project and 3 strategic exploration positions  High gold endowment in a small district (40x40km2); ranks 3rd for gold districts worldwide  Part of under-explored, prolific Western Tethyan Belt  Limited modern e

  21. Slide 21: Extending Mine Life at Tanjianshan

    Extending Mine Life at Tanjianshan Promising 2013 drilling results and future potential  Over 21,000m of exploration drilling completed at the Jinlonggou (JLG) pit and areas peripheral to the Qinlongtan (QLT) pit  2 new high-grade zones discovered at the JLG Bridge Zone and West Wall targets and n

  22. Slide 22: Expanding Resources at Tanjianshan

    Expanding Resources at Tanjianshan Promising 2013 drilling results and future potential www.eldoradogold.com 22

  23. Slide 23: Why Invest in Eldorado?

    Why Invest in Eldorado? Our competitive strengths 1.  Diversified, well-balanced portfolio  Flexible development options from 6 Disciplined projects Approach  Rigorous budgeting and forecasting procedures 2.  $623M in Cash and Term Deposits  $375M in available credit facility Balance Sheet  ~9

  24. Slide 24: Background Information

    Background Information White Mountain Gold Mine, China

  25. Slide 25: 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

  26. Slide 26: 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* 20 years (LOM) Recovery 65% Strip Ratio 2014 1.36:1 Reserves and Resources (at Dec 31, 2012) Overview 2P Reserv

  27. Slide 27: 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

  28. Slide 28: 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

  29. Slide 29: 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

  30. Slide 30: 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

  31. Slide 31: 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 @

  32. Slide 32: 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) 5.3

  33. Slide 33: Olympias Gold, Silver, Lead, Zinc Mine - Greece

    Olympias Gold, Silver, Lead, Zinc Mine - Greece PRODUCTION**/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)* Commerci

  34. Slide 34: 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

  35. Slide 35: 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

  36. Slide 36: 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

  37. Slide 37: 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

  38. Slide 38: 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

  39. Slide 39: 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,

  40. Slide 40: Thank You

    Thank You TSX: ELD NYSE: EGO Investor Relations: Nancy Woo, VP IR Total shares outstanding: 716.2M* 604 601 6650 nancyw@eldoradogold.com www.eldoradogold.com *At Dec 31, 2013

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