Slide 1: Eldorado's Growth Continues
Eldorado’s Growth Continues May 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: 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 5: 2012 Objectives
2012 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 - $450/oz cash operating cost Make construction decisions on Perama Hill, Toca
Slide 6: Q1 2012 Operating Highlights
Q1 2012 Operating Highlights (Amounts in US$ unless otherwise stated) Summarized Financial Results – quarter ended March 31 2012 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 $1,397 22% Cash operating costs ($
Slide 7: Contained Ounces and Exploration Spending
32,500 22,500 $220 30,000 20,000 $200 27,500 $180 25,000 European Goldfields 17,500 Average Cost of Exploration Spending ($mln) Average Cost of ~$220/oz $160 Contained Ounces (000's) 22,500 Acquired Resource Organic Resource Contained Ounces (000's) 15,000 Ounce: ~$11/oz 20,000 Ounce: ~$180/oz $140
Slide 8: Low Capex / Annual Gold Production
Low Capex /Annual Gold Production 7,000 6,000 Capex $/oz / Annual Gold Production 5,000 4,000 3,000 2,000 1,000 0 Eldorado Agnico-Eagle Yamana IAMGOLD Newmont Goldcorp Kinross New Gold Barrick Source: TD Securities www.eldoradogold.com 8
Slide 9: Focus on Quality Growth at Low Cost
Focus on Quality Growth at Low Cost Expanding Margins ($/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 $411 400 200 200 100 0 0 2006 2007 2008 200
Slide 10: Strong Growth on a per Share Basis
Strong Growth on a per Share Basis Earnings and cash flow Gold reserves and resources – per share (US$/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 $0.50 30
Slide 11: Summary of New Assets
Summary of New Assets Olympias - Greece Polymetallic, replacement mixed sulphide deposit Underground mine Brownfields site with existing mill infrastructure Proven & probable reserves 13.6 Mt @ 8.7 g/t Au, 132 g/t Ag, 4.4% Pb, 5.9% Zn = 3.8 M oz Au, 57.6 M oz Ag, 597.2 kt Pb, 597.2 kt Zn E
Slide 12: Strong Production Growth and Declining Cash Costs
Strong Production Growth and Declining Cash Costs 2,000,000 2,000 1,800 • Achieve Key Milestone of 1,750,000 1.5 million oz of gold 1,600 production by 2015 1,500,000 1,400 1,250,000 Cash Costs (US$/oz) • 1.7 million ounces of 1,200 Gold Production (Oz) gold production by 2016 1,000,000 1,000 (growt
Slide 13: 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 Capital Required (US$ mln) 500 • US$ 810 million being 400 spent in Greece 300 • US$ 270 million being spent in Romania 200 100 0 2012 2013 2014 2015 2016 Turkey China
Slide 14: Geographically Diversified Gold Production
Geographically Diversified Gold Production Gold Production by Country (2012) Gold Production by Country (2016) Turkey China Greece Turkey China Greece Romania Brazil www.eldoradogold.com 14
Slide 15: 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 16: 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 16
Slide 17: Eldorado's Dividend
Eldorado’s Dividend Dividend as % of Earnings (2011) 30% 25% 20% 15% 10% 5% 0% Yamana Barrick Eldorado Goldcorp Kinross www.eldoradogold.com 17
Slide 18: Eldorado's Share Price
Eldorado’s Share Price (10- year price performance) 1900% Average Annual Growth Rate (%) 1700% Eldorado: 125% Gold Price: 43% 1500% S&P TSX Gold Index: 6% 1300% 1100% 900% 700% 500% 300% 100% -100% Nov-02 Nov-03 Nov-04 Nov-05 Nov-06 Nov-07 Nov-08 Nov-09 Nov-10 Nov-11 May-02 May-03 May-04 May-05 May-
Slide 19: 2012 Catalysts
2012 Catalysts 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, Fisoka, Efemçukuru, White Mountain and regional programs Comme
Slide 20: 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 20
Slide 21: Background Information
Background Information www.eldoradogold.com 21
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: Vila Nova Mine, Brazil
Vila Nova Mine, Brazil www.eldoradogold.com 33
Slide 34: 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 35: 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 36: 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 37: Integration of New Assets
Integration of New Assets www.eldoradogold.com 37
Slide 38: 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 39: 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 40: Skouries, Greece
Skouries, Greece 35km by road from Stratoni Location: port, Northern Greece 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) approved b
Slide 41: 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$135/oz *cas h cos ts b
Slide 42: Stratoni, Greece
Stratoni, Greece Location Chalkidiki Peninsula, Northern Greece Deposit Replacement mixed sulphide Ownership 95% STRATONI Type Underground drift and fill 1.8 Mt @ 8.5% Zn, 6.3% Pb, 177 g/t Ag P+P reserves = 0.15 Mt Zn, 0.11 Mt Pb, 10 M oz Ag 1.8 Mt @ 10.8% Zn, 7.8% Pb, 217 g/t Ag M+I resources* =0.2
Slide 43: Stratoni, Greece: Concentrate Sales Terms
Stratoni, Greece Concentrate Sales Terms Unit Amount Lead Concentrate Treatment Cost US$/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 sea
Slide 44: Certej, Romania
Certej, Romania Located in the “Golden Quadrilateral” area of Location the Apuseni Mountains in Western Romania Deposit Epithermal gold/silver Ownership 80% Type Brownfield site with existing infrastructure P+P reserves* 40.6 Mt @ 1.8 g/t Au, 11.86 g/t Ag M+I resources* 41.5 Mt @ 2.0 g/t Au, 12.23 g
Slide 45: Certej, Romania: Operating Highlights
Certej, Romania Certej Operating Highlights Commissioning: Q2 2015 Avg Gold Production: 130,000 oz/yr LOM Cash Costs (by-product): $400/oz Development Capital: 270 mln Sustaining Capital 60 mln Gold Recovery: 82% Silver Recovery: 77% Certej Capital Costs US$mln • Ore processing consists of a 3.0 mtp
Slide 46: Where we Explore
Where we Explore 2012 Exploration budget: $81 million www.eldoradogold.com 46
Slide 47: 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 48: Chalkidiki Mining District
Chalkidiki Mining District www.eldoradogold.com 48
Slide 49: Piavitsa Exploration
Piavitsa Exploration www.eldoradogold.com 49
Slide 50: Piavitsa Cross Section
Piavitsa Cross Section www.eldoradogold.com 50
Slide 51: Romania Exploration
Romania Exploration • 2012 Exploration budget: $3.9 million • Drilling planned for high-grade vein targets at Certej West • Satellite targets at Teascu/Magura, Certej North • Exploration license applications pending in prospective Brad / Deva belt www.eldoradogold.com 51
Slide 52: Certej Exploration Program
Certej Exploration Program www.eldoradogold.com 52
Slide 53: Eldorado's Gold Reserves & Resources
Eldorado’s Gold Reserves & Resources Proven & Probable Measured & Indicated Inferred Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces (x1000) (Au g/t) (x1000) (x1000) (Au g/t) (x1000) (x1000) (Au g/t) (x1000) Kisladag 459,870 0.71 10,516 579,860 0.65 12,055 380,760 0.40 4,921 Efemcukuru 5
Slide 54: Analyst Consensus Metal Prices
Analyst Consensus Metal Prices Consensus Metal Price Forecasts Metal Unit 2012 2013 2014 2015 2016 2017 Long-term Gold US$/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 2.63 2.59 Lead US$/t 2,226 2,380 2,44
Slide 55: 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 55