Eldorado Gold Corporation · TSX:ELD

Eldorado Gold — Investor Presentation (September 2012)

45 slides from Eldorado Gold's investor presentation, September 2012

  1. Slide 1: Delivering Sustainable Value – Investor Presentation

    Delivering Sustainable Value Investor Presentation September 2012

  2. Slide 2: Forward-looking statements

    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. These forward-looking statemen

  3. Slide 3: Industry-leading growth profile

     Industry-leading growth profile:  Commissioning of 6 new mines plus expansion of Kişladağ by 2016  Growing reserves and resources (CAGR: ~ 34%)  On track to produce over 1.7 million ounces of gold in 2016 (+160% growth over 5 years)  Industry leading cash costs – lowest quartile costs and soli

  4. Slide 4: Strategic focus: low-cost operator of high-quality assets

     Eldorado’s strategic focus is on being a low-cost operator of high-quality assets  We seek to maximize the potential of our assets, balance sheet and people to deliver sustainable value for all our stakeholders  Current asset base provides platform for future growth Skilled High Quality, Managem

  5. Slide 5: Focus on highly prospective areas with established mining cultures

     Focus on highly prospective areas with well-established mining cultures:  The Mediterranean and Balkans (Turkey, Greece, Romania)  Asia (China)  South America (Brazil) Legend www.eldoradogold.com 5

  6. Slide 6: Asset base diversified across the mining lifecycle

     Asset base is well diversified across the mining lifecycle Stratoni - Silver, Lead, Zinc (Greece) (2005)  Pipeline of assets drives Kişladağ (Turkey) (2006) organic growth Jinfeng (China) (2007)  Young, high-quality assets Tanjianshan (China) (2007) Production White Mountain (China) (2009) Const

  7. Slide 7: Development projects rank high versus peers

     Eldorado’s development projects rank high vs peers:  3 projects in top 10  7 projects in top 60 Ranking of New Projects Scheduled to Commence between 2012-2020 Source: BMO *Projects were ranked for appeal to investors and corporate predators. Equal weight ranking on IRR, payback, years to start-

  8. Slide 8: Focus on quality growth at low cost

     Focus on quality growth at low cost:  Complete integration of European Goldfields assets  Increase gold production to approximately 660,000 oz at US$465/ oz cash operating cost  Make construction decisions on Perama Hill, Tocantinzinho and Certej  Maintain production costs in lowest quartile 

  9. Slide 9: Summarized Financial Results H1 2012

    Summarized Financial Results H1 2012 H1 2011 Revenues (millions) $515.7 $471.7 Gold sold (ounces) 283,580 310,694 Average realized gold price ($/ ounce) $1,662 $1,456 Cash operating costs ($/ ounce sold) (1) $465 $403 Total cash cost ($/ ounce sold) (1) $539 $470 Gross profit from gold mining operat

  10. Slide 10: Gold Reserves & Resources growth

    Gold Reserves & Resources Gold Reserves and Resources – Ounces per 1,000 shares 40 70.0 Compound average growth rate (CAGR): ~34% Annual reserve per share growth rate: ~13% 35 60.0 30 50.0 Oz (millions) 25 40.0 20 30.0 15 20.0 10 10.0 5 0 0.0 2006 2007 2008 2009 2010 2011 Post 2006 2007 2008 2009 20

  11. Slide 11: Exploration spending and contained ounces

    32,500 22,500 $220 30,000 20,000 $200 27,500 $180 25,000 European Goldfields 17,500 Average Cost of Average Cost of Exploration Spending ($mln) ~$220/oz Organic Resource $160 Contained Ounces (000's) 22,500 Acquired Resource 15,000 Contained Ounces (000's) Ounce: ~$11/oz 20,000 Ounce: ~$180/oz $140

  12. Slide 12: Annual Gold Production and Expanding Margins

    Annual Gold Production Expanding Margins 1,800 900 Average annual growth rate (AAGR): ~55% 1,600 800 700 1,400 1,200 Oz (000’s) 600 $1,165 (US$/oz) 1,000 $1,110 500 400 800 $800 $658 300 600 $587 $279 $411 200 400 100 200 0 0 2006 2007 2008 2009 2010 2011 2012 E 2006 2007 2008 2009 2010 2011 2012 E

  13. Slide 13: Estimated Gold Production 2012-2016

    Estimated Gold Production 2012-2016 2,000,000 2000 Average annual growth rate: 32% 1800 1,750,000  1.7 million oz of gold production 1600 1,500,000 in 2016 Gold Production (oz) 1400 US$ Per Ounce 1,250,000 1200  Cash operating costs (net of by- 1,000,000 1000 product) 800 declining to 750,000 US$3

  14. Slide 14: Gold Production by Country

    Gold Production by Country 2012e 2016e Turkey China Greece Turkey China Greece Romania Brazil www.eldoradogold.com 14

  15. Slide 15: Total Cash Costs 2011

    Total Cash Costs 2011  Eldorado is one of the $800 lowest-cost primary producers of gold $700 $600  Lowest quartile of cash costs – 2011 $500 operating cash costs (US$/oz) of US$405/ oz and $400 total cash costs of US$472/ oz $300  2012e operating $200 cash costs of US$465/ oz $100 $0 New Gold El

  16. Slide 16: Margin comparison versus peers

    75.0% 72.5% 70.0% 67.5% 65.0% 62.5% 60.0% 57.5% 55.0% 52.5% 50.0% Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Eldorado Yamana Goldcorp Barrick Newmont Kinross Agnico IAMGOLD Average Source: TD Securities www.eldoradogold.com 16

  17. Slide 17: Estimated Development & Expansion Capital

    5 Year Estimated Development & Expansion Capital 800  ~US$2 billion being spent on development 700 and expansion projects Capital Requireed (US$ m) over the next 5 years 600 500  ~US$820 million being spent in Greece 400 300  ~US$270 million being spent in Romania 200 100 0 2012 2013 2014 2015 20

  18. Slide 18: Dividend as % of Earnings 2011

    Dividend as % of Earnings 2011 30% 25% 20% (% of earnings) 15% 10% 5% 0% Yamana Barrick Eldorado Goldcorp Kinross www.eldoradogold.com 18

  19. Slide 19: Track record working with communities and governments

    Political  Track record of working with local communities and all levels of government to take projects from exploration to production  In-country personnel skilled at permitting and managing relationships in own jurisdictions Technical  International teams with proven exploration, operating, dev

  20. Slide 20: 2012 Exploration budget: US$81 million

     2012 Exploration budget: US$81 million; 190,000 meters of drilling Romania ($4m)  3 projects  14,000 meters Vancouver (Head Office) ($2.5m) Greece ($13m)  5 projects  48,000 meters Turkey ($15m) China ($28m)  8 projects  17 projects  34,000 meters  82,000 meters Brazil ($16m)  3 projects

  21. Slide 21: Extensive drilling at operating mines and brownfield sites

     Extensive drilling at 3 operating mines and associated brownfield sites  Jinfeng  Revised structural model validated by drilling results from in-fill and step-out drilling  Tanjianshan and White Mountain  Encouraging results from regional exploration at both sites Tanjianshan www.eldoradogold.

  22. Slide 22: Chalkidiki District and Eastern Thrace, Greece

     Chalkidiki District, Greece  Highly prospective ground obtained through the acquisition of European Goldfields  9 drills currently drilling targeting:  Skouries – gold-copper porphory (in- fill holes to convert inferred resources and deep exploration)  Piavitsa – Au/ Ag/ Pb/ Zn replacement dep

  23. Slide 23: Efemçukuru, Tocantinzinho and Certej exploration

     Efemçukuru, Turkey  Focus on the Kokarpinar Vein and the main Kestani Beleni extensions  Work continuing on 7 other early stage projects  Tocantinzinho (TZ), Brazil  Focus on TZ area of the Tapajos district, plus new generative efforts in other prospective areas of Brazil  Certej, Romania  D

  24. Slide 24: Upcoming milestones

     Announce long-term corporate plan for Greek assets  April  Receipt of PEIA - Perama Hill  February  Complete construction refurbishment – Olympias  July  Commission plant for tailings treatments – Olympias  July  Drilling results - Piavitsa, Efemçukuru,  July Jinfeng and regional programs

  25. Slide 25: Background Information

    Background Information www.eldoradogold.com 25

  26. Slide 26: Five cornerstone mines

     Five cornerstone mines: Kişladağ Efemçukuru Jinfeng Tanjianshan White Mountain www.eldoradogold.com 26

  27. Slide 27: Kişladağ, Western Turkey

    OVERVIEW Location Uşak Province, Western Turkey Deposit Gold porphyry Ownership 100% Eldorado Open pit Type Heap leach gold mine Expected Life of Mine 15-20 years Recovery 65% Overview Strip Ratio 1.3:1  Largest gold mine in Turkey  Discovered by Eldorado; commercial production began in July 2006

  28. Slide 28: Kişladağ expansion highlights

    Highlights Current production rate 12.5 million tonnes / year (crushing, screening, stacking) Expanded production rate 25.0 million tonnes / year (crushing, screening, stacking) Expanded production rate, average 475,000 ounces / year LOM strip ratio 1.4:1 ROM ore treatment , average 8MT / year Initi

  29. Slide 29: Kişladağ production and cash operating cost

    600 $600 500 $500 400 $400 x 1,000 oz US$/oz 300 $300 200 $200 100 $100 0 $0 2012 2013 2014 2015 2016 Cash Operating Cost (US$/oz) www.eldoradogold.com 29

  30. Slide 30: Efemçukuru, Western Turkey

    OVERVIEW Location Izmir Province, Western Turkey Deposit High grade epithermal gold vein Ownership 100% Eldorado Underground gold mine Type Flotation and Carbon in Leach Expected Life of Mine 12 years Recovery 87% Overview RESERVES AND RESOURCES (at Dec 31, 2011)  Discovered by Eldorado; commercial

  31. Slide 31: Jinfeng, China

    OVERVIEW Location Guizhou Province, China Deposit Carlin type 82% Eldorado Ownership 18% Guizhou Lannigou Gold Mine Ltd Open pit and underground gold mine Type Biox and Carbon in Leach Expected Life of Mine 13 years Recovery 85% Overview  Acquired by Eldorado from Sino Gold in 2009; commercial RESE

  32. Slide 32: Tanjianshan, China

    OVERVIEW Location Qinghai Province, China Deposit Orogenic 90% Eldorado 5% First Institute of Geology and Ownership Mineral Exploration of Qinghai Province 5% Dachaidan Gold Mine Open pit gold mine Type Float roast Carbon in Leach Expected Life of Mine 5 years Recovery 81% Overview Strip Ratio  Acq

  33. Slide 33: White Mountain, China

    OVERVIEW Location Jilin Province, China Deposit Orogenic 95% Eldorado Ownership 5% Jilin Tonghua Institute of Geology and Minerals Exploration and Development Underground gold mine Type Carbon in Leach plant Expected Life of 9 years Mine Overview Recovery 80%  Acquired by Eldorado from Sino Gold in

  34. Slide 34: Vila Nova iron ore, Brazil

    OVERVIEW Location Amapa State, Brazil Ownership 100% Eldorado Type Open pit iron ore mine Expected Life of Mine 9 years RESERVES AND RESOURCES (at Dec 31, 2011) Overview  Commercial production began in 2011 Proven + Probable Reserves 8.9 M tonnes (60.9% Fe) 2012 Objectives Measured + Indicated Reso

  35. Slide 35: Stratoni, Greece

    OVERVIEW Location Chalkidiki Peninsula, Northern Greece Deposit Replacement mixed sulphide 95% Eldorado Ownership 5% Aktor SA Underground drift and fill Type Multi-stage flotation Expected Life of Mine 5 years Overview RESERVES AND RESOURCES (Source: European Goldfields)  Acquired from European Gol

  36. Slide 36: Six key development projects

     Six key development projects: Eastern Dragon Tocantinzinho Perama Hill Olympias Skouries Certej www.eldoradogold.com 36

  37. Slide 37: Eastern Dragon, China

    OVERVIEW Location Heilongjiang Province, China Deposit High-grade, epithermal, gold-silver vein 95% Eldorado Ownership 5% County (Daxinglanling Yihua Development Company Ltd) Open pit and underground gold mine, Type CIL plant under construction Expected Life of Mine 7 years Expected Recovery 90% Est

  38. Slide 38: Tocantinzinho, Brazil

    OVERVIEW Tapajos district, Para State, Location central Brazil Shallow, intrusion-hosted, Deposit non-refractory gold deposit Ownership 100% Eldorado Type Open pit gold mine Expected Life of Mine 11 years Estimated Development Capital US$383 million (2012 – 2016) Overview Production Expected Q1 2016

  39. Slide 39: Perama Hill, Greece

    OVERVIEW Eastern Thrace, northern Location Greece Epithermal gold-silver vein Deposit deposit Ownership 100% Eldorado Type Open pit gold mine Expected Life of Mine 8 years 90% (Gold) Expected Recovery 60% (Silver) Estimated Development Capital US$189 million (2012 – 2014) Overview Production Expecte

  40. Slide 40: Olympias, Greece

    OVERVIEW Chalkidiki Peninsula, Location Northern Greece Polymetallic gold, silver, Deposit lead and zinc 95% Eldorado Ownership 5% Aktor SA Underground mine Type (previously mined using underground drift and fill) Estimated Development Capital US$207 million (2012-2016) Overview Production Expected

  41. Slide 41: Skouries, Greece

    OVERVIEW Chalkidiki Peninsula, Location Northern Greece Deposit Gold-copper porphyry 95% Eldorado Ownership 5% Aktor SA Type Open pit and underground Strip Ratio (open pit) 0.75 : 1 Estimated Development US$415 million Capital (2012-2016) Overview Production Expected 2015  Environmental Impact Stud

  42. Slide 42: Certej, Romania

    OVERVIEW “Golden Quadrilateral” area Location of the Apuseni Mountains, Western Romania Epithermal gold-silver Deposit deposit Ownership 80% Eldorado Open pit Type (Previously mined via shallow open pit) Expected Life of Mine 12 years Overview  Environmental Permit approved by the Regional Departme

  43. Slide 43: Proven & Probable, Measured & Indicated, Inferred 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 5,023 9.13 1,475 5,426 9.57 1,670 2,52

  44. Slide 44: Consensus Metal Price Forecasts (April 2012)

    Consensus Metal Price Forecasts (April 2012) 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 2,446 2,446 2,182

  45. Slide 45: Thank You – Investor Relations

    Thank You TSX: ELD NYSE: EGO ASX: EAU Total shares outstanding (as at June 30, 2012): 712.9 M Investor Relations: Nancy Woo (604) 601-6650 ⋅ nancyw@eldoradogold.com www.eldoradogold.com 45

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