Slide 1: Focusing on Delivery
Focusing on Delivery PDAC Presentation March 2013
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
Slide 3: An international, low cost, mid tier gold producer with an industry-leading growth profile
Kişladağ, Gold Mine, Turkey An international, low cost, mid tier gold Publicly traded on the TSX (ELD) and NYSE producer with an industry-leading growth (EGO) profile 2012 gold production: ~660,000 oz at a Operations in 5 different countries: Turkey, cash operating cost of $483/oz Greece, Ch
Slide 4: Operations in highly prospective areas with well-established mining cultures
Operations in highly prospective areas with well-established mining cultures Asset base is diversified across the mining lifecycle Pipeline of assets drives organic growth www.eldoradogold.com 4
Slide 5: 2013 guidance
Gold production of 705,000–760,000oz Cash operating costs of $515–$530/oz; estimated total cash costs of ~$585/oz Capital expenditure of $648m ($410 operations; $238 projects) Open Pit, Kişladağ, Turkey Exploration budget increased by 22% to $98.5m Cash and cash equivalents of $817m at yea
Slide 6: 2013 priorities: continue construction at Skouries and development at Olympias
Continue construction at Skouries and development at Olympias Processing Plant, Olympias Continue Kisladag expansion activities Processing Plant, Olympias Commence construction at Perama Hill and Certej 8.5km Tunnel Development, Olympias Tailings Clean Up, Olympias, Greece www.eldoradogold.com
Slide 7: Increasing Gold Production and Reserves & Resources
Over the past 5 years we have: Increasing Gold Production and Reserves & Resources Reserves & Resources (Moz) 40 700 Gold Production (Koz) 35 600 Doubled production 30 500 25 400 20 300 Materially increased reserves 15 10 200 & resources per share 5 100 0 0 2008 2009 2010 2011 2012 P+P M+I Pro
Slide 8: By 2016, we aim to
By 2016, we aim to: Produce over 1.5m ounces of gold (2012: ~660,000oz) Have cash operating costs of $300-350/oz net of by-product (2012: $483/oz) Maintain balance sheet strength Continue to distribute an industry leading dividend Gold Bars, White Mountain, China www.eldoradogold.com 8
Slide 9: Estimated Gold Production 2012-2016
Estimated Gold Production 2012-2016 1,650,000 1,800 We’re seeing: 1,500,000 1,600 Strong production 1,350,000 1,400 growth (Average 1,200,000 1,200 Annual Growth Rate: 1,050,000 Gold Production (oz) 1,000 27%) with decreasing 900,000 cash costs 750,000 800 US$/oz 600,000 600 Over 1.5 million o
Slide 10: Gold Production by Country
Gold Production by Country 2012 2016e Turkey China Greece Turkey China Greece Romania www.eldoradogold.com 10
Slide 11: Estimated Development & Expansion Capital
Estimated Development & Expansion Capital 900 We’re investing ~US$2 billion 800 in development & expansion projects over the next 4 700 Capital Requireed (US$ mln) years: 600 500 1. ~$1 billion in Greece 400 2. ~$550 million in Turkey 300 3. ~$315 million in Romania 200 100 0 2013 2014 2015 2016 T
Slide 12: Dividend as % of Earnings 2012
Dividend as % of Earnings 2012 35% 30% 25% (% of earnings) 20% 15% 10% 5% 0% Yamana Barrick Eldorado Goldcorp Kinross Source: Company Q4 2012 Results Releases www.eldoradogold.com 12
Slide 13: Four projects account for 75% of future production growth
These four projects account for 75% of Eldorado’s future production growth Kişladağ Olympias Skouries Perama Hill (Expansion) (Expansion) (Construction) (Development) www.eldoradogold.com 13
Slide 14: Kişladağ Expansion Highlights
EXPANSION 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 /
Slide 15: Kişladağ Expansion Engineering, Procurement and Construction
EXPANSION Engineering Detailed engineering design initiated Procurement Phase IV Leach Pad Expansion Continue procurement of major mining and process equipment Phase IV Plant Expansion Major fabrication initiated Construction Construction of Phase IV leach pad extension Installation of Nor
Slide 16: Development Potential
Development Potential Projects within a 10km radius Projects EIA approved Excellent infrastructure (roads, power, port access) Experienced & growing local teams Phased construction approach Strong government support Reserves as at December 31, 2012 www.eldoradogold.com 16
Slide 17: Olympias Expansion Project Highlights
EXPANSION Deposit Type Replacement mixed sulphide Mine Life 25 years Initial Capex ~US $165 million to Phase II UG Production Mining Rate Phase I (2012 - 2015) –Tailings 2013: 900 ktpa Phase II (2016 - 2017) – Underground: 450 ktpa Phase III (2018 - On) – Underground Expansion: 850 ktpa Grade 7.9 g/
Slide 18: Olympias Work in 2012 and 2013
EXPANSION Work in 2012 Plant refurbishment a. complete Schist Production from tailings Amphibolite Gneiss commenced in Q4 Marble Refurbishment of existing Intrusive mine ramp complete Underground tunnels refurbished using rock- bolting and shotcreting c. d. Work in 2013 Achieve com
Slide 19: Skouries Construction Project Highlights
CONSTRUCTION Deposit Type Gold-Copper Porphyry Mine Life 27 years Initial Capex ~US $340 million to plant production from Open Pit Schist Mining Rate 8 Mtpa Open Pit Amphibolite Gneiss 4.4 Mtpa Underground Marble Grade (OP & UG) 0.76 g/t Au and 0.57% Cu Intrusive Strip Ratio 0.7 : 1 Gold Production
Slide 20: Skouries Work in 2012 and 2013
CONSTRUCTION Work in 2012 Site preparation – surface clearing Schist activities and earth moving Amphibolite Gneiss Marble Road access Intrusive Portal excavation Work in 2013 Continue construction of Processing Plant Advance underground development Test geological potential of near
Slide 21: Perama Hill Development Highlights
DEVELOPMENT Disseminated epithermal Deposit Type gold-silver deposit Mine Life 8 years Initial Capex ~US $220 million Mining Rate 1.25 Mtpa Open Pit 3.13 g/t Au Grade 4 g/t Ag Strip Ratio 0.35 : 1 Gold Production 110,000 oz/year Silver 85,000 oz/year Production Cash Costs $288/oz (by-product) Proces
Slide 22: Perama Hill Work in 2012 and 2013
DEVELOPMENT Work in 2012 PEIA approved in February 2012 EIA submitted to Ministry of Environment (MoE) in March 2012 under Fast Track Legislation Basic engineering package for process plant completed in Q4 Work in 2013 EIA approval anticipated in Q1 Commence construction activities i
Slide 23: Efemcukuru Piavitsa Certej Tanjianshan
Efemcukuru Piavitsa Certej Tanjianshan www.eldoradogold.com 23
Slide 24: Efemcukuru Exploration: Kestane Beleni and Kokarpinar Veins
EXPLORATION Kestane Beleni Vein At KBNW: Drilling defined a new shallowly-plunging ore shoot with high gold grades. Remains open to the northwest. At SOS and MOS/NOS: Drilling extended the known mineralization downdip. Ore shoots remain open at depth. Kokarpinar Vein Drilling identified two ne
Slide 25: Exploration
EXPLORATION www.eldoradogold.com 25
Slide 26: Exploration Potential
Exploration Potential Strategic land position Mining district with multiple deposit styles within 10km radius Defined gold resources of: M+I: 9.7 Moz Au Inferred: 3.9 Moz Au Untested targets provide excellent upside potential Reserves as at December 31, 2012 www.eldoradogold.com 26
Slide 27: Initial inferred resource of 1.7 Moz Au
EXPLORATION Initial inferred resource of 1.7 Moz Au Excellent upside potential 2012 program tested target horizon on 100m x 200m spaced grid www.eldoradogold.com 27
Slide 28: Over 1.5 million oz added to M&I resource base in 2012
EXPLORATION Over 1.5 million oz added to M&I resource base in 2012 2012 drill holes in Link Zone target cut high- grade gold mineralization West Pit target has high-grade epithermal veins Limited modern exploration in Romania but extensive historical exploration and mining data www.eldoradog
Slide 29: Qinglongtan North and Xijingou drill results
EXPLORATION Qinglongtan North (QN) Several holes at QN intersected a new high-grade gold zone beneath previously mined deposit Further drill testing planned for 2013 Drillhole From To Interval Au (g/t) QD-278 233.0 243.0 10.0 2.87 QD-279 247.0 273.0 26.0 9.24 Including 251.0 257.0 6.0 36.72 Xiji
Slide 30: Low cost operator with strong balance sheet
Low cost operator with strong balance sheet Portfolio of high-quality, long-life mines and development projects Management team that has built 4 mines in 3 countries since 2005 Track record of growing reserves and resources, expanding production and increasing margins Competitive and trans
Slide 31: Background Information
Background Information www.eldoradogold.com 31
Slide 32: Summarized Financial Results
Summarized Financial Results 2012 2011 Revenues (millions) $1,147.5 $1,103.7 Gold sold (ounces) 625,394 658,919 Average realized gold price ($/ounce) $1,674 $1,581 Cash operating costs ($/ounce sold) (1) $483 $405 Total cash cost ($/ounce sold) (1) $554 $472 Gross profit from gold mining operations(
Slide 33: 2013 Exploration budget: US$98.5 million
2013 Exploration budget: US$98.5 million Romania ($12m) 5 projects 34,000 meters Vancouver (Head Office) ($3.5m) Greece ($23m) 6 projects 47,000 meters Turkey ($12m) China ($22m) 4 projects 9 projects 25,000 meters 59,000 meters Brazil ($16m) 4 projects 16,000 meters Other Proj
Slide 34: Reserves and Resources by project
Total Proven and Probable Total Meaured 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 24,400 1.01 800 Eastern Dragon 3,090 7.71 764 3,500 7
Slide 35: Thank You
Thank You TSX: ELD NYSE: EGO Total shares outstanding (as at Dec 31, 2012): 714.3 M Investor Relations: Nancy Woo (604) 601-6650 ⋅ nancyw@eldoradogold.com www.eldoradogold.com 35