2014 Highlights

Record production of

789224

ounces of gold

increase in gold production year over year

Year end proven and probable gold reserves of

~26 million

ounces

Flat cash costs year over year of

$500/oz

(2013:$494 per ounce)

Approximately

$875 million

of liquidity on balance sheet at year end

Year over year reduction in our global Lost-Time Injury Frequency Rate (LTIFR)

2014 Results

2014 was another year of lower gold prices, with gold trading between $1,142 and $1,385 per ounce. We finished the year with an average realized gold price of $1,266 per ounce, 10% lower than 2013. While lower realized gold prices impacted gross profit from gold mining operations, the impact of lower gross margins was partially offset by a 7% increase in gold ounces sold. Costs remained flat with all-in sustaining costs (AISC) of $779 per ounce. Gold reserves totalled almost 26 million ounces at year end, a decrease of 6.5% driven by depletion from mining and a pit redesign at Kişladağ. Both White Mountain and Jinfeng increased reserves in 2014.

	2014	2013	2012
OPERATIONAL
Gold produced (oz) ⁽¹⁾	789,224	721,201	656,324
Cash operating costs ($/oz)	500	494	483
Total cash costs ($/oz)	557	551	554
All-in sustaining costs ($/oz) ⁽²⁾	779	–	–
Average realized gold price ($/oz)	1,266	1,407	1,674
Gold reserves (Moz) ⁽³⁾	25.9	27.7	25.8

	2014	2013	2012
FINANCIAL ($ millions except where noted)
Revenues (from all metals)	1,067.9	1,124.0	1,147.5
Gross profit from gold mining operations	382.7	481.1	595.0
Adjusted net earnings	138.7	192.9	327.3
Adjusted net earnings per share (basic)	0.19	0.27	0.48
Net profit (loss) attributable to shareholders	102.6	(653.3)	305.3
Net profit (loss) attributable to shareholders per share	0.14	(0.91)	0.44
Cash flow from operations (before changes in working capital)	342.9	382.0	447.7
Dividends paid per share ($CDN)	0.02	0.12	0.15

2014

For the Year Ended:
Gold produced (oz) ⁽¹⁾	789,224
Cash operating costs ($/oz)	500
Total cash costs ($/oz)	557
All-in sustaining costs ($/oz) ⁽²⁾	779
Average realized gold price ($/oz)	1,266
Gold reserves (Moz) ⁽³⁾	25.9


FINANCIAL ($ millions except where noted)	2014
Revenues (from all metals)	1,067.9
Gross profit from gold mining operations	382.7
Adjusted net earnings	138.7
Adjusted net earnings per share (basic)	0.19
Net profit (loss) attributable to shareholders	102.6
Net profit (loss) attributable to shareholders per share	0.14
Cash flow from operations (before changes in working capital)	342.9
Dividends paid per share ($CDN)	0.02

2013

For the Year Ended:
Gold produced (oz) ⁽¹⁾	721,201
Cash operating costs ($/oz)	494
Total cash costs ($/oz)	551
All-in sustaining costs ($/oz) ⁽²⁾	–
Average realized gold price ($/oz)	1,407
Gold reserves (Moz) ⁽³⁾	27.7


FINANCIAL ($ millions except where noted)	2013
Revenues (from all metals)	1,124.0
Gross profit from gold mining operations	481.1
Adjusted net earnings	192.9
Adjusted net earnings per share (basic)	0.27
Net profit (loss) attributable to shareholders	(653.3)
Net profit (loss) attributable to shareholders per share	(0.91)
Cash flow from operations (before changes in working capital)	382.0
Dividends paid per share ($CDN)	0.12

2012

For the Year Ended:
Gold produced (oz) ⁽¹⁾	656,324
Cash operating costs ($/oz)	483
Total cash costs ($/oz)	554
All-in sustaining costs ($/oz) ⁽²⁾	–
Average realized gold price ($/oz)	1,674
Gold reserves (Moz) ⁽³⁾	25.8


FINANCIAL ($ millions except where noted)	2012
Revenues (from all metals)	1,147.5
Gross profit from gold mining operations	595.0
Adjusted net earnings	327.3
Adjusted net earnings per share (basic)	0.48
Net profit (loss) attributable to shareholders	305.3
Net profit (loss) attributable to shareholders per share	0.44
Cash flow from operations (before changes in working capital)	447.7
Dividends paid per share ($CDN)	0.15

⁽¹⁾ Includes production from Olympias tailings retreatment.

⁽²⁾ The Company adopted all-in-sustaining-costs (a non-IFRS measure) in 2014.

⁽³⁾ Please see our Annual Information Form for the year ended December 31, 2014 for more information on our resources and reserves.

All dollar figures, unless otherwise noted, are in US dollars.

Review and download all financial statements below

Gold Production

(oz)⁽¹⁾

656324

2012

721201

2013

789224

2014

OPERATING CASH COSTS

($/oz)

483

2012

494

2013

500

2014

TOTAL LIQUIDITY

($M)

1191.8

2012

998.9

2013

876.3

2014

REVENUES FROM ALL METALS

($M)

1147.5

2012

1124.0

2013

1067.9

2014

AVERAGE REALIZED GOLD PRICE

($/oz)

1674

2012

1407

2013

1266

2014

CASH FLOW FROM OPERATIONS

($/M)

447.7

2012

382.0

2013

342.9

2014

⁽¹⁾2013 and 2014 includes production from Olympias tailings retreatment.

Letter to Our Shareholders

Fellow shareholders,

Despite challenging market conditions, I am very pleased to report that 2014 has been another successful year for Eldorado Gold.

Eldorado achieved its highest-ever gold production of close to 800,000 ounces at industry-leading cash operating costs. All of our mines delivered solid operational results, reflective of the skills and dedication of all of our fellow employees who raise the quality of our performance each year. We made significant progress at our two key development projects Skouries and Olympias in Greece. With approximately $875 million in total liquidity at year end, our balance sheet remains one of the strongest in the industry, allowing us to internally fund our robust growth pipeline.

In Conversation with Eldorado’s Executive Team

How has Eldorado got to where it is today?

The strategy for the Company has remained the same over the past 15 years, driven by a desire to build a sustainable, high-quality business in the gold sector. That strategy has led us on a path of acquisition and exploration to assemble a portfolio of high-quality assets that provide geographic diversification in prospective regions. We have been deliberate in selecting regions where we were able to enter with first-mover advantage - where we were able to establish dominant land positions and show that we intended to be there in the long term.