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Logistics
Bor
Chelopech(Dundee Precious Metals)
Certej (Eldorado Gold)
Rosia Montana (Gabriel Resources)
Skouries (Eldorado Gold)
Timok (Nevsun Resources)
North America
South America
Europe
Africa
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Prices: USD 1,220/oz Au; USD 2.90/lb Cu
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C$ 44.4 M •
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Simple Geology ✓
Simple Mining ✓
Simple Processing ✓
Simple Logistics ✓
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$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
0
50,000
100,000
150,000
200,000
250,000
300,000
1 2 3 4 5 6 7 8 9 10
Cu
mu
lative Op
erating C
ash Flo
w in
US'0
00
Go
ld E
qu
ival
en O
un
ces
Production vs Cumulative Operating Cash Flow
Gold Gold Equivalent Copper Operating Cash Flow
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GDXJEOX
Research Coverage:
CIBC, Peel Hunt, Echelon Wealth Partners, Edison
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CONFIDENTIAL
Ilovica$279/oz
(LOM avg.)
($200)
$0
$200
$400
$600
$800
$1,000
$1,200
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
55%
60%
65%
70%
75%
80%
85%
90%
95%
100%
By-P
roduct
Cash
Cost
(U
S$/oz)
Cumulative Production (%)
Global Gold Cost Curve Positioning
2016E By-Product Cash Cost Curve (Three-Year Trailing Average Prices)1 (based on modelled global production of ~65.6 Moz)
1 The by-product costs are calculated assuming three-year trailing average prices of $1,230/oz Au, $17.69/oz Ag, $2.71/lb Cu, $5.95/lb Ni, $0.91/ln Zn, $0.87/lb Pb and $8.59/lb Mo.
Source: AME Group.
CONFIDENTIAL
Ilovica$550/oz
(LOM avg.)
($200)
$0
$200
$400
$600
$800
$1,000
$1,200
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
55%
60%
65%
70%
75%
80%
85%
90%
95%
100%
By-P
roduct
Cash
Cost
(U
S$/oz)
Cumulative Production (%)
Global Gold Cost Curve Positioning
2016E By-Product Cash Cost Curve (Spot Prices)1 (based on modelled global production of ~65.6 Moz)
1 The by-product costs are calculated assuming spot prices as at September 1, 2016 of $1,312/oz Au, $18.65/oz Ag, $2.07/lb Cu, $4.42/lb Ni, $1.06/ln Zn, $0.87/lb Pb and $7.48/lb Mo.
Source: AME Group.
Overview of Assets in the Region
Ukraine
KrumovgradDundee Precious Metals
Turkey
Georgia
Armenia
Azerbaijan
Iran
Russia
Moldova
Romania
Slovakia
Hungary
Croatia
Serbia
Montenegro
Bulgaria
Macedonia
Albania
Greece
SturecOrtac Resources
DetvaAtalaya Mining
BuciumGabriel Resources (81%)
Gov’t of Romania (19%)
CertejEldorado Gold (81%)
Minvest Rosia Montana (19%)
TimokDundee Precious Metals
SapesEldorado Gold
Perama HillEldorado Gold
KestanelikNurol
Agi DagiAlamos Gold
CamyurtAlamos Gold
KubaslarKoza Gold
AslantepeKoza Gold
EfemcukuruEldorado Gold
OvacikKoza Gold
TavsanAriana Resources (50%)
Proccea (50%)
KisladagEldorado Gold
SogutKoza Gold
KaymazKoza Gold
OksutCenterra Gold
SisortaEurasian Minerals
MollakaraKoza Gold
ZodGeoProMining
AmulsarLydian
Assets in the Tethyan Eurasian Metallogenic Belt
ToukhmanukGlobal Gold
Rosia MontanaGabriel Resources (81%)
Gov’t of Romania (19%)
Development Stage
Operating Development Exploration
Total Gold Equivalent Resources
> 4 Moz 1 – 2 Moz < 1 Moz
CoplerAlacer
Salinas - ArdalaEldorado Gold (51%) Ariana
Resources (49%)
LichkvazPolymetal
KiratliKoza Gold
KirazliAlamos
Red RabbitAriana Resources (50%)
Proccea (50%)
Note: Gold equivalent is calculated based on long term prices of $1,312/oz Au, $18.65/oz Ag, $2.07/lb Cu, $4.42/lb Ni, $1.06/ln Zn, $0.87/lb Pb and $7.48/lb Mo.
CayeliFirst Quantum
CerateppeFirst Quantum
SkouriesEldorado Gold (95%)
OlympiasEldorado Gold (95%)
CevizlidereAlacer (50%)
Lidya Madencilik (50%)
KarakartalAlacer (50%)
Lidya Madencilik (50%)
TimokNevsun
TulareDundee Precious Metals
ChelopechDundee Precious Metals
KapanPolymetalHalilaga
Pilot Gold (40%)
Teck (60%)
TV TowerPilot Gold (60%)
Teck (40%)
IlovicaEuromax
Hot MadenMarianna Resources (30%)
Lidya Madencilik (70%)
YenipazarAldridge Minerals
Rovina ValleyEldorado Gold
PlavicaGenesis Resources (62%)
GedabekAnglo Asian (87%)
PerlatArian Resources
BucimSolway Inv.
StratoniEldorado Gold (95%)
2 - 4 Moz
