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Metals & Mining Corporate Access Day – March 17, 2015
TSX; NYSE: AUQ
www.auricogold.com
Built for SUCCESS
All amounts are in US dollars unless otherwise indicated
Forward Looking Statements
Cautionary Statement
This presentation contains certain information that constitutes “forward-looking information” and “forward-looking statements” as defined under Canadian and U.S. securities
laws. All statements in this press release, other than statements of historical fact, are forward-looking statements. The words “expect”, “believe”, “anticipate”, “contemplate”,
“may”, “could”, “will”, “intend”, “estimate”, “forecast”, “target”, “budget”, “schedule” and similar expressions identify forward-looking statements. Forward-looking statements
in this presentation include, without limitation, statements with respect to our expectations on underground productivity levels, underground unit mining cost, underground
development, mill facility processing rate, cash flow, free cash flow, cash costs, capital investment and timing to completion on the final leg of the Northgate production shaft,
information as to our strategy, plans and future financial and operating performance, such as our expansion plans, project timelines, production plans, projected cash flows or
capital expenditure levels, cost estimates, mining or milling methods, projected exploration results, resource and reserve estimates, other statements that express our
expectations or estimates of future performance, the success of exploration activities, the Company’s ability to delineate additional resources and reserves as a result of such
programs, statements regarding the advancement of the Lynn Lake district, the completion of a feasibility study on the Lynn Lake Project within the indicated timeframe, mineral
reserves and mineral resources and anticipated grades, exploration expenditures, costs and timing of any future development, costs and timing of future exploration and the
Company’s intentions regarding its investment in Carlisle, the presence of and continuity of metals at Kemess East at modeled grades.
Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by management at the time of making such
statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to
differ materially from those projected in the forward-looking statements. Such factors and assumptions underlying the forward-looking statements in this press release include,
but are not limited to: changes to current estimates of mineral reserves and resources; fluctuations in the price of gold; changes in foreign exchange rates (particularly the
Canadian dollar, Mexican peso and U.S. dollar); the impact of inflation; changes in our credit rating; any decision to declare a quarterly dividend; employee relations; litigation;
disruptions affecting operations; availability of and increased costs associated with mining inputs and labor; development delays at the Young-Davidson mine; operating or
technical difficulties in connection with mining or development activities; inherent risks associated with mining and mineral processing; the risk that the Young-Davidson and El
Chanate mines may not perform as planned; uncertainty with the Company’s ability to secure capital to execute its business plans; the speculative nature of mineral exploration
and development, including the risks of obtaining necessary licenses, permits, authorizations and/or approvals from the appropriate regulatory authorities for the Kemess
Underground and Lynn Lake projects; contests over title to properties; changes in national and local government legislation in Canada, Mexico and other jurisdictions in which
the Company does or may carry on business in the future; risk of loss due to sabotage and civil disturbances; the impact of global liquidity and credit availability and the values
of assets and liabilities based on projected future cash flows; risks arising from holding derivative instruments; business opportunities that may be pursued by the Company, as
well as those factors discussed under “Risk Factors” in the Company’s most recent Annual Information Form.
Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this presentation.
Such statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to, the assumptions set forth in our most recent Form 40-
F/Annual Information Form. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this
press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian
provincial securities regulatory authorities for a discussion of some of the factors underlying forward-looking statements.
There can be no assurance that forward-looking statements or information will prove to be accurate, accordingly, investors should not place undue reliance on the forward-
looking statements or information contained herein. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of
new information, future events or otherwise, except as required by applicable law.
Cautionary Note to U.S. Investors Concerning Measured, Indicated and Inferred Resources
This presentation uses the terms "measured", "indicated" and "inferred” resources. We advise investors that while those terms are recognized and required by Canadian
regulations, the United States Securities and Exchange Commission does not recognize them. “Inferred resources” have a great amount of uncertainty as to their existence and
as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred resource will ever be upgraded to a higher category. Under Canadian rules,
estimates of inferred mineral resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part
of measured or indicated mineral resources will ever be converted into mineral reserves. United States investors are also cautioned not to assume that all or any part of an
inferred mineral resource exists, or is economically or legally mineable.
2
Built for Success
Exclusive North American portfolio
Low cost, long life assets
Significant production growth
Growing free cash flow profile
Strong development project pipeline
Strong liquidity profile
Significant Canadian tax loss pools
Favourable Canadian dollar exposure
Quarterly dividend distributions
-
50,000
100,000
150,000
200,000
250,000
300,000
350,000
FY 12 FY 13 FY 14 FY 15E FY 16E FY 17E
GoldOunces(5)
AuRico Gold: Built For Success
3
Significant Production Growth*
Growing Free Cash Flow*
(0.60)
(0.50)
(0.40)
(0.30)
(0.20)
(0.10)
0.00
0.10
0.20
0.30
0.40
FY 14 FY 15E FY 16E FY 17E FY 18E
FreeCashFlowperShare
* Source: FactSet consensus data.(5) Refer to endnote #5
AuRico Gold Overview
Cash
$90M
Undrawn
debt facility
$150M
4
(as of Dec. 31, 2014)
Capital Structure
Issued and Outstanding Shares 249.6M
Options 13.8M
Share Units 1.5M
Fully Diluted 265.0M
(as of December 31, 2014)
Broker Analyst
1 Credit Suisse Anita Soni
2 RBC Capital Markets Dan Rollins
3 Morgan Stanley Brad Humphrey
4 National Bank Financial Adam Melnyk
5 BMO Capital Markets Brian Quast
6 CIBC World Markets Cosmos Chiu
7 Pareto Securities John McClintock
8 Desjardins Securities Mike Parkin
9 Raymond James Phil Russo
10 TD Securities Steve Green
11 Mackie Research Barry Allan
12 GMP Securities Ian Parkinson
13 Dundee Capital Markets Joe Fazzini
14 Canaccord Genuity Rahul Paul
15 Macquarie Research Mike Siperco
16 Scotiabank GBM Trevor Turnbull
$240M in Liquidity
Analyst Coverage
Corporate Information (AUQ:TSX,NYSE)
2015 2016 2017 2018 2019 2020
No Significant Debt Maturities until 2020
$315M
High Yield
Bond
C$20M Payment and Restructured Royalty Agreement (Jan. 2015)
Balanced North American Portfolio
5
YOUNG-DAVIDSON
Location: Ontario, Canada
Underground Mine
EL CHANATE
Location: Sonora State, Mexico
Open Pit Mine
KEMESS UNDERGROUND
Location: B.C., Canada
Advanced Development Project
LYNN LAKE GOLD CAMP
Location: Manitoba, Canada
Open Pit Development Project
Advanced high-grade open pit gold mine
development project
One of Canada’s largest
underground gold mines
Consistent, low cost
open pit gold mine
Advanced Copper Gold porphyry
development project
2015: Guiding for Another Record Year
0
25
50
75
100
125
150
175
200
225
250
275
2013 2014 2015E
ProductionOz.(000’s)
Growing Production
$0
$50
$100
$150
$200
$250
2013 2014 2015E
US$(000’s)
Declining Capital Investment
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
2013 2014 2015E
US$perounce
All-in Sustaining Costs
2015 Company-Wide Operational Guidance Highlights
GROWING PRODUCTION; DECLINING COSTS AND CAPITAL INVESTMENT
› Production growth: up to 14%; Cash costs decline: up to 13%; Capital investment decline: up to 36%
YOUNG-DAVIDSON: GROWING PRODUCTION; DECLINING COSTS AND CAPITAL INVESTMENT
› Production growth: up to 15%; U/G cash cost decrease: up to 17%; Capital investment decrease: up to 37%
› Underpins growing net free cash flow stream
6
Transitioned to Positive Net Free Cash Flow in Q4-2014
Young-Davidson Production Growth (5)
Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 2014
Gold ounces produced (5)
28,281 29,252 30,099 33,106 35,104 40,166 40,538 40,945 156,753
Underground cash costs per oz. - - - $663 $808 $803 $656 $656 $719
Open pit cash costs per oz. $694 $716 $666 $983 $1,350 $974 $923 $994 $1,071
Total cash costs per oz. (1)(2)
$694 $716 $666 $850 $1,009 $871 $723 $719 $825
Underground mine
Tonnes mined per day 1,130 1,611 1,417 2,590 2,611 3,595 3,752 4,140 3,530
Grades (g/t) 2.7 2.5 2.8 3.1 2.8 3.3 3.1 3.0 3.1
Development metres 1,941 2,445 2,620 2,986 3,772 3,545 3,269 3,438 14,024
Mill processing facility
Tonnes processed per day 6,466 7,017 6,747 6,969 7,163 8,230 7,670 7,757 7,707
Grades (incl. open pit stockpile) 1.8 1.7 1.7 2.0 1.8 2.2 1.9 2.0 2.0
Recoveries (%) 86% 85% 89% 88% 87% 88% 90% 88% 88%
Young-Davidson Quarterly Operational Results
(1) Refer to endnote #1 (2) Refer to endnote #2 (5) Refer to endnote #5
11,950
17,825
26,363 28,281 29,252 30,099
33,106
35,104
40,166 40,538 40,945
Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14
GoldOuncesProduced(5)
StrongOperations:Growing Production
7
3,000
4,140
6,000
8,000 8,000
2013 2014 2015E 2016E 2017E
OreTonnesperDay
YE target of
2,000tpd
170
U/G miners
207
U/G miners
240
U/G miners
240
U/G miners
Young-Davidson:Strategic Canadian Asset
8
2013 2014 2015E
Gold Production (koz) (5) 120.7 156.8 160-180
Underground Cash Costs ($/oz) (1)(2) $663 $719 $600-$700
Open Pit Cash Costs ($/oz) (1)(2) $757 $1,071 $1,100-$1,200
Cash Costs ($/oz) (1)(2) $744 $825 $675-$775
Capital Investment ($M)(3) $191 $135 $85-$95
Projected Asset Life (years) +20
Underground Reserves (Moz) (4) 3.8
Au Grade (g/t) 2.74
Underground M&I (Moz) (4) 1.4
Au Grade (g/t) 3.19
Growing Gold Price Margin
Significant Gold Production Growth*(5)Production Ramp-Up (Year-End Exit Rates)
-
50,000
100,000
150,000
200,000
250,000
2012 2013 2014 2015E 2016E 2017E
GoldOunces
(1) Refer to endnote #1 (2) Refer to endnote #2 (3) Refer to endnote #3 (4) Refer to endnote #4
(5) Refer to endnote #5
* Source: FactSet consensus data.
YE target of
4,000tpd
1,000
1,100
1,200
1,300
1,400
1,500
1,600
1,700
1,800
1,900
2,000
SpotGoldPrice
As of Feb 17/15
CAD$ Gold US$ Gold
90-95% of Cash Outflows are in CAD$
9890L
9590L
9400L
9200L
8900L
Young-Davidson:Operational Excellence
9
2014 “Proof of Construct” Scorecard
140kozs to 160kozs 157kozs
UG productivity @ 4,140tpd Q4-2014
UG unit costs @ $39/tonne Q4-2014
UG cash costs @ $650/oz. Q3-2014
Positive net free cash flow Q4-2014
2015 Business Plan
Gold production growth of up to15%
UG productivity increase to 6,000tpd
UG cash costs guidance $600/oz. - $700/oz.
Capital expenditure decrease of up to 37%
Growing positive net free cash flows
18%
17%
23%
21%
37%
36%
44%
45%
53%
75%
88%
100%
100%
100%
82%
83%
77%
79%
63%
64%
56%
55%
47%
25%
13%
Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 2015E 2016E 2017E
Underground Open Pit incl. Stockpile Mill Grade
Young-Davidson: Processing Facility
10
4,340
5,866 5,964
6,466
7,017
6,747 6,969 7,163
8,230
7,670 7,757
Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14
TonnesperDay
Mill Processing Expansion
Growing Underground Ore Feed
Commissioned capacity of 6,000 tpd
Mill capacity expanded to 8,000 tpd
Processing cash flow accretive stockpiles
Gold recovery target increased to 90%
Surface stockpiles of 2.5mt @ 0.75 g/t*
* As of Dec. 31/14
Gold Producers in Canada
Red Lake
(incl. Cochenour)
498
Porcupine
293
Eleonore
350
Musselwhite
274
Meadowbank
377
LaRonde
247
Goldex
99
Lapa
76
Canadian
Malartic (50%)
299
Detour Lake
540 Canadian
Malartic (50%)
299
Hemlo
205
Young-
Davidson
170
Goldcorp Inc. Agnico Eagle
Mines Ltd.
Detour Gold
Corp.
Yamana Gold
Inc.
Barrick Gold
Corp.
AuRico Gold Inc.
2015Production
Source: Scotiabank
Gold Producers in Canada
Young-Davidson: Strategic Canadian Asset
11
USD/CAD $0.95
USD/CAD $0.90
USD/CAD $0.85
0
200
400
600
800
1000
1200
0
50
100
150
200
250
2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E
CashFlowBreakEvenCostperOunce
GoldOunces(000’s)
Gold Ounces USD/CAD $0.95 USD/CAD $0.90 USD/CAD $0.85
One of the Largest Underground Gold Mines in Canada
Long Life, Low Cost, Significant Free Cash Flow
Note: Gold ounces produced and cash flow break-even costs per ounce are estimates only and should not be considered as Company guidance.
El Chanate: Consistent Gold Production
12
2014 2015E
Au Production (koz) (5) 67.3 65-75
Cash Costs ($/oz) (1)(2) $669 $675-$775
Capital Investment ($M)(3) $26.1 $17.5 - $20
Projected Asset Life (years) 8
Reserves (koz) (4) 646
Au Grade (g/t) 0.74
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
2011 2012 2013 2014 2015E
GoldProductionOunces
Consistent Gold Production(5)
(1) Refer to endnote #1 (2) Refer to endnote #2 (3) Refer to endnote #3 (4) Refer to endnote #4 (5) Refer to endnote #5
Consistent production of up to 75kozs
Industry competitive operating costs
All-in sustaining costs of $950-$1,050/oz.
2015 capital decrease of up to 33%
Key exploration focus
Mine Type Underground Block Cave
Avg. LOM Annual Prod. 105 koz Au / 44 Mlbs Cu
Avg. LOM Cash Costs (US$/oz) (1)
$213
Avg. LOM AISC (US$/oz) (1)
$352
Projected Mine Life (years) 12
Development Capex ($M) C$384
Au.Eq. Reserves (Moz) (4)
3.3
Au grade (g/t) 0.56
Cu Grade (%) 0.28
Au.Eq. Resources (Moz) (4)
5.2
NPV (5%) >C$225M
2013 Kemess Underground Feasibility Highlights(4)
$1B of Surface Infrastructure - 50ktpd Mill, Grid Power, Tailings Storage Facility, Camp Facilities
Kemess Underground: Key Development Project
13(1) Refer to endnote #1 (4) Refer to endnote #4
Fully operational surface infrastructure
Positive Feasibility Study completed
Permitting: Phase 2 of 3 phase process
Significant new exploration discovery
Kemess East: Significant New Discovery
14
KEMESS EAST
Section A
Looking North
Expanded 2015 Exploration Program ($5 to $10M)
Initial Kemess East Resource of 5.5 Million Gold Equivalent Ounces(4)
Reserves and Resources of 10.6 Million Gold Equivalent Ounces at Kemess Property
(4) Refer to endnote #4
Lynn Lake: High Grade Open Pit Project
15
Project Overview(7)
Mine Type Open Pit
Au Grade (g/t) 2.2
Au M&I (Moz) 1.50
Avg. LOM Annual Mill Prod. (koz) 145
Avg. LOM Cash Costs (C$oz) $530
Initial Capex (C$M) $185
Projected Mine Life (years) 12
NPV(5%) (C$M) $257
Optimized PEA
Assumptions (US$)
$1,100 Au / $18 Ag
Source: Carlisle Goldfields Company Reports
Strategic Low-Risk Opportunity in Early-Stage, Highly Prospective Lynn Lake Mining District
Significant new value creating opportunity following inexpensive C$10M upfront investment (2014)
AuRico is the operator and has controlling representation on management committee
60% ownership interest by funding up to C$20M over 3 years and delivering a feasibility study
(7) Refer to endnote #7
0
50,000
100,000
150,000
200,000
250,000
1 2 3 4 5 6 7 8 9 10 11 12
Goldouncesperyear
Life of Mine (years)
Annual Life of Mine Production(7)
One of the highest grade open pit deposits in Canada with significant exploration potential
Existing infrastructure in place, low power rates of C$0.027/kwh
Commenced Feasibility Study with Young-Davidson project team as lead
Significant 2015 resource delineation & extension drilling program ($5M to $10M)
Lynn Lake: High Grade Open Pit Project(7)
16
Source: Carlisle Goldfields Company Reports
North American Portfolio of Quality Assets
Producing Assets in Top Mining Jurisdictions
Feasibility: Kemess Provides Significant Option Value
Pre-Feasibility: Lynn Lake JV (25%) - a Strategic Low-Risk Opportunity
Low cost assets with an organic growth profile and free cash flow stream
Young-Davidson: One of Canada’s largest underground gold mines
El Chanate: Consistent, low cost open pit mine in Mexico
Kemess: Advanced development project in B.C.
Kemess Reserve and Resource Inventory: 10.6M Aue oz.
Permitting: Kemess Underground in Phase 2 of 3 Phases
Advanced high-grade open pit gold mine in Manitoba
60% ownership by delivering a Feasibility Study
Commenced Feasibility Study
17
Balanced Portfolio: Built for Success
18
(0.60)
(0.50)
(0.40)
(0.30)
(0.20)
(0.10)
0.00
0.10
0.20
0.30
0.40
FY 14 FY 15E FY 16E FY 17E FY 18E
PerShare
0.00
0.10
0.20
0.30
0.40
0.50
0.60
FY 14 FY 15E FY 16E FY 17E FY 18E
PerShare
Growing Operating Cash Flows*Growing Production Profile*(5)
Consensus Illustrative Dividend Yield* (6)Growing Free Cash Flows*
* Source: FactSet consensus data.(5) Refer to endnote #5 (6) Refer to endnote #6
-
50,000
100,000
150,000
200,000
250,000
300,000
350,000
FY 14 FY 15E FY 16E FY 17E
GoldOunces(5)
FY 15E FY 16E FY 17E FY 18E
Appendix
Endnotes
20
All amounts are in US dollars unless otherwise indicated
1. Cash Costs per Gold Ounce and All-In Sustaining Costs (“AISC”) Per Gold Ounce are Non-GAAP measures that do not have any standardized
meaning prescribed by International Financial Reporting Standards (“IFRS” or “GAAP”), and that should not be considered in isolation from or as a
substitute for performance measures prepared in accordance with GAAP. See the Non-GAAP Measures section on page 22 of the Management's
Discussion and Analysis for the year ended December 31, 2014 available on the Company website at www.auricogold.com. 2014 fourth quarter and
annual cash costs are prior to inventory net realizable adjustments and reversals.
2. Cash costs for the Young-Davidson and El Chanate mines are calculated on a per gold ounce basis, net of by-product revenues and net realizable
value adjustments and reversals. Prior to 2014, gold ounces include ounces sold at the El Chanate mine and ounces produced at the Young-
Davidson mine. Commencing in 2014 cash costs for both the Young-Davidson and El Chanate mines were calculated based on ounces sold. Prior to
commissioning the underground mine at Young-Davidson, cash costs were calculated on ounces produced from the open pit only. All underground
costs were capitalized, and any revenue related to underground ounces sold was credited against capital expenditures. Subsequent to the
declaration of commercial production in the underground mine, cash costs are calculated on ounces produced from both the open pit and
underground mines, and revenue related to the sale of underground ounces is recognized in the Company’s Statement of Operations as revenue.
3. For more information regarding AuRico Gold’s 2014 operational estimates, including production, costs, and capital investments, please refer to the
press releases dated February 19, 2015 titled AuRico Gold Announces 2015 Operational Outlook, which are available on the Company website at
www.auricogold.com.
4. Reserves and resources for Young-Davidson and El Chanate mines, and Orion represent gold grade as per technical reports and Company
disclosure. For more information regarding AuRico Gold’s Mineral Reserves and Resources as at December 31, 2014, please refer to the press
release dated February 19, 2015 titled AuRico Reports 2014 Reserve & Resource Update available on the Company website at www.auricogold.com.
Measured and indicated resources excludes inferred resources. For more information on the Kemess Feasibility Study, please refer to the press
release dated March 25, 2013 titled AuRico Reports 2012 Reserve & Resource Update and Kemess Feasibility Study Results. For more information
regarding drilling results from the Kemess East discovery refer to the press release issued December 15, 2014 titled AuRico Gold Announces a New
Gold-Copper Porphyry Discovery at the Kemess Project; Initial Resource Estimate Expected in Early 2015. For more information on the initial
resource for Kemess East refer to the press release issued January 21, 2015 titled AuRico Gold Announces Initial Resource of 5.5 Million Gold
Equivalent Ounces at Kemess East; Reserves and Resources of 10.6 Million gold equivalent ounces at Kemess Property.
5. Production figures include gold ounces only. 2012 and 2013 production at the Young-Davidson mine includes pre-production ounces, which include
ounces produced prior to the declaration of commercial production on September 1, 2012, and the declaration of commercial production in the
underground mine on October 31, 2013.
6. The illustrative yield assumes the share price as of January 20, 2015. Consensus data is as of January 20, 2015. 2014 to 2017 per share numbers
are based on the number of shares outstanding as of December 2014. For more information regarding AuRico Gold’s dividend policy, please refer to
the press release dated November 6, 2014, available on the Company website at www.auricogold.com.
7. For more information regarding the Lynn Lake District, please refer to the press release issued by Carlisle Goldfields dated February 27, 2014 titled
Carlisle Announces Optimized PEA of the Farley and MacLellan deposits at Lynn Lake returns Post-Tax IRR of 26.3% at US$1100 gold price.
2015 Operational Estimates1
Gold Production (ounces) Low High
Young-Davidson 160,000 180,000
El Chanate 65,000 75,000
Total Production 225,000 255,000
Cash Costs per Ounce
Young-Davidson
Underground Mine $600 $700
Historical Open Pit Stockpile Inventory (see note below) $1,100 $1,200
Young-Davidson Total $675 $775
El Chanate $675 $775
Total Cash Costs per Ounce $675 $775
Note: For cash flow purposes, cost to process historical open pit stockpile inventory is approx. $800 per ounce
All-in Sustaining Costs per Ounce
Young-Davidson $950 $1,050
El Chanate $950 $1,050
Total All-in Sustaining Costs per Ounce2,3 $1,000 $1,100
Capital Investment Program ($000s)
Young-Davidson
Growth Capital $40,000 $45,000
Sustaining Capital $45,000 $50,000
Total Capital Investment – Young-Davidson $85,000 $95,000
El Chanate
Sustaining Capital $17,500 $20,000
Total Capital Investment – El Chanate $17,500 $20,000
Total Capital Investment $102,500 $115,000
Exploration Drilling Programs ($000s)
Kemess Development Project $5,000 $10,000
Lynn Lake Development Project $5,000 $10,000
Mexico Properties $2,000 $3,000
General and Administrative ($000s)4
Corporate G&A $15,000
Crocodile Gold Royalty Asset
Upfront Cash Receipt (January 2015) $17,000
Annual NSR Revenue Estimates (Payable in Quarterly Instalments) $2,500
1. The following currency assumptions were used to forecast 2015 estimates: 0.85:1 US dollar to the Canadian dollar and 14.0:1 Mexican pesos to the US dollar.
2. Company-wide all-in sustaining costs are defined as cash costs, sustaining capital, corporate G&A expense, excluding stock-based compensation and other non-cash items, and sustaining exploration.
3. Sustaining capital is defined as capital expenditures required to maintain current levels of production.
4. Does not include share-based compensation and other non-cash expenses.
21
2017
Young-Davidson Gold Mine
Operation at Full Capacity
Significant Free Cash Flow Profile
El Chanate Gold Mine
Consistent Production
Exploration Drilling Program
Kemess Development Project
Construction Decision
Kemess East Feasibility Advancement
Lynn Lake Development Project
Exploration Drilling Program Updates
Feasibility Published
Expected Receipt of Permits
Construction Decision
2016
Young-Davidson Gold Mine
Production Ramp up to 8,000tpd
Growing Free Cash Flow
El Chanate Gold Mine
Consistent Production
Exploration Drilling Program
Kemess Development Project
Expected Receipt of Permits
Kemess East Feasibility
Lynn Lake Development Project
Exploration Drilling Program Updates
Feasibility Advancement
Permitting Advancement
2015
Young-Davidson Gold Mine
Production Ramp up to 6,000tpd
Growing Free Cash Flow
El Chanate Gold Mine
Consistent Production
Exploration Drilling Program
Kemess Development Project
Initial Resource Estimate at Kemess East
Permitting Advancement
Expanded Exploration Drilling Program
Lynn Lake Development Project
Exploration Drilling Program Updates
Resource Extension & Delineation Program
Feasibility Program Advancement
AuRico: Value Creation Business Plan
Valuation Catalysts
22
Cash Flow Linked Dividend Policy
23
Consensus Illustrative Yield* (6)
(6) Refer to endnote #6 * Source: FactSet consensus data.
20% of Operating Cash Flow beginning in 2014
• Distributed approx. $42 million in dividends since inception
• Encourages financial discipline
• Linked to changes in business profitability
• Leveraged to gold price
Includes a Dividend Reinvestment Plan (“DRIP”)
1.7%
2.7%
3.2% 3.2%
FY 15E FY 16E FY 17E FY 18E
Industry
Experience
Background
17 years
• Appointed President and Chief Executive Officer in July 2012
• Joined AuRico in February 2008 as Chief Financial Officer
• Former Chief Financial Officer at Highland Gold Mining
• Held senior roles with Barrick in the United States, Australia,
Russia and Central Asia
21 years
• Appointed Chief Financial Officer in January 2013
• Former Vice President of Finance, Operations and Projects for
Kinross Gold since 2009
• Former Chief Financial Officer for Baffinland Iron Mines from
2006 to 2009
• Held increasingly senior positions with Barrick from 1998 to 2006
30 years
• Joined the AuRico team through the Northgate transaction,
where he was Chief Operating Officer for eight years
• Prior to joining Northgate, Mr. MacPhail held increasingly senior
roles at Noranda, Teck, Homestake and Barrick
SCOTT PERRY
President and CEO
ROBERT CHAUSSE
Executive Vice President
and CFO
PETER MACPHAIL
Executive Vice President
and COO
Executive Management
24
Institution Name Shares (AUQ_TSE) % S/O (AUQ_TSE) Dominant Style City
Donald Smith & Company, Inc. 23,498,445 9.42 Value New York
Market Vector Junior Gold Miners–GDXJ 20,010,960 8.03 ETF New York
Market Vector Gold Miners–GDX 17,082,290 6.97 ETF New York
Van Eck Associates Corporation-Other Funds 7,643,947 3.70 Growth New York
USAA Asset Management Company 7,272,057 2.91 Specialty San Antonio
Wellington Management Company, LLP 6,940,986 2.78 Value Boston
River Road Asset Management, LLC 6,665,084 2.67 Value Louisville
Gabelli Funds, LLC 6,332,000 2.54 Value Rye
The Boston Company Asset Management, LLC 4,930,028 1.98 Value Boston
The Dreyfus Corporation 4,817,973 1.93 Value New York
Columbia Management Investment Advisers, LLC 4,547,547 1.82 Value Boston
Geologic Resource Partners, LLC 3,910,114 1.57 Alternative Boston
OppenheimerFunds, Inc 3,320,000 1.33 Growth New York
I.G. Investment Management, LTD (Canada) 3,266,219 1.31 Growth Winnipeg
Artisan Partners, L.P. 3,030,037 1.21 Growth Milwaukee
PSP Investments 2,934,241 1.18 Value Montreal
Global X Management Company, LLC 2,734,847 1.10 Index New York
Commerzbank Corporates & Markets (Germany) AG 2,089,830 0.84 Broker Frankfurt
The Vanguard Group, Inc. 2,088,420 0.84 Index Malvern
Norges Bank Investment Management (Norway) 2,051,646 0.82 Value Oslo
J.P. Morgan Securities, LLC (Broker) 1,807,216 0.72 Broker New York
Fiera Capital Corporation (Asset Management) 1,739,089 0.70 Value Montreal
BlackRock Asset Management Canada, LTD 1,690,558 0.68 Index Toronto
CPP Investment Board 1,621,812 0.65 Growth Toronto
Wells Capital Management, Inc. 1,572,618 0.63 Aggressive Growth San Francisco
Eagle Boston Investment Management, Inc. 1,568,780 0.63 Value Boston
Deutsche Bank Trust Company Americas 1,562,637 0.63 Value New York
Source: Ipreo (Feb. 17, 2015)
AuRico Institutional Shareholders
25
Mineral Reserve Estimates - Gold
Category Tonnes (000's) Grade (g/t) Ounces (000's)
Young-Davidson
Surface
Proven 2,501 0.76 61
Probable - - -
P&P 2,501 0.76 61
Underground
Proven 12,499 2.83 1,137
Probable 30,274 2.70 2,626
P&P 42,773 2.74 3,763
Total Young-Davidson P&P 45,273 2.63 3,823
El Chanate
Proven 18,255 0.80 472
Probable 8,958 0.60 174
Total El Chanate P&P 27,213 0.74 646
Kemess Underground
Proven - - -
Probable 100,373 0.56 1,805
Total Kemess P&P 100,373 0.56 1,805
AuRico Total P&P 172,860 1.13 6,274
2014 Mineral Reserve Estimates - Gold
26
Note: Mineral Resources are in addition to Mineral Reserves
2014 Mineral Resource Estimates - Gold
27
Mineral Resource Estimates - Gold
Category Tonnes (000's) Grade (g/t) Ounces (000's)
Young-Davidson
Surface
Measured 496 1.13 18
Indicated 1,242 1.28 51
M&I 1,739 1.24 69
Underground
Measured 7,855 3.28 829
Indicated 6,090 3.07 601
M&I 13,946 3.19 1,430
Total Young-Davidson M&I 15,684 2.97 1,499
Surface Inferred 31 0.99 1
Underground Inferred 3,608 2.76 320
Total Young-Davidson Inferred 3,639 2.75 321
El Chanate
Measured 923 0.58 17
Indicated 1,842 0.87 52
Total El Chanate
M&I 2,764 0.77 69
Inferred 184 0.38 2
Kemess Underground
Measured - - -
Indicated 65,432 0.41 854
Total Kemess Underground
M&I 65,432 0.41 854
Inferred 9,969 0.39 125
Kemess East
Measured - - -
Indicated 55,864 0.52 939
Total Kemess East
M&I 55,864 0.52 939
Inferred 117,152 0.38 1,424
Lynn Lake (25%)
MacLellan
Measured 3,753 1.99 240
Indicated 4,344 1.75 244
M&I 8,096 1.86 484
Inferred 475 2.01 31
Farley Lake
Measured - - -
Indicated 1,479 3.21 153
M&I 1,479 3.21 153
Inferred 1,091 2.87 101
Burnt Timber
Measured - - -
Indicated 255 1.40 11
M&I 255 1.40 11
Inferred 5,860 1.04 195
Linkwood
Measured - - -
Indicated 246 1.16 9
M&I 246 1.16 9
Inferred 5,251 1.16 196
Total Lynn Lake
M&I 10,076 2.03 657
Inferred 12,676 1.28 522
Orion (50%)
Measured - - -
Indicated 554 3.66 65
Total Orion
M&I 554 3.65 65
Inferred 91 3.33 10
AuRico Total
M&I 150,373 0.84 4,083
Inferred 143,711 0.52 2,404
Mineral Reserve and Resource Estimates – Copper and Silver
Grade Contained Metal
Category Tonnes (000’s) Ag (g/t) Cu (%) Ag (000’s) oz Cu (000’s) lbs
Kemess
Underground
Probable Reserves 100,373 2.0 0.28 6,608 619,151
Indicated Resources 65,432 1.8 0.24 3,811 346,546
Inferred Resources 9,969 1.6 0.21 503 46,101
Kemess
East
Indicated Resources 55,864 2.0 0.41 3,601 503,663
Inferred Resources 117,152 1.8 0.34 6,739 871,407
Orion (50%)
Indicated Resources 554 309 - 5,503 -
Inferred Resources 91 95 - 275 -
2014 Mineral Resource Estimates –
Copper and Silver
28
Note: Mineral Resources are in addition to Mineral Reserves
Notes to Reserves and Resources
Notes to Mineral Reserve and Resource tables:
• Mineral Reserves and Resources have been stated as at December 31, 2014.
• Mineral Resources are exclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic
viability.
• El Chanate and Young-Davidson assumed a gold price of $1,250 per ounce for reserves and $1,450 per ounce for resources.
• Kemess Underground assumed a gold price of $1,300 per ounce, a silver price of $23.00 per ounce for silver, and a copper price of $3.00 per
pound for reserves. Kemess Underground assumed a $13.00 NSR cutoff for resources. Kemess East assumed a $15.00 NSR cutoff for
resources.
• Lynn Lake assumed a gold price of $1,555 per ounce for resources.
• Orion assumed a gold price of $850 per ounce and a silver price of $13.00 per ounce for resources.
• Mineral Reserves assume the following cutoff grades and process recoveries:
• Young-Davidson – Surface: 0.50 gpt cutoff, 91% mill recovery
• Young-Davidson – Underground: 1.90 gpt cutoff, 91% mill recovery
• El Chanate: 0.15 gpt cutoff, 30%-65% leach recovery
• Kemess Underground: $15 NSR cutoff, mill recovery of 72% for gold and 91% for copper
• Mineral Resources and Mineral Reserves have been classified in accordance with Canadian Institute of Mining, Metallurgy and Petroleum
(“CIM”) “CIM Definition Standards – For Mineral Resources and Mineral Reserves” adopted by the CIM Council in accordance with the
requirements of National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”), as is required by Canadian securities
regulatory authorities. In addition, while the terms “Measured”, “Indicated and “Inferred” Mineral Resources are required pursuant to NI 43-101,
the SEC does not recognize such terms. Canadian standards differ significantly from the requirements of the SEC, and mineral resource
information contained herein is not comparable to similar information regarding mineral reserves disclosed in accordance with the requirements
of the SEC. Investors should understand that “Inferred” Mineral Resources have a great amount of uncertainty as to their existence and great
uncertainty as to their economic and legal feasibility. In addition, investors are cautioned not to assume that any part or all of AuRico’s Mineral
Resources constitute or will be converted into Reserves.
• Orion Mineral Resources are reflected on a 50% basis. Following the completion of a joint venture agreement, Minera Frisco, S.A.B. de C.V.
has a 50% interest in the Orion project.
• Lynn Lake Mineral Resources are reflected on a 25% basis. AuRico acquired a 25% interest in the Lynn Lake properties in November 2014.
• Mineral Reserve and Resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not
add due to rounding.
• The Company’s normal data verification procedures have been used in collecting, compiling, interpreting and processing the data used to
estimate mineral reserves and mineral resources and data underlying the information, opinion and outlook contained herein. Independent data
verification has not been performed.
• Mineral Resources were prepared under the supervision and review of Jeffrey Volk, CPG, FAusIMM, the Director of Reserves and Resources,
for AuRico Gold Inc. Mineral Reserves were prepared under the supervision and review of Chris Bostwick, FAusIMM, the Senior Vice President
Technical Services, for AuRico Gold Inc. Both Messrs Volk and Bostwick are “Qualified Persons” as defined by National Instrument 43-101.
29

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Morgan Stanley Metals & Mining Conference

  • 1. Metals & Mining Corporate Access Day – March 17, 2015 TSX; NYSE: AUQ www.auricogold.com Built for SUCCESS All amounts are in US dollars unless otherwise indicated
  • 2. Forward Looking Statements Cautionary Statement This presentation contains certain information that constitutes “forward-looking information” and “forward-looking statements” as defined under Canadian and U.S. securities laws. All statements in this press release, other than statements of historical fact, are forward-looking statements. The words “expect”, “believe”, “anticipate”, “contemplate”, “may”, “could”, “will”, “intend”, “estimate”, “forecast”, “target”, “budget”, “schedule” and similar expressions identify forward-looking statements. Forward-looking statements in this presentation include, without limitation, statements with respect to our expectations on underground productivity levels, underground unit mining cost, underground development, mill facility processing rate, cash flow, free cash flow, cash costs, capital investment and timing to completion on the final leg of the Northgate production shaft, information as to our strategy, plans and future financial and operating performance, such as our expansion plans, project timelines, production plans, projected cash flows or capital expenditure levels, cost estimates, mining or milling methods, projected exploration results, resource and reserve estimates, other statements that express our expectations or estimates of future performance, the success of exploration activities, the Company’s ability to delineate additional resources and reserves as a result of such programs, statements regarding the advancement of the Lynn Lake district, the completion of a feasibility study on the Lynn Lake Project within the indicated timeframe, mineral reserves and mineral resources and anticipated grades, exploration expenditures, costs and timing of any future development, costs and timing of future exploration and the Company’s intentions regarding its investment in Carlisle, the presence of and continuity of metals at Kemess East at modeled grades. Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by management at the time of making such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors and assumptions underlying the forward-looking statements in this press release include, but are not limited to: changes to current estimates of mineral reserves and resources; fluctuations in the price of gold; changes in foreign exchange rates (particularly the Canadian dollar, Mexican peso and U.S. dollar); the impact of inflation; changes in our credit rating; any decision to declare a quarterly dividend; employee relations; litigation; disruptions affecting operations; availability of and increased costs associated with mining inputs and labor; development delays at the Young-Davidson mine; operating or technical difficulties in connection with mining or development activities; inherent risks associated with mining and mineral processing; the risk that the Young-Davidson and El Chanate mines may not perform as planned; uncertainty with the Company’s ability to secure capital to execute its business plans; the speculative nature of mineral exploration and development, including the risks of obtaining necessary licenses, permits, authorizations and/or approvals from the appropriate regulatory authorities for the Kemess Underground and Lynn Lake projects; contests over title to properties; changes in national and local government legislation in Canada, Mexico and other jurisdictions in which the Company does or may carry on business in the future; risk of loss due to sabotage and civil disturbances; the impact of global liquidity and credit availability and the values of assets and liabilities based on projected future cash flows; risks arising from holding derivative instruments; business opportunities that may be pursued by the Company, as well as those factors discussed under “Risk Factors” in the Company’s most recent Annual Information Form. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this presentation. Such statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to, the assumptions set forth in our most recent Form 40- F/Annual Information Form. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a discussion of some of the factors underlying forward-looking statements. There can be no assurance that forward-looking statements or information will prove to be accurate, accordingly, investors should not place undue reliance on the forward- looking statements or information contained herein. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law. Cautionary Note to U.S. Investors Concerning Measured, Indicated and Inferred Resources This presentation uses the terms "measured", "indicated" and "inferred” resources. We advise investors that while those terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. “Inferred resources” have a great amount of uncertainty as to their existence and as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted into mineral reserves. United States investors are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically or legally mineable. 2
  • 3. Built for Success Exclusive North American portfolio Low cost, long life assets Significant production growth Growing free cash flow profile Strong development project pipeline Strong liquidity profile Significant Canadian tax loss pools Favourable Canadian dollar exposure Quarterly dividend distributions - 50,000 100,000 150,000 200,000 250,000 300,000 350,000 FY 12 FY 13 FY 14 FY 15E FY 16E FY 17E GoldOunces(5) AuRico Gold: Built For Success 3 Significant Production Growth* Growing Free Cash Flow* (0.60) (0.50) (0.40) (0.30) (0.20) (0.10) 0.00 0.10 0.20 0.30 0.40 FY 14 FY 15E FY 16E FY 17E FY 18E FreeCashFlowperShare * Source: FactSet consensus data.(5) Refer to endnote #5
  • 4. AuRico Gold Overview Cash $90M Undrawn debt facility $150M 4 (as of Dec. 31, 2014) Capital Structure Issued and Outstanding Shares 249.6M Options 13.8M Share Units 1.5M Fully Diluted 265.0M (as of December 31, 2014) Broker Analyst 1 Credit Suisse Anita Soni 2 RBC Capital Markets Dan Rollins 3 Morgan Stanley Brad Humphrey 4 National Bank Financial Adam Melnyk 5 BMO Capital Markets Brian Quast 6 CIBC World Markets Cosmos Chiu 7 Pareto Securities John McClintock 8 Desjardins Securities Mike Parkin 9 Raymond James Phil Russo 10 TD Securities Steve Green 11 Mackie Research Barry Allan 12 GMP Securities Ian Parkinson 13 Dundee Capital Markets Joe Fazzini 14 Canaccord Genuity Rahul Paul 15 Macquarie Research Mike Siperco 16 Scotiabank GBM Trevor Turnbull $240M in Liquidity Analyst Coverage Corporate Information (AUQ:TSX,NYSE) 2015 2016 2017 2018 2019 2020 No Significant Debt Maturities until 2020 $315M High Yield Bond C$20M Payment and Restructured Royalty Agreement (Jan. 2015)
  • 5. Balanced North American Portfolio 5 YOUNG-DAVIDSON Location: Ontario, Canada Underground Mine EL CHANATE Location: Sonora State, Mexico Open Pit Mine KEMESS UNDERGROUND Location: B.C., Canada Advanced Development Project LYNN LAKE GOLD CAMP Location: Manitoba, Canada Open Pit Development Project Advanced high-grade open pit gold mine development project One of Canada’s largest underground gold mines Consistent, low cost open pit gold mine Advanced Copper Gold porphyry development project
  • 6. 2015: Guiding for Another Record Year 0 25 50 75 100 125 150 175 200 225 250 275 2013 2014 2015E ProductionOz.(000’s) Growing Production $0 $50 $100 $150 $200 $250 2013 2014 2015E US$(000’s) Declining Capital Investment $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 2013 2014 2015E US$perounce All-in Sustaining Costs 2015 Company-Wide Operational Guidance Highlights GROWING PRODUCTION; DECLINING COSTS AND CAPITAL INVESTMENT › Production growth: up to 14%; Cash costs decline: up to 13%; Capital investment decline: up to 36% YOUNG-DAVIDSON: GROWING PRODUCTION; DECLINING COSTS AND CAPITAL INVESTMENT › Production growth: up to 15%; U/G cash cost decrease: up to 17%; Capital investment decrease: up to 37% › Underpins growing net free cash flow stream 6
  • 7. Transitioned to Positive Net Free Cash Flow in Q4-2014 Young-Davidson Production Growth (5) Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 2014 Gold ounces produced (5) 28,281 29,252 30,099 33,106 35,104 40,166 40,538 40,945 156,753 Underground cash costs per oz. - - - $663 $808 $803 $656 $656 $719 Open pit cash costs per oz. $694 $716 $666 $983 $1,350 $974 $923 $994 $1,071 Total cash costs per oz. (1)(2) $694 $716 $666 $850 $1,009 $871 $723 $719 $825 Underground mine Tonnes mined per day 1,130 1,611 1,417 2,590 2,611 3,595 3,752 4,140 3,530 Grades (g/t) 2.7 2.5 2.8 3.1 2.8 3.3 3.1 3.0 3.1 Development metres 1,941 2,445 2,620 2,986 3,772 3,545 3,269 3,438 14,024 Mill processing facility Tonnes processed per day 6,466 7,017 6,747 6,969 7,163 8,230 7,670 7,757 7,707 Grades (incl. open pit stockpile) 1.8 1.7 1.7 2.0 1.8 2.2 1.9 2.0 2.0 Recoveries (%) 86% 85% 89% 88% 87% 88% 90% 88% 88% Young-Davidson Quarterly Operational Results (1) Refer to endnote #1 (2) Refer to endnote #2 (5) Refer to endnote #5 11,950 17,825 26,363 28,281 29,252 30,099 33,106 35,104 40,166 40,538 40,945 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 GoldOuncesProduced(5) StrongOperations:Growing Production 7
  • 8. 3,000 4,140 6,000 8,000 8,000 2013 2014 2015E 2016E 2017E OreTonnesperDay YE target of 2,000tpd 170 U/G miners 207 U/G miners 240 U/G miners 240 U/G miners Young-Davidson:Strategic Canadian Asset 8 2013 2014 2015E Gold Production (koz) (5) 120.7 156.8 160-180 Underground Cash Costs ($/oz) (1)(2) $663 $719 $600-$700 Open Pit Cash Costs ($/oz) (1)(2) $757 $1,071 $1,100-$1,200 Cash Costs ($/oz) (1)(2) $744 $825 $675-$775 Capital Investment ($M)(3) $191 $135 $85-$95 Projected Asset Life (years) +20 Underground Reserves (Moz) (4) 3.8 Au Grade (g/t) 2.74 Underground M&I (Moz) (4) 1.4 Au Grade (g/t) 3.19 Growing Gold Price Margin Significant Gold Production Growth*(5)Production Ramp-Up (Year-End Exit Rates) - 50,000 100,000 150,000 200,000 250,000 2012 2013 2014 2015E 2016E 2017E GoldOunces (1) Refer to endnote #1 (2) Refer to endnote #2 (3) Refer to endnote #3 (4) Refer to endnote #4 (5) Refer to endnote #5 * Source: FactSet consensus data. YE target of 4,000tpd 1,000 1,100 1,200 1,300 1,400 1,500 1,600 1,700 1,800 1,900 2,000 SpotGoldPrice As of Feb 17/15 CAD$ Gold US$ Gold 90-95% of Cash Outflows are in CAD$
  • 9. 9890L 9590L 9400L 9200L 8900L Young-Davidson:Operational Excellence 9 2014 “Proof of Construct” Scorecard 140kozs to 160kozs 157kozs UG productivity @ 4,140tpd Q4-2014 UG unit costs @ $39/tonne Q4-2014 UG cash costs @ $650/oz. Q3-2014 Positive net free cash flow Q4-2014 2015 Business Plan Gold production growth of up to15% UG productivity increase to 6,000tpd UG cash costs guidance $600/oz. - $700/oz. Capital expenditure decrease of up to 37% Growing positive net free cash flows
  • 10. 18% 17% 23% 21% 37% 36% 44% 45% 53% 75% 88% 100% 100% 100% 82% 83% 77% 79% 63% 64% 56% 55% 47% 25% 13% Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 2015E 2016E 2017E Underground Open Pit incl. Stockpile Mill Grade Young-Davidson: Processing Facility 10 4,340 5,866 5,964 6,466 7,017 6,747 6,969 7,163 8,230 7,670 7,757 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 TonnesperDay Mill Processing Expansion Growing Underground Ore Feed Commissioned capacity of 6,000 tpd Mill capacity expanded to 8,000 tpd Processing cash flow accretive stockpiles Gold recovery target increased to 90% Surface stockpiles of 2.5mt @ 0.75 g/t* * As of Dec. 31/14 Gold Producers in Canada Red Lake (incl. Cochenour) 498 Porcupine 293 Eleonore 350 Musselwhite 274 Meadowbank 377 LaRonde 247 Goldex 99 Lapa 76 Canadian Malartic (50%) 299 Detour Lake 540 Canadian Malartic (50%) 299 Hemlo 205 Young- Davidson 170 Goldcorp Inc. Agnico Eagle Mines Ltd. Detour Gold Corp. Yamana Gold Inc. Barrick Gold Corp. AuRico Gold Inc. 2015Production Source: Scotiabank Gold Producers in Canada
  • 11. Young-Davidson: Strategic Canadian Asset 11 USD/CAD $0.95 USD/CAD $0.90 USD/CAD $0.85 0 200 400 600 800 1000 1200 0 50 100 150 200 250 2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E CashFlowBreakEvenCostperOunce GoldOunces(000’s) Gold Ounces USD/CAD $0.95 USD/CAD $0.90 USD/CAD $0.85 One of the Largest Underground Gold Mines in Canada Long Life, Low Cost, Significant Free Cash Flow Note: Gold ounces produced and cash flow break-even costs per ounce are estimates only and should not be considered as Company guidance.
  • 12. El Chanate: Consistent Gold Production 12 2014 2015E Au Production (koz) (5) 67.3 65-75 Cash Costs ($/oz) (1)(2) $669 $675-$775 Capital Investment ($M)(3) $26.1 $17.5 - $20 Projected Asset Life (years) 8 Reserves (koz) (4) 646 Au Grade (g/t) 0.74 - 10,000 20,000 30,000 40,000 50,000 60,000 70,000 2011 2012 2013 2014 2015E GoldProductionOunces Consistent Gold Production(5) (1) Refer to endnote #1 (2) Refer to endnote #2 (3) Refer to endnote #3 (4) Refer to endnote #4 (5) Refer to endnote #5 Consistent production of up to 75kozs Industry competitive operating costs All-in sustaining costs of $950-$1,050/oz. 2015 capital decrease of up to 33% Key exploration focus
  • 13. Mine Type Underground Block Cave Avg. LOM Annual Prod. 105 koz Au / 44 Mlbs Cu Avg. LOM Cash Costs (US$/oz) (1) $213 Avg. LOM AISC (US$/oz) (1) $352 Projected Mine Life (years) 12 Development Capex ($M) C$384 Au.Eq. Reserves (Moz) (4) 3.3 Au grade (g/t) 0.56 Cu Grade (%) 0.28 Au.Eq. Resources (Moz) (4) 5.2 NPV (5%) >C$225M 2013 Kemess Underground Feasibility Highlights(4) $1B of Surface Infrastructure - 50ktpd Mill, Grid Power, Tailings Storage Facility, Camp Facilities Kemess Underground: Key Development Project 13(1) Refer to endnote #1 (4) Refer to endnote #4 Fully operational surface infrastructure Positive Feasibility Study completed Permitting: Phase 2 of 3 phase process Significant new exploration discovery
  • 14. Kemess East: Significant New Discovery 14 KEMESS EAST Section A Looking North Expanded 2015 Exploration Program ($5 to $10M) Initial Kemess East Resource of 5.5 Million Gold Equivalent Ounces(4) Reserves and Resources of 10.6 Million Gold Equivalent Ounces at Kemess Property (4) Refer to endnote #4
  • 15. Lynn Lake: High Grade Open Pit Project 15 Project Overview(7) Mine Type Open Pit Au Grade (g/t) 2.2 Au M&I (Moz) 1.50 Avg. LOM Annual Mill Prod. (koz) 145 Avg. LOM Cash Costs (C$oz) $530 Initial Capex (C$M) $185 Projected Mine Life (years) 12 NPV(5%) (C$M) $257 Optimized PEA Assumptions (US$) $1,100 Au / $18 Ag Source: Carlisle Goldfields Company Reports Strategic Low-Risk Opportunity in Early-Stage, Highly Prospective Lynn Lake Mining District Significant new value creating opportunity following inexpensive C$10M upfront investment (2014) AuRico is the operator and has controlling representation on management committee 60% ownership interest by funding up to C$20M over 3 years and delivering a feasibility study (7) Refer to endnote #7 0 50,000 100,000 150,000 200,000 250,000 1 2 3 4 5 6 7 8 9 10 11 12 Goldouncesperyear Life of Mine (years) Annual Life of Mine Production(7)
  • 16. One of the highest grade open pit deposits in Canada with significant exploration potential Existing infrastructure in place, low power rates of C$0.027/kwh Commenced Feasibility Study with Young-Davidson project team as lead Significant 2015 resource delineation & extension drilling program ($5M to $10M) Lynn Lake: High Grade Open Pit Project(7) 16 Source: Carlisle Goldfields Company Reports
  • 17. North American Portfolio of Quality Assets Producing Assets in Top Mining Jurisdictions Feasibility: Kemess Provides Significant Option Value Pre-Feasibility: Lynn Lake JV (25%) - a Strategic Low-Risk Opportunity Low cost assets with an organic growth profile and free cash flow stream Young-Davidson: One of Canada’s largest underground gold mines El Chanate: Consistent, low cost open pit mine in Mexico Kemess: Advanced development project in B.C. Kemess Reserve and Resource Inventory: 10.6M Aue oz. Permitting: Kemess Underground in Phase 2 of 3 Phases Advanced high-grade open pit gold mine in Manitoba 60% ownership by delivering a Feasibility Study Commenced Feasibility Study 17
  • 18. Balanced Portfolio: Built for Success 18 (0.60) (0.50) (0.40) (0.30) (0.20) (0.10) 0.00 0.10 0.20 0.30 0.40 FY 14 FY 15E FY 16E FY 17E FY 18E PerShare 0.00 0.10 0.20 0.30 0.40 0.50 0.60 FY 14 FY 15E FY 16E FY 17E FY 18E PerShare Growing Operating Cash Flows*Growing Production Profile*(5) Consensus Illustrative Dividend Yield* (6)Growing Free Cash Flows* * Source: FactSet consensus data.(5) Refer to endnote #5 (6) Refer to endnote #6 - 50,000 100,000 150,000 200,000 250,000 300,000 350,000 FY 14 FY 15E FY 16E FY 17E GoldOunces(5) FY 15E FY 16E FY 17E FY 18E
  • 20. Endnotes 20 All amounts are in US dollars unless otherwise indicated 1. Cash Costs per Gold Ounce and All-In Sustaining Costs (“AISC”) Per Gold Ounce are Non-GAAP measures that do not have any standardized meaning prescribed by International Financial Reporting Standards (“IFRS” or “GAAP”), and that should not be considered in isolation from or as a substitute for performance measures prepared in accordance with GAAP. See the Non-GAAP Measures section on page 22 of the Management's Discussion and Analysis for the year ended December 31, 2014 available on the Company website at www.auricogold.com. 2014 fourth quarter and annual cash costs are prior to inventory net realizable adjustments and reversals. 2. Cash costs for the Young-Davidson and El Chanate mines are calculated on a per gold ounce basis, net of by-product revenues and net realizable value adjustments and reversals. Prior to 2014, gold ounces include ounces sold at the El Chanate mine and ounces produced at the Young- Davidson mine. Commencing in 2014 cash costs for both the Young-Davidson and El Chanate mines were calculated based on ounces sold. Prior to commissioning the underground mine at Young-Davidson, cash costs were calculated on ounces produced from the open pit only. All underground costs were capitalized, and any revenue related to underground ounces sold was credited against capital expenditures. Subsequent to the declaration of commercial production in the underground mine, cash costs are calculated on ounces produced from both the open pit and underground mines, and revenue related to the sale of underground ounces is recognized in the Company’s Statement of Operations as revenue. 3. For more information regarding AuRico Gold’s 2014 operational estimates, including production, costs, and capital investments, please refer to the press releases dated February 19, 2015 titled AuRico Gold Announces 2015 Operational Outlook, which are available on the Company website at www.auricogold.com. 4. Reserves and resources for Young-Davidson and El Chanate mines, and Orion represent gold grade as per technical reports and Company disclosure. For more information regarding AuRico Gold’s Mineral Reserves and Resources as at December 31, 2014, please refer to the press release dated February 19, 2015 titled AuRico Reports 2014 Reserve & Resource Update available on the Company website at www.auricogold.com. Measured and indicated resources excludes inferred resources. For more information on the Kemess Feasibility Study, please refer to the press release dated March 25, 2013 titled AuRico Reports 2012 Reserve & Resource Update and Kemess Feasibility Study Results. For more information regarding drilling results from the Kemess East discovery refer to the press release issued December 15, 2014 titled AuRico Gold Announces a New Gold-Copper Porphyry Discovery at the Kemess Project; Initial Resource Estimate Expected in Early 2015. For more information on the initial resource for Kemess East refer to the press release issued January 21, 2015 titled AuRico Gold Announces Initial Resource of 5.5 Million Gold Equivalent Ounces at Kemess East; Reserves and Resources of 10.6 Million gold equivalent ounces at Kemess Property. 5. Production figures include gold ounces only. 2012 and 2013 production at the Young-Davidson mine includes pre-production ounces, which include ounces produced prior to the declaration of commercial production on September 1, 2012, and the declaration of commercial production in the underground mine on October 31, 2013. 6. The illustrative yield assumes the share price as of January 20, 2015. Consensus data is as of January 20, 2015. 2014 to 2017 per share numbers are based on the number of shares outstanding as of December 2014. For more information regarding AuRico Gold’s dividend policy, please refer to the press release dated November 6, 2014, available on the Company website at www.auricogold.com. 7. For more information regarding the Lynn Lake District, please refer to the press release issued by Carlisle Goldfields dated February 27, 2014 titled Carlisle Announces Optimized PEA of the Farley and MacLellan deposits at Lynn Lake returns Post-Tax IRR of 26.3% at US$1100 gold price.
  • 21. 2015 Operational Estimates1 Gold Production (ounces) Low High Young-Davidson 160,000 180,000 El Chanate 65,000 75,000 Total Production 225,000 255,000 Cash Costs per Ounce Young-Davidson Underground Mine $600 $700 Historical Open Pit Stockpile Inventory (see note below) $1,100 $1,200 Young-Davidson Total $675 $775 El Chanate $675 $775 Total Cash Costs per Ounce $675 $775 Note: For cash flow purposes, cost to process historical open pit stockpile inventory is approx. $800 per ounce All-in Sustaining Costs per Ounce Young-Davidson $950 $1,050 El Chanate $950 $1,050 Total All-in Sustaining Costs per Ounce2,3 $1,000 $1,100 Capital Investment Program ($000s) Young-Davidson Growth Capital $40,000 $45,000 Sustaining Capital $45,000 $50,000 Total Capital Investment – Young-Davidson $85,000 $95,000 El Chanate Sustaining Capital $17,500 $20,000 Total Capital Investment – El Chanate $17,500 $20,000 Total Capital Investment $102,500 $115,000 Exploration Drilling Programs ($000s) Kemess Development Project $5,000 $10,000 Lynn Lake Development Project $5,000 $10,000 Mexico Properties $2,000 $3,000 General and Administrative ($000s)4 Corporate G&A $15,000 Crocodile Gold Royalty Asset Upfront Cash Receipt (January 2015) $17,000 Annual NSR Revenue Estimates (Payable in Quarterly Instalments) $2,500 1. The following currency assumptions were used to forecast 2015 estimates: 0.85:1 US dollar to the Canadian dollar and 14.0:1 Mexican pesos to the US dollar. 2. Company-wide all-in sustaining costs are defined as cash costs, sustaining capital, corporate G&A expense, excluding stock-based compensation and other non-cash items, and sustaining exploration. 3. Sustaining capital is defined as capital expenditures required to maintain current levels of production. 4. Does not include share-based compensation and other non-cash expenses. 21
  • 22. 2017 Young-Davidson Gold Mine Operation at Full Capacity Significant Free Cash Flow Profile El Chanate Gold Mine Consistent Production Exploration Drilling Program Kemess Development Project Construction Decision Kemess East Feasibility Advancement Lynn Lake Development Project Exploration Drilling Program Updates Feasibility Published Expected Receipt of Permits Construction Decision 2016 Young-Davidson Gold Mine Production Ramp up to 8,000tpd Growing Free Cash Flow El Chanate Gold Mine Consistent Production Exploration Drilling Program Kemess Development Project Expected Receipt of Permits Kemess East Feasibility Lynn Lake Development Project Exploration Drilling Program Updates Feasibility Advancement Permitting Advancement 2015 Young-Davidson Gold Mine Production Ramp up to 6,000tpd Growing Free Cash Flow El Chanate Gold Mine Consistent Production Exploration Drilling Program Kemess Development Project Initial Resource Estimate at Kemess East Permitting Advancement Expanded Exploration Drilling Program Lynn Lake Development Project Exploration Drilling Program Updates Resource Extension & Delineation Program Feasibility Program Advancement AuRico: Value Creation Business Plan Valuation Catalysts 22
  • 23. Cash Flow Linked Dividend Policy 23 Consensus Illustrative Yield* (6) (6) Refer to endnote #6 * Source: FactSet consensus data. 20% of Operating Cash Flow beginning in 2014 • Distributed approx. $42 million in dividends since inception • Encourages financial discipline • Linked to changes in business profitability • Leveraged to gold price Includes a Dividend Reinvestment Plan (“DRIP”) 1.7% 2.7% 3.2% 3.2% FY 15E FY 16E FY 17E FY 18E
  • 24. Industry Experience Background 17 years • Appointed President and Chief Executive Officer in July 2012 • Joined AuRico in February 2008 as Chief Financial Officer • Former Chief Financial Officer at Highland Gold Mining • Held senior roles with Barrick in the United States, Australia, Russia and Central Asia 21 years • Appointed Chief Financial Officer in January 2013 • Former Vice President of Finance, Operations and Projects for Kinross Gold since 2009 • Former Chief Financial Officer for Baffinland Iron Mines from 2006 to 2009 • Held increasingly senior positions with Barrick from 1998 to 2006 30 years • Joined the AuRico team through the Northgate transaction, where he was Chief Operating Officer for eight years • Prior to joining Northgate, Mr. MacPhail held increasingly senior roles at Noranda, Teck, Homestake and Barrick SCOTT PERRY President and CEO ROBERT CHAUSSE Executive Vice President and CFO PETER MACPHAIL Executive Vice President and COO Executive Management 24
  • 25. Institution Name Shares (AUQ_TSE) % S/O (AUQ_TSE) Dominant Style City Donald Smith & Company, Inc. 23,498,445 9.42 Value New York Market Vector Junior Gold Miners–GDXJ 20,010,960 8.03 ETF New York Market Vector Gold Miners–GDX 17,082,290 6.97 ETF New York Van Eck Associates Corporation-Other Funds 7,643,947 3.70 Growth New York USAA Asset Management Company 7,272,057 2.91 Specialty San Antonio Wellington Management Company, LLP 6,940,986 2.78 Value Boston River Road Asset Management, LLC 6,665,084 2.67 Value Louisville Gabelli Funds, LLC 6,332,000 2.54 Value Rye The Boston Company Asset Management, LLC 4,930,028 1.98 Value Boston The Dreyfus Corporation 4,817,973 1.93 Value New York Columbia Management Investment Advisers, LLC 4,547,547 1.82 Value Boston Geologic Resource Partners, LLC 3,910,114 1.57 Alternative Boston OppenheimerFunds, Inc 3,320,000 1.33 Growth New York I.G. Investment Management, LTD (Canada) 3,266,219 1.31 Growth Winnipeg Artisan Partners, L.P. 3,030,037 1.21 Growth Milwaukee PSP Investments 2,934,241 1.18 Value Montreal Global X Management Company, LLC 2,734,847 1.10 Index New York Commerzbank Corporates & Markets (Germany) AG 2,089,830 0.84 Broker Frankfurt The Vanguard Group, Inc. 2,088,420 0.84 Index Malvern Norges Bank Investment Management (Norway) 2,051,646 0.82 Value Oslo J.P. Morgan Securities, LLC (Broker) 1,807,216 0.72 Broker New York Fiera Capital Corporation (Asset Management) 1,739,089 0.70 Value Montreal BlackRock Asset Management Canada, LTD 1,690,558 0.68 Index Toronto CPP Investment Board 1,621,812 0.65 Growth Toronto Wells Capital Management, Inc. 1,572,618 0.63 Aggressive Growth San Francisco Eagle Boston Investment Management, Inc. 1,568,780 0.63 Value Boston Deutsche Bank Trust Company Americas 1,562,637 0.63 Value New York Source: Ipreo (Feb. 17, 2015) AuRico Institutional Shareholders 25
  • 26. Mineral Reserve Estimates - Gold Category Tonnes (000's) Grade (g/t) Ounces (000's) Young-Davidson Surface Proven 2,501 0.76 61 Probable - - - P&P 2,501 0.76 61 Underground Proven 12,499 2.83 1,137 Probable 30,274 2.70 2,626 P&P 42,773 2.74 3,763 Total Young-Davidson P&P 45,273 2.63 3,823 El Chanate Proven 18,255 0.80 472 Probable 8,958 0.60 174 Total El Chanate P&P 27,213 0.74 646 Kemess Underground Proven - - - Probable 100,373 0.56 1,805 Total Kemess P&P 100,373 0.56 1,805 AuRico Total P&P 172,860 1.13 6,274 2014 Mineral Reserve Estimates - Gold 26
  • 27. Note: Mineral Resources are in addition to Mineral Reserves 2014 Mineral Resource Estimates - Gold 27 Mineral Resource Estimates - Gold Category Tonnes (000's) Grade (g/t) Ounces (000's) Young-Davidson Surface Measured 496 1.13 18 Indicated 1,242 1.28 51 M&I 1,739 1.24 69 Underground Measured 7,855 3.28 829 Indicated 6,090 3.07 601 M&I 13,946 3.19 1,430 Total Young-Davidson M&I 15,684 2.97 1,499 Surface Inferred 31 0.99 1 Underground Inferred 3,608 2.76 320 Total Young-Davidson Inferred 3,639 2.75 321 El Chanate Measured 923 0.58 17 Indicated 1,842 0.87 52 Total El Chanate M&I 2,764 0.77 69 Inferred 184 0.38 2 Kemess Underground Measured - - - Indicated 65,432 0.41 854 Total Kemess Underground M&I 65,432 0.41 854 Inferred 9,969 0.39 125 Kemess East Measured - - - Indicated 55,864 0.52 939 Total Kemess East M&I 55,864 0.52 939 Inferred 117,152 0.38 1,424 Lynn Lake (25%) MacLellan Measured 3,753 1.99 240 Indicated 4,344 1.75 244 M&I 8,096 1.86 484 Inferred 475 2.01 31 Farley Lake Measured - - - Indicated 1,479 3.21 153 M&I 1,479 3.21 153 Inferred 1,091 2.87 101 Burnt Timber Measured - - - Indicated 255 1.40 11 M&I 255 1.40 11 Inferred 5,860 1.04 195 Linkwood Measured - - - Indicated 246 1.16 9 M&I 246 1.16 9 Inferred 5,251 1.16 196 Total Lynn Lake M&I 10,076 2.03 657 Inferred 12,676 1.28 522 Orion (50%) Measured - - - Indicated 554 3.66 65 Total Orion M&I 554 3.65 65 Inferred 91 3.33 10 AuRico Total M&I 150,373 0.84 4,083 Inferred 143,711 0.52 2,404
  • 28. Mineral Reserve and Resource Estimates – Copper and Silver Grade Contained Metal Category Tonnes (000’s) Ag (g/t) Cu (%) Ag (000’s) oz Cu (000’s) lbs Kemess Underground Probable Reserves 100,373 2.0 0.28 6,608 619,151 Indicated Resources 65,432 1.8 0.24 3,811 346,546 Inferred Resources 9,969 1.6 0.21 503 46,101 Kemess East Indicated Resources 55,864 2.0 0.41 3,601 503,663 Inferred Resources 117,152 1.8 0.34 6,739 871,407 Orion (50%) Indicated Resources 554 309 - 5,503 - Inferred Resources 91 95 - 275 - 2014 Mineral Resource Estimates – Copper and Silver 28 Note: Mineral Resources are in addition to Mineral Reserves
  • 29. Notes to Reserves and Resources Notes to Mineral Reserve and Resource tables: • Mineral Reserves and Resources have been stated as at December 31, 2014. • Mineral Resources are exclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. • El Chanate and Young-Davidson assumed a gold price of $1,250 per ounce for reserves and $1,450 per ounce for resources. • Kemess Underground assumed a gold price of $1,300 per ounce, a silver price of $23.00 per ounce for silver, and a copper price of $3.00 per pound for reserves. Kemess Underground assumed a $13.00 NSR cutoff for resources. Kemess East assumed a $15.00 NSR cutoff for resources. • Lynn Lake assumed a gold price of $1,555 per ounce for resources. • Orion assumed a gold price of $850 per ounce and a silver price of $13.00 per ounce for resources. • Mineral Reserves assume the following cutoff grades and process recoveries: • Young-Davidson – Surface: 0.50 gpt cutoff, 91% mill recovery • Young-Davidson – Underground: 1.90 gpt cutoff, 91% mill recovery • El Chanate: 0.15 gpt cutoff, 30%-65% leach recovery • Kemess Underground: $15 NSR cutoff, mill recovery of 72% for gold and 91% for copper • Mineral Resources and Mineral Reserves have been classified in accordance with Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) “CIM Definition Standards – For Mineral Resources and Mineral Reserves” adopted by the CIM Council in accordance with the requirements of National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”), as is required by Canadian securities regulatory authorities. In addition, while the terms “Measured”, “Indicated and “Inferred” Mineral Resources are required pursuant to NI 43-101, the SEC does not recognize such terms. Canadian standards differ significantly from the requirements of the SEC, and mineral resource information contained herein is not comparable to similar information regarding mineral reserves disclosed in accordance with the requirements of the SEC. Investors should understand that “Inferred” Mineral Resources have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. In addition, investors are cautioned not to assume that any part or all of AuRico’s Mineral Resources constitute or will be converted into Reserves. • Orion Mineral Resources are reflected on a 50% basis. Following the completion of a joint venture agreement, Minera Frisco, S.A.B. de C.V. has a 50% interest in the Orion project. • Lynn Lake Mineral Resources are reflected on a 25% basis. AuRico acquired a 25% interest in the Lynn Lake properties in November 2014. • Mineral Reserve and Resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding. • The Company’s normal data verification procedures have been used in collecting, compiling, interpreting and processing the data used to estimate mineral reserves and mineral resources and data underlying the information, opinion and outlook contained herein. Independent data verification has not been performed. • Mineral Resources were prepared under the supervision and review of Jeffrey Volk, CPG, FAusIMM, the Director of Reserves and Resources, for AuRico Gold Inc. Mineral Reserves were prepared under the supervision and review of Chris Bostwick, FAusIMM, the Senior Vice President Technical Services, for AuRico Gold Inc. Both Messrs Volk and Bostwick are “Qualified Persons” as defined by National Instrument 43-101. 29