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Toronto Marketing
July 21, 2014 TSX: AUQ / NYSE: AUQ
www.auricogold.com
Built for Success
FORWARD LOOKING STATEMENTS
This presentation contains forward-looking statements and forward-looking information as defined under Canadian and U.S. securities laws. All statements,
other than statements of historical fact, are forward-looking statements. The words "expect", "believe", "anticipate", "will", "intend", "estimate", "forecast",
"budget" and similar expressions identify forward-looking statements. Forward-looking statements include information as to strategy, plans or future financial or
operating performance, such as the Company’s expansion plans, project timelines, production plans, projected cash flows or capital expenditures, cost
estimates, projected exploration results, reserve and resource estimates and other statements that express management’s expectations or estimates of future
performance.
Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by management, are
inherently subject to significant uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those
projected in the forward-looking statements, including: uncertainty of production and cost estimates; fluctuations in the price of gold and foreign exchange
rates; the uncertainty of replacing depleted reserves; the risk that the Young-Davidson shaft will not perform as planned; the risk that mining operations do not
meet expectations; the risk that projects will not be developed accordingly to budgets or timelines, changes in laws in Canada, Mexico and other jurisdictions
in which the Company may carry on business; risks of obtaining necessary licenses, permits or approvals for operations or projects such as Kemess; disputes
over title to properties; the speculative nature of mineral exploration and development; risks related to aboriginal title claims; compliance risks with respect to
current and future environmental regulations; disruptions affecting operations; opportunities that may be pursued by the Company; employee relations;
availability and costs of mining inputs and labor; the ability to secure capital to execute business plans; volatility of the Company’s share price; continuation of
the dividend and dividend reinvestment plan; the effect of future financings; litigation; risk of loss due to sabotage and civil disturbances; the values of assets
and liabilities based on projected future cash flows; risks arising from derivative instruments or the absence of hedging; adequacy of internal control over
financial reporting; changes in credit rating; and the impact of inflation.
Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained
herein. Such statements are based on a number of assumptions which may prove to be incorrect, including assumptions about: business and economic
conditions; commodity prices and the price of key inputs such as labour, fuel and electricity; credit market conditions and conditions in financial markets
generally; revenue and cash flow estimates, production levels, development schedules and the associated costs; ability to procure equipment and supplies
and on a timely basis; the timing of the receipt of permits and other approvals for projects and operations; the ability to attract and retain skilled employees and
contractors for the operations; the accuracy of reserve and resource estimates; the impact of changes in currency exchange rates on costs and results;
interest rates; taxation; and ongoing relations with employees and business partners. 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
Positioned For Value Creation
Politically-friendly jurisdiction
High quality asset base
Organic year over year production growth
Lower end of industry cost curve
Long mine life
Strong balance sheet
Capital return to shareholders
3
2011
2012
2013
-
2014
AuRico’s Strategic Repositioning
4
Strategic Acquisitions
• Northgate / Young-Davidson ($1.0B)
• Capital Gold / El Chanate ($422M)
Shareholder Friendly Returns
• $300M share buy-back
• Launched dividend strategy
Divestiture of High Cost, Non-Core Assets
• Fosterville and Stawell ($55M)
• El Cubo (~$200M)
• Ocampo ($750M)
Operational Excellence
• Eighth consecutive quarter of record gold production
• Operations continuing to report production results in-line with expectations
► A Low Cost, North American Gold Producer
4
► Quality asset base in top jurisdictions
► Young-Davidson mine (Ontario, Canada)
► El Chanate mine (Sonora, Mexico)
► 2014 production growth of up to 25%
► Production growth of up to 32% at the
Young-Davidson mine
► Strong liquidity position of $315M (March 31)
► Significant Canadian tax loss pools
► Leverage to the weakening Canadian dollar
► Strong FCF growth profile
AuRico at a Glance
Overview Operations and Projects
Young-Davidson (100%)
Location: Ontario, Canada
Stage: Production
El Chanate (100%)
Location: Sonora State, Mexico
Stage: Production
Young-Davidson
El Chanate
Kemess Underground
Primary Asset Summary
5
Young-
Davidson
El Chanate Consolidated
2014E Production (koz)(3) 140 - 160 70 - 80 210 – 240
2014E Cash Costs
(US$/oz)(1)(2)(3) $700 - $800 $625 - $725 $675 – $775
2014E AISC (US$/oz)(1)(3) $1,100-$1,200 $1,000-$1,100 $1,100-$1,200
2013 P&P Reserves (Moz)(4) 3.7 1.0 6.5
2013 Total Resources (Moz)(4) 5.9 1.3 9.48
Est. Mine Life (yrs) 20+ 9 -
Resources are inclusive of reserves
Kemess Underground (100%)
Location: B.C., Canada
Stage: Permitting
(1) Refer to endnote #1 (2) Refer to endnote #2 (3) Refer to endnote #3 (4) Refer to endnote #4 5
Strong Financial Position
6
Strong Liquidity Position Through Offering of Senior Notes
► Completed a $315M shareholder friendly,
non-dilutive financing
► 6-year senior secured notes, 7.75%
coupon
► Completed tender offer for convertible
notes for 99.6% of notes
► Strong liquidity provides balance sheet
support in downside gold price
environment
► No debt maturities until 2020
Cash
$165M
Undrawn
debt
facility
$150M
$315M in Liquidity
(as of March 31, 2014)
6
4,719
6,524
1,023 140
3,556
1,805
ElChanate
Young-
Davidson
Surface
Young-
Davidson
Underground
ElChanate/
Young-
Davidson
Subtotal
Kemess
Total
Significant Reserve and Resource Base
P&P Reserves (Au koz)(1)
7
(1) Reserves and resources stated as at December 31, 2013
Tonnage
(Mt)
45.3 4.0 39.3 88.6 100.4 189.0
Au Grade
(g/t)
0.70 1.10 2.81 1.66 0.56 1.07
► Significant reserve base results in long mine life of over 20 years for Young-Davidson
► El Chanate has had reserves of at least 1.0 million ounces of gold for each year since 2011
► Gold price assumption reduced to $1,250/oz to calculate December 31, 2013 reserves
► Improves quality of reserve base for low-cost, long life resources
7
Disciplined Quarterly Growth Profile
8
Reliable and Consistent Company-Wide Production Growth*
► Delivered eighth consecutive quarter of company-wide record gold production
37,213
41,145
46,170 48,003 48,903 49,526
54,214 56,198
Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14
GoldOuncesProduced
Young-Davidson Quarterly Operational Results*
First Quarter
March 31/13
Second Quarter
June 30/13
Third Quarter
Sept. 30/13
Fourth Quarter
Dec. 31/13
First Quarter
Mar. 31/14
Second Quarter
June 30/14
Gold Ounces Produced 1.5 28,281 29,252 30,099 33,106 35,104 40,166
Underground Cash Costs1,2 - - - $663 $808 $803
Open Pit Cash Costs1,2 $694 $716 $666 $983 $1,350 $974
Total Cash Costs per oz.1,2 $694 $716 $666 $850 $1,009 $871
* Data provided for the second quarter 2014 are estimates only and subject to change.
(1) Refer to endnote #1 (2) Refer to endnote #2 (5) Refer to endnote #5
8
2014 Operational Guidance
9
2014 Operational Guidance Highlights(3)
100
125
150
175
200
225
250
2013 2014E
ProductionOz.(000’s)
Growing Production
$0
$50
$100
$150
$200
$250
2013 2014E
US$(000’s)
Declining Capital Investment
$700
$800
$900
$1,000
$1,100
$1,200
$1,300
2013 2014E
US$perounce
All-in Sustaining Costs
► Gold production increase of up to 25%, with continued annual growth over next 3 years
► Operating costs to decrease significantly with corresponding annual production increases
► Up to 40% decrease in capital investment, with additional decreases going forward
9(3) Refer to endnote #3
Young-Davidson Overview
Location Map
Ontario
Quebec
Timmins
Kirkland
Lake
Matheson
Duparquet
Rouyn-
Noranda
Young-Davidson
Porcupine Destor
Gold Belt
Kirkland Larder
Lake Gold Belt
2013 2014E(3)
Gold Production (koz)(5) 120.7 140 – 160
Underground Cash Costs (US$/oz)(1)(2) $663 $650 - $750
Open Pit Cash Costs (US$/oz)(1)(2) $757 $850 - $950
Cash Costs (US$/oz)(1)(2) $744 $700 - $800
Capital Investment (US$M) $191.3 $105 - $110
Projected Mine Life (years) +20
Underground Reserves (Moz)(4) 3.6
Au Grade (g/t) 2.81
Underground M&I (Moz)(4) 1.5
Au Grade (g/t) 2.27
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14
GoldOuncesProduced
Growing Production Profile
8th Consecutive Quarter of Record Gold Production
Young-Davidson will be one of the largest underground gold mines in Canada
(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
-
50,000
100,000
150,000
200,000
250,000
2012 2013 2014E 2015E 2016E 2017E
GoldOz.
Annual Production Growth(5)
10
9890L
9590L
9400L
9200L
8900L
Young-Davidson Mine
► Highly mechanized, bulk-mining with low
manning requirements
► 2014 mine plan more than 75% laterally
accessed & 100% vertically accessed
► U/G unit costs: approx. $45/t (H1) decreasing
to approx. $40/t by year-end ($35/t LoM)
► Short-term open pit mine depleted
representing cost reduction of $3M/month
► 3M tonne stockpile at 0.80 g/t available for
future processing; favourably augments free
cash flow
3,000
4,000
6,000
8,000 8,000
2013A 2014E 2015E 2016E 2017E
OretonnesperDay
Underground Mine Ramp-up
(Year-End Productivity Targets)
YE target of
2,000tpd
11
El Chanate Overview
2013 2014E(3)
Au Production (koz)(5) 71.9 70 – 80
Cash Costs (US$/oz)(1)(2) $592 $625 - $725
Capital Investment (US$M) $39 $20 - $25
Projected Mine Life (years) 8
Reserves (Moz)(4) 1.0
Au Grade (g/t) 0.70
40,000
45,000
50,000
55,000
60,000
65,000
70,000
75,000
2011 2012 2013 2014E
GoldProductionOz.
Stable Annual Gold Production
(1) Refer to endnote #1 (2) Refer to endnote #2 (3) Refer to endnote #3
(4) Refer to endnote #4 (5) Refer to endnote #5
12
2014 Exploration Program
Chanate Deeps(4)
Hole ID Length (m) Grade Au g/t
CHCI-775 54.0 2.56
CHCI-776 48.0 2.90
CHCI-799 6.0 7.60
CHCI-836 24.0 2.70
NW Extension(4)
Hole ID Length (m) Grade Au g/t
CHCI-769 37.5 0.94
CHCI-800 28.5 0.67
Rono(4)
Hole ID Length (m) Grade Au g/t
CHCI-760 18.0 0.88
CHCI-761 42.0 0.50
CHCI-766 51.0 0.33
CHCI-821
7.5 0.74
19.5 0.93
Loma Prieta(4)
Hole ID Length (m) Grade Au g/t
CHCI-815 19.5 0.78
CHCI-817 9.0 1.37
CHCI-818 9.0 0.58
CHCI-829 6.0 1.18
(4) Refer to endnote #4
► Fieldwork initiated on the additional 15-20kms of land acquired northwest and southeast along trend
13
Vancouver
Prince George
Prince Rupert
0
10
20
30
40
50
60
70
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
1 2 3 4 5 6 7 8 9 10 11 12 13 14
CopperProduction(millionsofpounds)
GoldProduction(ounces)
Gold (ounces) Copper (as Au equivalent ounces) Copper (millions of lbs)
Kemess Underground Overview
Project Overview
14
Avg. LOM Annual Prod. 105 koz Au / 44 Mlbs Cu
Avg. LOM Cash Costs (US$/oz)(1) $213
Avg. LOM AISC (US$/oz)(1) $352
Development Capex (US$M) $452
Projected Mine Life (years) 12
Au.Eq. Reserves (Moz)(4) 3.3
Au.Eq. Grade (g/t) 1.01
Au.Eq. Resources (Moz)(4) 5.2
Au.Eq. Grade (g/t) 0.92
Mine Type Underground
NPV(5%) >$225M
Feasibility Assumptions $1,300/oz. Au - $3.00/lb. Cu
Production Profile
Project Map
Kemess
Underground
Permitting application process underway
Existing infrastructure: Mill facilities and previously permitted tailings storage
(1) Refer to endnote #1
(4) Refer to endnote #4
14
2012A 2013A 2014E 2015E
GoldOuncesProduced
2012A 2013E 2014E 2015E
US$(millions)
Capex FCF $1,400 Au
FCF $1,600 Au FCF $1,300 Au
FCF $1,500 Au FCF $1,200 Au
Production and Cash Flow Growth
Growing Production Profile
Decreasing Capital Expenditures and Growing Free Cash Flow Stream(7)
Source: FactSet consensus data
(7) Refer to endnote #7
15
Cash Flow Linked Dividend Policy
► 20% of Operating Cash Flow beginning in 2014
► Encourages financial discipline
► Linked to changes in business profitability
► Leveraged to gold price
► Includes a Dividend Reinvestment Plan (“DRIP”)
Illustrative Yield per Street Consensus Operating Cash Flow per Share
(6)
Source: FactSet consensus data
(6) Refer to endnote #6
1.6%
1.8%
2.6%
2.9%
2014E 2015E 2016E 2017E
16
Positioned For Value Creation
Politically-friendly jurisdiction
High quality asset base
Organic year over year production growth
Lower end of industry cost curve
Long mine life
Strong balance sheet
Capital return to shareholders
17
Appendix
Endnotes
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 23 of the Management's Discussion and Analysis for the year ended December 31, 2013 available on the Company website at
www.auricogold.com.
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. 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 will be calculated based on ounces sold. Prior to commissioning the underground mine at Young-Davidson, cash costs are 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. 2013 cash costs are prior to inventory net realizable value adjustments & reversals.
3. For more information regarding AuRico Gold’s 2014 operational estimates, including production, costs, and capital investments, please refer to the press release dated February 6, 2014
titled AuRico Gold Announces 2014 Operational Outlook 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, 2013, please refer to the press release dated March 3, 2014 titled AuRico Reports 2013 Reserve & Resource
Update available on the Company website at www.auricogold.com. Measured and indicated resources excludes inferred resources. Core lengths in El Chanate drilling highlights are not
necessarily true widths. 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.
5. Production figures include gold ounces only. 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 May 12, 2014. Figures for operating cash flow apply guidance for 2014 and 2015 through 2017 apply consensus data for cash costs,
production estimates, and capex figures and a $1,300/oz gold price assumption. Consensus data is as of May 12, 2014. 2014 to 2017 per share numbers are based on the number of
shares outstanding as of May 2014. For more information regarding AuRico Gold’s dividend policy, please refer to the press release dated May 8, 2014, available on the Company
website at www.auricogold.com.
7. Figures for 2012 include continuing operations only. Figures for 2013 are based on 2013 preliminary operational update released January 14, 2014, and consensus data. The calculation
of 2014 and 2015 operating cash flow and free cash flow apply consensus data for cash costs, production estimates, and capex figures, and are based on a $1,300/oz gold price
assumption unless noted otherwise. Operating cash flow and free cash flow are before changes in working capital. Consensus data is as of January 13, 2014.
19
Growing Production and Lower Cash Costs
$543
$716 $736 $748 $759 $780
$989
ASR P AGI AVG AUQ AR ANV
2014 Consensus Cash Costs
$613
$657 $671
$717 $726
$759
$842
P ASR AUQ AVG AGI AR ANV
2015 Consensus Cash Costs
$606
$639
$685
$712
$736
$846
$921
P AUQ AR AGI AVG ASR ANV
2016 Consensus Cash Costs
238
228 225
196
187
158
141
ANV P AUQ AVG ASR AGI AR
2014 Consensus Annual Production
270 267
260
217
181
163 162
ANV P AUQ AVG AGI AR ASR
2015 Consensus Annual Production
312 310
242 240
232 231
126
AUQ P AVG ANV AR AGI ASR
2016 Consensus Annual Production
Factset Data as of July 11, 2104 20
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
20 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
Executive Management
21
Scott Perry
President and CEO
Robert Chausse
Executive Vice President
and CFO
Peter MacPhail
Executive Vice President
and COO
21
AuRico Institutional Shareholders
AuRico Gold Inc.
Institutional Ownership
Institution Name Shares (AUQ_TSE) % S/O (AUQ_TSE) Dominant Style City
Van Eck Associates Corporation 21,230,798 8.56 Growth New York
Donald Smith & Company, Inc. 20,696,143 8.34 Value New York
River Road Asset Management, LLC 9,432,732 3.80 Value Louisville
USAA Asset Management Company 7,297,057 2.94 Specialty San Antonio
IA Michael Investment Counsel, LTD 6,496,500 2.62 Value Toronto
Wellington Management Company, LLP 5,411,377 2.18 Value Boston
Fiera Capital Corporation (Asset Management) 4,845,432 1.95 Value Montreal
Gabelli Funds, LLC 4,377,000 1.76 Value Rye
Columbia Management Investment Advisers, LLC 4,084,707 1.65 Value Boston
Artisan Partners, L.P. 4,077,097 1.64 Growth Milwaukee
Geologic Resource Partners, LLC 3,954,548 1.59 Alternative Boston
RBC Global Asset Management, Inc. 3,400,910 1.37 Growth Toronto
I.G. Investment Management, LTD (Canada) 2,948,775 1.19 Growth Winnipeg
MAK Capital One, LLC 2,865,427 1.15 Alternative New York
Deutsche Bank Trust Company Americas 2,723,470 1.10 Value New York
OppenheimerFunds, Inc. 2,700,200 1.09 Growth New York
Global X Management Company, LLC 2,632,252 1.06 Index New York
CIBC Asset Management, Inc. 2,300,000 0.93 Growth Toronto
PSP Investments 2,276,341 0.92 Value Montreal
CPP Investment Board 2,124,512 0.86 Index Toronto
Wells Capital Management, Inc. 2,111,400 0.85 Aggressive Growth San Francisco
The Boston Company Asset Management, LLC 2,000,420 0.81 Value Boston
Morgan Stanley Canada, LTD 1,996,692 0.80 Broker Calgary
Heartland Advisors, Inc. 1,966,708 0.79 Value Milwaukee
Norges Bank Investment Management (Norway) 1,801,646 0.73 Value Oslo
Sun Valley Gold, LLC (U.S.) 1,779,438 0.72 Alternative Ketchum
Source: Ipreo (July 14, 2014)
22
2014 Operational Estimates
2014 Operational Estimates 1,5
Gold Production (ounces)
Young-Davidson 140,000 – 160,000
El Chanate 70,000 - 80,000
Total Production 210,000 – 240,000
Cash Costs per Ounce
Young-Davidson
Underground Mine $650 - $750
Open Pit (incl. stockpile) $850 - $950
Young-Davidson Total $700 - $800
El Chanate $625 - $725
Total Cash Costs per Ounce $675 - $775
All-in Sustaining Costs
Young-Davidson $1,100 - $1,200
El Chanate $1,000 - $1,100
Total All-in Sustaining Costs per Ounce2,3 $1,100 - $1,200
23
2014 Operational Estimates
Capital Investment Program (US$000’s)
Young-Davidson
Non-Recurring Capital
Lower Mine Vertical Development
MCM Shaft Deepening $15,000
Lower Mine Ramp Advance $10,000
Fixed Assets
Underground Mobile Equipment $10,000
Underground Ventilation Infrastructure $5,000
Surface Capital Projects $10,000
Sustaining Capital
Underground Development – Production Ramp-up $55,000 - $60,000
Total Capital Investment – Young Davidson $105,000 - $110,000
El Chanate
Capitalized Stripping $17,500 - $22,500
Surface Capital Projects $2,500
Total Capital Investment – El Chanate $20,000 - $25,000
Total Capital Investment $125,000 - $135,000
Exploration (US$000’s)
Company-wide Exploration $10,000
General and Administrative (US$000’s)4
Corporate G&A $20,000
1. The following currency assumptions were used to forecast 2014 estimates: 0.95:1 US dollar to the Canadian dollar and 13.0:1 Mexican pesos to the US dollar
2. All-in sustaining costs are defined as cash costs, sustaining capital, corporate general and administrative expense 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 or corporate restructuring costs
5. For more information regarding AuRico Gold’s 2014 operational estimates, including production, costs, and capital investments, please refer to the press release dated February
6, 2014 titled AuRico Gold Announces 2014 Operational Outlook available on the Company website at www.auricogold.com. 24
2013 Mineral Reserve Estimates - Gold
25
Mineral Reserve Estimates - Gold
Category Tonnes (000’s) Grade (g/t) Ounces (000’s)
Young-Davidson Surface Proven 3,298 1.01 107
Probable 686 1.52 33
P&P 3,984 1.10 140
Underground Proven 10,626 2.90 990
Probable 28,669 2.78 2,566
P&P 39,296 2.81 3,556
Total P&P 43,280 2.66 3,696
El Chanate Proven 29,223 0.72 676
Probable 16,115 0.67 346
Total P&P 45,337 0.70 1,023
Kemess
Underground
Proven - - -
Probable 100,373 0.56 1,805
Total P&P 100,373 0.56 1,805
AuRico Total P&P 188,990 1.07 6,524
25
2013 Mineral Resource Estimates - Gold
26Note: Mineral Resources are in addition to Mineral Reserves
Mineral Resource Estimates - Gold
Category Tonnes (000’s) Grade (g/t) Ounces (000’s)
Young-Davidson Surface Measured 233 0.96 7
Indicated 535 1.41 24
M&I 769 1.28 32
Underground Measured 5,300 2.95 504
Indicated 11,659 2.62 981
M&I 16,960 2.72 1,484
Total M&I 17,729 2.66 1,516
Surface Inferred 31 0.99 1
Underground Inferred 3,689 2.72 323
Total Inferred 3,720 2.71 324
El Chanate Measured 2,158 0.31 22
Indicated 2,129 0.40 27
Total
M&I 4,287 0.36 49
Inferred 579 0.75 14
Kemess
Underground
Measured - - -
Indicated 65,432 0.41 854
Total
M&I 65,432 0.41 854
Inferred 9,969 0.39 125
Orion (50%) M&I - - -
Inferred 554 3.66 65
Total
M&I 554 3.66 65
Inferred 91 3.33 10
AuRico Total M&I 88,001 0.88 2,484
Inferred 14,357 1.02 472
26
2013 Mineral Resource Estimates – Copper
and Silver
27Note: Mineral Resources are in addition to Mineral Reserves
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
Orion (50%) Indicated Resources 554 309 - 5,503 -
Inferred Resources 91 95 - 275 -
27
Notes to Reserves and Resources
28
Notes to Mineral Reserve and Resource tables:
• Mineral Reserves and Resources have been stated as at December 31, 2013.
• 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 assumed a $13.00 NSR cutoff 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: 2.05 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
• Reserves have been reported in accordance with NI 43-101, as 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. will have a 50% interest in the Orion project.
• 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.
• Mineral Resources were prepared under the supervision of Jeffrey Volk, CPG, FAusIMM, the Director of Reserves and Resources,
for AuRico Gold Inc. Mineral Reserves were prepared under the supervision 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.
28

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Toronto Marketing

  • 1. Toronto Marketing July 21, 2014 TSX: AUQ / NYSE: AUQ www.auricogold.com Built for Success
  • 2. FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements and forward-looking information as defined under Canadian and U.S. securities laws. All statements, other than statements of historical fact, are forward-looking statements. The words "expect", "believe", "anticipate", "will", "intend", "estimate", "forecast", "budget" and similar expressions identify forward-looking statements. Forward-looking statements include information as to strategy, plans or future financial or operating performance, such as the Company’s expansion plans, project timelines, production plans, projected cash flows or capital expenditures, cost estimates, projected exploration results, reserve and resource estimates and other statements that express management’s expectations or estimates of future performance. Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by management, are inherently subject to significant uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, including: uncertainty of production and cost estimates; fluctuations in the price of gold and foreign exchange rates; the uncertainty of replacing depleted reserves; the risk that the Young-Davidson shaft will not perform as planned; the risk that mining operations do not meet expectations; the risk that projects will not be developed accordingly to budgets or timelines, changes in laws in Canada, Mexico and other jurisdictions in which the Company may carry on business; risks of obtaining necessary licenses, permits or approvals for operations or projects such as Kemess; disputes over title to properties; the speculative nature of mineral exploration and development; risks related to aboriginal title claims; compliance risks with respect to current and future environmental regulations; disruptions affecting operations; opportunities that may be pursued by the Company; employee relations; availability and costs of mining inputs and labor; the ability to secure capital to execute business plans; volatility of the Company’s share price; continuation of the dividend and dividend reinvestment plan; the effect of future financings; litigation; risk of loss due to sabotage and civil disturbances; the values of assets and liabilities based on projected future cash flows; risks arising from derivative instruments or the absence of hedging; adequacy of internal control over financial reporting; changes in credit rating; and the impact of inflation. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained herein. Such statements are based on a number of assumptions which may prove to be incorrect, including assumptions about: business and economic conditions; commodity prices and the price of key inputs such as labour, fuel and electricity; credit market conditions and conditions in financial markets generally; revenue and cash flow estimates, production levels, development schedules and the associated costs; ability to procure equipment and supplies and on a timely basis; the timing of the receipt of permits and other approvals for projects and operations; the ability to attract and retain skilled employees and contractors for the operations; the accuracy of reserve and resource estimates; the impact of changes in currency exchange rates on costs and results; interest rates; taxation; and ongoing relations with employees and business partners. 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. Positioned For Value Creation Politically-friendly jurisdiction High quality asset base Organic year over year production growth Lower end of industry cost curve Long mine life Strong balance sheet Capital return to shareholders 3
  • 4. 2011 2012 2013 - 2014 AuRico’s Strategic Repositioning 4 Strategic Acquisitions • Northgate / Young-Davidson ($1.0B) • Capital Gold / El Chanate ($422M) Shareholder Friendly Returns • $300M share buy-back • Launched dividend strategy Divestiture of High Cost, Non-Core Assets • Fosterville and Stawell ($55M) • El Cubo (~$200M) • Ocampo ($750M) Operational Excellence • Eighth consecutive quarter of record gold production • Operations continuing to report production results in-line with expectations ► A Low Cost, North American Gold Producer 4
  • 5. ► Quality asset base in top jurisdictions ► Young-Davidson mine (Ontario, Canada) ► El Chanate mine (Sonora, Mexico) ► 2014 production growth of up to 25% ► Production growth of up to 32% at the Young-Davidson mine ► Strong liquidity position of $315M (March 31) ► Significant Canadian tax loss pools ► Leverage to the weakening Canadian dollar ► Strong FCF growth profile AuRico at a Glance Overview Operations and Projects Young-Davidson (100%) Location: Ontario, Canada Stage: Production El Chanate (100%) Location: Sonora State, Mexico Stage: Production Young-Davidson El Chanate Kemess Underground Primary Asset Summary 5 Young- Davidson El Chanate Consolidated 2014E Production (koz)(3) 140 - 160 70 - 80 210 – 240 2014E Cash Costs (US$/oz)(1)(2)(3) $700 - $800 $625 - $725 $675 – $775 2014E AISC (US$/oz)(1)(3) $1,100-$1,200 $1,000-$1,100 $1,100-$1,200 2013 P&P Reserves (Moz)(4) 3.7 1.0 6.5 2013 Total Resources (Moz)(4) 5.9 1.3 9.48 Est. Mine Life (yrs) 20+ 9 - Resources are inclusive of reserves Kemess Underground (100%) Location: B.C., Canada Stage: Permitting (1) Refer to endnote #1 (2) Refer to endnote #2 (3) Refer to endnote #3 (4) Refer to endnote #4 5
  • 6. Strong Financial Position 6 Strong Liquidity Position Through Offering of Senior Notes ► Completed a $315M shareholder friendly, non-dilutive financing ► 6-year senior secured notes, 7.75% coupon ► Completed tender offer for convertible notes for 99.6% of notes ► Strong liquidity provides balance sheet support in downside gold price environment ► No debt maturities until 2020 Cash $165M Undrawn debt facility $150M $315M in Liquidity (as of March 31, 2014) 6
  • 7. 4,719 6,524 1,023 140 3,556 1,805 ElChanate Young- Davidson Surface Young- Davidson Underground ElChanate/ Young- Davidson Subtotal Kemess Total Significant Reserve and Resource Base P&P Reserves (Au koz)(1) 7 (1) Reserves and resources stated as at December 31, 2013 Tonnage (Mt) 45.3 4.0 39.3 88.6 100.4 189.0 Au Grade (g/t) 0.70 1.10 2.81 1.66 0.56 1.07 ► Significant reserve base results in long mine life of over 20 years for Young-Davidson ► El Chanate has had reserves of at least 1.0 million ounces of gold for each year since 2011 ► Gold price assumption reduced to $1,250/oz to calculate December 31, 2013 reserves ► Improves quality of reserve base for low-cost, long life resources 7
  • 8. Disciplined Quarterly Growth Profile 8 Reliable and Consistent Company-Wide Production Growth* ► Delivered eighth consecutive quarter of company-wide record gold production 37,213 41,145 46,170 48,003 48,903 49,526 54,214 56,198 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 GoldOuncesProduced Young-Davidson Quarterly Operational Results* First Quarter March 31/13 Second Quarter June 30/13 Third Quarter Sept. 30/13 Fourth Quarter Dec. 31/13 First Quarter Mar. 31/14 Second Quarter June 30/14 Gold Ounces Produced 1.5 28,281 29,252 30,099 33,106 35,104 40,166 Underground Cash Costs1,2 - - - $663 $808 $803 Open Pit Cash Costs1,2 $694 $716 $666 $983 $1,350 $974 Total Cash Costs per oz.1,2 $694 $716 $666 $850 $1,009 $871 * Data provided for the second quarter 2014 are estimates only and subject to change. (1) Refer to endnote #1 (2) Refer to endnote #2 (5) Refer to endnote #5 8
  • 9. 2014 Operational Guidance 9 2014 Operational Guidance Highlights(3) 100 125 150 175 200 225 250 2013 2014E ProductionOz.(000’s) Growing Production $0 $50 $100 $150 $200 $250 2013 2014E US$(000’s) Declining Capital Investment $700 $800 $900 $1,000 $1,100 $1,200 $1,300 2013 2014E US$perounce All-in Sustaining Costs ► Gold production increase of up to 25%, with continued annual growth over next 3 years ► Operating costs to decrease significantly with corresponding annual production increases ► Up to 40% decrease in capital investment, with additional decreases going forward 9(3) Refer to endnote #3
  • 10. Young-Davidson Overview Location Map Ontario Quebec Timmins Kirkland Lake Matheson Duparquet Rouyn- Noranda Young-Davidson Porcupine Destor Gold Belt Kirkland Larder Lake Gold Belt 2013 2014E(3) Gold Production (koz)(5) 120.7 140 – 160 Underground Cash Costs (US$/oz)(1)(2) $663 $650 - $750 Open Pit Cash Costs (US$/oz)(1)(2) $757 $850 - $950 Cash Costs (US$/oz)(1)(2) $744 $700 - $800 Capital Investment (US$M) $191.3 $105 - $110 Projected Mine Life (years) +20 Underground Reserves (Moz)(4) 3.6 Au Grade (g/t) 2.81 Underground M&I (Moz)(4) 1.5 Au Grade (g/t) 2.27 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 GoldOuncesProduced Growing Production Profile 8th Consecutive Quarter of Record Gold Production Young-Davidson will be one of the largest underground gold mines in Canada (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 - 50,000 100,000 150,000 200,000 250,000 2012 2013 2014E 2015E 2016E 2017E GoldOz. Annual Production Growth(5) 10
  • 11. 9890L 9590L 9400L 9200L 8900L Young-Davidson Mine ► Highly mechanized, bulk-mining with low manning requirements ► 2014 mine plan more than 75% laterally accessed & 100% vertically accessed ► U/G unit costs: approx. $45/t (H1) decreasing to approx. $40/t by year-end ($35/t LoM) ► Short-term open pit mine depleted representing cost reduction of $3M/month ► 3M tonne stockpile at 0.80 g/t available for future processing; favourably augments free cash flow 3,000 4,000 6,000 8,000 8,000 2013A 2014E 2015E 2016E 2017E OretonnesperDay Underground Mine Ramp-up (Year-End Productivity Targets) YE target of 2,000tpd 11
  • 12. El Chanate Overview 2013 2014E(3) Au Production (koz)(5) 71.9 70 – 80 Cash Costs (US$/oz)(1)(2) $592 $625 - $725 Capital Investment (US$M) $39 $20 - $25 Projected Mine Life (years) 8 Reserves (Moz)(4) 1.0 Au Grade (g/t) 0.70 40,000 45,000 50,000 55,000 60,000 65,000 70,000 75,000 2011 2012 2013 2014E GoldProductionOz. Stable Annual Gold Production (1) Refer to endnote #1 (2) Refer to endnote #2 (3) Refer to endnote #3 (4) Refer to endnote #4 (5) Refer to endnote #5 12
  • 13. 2014 Exploration Program Chanate Deeps(4) Hole ID Length (m) Grade Au g/t CHCI-775 54.0 2.56 CHCI-776 48.0 2.90 CHCI-799 6.0 7.60 CHCI-836 24.0 2.70 NW Extension(4) Hole ID Length (m) Grade Au g/t CHCI-769 37.5 0.94 CHCI-800 28.5 0.67 Rono(4) Hole ID Length (m) Grade Au g/t CHCI-760 18.0 0.88 CHCI-761 42.0 0.50 CHCI-766 51.0 0.33 CHCI-821 7.5 0.74 19.5 0.93 Loma Prieta(4) Hole ID Length (m) Grade Au g/t CHCI-815 19.5 0.78 CHCI-817 9.0 1.37 CHCI-818 9.0 0.58 CHCI-829 6.0 1.18 (4) Refer to endnote #4 ► Fieldwork initiated on the additional 15-20kms of land acquired northwest and southeast along trend 13
  • 14. Vancouver Prince George Prince Rupert 0 10 20 30 40 50 60 70 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 1 2 3 4 5 6 7 8 9 10 11 12 13 14 CopperProduction(millionsofpounds) GoldProduction(ounces) Gold (ounces) Copper (as Au equivalent ounces) Copper (millions of lbs) Kemess Underground Overview Project Overview 14 Avg. LOM Annual Prod. 105 koz Au / 44 Mlbs Cu Avg. LOM Cash Costs (US$/oz)(1) $213 Avg. LOM AISC (US$/oz)(1) $352 Development Capex (US$M) $452 Projected Mine Life (years) 12 Au.Eq. Reserves (Moz)(4) 3.3 Au.Eq. Grade (g/t) 1.01 Au.Eq. Resources (Moz)(4) 5.2 Au.Eq. Grade (g/t) 0.92 Mine Type Underground NPV(5%) >$225M Feasibility Assumptions $1,300/oz. Au - $3.00/lb. Cu Production Profile Project Map Kemess Underground Permitting application process underway Existing infrastructure: Mill facilities and previously permitted tailings storage (1) Refer to endnote #1 (4) Refer to endnote #4 14
  • 15. 2012A 2013A 2014E 2015E GoldOuncesProduced 2012A 2013E 2014E 2015E US$(millions) Capex FCF $1,400 Au FCF $1,600 Au FCF $1,300 Au FCF $1,500 Au FCF $1,200 Au Production and Cash Flow Growth Growing Production Profile Decreasing Capital Expenditures and Growing Free Cash Flow Stream(7) Source: FactSet consensus data (7) Refer to endnote #7 15
  • 16. Cash Flow Linked Dividend Policy ► 20% of Operating Cash Flow beginning in 2014 ► Encourages financial discipline ► Linked to changes in business profitability ► Leveraged to gold price ► Includes a Dividend Reinvestment Plan (“DRIP”) Illustrative Yield per Street Consensus Operating Cash Flow per Share (6) Source: FactSet consensus data (6) Refer to endnote #6 1.6% 1.8% 2.6% 2.9% 2014E 2015E 2016E 2017E 16
  • 17. Positioned For Value Creation Politically-friendly jurisdiction High quality asset base Organic year over year production growth Lower end of industry cost curve Long mine life Strong balance sheet Capital return to shareholders 17
  • 19. Endnotes 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 23 of the Management's Discussion and Analysis for the year ended December 31, 2013 available on the Company website at www.auricogold.com. 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. 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 will be calculated based on ounces sold. Prior to commissioning the underground mine at Young-Davidson, cash costs are 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. 2013 cash costs are prior to inventory net realizable value adjustments & reversals. 3. For more information regarding AuRico Gold’s 2014 operational estimates, including production, costs, and capital investments, please refer to the press release dated February 6, 2014 titled AuRico Gold Announces 2014 Operational Outlook 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, 2013, please refer to the press release dated March 3, 2014 titled AuRico Reports 2013 Reserve & Resource Update available on the Company website at www.auricogold.com. Measured and indicated resources excludes inferred resources. Core lengths in El Chanate drilling highlights are not necessarily true widths. 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. 5. Production figures include gold ounces only. 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 May 12, 2014. Figures for operating cash flow apply guidance for 2014 and 2015 through 2017 apply consensus data for cash costs, production estimates, and capex figures and a $1,300/oz gold price assumption. Consensus data is as of May 12, 2014. 2014 to 2017 per share numbers are based on the number of shares outstanding as of May 2014. For more information regarding AuRico Gold’s dividend policy, please refer to the press release dated May 8, 2014, available on the Company website at www.auricogold.com. 7. Figures for 2012 include continuing operations only. Figures for 2013 are based on 2013 preliminary operational update released January 14, 2014, and consensus data. The calculation of 2014 and 2015 operating cash flow and free cash flow apply consensus data for cash costs, production estimates, and capex figures, and are based on a $1,300/oz gold price assumption unless noted otherwise. Operating cash flow and free cash flow are before changes in working capital. Consensus data is as of January 13, 2014. 19
  • 20. Growing Production and Lower Cash Costs $543 $716 $736 $748 $759 $780 $989 ASR P AGI AVG AUQ AR ANV 2014 Consensus Cash Costs $613 $657 $671 $717 $726 $759 $842 P ASR AUQ AVG AGI AR ANV 2015 Consensus Cash Costs $606 $639 $685 $712 $736 $846 $921 P AUQ AR AGI AVG ASR ANV 2016 Consensus Cash Costs 238 228 225 196 187 158 141 ANV P AUQ AVG ASR AGI AR 2014 Consensus Annual Production 270 267 260 217 181 163 162 ANV P AUQ AVG AGI AR ASR 2015 Consensus Annual Production 312 310 242 240 232 231 126 AUQ P AVG ANV AR AGI ASR 2016 Consensus Annual Production Factset Data as of July 11, 2104 20
  • 21. 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 20 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 Executive Management 21 Scott Perry President and CEO Robert Chausse Executive Vice President and CFO Peter MacPhail Executive Vice President and COO 21
  • 22. AuRico Institutional Shareholders AuRico Gold Inc. Institutional Ownership Institution Name Shares (AUQ_TSE) % S/O (AUQ_TSE) Dominant Style City Van Eck Associates Corporation 21,230,798 8.56 Growth New York Donald Smith & Company, Inc. 20,696,143 8.34 Value New York River Road Asset Management, LLC 9,432,732 3.80 Value Louisville USAA Asset Management Company 7,297,057 2.94 Specialty San Antonio IA Michael Investment Counsel, LTD 6,496,500 2.62 Value Toronto Wellington Management Company, LLP 5,411,377 2.18 Value Boston Fiera Capital Corporation (Asset Management) 4,845,432 1.95 Value Montreal Gabelli Funds, LLC 4,377,000 1.76 Value Rye Columbia Management Investment Advisers, LLC 4,084,707 1.65 Value Boston Artisan Partners, L.P. 4,077,097 1.64 Growth Milwaukee Geologic Resource Partners, LLC 3,954,548 1.59 Alternative Boston RBC Global Asset Management, Inc. 3,400,910 1.37 Growth Toronto I.G. Investment Management, LTD (Canada) 2,948,775 1.19 Growth Winnipeg MAK Capital One, LLC 2,865,427 1.15 Alternative New York Deutsche Bank Trust Company Americas 2,723,470 1.10 Value New York OppenheimerFunds, Inc. 2,700,200 1.09 Growth New York Global X Management Company, LLC 2,632,252 1.06 Index New York CIBC Asset Management, Inc. 2,300,000 0.93 Growth Toronto PSP Investments 2,276,341 0.92 Value Montreal CPP Investment Board 2,124,512 0.86 Index Toronto Wells Capital Management, Inc. 2,111,400 0.85 Aggressive Growth San Francisco The Boston Company Asset Management, LLC 2,000,420 0.81 Value Boston Morgan Stanley Canada, LTD 1,996,692 0.80 Broker Calgary Heartland Advisors, Inc. 1,966,708 0.79 Value Milwaukee Norges Bank Investment Management (Norway) 1,801,646 0.73 Value Oslo Sun Valley Gold, LLC (U.S.) 1,779,438 0.72 Alternative Ketchum Source: Ipreo (July 14, 2014) 22
  • 23. 2014 Operational Estimates 2014 Operational Estimates 1,5 Gold Production (ounces) Young-Davidson 140,000 – 160,000 El Chanate 70,000 - 80,000 Total Production 210,000 – 240,000 Cash Costs per Ounce Young-Davidson Underground Mine $650 - $750 Open Pit (incl. stockpile) $850 - $950 Young-Davidson Total $700 - $800 El Chanate $625 - $725 Total Cash Costs per Ounce $675 - $775 All-in Sustaining Costs Young-Davidson $1,100 - $1,200 El Chanate $1,000 - $1,100 Total All-in Sustaining Costs per Ounce2,3 $1,100 - $1,200 23
  • 24. 2014 Operational Estimates Capital Investment Program (US$000’s) Young-Davidson Non-Recurring Capital Lower Mine Vertical Development MCM Shaft Deepening $15,000 Lower Mine Ramp Advance $10,000 Fixed Assets Underground Mobile Equipment $10,000 Underground Ventilation Infrastructure $5,000 Surface Capital Projects $10,000 Sustaining Capital Underground Development – Production Ramp-up $55,000 - $60,000 Total Capital Investment – Young Davidson $105,000 - $110,000 El Chanate Capitalized Stripping $17,500 - $22,500 Surface Capital Projects $2,500 Total Capital Investment – El Chanate $20,000 - $25,000 Total Capital Investment $125,000 - $135,000 Exploration (US$000’s) Company-wide Exploration $10,000 General and Administrative (US$000’s)4 Corporate G&A $20,000 1. The following currency assumptions were used to forecast 2014 estimates: 0.95:1 US dollar to the Canadian dollar and 13.0:1 Mexican pesos to the US dollar 2. All-in sustaining costs are defined as cash costs, sustaining capital, corporate general and administrative expense 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 or corporate restructuring costs 5. For more information regarding AuRico Gold’s 2014 operational estimates, including production, costs, and capital investments, please refer to the press release dated February 6, 2014 titled AuRico Gold Announces 2014 Operational Outlook available on the Company website at www.auricogold.com. 24
  • 25. 2013 Mineral Reserve Estimates - Gold 25 Mineral Reserve Estimates - Gold Category Tonnes (000’s) Grade (g/t) Ounces (000’s) Young-Davidson Surface Proven 3,298 1.01 107 Probable 686 1.52 33 P&P 3,984 1.10 140 Underground Proven 10,626 2.90 990 Probable 28,669 2.78 2,566 P&P 39,296 2.81 3,556 Total P&P 43,280 2.66 3,696 El Chanate Proven 29,223 0.72 676 Probable 16,115 0.67 346 Total P&P 45,337 0.70 1,023 Kemess Underground Proven - - - Probable 100,373 0.56 1,805 Total P&P 100,373 0.56 1,805 AuRico Total P&P 188,990 1.07 6,524 25
  • 26. 2013 Mineral Resource Estimates - Gold 26Note: Mineral Resources are in addition to Mineral Reserves Mineral Resource Estimates - Gold Category Tonnes (000’s) Grade (g/t) Ounces (000’s) Young-Davidson Surface Measured 233 0.96 7 Indicated 535 1.41 24 M&I 769 1.28 32 Underground Measured 5,300 2.95 504 Indicated 11,659 2.62 981 M&I 16,960 2.72 1,484 Total M&I 17,729 2.66 1,516 Surface Inferred 31 0.99 1 Underground Inferred 3,689 2.72 323 Total Inferred 3,720 2.71 324 El Chanate Measured 2,158 0.31 22 Indicated 2,129 0.40 27 Total M&I 4,287 0.36 49 Inferred 579 0.75 14 Kemess Underground Measured - - - Indicated 65,432 0.41 854 Total M&I 65,432 0.41 854 Inferred 9,969 0.39 125 Orion (50%) M&I - - - Inferred 554 3.66 65 Total M&I 554 3.66 65 Inferred 91 3.33 10 AuRico Total M&I 88,001 0.88 2,484 Inferred 14,357 1.02 472 26
  • 27. 2013 Mineral Resource Estimates – Copper and Silver 27Note: Mineral Resources are in addition to Mineral Reserves 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 Orion (50%) Indicated Resources 554 309 - 5,503 - Inferred Resources 91 95 - 275 - 27
  • 28. Notes to Reserves and Resources 28 Notes to Mineral Reserve and Resource tables: • Mineral Reserves and Resources have been stated as at December 31, 2013. • 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 assumed a $13.00 NSR cutoff 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: 2.05 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 • Reserves have been reported in accordance with NI 43-101, as 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. will have a 50% interest in the Orion project. • 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. • Mineral Resources were prepared under the supervision of Jeffrey Volk, CPG, FAusIMM, the Director of Reserves and Resources, for AuRico Gold Inc. Mineral Reserves were prepared under the supervision 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. 28