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02 24-14 bmo metals and mining conference

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Information about 02 24-14 bmo metals and mining conference
Business & Mgmt

Published on February 24, 2014

Author: AuricoGold

Source: slideshare.net

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Built for Success BMO Metals & Mining Conference February 23-26, 2014 TSX: AUQ / NYSE: AUQ www.auricogold.com

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 Pure gold leverage Capital return to shareholders 3

Strong Financial Foundation Strong Financial Foundation (as of September 30, 2013) Shareholder Value Creation (as of February 17, 2014) Dividends $40M Undrawn Debt Facility $150M Cash & Eq. $140M Share Buyback $300M Fully Funded Business Model 4

AuRico at a Glance Overview ► Operations and Projects Quality asset base in top jurisdictions Young-Davidson (100%) Location: Ontario, Canada ► Stage: Production Young-Davidson mine (Ontario, Canada) Kemess Underground ► El Chanate mine (Sonora, Mexico) Young-Davidson Kemess Underground (100%) Location: B.C., Canada Stage: Development ► 2014 production per share growth of up to 25% El Chanate El Chanate (100%) Location: Sonora State, Mexico ► ► Production growth of up to 32% at the Young-Davidson mine Stage: Production Primary Asset Summary YoungDavidson El Chanate 140 - 160 70 - 80 $700 - $800 $625 - $725 $1,100 - $1,200 $1,000 - $1,100 2012 P&P Reserves (Moz)(6) 3.8 1.2 Total Resources (Moz)(6) 5.9 1.3 Est. Remaining Mine Life 20+ 9 Stable production from the El Chanate mine 2014E Production (koz) ► Strong liquidity position 2014E Cash Costs (US$/oz)(3)(4) 2014E AISC (US$/oz)(3) ► ► Leverage to the weakening Canadian dollar Strong FCF growth profile underpinned by Young-Davidson ramp-up (3) Refer to endnote #3 (4) Refer to endnote #4 (6) Refer to endnote #6 Resources are inclusive of reserves 5

Disciplined Quarterly Growth Profile ► Delivered sixth consecutive quarter of company-wide production growth ► Quarterly production increase is expected to continue as the YD underground mine ramps-up Reliable and Consistent Company-Wide Production Growth* 60,000 50,000 46,170 48,003 48,903 49,523 Q2-2013 Q3-2013 Q4-2013 41,145 40,000 37,213 30,000 20,000 10,000 0 Q3-2012 Q4-2012 Q1-2013 Q1-2014 Q2-2014 Q3-2014 Q4-2014 * 2014 quarterly production indicated in the chart above is illustrative of expected production increases and should not be considered as quarterly guidance 6

2014 Operational Guidance ► Gold production increase of up to 25%, with continued annual growth over next 3 years ► Operating costs are anticipated to decrease significantly as annual production increases ► Up to 40% decrease in capital investment, with additional decreases going forward 2014 Operational Guidance Highlights 250 Growing Production $250 Declining Capital Investments $1,300 225 All-in Sustaining Costs $1,200 200 175 US$ per ounce $1,100 US$ (000’s) Production Oz. (000’s) $200 $150 $100 150 $1,000 $900 $50 125 $800 100 $700 $0 2013 2014E 2013 2014E 2013 2014E 7

Young-Davidson Overview 2013 2014E(5) 120.7 140 – 160 Underground Cash Costs (US$/oz)(3) $663 $650 - $750 Open Pit Cash Costs (US$/oz)(3)(4) $757 $850 - $950 (US$/oz)(3)(4) $744 $700 - $800 - $1,100 - $1,200 Gold Production (koz)(7) Cash Costs AISC (US$/oz)(3) Capital Investment (US$M) - $105 - $110 Projected Mine Life (years) +20 Underground Reserves (Moz)(6) 3.5 Au Grade (g/t) 2.82 Underground Resources (koz)(6) 839 Au Grade (g/t) 2.74 Mine Type Underground Resources are inclusive of reserves Young-Davidson is one of the largest gold mines in Canada Underground Mine Ramp-up Growing Production Profile 35,000 30,000 25,000 (Year-End Productivity Targets) 8,000 7,000 Ore tonnes per Day Gold Ounces Produced 9,000 20,000 15,000 10,000 5,000 6,000 5,000 4,000 3,000 2,000 1,000 0 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 (3) Refer to endnote #3 (4) Refer to endnote #4 (5) Refer to endnote #5 (6) Refer to endnote #6 (7) Refer to endnote #7 Q4 13 Q1 14E 2013A 2014E 2015E 2016E 2017E 8

El Chanate Overview 2013 2014E(5) Au Production (koz)(7) 71.9 70 – 80 Cash Costs (US$/oz)(3)(4) $592 $625 - $725 70,000 AISC (US$/oz)(3) - $1,000 - $1,100 65,000 Capital Investment (US$M) - $20 - $25 9 Reserves (Moz)(6) 1.2 Au Grade (g/t) 0.67 Mine Type Open Pit Resources are inclusive of reserves Gold Production Oz. Projected Mine Life (years) 75,000 Stable Annual Gold Production 60,000 55,000 50,000 45,000 40,000 2011 (3) Refer to endnote #3 (4) Refer to endnote #4 (5) Refer to endnote #5 (6) Refer to endnote #6 (7) Refer to endnote #7 2012 2013 2014E 9

New High Grade Mineralization Hole ID CHCI-760 CHCI-761 CHCI-766 CHCI-821 Rono(6) Length (m) 18.0 42.0 51.0 7.5 19.5 Grade Au g/t 0.88 0.50 0.33 0.74 0.93 Hole ID CHCI-775 CHCI-776 CHCI-799 CHCI-836 Chanate Deeps(6) Length (m) 54.0 48.0 6.0 24.0 Grade Au g/t 2.56 2.90 7.60 2.70 NW Extension(6) Hole ID CHCI-769 CHCI-800 Length (m) 37.5 28.5 Grade Au g/t 0.94 0.67 Hole ID CHCI-815 CHCI-817 CHCI-818 CHCI-829 ► Loma Prieta(6) Length (m) 19.5 9.0 9.0 6.0 Grade Au g/t 0.78 1.37 0.58 1.18 Fieldwork initiated on the additional 20kms of land acquired northwest and southeast along trend (6) Refer to endnote #6 10

Kemess Underground Overview Project Overview Avg. LOM Annual Prod. Project Map 105 koz Au / 44 Mlbs Cu Avg. LOM Cash Costs (US$/oz)(3) $213 Avg. LOM AISC (US$/oz)(3) $352 Development Capex (US$M) $452 Projected Mine Life (years) 12 Au.Eq. Reserves (Moz)(6) Kemess Underground 3.3 Au.Eq. Resources (Moz)(6) Au.Eq. Grade (g/t)(6) Mine Type Prince George 1.01 5.2 Vancouver 0.92 Underground Production Profile(5) 350,000 Gold Production (ounces) 60 250,000 50 200,000 40 150,000 30 100,000 20 50,000 Permitting application process underway 70 300,000 Existing infrastructure: Mill facilities and previously permitted tailings storage 10 0 0 1 (3) Refer to endnote #3 (6) Refer to endnote #6 Copper Production (millions of pounds) Au.Eq. Grade (g/t) Prince Rupert Gold (ounces) 2 3 4 5 6 7 8 9 10 Copper (as Au equivalent ounces) 11 12 13 14 Copper (millions of lbs) 11

Production and Cash Flow Growth Gold Ounces Produced Growing Production Profile(12) 300,000 250,000 200,000 150,000 100,000 50,000 0 2012A 2013A 2014E 2015E Decreasing Capital Expenditures and Growing Free Cash Flow Stream(9) US$ (millions) $200 $100 $0 2012A 2013E 2014E 2015E ($100) ($200) ($300) ($400) (9) Refer to endnote #9 (12) Refer to endnote #12 Capex FCF $1,600 Au FCF $1,500 Au FCF $1,400 Au FCF $1,300 Au FCF $1,200 Au Source: FactSet consensus data 12

Cash Flow Linked Dividend Policy ► 20% of Operating Cash Flow beginning in 2014 ► ► Linked to changes in business profitability ► ► Encourages financial discipline Leveraged to gold price Includes a Dividend Reinvestment Plan (“DRIP”) Illustrative Yield per Street Consensus Operating Cash Flow per Share (8),(10) 2.9% 2.5% 1.8% 2014E (8) Refer to endnote #8 (10) Refer to endnote #10 2015E 2016E Source: FactSet consensus data 13

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 Pure gold leverage Capital return to shareholders 14

Built for Success BMO Metals & Mining Conference February 23-26, 2014 TSX: AUQ / NYSE: AUQ www.auricogold.com

Appendix

Endnotes 1. The Company announced proceeds on sale of over $1 billion dollars during 2012, which is comprised of $55 million cash on the sale of Fosterville and Stawell to Crocodile Gold Corporation, $100 million cash and $100 million in common shares on the sale of the El Cubo mine and Guadalupe y Calvo project to Endeavour Silver Corporation, and $750 million in cash on the sale of the Ocampo mine and a 50% interest in the Orion advanced development project to Minera Frisco. 2. Data as of September 30, 2013. 3. Cash Costs per Gold Ounce and All-In Sustaining Costs 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 20 of the Management's Discussion and Analysis for the nine months ended September 30, 2013 available on the Company website at www.auricogold.com. 2013 cash costs are prior to inventory net realizable value adjustments & reversals, and are estimates only and subject to change. 4. 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, and are estimates only and subject to change. 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. 6. Reserves and resources for Young-Davidson and El Chanate mines, Kemess Underground Project, 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, 2012 and 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, 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. 7. Production figures include gold ounces only. 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. 8. The illustrative yield assumes the share price as of January 10, 2014. Figures for operating cash flow apply consensus data for cash costs, production estimates, and capex figures and a $1,300/oz gold price assumption. Consensus data is as of January 13, 2014. For more information regarding AuRico Gold’s dividend policy, please refer to the press release dated February 21, 2013, available on the Company website at www.auricogold.com. 9. Figures for 2012 include continuing operations only. Figures for 2013 are based on 2013 preliminary operational results 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. 10. 2014 to 2016 per share numbers are based on the number of shares outstanding as of January 2014. 11. Production per 1,000 shares and reserves and resources per 1,000 shares includes the production, and reserves and resources of the Young-Davidson mine, El Chanate mine, Kemess Underground Project and Orion for each period presented. 12. Figures for 2012 include continuing operations only. Figures for 2013 are based on 2013 preliminary operational results released January 14, 2014 and consensus data as of January 13, 2014. Figures for 2014-2015 are based on consensus data as of January 13, 2014. 17

Executive Management Industry Experience Background ► Scott Perry President and CEO ► 17 years ► ► ► Robert Chausse Executive Vice President and CFO ► 20 years ► ► Peter MacPhail Executive Vice President and COO ► 30 years ► ► Trent Mell Executive Vice President, Corporate Affairs ► 13 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 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 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 Joined the AuRico team in 2012 Prior to AuRico, held senior roles at the corporate head offices of Barrick, Sherritt, and North American Palladium Previously worked as a securities and M&A lawyer at Stikeman Elliott LLP 18

AuRico Institutional Shareholders AuRico Gold Inc. Institutional Ownership Institution Name Shares (AUQ_TSE) % S/O (AUQ_TSE) Dominant Style City Donald Smith & Company, Inc. 23,470,517 9.50 Value New York Van Eck Associates Corporation 22,768,061 9.21 Growth New York Wellington Management Company, LLP 19,920,374 8.06 Value Boston River Road Asset Management, LLC 10,746,474 4.35 Value Louisville USAA Asset Management Company 7,297,057 2.95 Specialty San Antonio Geologic Resource Partners, LLC 5,704,548 2.31 Alternative Boston Fiera Capital Corporation (Asset Management) 4,504,730 1.82 Value Montreal Artisan Partners, L.P. 4,446,621 1.80 Growth Milwaukee Columbia Management Investment Advisers, LLC 4,084,707 1.65 Value Boston Opus Capital Management, Inc. 3,670,407 1.49 Value Cincinnati Sun Valley Gold, LLC (U.S.) 3,493,185 1.41 Alternative Ketchum OppenheimerFunds, Inc. 3,103,360 1.26 Growth New York Wells Capital Management, Inc. 2,606,129 1.05 Aggressive Growth San Francisco Global X Management Company, LLC 2,486,407 1.01 Index New York Heartland Advisors, Inc. 2,432,763 0.98 Value Milwaukee CPP Investment Board 2,266,612 0.92 Index Toronto PSP Investments 2,258,741 0.91 Value Montreal Eagle Boston Investment Management, Inc. 1,858,804 0.75 Value Boston BlackRock Asset Management Canada, LTD 1,665,903 0.67 Index Toronto Absolute Return Capital, LLC 1,578,205 0.64 Alternative Boston Norges Bank Investment Management (Norway) 1,564,167 0.63 Value Oslo TD Asset Management, Inc. 1,520,533 0.62 Growth Toronto Deutsche Bank Trust Company Americas 1,489,341 0.60 Value New York Aegis Financial Corporation 1,413,395 0.57 Deep Value McLean UOB Asset Management, LTD (Singapore) 1,386,800 0.56 Growth Singapore 19

Young-Davidson Outlook 2014 Young-Davidson Operational Estimates(5) 140,000 – 160,000 Underground Mine Cash Costs(3)(4) $650 - $750 Open Pit (incl. stockpile)(3)(4) Production increase of up to 32% ► Decreasing AISC will be driven by growing production profile ► 2014 mine plan is 75% laterally accessed & 100% vertically accessed ► Gold Production (ounces) ► Lower mine vertical development will provide access to 20 years of strategic mine life ► Disciplined underground ramp-up $850 - $950 Cash Costs per Ounce(3)(4) $700 - $800 All-in Sustaining Costs per ounce(3) $1,100 - $1,200 ► Productivity ramping from 2,500tpd in Q1 to a year-end exit rate of 4,000tpd ► Target of 8,000tpd by end of 2016 2014 Young-Davidson Capital Investment (US$000’s)(5) Lower Mine Vertical Development $25,000 ► Non-Recurring Capital In-line underground unit mining costs $25,000 ► Sustaining Capital Total Capital Investment $55,000 - $60,000 $105,000 - $110,000 (3) Refer to endnote #3 (4) Refer to endnote #4 (5) Refer to endnote #5 $39/t in November and December, 2013 ► $45/t in Q1/14 with inclusion of pastefill ► Decreasing unit costs throughout the year with increased productivity 20

El Chanate Outlook 2014 El Chanate Operational Estimates(5) Gold Production (ounces) 70,000 - 80,000 Cash Costs per Ounce(3)(4) $625 - $725 All-in Sustaining Costs per Ounce(3) $1,000 - $1,100 2014 El Chanate Capital Investment (US$000’s)(5) $17,500 - $22,500 Surface Capital Projects Total Capital Investment ► ► $2,500 75,000 $20,000 - $25,000 Consistent year-over-year production Consistently operating at targeted levels Stable Annual Gold Production 70,000 Gold Production Oz. Capitalized Stripping 65,000 60,000 55,000 ► Cash costs at the lower end of the industry cost curve ► Significant opportunity to extend mine life 45,000 ► Access to an additional 15-20 km of the El Chanate Fault 40,000 50,000 2011 (3) Refer to endnote #3 (4) Refer to endnote #4 (5) Refer to endnote #5 2012 2013 2014E 21

2014 Operational Estimates 2014 Operational Estimates 1,5 Gold Production (ounces) Young-Davidson El Chanate Total Production 140,000 – 160,000 70,000 - 80,000 210,000 – 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 22

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 Total Capital Investment – Young Davidson $55,000 - $60,000 $105,000 - $110,000 El Chanate Capitalized Stripping Surface Capital Projects Total Capital Investment – El Chanate Total Capital Investment $17,500 - $22,500 $2,500 $20,000 - $25,000 $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. 2. 3. 4. 5. 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 All-in sustaining costs are defined as cash costs, sustaining capital, corporate general and administrative expense and sustaining exploration. Sustaining capital is defined as capital expenditures required to maintain current levels of production. Does not include share-based compensation or corporate restructuring costs 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. 23

Proven and Probable Reserves Proven Reserves Tonnes (000's) Probable Reserves Gold (g/t) Gold Oz. (000's) Tonnes (000's) Gold (g/t) Gold Oz. (000's) El Chanate 36,845 0.68 801 19,015 0.66 403 Young-Davidson - Surface 3,934 1.28 162 2,491 1.36 109 Young-Davidson - Underground 4,547 2.97 434 34,490 2.80 3,100 Total Young-Davidson 8,481 2.19 596 36,981 2.70 3,209 Kemess Underground (KUG) - - - 100,373 0.56 1,805 AuRico - Total 45,326 0.96 1,397 156,369 1.08 5,417 Total Proven and Probable Reserves Tonnes (000's) Gold (g/t) Gold Oz. (000's) El Chanate 55,859 0.67 1,204 Young-Davidson - Surface 6,425 1.31 271 Young-Davidson - Underground 39,037 2.82 3,534 Total Young-Davidson 45,462 2.60 3,804 Kemess Underground (KUG) 100,373 0.56 1,805 AuRico - Total 201,695 1.05 6,813 24

Measured and Indicated Resources Measured Resources Tonnes (000's) Gold (g/t) Indicated Resources Gold Oz. (000's) Tonnes (000's) Gold (g/t) Gold Oz. (000's) El Chanate 1,233 0.31 12 2,235 0.40 29 Young-Davidson - Surface 98 1.60 5 193 1.76 11 Young-Davidson - Underground 877 4.17 118 8,654 2.59 722 Total Young-Davidson 975 3.91 123 8,846 2.58 733 Kemess Underground (KUG) - - - 65,432 0.41 854 Orion (50%) - - - 554 3.66 65 AuRico - Total 2,208 1.90 135 77,067 0.68 1,680 Total Measured and Indicated Resources Tonnes (000's) Gold (g/t) Gold Oz. (000's) El Chanate 3,468 0.37 41 Young-Davidson - Surface 291 1.70 16 Young-Davidson - Underground 9,531 2.74 839 Total Young-Davidson 9,821 2.71 855 Kemess Underground (KUG) 65,432 0.41 854 Orion (50%) 554 3.36 65 AuRico - Total 79,274 0.71 1,815 25

Inferred and Copper Resources Inferred Resources Tonnes (000's) Gold (g/t) Gold Oz. (000's) El Chanate 409 0.48 6 Young-Davidson - Surface 31 0.99 1 Young-Davidson - Underground 13,983 2.80 1,259 Total Young-Davidson 14,014 2.80 1,260 Kemess Underground (KUG) 9,969 0.39 125 Orion (50%) 91 3.33 10 AuRico - Total 24,483 1.78 1,400 Copper Reserves & Resources Kemess Tonnes (000’s) Copper (%) Copper lbs. (000’s) Probable Reserves 100,373 0.28 619,151 Indicated Resources 65,432 0.24 346,546 Inferred Resources 9,969 0.21 46,101 Silver Resources Indicated Resources 554 309 Silver Oz. (000's) 5,503 Inferred Resources 91 95 275 Orion (50%) Tonnes (000's) Silver (g/t) 26

Notes to Reserves and Resources Notes: • Mineral Reserves and Resources have been stated as at December 31, 2012. • Mineral Resources are in addition to Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability when calculated using Mineral Reserve assumptions. 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. • Following the completion of a joint venture agreement, Minera Frisco has a 50% interest in the Orion Project. • Mineral resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding. The following metal prices were used for the calculation of Reserves and Resources: Reserves Resources USD Au $/oz Ag $/oz Cu $/lb Au $/oz Ag $/oz Cu $/lb El Chanate $1,400 - - $1,600 - - Young-Davidson $1,400 - - $1,600 - - Kemess Underground $1,300 $23.00 $3.00 - - - Orion $13.00 NSR $850 $13.00 - Reserves and Resources were prepared under the supervision of the following Qualified Persons: Resources Reserves El Chanate Jeffrey Volk, CPG, FAusIMM, Director Reserves and Resources, AuRico Gold Inc. Chris Sharpe, P.Eng, Manager Mining, AuRico Gold Inc. Young-Davidson - Open Pit Jeffrey Volk, CPG, FAusIMM, Director Reserves and Resources, AuRico Gold Inc. Chris Sharpe, P.Eng, Manager Mining, AuRico Gold Inc. Young-Davidson - Underground Jeffrey Volk, CPG, FAusIMM, Director Reserves and Resources, AuRico Gold Inc. Chris Bostwick, FAusIMM, SVP Technical Services, AuRico Gold Inc. Kemess Underground Jeffrey Volk, CPG, FAusIMM, Director Reserves and Resources, AuRico Gold Inc. Chris Bostwick, FAusIMM, SVP Technical Services, AuRico Gold Inc. Orion Jeffrey Volk, CPG, FAusIMM, Director Reserves and Resources, AuRico Gold Inc. 27

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