2015 Annual and Special Meeting of Shareholders – May 7, 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.

Qualified Person as Defined by National Instrument 43-101 Chris Bostwick, FAusIMM, Senior Vice President, Technical Services for AuRico Gold Inc. has reviewed and approved the scientific and technical information contained within

this presentation. Mr. Bostwick is a “Qualified Person” as defined by National Instrument 43-101.

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

Gold

Ounces (

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

Fre

e C

ash F

low

per

Share

* Source: FactSet consensus data. (5) Refer to endnote #5

AuRico Gold Overview

Cash $91M Undrawn

debt facility $150M

4

Unrestricted Cash, March 31

$165

Undrawn Revolving

Credit Facility $150

(as of March 31, 2015) Capital Structure

Issued and Outstanding Shares 253.5M

Options 13.0M

Share Units 1.5M

Fully Diluted 268.0M

(as of March 31, 2015)

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 Rhys Bradley

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

$241M 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 (Jan.

C$20M Upfront Payment and Restructured

Royalty Agreement (Jan. 2015)

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 development project

Advanced high-grade open pit gold mine in Manitoba

60% ownership by delivering a Feasibility Study

Commenced Feasibility Study

Significant new value creating opportunity

5

2015: Guiding for Another Record Year

18 19 19 16

72 75 28 29 30 33

121

150

46 48 49 50

193

225

$635 $655 $628

$766 $676

$800

$1,090 $1,189 $1,210

$1,064 $1,182 $1,100

0

100

200

300

Q1 2013 Q2 2013 Q3 2013 Q4 2013 2013 2014E

YD Production (koz)

El Chanate Production (koz)

Total Cash Costs ($/oz)

AISC ($/oz)

(1) 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. 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

(2) Cash costs and all in sustaining costs, prior to stockpile and heap leach inventory net realizable value adjustments & reversals. See the Non-GAAP Measures section on page 20 of the Management’s Discussion and Analysis

for the three and nine months ended Sept. 30, 2013

(3) Includes pre-production gold ounces from the Young-Davidson underground mine

0

25

50

75

100

125

150

175

200

225

250

275

2013 2014 2015E

Pro

ductio

n O

z.

(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

$ p

er

ounce

All-in Sustaining Costs

► Commercial production at Young-

Davidson underground commenced on

Oct. 31, 2013

► Well positioned to deliver company-wide

quarter over quarter productivity

improvements

► Gold production increase of up to 14%, with continued annual growth over next 3 years

► Operating costs to decrease significantly with corresponding annual production increases

► Up to 36% decrease in capital investment, with additional decreases going forward

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

Ramping-Up to be One of the Largest Gold Mines in Canada

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

(1) Refer to endnote #1 (2) Refer to endnote #2 (5) Refer to endnote #5

Young-Davidson Production Growth (5)

Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15

Gold ounces produced (5) 28,281 29,252 30,099 33,106 35,104 40,166 40,538 40,945 38,098

Underground cash costs per oz. - - - $663 $808 $803 $656 $656 $677

Open pit cash costs per oz. $694 $716 $666 $983 $1,350 $974 $923 $994 $1,149

Total cash costs per oz. (1)(2) $694 $716 $666 $850 $1,009 $871 $723 $719 $745

All-in sustaining costs per oz.(1)(2) $1,059 $1,254 $1,357 $1,270 $1,315 $1,144 $959 $912 $987

Underground mine

Tonnes mined per day 1,130 1,611 1,417 2,590 2,611 3,595 3,753 4,140 4,130

Grades (g/t) 2.7 2.5 2.8 3.1 2.8 3.3 3.1 3.0 3.0

Development metres 1,941 2,445 2,620 2,986 3,772 3,545 3,269 3,438 3,409

Mill processing facility

Tonnes processed per day 6,466 7,017 6,747 6,969 7,163 8,230 7,670 7,757 7,186

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% 86%

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 38,098

42,000

Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15E

Gold

Ounces P

roduced

(5)

Strong Operations: Growing Production

7

(1) Prior to inventory net realizable value adjustments and reversals

(2) Reserves and resources stated as at December 31, 2012. Resources are inclusive of reserves

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 EagleMines Ltd.

Detour GoldCorp.

Yamana GoldInc.

Barrick GoldCorp.

AuRico Gold Inc.

Source: Scotiabank

Gold Producers in Canada 2015E Gold Production (koz)

Photo

3,000

4,140

6,000

8,000 8,000

2013 2014 2015E 2016E 2017E

Underg

round O

re T

onnes p

er

Day

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

Gold

Ounces

(1) Refer to endnote #1 (2) Refer to endnote #2 (3) Refer to endnote #3 (4) Refer to endnote #4

* 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

Spot G

old

Price

As of March 31/15

CAD$ US$

90-95% of all

cash outflows

are in CAD$

90-95% of Cash Outflows are in CAD$

2015 Business Plan

Gold production growth of up to 15%

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

Map of Operations

(1) Average annual open pit production

(2) Reserves and resources stated as at December 31, 2012. Resources are inclusive of reserves

(3) Prior to inventory net realizable value adjustments and reversals

Au Production (koz)(1) 87

Cash Costs ($/oz) $753

AISC ($/oz) $947

Projected Mine Life (years) 10

Reserves (Moz)(2) 1.2

Au Grade (g/t) 0.67

Resources (Moz)(2) 1.3

Au Grade (g/t) 0.65

Mine Type Open Pit

El Chanate Mine

Insert MC

and

Hermisillo

El Chanate: Consistent Gold Production

9

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

Gold

Pro

ductio

n O

unces

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 65 - 75kozs

Industry competitive operating costs

All-in sustaining costs of $950-$1,050/oz.

2015 capital decrease of up to 33%

Key exploration focus

(1) Net of by-product credits assuming $3.00/lb Cu

(2) Gold equivalent ounces calculated using long term consensus pricing of $1,304/oz Au and $3.08/lb Cu

Permitting application process

underway

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

10 (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

Lynn Lake: High Grade Open Pit Project

11

Project Overview(6)

Mine Type Open Pit

Au Grade (g/t)(4) 2.2

Au M&I (Moz)(4) 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

(6) Refer to endnote #6

(4) Refer to endnote #4

0

50,000

100,000

150,000

200,000

250,000

1 2 3 4 5 6 7 8 9 10 11 12

Gold

ounces p

er

year

Life of Mine (years)

Annual Life of Mine Production(6)

Merger of Equals with Alamos Gold

12

• High quality, diversified gold production from three North American mines

• Leading intermediate gold producer with a robust growth profile and diversified asset

base

• Enhanced capital markets attractiveness

• Increased trading liquidity

• Strong combined balance sheet with increased financial flexibility

• Superior cash flow growth profile

• Significant synergies

• Significant unlocked value in Kemess project

• Diversified royalty revenues

• Strong management team

• Extensive portfolio of low cost development stage assets in safe jurisdictions that

can be advanced in a disciplined manner

• Combination of two complementary and highly experienced teams

• Significant open pit, heap leach and underground mining expertise

Diversified

production

Leading growth

profile

Significant re-rating

potential

Strong financial

position

Complementary

management teams

Exposure to

SpinCo

Combined annual production potential > 700k oz

Diversified Portfolio of Quality Assets

13

Producing Assets in Top Mining Jurisdictions

Strong Development Pipeline

Exploration

Young-Davidson (Canada): Flagship long-life underground gold mine

Mulatos (Mexico): Flagship open pit, heap leach operation

El Chanate (Mexico): Stable open pit, heap leach operation

Kirazlı, Ağı Dağı & Çamyurt (Turkey): Advanced stage, low cost, open

pit, heap leach development projects

Esperanza (Mexico): Low cost, open pit, heap leach project

Lynn Lake (Canada): Advanced high-grade open pit gold project

Quartz Mountain (USA): Advanced exploration project

Orion (Mexico): 50% ownership with Minera Frisco S.A. de C.V.

AuRico Metals

14

Ownership • MergeCo to own 4.9% of SpinCo

• Balance to be owned by Alamos and AuRico shareholders on a 50/50 basis

High-

Quality

Assets

• Kemess is a high-quality, copper-gold porphyry development project in B.C.

• Long-life and growing cash flow from Young-Davidson 1.5% NSR

• Royalties on two gold mines - Fosterville (2% NSR) and Stawell (1% NSR)

Investment

Highlights

• Creation of well-funded, cash flowing company with significant growth potential

• Potential to unlock significant value of Kemess and the royalties

• Complementary asset base as royalty income funds Kemess advancement

• Removes Kemess financing requirement from MergeCo

• Strong management team:

• Chris Richter, CEO; Robert Chausse, CFO; and Scott Perry, Executive Chairman

Balance

Sheet • US$20 million cash

Kemess Young-Davidson Fosterville Stawell

Appendix

Endnotes

16

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. Cash Costs and All-In

Sustaining 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 2015 operational estimates, including production, costs, and capital investments, please refer to the

press release dated February 19, 2015 titled AuRico Gold Announces 2015 Operational Outlook, which is 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. 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.