Transcript
Page 1: Toronto/NYC Marketing

Ready, Set, Go…

Marketing Presentation January 15-20, 2014

TSX: AUQ / NYSE: AUQ

www.auricogold.com

Page 2: Toronto/NYC Marketing

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.

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Page 3: Toronto/NYC Marketing

Positioned For Value Creation

3 3

► Politically-friendly jurisdiction

► Two core high-quality mining assets

► 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 (regular dividends)

Page 4: Toronto/NYC Marketing

Quality North American Asset Base

Stawell Fosterville El Cubo

$1,319

$1,895

2011 gold price range

El Chanate Young-Davidson Ocampo

Monetized high-cost, non-core assets for proceeds of $1 Billion (2012)(1)

Streamlined Asset Base on the Lower End of the Industry Cost Curve

Source: 2011 Brook Hunt Data

Cas

h co

st c

urve

(US$

/oz)

Percentile of total gold production

Current Assets Divested Assets

4 (1) Refer to endnote #1.

Page 5: Toronto/NYC Marketing

Robust Financial Position

Cash & Eq. $140M

Undrawn Debt

Facility $150M

5 Fully Funded, Shareholder Value Creation Business Model

$290M in Liquidity (as of September 30, 2013)

Share Buyback $300M

Dividends $29.6M

$329.6M Returned to Shareholders (as of October 31, 2013)

Page 6: Toronto/NYC Marketing

Disciplined Growth Drives Shareholder Value

6

Solid quarter over quarter production growth (6) Refer to endnote #6.

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

55,000

Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13

Gol

d O

unce

s Pr

oduc

ed

Company-Wide Production Growth(6)

Young-Davidson El Chanate

Page 7: Toronto/NYC Marketing

Delivering Reliable and Sustainable Growth

7

Q1 Q2 Q3 Q4 Year-end Dec. 31/13

2013 Guidance

Young-Davidson

Gold Ounces Produced3 28,281 29,252 30,099 33,106 120,738 120,000-140,000

Underground Cash Costs per oz. - - - $663 $663 -

Open Pit Cash Costs per oz. $694 $716 $666 $983 $757 -

Total Cash Costs per oz.1,2 $694 $716 $666 $850 $744 $575-$675

El Chanate Gold Ounces Produced 17,889 18,751 18,804 16,420 71,864 70,000-80,000

Total Cash Costs per oz.2 $563 $602 $588 $615 $592 $550-$600

Consolidated Results Gold Ounces Produced3 46,170 48,003 48,903 49,526 192,601 190,000-220,000

Total Cash Costs per oz.1,2 $635 $655 $628 $766 $676 $565-$645 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 are prior to inventory net realizable value adjustments & reversals, and are estimates only and subject to change. See the Non-GAAP Measures section on page 20 of the Management’s Discussion and Analysis for the nine months ended September 30, 2013. Underground cash costs per ounce and open pit cash costs per ounce do not have a standardized meaning prescribed by International Financial Reporting Standards (“IFRS” or “GAAP”). They are therefore considered to be non-GAAP measures and may not be comparable to similar measures presented by other companies. Underground cash costs per ounce and open pit cash costs per ounce are determined by allocating production and refining costs to the underground and open pit tonnes mined and processed, and then dividing by the relevant ounces produced.

3. Includes pre-production gold ounces from the Young-Davidson underground mine prior to the declaration of commercial production in the underground mine on October 31, 2013.

► Sixth consecutive quarter of company-wide production growth

► Well positioned for continued company-wide production growth

Page 8: Toronto/NYC Marketing

Young-Davidson Gold Mine

Stable and Growing Production Profile(6)

8 (6) Refer to endnote #6.

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13

Gol

d O

unce

s Pr

oduc

ed

Page 9: Toronto/NYC Marketing

Open Pit

NG Shaft

MCM Shaft

9890L

9590L

9400L

9200L

8900L

Mid-Shaft Loading Pocket

MCM shaft operational

April/13

Young-Davidson Mine

► U/G unit costs: approx. $39/t (Nov/Dec)

► 2014 mine plan is 75% laterally accessed & 100% vertically accessed

► Low-cost producer & strong year-over-year production growth profile

► Long mine life: further expansion as reserves increase

► Highly productive, wide zones

Q4 2013 2013 2013E(4)

Production (gold ounces)(6) 33,106 120,738 120,000-140,000

Underground Cash Costs per oz. $663 $663

Open Pit Cash Costs per oz. $983 $757

Cash Costs (per gold ounce)(2)(3) $850 $744 $575-$675

P&P Reserves (oz.)(5) 3.8 million

M&I Resources (oz.)(5) 0.9 million

Inferred Resources (oz.)(5) 1.3 million

(2) Refer to endnote #2. (5) Refer to endnote #5. (3) Refer to endnote #3. (6) Refer to endnote #6. (4) Refer to endnote #4. 9

Page 10: Toronto/NYC Marketing

Young-Davidson Productivity

10

Young-Davidson ramping-up to be one of largest gold mines in the Abitibi

-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

2012 2013 2014E

Gol

d O

z.

Annual Production Growth(6)

-

500

1,000

1,500

2,000

2,500

3,000

Q1 Q2 Q3 Q4

Tonn

es p

er D

ay

Underground Productivity Growth(6)

Young-Davidson Milestones

U/G commercial production declared Oct. 31/13

U/G productivity (Q4) (Year-End target: 2,000 tpd) 2,590 tpd

U/G unit mining costs (target sub-$45/t) $39/t (Nov/Dec)

Mill facility productivity (Q4) (nameplate 6,000 tpd) 6,969 tpd

Commissioned paste backfill plant Dec. 31/13

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

2014 2015 2016 2017

Tonn

es p

er D

ay

Underground Mine Ramp-up (Year-End Productivity Targets)

(6) Refer to endnote #6.

Page 11: Toronto/NYC Marketing

El Chanate Gold Mine

► High exploration potential for expansion of existing resources

► Northwest extension targets

► Southeast extension targets

Consistent, Stable Production

2012 2013 2013E(4)

Production (gold ounces)(6) 71,145 71,864 70,000-80,000

Cash Costs (per gold ounce)(2)(3) $434 $592 $550-$600

P&P Reserves (oz.)(5) 1.2 million

(2) Refer to endnote #2. (4) Refer to endnote #4. (6) Refer to endnote #6. (3) Refer to endnote #3. (5) Refer to endnote #5. 11

40,000

45,000

50,000

55,000

60,000

65,000

70,000

75,000

2011 2012 2013 2014E

Gol

d Pr

oduc

tion

Oz.

Stable Annual Gold Production

Page 12: Toronto/NYC Marketing

New High Grade Mineralization

12

In-Pit Drilling(5) 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(5) Hole ID Length (m) Grade Au g/t

CHCI-769 37.5 0.94 CHCI-800 28.5 0.67

Rono(5) 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(5) 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

(5) Refer to endnote #5.

Page 13: Toronto/NYC Marketing

Kemess Underground

► Brownfields site with surface infrastructure (incl. mill, power and old pit for tailings storage)

► Gold Eq. reserves: 2.6M ounces(5)

► Underground block cave mine producing 560M lbs Cu and 1.3M oz Au LOM

► Feasibility study (Mar. ‘13) base case at $1,300 Au, $3 Cu and Fx of C$1:US$1

► $450M initial capex, $14.56/t unit costs

► Cash costs of $213/oz Au net of Cu credits

► Ongoing optimization work shows potential for >$225M NAV and 12.5% IRR

► Permitting in progress and IMA signed with First Nations

► Significant leverage to higher metal prices (5) Refer to endnote #5. 13

Existing infrastructure: Mill facilities and previously permitted tailings storage

Copper/gold porphyry deposit located in British Columbia, Canada

Value Surfacing Opportunity

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

Cop

per P

rodu

ctio

n (m

illio

ns o

f pou

nds)

Gol

d Pr

oduc

tion

(oun

ces)

Kemess Underground Production Profile(5)

Gold (ounces) Copper (as Au equivalent ounces) Copper (millions of lbs)

Page 14: Toronto/NYC Marketing

Production and Cash Flow Growth

Growing production profile(4)(8)

Decreasing capital expenditures and growing free cash flow stream(9)

(4) Refer to endnote #4. (9) Refer to endnote #9. (8) Refer to endnote #8. 14

($400)

($300)

($200)

($100)

$0

$100

$200

2012A 2013E 2014E 2015E

US$

(m

illio

ns)

Capex FCF $1,400 AuFCF $1,600 Au FCF $1,300 AuFCF $1,500 Au FCF $1,200 Au

0

50,000

100,000

150,000

200,000

250,000

300,000

2012A 2013A 2014E 2015E

Gol

d O

unce

s Pr

oduc

ed

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Accretive Growth Per Share

(4) Refer to endnote #4. (9) Refer to endnote #9. (11) Refer to endnote #11. (5) Refer to endnote #5. (10) Refer to endnote #10. (12) Refer to endnote #12.

8.8

15.5 18.2

24.1

27.7

Apr. 2011 Oct. 2011 YE 2011 YE 2012 Current

2P Reserves per 1,000 Shares (oz.)(5)(10)(11)

15

$0.14

$0.29

$0.42

$0.52

2012A 2013E 2014E 2015E

Operating Cash Flow per Share(10)(12)

0.2

0.5

0.8

0.9

1.1

2011A 2012A 2013A 2014E 2015E

Gold Production per 1,000 Shares (oz.)(4)(10)(11)(12)

($1.31)

($0.61)

$0.12 $0.32

2012A 2013E 2014E 2015E

Free Cash Flow per Share(4)(9)(10)

Page 16: Toronto/NYC Marketing

Positioned For Value Creation

16 16

► Politically-friendly jurisdiction

► Two core high-quality mining assets

► 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 (regular dividends)

Page 17: Toronto/NYC Marketing

Appendix

Page 18: Toronto/NYC Marketing

AuRico Institutional Shareholders

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AuRico Gold, Inc. (AUQ_TSE) Institutional Ownership (Jan 14/14)

Institution Name Shares (AUQ_TSE) % S/O Style City Van Eck Associates Corporation 21,108,959 8.54 Growth New York Wellington Management Company, LLP 20,743,684 8.39 Value Boston Donald Smith & Company, Inc. 20,255,247 8.20 Value New York River Road Asset Management, LLC 9,239,622 3.74 Value Louisville USAA Asset Management Company 7,297,057 2.95 Specialty San Antonio Heartland Advisors, Inc. 6,026,703 2.44 Value Milwaukee Artisan Partners, L.P. 5,552,303 2.25 Growth Milwaukee Fiera Capital Corporation (Asset Management) 4,706,930 1.90 Value Montreal Geologic Resource Partners, LLC 4,484,100 1.81 Alternative Boston Opus Capital Management, Inc. 4,195,496 1.70 Value Cincinnati Columbia Management Investment Advisers, LLC 4,123,130 1.67 Value Boston Sun Valley Gold, LLC (U.S.) 3,493,185 1.41 Alternative Ketchum OppenheimerFunds, Inc. 2,900,000 1.17 Growth New York Wells Capital Management, Inc. 2,593,433 1.05 Aggressive Growth San Francisco CPP Investment Board 2,579,212 1.04 Index Toronto PSP Investments 2,141,809 0.87 Value Montreal BlackRock Asset Management Canada, LTD 2,101,586 0.85 Index Toronto Global X Management Company, LLC 2,098,312 0.85 Index New York Eagle Boston Investment Management, Inc. 1,719,709 0.70 Value Boston Federated Global Investment Management 1,595,175 0.65 Aggressive Growth New York Intrepid Capital Management, Inc. 1,566,090 0.63 Value Jacksonville Beach TD Asset Management, Inc. 1,561,733 0.63 Growth Toronto Deutsche Bank Trust Company Americas 1,489,341 0.60 Value New York UOB Asset Management, LTD (Singapore) 1,386,800 0.56 Growth Singapore Oxford Asset Management, LLP 1,307,824 0.53 Alternative Oxford

Page 19: Toronto/NYC Marketing

Executive Team .

19

Scott Perry, President & Chief Executive Officer Scott Perry has held increasingly senior financial positions in the mining industry over the past 14 years. Most recently, he was AuRico's Chief Financial Officer for over four years. Prior to joining AuRico, he was Chief Financial Officer (seconded from Barrick Gold Corporation) for Highland Gold Mining Ltd., where he managed the Company's financial reporting and compliance commitments, as well as the execution of its short and long-term financial and operational strategies. Scott also led Highland Gold's business and corporate development initiatives. Before being seconded to Highland Gold, Scott held increasingly senior financial roles with Barrick in Australia, the United States, and in Russia, Central Asia where he was instrumental in establishing Barrick's presence in Russia and assembling a strong financial team. Scott holds a Bachelor of Commerce degree from Curtin University, a post-graduate diploma in applied finance and investment as well as a CPA designation.

Peter MacPhail, P. Eng., Executive Vice President & Chief Operating Officer Peter MacPhail joined the AuRico team through the Northgate transaction, where he was Chief Operating Officer for eight years. Peter holds over 25 years of solid operational experience in both Canada and Australia. While at Northgate, Peter had overall operations management responsibility for the Kemess, Fosterville and Stawell mines, as well as the Young-Davidson mine project. Prior to joining Northgate, Peter held increasingly senior roles at Noranda, Teck, Homestake and Barrick. Peter holds a BASc degree in Mineral Engineering (1985) from the University of Toronto, and is a licensed professional engineer in Ontario

Robert Chausse, Executive Vice President & Chief Financial Officer Robert Chausse brings with him more than 19 years of international finance and mining experience. Most recently he was the Vice President of Finance, Operations and Projects for Kinross Gold Corporation, a position he held since 2009. Prior to that, Mr. Chausse was Chief Financial Officer for Baffinland Iron Mines Corporation from 2006 to 2009 and held increasingly senior positions with Barrick Gold from 1998 to 2006. Robert received his Chartered Accountant designation in 1990.

Trent Mell, Executive Vice President, Corporate Affairs Trent Mell joined the Company in August 2012, with over 12 years of diversified experience in the mining sector. Trent began his mining career as a securities and M&A lawyer at Stikeman Elliott, one of Canada’s leading law firms. Prior to joining AuRico, he held increasingly senior roles at the corporate head offices of Barrick Gold, Sherritt International and North American Palladium. His responsibilities over that period included oversight of the legal, government relations, human resources, and corporate development functions. Trent has led a number of deals, including equity and debt financings, M&A, joint ventures and other mining transactions. He has also had significant involvement in development projects, regional exploration initiatives and investor relations. Trent holds a B.A., B.C.L. (with distinction) and LL.B (with distinction) from McGill University, a LL.M from Osgoode Hall and a joint MBA from the Kellogg School of Management and the Schulich School of Business. He has also published papers on National Instrument 43-101 and has been a guest lecturer on mining topics.

Page 20: Toronto/NYC Marketing

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. 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 fourth quarter/year end cash costs are prior to inventory net realizable value adjustments & reversals, and are estimates only and subject to change.

3. 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. Gold ounces include ounces sold at the El Chanate mine and ounces produced at the Young-Davidson mine. 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 fourth quarter/year end cash costs are prior to inventory net realizable value adjustments & reversals, and are estimates only and subject to change.

4. For more information regarding AuRico Gold’s 2013 operational estimates, including production, costs, and capital investments, please refer to the press release dated March 25, 2013 titled AuRico Reports Fourth Quarter and Annual Financial Results available on the Company website at www.auricogold.com.

5. 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.

6. 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.

7. The illustrative yield assumes the share price as of January 10, 2014. Figures for 2014-2016 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.

8. Figures for 2012 include continuing operations only. Figures for 2013 are based on 2013 preliminary operational results released January 14, 2014 . Figures for 2014 and 2015 are based on consensus data only. Consensus data is as of January 13, 2014.

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 is before changes in working capital. Consensus data is as of January 13, 2014.

10. 2013 to 2015 per share numbers are based on the number of shares outstanding as of January 2014, subsequent to the completion of a $300M Substantial Issuer Bid.

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 2013-2015 are based on consensus data as of January 13, 2014. 2013 preliminary operational results released on January 14, 2014 are applied for 2013 Gold Production per 1,000 Shares.

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Page 21: Toronto/NYC Marketing

Analyst Coverage

Analyst Coverage

1. BMO Nesbitt Burns

2. Canaccord Genuity

3. CIBC

4. Credit Suisse

5. Cowen Securities

6. Desjardins Securities

7. Dundee Securities

8. GMP Securities

9. Mackie Research

10. Macquarie Securities

11. Merrill Lynch

12. Raymond James

13. RBC Capital Markets

14. Scotiabank

15. TD Securities

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Page 22: Toronto/NYC Marketing

2013 Operational Estimates

(4) Refer to endnote #4.

2013 Operational Estimates (March 25, 2013)(4) Gold Production (ounces)

Young-Davidson 120,000-140,000 El Chanate 70,000-80,000

Total Production 190,000-220,000 Cash Costs per Ounce

Young-Davidson $575-$675 El Chanate $550-$600

Total Cash Costs per Ounce $565-$645 All-in Sustaining Cash Costs

Young-Davidson $1,250-$1,350 El Chanate $900-$1,000

Total All-in Sustaining Cash Costs per Ounce $1,100-$1,200 Capital Investment Program (US$000’s)

Young-Davidson Non-recurring Growth Capital

Paste Backfill Plant $45,000-$50,000 Shaft and Mid-Shaft Loading and Crushing Facility $25,000-$30,000 Open Pit Mine Development $6,000-$8,000

Sustaining Capital $59,000-$62,000 Total Capital Investment – Young-Davidson $135,000-$150,000 El Chanate

Non-recurring Growth Capital Southeast Open Pit Expansion $20,000-$25,000 Heap Leach Expansion $2,000-$3,000

Sustaining Capital $8,000-$12,000 Total Capital Investment – El Chanate $30,000-$40,000 Total Capital Investment $165,000-$190,000 Depletion and Amortization (US$ per ounce)

Young-Davidson $300-$310 El Chanate $245-$255

Total Depletion and Amortization $280-$290 Exploration (US$000’s)

Young-Davidson Up to $3,500 El Chanate Up to $3,500 Other Properties Up to $8,000

Total Exploration Up to $15,000 General and Administrative (US$000’s)

Corporate G&A $25,000 22

Page 23: Toronto/NYC Marketing

All-in Sustaining Cash Cost Allocation

Cash Costs

Sustaining

Exploration

Corporate G&A

2013 All-in Sustaining Cash Costs $1,100-$1,200 per ounce

Labour 57%

Power 6%

Diesel 9%

Consumables 19%

Materials/ Mtc 9%

Cost Allocation

(Includes contract labour)

All-in Sustaining Cash Costs

• Provides increased transparency

• More representative of actual cost of production

• Removes influence of accounting treatments

• Can be reconciled to FCF

23

Page 24: Toronto/NYC Marketing

Sustainable Dividend Policy

24

► Peer-leading, sustainable dividend

► 20% of OCF beginning in 2014

► Encourages financial discipline

► Linked to changes in business profitability

► Includes a Dividend Reinvestment Plan (“DRIP”)

Illustrative Yield per Street Consensus Operating Cash Flow per Share(7)(10)

Initial dividend of $0.16/per share

(7) Refer to endnote #7. (10) Refer to endnote #10.

Payout ratio: 20% OCF

4.1%

1.8% 2.5% 2.9%

2013 2014E 2015E 2016E

Page 25: Toronto/NYC Marketing

Proven and Probable Reserves

Proven Reserves Probable Reserves

Tonnes (000's)

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

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Page 26: Toronto/NYC Marketing

Measured and Indicated Resources

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

Measured Resources Indicated Resources

Tonnes (000's)

Gold (g/t)

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

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Page 27: Toronto/NYC Marketing

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

Orion (50%) Tonnes (000's)

Silver (g/t)

Silver Oz. (000's)

Indicated Resources 554 309 5,503

Inferred Resources 91 95 275 27

Page 28: Toronto/NYC Marketing

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 $13.00 NSR

Orion - - - $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.

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