08 08-14-q2-2014-webcast-presentation

1. Q2 2014
Financial Results
Conference Call and Webcast
August 8, 2014
TSX: AUQ / NYSE: AUQ
www.auricogold.com

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. Scott Perry
President & CEO

4. Corporate Update
Strong safety performance
► Young-Davidson: 2MM man hours lost time incident
free
► El Chanate: 2.3MM man hours lost time incident free
Eighth consecutive quarter of company-wide
production growth
► Q3 well positioned to be the ninth quarter
Young-Davidson ramp-up exceeding expectations
► Increased capital investment guidance to $135M
► On track to generate positive free cash flow by end
of 2014
Declared $0.00375 per share dividend (20% of
operating cash flow)
► Dividend leveraged to growing cash flow stream
4

5. Eighth Quarter of Record Gold Production
37,213
41,145
46,170
48,003 48,903 49,526
54,214
56,198
10,000
20,000
30,000
40,000
50,000
60,000
Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14
GoldOuncesProduced
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 Produced3 46,170 48,003 48,903 49,526 54,214 56,198
Total Cash Costs per
oz.1,2,4
$635 $655 $628 $771 $870 $801
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 on October 31, 2013, cash costs are calculated on ounces 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, where applicable. See the Non-GAAP Measures section on page 18 of the Management’s Discussion and Analysis for the three and six months ended June 30, 2014.
3. Includes pre-production gold ounces from the Young-Davidson underground mine prior to the declaration of commercial production on October 31, 2013.
4. For the 2014, cash costs per gold ounce are calculated using gold ounces sold at the El Chanate and Young-Davidson mines. For 2013, cash costs per gold ounce are calculated using ounces sold at the El Chanate mine and ounces produced at
the Young-Davidson mine.
Record Quarter-Over-Quarter Production Growth
5

6. Young-Davidson Update
Underground mine productivity
► Q2 underground productivity of approx. 3,600 tpd
► 90% of year-end productivity target of 4,000 tpd
In-line underground unit mining costs
► $45/t in Q2/14, with accelerated paste-fill productivity
► Unit costs will decrease throughout the year with
increased productivity
Underground mine development advance
► Development exceeding plan: 3,600 metres (39 m/d)
Mill facility exceeding expectations
► Disciplined scale-up to higher productivity levels
► Daily run-rate increased to 8,000 tpd
Lower mine vertical development underway
► MCM shaft sinking 3 months ahead of schedule
► Lower mine provides access to 20 years of strategic
mine life 6

7. El Chanate Update
Open pit productivity
► Open pit productivity of 93,808 tpd
► Sequencing of lower grade benches
driven by lower contractor productivity
► Productivity returning to planned target
levels in Q4
Heap leach productivity
► Crushed and stacked 19,584 tpd
Significant potential to extend mine life
► New areas of mineralization identified
along trend below the open pit
► Fieldwork launched on the additional 15-
20 kms of land acquired northwest and
southeast of the pit
7

8. Rob Chausse
Chief Financial Officer

9. Quarter Ended Quarter Ended
(in thousands, except ounces, per share amounts, and average realized price) June 30, 2014 June 30, 2013
Revenue from mining operations $75,530 $57,660
Total gold ounces sold (excluding pre-production ounces) 58,277 41,540
Total gold ounces produced (excluding pre-production ounces) 56,198 38,186
Adjusted operating cash flow(1) $12,258 $18,691
Adjusted operating cash flow per share, basic(1) $ 0.05 $0.08
Net loss $(16,776) $(103,491)
Net loss per share, basic $(0.07) $(0.42)
Adjusted net (loss) / earnings(2) $(15,284) $6,122
Adjusted net (loss) / earnings per share, basic(2) $(0.06) $0.02
Average realized price per ounce $1,283 $1,369
1. See the table on slide 16 for a reconciliation of adjusted operating cash flow and refer to the discussion of Non-GAAP measures in the Company’s Q2 2014 Financial Results Press
Release.
2. See the table on slide 11 for a reconciliation of adjusted net earnings and refer to the discussion of Non-GAAP measures in the Company’s Q2 2014 Financial Results Press
Release.
Highlights
9

10. Highlights
(in thousands, except ounces and total cash costs) Young-Davidson El Chanate Q2 2014 Q2 2013
Gold ounces produced 40,166 16,032 56,198 38,186
Pre-production gold ounces produced - - - 9,817
Total gold ounces produced 40,166 16,032 56,198 48,003
Gold ounces sold 42,134 16,143 58,277 41,540
Pre-production gold ounces sold - - - 9,428
Total gold ounces sold 42,134 16,143 58,277 50,968
Cash costs per ounce, before
NRV(1),(2),(3) $871 $618 $801 $655
Revenue from mining operations(3)
$54,046 $21,484 $75,530 $57,660
1. Cash costs for the El Chanate mine and Young-Davidson mine are calculated on a per gold ounce basis, using by-product revenues as a cost credit.
2. For 2014, cash costs per gold ounce are calculated using gold ounces sold at the El Chanate and Young-Davidson mines. For 2013, cash costs per gold ounce are calculated using
gold ounces sold at the El Chanate mine and ounces produced at the Young-Davidson mine.
3. 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 on October 31,
2013, cash costs are calculated on ounces 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.
10

11. Adjusted Net Earnings Reconciliation
Quarter Ended Quarter Ended
June 30, 2014 June 30, 2013
Net loss per financial statements ($16,776) ($103,491)
Adjustments:
Deferred income tax (recovery) / expense related to foreign exchange (11,309) 11,852
Foreign exchange loss / (gain) 7,583 (8,741)
Net realizable value adjustments on inventory - 12,245
Impairment charges - 98,688
Gain on option component of convertible notes - (4,106)
Unrealized and realized (gains) / losses on investments (779) 204
Loss on retained interest royalty 4,815 -
Loss on convertible notes tender offer - -
Unrealized loss on contingent consideration - 4,060
Unrealized losses on derivative instruments - 793
Loss on corporate restructuring - -
Other (including tax effect of adjustments) 1,182 (5,382)
Adjusted net (loss) / earnings ($15,284) $6,122
Adjusted net (loss) / earnings, per share ($0.06) $0.02
(in thousands, except per share metrics)
11

12. (in thousands)
Young-
Davidson
El Chanate
Corporate
and Other
Q2 2014 Q2 2013
YTD
June 30,
2014
YTD
June 30,
2013
Site infrastructure $14,854 $886 $10 $15,750 $38,511 $33,725 $60,160
Underground
development
16,442 - - 16,442 17,642 44,302 42,232
Capital stripping - 3,509 - 3,509 13,424 9,598 24,158
Pre-production revenue
credits
- - - - (12,993) - (27,125)
$31,296 $4,395 $10 $35,701 $56,584 $87,625 $99,425
Capitalized borrowing
costs
- - - - 1,455 553 2,912
Exploration 185 1,265 3,965 5,415 2,235 8,550 3,441
Total capital
expenditures
$31,481 $5,660 $3,975 $41,116 $60,274 $96,728 $105,778
Capital Expenditures
12

13. Scott Perry
President & CEO

14. 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

15. Q&A

16. Adj. Operating Cash Flow Reconciliation
Quarter Ended Quarter Ended
June 30, 2014 June 30, 2013
Operating cash flow per financial statements $4,649 $13,875
Add back: Non-cash change in operating working capital 7,609 4,816
Operating cash flow (before changes in working
capital) $12,258 $18,691
Operating cash flow (before changes in working
capital), per share 0.05$ 0.08$
(in thousands, except per share metrics)
16