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. Such factors include: 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 and El Chanate mine may not perform as planned; changes
in laws or regulations in Canada, Mexico and other jurisdictions in which the Company may carry on business; risks of obtaining necessary licenses, permits,
authorizations or approvals for operations or projects such as Kemess; contests 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; any decision to declare dividends; 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 holding derivative
instruments; risks arising from the absence of hedging; adequacy of internal control over financial reporting; changes in our 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; production levels, development rates and the costs for each; our ability to procure equipment and supplies in sufficient quantities and on a timely
basis; the timing of the receipt of permits and other approvals for our projects and operations; our ability to attract and retain skilled employees and contractors
for our operations; the accuracy of our reserve and resource estimates; the impact of changes in currency exchange rates on our costs and results; interest
rates; taxation; and our ongoing relations with our 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. 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. Capital Markets Profile
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. National Bank
13. Raymond James
14. RBC Capital Markets
15. Scotia Capital
16. TD Securities
17. UBS
Capital Structure
Cash on hand(1) ~US$300M
Available Credit Facility(1) US$150M
Fully diluted shares
outstanding(1) 257.3M
Market Capitalization $1.6B
NYSE & TSX 3-month avg.
daily trading volume
4.4M
3(1) Refer to endnote #1.
4. A High Quality, Low Cost Asset Base
Stawell
Fosterville El Cubo
$1319
$1895
2011 gold price
range
Current asset
Divested asset
El Chanate
Young-Davidson Ocampo
“We have significantly traded up on the overall quality of the asset base which positions
AuRico well for reliable, consistent, and sustainable performance.”
4
Streamlined Asset Base on the Lower End of the 2011 Industry Cost Curve
Percentile of total paid gold
Cashcostcurve(US$/oz)
Source: 2011 Data
5. The Transformed AuRico
• High quality operations located in North America
• Divested Non-Core Assets ($1.0B+)
• Cash costs at lower end of industry cost curve
• Long mine lives & growing reserves per share
Quality Assets
• Strong organic production growth profile
• Focused on quality, low-cost ounces
• Growing production per share
Organic Growth Profile
• Cash balance of ~US$300M(1)
• Undrawn debt facility of US$150M(1)
• Growing profitability and cash flow per share
Peer-Leading Balance
Sheet
• Completed US$300M substantial issuer bid
• Launched peer-leading dividend policy
• Growing dividend per share
• Insider buying
Shareholder Friendly
Initiatives
Delivering Reliable, Consistent, Sustainable Performance
5(1) Refer to endnote #1.
6. Kemess
Young-Davidson
El Chanate
Orion
High Quality Asset Base
Young-Davidson, Canada 2012A 2013E(3)
Production Au oz.(5) 56,138 120-140k
Cash Costs per Au oz.(2) $708 $575-$675
All-in Cash Costs per Au oz.(8) - $1,250-$1,350
2012 Reserves and Resources (000’s oz. Au)
Proven and Probable Reserves 3,804 2.60 Au g/t(4)
Measured and Indicated Resources 855 2.71 Au g/t(4)
Inferred Resources 1,260 2.80 Au g/t(4)
El Chanate, Mexico 2012A 2013E(3)
Production Au oz. 71,145 70-80k
Cash Costs per Au oz.(2) $434 $550-$600
All-in Cash Costs per Au oz.(8) - $900-$1,000
2012 Reserves and Resources (000’s oz. Au)
Proven and Probable Reserves 1,204 0.67 Au g/t(4)
Measured and Indicated Resources 41 0.37 Au g/t(4)
Inferred Resources 6 0.48 Au g/t(4)
A Pure Gold Producer Focused on Quality Assets in North America
6
(2) Refer to endnote #2. (4) Refer to endnote #4. (8) Refer to endnote #8.
(3) Refer to endnote #3. (5) Refer to endnote #5.
Exploration & Development Projects
Operating Gold Mines
7. YD Historic
Mine Workings
Open Pit
Ramp Portal
10350L
NG Shaft MCM Shaft
9890L
9590L
9400L
9200L
8900L
MCM Historic
Mine Workings
Young-Davidson Mine
• Low cost producer & strong
production growth profile
• Long mine life: Opportunity for
expansion as reserves
increase
• Underground production
commenced Oct./12
• Mill exceeding design capacity
• Hoisting ore targeted during
Q3 2013
• Exploration focus on YD West
Zone; orebody open at depth
UBZ Zone
Mid-Shaft
Loading
Pocket
YD West
Zone
2012A 2013E(3)
Production (gold ounces)(5) 56,138 120,000-140,000
Cash Costs (per gold ounce)(2) $708 $575-$675
All-in Cash Costs (per gold ounce)(8) - $1,250-$1,350
P&P Reserves (oz.)(4) 3.8 million
Resources (oz.)(4) 900,000
Mine Life (reserves only) 16 years
7
(2) Refer to endnote #2. (5) Refer to endnote #5.
(3) Refer to endnote #3. (8) Refer to endnote #8.
(4) Refer to endnote #4.
8. Young-Davidson Life of Mine
8
Significant Mine Life: Opportunity for Expansion as Reserves Increase
Life of Mine profile depicts Proven & Probable Reserves only
9. El Chanate Mine
• Cash costs at lower end of industry cost
curve
• Target mining rates of ~100k tpd
• Accelerated pre-development program
complete in mid-2013
• High exploration potential for expansion of
existing reserves
Delivering Consistent, Stable Results; Lowest Quartile Cash Costs
2012A 2013E(3)
Production (gold ounces) 71,145 70,000-80,000
Cash Costs (per gold ounce)(2) $434 $550-$600
All-in Cash Costs (per gold ounce)(8) - $900-$1,000
P&P Reserves (oz.) 1.2 million
Mine Life (reserves only) 7 years
9
24,610
37,625
64,781
95,856
2009 2010 2011 2012
Open Pit Tonnes Per Day
(2) Refer to endnote #2. (8) Refer to endnote #8.
(3) Refer to endnote #3.
47,823
61,550 67,092 71,145
2009 2010 2011 2012
Annual Production
10. New Mineralization at El Chanate(4)
Hole 741
(view looking south)El Chanate Mine (looking south)
North West Zone
Hole ID From (m) To (m) Length (m) Au g/t
CHCI-731
183.0 192.0 9.0 0.31
210.0 217.5 7.5 0.26
CHCI-732 55.5 82.5 27.0 0.45
CHCI-733 24.0 34.5 10.5 0.91
CHCI-734 133.5 141.0 7.5 1.51
CHCI-735 97.5 103.5 6.0 2.07
CHCI-749 7.5 21.0 13.5 0.19
Rono
Hole ID From (m) To (m) Length (m) Au g/t
CHCI-740 76.5 135.0 58.5 0.27
CHCI-741 114.0 166.5 52.5 0.34
Loma Prieta
Hole ID From (m) To (m) Length (m) Au g/t
CHCI-705 46.5 54.0 7.5 0.92
CHCI-716 52.5 64.5 12.0 8.35
CHCI-717
58.5 66.0 7.5 3.60
88.5 93.0 4.5 6.52
CHCI-725 61.5 75.0 13.5 1.70
CHCI-727 48.0 54.0 6.0 4.52
CHCI-747 64.5 70.5 6.0 2.10
10(4) Refer to endnote #4.
11. Kemess Underground
Kemess, Canada - Gold
2012 Reserves and Resources (000’s oz Au)
Proven and Probable Reserves 1,805 0.56 Au g/t(4)
Measured and Indicated Resources 854 0.41 Au g/t(4)
Inferred Resources 125 0.39 Au g/t(4)
Kemess, Canada - Copper
2012 Reserves and Resources (000’s lbs Cu)
Probable Reserves 619,151 0.28%(4)
Indicated Resources 346,546 0.24%(4)
Inferred Resources 46,101 0.21%(4)
• Copper/gold porphyry deposit
• Located in British Columbia, Canada
• Feasibility Study completed
• Underground block cave operation
• 105k oz Au and 44M lbs Cu annually
• Cash costs of $213 per gold ounce (net of
by-product credits)
• Approx. 12 year mine life
• Significant leverage to higher metal prices
• Existing infrastructure:
• Mill facilities, and previously
permitted tailings storage
• Value surfacing opportunity
11(4) Refer to endnote #4.
12. Orion Joint Venture
• 50/50 Joint Venture partnership
• AuRico and Minera Frisco
• $2.0M (10,000m) combined
exploration program (2013)
• 110,000 hectare land package (Nayarit
State, Mexico)
• Historic mining district
• Low sulfidation, high-grade, epithermal
vein system mapped over 12km
• Less than 3% of property has been drill
tested
• Minimal exploration near surface and
untested at depth
• Value surfacing opportunity
Orion, Mexico - Gold (50%)
2012 Resources (000’s oz. Au)
Measured and Indicated Resources 65 3.36 Au g/t(4)
Inferred Resources 10 3.33 Au g/t(4)
12(4) Refer to endnote #4.
Orion, Mexico – Silver (50%)
2012 Resources (000’s oz. Ag)
Indicated Resources 5,503 309 Ag g/t(4)
Inferred Resources 275 95 Ag g/t(4)
13. Free Cash Generating Capacity
Increasing production profile(7)
Robust cash flow profile driven by long life mines, production growth and decreasing capital expenditure profile(7)
(7) Refer to endnote #7. 13
$300
$400
$500
$600
$700
0
100
200
300
400
2012A 2013E 2014E 2015E
Cashcostsperounce
Ounces(000’s)
Production Cash Costs
($450)
($350)
($250)
($150)
($50)
$50
$150
$250
2012A 2013E 2014E 2015E
US$(000's)
Consolidated Capex FCF
14. • 2013: Equivalent annual dividend of $0.16 per common share (payable quarterly)
• First quarterly dividend declared on March 25, 2013
• Board decision to use current strong cash position reflects confidence in growing cash flow stream
starting in 2014
• 2014: 20% payout ratio of operating cash flow (“OCF”) generated in the preceding quarter,
divided by outstanding common shares at time of approval
• Peer-leading yield with opportunity to increase
• Increased shareholder exposure through recent US$300M share buyback
Dividend Policy
14
Illustrative Yield per Street Consensus Operating Cash Flow per Share(6)
2.6% 2.4%
3.0%
3.5%
2013A 2014E 2015E 2016E
Payout ratio: 20% OCF
Initial dividend of
$0.16/per share
(6) Refer to endnote #6.
15. Accretive Growth Per Share
15
(4) Refer to endnote #4.
(7) Refer to endnote #7.
$0.05
$0.64
$0.91 $0.92
2012A 2013E 2014E 2015E
Operating Cash Flow per Share (US$)(7)
($0.34)
$0.36
$0.50
$0.57
2012A 2013E 2014E 2015E
Earnings per Share (US$)(7)
($1.31) ($0.12)
$0.39
$0.66
2012A 2013E 2014E 2015E
Free Cash Flow per Share (US$)(7)
8.8
15.5
18.2
24.1
27.7
Apr. 2011
(Post CGC
Acquisition)
Oct. 2011
(Post NGX
Acquisition)
YE 2011 YE 2012 Current
(Apr. 2013)
Proven & Probable Reserves per 1,000
Shares (oz.)(4)
10.1
20.8
36.7
35.5
40.7
Apr. 2011
(Post CGC
Acquisition)
Oct. 2011
(Post NGX
Acquisition)
YE 2011 YE 2012 Current
(Apr. 2013)
All-in Resources per 1,000 Shares (oz.)(4)Gold Production per 1,000 Shares (oz.)(7)
0.2
0.5
0.8
1.0
1.1
2011A 2012A 2013E 2014E 2015E
16. The Transformed AuRico
• High quality operations located in North America
• Divested Non-Core Assets ($1.0B+)
• Cash costs at lower end of industry cost curve
• Long mine lives & growing reserves per share
Quality Assets
• Strong organic production growth profile
• Focused on quality, low-cost ounces
• Growing production per share
Organic Growth Profile
• Cash balance of ~US$300M(1)
• Undrawn debt facility of US$150M(1)
• Growing profitability and cash flow per share
Peer-Leading Balance
Sheet
• Completed US$300M substantial issuer bid
• Launched peer-leading dividend policy
• Growing dividend per share
• Insider buying
Shareholder Friendly
Initiatives
Delivering Reliable, Consistent, Sustainable Performance
16(1) Refer to endnote #1.
17. Endnotes
1. Company cash on hand as of December 31, 2012 and fully diluted shares (excluding convertible debentures) as of February 28, 2013, have been
adjusted for the completion of a US$300M Substantial Issuer Bid. For more information on the Substantial Issuer Bid, please refer to the press release
dated January 29, 2013, available on the Company website at www.auricogold.com. AuRico Gold established a $150M credit facility January 29, 2013.
2. Cash costs for the Young-Davidson and El Chanate mines are calculated on a per gold ounce basis, using by-product revenues as a cost credit. Cash
costs for the Young-Davidson mine are attributable to commercial production ounces only, all underground costs are capitalized, and any revenue related
to underground ounces sold is credited against capital. Cash cost per ounce is a non-GAAP performance measure management uses to better assess
the Company’s performance for the current period and its expected performance in the future. This non-GAAP measure does not have any standardized
meaning prescribed by GAAP, and should not be considered in isolation from or as a substitute for performance measures prepared in accordance with
GAAP. For more information regarding this measure, please refer to the press release dated March 25, 2013 titled AuRico Reports Fourth Quarter and
Annual Financial Results, under the heading “Non-GAAP Measures”, available on the Company website at www.auricogold.com.
3. 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.
4. Reserves and resources for Young-Davidson and El Chanate mines, Kemess Underground Project, and Orion represent gold or gold equivalent 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.
5. Production figures include gold ounces only. 2012 production at the Young-Davidson mine includes pre-production ounces as well as ounces produced
subsequent to the declaration of commercial production on September 1, 2012.
6. The illustrative yield assumes the share price as of April 1, 2013. Figures for 2014-2016 are based on consensus data only and a US$1,600/oz gold
price. Consensus data is as of April 2, 2013. 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.
7. Figures include 2012 results for continuing operations only. Figures for 2013 include mid-point of 2013 operational estimates and consensus data.
Figures for 2014 and 2015 are based on consensus data only. Figures for 2013-2015 are based on a US$1,600/oz gold price assumption and shares
outstanding assumed to be constant at the January 31, 2013 level subsequent to the completion of a US$300M Substantial Issuer Bid. Consensus data
is as of April 2, 2013. AuRico Gold’s 2013 operational outlook is disclosed in 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.
8. The Company intends to provide all-in cash costs as a reported measure in 2013. All-in costs are defined as cash costs, sustaining capital, corporate
general and administrative expense and exploration expense. Cash costs for the Young-Davidson mine are attributable to commercial production ounces
only, all underground costs are capitalized, and any revenue related to underground ounces sold is credited against capital.
17
20. 2013 Operational Estimates(3)
20(3) Refer to endnote #3.
2013 Operational Estimates (March 25, 2013)
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 Cash Costs
Young-Davidson $1,250-$1,350
El Chanate $900-$1,000
Total All-in 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
21. All-in Costs & Cost Allocation
Cash Costs
Sustaining
Exploration
Corporate
G&A
2013 All-in Consolidated Costs
$1,100-$1,200 per ounce
Labour
57%
Power
6%
Diesel
9%
Consumables
19%
Materials/Mtc
9%
Cash Cost Allocation
(Includes contract
labour)
All-in Costs
• Provides increased transparency
• More representative of actual cost of production
• Removes influence of accounting treatments
• Can be reconciled to OCF
21
25. 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.
25
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.
