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Montreal Marketing
Montreal Marketing
Montreal Marketing
Montreal Marketing
Montreal Marketing
Montreal Marketing
Montreal Marketing
Montreal Marketing
Montreal Marketing
Montreal Marketing
Montreal Marketing
Montreal Marketing
Montreal Marketing
Montreal Marketing
Montreal Marketing
Montreal Marketing
Montreal Marketing
Montreal Marketing
Montreal Marketing
Montreal Marketing
Montreal Marketing
Montreal Marketing
Montreal Marketing
Montreal Marketing
Montreal Marketing
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Montreal Marketing

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Montreal Marketing

Montreal Marketing

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  • 1. Committed to ShareholderValue CreationMontreal MarketingApril 29, 2013 TSX: AUQ / NYSE: AUQwww.auricogold.com
  • 2. FORWARD LOOKING STATEMENTSThis 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 oroperating performance, such as the Company’s expansion plans, project timelines, production plans, projected cash flows or capital expenditures, costestimates, projected exploration results, reserve and resource estimates and other statements that express management’s expectations or estimates of futureperformance.Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by management, areinherently subject to significant uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from thoseprojected in the forward-looking statements. Such factors include: uncertainty of production and cost estimates; fluctuations in the price of gold and foreignexchange rates; the uncertainty of replacing depleted reserves; the risk that the Young-Davidson and El Chanate mine may not perform as planned; changesin 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 anddevelopment; risks related to aboriginal title claims; compliance risks with respect to current and future environmental regulations; disruptions affectingoperations; opportunities that may be pursued by the Company; employee relations; availability and costs of mining inputs and labor; the ability to securecapital to execute business plans; volatility of the Company’s share price; any decision to declare dividends; the effect of future financings; litigation; risk ofloss due to sabotage and civil disturbances; the values of assets and liabilities based on projected future cash flows; risks arising from holding derivativeinstruments; risks arising from the absence of hedging; adequacy of internal control over financial reporting; changes in our credit rating; and the impact ofinflation.Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements containedherein. Such statements are based on a number of assumptions which may prove to be incorrect, including assumptions about: business and economicconditions; commodity prices and the price of key inputs such as labour, fuel and electricity; credit market conditions and conditions in financial marketsgenerally; production levels, development rates and the costs for each; our ability to procure equipment and supplies in sufficient quantities and on a timelybasis; the timing of the receipt of permits and other approvals for our projects and operations; our ability to attract and retain skilled employees and contractorsfor our operations; the accuracy of our reserve and resource estimates; the impact of changes in currency exchange rates on our costs and results; interestrates; 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 orotherwise, except as required by applicable law.Cautionary Note to U.S. Investors Concerning Measured, Indicated and Inferred ResourcesThis presentation uses the terms "measured," "indicated" and "inferred” resources. We advise investors that while those terms are recognized and required byCanadian regulations, the United States Securities and Exchange Commission does not recognize them. Under Canadian rules, estimates of inferred mineralresources 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 measuredor 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 aninferred mineral resource exists, or is economically or legally mineable.2
  • 3. Capital Markets ProfileAnalyst Coverage1. BMO Nesbitt Burns2. Canaccord Genuity3. CIBC4. Credit Suisse5. Cowen Securities6. Desjardins Securities7. Dundee Securities8. GMP Securities9. Mackie Research10. Macquarie Securities11. Merrill Lynch12. National Bank13. Raymond James14. RBC Capital Markets15. Scotia Capital16. TD Securities17. UBSCapital StructureCash on hand(1) ~US$300MAvailable Credit Facility(1) US$150MFully diluted sharesoutstanding(1) 257.3MMarket Capitalization $1.6BNYSE & TSX 3-month avg.daily trading volume4.4M3(1) Refer to endnote #1.
  • 4. A High Quality, Low Cost Asset BaseStawellFosterville El Cubo$1319$18952011 gold pricerangeCurrent assetDivested assetEl ChanateYoung-Davidson Ocampo“We have significantly traded up on the overall quality of the asset base which positionsAuRico well for reliable, consistent, and sustainable performance.”4Streamlined Asset Base on the Lower End of the 2011 Industry Cost CurvePercentile of total paid goldCashcostcurve(US$/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 shareQuality Assets• Strong organic production growth profile• Focused on quality, low-cost ounces• Growing production per shareOrganic Growth Profile• Cash balance of ~US$300M(1)• Undrawn debt facility of US$150M(1)• Growing profitability and cash flow per sharePeer-Leading BalanceSheet• Completed US$300M substantial issuer bid• Launched peer-leading dividend policy• Growing dividend per share• Insider buyingShareholder FriendlyInitiativesDelivering Reliable, Consistent, Sustainable Performance5(1) Refer to endnote #1.
  • 6. KemessYoung-DavidsonEl ChanateOrionHigh Quality Asset BaseYoung-Davidson, Canada 2012A 2013E(3)Production Au oz.(5) 56,138 120-140kCash Costs per Au oz.(2) $708 $575-$675All-in Cash Costs per Au oz.(8) - $1,250-$1,3502012 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 70-80kCash Costs per Au oz.(2) $434 $550-$600All-in Cash Costs per Au oz.(8) - $900-$1,0002012 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 America6(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 ProjectsOperating Gold Mines
  • 7. YD HistoricMine WorkingsOpen PitRamp Portal10350LNG Shaft MCM Shaft9890L9590L9400L9200L8900LMCM HistoricMine WorkingsYoung-Davidson Mine• Low cost producer & strongproduction growth profile• Long mine life: Opportunity forexpansion as reservesincrease• Underground productioncommenced Oct./12• Mill exceeding design capacity• Hoisting ore targeted duringQ3 2013• Exploration focus on YD WestZone; orebody open at depthUBZ ZoneMid-ShaftLoadingPocketYD WestZone2012A 2013E(3)Production (gold ounces)(5) 56,138 120,000-140,000Cash Costs (per gold ounce)(2) $708 $575-$675All-in Cash Costs (per gold ounce)(8) - $1,250-$1,350P&P Reserves (oz.)(4) 3.8 millionResources (oz.)(4) 900,000Mine Life (reserves only) 16 years7(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 Mine8Significant Mine Life: Opportunity for Expansion as Reserves IncreaseLife of Mine profile depicts Proven & Probable Reserves only
  • 9. El Chanate Mine• Cash costs at lower end of industry costcurve• Target mining rates of ~100k tpd• Accelerated pre-development programcomplete in mid-2013• High exploration potential for expansion ofexisting reservesDelivering Consistent, Stable Results; Lowest Quartile Cash Costs2012A 2013E(3)Production (gold ounces) 71,145 70,000-80,000Cash Costs (per gold ounce)(2) $434 $550-$600All-in Cash Costs (per gold ounce)(8) - $900-$1,000P&P Reserves (oz.) 1.2 millionMine Life (reserves only) 7 years924,61037,62564,78195,8562009 2010 2011 2012Open Pit Tonnes Per Day(2) Refer to endnote #2. (8) Refer to endnote #8.(3) Refer to endnote #3.47,82361,550 67,092 71,1452009 2010 2011 2012Annual Production
  • 10. New Mineralization at El Chanate(4)Hole 741(view looking south)El Chanate Mine (looking south)North West ZoneHole ID From (m) To (m) Length (m) Au g/tCHCI-731183.0 192.0 9.0 0.31210.0 217.5 7.5 0.26CHCI-732 55.5 82.5 27.0 0.45CHCI-733 24.0 34.5 10.5 0.91CHCI-734 133.5 141.0 7.5 1.51CHCI-735 97.5 103.5 6.0 2.07CHCI-749 7.5 21.0 13.5 0.19RonoHole ID From (m) To (m) Length (m) Au g/tCHCI-740 76.5 135.0 58.5 0.27CHCI-741 114.0 166.5 52.5 0.34Loma PrietaHole ID From (m) To (m) Length (m) Au g/tCHCI-705 46.5 54.0 7.5 0.92CHCI-716 52.5 64.5 12.0 8.35CHCI-71758.5 66.0 7.5 3.6088.5 93.0 4.5 6.52CHCI-725 61.5 75.0 13.5 1.70CHCI-727 48.0 54.0 6.0 4.52CHCI-747 64.5 70.5 6.0 2.1010(4) Refer to endnote #4.
  • 11. Kemess UndergroundKemess, Canada - Gold2012 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 - Copper2012 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 ofby-product credits)• Approx. 12 year mine life• Significant leverage to higher metal prices• Existing infrastructure:• Mill facilities, and previouslypermitted tailings storage• Value surfacing opportunity11(4) Refer to endnote #4.
  • 12. Orion Joint Venture• 50/50 Joint Venture partnership• AuRico and Minera Frisco• $2.0M (10,000m) combinedexploration program (2013)• 110,000 hectare land package (NayaritState, Mexico)• Historic mining district• Low sulfidation, high-grade, epithermalvein system mapped over 12km• Less than 3% of property has been drilltested• Minimal exploration near surface anduntested at depth• Value surfacing opportunityOrion, 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 CapacityIncreasing 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$70001002003004002012A 2013E 2014E 2015ECashcostsperounceOunces(000’s)Production Cash Costs($450)($350)($250)($150)($50)$50$150$2502012A 2013E 2014E 2015EUS$(000s)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 streamstarting 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 buybackDividend Policy14Illustrative Yield per Street Consensus Operating Cash Flow per Share(6)2.6% 2.4%3.0%3.5%2013A 2014E 2015E 2016EPayout ratio: 20% OCFInitial dividend of$0.16/per share(6) Refer to endnote #6.
  • 15. Accretive Growth Per Share15(4) Refer to endnote #4.(7) Refer to endnote #7.$0.05$0.64$0.91 $0.922012A 2013E 2014E 2015EOperating Cash Flow per Share (US$)(7)($0.34)$0.36$0.50$0.572012A 2013E 2014E 2015EEarnings per Share (US$)(7)($1.31) ($0.12)$0.39$0.662012A 2013E 2014E 2015EFree Cash Flow per Share (US$)(7)8.815.518.224.127.7Apr. 2011(Post CGCAcquisition)Oct. 2011(Post NGXAcquisition)YE 2011 YE 2012 Current(Apr. 2013)Proven & Probable Reserves per 1,000Shares (oz.)(4)10.120.836.735.540.7Apr. 2011(Post CGCAcquisition)Oct. 2011(Post NGXAcquisition)YE 2011 YE 2012 Current(Apr. 2013)All-in Resources per 1,000 Shares (oz.)(4)Gold Production per 1,000 Shares (oz.)(7)0.20.50.81.01.12011A 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 shareQuality Assets• Strong organic production growth profile• Focused on quality, low-cost ounces• Growing production per shareOrganic Growth Profile• Cash balance of ~US$300M(1)• Undrawn debt facility of US$150M(1)• Growing profitability and cash flow per sharePeer-Leading BalanceSheet• Completed US$300M substantial issuer bid• Launched peer-leading dividend policy• Growing dividend per share• Insider buyingShareholder FriendlyInitiativesDelivering Reliable, Consistent, Sustainable Performance16(1) Refer to endnote #1.
  • 17. Endnotes1. Company cash on hand as of December 31, 2012 and fully diluted shares (excluding convertible debentures) as of February 28, 2013, have beenadjusted for the completion of a US$300M Substantial Issuer Bid. For more information on the Substantial Issuer Bid, please refer to the press releasedated 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. Cashcosts for the Young-Davidson mine are attributable to commercial production ounces only, all underground costs are capitalized, and any revenue relatedto underground ounces sold is credited against capital. Cash cost per ounce is a non-GAAP performance measure management uses to better assessthe Company’s performance for the current period and its expected performance in the future. This non-GAAP measure does not have any standardizedmeaning prescribed by GAAP, and should not be considered in isolation from or as a substitute for performance measures prepared in accordance withGAAP. For more information regarding this measure, please refer to the press release dated March 25, 2013 titled AuRico Reports Fourth Quarter andAnnual 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 pressrelease dated March 25, 2013 titled AuRico Reports Fourth Quarter and Annual Financial Results available on the Company website atwww.auricogold.com.4. Reserves and resources for Young-Davidson and El Chanate mines, Kemess Underground Project, and Orion represent gold or gold equivalent grade asper 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 Updateand Kemess Feasibility Study Results, available on the Company website at www.auricogold.com. Measured and indicated resources excludes inferredresources.5. Production figures include gold ounces only. 2012 production at the Young-Davidson mine includes pre-production ounces as well as ounces producedsubsequent 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 goldprice. Consensus data is as of April 2, 2013. For more information regarding AuRico Gold’s dividend policy, please refer to the press release datedFebruary 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 sharesoutstanding assumed to be constant at the January 31, 2013 level subsequent to the completion of a US$300M Substantial Issuer Bid. Consensus datais as of April 2, 2013. AuRico Gold’s 2013 operational outlook is disclosed in the press release dated March 25, 2013 titled AuRico Reports FourthQuarter 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, corporategeneral and administrative expense and exploration expense. Cash costs for the Young-Davidson mine are attributable to commercial production ouncesonly, all underground costs are capitalized, and any revenue related to underground ounces sold is credited against capital.17
  • 18. Committed to ShareholderValue CreationMontreal MarketingApril 29, 2013 TSX: AUQ / NYSE: AUQwww.auricogold.com
  • 19. Appendix
  • 20. 2013 Operational Estimates(3)20(3) Refer to endnote #3.2013 Operational Estimates (March 25, 2013)Gold Production (ounces)Young-Davidson 120,000-140,000El Chanate 70,000-80,000Total Production 190,000-220,000Cash Costs per OunceYoung-Davidson $575-$675El Chanate $550-$600Total Cash Costs per Ounce $565-$645All-in Cash CostsYoung-Davidson $1,250-$1,350El Chanate $900-$1,000Total All-in Cash Costs per Ounce $1,100-$1,200Capital Investment Program (US$000’s)Young-DavidsonNon-recurring Growth CapitalPaste Backfill Plant $45,000-$50,000Shaft and Mid-Shaft Loading and Crushing Facility $25,000-$30,000Open Pit Mine Development $6,000-$8,000Sustaining Capital $59,000-$62,000Total Capital Investment – Young Davidson $135,000-$150,000El ChanateNon-recurring Growth CapitalSoutheast Open Pit Expansion $20,000-$25,000Heap Leach Expansion $2,000-$3,000Sustaining Capital $8,000-$12,000Total Capital Investment – El Chanate $30,000-$40,000Total Capital Investment $165,000-$190,000Depletion and Amortization (US$ per ounce)Young-Davidson $300-$310El Chanate $245-$255Total Depletion and Amortization $280-$290Exploration (US$000’s)Young-Davidson Up to $3,500El Chanate Up to $3,500Other Properties Up to $8,000Total Exploration Up to $15,000General and Administrative (US$000’s)Corporate G&A $25,000
  • 21. All-in Costs & Cost AllocationCash CostsSustainingExplorationCorporateG&A2013 All-in Consolidated Costs$1,100-$1,200 per ounceLabour57%Power6%Diesel9%Consumables19%Materials/Mtc9%Cash Cost Allocation(Includes contractlabour)All-in Costs• Provides increased transparency• More representative of actual cost of production• Removes influence of accounting treatments• Can be reconciled to OCF21
  • 22. Proven and Probable Reserves22Proven Reserves Probable ReservesTonnes(000s)Gold(g/t)Gold Oz.(000s)Tonnes(000s)Gold(g/t)Gold Oz.(000s)El Chanate 36,845 0.68 801 19,015 0.66 403Young-Davidson - Surface 3,934 1.28 162 2,491 1.36 109Young-Davidson - Underground 4,547 2.97 434 34,490 2.80 3,100Total Young-Davidson 8,481 2.19 596 36,981 2.70 3,209Kemess Underground (KUG) - - - 100,373 0.56 1,805AuRico - Total 45,326 0.96 1,397 156,369 1.08 5,417Total Proven and Probable ReservesTonnes(000s)Gold(g/t)Gold Oz.(000s)El Chanate 55,859 0.67 1,204Young-Davidson - Surface 6,425 1.31 271Young-Davidson - Underground 39,037 2.82 3,534Total Young-Davidson 45,462 2.60 3,804Kemess Underground (KUG) 100,373 0.56 1,805AuRico - Total 201,695 1.05 6,813
  • 23. Measured and Indicated Resources23Total Measured and Indicated ResourcesTonnes(000s)Gold(g/t)Gold Oz.(000s)El Chanate 3,468 0.37 41Young-Davidson - Surface 291 1.70 16Young-Davidson - Underground 9,531 2.74 839Total Young-Davidson 9,821 2.71 855Kemess Underground (KUG) 65,432 0.41 854Orion (50%) 554 3.36 65AuRico - Total 79,274 0.71 1,815Measured Resources Indicated ResourcesTonnes(000s)Gold(g/t)Gold Oz.(000s)Tonnes(000s)Gold(g/t)Gold Oz.(000s)El Chanate 1,233 0.31 12 2,235 0.40 29Young-Davidson - Surface 98 1.60 5 193 1.76 11Young-Davidson - Underground 877 4.17 118 8,654 2.59 722Total Young-Davidson 975 3.91 123 8,846 2.58 733Kemess Underground (KUG) - - - 65,432 0.41 854Orion (50%) - - - 554 3.66 65AuRico - Total 2,208 1.90 135 77,067 0.68 1,680
  • 24. Inferred and Copper Resources24Inferred ResourcesTonnes(000s)Gold(g/t)Gold Oz.(000s)El Chanate 409 0.48 6Young-Davidson - Surface 31 0.99 1Young-Davidson - Underground 13,983 2.80 1,259Total Young-Davidson 14,014 2.80 1,260Kemess Underground (KUG) 9,969 0.39 125Orion (50%) 91 3.33 10AuRico - Total 24,483 1.78 1,400Copper Reserves & ResourcesKemessTonnes(000’s)Copper(%)Copper lbs.(000’s)Probable Reserves 100,373 0.28 619,151Indicated Resources 65,432 0.24 346,546Inferred Resources 9,969 0.21 46,101Silver ResourcesOrion (50%)Tonnes(000s)Silver(g/t)Silver Oz.(000s)Indicated Resources 554 309 5,503Inferred Resources 91 95 275
  • 25. Notes to Reserves and ResourcesNotes:• 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 MineralReserve 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 ofthe 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. Inaddition, 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.25The following metal prices were used for the calculation of Reserves and Resources:Reserves ResourcesUSD Au $/oz Ag $/oz Cu $/lb Au $/oz Ag $/oz Cu $/lbEl Chanate $1,400 - - $1,600 - -Young-Davidson $1,400 - - $1,600 - -Kemess Underground $1,300 $23.00 $3.00 $13.00 NSROrion - - - $850 $13.00 -Reserves and Resources were prepared under the supervision of the following Qualified Persons:Resources ReservesEl ChanateJeffrey Volk, CPG, FAusIMM, Director Reservesand Resources, AuRico Gold Inc.Chris Sharpe, P.Eng, Manager Mining, AuRico Gold Inc.Young-Davidson - Open PitJeffrey Volk, CPG, FAusIMM, Director Reservesand Resources, AuRico Gold Inc.Chris Sharpe, P.Eng, Manager Mining, AuRico Gold Inc.Young-Davidson - UndergroundJeffrey Volk, CPG, FAusIMM, Director Reservesand Resources, AuRico Gold Inc.Chris Bostwick, FAusIMM, SVP Technical Services,AuRico Gold Inc.Kemess UndergroundJeffrey Volk, CPG, FAusIMM, Director Reservesand Resources, AuRico Gold Inc.Chris Bostwick, FAusIMM, SVP Technical Services,AuRico Gold Inc.OrionJeffrey Volk, CPG, FAusIMM, Director Reservesand Resources, AuRico Gold Inc.

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