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. ► Quality asset base in top jurisdictions
► Young-Davidson mine (Ontario, Canada)
► El Chanate mine (Sonora, Mexico)
► 2014 production growth of up to 25%
► Production growth of up to 32% at the
Young-Davidson mine
► Strong pro-forma liquidity position of $341M(7)
► Significant Canadian tax loss pools
► Leverage to the weakening Canadian dollar
► Strong FCF growth profile underpinned by
Young-Davidson ramp-up
AuRico at a Glance
Overview Operations and Projects
Young-Davidson (100%)
Location: Ontario, Canada
Stage: Production
El Chanate (100%)
Location: Sonora State, Mexico
Stage: Production
Young-Davidson
El Chanate
Kemess Underground
Primary Asset Summary
3
Young-
Davidson
El Chanate Consolidated
2014E Production (koz) 140 - 160 70 - 80 210 – 240
2014E Cash Costs
(US$/oz)(3)(4) $700 - $800 $625 - $725 $675 – $775
2014E AISC (US$/oz)(3) $1,100-$1,200 $1,000-$1,100 $1,100-$1,200
2013 P&P Reserves (Moz)(6) 3.7 1.0 6.5
2013 Total Resources (Moz)(6) 5.9 1.3 9.48
Est. Remaining Mine Life 20+ 9 -
Resources are inclusive of reserves
Kemess Underground (100%)
Location: B.C., Canada
Stage: Development
(3) Refer to endnote #3 (4) Refer to endnote #4 (6) Refer to endnote #6 (7) Refer to endnote #7 3
4. Young-Davidson Overview
• Historic production from underground gold mines in
Timmins and Kirkland Lake (~108 M Oz.)
• Five mines with greater than 5 million ounces
production, Young-Davidson is likely to be the sixth
► Low cost producer with strong
production growth profile
► Long mine life: Opportunity to expand
as reserves increase
► Located in a stable jurisdiction, close to
major centres
► First gold pour on April 30th, 2012
► Underground commercial production
declared Oct. 31/13
(1) Refer to endnote #1.
0
5
10
15
20
Hollinger1910-68
Dome1910-2013
McIntyre1912-88
KerrAddison1938-96
LakeshoreMineK.L.1918-65
WrightHargreaves1921-65
TeckHughes1917-68
Aunor
Hallnor
Sylvanite1927-61
Preston
UpperCanada1938-71
Paymaster
Coniarium
Young-Davidson
Pamour
Macassa1933-99+2002-13
HoylePond
Ounces(Millions)
Historic Production from U/G Mines of Timmins
& Kirkland Lake(1)
Historical Production YD P&P YD M&I YD Inferred
Active
4
5. Rich Tradition – Mine History
► Site of two former producers
► 20+ years in operation
► +1,200 tpd average production rate
► Early pioneers of bulk mining
► +1 million tonne stopes underground
► Mined ~9 million tonnes; produced 970,000 oz.
► Average realized grade of 3.37 g/tonne
► Profitable operations at realized grades
► Supported dividend payments
Period Mine Tonnes Grade (g/t) Produced (Oz)
1934 to 1957 YD 5,653,000 3.21 585,000
1934 to 1954 MCM 3,205,000 3.66 378,000
1981 to 1982 MCM 96,400 2.36 7,300
Total 8,954,400 3.37 970,300
Young-Davidson Mine (YD)
Matachewan Consolidated Mine (MCM)
5
6. Responsible Mining
Fostering positive relationships with all stakeholders
► Solid safety record
► 1.8M hours lost time injury free
► Strong First Nations support
► Partnerships with local communities
► Hiring and training locally
► 88% of mine workforce from local regions
► Supporting local suppliers
► $41M spent with local suppliers in 2013
6
7. Solid Production Growth
Stable and Growing Production Profile(2)
► 7th consecutive quarter of production growth
► Q2 on track to be the 8th consecutive quarter of production growth
(2) Refer to endnote #2.
17,825
26,363
28,281
29,252
30,099
33,103
35,104
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14E
GoldOuncesproduced
7
8. Underground Mining Rates
► Highly mechanized, productive bulk mining methodologies
► Low manning requirements
► Up to 65,000 tonne stopes
► Underground productivity metrics – Q1/14
► Avg. 2,611 tpd - target of 4,000 tpd by end of 2014
► Development metres averaged 42m/day (3,772 metres)
► Avg. unit costs of $45/t , declining to $40/t at year-end
3,000
4,000
6,000
8,000 8,000
2013A 2014E 2015E 2016E 2017E
OretonnesperDay
Underground Mine Ramp-up
(Year-End Productivity Targets)
YE target of
2,000tpd
1,130
1,611
1,417
2,590
2,611
1,941
2,445
2,620
2,986
3,772
Q1 13 Q2 13 Q3 13 Q4 13 Q1 14
Developmentmetres
UGtonnesperday
Underground Productivity (tpd) and
Development (m)
UG target tpd UG tpd (actual) UG development (actual)
Commercial
Production
Oct. 31/13 170
U/G miners
198
U/G miners
210
U/G miners
222
U/G miners
100% increase in productivity with
only a 30% manning increase
8
9. Underground Mine Plan
► Transverse long hole stoping
► For wider zones (12-40m)
► 30m sub levels
► Longitudinal retreat
► For areas < 12m widths
► 2014 mine plan - 42 stopes
► 78 stopes in 2015
► Annual lateral development
requirements of 10-12kms (2014-2016)
► Reducing to 9-10kms per year
► Paste plant commissioned Jan. 1/14
► Mined first secondary stope
► Mining recovery ~ 92%
► Dilution ~10%
► Underground reserve - 2.81 g/t
YD West
Zone
3.7M reserve ounces with exploration upside
YD Historic
Mine Workings
Open Pit
Ramp Portal
10350L
MCM Shaft
9890L
9590L
9400L
9200L
8900L
MCM Historic
Mine Workings
NG Shaft
9
10. Transverse Longhole Stoping
► For wider zones over 12m
► Requires less development per stope
► 95% of 2014 mine plan is transverse longhole stoping
10
11. Shaft System Productivities
► Supports increased underground
mining rates
► Improved productivity vs. ramp
haulage
► All ore now skipped to
surface
► Optimizes cycle time
► Enhanced cost efficiencies
► Reduces mobile equipment
requirements
► Improves ventilation
► Capacity of 8,000tpd of ore
Shaft and hoisting infrastructure facilitates 8 years of Upper Mine production
11
12. Lower Mine Development
Accessing 20+ years of mine life
► Lower mine provides access to
20+ years of mine life
► MCM shaft sinking work
currently underway
► Completion mid-2015
► Men and materials shaft
► Reaming Northgate shaft begins
H2 2016
► Shaft bottom infrastructure
construction in 2017
► Northgate shaft hoisting from
8900L beginning in 2019
12
14. Process Plant Performance YTD
Crusher
► Mill processed approx. 7,150 tpd in Q1
► Target of 7,000 to 7,500 tpd in 2014
► Amended permit for 10,000 tpd per calendar day
► Significant processing flexibility
► Potential early treatment of longer term
stockpile inventory
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14
Tonnesperday
Mill Productivity (tpd)
Target tpd Mill tpd
14
15. Labour:
22%
OP Contractor
1%
UG Contractor
18%
UG Consum.
15%
Mtce
6%
Power
9%
Reagents
9%
Other
20%
Labour:
15%
OP Contractor
15%
UG Contractor
21%UG
Consum.
10%
Mtce
9%
Power
9%
Reagents
7%
Other
14%
Unit Costs & Currency Sensitivities
Unit Costs
per tonne1 2014 Estimates Life of Mine
Underground $40-$45 $35
Open Pit $4.50-$5.00 -
Mill Processing $16-$17 $15
Administration2 $4.00-$4.25 $3.50
Footnotes:
1. Assumes 0.95 CAD$ to every 1 US dollar
2. Per tonne processed
Significant Leverage to CAD$/US$
► 90-95% of all outflows in CAD$
► 10% change in CAD would have an impact
on OCF of approx. $15M in 2014
Fixed Cost Structure:
Approx. 60% of costs are fixed
► 15-20% decrease in operating costs in H2 driven
by significant reduction in contractors
► Open pit contractors demobilize once open pit
operations cease in late May
► Eliminates open pit diesel requirements in H2
► Increasing level of underground lateral
development completed in-house
H1 2014 Cost Structure H2 2014 Cost Structure
15
16. Capital Investment Schedule
2014 2015 2016 2017 2018 2019
Sustaining Mine
Development
$30-$35 $38-$43 $38-$43 $33-$38 $28-$33 $28-$33
8,000tpd Ramp-up
Development
$15 $10 $5 - - -
Sustaining Fixed Assets $10 $5 $10 $10 $14 $14
Other Growth Capital $25 $8 $11 $7 $2 $4
Lower Mine Capital Investment (millions)
MCM Shaft Sink $24
Shaft Bottom
Development
$10
NG Shaft Pilot & Ream $14
Lower Mine Ramp $28
Shaft Bottom Loadout $10
Lower Mine Level
Development
$25
Sustaining Capital $55-$60 $52-$57 $52-$57 $43-$48 $43-$48 $38-$43
Growth Capital $50 $29 $38 $19 $24 $10
Total Capital $105-$110 $81-$86 $90-$95 $62-$67 $67-$72 $48-$53
Information for 2015 to 2019 should be considered as estimates only and not considered official company guidance.
Assumes $0.95 CD:$1 US for 2014
16
17. Young-Davidson Life of Mine
0
50
100
150
200
250
300
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037
Thousandsofgoldounces
Tonnesperday
Open Pit Ore Underground Ore Stockpiled Ore Ounces
► Mine life of over 20 years with potential to expand
► Significant exploration and reserve growth potential
► Deposit remains open to the west and at depth
Lower mine ore contribution begins in 2018
17
18. Young-Davidson Outlook
2014 Young-Davidson
Operational Estimates(5)
Life of Mine
Gold Production (ounces) 140,000 – 160,000 207,000/year
Underground Mine Cash Costs(3)(4) $650 - $750 $650
Open Pit (incl. stockpile)(3)(4) $850 - $950 -
Cash Costs per Ounce(3)(4) $700 - $800 $565
All-in Sustaining Costs per ounce(3) $1,100 - $1,200 $881
2014 Young-Davidson
Operational Estimates (000’s)(5)
Life of Mine
Lower Mine Vertical Development $25,000 -
Non-Recurring Capital $25,000 -
Sustaining Capital $55,000 - $60,000 $40,000
Total Capital Investment $105,000 - $110,000 -
(3) Refer to endnote #3 (4) Refer to endnote #4 (5) Refer to endnote #5 18
19. Young-Davidson Reserves and Reserves
Young-Davidson Mineral Reserve Estimates – Gold(6)
Category Tonnes (000’s) Grade (g/t) Ounces (000’s)
Surface
Proven 3,298 1.01 107
Probable 686 1.52 33
P&P (Surface) 3,984 1.10 140
Underground
Proven 10,626 2.90 990
Probable 28,669 2.78 2,566
P&P (Underground) 39,296 2.81 3,556
Total P&P 43,280 2.66 3,696
Young-Davidson Mineral Resource Estimates – Gold(6)
Category Tonnes (000’s) Grade (g/t) Ounces (000’s)
Surface
Measured 233 0.96 7
Indicated 535 1.41 24
M&I (Surface) 769 1.28 32
Underground
Measured 5,300 2.95 504
Indicated 11,659 2.62 981
M&I (Underground) 16,960 2.27 1,484
Total M&I 17,729 2.66 1,516
Inferred Surface 31 0.99 1
Inferred Underground 3,689 2.72 323
Total Inferred 3,720 2.71 324
(6) Refer to endnote #6
Underground reserve base is comprised of quality, high margin ounces even at a lower gold price
19
20. Endnotes
1. Data provided by the Timmins Resident Geologist Program Ontario Geological Survey for the Ministry of Northern Development & Mines (2006).
2. 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.
3. 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 23 of the Management's Discussion and Analysis for the year ended
December 31, 2013 available on the Company website at www.auricogold.com. 2013 cash costs are prior to inventory net realizable value adjustments &
reversals.
4. Cash costs for the Young-Davidson mine is calculated on a per gold ounce basis, net of by-product revenues and net realizable value adjustments. Prior to 2014,
gold ounces include ounces produced at the Young-Davidson mine. Commencing in 2014 cash costs for the Young-Davidson mine will be calculated based on
ounces sold. Prior to commissioning the underground mine at Young-Davidson, cash costs were calculated on ounces produced from the open pit only. All
underground costs were capitalized, and any revenue related to underground ounces sold was credited against capital expenditures. Subsequent to the
declaration of commercial production in the underground mine, cash costs are calculated on ounces produced from both the open pit and underground mines,
and revenue related to the sale of underground ounces is recognized in the Company’s Statement of Operations as revenue. 2013 cash costs are prior to
inventory net realizable value adjustments & reversals.
5. For more information regarding AuRico Gold’s 2014 operational estimates, including production, costs, and capital investments, please refer to the press release
dated February 6, 2014 titled AuRico Gold Announces 2014 Operational Outlook available on the Company website at www.auricogold.com.
6. 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, 2013 and the Kemess Feasibility
Study, please refer to the press release dated March 3, 2014 titled AuRico Reports 2013 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.
7. Based on the Company’s cash balance as of December 31, 2013.
20
