Q3 2013 Financial Results

1. Q3 2013
Financial Results
Conference Call and Webcast
November 8, 2013
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
Total Gold Ounces Produced
►
►
Reliable, consistent, stable production
Delivered fifth quarter of company-wide
production growth
►
Young-Davidson commercial underground
production declared October 31st
26,363
28,281
29,252
30,099
2013 Q1
2013 Q2
2013 Q3
Solid Q3 results in-line with targeted levels
►
Young-Davidson Mine(1)
2012 Q4
El Chanate Mine
►
1MM hours lost time incident free at both
operations
17,889
18,751
18,804
2013 Q2
2013 Q3
14,782
►
Mid-shaft hoisting infrastructure commissioned
►
Third quarter dividend paid (Oct. 29)
2012 Q4
1.
2013 Q1
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, as well as all ounces produced from the underground mine.
4

5. Disciplined Growth Drives Shareholder Value
60,000
Gold Ounces Produced
Young-Davidson
El Chanate
50,000
40,000
30,000
20,000
10,000
Q3 12
Q4 12
Q1 13
Q2 13
Q3 13
Q4 13E
First Quarter
March 31/13
Second Quarter
June 30/13
Third Quarter
Sept. 30/13
YTD as of
Sept. 30/13
2013 Guidance
46,170
48,003
48,903
143,076
190,000-220,000
$635
$655
$628
$640
$565-$645
$1,090
$1,189
$1,210
$1,164
$1,100-$1,200
Consolidated Results
Gold Ounces Produced3
Total Cash Costs per oz.1,2
All-in Sustaining Cash Costs
per oz.
1.
2.
3.
Prior to commissioning the underground mine at Young-Davidson, cash costs are calculated on ounces produced from the open pit only. All underground costs are capitalized, and any revenue related to
underground ounces sold is credited against capital.
Cash costs, prior to long-term, low-grade stockpile and heap leach inventory net realizable value adjustments & reversals. See the Non-GAAP Measures section on page 20 of the Management’s Discussion
and Analysis for the three and nine months ended Sept. 30, 2013.
Includes pre-production gold ounces from the Young-Davidson underground mine.
5

6. Young-Davidson Underground
• Mid-shaft loading project commissioned
• Lost time incident free during 3-year construction phase
• Commercial production declared Oct 31st
• Q4 underground ore productivity of 2ktpd
• Significant productivity & cost efficiency benefits
• Paste Backfill Plant
• First paste pour anticipated in December
• Lost time incident free
• Ahead of schedule & under budget
• Underground Mine Development
• Significant development advance achieved
• 2/3 of 2014 mine plan is currently accessed
• Underground Production Contribution Growth
• Underground operations have now surpassed the open
pit operations in terms of metal contribution
6

7. Positioned For Value Creation
►
Politically-friendly jurisdiction

►
Organic year over year production growth

►
Lower end of industry cost curve

►
Long mine life

►
Strong balance sheet

►
Pure gold leverage

►
Strong FCF generation (limited CAPEX)

►
Capital return to shareholders (regular dividends)

7

8. Rob Chausse
Chief Financial Officer
Conference Call and Webcast
November 8, 2013

9. Continuing Operations Highlights(1)
Quarter Ended
(in thousands, except ounces and per share amounts)
Revenue from mining operations
Quarter Ended
Sept. 30, 2013
Sept. 30, 2012
$54,304
$39,772
Total gold ounces sold (excluding pre-production ounces)
40,185
23,120
Total gold ounces produced (excluding pre-production ounces)
38,456
29,291
$21,758
$(149)
$0.09
$0.00
$14,859
$42,321
Net earnings per share, basic
$0.06
$0.15
Adjusted net earnings / (loss)(3)
$816
$(1,180)
Adjusted net earnings per share, basic(3)
$0.00
$0.00
Adjusted operating cash flow(2)
Adjusted operating cash flow per share, basic(2)
Net earnings
1.
2.
3.
Continuing operations include the Young-Davidson and El Chanate mine operations.
See the table on slide 19 for a reconciliation of adjusted operating cash flow and refer to the discussion of Non-GAAP measures in the Company’s Q3 2013 Financial Results Press
Release.
See the table on slide 13 for a reconciliation of adjusted net earnings and refer to the discussion of Non-GAAP measures in the Company’s Q3 2013 Financial Results Press Release.
9

10. Continuing Operations Highlights(1)
Nine-months Ended
(in thousands, except ounces and per share amounts)
Revenue from mining operations
Nine-months Ended
Sept. 30, 2013
Sept. 30, 2012
$176,849
$100,503
Total gold ounces sold (excluding pre-production ounces)
121,058
58,285
Total gold ounces produced (excluding pre-production ounces)
115,083
66,266
Adjusted operating cash flow(2)
$60,571
$6,716
$0.24
$0.02
$(70,358)
$35,363
$(0.28)
$0.12
$18,536
$3,398
$0.07
$0.01
Adjusted operating cash flow per share, basic(2)
Net (loss) / earnings
Net (loss) / earnings per share, basic
Adjusted net earnings(3)
Adjusted net earnings per share, basic(3)
1.
2.
3.
Continuing operations include the Young-Davidson and El Chanate mine operations.
See the table on slide 19 for a reconciliation of adjusted operating cash flow and refer to the discussion of Non-GAAP measures in the Company’s Q3 2013 Financial Results Press
Release.
See the table on slide 18 for a reconciliation of adjusted net earnings and refer to the discussion of Non-GAAP measures in the Company’s Q3 2013 Financial Results Press Release.
10

11. Continuing Operations Highlights(1)
YoungDavidson
El Chanate
Q3 2013
Q3 2012(2)
Gold ounces produced
19,652
18,804
38,456
29,291
Pre-production gold ounces produced
10,447
-
10,447
7,922
Total gold ounces produced
30,099
18,804
48,903
37,213
Gold ounces sold
22,127
18,058
40,185
23,120
Pre-production gold ounces sold
10,355
-
10,355
8,701
Total gold ounces sold
32,482
18,058
50,540
31,821
$666
$588
$628
$528
Revenue from mining operations
$29,584
$24,720
$54,304
$39,772
Average realized price per ounce
$1,333
$1,330
$1,332
$1,672
(in thousands, except ounces, average realized prices and
total cash costs)
Cash costs per ounce, before NRV(3),(4),(5)
1.
2.
3.
4.
5.
Continuing operations include the Young-Davidson and El Chanate mine operations.
Certain comparative information has been restated as a result of the adoption of IFRIC 20, Stripping Costs in the Production Phase of a Surface Mine, which was applied prospectively
to production stripping costs incurred on or after January 1, 2012. For further details, refer to the Critical Accounting Estimates, Policies and Changes section on page 24 in the
Company’s Management’s Discussion & Analysis or note 3(a) to the Company's condensed consolidated financial statements for the three and nine months ended Sept. 30, 2013.
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.
Gold ounces used to calculate cash costs include ounces sold at the El Chanate mine and ounces produced at the Young-Davidson mine.
The Young-Davidson mine declared commercial production on September 1, 2012 however the Young-Davidson underground mine remains in the pre-production period. Preproduction ounces produced and sold are excluded from the calculation of cash costs as they are credited against capitalized project costs.
11

12. Continuing Operations Highlights(1)
YoungDavidson
El Chanate
Gold ounces produced
59,639
55,444
115,083
66,266
Pre-production gold ounces produced
27,993
-
27,993
19,872
Total gold ounces produced
87,632
55,444
143,076
86,138
Gold ounces sold
64,047
57,011
121,058
58,285
Pre-production gold ounces sold
28,423
-
28,423
13,910
Total gold ounces sold
92,471
57,011
149,482
72,195
$692
$586
$640
$477
Revenue from mining operations
$93,019
$83,830
$176,849
$100,503
Average realized price per ounce
$1,447
$1,433
$1,440
$1,671
(in thousands, except ounces, average realized prices and
total cash costs)
Cash costs per ounce, before NRV(3),(4),(5)
1.
2.
3.
4.
5.
Nine-months ended Nine-months ended
Sept. 30/13
Sept. 30/12(2)
Continuing operations include the Young-Davidson and El Chanate mine operations.
Certain comparative information has been restated as a result of the adoption of IFRIC 20, Stripping Costs in the Production Phase of a Surface Mine, which was applied prospectively to
production stripping costs incurred on or after January 1, 2012. For further details, refer to the Critical Accounting Estimates, Policies and Changes section on page 24 in the Company’s
Management’s Discussion & Analysis or note 3(a) to the Company's condensed consolidated financial statements for the three and nine months ended Sept. 30, 2013.
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.
Gold ounces used to calculate cash costs include ounces sold at the El Chanate mine and ounces produced at the Young-Davidson mine.
The Young-Davidson mine declared commercial production on September 1, 2012 however the Young-Davidson underground mine remains in the pre-production period. Pre-production
ounces produced and sold are excluded from the calculation of cash costs as they are credited against capitalized project costs.
12

13. Adjusted Net Earnings Reconciliation
(in thousands, except per share metrics)
Quarter Ended
September 30, 2013
$
14,859
Net earnings from continuing operations
Adjustments:
Deferred income tax recovery related to foreign exchange
Unrealized foreign exchange loss
Net realizable value adjustments on inventory
Impairment charges
Gain on option component of convertible notes
Unrealized gains on investments
Unrealized gain on derivatives
Unrealized loss / (gain) on contingent consideration
Other (including tax effect of adjustments)
Adjusted net earnings / (loss) from continuing operations
$
Adjusted net earnings / (loss) from continuing operations, per share $
Net loss from discontinued operations
Adjustments:
Unrealized foreign exchange loss
Loss on disposition of Australian operations
Net realizable value adjustment on Ocampo HL inventory
Impairment of Australian Operations
Disposition-related costs
Gain on disposition of El Cubo and GyC
Ocampo outside tax basis adjustment
Tax impact
Adjusted net earnings from discontinued operations
Adjusted net earnings from discontinued operations, per share
Adjusted net earnings
Adjusted net earnings, per share
Quarter Ended
September 30, 2012
$
42,321
(7,335)
2,482
(7,372)
(3,875)
63
1,994
816 $
0.00 $
(17,511)
7,952
(14,416)
(20,251)
(730)
(5,137)
6,592
(1,180)
(0.00)
$
$
($7,781)
$
$
2,190
(6,074)
5,327
(24,062)
39,168
3,695
12,463
0.04
$
$
11,283
0.04
816
0.00
13

14. Scott Perry
President & CEO

15. Disciplined Growth Drives Shareholder Value
60,000
Gold Ounces Produced
Young-Davidson
El Chanate
50,000
40,000
30,000
20,000
10,000
Q3 12
Q4 12
Q1 13
Q2 13
Q3 13
Q4 13E
First Quarter
March 31/13
Second Quarter
June 30/13
Third Quarter
Sept. 30/13
YTD as of
Sept. 30/13
2013 Guidance
46,170
48,003
48,903
143,076
190,000-220,000
$635
$655
$628
$640
$565-$645
$1,090
$1,189
$1,210
$1,164
$1,100-$1,200
Consolidated Results
Gold Ounces Produced3
Total Cash Costs per oz.1,2
All-in Sustaining Cash Costs
per oz.
1.
2.
3.
Prior to commissioning the underground mine at Young-Davidson, cash costs are calculated on ounces produced from the open pit only. All underground costs are capitalized, and any revenue related to
underground ounces sold is credited against capital.
Cash costs, prior to long-term, low-grade stockpile and heap leach inventory net realizable value adjustments & reversals. See the Non-GAAP Measures section on page 20 of the Management’s Discussion
and Analysis for the three and nine months ended Sept. 30, 2013.
Includes pre-production gold ounces from the Young-Davidson underground mine.
15

16. Q&A

17. Appendix

18. Adjusted Net Earnings Reconciliation
(in thousands, except per share metrics)
Net (loss) / earnings from continuing operations
Adjustments:
Deferred income tax expense / (recovery) related to foreign exchange
Unrealized foreign exchange (gain) / loss
Net realizable value adjustments on inventory
Impairment charges
Gain on option component of convertible notes
Unrealized gains on investments
Unrealized gain on derivatives
Unrealized loss / (gain) on contingent consideration
Other (including tax effect of adjustments)
Adjusted net earnings from continuing operations
Adjusted net earnings from continuing operations, per share
Nine Months Ended
Nine Months Ended
September 30, 2013
September 30, 2012
$
(70,358) $
35,363
$
$
Net earnings from discontinued operations
Adjustments:
Unrealized foreign exchange loss
Loss on disposition of Australian operations
Net realizable value adjustment on Ocampo HL inventory
Impairment of Australian Operations
Disposition-related costs
Gain on disposition of El Cubo and GyC
Ocampo outside tax basis adjustment
Tax impact
Adjusted net earnings from discontinued operations
Adjusted net earnings from discontinued operations, per share
Adjusted net earnings
Adjusted net earnings, per share
5,218
(7,195)
4,873
98,688
(14,850)
(2,071)
6,912
(2,681)
18,536 $
0.07 $
(16,414)
12,961
(10,232)
(17,632)
(1,923)
(5,137)
6,412
3,398
0.01
$
$
$22,075
9,471
1,736
8,292
22,857
5,327
(24,062)
39,168
2,904
87,768
0.31
$
$
18,536 $
0.07 $
91,166
0.32
18

19. Adj. Operating Cash Flow Reconciliation
Quarter Ended
(in thousands, except per share metrics)
Operating cash flow from continuing operations
Add back: Non-cash change in operating working capital
Operating cash flow (before changes in working
capital) from continuing operations
Operating cash flow (before changes in working
capital) from continuing operations, per share
Quarter Ended
Septem ber 30, 2013 Septem ber 30, 2012
$24,338
(2,580)
($5,653)
5,504
$21,758
$
0.09
($149)
$
(0.00)
Nine Months Ended
(in thousands, except per share metrics)
Operating cash flow from continuing operations
Add back: Non-cash change in operating working capital
Operating cash flow (before changes in working
capital) from continuing operations
Operating cash flow (before changes in working
capital) from continuing operations, per share
Nine Months Ended
Septem ber 30, 2013
Septem ber 30, 2012
$51,312
$9,259
$60,571
$
0.24 $
$582
$6,134
$6,716
0.02
19