- AuRico Metals owns the advanced-stage Kemess gold-copper project in British Columbia as well as a portfolio of high-quality royalty interests. - The Kemess Underground project has proven and probable reserves of 1.9 million ounces of gold and 630 million pounds of copper and a feasibility study outlines average annual production of 106,000 ounces of gold. - Kemess East has measured and indicated resources of 1.7 million ounces of gold and 1 billion pounds of copper and a PEA outlines average annual production of 80,000 ounces of gold over 12 years.

1. Corporate Presentation
November 2017
A Compelling Canadian Development Opportunity
Supported by High Quality Royalties

2. Forward-Looking Statements
Cautionary Statement
This presentation contains certain information that constitutes “forward-looking information” and “forward-looking statements” as defined under Canadian and U.S. securities laws. All statements in
this presentation, other than statements of historical fact, are forward-looking statements. The words “expect”, “believe”, “anticipate”, “contemplate”, “may”, “could”, “will”, “intend”, “estimate”,
“forecast”, “target”, “budget”, “schedule” and similar expressions identify forward-looking statements. Forward-looking statements in this presentation include, without limitation, information as to
our strategy, projected gold production from the Young-Davidson, Hemlo – Williams, Eagle River, and Fosterville mines, which are not owned by the Company, project timelines, resource and reserve
estimates, projected production and costs of the Kemess Underground Project and Kemess East Project, other statements that express our expectations or estimates of future performance, value
growth, value creation and shareholder returns, the success of exploration activities, mineral inventory including the Company’s ability to delineate additional resources and reserves as a result of such
programs, mineral reserves and mineral resources and anticipated grades, exploration expenditures, costs and timing of any future development, costs and timing of future exploration , the presence
of and continuity of metals at Kemess East at modeled grades, expectations relating the assets acquired through the acquisition of Kiska Metals, as well as the completion of the Arrangement
Agreement with Centerra Gold in accordance with its terms, including the receipt of all required approvals to consummate the Arrangement.
Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by management at the time of making such statements, are inherently
subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the
forward-looking statements. Such factors and assumptions underlying the forward-looking statements in this presentation include, but are not limited to: the completion of the Arrangement
Agreement with Centerra Gold in accordance with its terms and the receipt of the required approvals to so complete; changes to current estimates of mineral reserves and resources; fluctuations in
the price of gold and copper; changes in foreign exchange rates (particularly the Canadian dollar and U.S. dollar); performance of the Young-Davidson, Hemlo – Williams, Eagle River, and Fosterville
mines, which may impact the future cash flows associated with the Company’s royalty holdings; the impact of inflation; employee relations; litigation; uncertainty with the Company’s ability to secure
capital to execute its business plans; the speculative nature of mineral exploration and development, including the risks of obtaining necessary licenses, permits, authorizations and/or approvals from
the appropriate regulatory authorities for the Kemess Underground project; contests over title to properties; changes in national and local government legislation in Canada and other jurisdictions in
which the Company does or may carry on business in the future; risk of loss due to sabotage and civil disturbances; the impact of global liquidity and credit availability and the values of assets and
liabilities based on projected future cash flows; as well as business opportunities that may be pursued by the Company.
Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this presentation. Such statements are
based on a number of assumptions, including those noted elsewhere in this document, which may prove to be incorrect. Readers are cautioned that forward-looking statements are not guarantees of
future performance. All of the forward-looking statements made in this presentation are qualified by these cautionary statements.
There can be no assurance that forward-looking statements or information will prove to be accurate, accordingly, investors should not place undue reliance on the forward-looking statements or
information contained herein. 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.
Qualified Person as Defined by National Instrument 43-101
John Fitzgerald, Chief Operating Officer for AuRico Metals Inc. has reviewed and approved the scientific and technical information contained within this presentation. Mr. Fitzgerald is a “Qualified
Person” as defined by National Instrument 43-101.

3. Overview
Compelling Opportunity
 Strong balance sheet (C$25M cash2) with no debt
 Unique risk – reward dynamic through combination of stand-out
development project with royalties
 Attractive valuation
 Strong management and technical team
Kemess (100% Owned)
 Advanced-stage, Brownfields Au/Cu project in British Columbia
 Kemess Underground (KUG) – FS (’16), EA and IBA Approved (‘17)
 Kemess East (KE) – PEA (‘17); KE drilling ongoing, Kemess integrated
study to be completed in 2018
 Positive Economics – Supported by ~C$1B of infrastructure in place
 +12Moz Gold Equivalent Ounces (all resource categories)1
Royalty Portfolio
 Portfolio of high quality NSR royalties in Canada and Australia
 2017E Royalty revenue of C$14.0 – C$14.7M (US$10.5 - $11.0M)
 23 royalties + 5 wholly-owned properties with royalty creation potential
 NSR Royalties incl. Young-Davidson (1.5%), Fosterville (2%), Hemlo (0.25%),
Eagle River (0.5%), East Timmins (0.5%), Boulevard (1%), GJ (1%)
31) Gold equivalent calculated on basis of $1,250/oz Au and $3.00/lb Cu
2) Sept. 30, 2017 cash balance of US$18.8M, converted using our 2017 FX rate assumption of 0.75

4. $0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
$1.60
$1.80
$2.00
Jul - 15 Oct - 15Jan - 16Apr - 16 Jul - 16 Oct - 16Jan - 17Apr - 17 Jul - 17 Oct - 17
AMI Share Price Since Inception in July 2015
AMI (C$/shr)
Gold Price US$/oz (indexed to AMI)
GDXJ - Jr. Gold Miner ETF (indexed to AMI)
Track-Record of Adding Value
Corporate:
 On Nov. 7, AMI entered into a definitive arrangement
agreement with Centerra Gold whereby AMI
shareholders are to receive C$1.80 per share in cash
Kemess:
 EA Certificate for Kemess Underground (KUG)
 Signed Impact Benefits Agreement for KUG
 Announced positive PEA results on Kemess East
 188% increase in Indicated resource for Kemess East
 Submitted permit applications for KUG
Royalties:
 2017E royalty revenue guidance since beginning of
year has increased by 31% to C$14.0 – C$14.7M
 Increase in Production Guidance: Fosterville + 79%; YD
+ 18-24%; Eagle River + 12%-22%
 Increase in P&P Reserves: Fosterville +110%; Hemlo
+73%; Eagle River +15%
Key Developments – 2017 Year to Date AuRico Relative Performance
4
+202%
+38%
+10%
Centerra offer of $1.80/sh in cash

5. Centerra Transaction Summary
5
Transaction
Summary
 Total transaction value of C$310 million
Consideration
 Each existing AuRico share outstanding at closing will be exchanged for C$1.80 in cash pursuant to a
plan of arrangement
 38% premium to AuRico’s closing price on November 6, 2017 and a 37% premium based on AuRico’s
20-day volume-weighted average price as of that date
Financing of
Acquisition
 No financing conditions
 All cash offer to be financed with cash on hand and a new US$125 million acquisition credit facility
Conditions
 AuRico shareholder approval (66⅔% of shareholder votes cast)
 Customary regulatory and court approvals
Other
 Unanimous support from AuRico’s Board of Directors
 AuRico’s Officers, AuRico’s Board of Directors and Alamos Gold, collectively representing 11.4% of
common shares outstanding, have entered into voting support agreements
 Customary non-solicitation covenants and a C$12 million termination fee is payable in certain
circumstances
Anticipated
Timeline
 AuRico shareholder meeting to be held on December 22, 2017
 Expected to close in January 2018

6. Kemess Site Layout
Work Camp South Open Pit
Metallurgical Facility Kemess Underground & East Deposits
6

7. 7
Expected Milestone Schedule
Kemess Underground EA Approval Received – Q1 2017
First Nations IBA Received – Q2 2017
Kemess Underground Permit Application Anticipated – Q2 2018
Mount Milligan
Kemess
Project Tsay Keh
Kwadacha
(Fort Ware)
Dawson Creek
Prince George
Prince
Rupert
Terrace Smithers
Fort
St. James
Takla
Landing Mackenzie
Kemess Project
Omineca Resource Access
Road
Forest Service Road
Kemess: De-Risked Brownfield Project(1)
0 200
Kilometers
100
Endako
 Established mining jurisdiction
 Advanced-stage
 EA Approved, IBA in hand, FS complete
 Low-risk brownfield development
 C$1 billion of existing infrastructure
 25,000 tpd mill, road, power, tailings, rail load-out,
camp
 Sizeable resource
 KUG: P&P of 1.9Moz gold and 0.6Blbs copper and
M&I (exclusive of P&P) of 3.3Moz gold and 1.2Blbs
copper
 KE: M&I of 1.7Moz gold and 1.0Blbs copper
 Long life
 12 years at Kemess Underground plus further 12
years at Kemess East
 Highly marketable concentrate
 Robust Kemess Underground economics with
significant upside
 Continued exploration success
 Kemess East and Kemess Offset Zone
(1) Refer to National Instrument 43-101 technical report dated July 12, 2017 for Kemess Underground and Kemess East.

8. 8
Kemess Underground (Feasibility – 2016)(1)
• Reserves of 1.9Moz Au and 0.6Blbs Cu
• LoM of 12 years at 106koz Au/p.a. and 47Mlbs/p.a. at
AISC(2) of $244/oz on a by-product basis ($718/oz using
co-product)
• Environmental approvals and IBA received
• Permitting ongoing
Kemess East (PEA – May 2017)(1)
• M&I resources of 1.7Moz and 1.0Blbs Cu
• LoM of 12 years at 80koz Au/p.a. and 57Mlbs/p.a. at
AISC(2) of (US$69/oz) on a by-product basis ($744/oz
using co-product)
• ~13,000m of drilling completed in ‘17 (awaiting assays)
Kemess South (Past Producer: 1998 – 2011)
• ~C$1 billion of infrastructure in-place (including a 25,000
tpd mill, grid power, road, maintenance shop, etc.)
• Past production of 3.0Moz Au and 750Mlbs Cu
− Brownfields opportunity significantly reduces risk
(1) Refer to National Instrument 43-101 technical report dated July 12, 2017 for Kemess Underground and Kemess East.
(2) AISC is a Non-GAAP measure
Kemess Overview

9. 9
Kemess Underground – 2016 Feasibility Highlights(1)
Mine Type Underground Panel Cave
Avg. LOM Gold Production (koz) 106
Avg. LOM AISC By-Product / Co-Product
(US$/oz)(2)
$244 / $718
Reserve Mine Life 12
Development Capex (C$MM)(3) $604
P&P Au Reserves (Moz) 1.9
P&P Au Reserve Grade (g/t) 0.54
P&P Cu Reserves (Mlbs) 629.6
P&P Cu Reserve Grade (%) 0.27
After-tax IRR 15.4%
After-tax NPV5% (C$MM) $421
Kemess East– 2017 PEA Highlights(1)
Mine Type Underground Panel Cave
Avg. LOM Gold Production (koz) 80
Avg. LOM AISC By-Product / Co-Product
(US$/oz)(2)
($69) / $744
Reserve Mine Life 12
Development Capex (C$MM) $327
M&I Au Resource (Moz) 1.7
M&I Au Grade (g/t) 0.46
M&I Cu Resource (Mlbs) 954.0
M&I Cu Grade (%) 0.38%
After-tax IRR 16.7%
After-tax NPV5% (C$MM) $375
Kemess: Large, Low-Cost Production
KE Gold and Copper Production(1)KUG Gold and Copper Production(1)
--
20
40
60
80
--
40
80
120
160
Y-2 Y-1 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12 Y13
Copper(Mlbs)
Gold(koz)
Project Schedule Year
Au Cu
0
20
40
60
80
--
40
80
120
160
Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12 Y13 Y14 Y15 Y16 Y17
Copper(Mlbs)
Gold(koz)
Project Schedule Year
Au Cu
(1) Refer to National Instrument 43-101 technical report dated July 12, 2017 for Kemess Underground and Kemess East.
(2) AISC is a Non-GAAP measure
(3) Includes pre-commercial net revenue and capitalized pre-production operating expenditures.

10. 10
• Optimization opportunities through the integration of KUG
and KE
− Economies of scale in ore processing, G&A, and site
services
− Optimize tailings management
− Optimize mining and development of KUG and KE to
access highest grade areas of both deposits during the
early years
− Enhance recoveries by blending KUG and KE ore
• Exploration Upside
− 2017 drill program consisting of ~13,000 metres at
Kemess East commenced in July 2017 and completed in
October 2017
− Awaiting final assay results – expected in Q4
Value Creation Opportunities at Kemess
Source: Refer to National Instrument 43-101 technical report dated July 12, 2017 for Kemess Underground and Kemess East

11. KUG Timeline – And Cu Outlook
Schedule as per Feasibility Study (March 2016)
Federal and Provincial EA Approvals
KUG Impact Benefit Agreement Signed
Normal Course Permitting
Detailed Engineering
Project Financing
Access Corridor Development
Decline Development
Develop Panel Cave
First Production
20222016 2017 2018 2019 2020 2021
11
10
15
20
25
2015 2018 2021 2024 2027 2030
Mt
Base Probable Projects Primary Demand
Large ~6Mt
deficit expected
by 2030
Deficit
Copper Outlook
Source: Wood Mackenzie.

12. High-Quality Royalty Portfolio
Producing Royalty
Non-Producing Royalty
Canada
USA
Mexico
Australia
Fosterville
2.0% NSR
(Kirkland Lake Gold)
Young-Davidson
1.5% NSR
(Alamos Gold)
Hemlo-Williams
0.25% NSR
(Barrick Gold)
Eagle River
0.5% NSR
(Wesdome Gold Mines)
Stawell
1.0% NSR
(Kirkland Lake Gold)
GJ & GJ Northern
Block
1.0% & 0.5% NSRs
(Skeena Resources)
4
Producing
Royalties
23
Total
Royalties
4
Countries
Top-Tier
Assets
World-Class
Mining
Jurisdictions
Valued
Operating
Partners
12
Royalty Revenue (US$MM’s)
2016A 2017 Guidance
$8.1
$10.5 - $11.0

13. Advanced-stage (EA Approved, IBA in hand,
FS complete)
Brownfields; lower risk capex
Sizeable resource: +12Moz AuE ounces (all
resource categories)
Long life (12 years at KUG plus further 12
years at KE)
Solid KUG economics with significant
upside (especially from KE)
Top jurisdiction
Clean concentrate
Unencumbered asset
AuRico Summary
Why Kemess? Why AuRico?
Strong Team
Business supported by valuable Royalty
Portfolio
Compelling Valuation
Positive Au/Cu Outlook
Several Upcoming Catalysts Including:
Kemess East Drilling / Resource Update
KUG & KE Integrated Scenario
Royalty Updates & Funding Strategy
13

14. APPENDICES

15. 15
Fosterville (2.0% NSR)
Mine Operator Kirkland Lake Gold
Mine Type Underground
2017 Production Guidance 250-260koz Gold
P&P Reserves
M&I (exclusive)
Inferred
1,190koz @ 15.3 g/t
1,940koz @ 4.4 g/t
1,040koz @ 5.8 g/t
Highlights
• Achieved monthly production record of over 30koz in October
• Mineral reserves more than doubled between Dec. 31 and June 30
• Exploration success highlighting potential to significantly grow high
grade Swan Zone
Young-Davidson (1.5% NSR)
Mine Operator Alamos Gold
Mine Type Underground
2017 Production Guidance 200-210koz Gold
P&P Reserves
M&I (exclusive)
Inferred
3,687koz @ 2.7 g/t
1,246koz @ 3.1 g/t
314koz @ 2.8 g/t
Highlights
• One of Canada’s largest underground mines
• 15-year mine life based on year-end 2016 reserves
• Open at depth
Hemlo – Williams (0.25% NSR)
Mine Operator Barrick Gold
Mine Type Underground
2017 Production Guidance 195-210koz Gold
P&P Reserves
M&I (exclusive)
Inferred
1,588koz @ 1.92 g/t
1,720koz @ 0.91 g/t
484koz @ 1.94 g/t
Highlights
• 73% increase in reserves announced in February 2017
• Has been producing for 30+ consecutive years
Eagle River (0.5% NSR)
Mine Operator: Wesdome Gold Mines
Mine Type Open Pit
2017 Production Guidance 45-49koz Gold
P&P Reserves
Inferred
344koz @ 9.2 g/t
85koz @ 8.1 g/t
Highlights
• Continuous production since 1995 (>1Moz)
• Significant upside from continued exploration of identified ore
zones (incl. 300 Zone)
Producing Royalties
Source: Alamos Gold, Kirkland Lake Gold, Barrick Gold and Wesdome Gold Mines filings.

16. Large and Growing Royalty Portfolio
Wholly-owned assets with potential to create royalties include:
Kliyul (exploration JV with First Quantum), Chuchi, Copper Joe, Redton, and Hilltop
Asset Date Acquired Primary Metals Location NSR Rate Operator Notes
Boulevard Mar-17 Gold Yukon 1.00% Adjacent to Goldcorp’s Coffee project
Cumobabi Mar-17 Copper Mexico 0.50% Under option to First Majestic Silver
East Timmins Mar-17 Gold Ontario 0.50%
19 near-mine targets & 81 regional targets
(claim progressing in court)
Eskay Creek Area Dec-16
Gold/Silver British Columbia 0.50%
Area surrounding past producing Eskay Creek
mine and near to Brucejack and KSM
GJ/ GJ Northern
Block
Dec-16 Gold/Copper British Columbia 0.98% / 0.49%
PEA released April 2017; M&I rsc. of 2.14Moz
and 1.2Blbs Cu
Goodpaster Mar-17 Gold Alaska 1.00% Eligible for advanced royalty payments
Grizzly Sep-17 Copper/Gold British Columbia 1.00% Located in BC’s Golden Triangle
Hemlo – David Bell Sep-15 Gold Ontario 1.50%
Historic operation – adjacent to Williams (on
strike)
Leviathan Since inception Gold Australia 1.00% Exploration stage
Madsen Area Dec-16 Gold Ontario 1.00% Exploration stage
Mt. Dunn Mar-17 Copper/Gold British Columbia 2.00% Located in BC’s Golden Triangle
Rainy River Area Feb-17 Gold Ontario 0.75% Private Exploration stage
RDN Mar-17 Gold British Columbia 1.33% Located in BC’s Golden Triangle
Red Lake Area Mar-17 Gold Ontario 1.00% Exploration stage
Stawell Since inception Gold Australia 1.00%
Care & Maintenance / “operationally ready”;
P&P of 132koz and M&I of 114koz
Williams Oct-17 Gold British Columbia 1.25% Located in BC’s Golden Triangle
16

17. Kemess Underground Project – Key Technical Team
John Fitzgerald Chief Operating
Officer
• Over 27 years experience
• Director of Mining at Northgate Minerals and part of Young Davidson development team
• Significant block/panel caving experience gained in various roles at Rio Tinto and De
Beers
• Former management roles at Barrick Gold, Scotia Capital and successful independent
consultant
Sean Masse Mining Project
Manager
• Over 16 years experience
• Senior member of team that successfully brought New Gold's New Afton panel cave mine
into production
• Former superintendent and mine manager at New Afton
• Most recently working to build Cementation Canada's business in Western Canada
Mike Padula Surface
Construction Project
Manager
• Over 29 years experience
• Project Manager for Victoria Gold’s Eagle Gold Project in central Yukon
• Manager of mining wastes and water for MMG Limited's Izok Corridor Project in Nunavut
• Part of senior management group for both AMEC Americas and De Beers Canada which
advanced Snap Lake Diamond Project to construction
Harold Bent Director
Environment
• Over 25 years experience
• Working at Kemess since 1999 with progressive responsibilities
• Responsible for all environmental, regulatory compliance and exploration activities
Wade Barnes Project Geologist • Over 13 years experience
• Working at Kemess since 2010
• Recipient of H.H. “Spud” Huestis Award in 2016
Claudette
Gouger
First Nations Liaison • Over 22 years experience
• Community Manager at New Gold’s Blackwater Project
• Extensive experience building and maintaining collaborative partnerships with local,
national, international and indigenous stakeholders
Experienced Project Management Team
17

18. Kemess Underground
One of Few Advanced Stage Cu-Au Development Projects
Kemess - A Stand Out Development Opportunity
18
 Scarcity of near-term copper & gold development projects
 Kemess Underground key benefits include:
 advanced-stage
 excellent jurisdiction
 clean copper concentrate with high gold credits
 EA approvals received
 brownfield development site with infrastructure in place
 relatively modest capex requirements
Notes:
- All capital cost estimates from company public filings
- Market Cap data as of Nov. 14, 2017
Company Project Jurisdiction Gold %
Environmental
Approval
Brownfield / Greenfield Stage
Initial Capex
(US$mm)
Capex /
Mrkt Cap
Seabridge KSM British Columbia 66%  Greenfield PFS $5,489 7.5x
NGEx Constellation Chile 21%  Greenfield PEA $3,080 17.3x
Western Copper & Gold Casino Yukon 33%  Greenfield FS $2,456 27.7x
Mason Resources Ann Mason Nevada 5%  Greenfield PEA $1,351 84.4x
Nevada Copper Pumpkin Hollow Nevada 5%  Greenfield FS $1,041 22.4x
Trilogy Metals Arctic Alaska 6%  Greenfield PEA $718 7.0x
Polymet
1
NorthMet Minnesota 35%  Brownfield FS $313 1.5x
AuRico Metals Kemess UG British Columbia 53%  Brownfield FS $452 1.9x
1
Polymet capital cost from Tech Report dated October 2012
Copper / Gold Projects

19. Reserves & Resources
Classification Quantity
Grade Contained Metal
Gold (g/t) Copper (%) Silver (g/t) Gold (koz) Copper (klbs) Silver (koz)
Proven and Probable
Proven - - - - - - -
Probable 107,381 0.54 0.27 1.99 1,868 629,595 6,878
Total P&P 107,381 0.54 0.27 1.99 1,868 629,595 6,878
Measured - - - - - - -
Indicated 246,400 0.42 0.22 1.75 3,328 1,195,300 13,866
Total M&I 246,400 0.42 0.22 1.75 3,328 1,195,300 13,866
Inferred
Total Inferred 21,600 0.40 0.22 1.70 277 104,700 1,179
Kemess Underground
Kemess East
Classification Quantity
Grade Contained Metal
Gold (g/t) Copper (%) Silver (g/t) Gold (koz) Copper (klbs) Silver (koz)
Indicated
potassic strong 67,200 0.60 0.43 2.06 1,292 640,000 4,457
potassic moderate 40,000 0.27 0.32 1.81 352 286,000 2,336
potassic weak 5,100 0.19 0.22 1.45 31 24,000 238
phyllic + propylitic 800 0.20 0.21 1.40 5 4,000 36
Indicated - Total 113,100 0.46 0.38 1.94 1,680 954,000 7,066
Inferred
potassic strong 15,200 0.51 0.41 2.05 249 137,000 1,003
potassic moderate 41,900 0.26 0.34 1.91 353 311,000 2,579
potassic weak 6,000 0.17 0.20 1.42 32 27,000 274
phyllic + propylitic 700 0.24 0.21 1.42 6 3,000 33
Total Inferred 63,800 0.31 0.34 1.90 640 478,000 3,889
M&I Resources are inclusive of reserves
19

20. Kemess – Sensitivities
Copper Price (US$/lb)
$2.50 $2.75 $3.00 3.25 3.50
Gold
Price
(US$/oz)
$1,350 $347 $418 $490 $561 $632
$1,300 $312 $384 $456 $527 $598
$1,250 $278 $349 $421 $493 $564
$1,200 $243 $315 $387 $458 $530
$1,150 $208 $280 $352 $424 $495
KUG Sensitivities NPV5% - Feasibility Study Update (March 2016) based on C$/US$ FX rate of 0.75
20
KE Sensitivities NPV5% - PEA release (May 2017) based on C$/US$ FX rate of 0.75
Copper Price (US$/lb)
$2.50 $2.75 $3.00 3.25 3.50
Gold
Price
(US$/oz)
$1,350 $258 $340 $422 $504 $586
$1,300 $235 $317 $399 $480 $562
$1,250 $211 $293 $375 $457 $539
$1,200 $188 $270 $352 $433 $515
$1,150 $164 $246 $328 $410 $492
IRR
($3.00/lb)
16.5%
16.0%
15.4%
14.7%
14.0%
IRR
($3.00/lb)
17.9%
17.3%
16.7%
16.1%
15.5%