q4 2012 financial results

Q4 2012 Financial Results Conference Call and Webcast March 26, 2013

FORWARD LOOKING STATEMENTS

Cautionary Statement Certain information included in this presentation constitutes forward-looking statements, including any information as to our projects, plans and future financial and operating performance. All statements, other than statements of historical fact, are forward-looking statements. The words “expect”, “believe”, “anticipate”, “will”, “intend”, “estimate”, “forecast”, “budget”, “schedule” and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by management, 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 include, but are not limited to: changes to current estimates of mineral reserves and resources; fluctuations in the price of gold; changes in foreign exchange rates (particularly the Canadian dollar, Mexican peso and U.S. dollar); the impact of inflation; changes in our credit rating; any decision to declare a quarterly dividend; employee relations; litigation; disruptions affecting operations; availability of and increased costs associated with mining inputs and labor; development delays at the Young-Davidson mine; operating or technical difficulties in connection with mining or development activities; inherent risks associated with mining and mineral processing; the risk that the Young-Davidson and El Chanate mines may not perform as planned; 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 and permits; contests over title to properties; changes in national and local government legislation in Canada, Mexico 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; risks arising from holding derivative instruments; business opportunities that may be pursued by the Company. Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. 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. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a discussion of some of the factors underlying forward-looking statements. 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.

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Scott Perry President & CEO

Recent Key Highlights

• Portfolio optimization completed

• Launched shareholder friendly initiatives

• Updated reserves and resources • Focused on higher margin, profitable ounces

• Kemess feasibility study released

• Young-Davidson ramp-up on target • Shaft system on track for Q3 commissioning • Underground ramp-up on target

• El Chanate: • Non-cash goodwill impairment charge • IFRIC 20 – stripping cost allocation

Focused on Shareholder Value Creation

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Rob Chausse Chief Financial Officer

Q4 Continuing Operations Performance(1)

Quarter Ended Quarter Ended

(in thousands, except ounces, per share amounts, average realized prices and total cash costs) Dec. 31, 2012 Dec. 31, 2011

Gold ounces produced(2) 41,145 18,080

Total cash costs per gold ounce $628 $401

Revenue from mining operations $63,119 $29,696

Average realized gold price per ounce $1,720 $1,661

Adjusted net earnings / (loss)(3) $13,681 ($7,410)

Adjusted net earnings / (loss) per share, basic(3) $0.05 ($0.03)

Non-cash goodwill impairment charge(4) $127,000 -

Net (loss) / earnings ($134,420) $23,027

Net (loss) / earnings per share, basic ($0.48) $0.09

Operating cash flow (before changes in working capital)(5) $31,148 $3,069

Net free cash flow ($66,340) ($105,891) 1. Continuing operations include the Young-Davidson and El Chanate mine operations. 2. Quarter ended December 31, 2012 includes pre-production ounces from the Young-Davidson mine. 3. See the table on slide 10 for a reconciliation of adjusted net earnings and refer to the discussion of Non-GAAP measures in the Company’s Q4 2012 Financial Results Press Release. 4. Non-cash goodwill impairment charge related to the El Chanate mine. 5. See the table at the end of this presentation for a reconciliation of operating cash flow (before changes in working capital).

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2012 Continuing Operations Performance(1)

Year Ended Year Ended (in thousands, except ounces, per share amounts, average realized prices and total cash costs) Dec. 31, 2012 Dec. 31, 2011





Adjusted net earnings / (loss)(3) $34,729 ($7,511)

Adjusted net earnings / (loss) per share, basic(3) $0.12 ($0.04)





Net free cash flow ($368,731) ($111,054) 1. Continuing operations include the Young-Davidson and El Chanate mine operations. 2. Year ended December 31, 2012 includes pre-production ounces from the Young-Davidson mine. 3. See the table on slide 11 for a reconciliation of adjusted net earnings and refer to the discussion of Non-GAAP measures in the Company’s Q4 2012 Financial Results Press Release. 4. Non-cash goodwill impairment charge related to the El Chanate mine. 5. See the table at the end of this presentation for a reconciliation of operating cash flow (before changes in working capital).

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Q4 Continuing Operations Highlights(1)

El Chanate Young-Davidson Q4 2012 Q4 2011

Gold ounces produced 14,782 19,236 34,018 18,080

Pre-production gold ounces produced - 7,127 7,127 -

Total gold ounces produced 14,782 26,363 41,145 18,080

Gold ounces sold 13,967 22,170 36,137 17,355

Pre-production gold ounces sold - 3,595 3,595 -

Total gold ounces sold 13,967 25,765 39,762 17,355

Total cash costs per gold oz.(2),(3),(4) $468 $744 $628 $401

1. Continuing operations include the Young-Davidson and El Chanate mine operations. 2. 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. 3. Gold ounces used to calculate cash costs include ounces sold at the El Chanate mine and ounces produced at the Young-Davidson mine. 4. 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 are excluded from the calculation of cash costs as they are credited against capitalized project costs.

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2012 Continuing Operations Highlights(1)

El Chanate Young-Davidson 2012 2011

Gold ounces produced 71,145 29,139 100,284 49,395

Pre-production gold ounces produced - 26,999 26,999 -

Total gold ounces produced 71,145 56,138 127,283 49,395

Gold ounces sold 68,253 26,169 94,422 49,659

Pre-production gold ounces sold - 17,505 17,505 -

Total gold ounces sold 68,253 43,674 111,927 49,659

Total cash costs per gold oz.(2),(3),(4) $434 $708 $516 $449

1. Continuing operations include the Young-Davidson and El Chanate mine operations. 2. 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. 3. Gold ounces used to calculate cash costs include ounces sold at the El Chanate mine and ounces produced at the Young-Davidson mine. 4. 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 are excluded from the calculation of cash costs as they are credited against capitalized project costs.

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Q4 Adj. Net Earnings Reconciliation Young-

Davidson El Chanate

Corporate & Other

Continuing Operations

Ocampo El Cubo Discontinued Operations

Consolidated

Net (loss) / earnings $13,369 ($110,183) ($37,606) ($134,420) $111,254 ($2,277) $108,977 ($25,443)

Adjustments:

Unrealized foreign exchange (gain) / loss

- - ($2,298) ($2,298) $431 - $431 ($1,867)

Fair value adjustment on option component of convertible senior notes

- - $6,186 $6,186 - - - $6,186

Unrealized loss on investments

- - $17,778 $17,778 - - - $17,778

Realized gain on investments

- - ($1,832) ($1,832) - - - ($1,832)

Unrealized loss on contingent consideration

- - $3,569 $3,569 - - - $3,569

Gain on disposition of 50% interest in Orion

- - ($6,620) ($6,620) - - - ($6,620)

Other unrealized losses and non-recurring expenses

- - $1,724 $1,724 - - - $1,724

El Chanate impairment charge

$127,000 - $127,000 - - - $127,000

Disposition-related costs - - - - $5,654 - $5,654 $5,654

NRV adjustment on Ocampo heap leach inventory

- - - - $7,778 - $7,778 $7,778

Gain on sale of Ocampo - - - - ($150,793) - ($150,793) ($150,793)

Tax impact of adjustments - - $2,594 $2,594 $75,217 - $75,217 $77,811

Adjusted net earnings $13,369 $16,817 ($16,505) $13,681 $49,541 ($2,277) $47,264 $60,945

Earnings per share $0.05 $0.17 $0.22

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2012 Adj. Net Earnings Reconciliation

Young-

Davidson El Chanate

Corporate & Other

Continuing Operations

Ocampo El Cubo Australia Discontinued Operations

Consolidated

Net (loss) / earnings $16,109 ($70,396) ($43,534) ($97,821) $110,990 $18,871 $1,191 $131,052 $33,231 Adjustments:

Unrealized foreign exchange loss

- - $10,663 $10,663 $ 3,907 $2,953 $ 2,220 $ 9,080 $19,743

Fair value adjustment on option component of convertible senior notes

- - ($4,046) ($4,046) - - - - ($4,046)

Unrealized loss on investments

- - $146 $146 - - - - $146

Realized gain on investments

($1,500) ($1,500) - - - - ($1,500)

Unrealized gain on derivatives

- - ($1,713) ($1,713) - - - - ($1,713)

Unrealized gain on contingent consideration

- - ($1,568) ($1,568) - - - - ($1,568)

Loss on discontinuance of hedge accounting

- - $1,882 $1,882 - - - - $1,882

Loss on extinguishment of debt

- - $3,945 $3,945 - - - - $3,945

Provision for settlement of lawsuit

- - $2,362 $2,362 - - - - $2,362

Gain on disposition of 50% interest in Orion

- - ($6,620) ($6,620) - - - - ($6,620)

Disposition-related costs - - - - $9,161 $1,928 $1,034 $12,123 $12,123

El Chanate impairment charge

$127,000 - $127,000 - - - - $127,000

NRV adjustment on Ocampo heap leach inventory

- - - - $16,070 - - $16,070 $16,070

Loss on disposition of Australia

- - - - - - $1,736 $1,736 $1,736

Gain on disposition of El Cubo and GyC

- - - - - ($21,785) - ($21,785) ($21,785)

Gain on sale of Ocampo - - - - ($150,793) - - ($150,793) ($150,793)

Tax impact of adjustments - - $1,999 $1,999 $78,588 $3,234 $ 46 $81,868 $83,867

Adjusted net earnings $16,109 $56,604 ($37,984) $34,729 $67,923 $5,201 $6,227 $79,351 $114,080 Earnings per share $ 0.12 $ 0.28 $ 0.40 11

El Chanate Guidance Revision

• Capitalization of fewer stripping costs at the El Chanate mine

• Includes 2013 and 2012 operational stripping

• Amended 2013 cash cost guidance

• Increased cash costs guidance to $550 to $600 per gold ounce

• All-in cash costs and cash flow streams not impacted

• Decreases sustaining capital estimates to $8 to $12 million

Cash Cost Guidance Revision – IFRIC 20

2013 Operational Estimates – Revised(1)

2013 Original New

Gold Production (ounces) 70,000-80,000 70,000-80,000

Cash Costs (per gold ounce) $475-$525 $550-$600

All-in Cash Costs (per gold ounce) $900-$1,000 $900-$1,000

Sustaining Capital (US$ millions) $12,000-$17,000 $8,000-$12,000

Capital Expenditures (US$ millions) $35,000-$45,000 $30,000-$40,000

(1) Refer to endnote #2 12

Scott Perry President & CEO

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 $150M(1) • Growing profitability and cash flow per share

Peer-Leading Balance Sheet

• Completed $300M substantial issuer bid • Launched peer-leading dividend policy • Growing dividend per share • Insider buying

Shareholder Friendly Initiatives

Delivering Reliable, Consistent, Sustainable Performance

(1) Refer to endnote #1. 14

Endnotes

1. Company cash on hand and fully diluted shares (excluding convertible debentures) as of December 31, 2012, 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. For more information regarding AuRico Gold’s 2013 operational estimates, including production, costs, and capital investments, please refer to the press release dated January 18, 2013, available on the Company website at www.auricogold.com.

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http://www.auricogold.com/

http://www.auricogold.com/

Appendix

Q4 Consolidated Performance

Quarter Ended Quarter Ended (in thousands, except ounces, per share amounts, average realized prices, and total cash costs) Dec. 31, 2012 Dec. 31, 2011





Adjusted net earnings(2) $60,945 $2,876

Adjusted net earnings per share, basic(2) $0.22 $0.01





Net free cash flow ($90,124) ($103,842) 1. Quarter ended December 31, 2012 includes pre-production ounces from the Young-Davidson mine. 2. See the table on slide 10 for a reconciliation of adjusted net earnings and refer to the discussion of Non-GAAP measures in the Company’s Q4 2012 Financial Results Press Release. 3. Non-cash goodwill impairment charge related to the El Chanate mine as required under IFRS accounting standards. 4. See the table at the end of this presentation for a reconciliation of operating cash flow (before changes in working capital).

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2012 Consolidated Performance

Year Ended Year Ended

(in thousands, except ounces, per share amounts, average realized prices and total cash costs) Dec. 31, 2012 Dec. 31, 2011


Total cash costs per gold ounce $542 ($92)



Adjusted net earnings(2) $114,080 $94,292

Adjusted net earnings per share, basic(2) $0.40 $0.51


Net (loss) / earnings $33,231 $176,859

Net (loss) / earnings per share, basic $0.12 $0.96


Net free cash flow ($433,180) ($65,562) 1. Year ended December 31, 2012 includes pre-production ounces from the Young-Davidson mine. 2. See the table on slide 11 for a reconciliation of adjusted net earnings and refer to the discussion of Non-GAAP measures in the Company’s Q4 2012 Financial Results Press Release. 3. Non-cash goodwill impairment charge related to the El Chanate mine as required under IFRS accounting standards. 4. See the table at the end of this presentation for a reconciliation of operating cash flow (before changes in working capital). 19

Operating Cash Flow Reconciliation

Quarter Ended Quarter Ended Year Ended Year Ended

(in thousands, except per share amounts) Dec. 31, 2012(1) Dec. 31, 2011(1) Dec. 31, 2012(1) Dec. 31, 2011(1)

Operating cash flow ($5,127) $42,077 $80,404 $181,824

Less: non-cash working capital $39,233 $34,038 $89,971 $19,503

Operating cash flow, adjusted $34,106 $76,115 $170,375 $201,327

Per share, basic ($0.02) $0.17 $0.28 $0.99

Per share, basic, adjusted $0.12 $0.30 $0.60 $1.10

1. Includes the results of both continuing and discontinued operations.

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q4 2012 financial results

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