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AuRico Reports Fourth Quarter And Annual Financial Results

Adjusted Net Earnings Reconciliation - Fourth Quarter


                                                  Corporate
    (in thousands, except       Young-     El         &      Continuing
    per share amounts)         Davidson  Chanate   Other     Operations
    Net (loss) / earnings       $13,369 ($110,183) ($37,606) ($134,420)
    Adjustments:
           Unrealized foreign
           exchange (gain) /
           loss                   -         -       ($2,298)   ($2,298)
           Fair value
           adjustment on
           option component of
           convertible senior
           notes                  -         -         $6,186     $6,186
           Unrealized loss on
           investments            -         -        $17,778    $17,778
           Unrealized loss on
           contingent
           consideration          -         -         $3,569     $3,569
           Gain on disposition
           of
           50% interest in
           Orion                  -         -       ($6,620)   ($6,620)
           Other (gains) /
           losses
           and non-recurring
           expenses               -         -         ($108)     ($108)
           El Chanate
           impairment
           charge                 -       $127,000     -       $127,000
           NRV adjustment on
           Ocampo heap leach
           inventory              -         -          -         -
           Disposition-related
           costs                  -         -          -         -
           Gain on disposition
           of Ocampo              -         -          -         -
           Tax impact of
           adjustments            -         -         $2,594     $2,594
    Adjusted net earnings       $13,369    $16,817 ($16,505)    $13,681
    Earnings per share                                            $0.05


    (in thousands, except                         Discontinued
    per share amounts)         Ocampo    El Cubo  Operations    Consolidated
    Net (loss) / earnings      $111,254  ($2,277)   $108,977      ($25,443)
    Adjustments:
           Unrealized foreign
           exchange (gain) /
           loss                    $431      -         $431        ($1,867)
           Fair value
           adjustment on
           option component of
           convertible senior
           notes                   -         -          -           $6,186
           Unrealized loss on
           investments             -         -          -          $17,778
           Unrealized loss on
           contingent
           consideration           -         -          -           $3,569
           Gain on disposition
           of
           50% interest in
           Orion                   -         -          -          ($6,620)
           Other (gains) /
           losses
           and non-recurring
           expenses                -         -          -            ($108)
           El Chanate
           impairment
           charge                  -         -          -         $127,000
           NRV adjustment on
           Ocampo heap leach
           inventory             $7,778      -         $7,778       $7,778
           Disposition-related
           costs                 $5,654      -         $5,654       $5,654
           Gain on disposition
           of Ocampo          ($150,793)     -      ($150,793)   ($150,793)
           Tax impact of
           adjustments          $75,217      -         $75,217     $77,811
    Adjusted net earnings       $49,541   ($2,277)     $47,264     $60,945
    Earnings per share                                 $0.17         $0.22

Adjusted Net Earnings Reconciliation - 2012



                                                  Corporate
    (in thousands, except       Young-     El         &      Continuing
    per share amounts)         Davidson  Chanate    Other    Operations
    Net (loss) / earnings       $16,109 ($70,396)  ($43,534)  ($97,821)
    Adjustments:
           Unrealized foreign
           exchange loss           -         -      $10,663    $10,663
           Fair value
           adjustment
           on option component
           of convertible
           senior notes            -         -      ($4,046)   ($4,046)
           Loss on
           extinguishment of
           debt                    -         -       $3,945     $3,945
           Provision for
           settlement of
           lawsuit                 -         -       $2,362     $2,362
           Gain on disposition
           of 50% interest in
           Orion                   -         -      ($6,620)   ($6,620)
           Other (gains) /
           losses
           and non-recurring
           expenses                -         -      ($2,753)   ($2,753)
           El Chanate
           impairment charge       -     $127,000      -      $127,000
           NRV adjustment on
           Ocampo heap leach
           inventory               -         -         -            -
           Disposition-related
           costs                   -         -         -            -
           Loss on disposition
           of
           Australia               -         -         -            -
           Gain on disposition
           of
           El Cubo and GyC         -         -         -            -
           Gain on sale of
           Ocampo                  -         -         -            -
           Tax impact of
           adjustments             -         -       $1,999     $1,999
    Adjusted net earnings       $16,109   $56,604  ($37,984)   $34,729
    Earnings per share                                           $0.12



    (in thousands, except                                    Discontinued
    per share amounts)         Ocampo    El Cubo  Australia   Operations    Consolidated
    Net (loss) / earnings      $110,990   $18,871    $1,191     $131,052     $ 33,231
    Adjustments:
           Unrealized foreign
           exchange loss         $3,907    $2,953    $2,220       $9,080      $19,743
           Fair value
           adjustment
           on option component
           of convertible
           senior notes           -          -         -          -           ($4,046)
           Loss on
           extinguishment of
           debt                   -          -         -          -            $3,945
           Provision for
           settlement of
           lawsuit                -          -         -          -            $2,362
           Gain on disposition
           of 50% interest in
           Orion                  -          -         -          -           ($6,620)
           Other (gains) /
           losses
           and non-recurring
           expenses               -          -         -          -           ($2,753)
           El Chanate
           impairment charge      -          -         -          -          $127,000
           NRV adjustment on
           Ocampo heap leach
           inventory            $16,070      -         -         $16,070      $16,070
           Disposition-related
           costs                 $9,161    $1,928    $1,034      $12,123      $12,123
           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          $78,588    $3,234       $46      $81,868      $83,867
    Adjusted net earnings       $67,923    $5,201    $6,227      $79,351     $114,080
    Earnings per share                                             $0.28        $0.40

 

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