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AuRico Reports Second Quarter Financial Results

Financial Highlights - Continuing Operations


                                               Quarter Ended     Quarter Ended
                                                    June 30,          June 30,
    (in thousands, except per share amounts)            2013         2012[(2)]
    Adjusted net earnings[(1)]                        $6,122            ($921)
    Adjusted net earnings per share,
    basic[(1)]                                         $0.02           ($0.00)
    Net (loss) / earnings                         ($103,491)            $6,640
    Net (loss) / earnings per share, basic           ($0.42)             $0.03
    Adjusted operating cash flow[(1)]                $18,691              $987

                                                  Six Months  Six Months Ended
                                                       Ended          June 30,
    (in thousands, except per share amounts)   June 30, 2013         2012[(2)]
    Adjusted net earnings[(1)]                       $17,719            $4,578
    Adjusted net earnings per share,
    basic[(1)]                                         $0.07             $0.02
    Net (loss) / earnings                          ($85,217)          ($6,958)
    Net (loss) / earnings per share, basic           ($0.34)           ($0.02)
    Adjusted operating cash flow[(1)]                $38,813            $6,865
          See the tables at the end of this press release for a reconciliation
          of adjusted net earnings and adjusted operating cash flow and refer
           to the discussion of Non-GAAP measures below. Total cash costs per
              gold ounce have been presented prior to net realizable value
            adjustments on the Young-Davidson low-grade long-term stockpile
           inventory and the El Chanate heap leach ore in process inventory.
    [(1)]       The Company has restated adjusted net earnings for 2012.
          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 21 in the Company's Management's Discussion
            & Analysis or note 3(a) to the Company's condensed consolidated
            financial statements for the three and six months ended June 30,
    [(2)]                                2013.
           The Young-Davidson open pit mine declared commercial production on
          September 1, 2012, and is therefore excluded from consolidated cash
              costs prior to this date. Pre-production ounces produced are
             excluded from consolidated ounces produced as these ounces are
    [(3)]        credited against capitalized project costs when sold.

Adjusted Net Earnings Reconciliation

    (in thousands, except per share metrics)       Quarter Ended  Quarter Ended
                                                   June 30, 2013  June 30, 2012
    Net (loss) / earnings from continuing
    operations                                        ($103,491)         $6,640
    Adjustments:
    Impairment charges                                    98,688              -
    Net realizable value adjustments on inventory         12,245              -
    Foreign exchange loss on translation of tax
    basis recorded in deferred income tax expense         11,852          5,688
    Unrealized foreign exchange gain                     (8,741)        (4,813)
    Gain on option component of convertible notes        (4,106)        (9,618)
    Unrealized gain on derivatives                           123          (896)
    Unrealized loss on contingent consideration            4,060              -
    Other                                                (4,508)          2,078
    Adjusted net earnings from continuing
    operations                                            $6,122         ($921)
    Adjusted net earnings from continuing
    operations, per share                                  $0.02        ($0.00)

    Net earnings from discontinued operations                  -        $15,043
    Adjustments:
    Unrealized foreign exchange gain                           -        (2,636)
    Net realizable value adjustments on inventory              -         14,366
    Loss on disposition of Australian Operations               -          1,736
    Other                                                      -          (791)
    Adjusted net earnings from discontinued
    operations                                                 -        $27,718
    Adjusted net earnings from discontinued
    operations, per share                                      -          $0.10

    Adjusted net earnings                                 $6,122        $26,797
    Adjusted net earnings, per share                       $0.02          $0.09

    (in thousands, except per share metrics) Six Months Ended  Six Months Ended
                                                June 30, 2013     June 30, 2012
    Net loss from continuing operations             ($85,217)          ($6,958)
    Adjustments:
    Impairment charges                                 98,688                 -
    Net realizable value adjustments on
    inventory                                          12,245                 -
    Foreign exchange loss / (gain) on
    translation of tax basis recorded in
    deferred income tax expense                        12,553             1,097
    Unrealized foreign exchange (gain) /
    loss                                              (9,677)             5,009
    (Gain) / loss on option component of
    convertible notes                                (10,975)             4,184
    Unrealized gain on derivatives                    (2,071)           (1,193)
    Unrealized loss on contingent
    consideration                                       6,849                 -
    Other                                             (4,675)             2,439
    Adjusted net earnings from continuing
    operations                                        $17,719            $4,578
    Adjusted net earnings from continuing
    operations, per share                               $0.07             $0.02

    Net earnings from discontinued
    operations                                              -           $29,856
    Adjustments:
    Unrealized foreign exchange loss                        -             7,281
    Net realizable value adjustments on
    inventory                                               -            14,366
    Loss on disposition of Australian
    Operations                                              -             1,736
    Impairment of Australian Operations                     -            22,857
    Other                                                   -             (791)
    Adjusted net earnings from discontinued
    operations                                              -           $75,305
    Adjusted net earnings from discontinued
    operations, per share                                   -             $0.27

    Adjusted net earnings                             $17,719           $79,883
    Adjusted net earnings, per share                    $0.07             $0.28

Adjusted Operating Cash Flow Reconciliation

                                                          Quarter       Quarter
    (in thousands, except per share metrics)                Ended         Ended
                                                          June 30,     June 30,
                                                             2013          2012
    Operating cash flow from continuing operations        $13,875      ($4,235)
    Add back: Non-cash change in operating working
    capital                                                 4,816         5,222
    Adjusted operating cash flow from continuing
    operations                                            $18,691          $987
    Adjusted operating cash flow from continuing
    operations, per share                                   $0.08         $0.00

                                                       Six Months     Six Months
    (in thousands, except per share metrics)                Ended          Ended
                                                    June 30, 2013  June 30, 2012
    Operating cash flow from continuing operations        $26,974         $6,235
    Add back: Non-cash change in operating working
    capital                                                11,839            630
    Adjusted operating cash flow from continuing
    operations                                            $38,813         $6,865
    Adjusted operating cash flow from continuing
    operations, per share                                   $0.15          $0.02

Non-GAAP Measures

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