Endnotes

Endnotes

All amounts are in US dollars unless otherwise indicated

Cash Costs per Gold Ounce and All-In Sustaining Costs (“AISC”) Per Gold Ounce are Non-GAAP measures that do not have any standardized meaning prescribed by International Financial Reporting Standards (“IFRS” or “GAAP”), and that should not be considered in isolation from or as a substitute for performance measures prepared in accordance with GAAP. See the Non-GAAP Measures section on page 22 of the Management's Discussion and Analysis for the year ended December 31, 2014 available on the Company website at www.auricogold.com. 2014 fourth quarter and annual cash costs are prior to inventory net realizable adjustments and reversals.
Cash costs for the Young-Davidson and El Chanate mines are calculated on a per gold ounce basis, net of by-product revenues and net realizable value adjustments and reversals. Prior to 2014, gold ounces include ounces sold at the El Chanate mine and ounces produced at the Young-Davidson mine. Commencing in 2014 cash costs for both the Young-Davidson and El Chanate mines were calculated based on ounces sold. Prior to commissioning the underground mine at Young-Davidson, cash costs were calculated on ounces produced from the open pit only. All underground costs were capitalized, and any revenue related to underground ounces sold was credited against capital expenditures. Subsequent to the declaration of commercial production in the underground mine, cash costs are calculated on ounces produced from both the open pit and underground mines, and revenue related to the sale of underground ounces is recognized in the Company’s Statement of Operations as revenue.
For more information regarding AuRico Gold’s 2014 operational estimates, including production, costs, and capital investments, please refer to the press releases dated February 19, 2015 titled AuRico Gold Announces 2015 Operational Outlook, which are available on the Company website at www.auricogold.com.
Reserves and resources for Young-Davidson and El Chanate mines, and Orion represent gold grade as per technical reports and Company disclosure. For more information regarding AuRico Gold’s Mineral Reserves and Resources as at December 31, 2014, please refer to the press release dated February 19, 2015 titled AuRico Reports 2014 Reserve & Resource Update available on the Company website at www.auricogold.com. Measured and indicated resources excludes inferred resources. For more information on the Kemess Feasibility Study, please refer to the press release dated March 25, 2013 titled AuRico Reports 2012 Reserve & Resource Update and Kemess Feasibility Study Results. For more information regarding drilling results from the Kemess East discovery refer to the press release issued December 15, 2014 titled AuRico Gold Announces a New Gold-Copper Porphyry Discovery at the Kemess Project; Initial Resource Estimate Expected in Early 2015. For more information on the initial resource for Kemess East refer to the press release issued January 21, 2015 titled AuRico Gold Announces Initial Resource of 5.5 Million Gold Equivalent Ounces at Kemess East; Reserves and Resources of 10.6 Million gold equivalent ounces at Kemess Property.
Production figures include gold ounces only. 2012 and 2013 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, and the declaration of commercial production in the underground mine on October 31, 2013.
The illustrative yield assumes the share price as of January 20, 2015. Consensus data is as of January 20, 2015. 2014 to 2017 per share numbers are based on the number of shares outstanding as of December 2014. For more information regarding AuRico Gold’s dividend policy, please refer to the press release dated November 6, 2014, available on the Company website at www.auricogold.com.
For more information regarding the Lynn Lake District, please refer to the press release issued by Carlisle Goldfields dated February 27, 2014 titled Carlisle Announces Optimized PEA of the Farley and MacLellan deposits at Lynn Lake returns Post-Tax IRR of 26.3% at US$1100 gold price.