Ami corporate update november 2017

Corporate Presentation

November 2017

A Compelling Canadian Development Opportunity

Supported by High Quality Royalties

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 inthis 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 toour 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 reserveestimates, projected production and costs of the Kemess Underground Project and Kemess East Project, other statements that express our expectations or estimates of future performance, valuegrowth, 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 suchprograms, mineral reserves and mineral resources and anticipated grades, exploration expenditures, costs and timing of any future development, costs and timing of future exploration , the presenceof 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 ArrangementAgreement 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 inherentlysubject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in theforward-looking statements. Such factors and assumptions underlying the forward-looking statements in this presentation include, but are not limited to: the completion of the ArrangementAgreement 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 inthe 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 Fostervillemines, 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 securecapital 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 fromthe 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 inwhich 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 andliabilities 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 arebased 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 offuture 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 orinformation 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 orotherwise, 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 StatesSecurities 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 beassumed 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 orother 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 Statesinvestors 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 “QualifiedPerson” as defined by National Instrument 43-101.

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 Cu2) Sept. 30, 2017 cash balance of US$18.8M, converted using our 2017 FX rate assumption of 0.75

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

$1.80

$2.00

Jul - 15 Oct - 15 Jan - 16Apr - 16 Jul - 16 Oct - 16 Jan - 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

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’s20-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

Kemess Site Layout

Work Camp South Open Pit

Metallurgical Facility Kemess Underground & East Deposits

6

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

KemessProject Tsay Keh

Kwadacha(Fort Ware)

Dawson Creek

Prince GeorgePrinceRupert

Terrace SmithersFort St. James

TaklaLanding 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

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/ozusing 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

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

Co

pp

er

(Mlb

s)

Go

ld (

ko

z)

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

Co

pp

er

(Mlb

s)

Go

ld (

ko

z)

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

• 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

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 ~6Mtdeficit expected by 2030

Deficit

Copper Outlook

Source: Wood Mackenzie.

High-Quality Royalty Portfolio

Producing Royalty

Non-Producing Royalty

Canada

USA

Mexico

Australia

Fosterville2.0% NSR

(Kirkland Lake Gold)

Young-Davidson1.5% NSR(Alamos Gold)

Hemlo-Williams0.25% NSR(Barrick Gold)

Eagle River0.5% NSR(Wesdome Gold Mines)

Stawell1.0% NSR

(Kirkland Lake Gold)

GJ & GJ NorthernBlock1.0% & 0.5% NSRs(Skeena Resources)

4Producing Royalties

23Total

Royalties

4Countries

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

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 Strategy13

APPENDICES

15

Fosterville (2.0% NSR)

Mine Operator Kirkland Lake Gold

Mine Type Underground

2017 Production Guidance 250-260koz Gold

P&P ReservesM&I (exclusive)Inferred

1,190koz @ 15.3 g/t1,940koz @ 4.4 g/t1,040koz @ 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




3,687koz @ 2.7 g/t1,246koz @ 3.1 g/t314koz @ 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




1,588koz @ 1.92 g/t1,720koz @ 0.91 g/t484koz @ 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


P&P ReservesInferred

344koz @ 9.2 g/t85koz @ 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.

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-16Gold/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

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 SurfaceConstruction 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 DirectorEnvironment

• 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

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

ApprovalBrownfield / 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

Polymet1 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

Reserves & Resources

Classification QuantityGrade 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 QuantityGrade Contained Metal

Gold (g/t) Copper (%) Silver (g/t) Gold (koz) Copper (klbs) Silver (koz)

Indicatedpotassic 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

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%

Investor Relations

Ami corporate update november 2017