TSX/NYSE MKT:AZC

Rosemont CopperUpdate

APRIL, 2014

TSX/NYSE MKT:AZC

About Rosemont

Rosemont Copper Company (Rosemont) is an Arizona Corporation.

Rosemont is a subsidiary of Augusta Resource Corporation.

Augusta is a publicly traded company on the New York and Toronto

stock exchanges under the symbol AZC.

Rosemont is led by a management team with over 570+ years of

collective mining experience throughout the world.

The Rosemont office and team is located in Tucson, Arizona.

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TSX/NYSE MKT:AZC

Project Philosophy

Designs were based on “best available” technology

Greatly reducing water usage and land requirements by using Filtered Tailings Technology

Reducing air emissions by using Tier II and Tier IV mining equipment with the highest emission standards.

Controlling dust emissions with high efficiency dust collectors.

Reducing visual impacts through concurrent reclamation and re-vegetation practices on all exterior slopes of the landform.

Utilizing cattle during reclamation to aid the land rehabilitation.

LED outdoor lighting reducing light pollution and sky glow.

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Rosemont Team with 570+ Year Cumulative Experience in Mining

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Global Cu Production

Industry Technology Trends and Copper Grade, Price and Production

11,000

13,000

15,000

17,000

19,000

21,000

23,000

25,000

27,000

200

2

200

3

200

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201

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Th

ou

sa

nd

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nn

es

Co

pp

er

GLOBAL REFINED COPPER MARKET BALANCE

Possible Projects

Probable Projects

Highly ProbableProjects

Projects underConstruction

Restarts

Secondary Cu(Scrap)

Base Mine Supply

Total World CuDemand excludingChina

Total World CuDemand

GLOBAL COPPER CONSUMPTION

EXCLUDING CHINA

GLOBAL REFINED COPPER

CONSUMPTION

5.2% p.a.

(annual average 2010-2016)

Secondary

Refined Cu

(Scrap)

Base Mine

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Arizona Major Mines

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Copper Production Comparison

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200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1,800,000

2,000,000

2,200,000

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27

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33

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63

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87

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Co

pp

er

Pro

du

ctio

n (

Sho

rt T

on

s)

Year

Copper Production - U.S. vs. Arizona(1900-2012)

US Mine Production Arizona Mine Production

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History and OwnershipHelvetia and Rosemont Mining District

Congress recognizes Helvetia and Rosemont Mining Districts - 1880

Southern Arizona led the nation’s copper production - 1900

Rosemont District mined - 1870 through 1950

First mining claims:• Narragansett, 1879• Eclipse, 1884• Backbone, 1885

Recent History:• Banner Mining Company, 1961• Anamax, 1973 - 1986• Asarco, 1988 - 2004• Rosemont Copper, 2005

Old Rosemont, ca. 1900Store and warehouse, center;

Rosemont Hotel, right.

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Rosemont production

664

256 243235 216

171146 134

108

61 46 38

Mo

ren

ci

Bin

gham

Can

yon

Ro

sem

on

t

*R

ayC

om

ple

x

Bag

dad

Sie

rrit

a

Saff

ord

*M

issi

on

Ro

bin

son

Mia

mi

*Si

lver

Be

ll

Min

era

l Par

k

2013A U.S. Copper Production By Mine (Mlbs)

* Mines owned by Asarco/Grupo Mexico based on 2012A production metrics as by mine statistics have not yet been published.

When in production, Rosemont will be the third largest U.S. copper mine

SOURCE: Public filingsNOTE: All metrics relating to Rosemont are presented on a 100% basis

LOM avg Cu production/yr (lbs) 243M

LOM avg Mo production/yr (lbs) 5.4M

LOM avg Cu recovery 87%

LOM avg Mo recovery 58%

Waste to ore ratio 1.9:1

Mine life 21+ years

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PERMITTING UPDATE

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Groundwater Withdrawal Permit

(January 2008)

Publication of Rosemont Draft Record of Decision

(December 2013)

Final Environmental Impact Statement

(November 2013)

Reclamation Plan Approval/Permit

(July 2009)

Air Quality Permit; (January 2013)

File Plan of Operations; first

step in NEPA permitting process

(July 2007)

Expect to receive Final Record of Decision

(Q2 2014)

Expect to receive Clean Water Act 404 Permit

(Q2 2014)

2007 2008 2009 2010 2011 2012 2013 2014

Aquifer Protection Permit

(April 2012)

Certificate of Environmental Compatibility

(December 2011)

Stormwater Permit(April 2008)

Permitting Timeline

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Permitting Schedule

F

E

I

S

D

R

O

D

+ 90-120 day comment and resolution period

45 day comment period 45 day resolution period

NOTE: DROD = Draft Record of Decision; FROD = Final Record of Decision; 404 = Clean Water Act 404 Permit

F

R

O

D

Break Ground

On Federal Land

Dec/13 H2 - 2014Nov/13 Q2/14WE ARE HERE

1x-30 day extension

4

0

4

US Forest Service NEPA Process

Army Corps of Engineers Process

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Rosemont Project Timeline

7 of 8 major permits received FEIS published Nov 2013 Draft ROD issued Dec 2013 CWA 404 Permit expected Q2/14 Final ROD expected Q2/14

CONSTRUCTION - IMMINENT Start construction by end of 2013 Preproduction, mining and construction 22

months

CONSTRUCTION - IMMINENT Preproduction, mining and construction 22

months PERMITS: Q2 2014 CONSTRUCTION: H2-2014

Engineering, environmental work, preproduction, mining and construction 32 months

21+ year mine life based on proven & probable reserves

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PRODUCTION: Q1 2017

TSX/NYSE MKT:AZC

Project Opposition Issues

Water

Where will the water come from and how much

Will the mine pollute the drinking water

Dust from the project

Truck traffic on the road

Use of federal land to place material from the mine

Project will hurt tourism

Effects to wildlife

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Mitigation Program

Recharge of CAP water to replace water used – have banked 45,000 acre feet to date.

Agree to build a $20 million pipeline for CWC to bring CAP water near Green Valley

Using filtered tailings to reduce water usage

Recycling process water

Use of new lighting LED

Extensive monitoring and reporting program

Replacement of roads and recreational trail facilities

Establishment of features to support endangered and other species

4,500 acres of private property and 1,700 ac-ft of water right in conservation packages.

Long term endowment of $25 million

Annual community support of $500K once production begins

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COMMUNITY UPDATE

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Rosemont Community Philosophy

Community

Initiate community relations efforts early

Provide community support

Two-way communication with the community

Establish local, county and business support

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Working Toward Higher Education

University of Arizona

Total commitment of $1.4 million through from 2008-2014

UA programs included are:

Dept. of Natural Resources UA School of Mining & Engineering UA Women in Science &

Engineering University Foundation Social & Behavioral Sciences

College Arizona Assurance Program UA Medical Foundation UA Athletics

Pima College

Launched programs focused on science and engineering with an emphasis on mining

18 scholarships totaling $32,000

Local students who will be first in family to attend college

Pima College to administer scholarship program

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Broad Public Interest

ACT - Alliance of Construction Trades

ABA - Arizona Builders‘ Alliance

ACA - Arizona Contractors Association

AMIGOS - Arizona Mining Industry Gets Our Support

SACA - Southern Arizona Contractors Association

SAHBA - Southern Arizona Home Builders Association

SAEDG - Southern Arizona Economic Development Group

SEAGO - South Eastern Arizona Governments Organization

SVEDF - Sierra Vista Economic Development Foundation

TUCA - Tucson Utility Contractors Association

PALF - Pima Area Labor Federation

USW - United Steelworkers of America

12,000 Families signed to support

120 Southern Arizona business leaders

Associations, Businesses, Cities, Chambers and Individuals have registered their support of the Rosemont Project:

Benson City Council

Benson/San Pedro Chamber of Commerce

City of Marana

Greater Vail Area Chamber of Commerce

Marana Chamber of Commerce

Metropolitan Pima Alliance

Nogales Santa Cruz County Chamber of Commerce

Northern Pima County Chamber of Commerce

Sierra Vista Area Chamber of Commerce

Thatcher City Council

Tucson Hispanic Chamber of Commerce

Tucson Metropolitan Chamber of Commerce

Willcox Chamber of Commerce & Agriculture

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PROJECT ECONIMICS

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Rosemont Production Economics

Major Economic Engine

• Creates almost 4,200 jobs annually in the USA

• 2,100 Southern Arizona

• 800 additional in the State

• 1,300 addition in the Nation

• Provides $1.2+ billion in new investment

• Contributes $3 billion of Federal income tax

• Total Economic Impact of nearly $30 billion to the USA over the life of mine

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Rosemont CAPEX

EPCM/Commissioning/

Spare Parts

CAPEX Breakdown ($M)

General Site / Ancillary Facilities $60

Mine $252

Concentrator & Tailings $471

Power / Water Supply $122

EPCM/Commissioning/ Spare Parts $104

Owner’s Costs $163

Contingency $51

Sunk Costs (Equipment & EPCM) ($113)

Total Construction & Commissioning $1,110

Mine Pre-development CAPEX $116

Total CAPEX $1,226

Owner’s Costs

ContingencyGeneral Site/

Ancillary Facilities

Mine

Concentrator & Tailings

Power/Water Supply

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ROSEMONT FINANCING PLAN

Going forward CAPEX of $1.226 billion(1)

Source of funds

Project Financing($890M)(2)

SilverWheaton($230M)

LGI/KORES

($106M)

(1) From Rosemont 2012 Feasibility Study. Update including mine pre-development costs of $116M less equity already invested of $113M

(2) Excluding additional financing costs such as interest during construction, upfront fees, cost overrun facility, etc.

Project Financing

Expected to be Completed in

Second Half-2014

Mandate Letter Signed

Syndicate of 12 banks

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PROJECT DESIGN

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Drilling Summary – Rosemont Deposit

Company Time PeriodDrill Holes

Number Feet

Banner 1950s-1963 3 4,300

Anaconda 1963-1973 113 136,838

Anamax 1973-1986 52 54,350

ASARCO 1988-2004 11 14,695

Augusta 2005-2012 87 132,525

Total 266 342,708

All holes drilled at the Rosemont Property have been conducted along lines that are approximately 200 feetapart. Currently the average spacing for holes along these lines is 250 feet.

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Cross Section with Phases

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Barrel Only Final

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Rosemont is Construction Ready

Grinding mills and drives paid for and delivered

$90M already spent on equipment Most major equipment procured – fixed price contracts set in 2008/2009

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Sulfide Flow Sheet

COSP

BALL

MILL

S

1 & 2

PRIMA

RY

CRUS

HER COPP

ER MO

LYBD

ENUM

ROUG

HER B

ANKS

1 & 2

CLEA

NERS

-SCAV

ENGE

RS

SAG M

ILL

PEBB

LE

CRUS

HER

COLU

MN CE

LLS

TAILIN

GS TH

ICKEN

ERS

MOLY

BDEN

UM FL

OTAT

ION

TAILIN

GS ST

ORAG

E

FACIL

ITY

COPP

ER

CONC

ENTR

ATE

MOLY

BDEN

UM

PACK

AGING

TAILIN

GS FIL

TERS

ROSE

MONT

COPP

ER - 7

5,000

STPD

FLOW

SHEE

T

REGR

IND MI

LL

Cu/Mo

THICK

ENER

COLU

MN CE

LLS

COPP

ER CO

NCEN

TRAT

E

THICK

ENER

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Primary Crusher

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Grinding Building

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Flotation Building

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Tailings Filter Building

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Shiftable Conveyor with Spreader

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PROJECT MANAGEMENT

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Project Management Structure

Integrated Project Delivery in which Rosemont maintains control of cost and schedule.

EP and CM contractors act as agents for Rosemont.

Leverages skill sets to maximize project performance and accountability.

“Owner Controlled EPCM”

Mine Fleet Procurement Pre-stripping

Engineering Procurement

Construction Mgmt. Commissioning Start-up

Cost/Schedule Project Control

Field EngineeringRFI’s

ROSEMONT PROJECT TEAM

M3 ENGINEERING CDM SMITH

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Key Evaluation

• Bid must conform to bid package structure as requested in the RFQ

• Safety Record

• Proposed Team

• Content of the work plan

• Current Work Load

• Prior experience in the work requested

• Price

• Local presence

Bid Evaluation

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Questions?