Q3 2011 - Part 2

Condensed Interim Consolidated Financial Statements (Unaudited)

Aureus Mining Inc.

For the Three and Nine Months Ended September 30, 2011

(Stated in US dollars)

Registered office: Suite 2300Toronto-Dominion Centre TD Waterhouse Tower79 Wellington Street WestTorontoOntario M5K 1H1Canada

Company registration number: 776831-1

Company incorporated on: 1 February 2011

Notice to Reader:

In accordance with National Instrument 51-102 released by the Canadian Securities Administrators, the Company discloses that its auditors have not reviewed the unaudited interim consolidated financial statements for the three and nine months ended September 30, 2011.

The accompanying unaudited interim financial statements of the Company have been prepared by and are the responsibility of the Company's management.

Aureus Mining Inc.

(stated in US dollars)

The accompanying notes are an integral part of these interim consolidated financial statements.

Aureus Mining Inc.

(stated in US dollars)

The accompanying notes are an integral part of these interim consolidated financial statements.

Aureus Mining Inc.

(stated in US dollars)

The accompanying notes are an integral part of these consolidated financial statements.

Aureus Mining Inc.

(stated in US dollars)

The accompanying notes are an integral part of these consolidated financial statements.

Aureus Mining Inc.

(in US dollars unless otherwise stated)

1 Nature of operations and basis of preparation

Aureus Mining Inc. ("Aureus Mining" or the "Company") is a new company incorporated under the Canada Business Corporations Act on February 1, 2011 in order to facilitate the Plan of Arrangement (the "Arrangement" - see Note 2). Following completion of the Arrangement, Aureus Mining holds gold assets and an investment in Stellar Diamonds plc. ("Stellar Diamonds") previously owned by Afferro Mining Inc. ("Afferro Mining", formerly African Aura Mining Inc. ("African Aura")). The focus of Aureus Mining's business is the exploration and development of such gold assets, particularly the New Liberty Gold Project.

These condensed interim consolidated financial statements ("interim financial statements") have been prepared in accordance with International Accounting Standard ("IAS") 34, "Interim Financial Reporting", they do not include all disclosures that would otherwise be required in a complete set of financial statements. They follow accounting policies and methods of their application consistent with the interim consolidated financial statements for the period ending June 30, 2011. Accordingly, they should be read in conjunction with the Company's June 30, 2011 interim consolidated financial statements.

The consolidated financial statements of Aureus Mining for the year ending December 31, 2011, will be prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). As these interim financial statements represent Aureus Mining's initial presentation of its results and financial position under IFRS, they were prepared in accordance with IAS 34, Interim Financial Reporting, and use the accounting policies which Aureus Mining expects to adopt in its consolidated financial statements for the year ending December 31, 2011 based on currently effective standards. These interim financial statements may differ from those presented in Aureus Mining's first annual IFRS financial statements for the year ending December 31, 2011 due to changes to the IFRS standards, if any.

These interim financial statements were authorized by the Board of Directors on November 10, 2011.

2 Plan of Arrangement

On April 13, 2011 African Aura completed the Arrangement under the British Columbia Business Corporation Act pursuant to which it transferred its gold assets, 30,792,770 shares in Stellar Diamonds and $10.6 million cash (the "Transferred Assets") to Aureus Mining and African Aura was renamed Afferro Mining Inc.

The Arrangement was approved by the Board of Directors of African Aura and by African Aura's shareholders at a special meeting held on April 5, 2011.

Under the Arrangement, among other things, the Transferred Assets were acquired by Aureus Mining and each Participating Shareholder received new common shares in Afferro and Aureus Mining in exchange for the African Aura common shares held by such shareholder on the basis of one new Afferro common share and one Aureus Mining common share for each African Aura common share held by such shareholder.

3 Capital contribution

As described in Note 2, on April 13 2011, upon completion of the Arrangement Aureus Mining received the Transferred Assets from Afferro Mining. As there was no substantive change in ultimate ownership of the Transferred Assets as a result of the transaction, the transaction has been accounted for as a capital contribution and the Transferred Assets have been brought into Aureus Mining at the carrying values recorded by Afferro Mining at the date of transfer as follows:

4 Intangible assets

4 Intangible assets (continued)

5 Property, plant and equipment

6 Equity

(a) Authorised

Unlimited number of common shares without par value.

(b) Issued

On May 19, 2011, the Company concluded a public offering issuing 27,000,000 new common shares of Cdn$1.30 each raising gross proceeds of Cdn$35.1 million. The direct costs to issue that have been charged to share capital amounted to Cdn$2.4 million (including compensation warrants valued at Cdn$0.2 million (see Note 7)).

On June 3, 2011, the over-allotment option attached to the public offering was exercised upon which the Company issued 4,050,000 new common shares of Cdn$1.30 each raising gross proceeds of Cdn$5.3 million. The direct costs to issue that have been charged to share capital amounted to Cdn$0.3 million (including compensation warrants valued at Cdn$ 26,882 (see Note 7)).

In the quarter ended September 30, 2011, the Company issued 421,467 new common shares in exchange for the exercise of 421,467 stock options at a weighted average exercise price of Cdn$0.66.

(c) Stock options

In connection with the Arrangement, each African Aura option outstanding immediately prior to the completion was exchanged for one Afferro option and one Aureus Mining option and the African Aura option so exchanged was immediately thereupon cancelled.

The Aureus Mining options were granted pursuant to the Aureus Mining Stock Option Plan. The issuance of Afferro options and Aureus Mining options is intended to put the holders of the options in the same position (or as close as possible thereto) as each shareholder of African Aura who participated in the Arrangement as if such holders of African Aura options had exercised such options prior to the effective time of the Arrangement. Therefore it is not necessary to value the African Aura options prior to the effective time of the Arrangement and Afferro and Aureus options after the effective time using an option pricing model as these options are not a new grant or a re-pricing.

The exercise price of each Afferro option and each Aureus Mining option was determined in accordance with the following formulae, in each case rounded up to the nearest whole cent:

·; the exercise price of each Afferro option represents the product of (a) the original exercise price of the African Aura option multiplied by (b) the difference between one (1) and the Exercise Price Proportion, an amount determined in accordance with the fraction A/B where: (A) is the one day volume weighted average trading price of one Aureus common share following the completion of the Arrangement; and (B) is the aggregate of the one day volume

6 Equity (continued)

weighted average trading price of one Aureus common share and one Afferro common share following the completion of the Arrangement; and

·; the exercise price of each Aureus Mining option represents the product of (a) the original exercise price of the African Aura option multiplied by (b) the Exercise Price Proportion.

The Exercise Price Proportion was calculated as 0.3978

Information relating to stock options outstanding and vested at September 30, 2011 is as follows:

6 Equity (continued)

The fair value of the stock options granted in the three months ended September 30, 2011 was estimated at Cdn$0.85 per option at the grant date based on the Black-Scholes option-pricing model using the following assumptions:

7 Compensation warrants

During the nine months ended September 30, 2011 the Company issued 931,500 compensation warrants in relation to its public offering. Each compensation warrant is exercisable at a price per common share of Cdn$1.30 and expire between November 19, 2011 and December 3, 2011. These warrants have been treated as a derivative liability and are fair valued at each reporting date using the Black-Scholes option pricing model with changes in fair value being taken directly to the statement of comprehensive loss.

8 Related party transactions

During the three months ended September 30, 2011, the Company incurred management and office service fees of $134,996 payable to Afferro Mining and environmental consulting fees of $10,694 payable to a Company with a common Director. The payable to related parties as at September 30, 2011 was $50,404.

Related party transactions are in the normal course of business and occur on terms similar to transactions with non-related parties.

9 Segment information

The Company is engaged in the acquisition, exploration and development of gold properties in the West African countries of Liberia, Cameroon, and Sierra Leone. Information presented to the Chief Executive Officer for the purposes of resource allocation and assessment of segment performance is focused on the geographical location. The reportable segments under IFRS 8 are as follows:

·; Liberia exploration and development;

·; Cameroon exploration;

·; Sierra Leone exploration; and

·; Corporate.

Following is an analysis of the Group's results, assets and liabilities by reportable segment for the three month period ended September 30, 2011:

Following is an analysis of the Group's results, assets and liabilities by reportable segment for the nine month period ended September 30, 2011: