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Corporate Presentation
February 13, 2014
CANADA’S INTERMEDIATE GOLD PRODUCER
2
Forward Looking Information This presentation contains certain forward-looking information and statements as defined in applicable securities law (referred to herein as
“forward-looking statements”). Forward-looking statements include, but are not limited to, statements with respect to the updated mine plan
and economic analysis of the Detour Lake mine including, but not limited to, the life of mine plan, the waste to ore ratio, processing and
production rates, grades, metallurgical recovery rates, operating and sustaining capital costs, the projected life of mine, the net present
value, opportunities to optimize the mine operation, the success and continuation of exploration activities, the future price of gold,
reclamation obligations, government regulations and environmental risks.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance
or achievements to be materially different from any of its future results, performance or achievements expressed or implied by forward-
looking statements. These risks, uncertainties and other factors include, but are not limited to, assumptions and parameters underlying the
life of mine update not being realized, a decrease in the future gold price, discrepancies between actual and estimated production, changes
in costs (including labour, supplies, fuel and equipment), changes to tax rates; environmental compliance and changes in environmental
legislation and regulation, exchange rate fluctuations, general economic conditions and other risks involved in the gold exploration and
development industry, as well as those risk factors discussed in the section entitled “Description of Business - Risk Factors” in Detour
Gold’s 2012 AIF and in the continuous disclosure documents filed by Detour Gold on and available on SEDAR at www.sedar.com.
Such forward-looking statements are also based on a number of assumptions which may prove to be incorrect, including, but not limited to,
assumptions about the following: the availability of financing for exploration and development activities; operating and sustaining capital
costs; the Company’s ability to attract and retain skilled staff; sensitivity to metal prices and other sensitivities; the supply and demand for,
and the level and volatility of the price of, gold; the supply and availability of consumables and services; the exchange rates of the Canadian
dollar to the U.S. dollar; energy and fuel costs; the accuracy of reserve and resource estimates and the assumptions on which the reserve
and resource estimates are based; market competition; ongoing relations with employees and impacted communities and general business
and economic conditions. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking
statements contained herein are made as of the date hereof, or such other date or dates specified in such statements.
All forward-looking statements in this presentation are necessarily based on opinions and estimates made as of the date such statements
are made and are subject to important risk factors and uncertainties, many of which cannot be controlled or predicted. Detour Gold and the
Qualified Persons who authored the associated Technical Report undertake no obligation to update publicly or otherwise revise any
forward-looking statements contained herein whether as a result of new information or future events or otherwise, except as may be
required by law.
3
Notes to Investors
The mineral reserve and resource estimates reported in this presentation were prepared in accordance with Canadian National Instrument 43-
101Standards of Disclosure for Mineral Projects (“NI 43-101”), as required by Canadian securities regulatory authorities. For United States reporting
purposes, the United States Securities and Exchange Commission (“SEC”) applies different standards in order to classify mineralization as a
reserve. In particular, while the terms “measured,” “indicated” and “inferred” mineral resources are required pursuant to NI 43-101, the SEC does
not recognize such terms. Canadian standards differ significantly from the requirements of the SEC. Investors are cautioned not to assume that
any part or all of the mineral deposits in these categories constitute or will ever be converted into reserves. In addition, “inferred” mineral resources
have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that
all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian securities laws, issuers must not make
any disclosure of results of an economic analysis that includes inferred mineral resources, except in rare cases.
On February 4, 2014, Detour Gold announced an updated life of mine plan for the Detour Lake mine. The NI 43-101 compliant Technical Report for
this update was filed on SEDAR on February 4, 2014. The following QPs participated in this update: BBA Inc., under the direction of André Allaire,
Eng., Acting President and CEO and Patrice Live, Eng., Director Mining; SGS Canada Inc., under the direction of Yann Camus, Eng., Project
Engineer, and Maxime Dupéré, P.Geo., Senior Geologist; and AMEC Environment & Infrastructure, a Division of AMEC Americas Limited, David G.
Ritchie M.Eng., P.Eng, Senior Associate Geotechnical Engineer and Geotechnical Engineering Group Manager.
The scientific and technical content of this presentation has been reviewed, verified and approved by Drew Anwyll, P.Eng., Vice President of
Operations, a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 “Standards of Disclosure for Mineral
Projects”.
Information Containing Estimates of Mineral Reserves and Resources
Non-IFRS Financial Performance Measures The Company has included “Total cash cost per gold ounce sold (TCC)” and “Total cash cost plus total capital per gold ounce sold (TCC plus Total
Capital)” in this presentation which is a non-IFRS measure. The Company believes that these measures, in addition to conventional measures
prepared in accordance with IFRS, provide investors an improved ability to evaluate the underlying performance of the Company and its ability to
generate operating earnings and cash flow from its mining operations.
Detour Gold reports total cash costs on a sales basis. Total cash costs per gold ounce sold include production costs such as mining, processing,
refining, site administration, costs associated with providing royalty in-kind ounces, and costs for agreements with Aboriginal communities, but are
exclusive of depreciation and depletion, reclamation, non-cash share-based compensation and deferred stripping. Total cash costs are reduced by
silver sales and divided by gold ounces sold to arrive at total cash costs per gold ounce sold. Total cash costs plus total capital per gold ounce sold
includes TCC as calculated above plus sustaining capital and deferred stripping divided by gold ounces sold. These non-IFRS measures are
intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in
accordance with IFRS. These measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to
other issuers. Other companies may calculate this measure differently.
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Invest in Detour Gold
15.6 MILLION oz of gold
in proven and
probable reserves
600 average annual gold
production over next 10 years
~ THOUSAND oz / year 21
in mining-friendly
Ontario, Canada
+ YEAR mine life
A premier intermediate Canadian gold producer
and long-term investment opportunity
5
Flagship Operation in Canada
DETOUR LAKE – ONTARIO, CANADA
Low-risk, safe mining jurisdiction
100% owned large prospective land package
of 630 km2 on Abitibi Greenstone Belt
› High quality, long life producing
open pit mine (15.5 M oz in
reserves)
› Significant potential for production
growth
› Exploration upside for high-grade
mineralization
ONTARIO
Toronto
Timmins
DETOUR LAKE MINE
6 Oct. 2, 2013
Detour Lake: 1st Year of Operation
7
80
60
40
20
0 Q2 Q1 Q4 Q3
Pro
du
cti
on
(K
oz)
2013 GOLD PRODUCTION
Detour Lake: 1st Year of Operation
Gold production 2013 Key statistics
2013 gold production of 232,287 oz
Total cash costs expected to be
$1,100/oz during commercial period
(September to December)
Capital expenditures of C$196 M
incurred
Significant milestones
First gold pour in February 2013
Commercial production declared on
September 1, 2013
Discovery of high grade mineralization
at Lower Detour
8
Q1 Q2 Q3 Q4 2013
Ore tonnes mined (Mt) 1.29 2.70 4.16 4.08 12.24
Tonnes milled (Mt) 1.02 2.87 3.88 3.40 11.18
Mill grade (g/t Au) 0.64 0.76 0.72 0.81 0.75
Recovery (%) 80 83 85 92 86
Availability (%) 66 68 78 66 71
Ounces produced (oz) (1) 16,841 57,897 75,672 81,877 232,287
1. During the commercial period (September 1 to year-end), the Detour Lake mine produced 105,898 oz of gold.
Detour Lake: 1st Year of Operation
9
0.84
0.75
0.05
0.02 0.02
0.50
0.55
0.60
0.65
0.70
0.75
0.80
0.85
0.90
2013 Actual Grade VS Forecast
Gold Grade
(g/t)
0.09 g/t
Planned
grade
Actual
grade
Mined Tonnage & Access to Ore
70 Mt planned / 61 Mt actual
Shortfall of 9 Mt (incl. ~2 Mt at
0.9 g/t Au)
Mine Dilution
Higher dilution for 2013
Improving trend
Stockpiling of High Grade
Higher grade zones in Q4
(stockpiled during December
shutdown)
Nov. head grade: 0.91g/t Au
Detour Lake: 1st Year of Operation
10
2014- LIFE OF MINE Updated plan – 02/04/2014 2035
11
LOM Summary
02/2014 Update
Proven & Probable Reserves (M oz) 1 15.5
Average gold grade (g/t) 1.02
Strip ratio (waste:ore) 3.5
Estimated gold recovery (%) 92%
Mine life (years) 21.7
Average annual gold production (oz) 660,000
Average total cash costs (TCC) (C$/oz sold) 2 $723
Average TCC + capex (C$/oz sold) 2 $848
1. Estimated using a gold price of US$1,000/oz (refer to slide 32). Includes stockpiles as of December 31, 2013.
2. Refer to the section on Non-IFRS Performance Measures on slide 3. Capex = sustaining capital expenditures + deferred stripping.
Main objective: Optimize first 5 years
12
TCC1
(C$/oz sold)
800
700
600
500
400
300
200
100
0
Gold Production
(‘000 oz)
Gold Production/Cost Profile
900
850
800
750
700
650
600
550
500
598,000 oz
C$759/oz
0.96 g/t
596,000 oz
C$762/oz
0.91 g/t
659,000 oz
C$778/oz
1.00 g/t
765,000 oz
C$639/oz
1.16 g/t
1. Refer to the section on Non-IFRS Financial Performance Measures
on page 3 of this presentation.
13
09/12 02/14
Operating Costs (1) C$/t
milled
C$/t
milled
C$/t
mined
C$/oz
sold (2)
Mining costs 11.65 11.55 2.56 392
Processing costs 7.83 7.82 266
G&A 1.86 2.44 83
Total cash
operating costs 21.34 21.81 741
Other adjustments (1) (18)
Total cash costs 723
13
LOM Operating Costs
1. Other adjustments include costs for deferred stripping, agreements with Aboriginal communities, refining charges
and are net of silver by-product credits.
2. Refer to the section on Non-IFRS Financial Performance Measures on page 3 of this presentation.
Maintenance Labour &
Contractors
Power
Diesel
G&A and
other Consumables
30%
20% 26%
7%
11%
6%
2014 Costs
80% of costs in Cdn$
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LOM Sustaining Capital
Description
Sustaining
Capital LOM
(C$ M)
5 years
2014 -2018
(C$ M)
5 years
2019- 2023
(C$ M)
5 years
2024-2028
(C$ M)
7 years
2029-2035
(C$ M)
Mining 535 168(1) 69 255 43
Process Plant 126 71(2) 24 20 11
TMA 454 203(3) 114 70 67
G&A 28 14 8 5 1
Total 1,143 456 215 350 122
Deferred Stripping 614 225 366 23 -
Mine Closure 70 70
Higher capital in first 5 years:
1. Ramp-up to 38 trucks
2. Complete plant debottlenecking exercise
3. Prepare TMA foundation for 2nd and 3rd cell
Mining capital
predominantly US$
15
Increase throughput to 61,000 tpd/
94% availability for 2017
LOM Opportunities
58 THOUSAND tpd
61 THOUSAND tpd
2016
Debottlenecking exercise starting in
2014
› Modification of primary crusher
conveyor
› Installation of 1 cyanide detox
tank and 1 additional oxygen plant
2017
Targets:
55 THOUSAND tpd 2015
16
LOM Opportunities
Near-term
Increase mill feed grade
Improve mine production
Reduce dilution
Reduce internal waste
Increase plant recovery with further
optimization
Medium to long-term
Mineralized waste (stockpiling 0.4-0.5
g/t Au not accounted for in LOM plan)
Improve LOM gold profile with Block A
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Detour Lake & Block A
US$1,000/oz
US$1,200/oz
15.5 Moz
@ 1.02 g/t Au P+P
2.0 Moz
@ 1.15 g/t Au M+I
~5.5 km
18
2014
INCREASE production
DECREASE costs
PRODUCTION
19
2014 Corporate Objectives
Realize immediate opportunities to
improve liquidity:
Have secured long-term power
contract for estimated cost savings
of C$20 M/yr for 6 years
Finalizing discussion to amend the
equipment lease facility
Maintain mill throughput of >50,000
tpd and mining rate of >250,000 tpd
Confirm high-grade mineralization
through 2014 drilling program at
Lower Detour
20
2014 Guidance
450-500 estimated gold production
THOUSAND oz
US$800-900 estimated total cash costs
TCC per oz sold
US$131 estimated capital expenditures
MILLION capex
Other
US$19 M Corporate G&A
US$3 M Exploration program
3
1. Refer to the section on Non-IFRS Financial Performance Measures on slide 3 of this presentation.
2. The following price and cost assumptions were used to forecast 2014 production and costs: diesel fuel price of
C$0.95 per litre; power cost of C$0.05 per kilowatt hour; and exchange rate of $1US:$1.05C.
3. Includes deferred stripping costs of US$35 M.
1, 2
Maintenance
Power
Diesel
Consumables
30%
20% 26%
7%
11%
6%
Labour &
Contractors
G&A and other
US$33 M
TMA US$40 M
Deferred
Stripping
US$35 M
Other
Mill US$18 M
US$5 M Mine
21
Targets:
2014 Operating Plan
Steady state production & optimization
H2 gold production will be ~20% higher
than H1 as throughput rates are
projected to gradually increase to
55,000 tpd in Q4
Higher grade ore from Domain
2 and 11 will represent up to
50% of overall mill feed
Mining rates to average
+250,000 tpd
19 MT ore milled
3.3:1 WASTE:ORE strip ratio
0.87 G/T AU head grade
92 % gold recovery
2014 gold production (oz) 450,000-500,000
H1 2014 200,000-225,000
H2 2014 250,000-275,000 (1)
1. Includes 7% dilution at 0.20 g/t.
PRODUCTION
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2014 Operating Plan
Steady state production & optimization
Mining and milling unit costs to decrease
– ‘economies of scale’
Reach design operating rates by
year-end
Increase availability
› Improve maintenance schedule
to reduce downtime
Tailing facility costs reduced with
construction change to “center-line”
design
52 THOUSAND tpd throughput
87 % availability
Targets:
23
Long-term growth of reserve base to
+20 M oz
› Detour Lake mine and Block A
Large prospective land position of
630 km2
› Focus on high-grade gold
targets:
› Discovery of Zone 75 with
17.33 g/t over 4.4 m
› Up to 8,000 m drilling program in
Q1 2014
Organic Growth Opportunities
Strategy: Find and develop a
high-grade deposit to take
advantage of existing
infrastructure
24
Lower Detour Area
15.5 M oz in Reserves
630 km2
2014 Exploration Focus
25
6,000 - 8,000 m of drilling in Q1 2014
*Proposed drill locations subject to change
pending initial drill results.
Lower Detour Area
26
Invest in Detour Gold
15.6 MILLION oz of gold
in proven and
probable reserves
600 average annual gold
production over next 10 years
~ THOUSAND oz / year 21
in mining-friendly
Ontario, Canada
+ YEAR mine life
A premier intermediate Canadian gold producer
and long-term investment opportunity
27
ADDITIONAL information
Shareholder Information
Corporate Responsibility
Detour Lake Mine at a Glance
Detour Gold Reserves &
Resources
Conventional Milling Process
Tailings Facility – Center-Line
Q3 2013 Financial Highlights
Debt Repayment Schedule
Management & Directors
28
Shareholder Information
Paulson & Co
>80% INSTITUTIONS TOTAL
Research Coverage
Bank of America Merrill Lynch
Beacon Securities
BMO Capital Markets
Canaccord Genuity
CIBC World Markets
Cormark Securities
Credit Suisse Securities
Desjardins Capital Markets
GMP Securities
Haywood Securities
Laurentian Bank Securities
Macquarie Capital Markets
National Bank Financial
Paradigm Securities
Raymond James
RBC Capital Markets
Scotia Capital
TD Securities
10.5 M Options & FN share commitments
13.0 M Convertible notes (1)
161.7 M FULLY DILUTED
138.2 M Issued & outstanding
Share Structure Top Shareholders
Cash position and share structure at Dec 31, 2013.
1. Conversion price for the Notes is US$38.50.
15%
C$1.2 BILLION market cap C$96 MILLION
cash position
29
Focus on health and safety of our employees, the well-being of
our community and the protection of the natural environment
Hiring in the region, giving priority to local Aboriginal communities:
625 full-time employees*
93% of workforce from region
25% are Aboriginals
Scholarship and job training
Supporting local communities
Business opportunities
Participation in municipal development
Corporate philanthropy
Northern
Ontario
38%
Cochrane
24%
Cochrane
Area
31%
Rest of
Ontario
3%
4% Other
Corporate Responsibility
WORKFORCE ORIGIN
* As of December 31, 2013.
30
Detour Lake Mine at a Glance
Detour Lake Update
(02/2014)
Ore milled (Mt) 476.4
Waste mined (Mt) 1,676
Strip ratio (waste:ore) 3.5
Average gold grade (g/t) 1.02
Total contained gold (M oz) 15.5
Estimated gold recovery (%) 92
Total recovered gold (M oz) 1 14.3
Mine life (yrs) 21.7
Avg. annual gold production in first 5 yrs (oz) 598,000
Avg. annual gold production over LOM (oz) 660,000
Assumptions
Gold price (US$/oz) $1,200
FX rate (US$/Cdn$) 1.10 2
Electricity (C$/kWhr) 0.05/0.08 3
Fuel price (US$/barrel) 100
Diesel fuel (C$/l) 0.95
Income/mining tax rate (%) 25/10
Net Smelter Royalty (%) 2.0 4
1. Includes approximately 58,000 ounces to be recovered from stockpiles as of December 31, 2013.
2. Exchange rate of 1.05 for 2014, 1.07 for 2015, and 1.08 for 2016, and 1.10 for 2017 onwards.
3. Cdn$0.05/kWh for 2014-19 and Cdn$0.08/kWh for 2020 onwards.
4. 2% royalty is assumed to be paid in-kind.
31
Effective December 31, 2013 Tonnes (Mt) Grade (g/t Au) Contained Gold
(koz)
Reserves
(1,2,3,4)
Detour Lake Mine Proven 94.4 1.29 3,901
Probable 379.7 0.95 11,585
P&P 474.0 1.02 15,486
Stockpiles 2.4 0.82 63
Total P&P 476.4 1.02 15,549
Resources (3,4)
Detour Lake Mine Measured (M) 16.4 1.37 725
Indicated (I) 65.9 1.01 2,150
M+I 82.4 1.09 2,874
Block A Measured (M) 1.5 1.21 57
Indicated (I) 52.5 1.15 1,934
M+I 53.9 1.15 1,991
Total M+I 136.3 1.11 4,866
Detour Lake Mine Inferred 19.2 0.75 465
Block A Inferred 2.5 1.23 99
Total Inferred 21.7 0.81 564
Detour Gold Reserves & Resources
1. Mineral reserves calculated using a gold price of US$1,000/oz; mineral resources calculated using US$1,200/oz. Foreign exchange rate of
C$1.03 to US$1.00.
2. Mineral reserves estimated using a 4% dilution at 0.20 g/t Au (7% at 0.20 g/t Au for 2014) and 5% ore loss.
3. Based on an elevated cut-off grade of 0.5 g/t Au for Detour Lake and cut-off grade of 0.6 g/t Au for Block A.
4. Mineral resources are exclusive of mineral reserves. Mineral resources that are not mineral reserves do not have
demonstrated economic viability. Mineral reserves and resources are compliant with
CIM definitions.
32
Conventional Milling Process
Primary Crusher 90,000 tpd
Mine Trucks
Secondary Crushers (2) 67,000 tpd
Pebble Crushers (2) 73,000 tpd
Gold Doré Bars
Gold Furnace
Gold Electrowinning
Carbon Stripping
To Gravity Circuit
To Gravity Circuit
Stockpile SAG Mills (2) 55,000 tpd
Ball Mills (2) 55,000 tpd
CIP
Leach
Tailings
Pre-Leach Thickener
33
310m
306m
298m
294m
290m
O.G. (varies)
Cell #1
2012 as built
2013 as built
2014 D/S
2.0 Mm3 2014 C/L
7.2 Mm3
D/S 2015 C/L
2016 C/L
Ultimate Tailings Surface
Current Tailings Surface
Ultimate crest, 309m For example, amount of material for construction:
2014 Down Stream Construction: 9.2 Mm3
2014 Centre-Line Construction: ~ 2.0 Mm3
Not required: ~ 7.2 Mm3
Move to ‘Center-line’ design in 2014
Move to self execution from 2014 onward
Tailings Facility – Center-line
302m
286m
282m
34
Q3 2013 Financial Highlights
1. All sales prior to commercial production were credited against capitalized project costs.
Income Statement Q3 2013
Revenues 1 $33.1 M
Cost of sales
Production costs $30.4 M
Depreciation and depletion $2.9 M
Loss from mine operations $0.2 M
G&A $6.9 M
Exploration and evaluation $1.0 M
Net finance costs $3.7 M
Net loss for the period $11.8 M
35
Debt Repayment Schedule
At Dec 31, 2013 Revolving Credit
Facility (1) CAT Finance Lease Convertible Notes
Face Value US$70 M (1) US$150 M US$500 M
Maturity March 2016 Jan 2017-Jan 2019 (2) November 30, 2017
Interest Rate LIBOR + 3% LIBOR + 4% 5.5%
Payable Monthly Quarterly Semi-annually
Conversion Price n/a n/a $38.50
Payment schedule Principal Interest Principal + Interest Principal Interest Total
(US$M)
2014 - $2.3 $33.7 - $27.5 $63.5
2015 - $2.3 $34.2 - $27.5 $64.0
2016 $70 $0.4 $32.3 - $27.5 $130.2
2017 - - $24.0 $500 $27.5 $551.5
Thereafter - - $4.1 - - $4.1
Total (US$M) $70 $5.0 $128.3 $500 $110.0 $813.3
1. The Revolving Credit Facility provides for borrowings of up to C$90 M. Subject to a completion tests prior to September 30, 2014.
2. Includes multiple leases with maturities of 5 yrs from lease date.
36
Michael Kenyon Executive Chairman
Paul Martin Interim Chief Executive Officer
Pierre Beaudoin Chief Operating Officer
James Mavor Interim Chief Financial Officer
Julie Galloway Sr VP General Counsel &
Corporate Secretary
Derek Teevan Sr VP Corporate &
Aboriginal Affairs
Drew Anwyll MGM/VP Operations
Pat Donovan VP Corporate Development
Jean-Francois Metail VP Reserves and Resources
Rachel Pineault VP HR & Aboriginal Affairs
James Robertson VP Environment &
Sustainability
Andrew Croal Director Technical Services
Laurie Gaborit Director Investor Relations
Alberto Heredia Controller
Bill Snelling Director Corporate Systems & Controls
Rickardo Welyhorski Director Mineral Processing
Charles Hennessey Process Plant Maintenance Manager
and Deputy Mine General Manager
Joshua Hurrell Technical Services Superintendent
Mark McCallion Chief Geologist
Mike Papadakis Process Plant Manager
Craig Rintoul Open Pit Manager
Peter Crossgrove
Louis Dionne
Robert E. Doyle
André Falzon
Jonathan Rubenstein
Graham Wozniak
Ingrid Hibbard
Michael Kenyon
Alex G. Morrison
Management & Directors
Management
Directors
37
Paul Martin Interim Chief Executive Officer
Email: [email protected]
Phone: 416.304.0800
Laurie Gaborit Director Investor Relations
Email: [email protected]
Phone: 416.304.0800
www.detourgold.com
Contact Information
