Q1 2015 Results Presentation

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CANADA’S INTERMEDIATE GOLD PRODUCER

First Quarter 2015 Results

Conference Call & Webcast – April 29, 2015

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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 2015 guidance for

production, total cash costs, all-in sustaining costs, capital costs, deferred stripping costs, and exploration costs; expected throughput,

mining and recovery rates; expected future production and mining activities; opportunities to optimize the mine operation; timeline for the

life of mine plan update, second test for the processing of fines, and exploration program; opportunities to optimize the mine operation.

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 2014 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.

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Notes to Investors

The scientific and technical content of this presentation was reviewed, verified and approved by Drew Anwyll, P.Eng., Senior Vice President Technical

Services, and exploration results was reviewed, verified and approved by Guy MacGillivray, P.Geo.., Exploration Manager , both Qualified Person as

defined by Canadian Securities Administrators National Instrument 43-101 “Standards of Disclosure for Mineral Projects”.

Qualified Persons

Non-IFRS Financial Performance Measures The Company has included non-IFRS measures in this presentation: total cash costs, all-in sustaining costs, adjusted net loss and adjusted net loss per

share. 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. The 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 these measure differently.

Detour Gold reports total cash costs on a sales basis. Total cash costs include production costs such as mining, processing, refining and site

administration, less non-cash share-based compensation and net of silver sales divided by gold ounces sold to arrive at total cash costs per gold ounce

sold. The measure also includes other mine related costs incurred such as mine standby costs and current inventory write downs. Production costs are

exclusive of depreciation and depletion. Production costs include the costs associated with providing the royalty in kind ounces.

Commencing in 2015, the Company adopted all-in sustaining costs on a prospective basis. The Company believes this measure more fully defines the total

costs associated with producing gold. The Company calculates all-in sustaining costs as the sum of total cash costs (as described above), share-based

compensation, corporate general and administrative expense, exploration and evaluation expenses that are sustaining in nature, reclamation cost

accretion, sustaining capital including deferred stripping, and realized gains and losses on hedges due to operating and capital costs, all divided by the gold

ounces sold to arrive at a per ounce figure.

Costs excluded from all-in sustaining costs are non-sustaining capital expenditures and exploration costs that are expected to materially increase

production, financing costs and tax expense. Consequently, this measure is not representative of all of the Company’s cash expenditures. In addition, the

calculation of all-in sustaining costs does not include depreciation and depletion expense as it does not reflect the impact of expenditures incurred in prior

periods.

Adjusted net loss and adjusted basic loss per share are used by management and investors to measure the underlying operating performance of the

Company. Presenting these measures from period to period helps management and investors evaluate earnings trends more readily in comparison with

results from prior periods. Adjusted net loss is defined as net loss adjusted to exclude specific items that are significant, but not reflective of the underlying

operations of the Company, including: fair value change of the convertible notes, the impact of foreign exchange gains and losses, including the foreign

exchange on deferred income and mining taxes, non-cash unrealized gains and losses on derivative instruments, accretion on convertible notes, unwinding

of discount on decommissioning and restoration provisions, impairment provisions and reversals thereof, and other non-recurring items. Adjusted basic net

loss per share is calculated using the weighted average number of shares outstanding under the basic method of loss per share as determined under

IFRS.

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Management Participants

Paul Martin President and

Chief Executive Officer

Pierre Beaudoin Chief Operating Officer

James Mavor Chief Financial Officer

All monetary amounts are in U.S. dollars unless otherwise stated.

First Quarter 2015 Results

Conference Call and Webcast

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8

9

10

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1,100

1,150

1,200

1,250

1,300

1,350

1,400

Spot Gold

DGC

Unique Investment Opportunity

13% $/oz C$/sh

January February March

Q1 2015 Share Price Increase of

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Q1 2015 Highlights

1. Refer to the section on Non-IFRS Performance Measures on slide 3. Reconciliation of these measures is

described in the MD&A for the quarter ended March 31, 2015.

$118.1 MILLION cash and short-term

investments

$127.4 MILLION total revenues

104,497 OZ GOLD sales

from

$63.1 net loss MILLION

or $0.38 per share

$23.5 adjusted net loss1 MILLION

or $0.14 per share

105,572 OZ GOLD production

$925 / OZ SOLD total cash costs1

Solid progress at end of quarter

Drilling results confirm continuity

of high-grade mineralization

at Lower Detour

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$976 $925

$700

$750

$800

$850

$900

$950

$1,000

$1,050

$1,100

0

20

40

60

80

100

120

Q1 2015 Highlights

Gaining momentum since March

Mill operating at design capacity for last

82 days

Mining rates exceeding budget at

250,000 tpd for last 69 days

Balance sheet strengthened

Proceeds from equity issue used to

repay debt of $124.2 million

Restructuring credit facility

2015 Guidance maintained

475,000-525,000 ounces

TCC $780-850/oz sold1

AISC $1,050-1,150/oz sold1

1. Refer to the section on Non-IFRS Performance Measures on slide 3. Reconciliation of these measures is

described in the MD&A for the quarter ended March 31, 2015.

Q1’14

107 106

Q1’15

■Total Cash Costs ($/oz sold)1

■Gold Production (K oz)

0.84

91.0

4.3 MILLION tonnes milled

G/T AU mill grade

% gold recovery

AISC of $1,307/oz sold1

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Results confirmed continuity of the

high-grade gold mineralization

Completed 8 holes totaling 5,700 m

Higher grade gold mineralization of 58N

zone extended to 250 m along strike

and 550 m depth

Open to east and at depth

30,000 m drilling program this summer

50-metre infill program totaling 50 holes

to assess UG potential

Budget of $5 M

Q1 2015 Lower Detour Drilling

Zone 58N

9.53 g/t/ 12.0 m

5.92 g/t/ 18.9 m

14.89 g/t/ 4.1 m

4.91 g/t/ 6.5 m

4.15 g/t/ 8.7 m

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Driving higher mining rates

Production drilling rates: 3,100 m/d in March

Blasted inventory: 3.1 Mt at end of March

Shovel productivity: 10% improvement

Results

March mining rates at budget levels

Q1 Phase 1 shortfall recovered in first half

of April

Q1 2015 Operating Results - Mine

1.7

2.3

3.1 2,300

2,640

3,100

0

500

1,000

1,500

2,000

2,500

3,000

3,500

0.0

1.0

2.0

3.0

4.0

5.0

Jan Feb Mar

Inventory (Mt)

Drilling Rate (m/d)

10

240

200

160

0

Q1 mining rate average of 220,000 tpd:

Phase 1: 215,000 tpd

Phase 2: Started in February; average of 5,000 tpd

Last 97 days at budget of 238,000 tpd; last 69 days at 250,000 tpd

0

40

80

120

160

200

240

280

10 5 20

Q1E Q2E Q4E Q3E

PHASE 1

2015 Mining Rates (ktpd)

PHASE 2

Targets for

improvement

222 222 222 222

16 16 16 16

280

120

80

40

30

Q1 2015 Operating Results - Mine

215

5

Q1A

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Q1 2015 Operating Results - Mill

Q1’15 Performance

Throughput rate of 47,797 tpd -

record month in March at 58,661 tpd

Operating time at 78% and mechanical

availability at 89%

Recovery at 91%

Results

Plant stabilization since mid-February:

Last 82 days at design capacity of

55,000 tpd

Targeting throughput rate of

54,000 tpd for 2015

Q1’14 Q2’14 Q3’14 Q1’15 Q4’14

1. Mill operating time = mill availability

45.0 48.6 49.2 51.1

47.8

0

10

20

30

40

50

60

Q1'14 Q2'14 Q3'14 Q4'14 Q1'15

Mill Throughput (ktpd)

Mill Operating Time (%) 1

78 83 81 83 80

Q1’14 Q2’14 Q4’14 Q3’14 Q1’15

Mechanical Availability (%)

89 85 83 86 84

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~80% of costs in Cdn$

Q1 2015 Operating Costs

Maintenance

Labour &

Contractors

Power

Fuel

G&A and

other

Consumables

30%

15%

33%

7%

11%

4%

Q1’2015 (C$)

Mining ($/t mined) $3.16

Processing ($/t milled) $11.35

G&A ($/t milled) $3.89

Mining costs impacted by:

shortfall in tonnes mined

shovel mechanical failures

Milling costs 5% higher due to:

lower tonnes milled

410 conveyor belt replacement

Breakdown of 2015

Operating Costs

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Breakdown of 2015

Sustaining Capital (US$):

Mine

$30 M

TMA

$34 M

Other

$13 M

Mill

$9 M

Water Management

$10 M

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Q1 2015 Capital Expenditures

Q1’15

Sustaining Capital $19.8 M

Capitalized Stripping $10.0 M

Total $29.8 M

2015 guidance maintained:

$90-100 M

sustaining capital

$20-25 M

capitalized stripping ~90% of costs in Cdn$

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Efficiency, optimization and growth

Near-term Opportunities

1 LOM Plan Update in Q4 5 options being reviewed that include Block A

2 Low-grade Stockpiles (not in reserves) Second test in H2: 4,000 t of enriched material

to be processed

3 Pebble Circuit Extractor Design completed; evaluating integration with

operations

4 Increase exploration activities

Start 30,000 metre drilling program at Lower

Detour this summer

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Income Statement

($ millions, except per share amount) Q1’15 Q1’14

Metal Sales $ 127.4 $ 110.0

Cost of Sales

Production costs 97.7 83.1

Depreciation and depletion 36.9 30.6

Loss from Mine Operations $ (7.2) $ (3.7)

Corporate and administrative expense 7.4 7.4

Exploration and evaluation expense 0.7 1.3

Other operating expenses 0.1 -

Loss from Operations $ (15.5) $ (12.5)

Net finance income (cost) (20.3) (42.5)

Income and mining tax expense (27.3) -

Loss for the Period $ (63.1) $ (54.9)

Basic Loss per Share $ (0.38) $ (0.38)

Q1 2015 Financial Review

Note: Totals may not down add due to rounding.

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Adjusted Net Loss per Share

($ millions, except per share amount) Q1’15 Q1’14

Net Loss $ (63.1) $ (54.9)

Adjusted for:

Fair value (gain) loss of the convertible notes 4.1 16.5

Foreign exchange (gain) loss 1.2 0.1

Foreign exchange on deferred income taxes 27.3 0.0

Non-cash unrealized (gain) loss on derivative instruments 0.0 4.3

Accretion on convertible notes 6.9 5.9

Unwinding of discount on decommissioning and restoration

provisions

0.1 0.1

Adjusted Net Loss1 $ (23.5) $ (28.1)

Adjusted Basic Loss per Share1 $ (0.14) $ (0.20)


1. Refer to the section on Non-IFRS Performance Measures on slide 3. Reconciliation of these measures is described in the MD&A for

the quarter ended March 31, 2015.


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Cash Flows

($ millions) Q1’15 Q4’14 Q3’14

Operations $ 26.7 $ 39.9 $ 32.1

Working capital Items (10.2) 3.2 15.7

Operating activities $ 16.5 $ 43.2 $ 47.8

Investing activities (28.3) (18.7) (32.9)

Financing activities (2.3) (25.3) (9.3)

Effects of exchange rate changes (3.0) (2.8) (4.8)

Changes in cash and cash equivalents $ (17.1) $ (3.6) $ 0.8

Cash and cash equivalents – beginning of financial period 133.5 137.1 136.3

Cash and cash equivalents – end of financial period $ 116.4 $ 133.5 $ 137.1


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Balanced risk management strategy

Prudent Financial Management

DIESEL CURRENCY

Currency exchange

contracts

Hedge approx. 50%

of next 6 months

consumption

GOLD

Hedge up to 50%

of 2015 gold

production

Forward sales on

85,000 oz @

$1,255/oz

Zero-cost collars

for $90 M with a

ceiling of 1.20

Forward contracts

for $50 M at 1.26

Purchasing diesel

product (~12 M

litres) at fixed price

of $0.46/litre

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Unique Investment Opportunity

Mining-friendly jurisdiction

Large-scale, long mine life

Largest gold producing mine not

controlled by a senior producer

Growing cash flow profile

Production growth opportunities

Favourable exposure to

Canadian Dollar

DOMINANT

GOLD PRODUCER

IN CANADA

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Detour Lake Mine 02-28-2015

Focus on ‘Quality’ Ounces

Q & A

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Q1 2015 Operational Statistics

Q1’14 Q2’14 Q3’14 Q4’14 Q1’15

Ore mined (Mt) 4.88 2.89 4.20 4.30 3.82

Waste mined (Mt) 14.29 16.11 14.71 15.39 15.97

Total mined (Mt) 19.17 19.00 18.91 19.69 19.79

Strip ratio (waste:ore) 2.9 5.6 3.5 3.6 4.2

Mining rate (tpd) 213,000 209,000 206,000 214,000 220,000

Ore milled (Mt) 4.08 4.42 4.53 4.71 4.30

Mill grade (g/t Au) 0.90 0.91 0.88 0.85 0.84

Recovery (%) 91 91 90 91 91

Mill throughput (tpd) 45,282 48,569 49,186 51,142 47,797

Mill operating time (%) 80 83 81 83 78

Mechanical availability (%) 84 86 83 85 89

Ounces produced (oz) 107,154 117,366 115,344 116,770 105,572

Ounces sold (oz) 84,560 107,206 106,334 124,913 104,497

Documents

Q1 2015 Results Presentation