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  • 1. 1 Morgan Stanley Metals & Mining Corporate Access Days March 19-20, 2014 CANADA’S INTERMEDIATE GOLD PRODUCER
  • 2. 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. 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 are non-IFRS measures. 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.
  • 4. 4 Invest in Detour Gold 15.5MILLION oz of gold in proven and probable reserves 600 average annual gold production over next 10 years ~ THOUSAND oz / year21 in mining-friendly Ontario, Canada + YEAR mine life A premier intermediate Canadian gold producer and long-term investment opportunity
  • 5. 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. 6 2014 INCREASE production DECREASE costs PRODUCTION
  • 7. 7 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 second year of operation 2014
  • 8. 8 2014 Capital Plan Sustaining Capital: US$131 M Mine  Mining fleet purchase (1 truck, 1 shovel)  Ancillary mobile equipment Mill  Start of debottlenecking exercise (plant improvements) TMA  Implementing “center-line” construction design  Raise dam of Cell 1 by 6 m  Commence Cell 3 footprint Mine US$33 M TMA US$40 MDeferred Stripping US$35 M BREAKDOWN OF 2014 SUSTAINING CAPITAL Other US$5 M Mill US$18 M
  • 9. 9 Targets: 2014 Operating Plan Steady state production & optimization  50% of overall mill feed from higher grade ore zones  Mill throughput rates gradually increase to 55,000 tpd in Q4 19 MT ore milled 3.3:1WASTE:ORE strip ratio 0.87G/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
  • 10. 10 2014 Finance Objectives Realize opportunities to improve liquidity:  Secured long-term power contract for estimated savings of C$20 M/yr for 6 yrs  Closed C$173 M equity financing  Giving opportunity to deleverage balance sheet
  • 11. 11 2014 Success Factors Steady state production & optimization  Mining and milling unit costs to decrease – ‘economies of scale’  Reach mill design operating rates by year-end  Increase process plant operating time › Improve planned shutdowns scheduling › Operating experience gained will further reduce unplanned shutdowns  Improve shovel productivity and management of overburden removal 52 THOUSAND tpd throughput 252 THOUSAND tpd mining rate Targets:
  • 12. 12 2014- LIFE OF MINE Updated plan – 02/04/2014 2035
  • 13. 13 LOM Summary 02/2014 Update Proven & Probable Reserves (M oz) 1 15.5 Average gold grade (g/t) 1.02 Strip ratio (waste:ore) 3.5 Estimated gold recovery (%) 92 Mine life (years) 21.7 Average annual gold production (oz) 660,000 Average total cash costs (TCC) (C$/oz sold) 2 $723 Average TCC + capex (C$/oz sold) 2 $848 1. Estimated using a gold price of US$1,000/oz (refer to slide 32). Includes stockpiles as of December 31, 2013. 2. Refer to the section on Non-IFRS Performance Measures on slide 3. Capex = sustaining capital expenditures + deferred stripping. Main objective: Optimize first 5 years
  • 14. 14 TCC1 (C$/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$639/oz 1.16 g/t 1. Refer to the section on Non-IFRS Financial Performance Measures on slide 3 of this presentation. 600,000 oz/yr for first 10 yrs
  • 15. 15 09/12 02/14 Operating Costs C$/t milled C$/t milled C$/t mined C$/oz sold 2 Mining costs 11.65 11.55 2.56 392 Processing costs 7.83 7.82 266 G&A 1.86 2.44 83 Total cash operating costs 21.34 21.81 741 Other adjustments 1 (18) Total cash costs 723 15 LOM Operating Costs 1. Other adjustments include costs for deferred stripping, agreements with Aboriginal communities, refining charges and are net of silver by-product credits. 2. Refer to the section on Non-IFRS Financial Performance Measures on slide 3 of this presentation. Maintenance Labour & Contractors Power Diesel G&A and other Consumables 30% 20% 26% 7% 11% 6% 2014 Costs 80% of costs in Cdn$
  • 16. 16 LOM Sustaining Capital Description 5 years 2014 -2018 (C$ M) Sustaining Capital LOM (C$ M) Mining 168 1 535 Process Plant 71 2 126 TMA 203 3 454 G&A 14 28 Total 456 1,143 Deferred Stripping 225 614 Mine Closure 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 50% of sustaining capital costs in Cdn$
  • 17. 17 LOM Opportunities 58 THOUSAND tpd 61 THOUSAND tpd 2016 Increase throughput to 61,000 tpd/ 94% availability for 2017  Debottlenecking exercise starting in 2014 › Modification of primary crusher conveyor › Installation of 1 cyanide detox tank and 1 additional oxygen plant Other opportunities to realize:  Increase mill feed grade › Improve mine production › Reduce dilution › Reduce internal waste  Increase plant recovery with further optimization 2017 Targets: 55 THOUSAND tpd2015
  • 18. 18 LOM Opportunities 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 Medium to long-term  Improve LOM gold profile with Block A
  • 19. 19  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
  • 20. 20 Lower Detour Area 15.5 M oz in Reserves 630 km2 2014 Exploration Focus
  • 21. 21 Lower Detour Area: 6,000 - 8,000 m of drilling in Q1 2014 *Proposed drill locations subject to change pending initial drill results. 2014 Exploration Focus
  • 22. 22 Source: Bloomberg, Factset and select Street Research Note: Market data updated to December 31, 2013 Detour vs. Peers: Dec. 31, 2013 Consensus P/NAV P / 2015 CF 0.32x 0.50x 0.69x 0.69x 0.73x 0.77x 0.80x 0.81x 0.84x 0.89x 0.92x 0.95x Detour IAMGOLD Argonaut Eldorado AuRico B2Gold Alacer Osisko New Gold Alamos Allied Nevada African Barrick 3.4x 3.6x 4.7x 5.0x 6.0x 6.2x 6.9x 7.6x 7.6x 9.3x 12.7x 18.7x IAMGOLD Detour B2Gold African Barrick New Gold AuRico Osisko Alacer Argonaut Eldorado Alamos Allied Nevada DGC: C$4.10
  • 23. 23 Source: Bloomberg, Factset and select Street Research Note: Market data updated to March 14, 2014 Detour vs. Peers – March 14, 2014 Consensus P/NAV P / 2015 CF 0.82x 0.83x 0.94x 0.94x 0.96x 1.06x 1.11x 1.18x 1.25x 1.30x 1.37x 1.76x Detour Argonaut Alamos Eldorado IAMGOLD AuRico African Barrick New Gold B2Gold Osisko Alacer Allied Nevada 5.3x 7.2x 7.6x 8.1x 9.6x 9.7x 9.8x 10.2x 12.3x 13.9x 14.6x 22.6x IAMGOLD African Barrick Detour B2Gold New Gold Allied Nevada AuRico Argonaut Osisko Alacer Eldorado Alamos DGC: C$12.15
  • 24. 24 Invest in Detour Gold 15.5MILLION oz of gold in proven and probable reserves 600 average annual gold production over next 10 years ~ THOUSAND oz / year21 in mining-friendly Ontario, Canada + YEAR mine life A premier intermediate Canadian gold producer and long-term investment opportunity
  • 25. 25 ADDITIONAL information  Shareholder Information  Analyst Coverage  Corporate Responsibility  Detour Lake Mine: 2013 Results  Detour Lake Mine: LOM Update  Detour Gold: Reserves & Resources  Q3 2013 Financial Highlights  Debt Repayment Schedule  Management & Directors
  • 26. 26 Shareholder Information Paulson & Co >80% INSTITUTIONS TOTAL10.4 M Options & FN share commitments 13.0 M Convertible notes 4 180.2 M FULLY DILUTED 156.8 M Issued & outstanding Share Structure1,3 Top Shareholders 1. Share structure as at March 10, 2014. 2. Cash and short-tem investments at Dec. 31, 2013. 3. Bought deal financing closed on March 7, 2014: 18.65 M sh. @ C$9.25/sh for gross proceeds of C$173 M. 4. Conversion price for the Notes is US$38.50. 15% C$1.9 BILLION market capC$96 MILLION cash position 2,3
  • 27. 27 Analyst Coverage Initiating Research Firm Analyst Target Target Date 07.06.11 Haywood Kerry Smith $12.50 14.03.06 07.07.09 Paradigm Don Blyth/Don MacLean $8.25 14.01.23 07.08.07 Raymond James Phil Russo $14.00 14.03.11 07.11.26 National Bank Steve Parsons $14.00 14.03.10 07.12.20 Macquarie Mike Siperco $16.00 14.02.14 08.01.14 Canaccord Rahul Paul $11.00 hold 14.02.25 08.07.14 TD Dan Earle $13.50 14.03.07 08.09.04 RBC Dan Rollins $14.00 14.03.07 08.11.06 BMO NB John Hayes $13.50 14.03.07 09.06.17 Laurentian Eric Lemieux $10.75 14.02.06 10.05.19 CIBC World Markets Cosmos Chiu $12.50 14.03.11 10.07.22 Credit Suisse Anita Soni $12.00 14.03.18 11.07.15 Bank of America Merrill Lynch TBA Under review 13.04.16 Scotiabank Trevor Turnbull $12.00 14.03.07 13.08.14 Desjardins Michael Parkin $12.00 14.02.06 13.11.12 Beacon Securities Michael Curran $12.25 14.03.12 13.12.09 GMP Securities Ian Parkinson $11.50 14.02.14 14.02.06 Cormark Securities Richard Gray $15.00 14.03.11
  • 28. 28 Focus on health and safety of our employees, the well-being of our community and the protection of the natural environment  Hiring in the region, giving priority to local Aboriginal communities:  638 full-time employees*  93% of workforce from region  25% are Aboriginals  Scholarship and job training  Supporting local communities  Business opportunities  Participation in municipal development  Corporate philanthropy Northern Ontario 39% Cochrane 23% Cochrane Area 30% Rest of Ontario 4% 3% Other Corporate Responsibility WORKFORCE ORIGIN * As of February 28, 2014.
  • 29. 29 Q1 Q2 Q3 Q4 2013 Ore tonnes mined (Mt) 1.29 2.70 4.16 4.08 12.24 Tonnes milled (Mt) 1.02 2.87 3.88 3.40 11.18 Mill grade (g/t Au) 0.64 0.76 0.72 0.81 0.75 Recovery (%) 80 83 85 92 86 Availability (%) 66 68 78 66 71 Ounces produced (oz) (1) 16,841 57,897 75,672 81,877 232,287 1. During the commercial period (September 1 to year-end), the Detour Lake mine produced 105,898 oz of gold. Detour Lake Mine: 2013 Results
  • 30. 30 Detour Lake Mine: LOM Update Detour Lake Update (02/2014) Ore milled (Mt) 476.4 Waste mined (Mt) 1,676 Strip ratio (waste:ore) 3.5 Average gold grade (g/t) 1.02 Total contained gold (M oz) 15.5 Estimated gold recovery (%) 92 Total recovered gold (M oz) 1 14.3 Mine life (yrs) 21.7 Avg. annual gold production in first 5 yrs (oz) 598,000 Avg. annual gold production over LOM (oz) 660,000 Assumptions Gold price (US$/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. 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. 32 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.
  • 33. 33  Michael Kenyon Executive Chairman  Paul Martin President and CEO  Pierre Beaudoin COO  James Mavor CFO  Julie Galloway Sr VP General Counsel & Corporate Secretary  Derek Teevan Sr VP Corporate & Aboriginal Affairs  Drew Anwyll 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 Welyhorsky Director Mineral Processing  Charles Hennessey General Manager Operations  Peter Crossgrove  Louis Dionne  Robert E. Doyle  André Falzon  Alex G. Morrison  Jonathan Rubenstein  Graham Wozniak  Ingrid Hibbard  Michael Kenyon  Paul Martin Management & Directors Management Directors
  • 34. 34 James Mavor Chief Financial Officer Email: jmavor@detourgold.com Phone: 416.304.0800 Laurie Gaborit Director Investor Relations Email: lgaborit@detourgold.com Phone: 416.304.0800 www.detourgold.com Contact Information