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 are statements that are not historical facts and are generally, but not always,
identified by the use of forward-looking terminology such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”,
“intends”, “anticipates”, “projects”, “potential”, “believes” or variations of such words and phrases or statements that certain actions, events
or results “may”, “could”, “would”, “should”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation of such terms.
Forward-looking statements include, but are not limited to, statements with respect to Detour Gold’s future financial or operating
performance; guidance for production, total cash costs, capital costs, exploration costs; expected throughput, mining and recovery rates;
expected future production and mining activities; and 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 2013 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)” , “Average realized gold price” and “Adjusted net loss” 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, as calculations may differ. Reconciliation of these measures is described in the MD&A for the second quarter ended June 30, 2014.
4. 4
Management Participants
Paul Martin
President and
Chief Executive Officer
Pierre Beaudoin
Chief Operating Officer
James Mavor
Chief Financial Officer
Second Quarter 2014
Operational & Financial Results
Conference Call
and Webcast
All monetary amounts are in U.S. dollars unless otherwise stated.
5. 5
Detour Lake mine ramp-up progressing in the right direction
Q2 2014 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 second quarter ended June 30, 2014.
$138.2 MILLION
cash and short-term
investments
$139 MILLION
revenues
107,206 OZ GOLD
sales
from
$35.0 net loss
MILLION
or $0.23 per share
$17.4 adjusted net loss1
MILLION
or $0.12 per share
117,366 OZ GOLD
production
$941/ OZ SOLD
total cash costs
High grade gold intersections
reported from Lower Detour area
6. 6
76
82
107
117
0
20
40
60
80
100
120
140
$1,214
$1,174
$976
$941
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
Ramp-up Progression
Gold Production (‘000 oz)
Q3’132 Q4’13 Q2’14Q1’14
Total Cash Costs ($/oz sold)1
Q3’132 Q4’13 Q2’14Q1’14
Quarter to quarter improvements:
Steady production growth since commercial production
Operations costs per ounce continue to trend lower with ramp-up
progress
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
second quarter ended June 30, 2014.
2. Commercial production declared on September 1, 2013. TCC reported is for the month of September 2013.
7. 7
Guidance Update
2014 Guidance
H1 A Prior Revised
Mill throughput avg (Ktpd) 46.9 52.0 49.0
Mine output (Ktpd) 211 252 230-235
Gold production (oz) 224,520 450,000-500,000 450-000-480,000
TCC ($/oz sold)1 $956 $800-900 $900-975
Sustaining capital ($ M) $45* $96 $95-$100
Deferred stripping ($ M) $15 $35 $30-$35
Debt reduction ($ M) $40 $80-100 Max. $80
H1 2014 Scorecard:
Higher end of gold production achieved, mainly driven by higher grades
Lower mining and milling rates than planned
Operating cost per ounce trend decreasing at slower rate than projected
*Note: $19.4 M incurred in 2013 and includes payment of $2.5 M to NAC.
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 second quarter ended June 30, 2014.
8. 8
Q2 2014 Operating Results
0
1
2
3
4
5
Q2'13 Q3'13 Q4'13 Q1'14 Q2'14
1.0
0.8
0.2
0.0
0.4
0.6
TonnesMilled(Mt)
Q2’13 Q3’13 Q4’13 Q2’14
1’14
Q1’14
82 85 92 91 91
Mill production
HeadGrade(g/tAu)Recovery %
0.91G/T GOLD
head grade4.42 MILLION
tonnes milled 91% GOLD
recovery
Q2’14 Performance:
Gold production of 117,366 ounces
4.4 Mt of ore processed: 65% direct
feed and 35% run-of-mine stockpiles
Head grade of 0.91 g/t, above model
Recovery rates as expected
Dilution reduced to <3%, well below
2014 budget of 7%
9. 9
Q2 2014 Operating Results - Mine
Q2’14 Performance:
2.9 Mt ore mined; strip ratio 5.6
Total of 19.0 Mt mined
Avg. mining rates of 209,000 tpd vs
230,000 tpd in plan
Shortfall due to reduced productivity:
› in mining overburden and till
› in removing old infrastructure
around the former Campbell pit
ROM stockpiles total 1.3 Mt @ 0.76 g/t
at end of Q2, net decrease of 1.5 Mt
from end of Q1
Q2 2014 Mining Rates (Ktpd)
Q1’13 Q2’13 Q3’13 Q1’14Q4’13
18
3
0
50
100
150
200
250
Overburden
Till
Production
Removal
of Old
Infrastructure
Target
Outcome
230
209
10. 10
H2 2014 Focus - Mine
Plans for H2:
Reduction in overburden and till
removal
› Total of approx. 4.6 Mt
Completion of southwall pushback
in Q3
Removal of old infrastructure near
Campbell pit
Continue improving availability of
large shovels
Annual mining tonnage of 82 Mt
Q1’13 Q2’13 Q3’13 Q1’14Q4’13
11. 11
Q2 2014 Operating Results - Mill
Q2’14 Performance:
Plant throughput rates averaging
48,569 tpd
Availability at 83%, slightly lower than
forecast
Optimization and efficiencies focused on
› Secondary crushers availability and
utilization
› Dome stockpile management and
mill drive system
› Maintenance improvement plan
Recovery rates as planned; gravity
recovery at 24%
Throughput(Ktpd)
0
10
20
30
40
50
60
Q2'13 Q3'13 Q4'13 Q1'14 Q2'14
Availability % 1
Q2’13 Q3’13 Q4’13 Q2’14Q1’14
Mill productivity
8380667868
1. Availability = capital utilization.
12. 12
H2 2014 Focus - Mill
Plans for H2:
Ramping up from 83 to 89% by year-end
Q3 Schedule:
› SAG pulp lifter liner change
completed in July
› Further optimization of dome
feeding system
Q4 Schedule:
› Ball mills liner change
› Pre-leach thickener rake inspection
Reach 55,000 tpd by year-end
Q3-Q4’14:
Implement next phase of
maintenance improvement plan
13. 13
$0
$2
$4
$6
$0
$4
$8
$12
Mining (C$/t mined):
Processing (C$/t milled):
G&A (C$/t milled):
Q2 2014 Operating Results - Costs
H2 Forecast:
Downward trend to continue with throughput and production increase
$0
$2
$4
$2.87/t$2.60/t $2.87/t
Q2 Progress:
Higher mining costs due to:
› Shortfall in total tonnes mined
› Higher equipment maintenance
costs
Higher milling costs due to
› Higher maintenance costs and
lower mill throughput
› Partially offset by lower
consumables and reagent
consumption
$11.13/t$11.75/t $11.25/t
$3.68/t $3.46/t$4.13/t
Q2’14Q1’14Q4’13
14. 14
Near-term Opportunities (2-5 yrs)
Current Status
1. Increase throughput to 61,000 tpd for 2017
Starts in 2014 with installation of 1 cyanide (CN)
detox tank and 1 additional oxygen plant
CN detox to be
operational in Q3 and
2nd oxygen plant in Q4
2. Block A project
Bring to pre-feasibility study for reserve
definition in Q1 2015
In progress
3. Low-grade material (not in reserves)
Heap leach
Segregation of fines
Heap leach test
underway
4. Pebble circuit removal
Pebbles appear to be barren
Testing continuing
5. Increase exploration activities on 630 km2
prospective property
Planning in progress
15. 15
Revenues & Total Cash Costs:
Q2 2014 Financial Review
Q4’13 Q1’14 Q2’14
Gold sales $120.5 M $110.0 M $139.0 M
Ounces sold 95,000 oz 84,560 oz 107,206 oz
Avg realized price1, 2 $1,269/oz $1,301/oz $1,293/oz
TCC/ oz sold2 $1,174/oz $976/oz $941/oz
1. These amounts exclude realized gains from the Company’s gold sales risk management program which are separately disclosed in
net finance income and costs.
2. Refer to the section on Non-IFRS Performance Measures on slide 3. Reconciliation of these measures is described in the MD&A for
the second quarter ended June 30, 2014.
16. 16
Income Statement:
($ millions, except per share amount) Q2’14 H1’14
Revenues $ 139.0 $ 249.0
Cost of Sales
- Production costs
- Depreciation and depletion
(98.1)
(38.3)
(181.3)
(68.9)
Earnings (Loss) from Mine Operations $ 2.6 $ (1.2)
Exploration and evaluation expense (1.5) (2.8)
Corporate and administrative expense (7.9) (15.3)
Loss from Operations $ (6.8) $ (19.3)
Net finance income (cost) (28.2) (70.7)
Earnings (Loss) for the Period $ (35.0) $ (90.0)
Basic Earnings (Loss) per Share $ (0.23) $ (0.57)
Q2 2014 Financial Review
Note: Totals may not add up due to rounding.
17. 17
Adjusted net earnings (loss) per share: is calculated using the weighted average
number of share outstanding under the basic method of earnings (loss) per share as determined under IFRS.
($ millions, except per share amount) Q2’14 H1’14
Net Earnings (Loss) $ (35.0) $ (90.0)
Adjusted for:
Fair value (gain) loss of the convertible notes 15.1 31.6
Foreign exchange (gain) loss (1.0) (0.9)
Non-cash unrealized (gain) loss on derivative
instruments
1.2 5.5
Accretion on convertible notes 6.2 12.1
Unwinding of discount on decommissioning and
restoration provisions
0.1 0.2
Electricity rebate (3.9) (3.9)
Adjusted Net Earnings (Loss)1 $ (17.4) $ (45.4)
Adjusted Basic Earnings (Loss) per Share1 $ (0.12) $ (0.29)
Q2 2014 Financial Review
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 second quarter ended June 30, 2014.
Note: Totals may not add up due to rounding.
18. 18
Q2 2014 Financial Review
Cash Flows:
($ millions) Q2’14 Q1’14
Operations $ 38.8 $ 17.9
Working capital Items 7.5 (50.0)
Operating activities $ 46.3 $ (32.1)
Investing activities (42.1) (22.0)
Financing activities (11.4) 110.4
Effects of exchange rate changes 0.1 (1.0)
Changes in cash and cash equivalents $ (7.1) $ 56.3
Cash and cash equivalents – beginning of financial period 143.4 88.1
Cash and cash equivalents – end of financial period $ 136.3 $ 143.4
Note: Totals may not add up due to rounding.
19. 19
Updates at end of Q2:
Under the electricity contract, Company has received $16 M of its
$26.4 M rebate for 2013 and H1 2014 (see Note 4 of financial
statements)
Credit facility amended to give an extension to May 31, 2015 to
pass the Completion Test (see Note 15 of financial statements)
2014 total cash costs guidance revision to $900-$975/oz sold:
› High production range narrowed to 480,000 oz
› Projected H2 2014 costs increase of up to 8%
› Less mining costs allocated to deferred stripping or ore
inventories
Q2 2014 Financial Review
20. 20
ONTARIO
Toronto
DETOUR LAKE MINE
A Unique Investment Opportunity
Low-risk, safe mining jurisdiction
High-quality asset with long mine life
Production growth opportunities
Strong cash flow growth following ramp-up
completion
Leverage to gold price & Canadian dollar
Strong exploration upside on 100% owned
land package of 630 km2 on Greenstone Belt
Invest in Detour Gold
