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CANADA’S NEXT
INTERMEDIATE
GOLD
PRODUCER

1

GMP Securities Mining Conference, Montréal
November 20-21, 2013
Forward Looking Information
This presentation contains certain forward-looking information as defined in applicable securities laws (referred to herein as “forward-looking
statements”). Specifically, this presentation contains forward-looking statements regarding gold production and cash costs guidance for
2013 and 2014, reserve and resource estimates, ore grade, expected mine life, average annual gold production, gold recovery, cash
operating costs and other costs, sensitivities, ramp-up of operations, mining rates reaching approximately 250,000 tpd by year-end 2013,
mining of Domain #2 representing approximately 20% of the total feed for the fourth quarter, future operating plans, providing 2014
guidance in January 2014 and reporting an updated mine plan for Detour Lake in the first quarter of 2014, potential expansion opportunities,
and plans for organic growth which includes growing mineral reserves to more than 20 million ounces. Forward-looking statements involve
known and unknown risks, uncertainties and other factors which are beyond Detour Gold’s ability to predict or control and may cause
Detour Gold’s 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, gold price volatility, changes in debt and equity markets, the uncertainties involved in interpreting geological data, increases in costs,
environmental compliance and changes in environmental legislation and regulation, interest rate and 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 capital costs; the Company’s ability to attract and retain skilled staff; the mine development
schedule; sensitivity to metal prices and other sensitivities; the supply and demand for, and the level and volatility of the price of, gold;
timing of the receipt of regulatory and governmental approvals for development projects and other operations; 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. Detour Gold undertakes 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. If the
Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with
respect to those or other forward-looking statements.

2
Notes to Investors
Information Containing Estimates of Mineral Reserves and Resources
The mineral reserve and resource estimates reported in this presentation were prepared in accordance with Canadian National Instrument
43-101 Standards 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 September 4, 2012, Detour Gold announced an updated mine production plan for the Detour Lake project. The NI 43-101 compliant
Technical Report for this update was filed on SEDAR on October 18, 2012. The following QPs participated in this update: BBA Inc., under
the direction of André Allaire, Eng., Vice-President, Markets – Mining and Metals and Patrice Live, Eng., Mining Manager; SGS Canada
Inc., under the direction of Michel Dagbert, Eng., Senior Geostatistician 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.
The scientific and technical content of this presentation has been reviewed, verified and approved by Drew Anwyll, P.Eng., Director of
Operations, a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 “Standards of Disclosure for
Mineral Projects”.

3
Invest in Detour Gold
Our Vision

Become a leading intermediate gold producer and
premier investment opportunity
Focus

4

Discipline

Execution
Focused on One Core Asset
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 (15.6 M oz in reserves)

ONTARIO

› Significant potential for production
growth
DETOUR LAKE MINE

Timmins

Toronto

5

› Exploration upside for high-grade
mineralization
Share Capital
ISSUED AND
OUTSTANDING

C$730 M

138.2 M

MARKET CAP

US$156 M
CASH POSITION

FULLY DILUTED

161.5 M
OPTIONS & FN SHARE
COMMITMENTS

TOP

SHAREHOLDERS
PAULSON & CO: 15%
INSTITUTIONS TOTAL: >80%

10.3 M
CONVERTIBLE
NOTES

13.0 M

Note: Cash position at September 30, 2013 and share data at October 31, 2013. Conversion price for the Notes is US$38.50.

6
Execution = Detour Lake in 6 Years
2007

ACQUISITION
/DISCOVERY

2009

PRE-FEASIBILITY
STUDY

2010

FEASIBILITY
STUDY &
PERMITTING

2011-12

DEVELOPMENT PRODUCTION

2013
 Built Detour Lake on schedule
 Started gold production in February
 Reached commercial production in August
7

2013
Strategy = Focused on Profitability
Objectives:
 Deliver on operational performance
 Generate positive cash flows
 Use cash flow to fund future organic
growth
 Provide return on capital

8
2013 To Date
 First gold pour in February
 Secured $90 million credit facility
 Commissioned second production line
 25,000 m drilling program targeting high-grade
gold mineralization
 Reached commercial production in August
 Produced approximately 180,000 ounces of gold
in first 10 months
Looking Ahead
 Gold production target of between 240,000 and
260,000 oz for the year
 Updated mine plan and year-end mineral
resources/reserves in Q1 2014

9
Undervalued vs. Peers
Consensus P/NAV
African Barrick

P / 2014 CF
1.15x

Alamos

0.98x

New Gold

0.92x

Alamos

16.9x

Argonaut

10.1x

AuRico

9.2x

Alacer

0.85x

B2Gold

8.2x

B2Gold

0.82x

Osisko

8.0x

AuRico

0.82x

New Gold

7.8x

Osisko

0.82x

Alacer

6.2x

Argonaut

0.67x

Allied Nevada

6.1x

Allied Nevada

0.65x

IAMGOLD

5.8x

IAMGOLD

0.64x

African Barrick

5.7x

Detour

0.33x

Source: Bloomberg, company filings, Thomson and select Street Research
Note: Market data updated to November 14, 2013

10

Detour

5.1x
Detour Lake Mine at a Glance
Key Statistics

(1)

OP reserves (M oz)

15.6

Mill throughput (tpd)

55,000

Strip ratio (waste:ore)

3.7

Gold recoveries

91%

Average grade (g/t)

1.03

Estimated mine life (yrs)

21.5

Avg. production (oz/yr)

(2)

657,000

Initial capex (C$ B)

1.5

Sustaining capex (C$ B)

1.2

1. Based on September 2012 Mine Plan (October 2012 Technical Report).
2. Includes expansion from 55,000 tpd to 61,000 tpd.

Commercial production declared
on September 1, 2013

11
Detour Lake Mine Ramp Up
Processing Plant
 55,000 tpd conventional gravity and
CIP processing plant with two
production lines
 Primary crusher (90,000 tpd capacity)
 Each line has 1 secondary crusher,
1 pebble crusher, 1 SAG and 1 ball mill
Mine Operations
 Mining rates averaged 205,000 tpd in
October
 Current mining fleet of 20 haul trucks &
5 shovels (incl. 2 rope shovels)
 Stockpile availability
12
Q1-Q3 2013 – Operation Statistics

2013

Q1

Q2

Q3

Ore tonnes mined (Mt)

1.29

2.70

4.16

Tonnes milled (Mt)

1.02

2.87

3.88

Mill grade (g/t Au)

0.64

0.76

0.72

Recovery (%)

80

82

85

Availability (%)

66

68

78

16,841

57,897

75,672

Gold produced (oz)1,2

1. Q3 = 80,765 oz poured (the inventory was reduced from 23,189 to 17,998 oz).
2. During September, the first month of commercial production, the Detour Lake mine
produced 24,021 oz gold.

13
Q3 2013 – Mine Development
2013

Ore
(Mt)

Waste
(Mt)

Overburden
(Mt)(1)

Total
Mined
(Mt)

Strip
Ratio

Q3

4.16

12.4

4.16

16.6

3.0

Q2

2.70

10.0

4.0

12.7

3.7

Q1

1.29

8.5

4.4

10.4

6.6

1. Overburden is included in the waste figure.

Q3 Mine Performance:
 Mining rates averaged 180,222 tpd
› 201,000 tpd average in September; 252,000 t record day
 Increased blasted inventory: 2.3 Mt at end of September
 Improvement in shovel productivity
 Improvement in haul truck cycle
› Haul road and pit floor quality
› Pit de-watering
14
Q3 2013 – Mine Development
Waste rock

Domain 2
Domain 5

Current OB
removal by
contractor

Calcite
Zone

Oct. 2, 2013
15
Q3 2013 ROM – Stockpiles
End of September:
1.2 Mt @ 0.79 g/t

Mineralized Material:
Low-grade stockpile
4 Mt @ 0.42 g/t

16
Q3 2013 – Mill Ramp-up
Tonnes
Milled
(Mt)

Availability
(%)

Tonnes per
Operating day

Tonnes per
Calendar day

Q3

3.88

78

53,821

42,142

Q2

2.87

68

46,500

31,500

Q1

1.02

66

16,837

11,112

2013

Q3 Mill Performance:
 Mill processing rates averaged 42,142 tpd
› Record day at 58,000 tonnes
› 12 days in September above 50,000 tpd
 Planned shutdown for 6 days in September for SAG mills liner
change
 Further adjustment and modifications to secondary crushers
17
Q4 2013 – Mine Development
Next Focus:

Production Growth

Lowering Costs

Objective: Increase Gold Production Levels
 Progressively increase mining rates to 250,000 tpd
 Mining higher grade Domain #2 (~20% of total feed)
 Start operating 5th shovel (CAT 6060) in November
Preparation for 2014 Mine Plan:
 Accelerating pre-stripping with contractor: 2 Mt of OB removal
underway for construction of south haul road
 South haul road to be completed by year-end

18
Q4 2013 – Start Mining Domain #2

Current
OB removal
by contractor

Oct. 2, 2013

19
Q4 2013 – Mill Ramp-up
Next Focus:

Production Growth

Lowering Costs

Objective: Increase Gold Production Levels
 Target throughput of +50,000 tpd
› Improve availability to +85%
› Increase utilization rates
 Improve recovery to +87%
› Improve use of gravity circuit
› Continue leach circuit optimization
Key catalyst to reach nameplate capacity (55,000 tpd):
 Finalize modifications to both pebble and secondary crushers
 Further reduce unplanned shutdowns (8% in September)

20
October Preliminary Production Results
 Best month to date:
Gold production of 29,541 oz (32,043 oz poured)
 Mill processed 1.4 Mt at an average grade of 0.72 g/t
 Metallurgical recoveries averaged 91.6%, (higher than projected
levels in the feasibility study)
 Average throughput rate of 44,937 tpd, with 15 days > 50,000 tpd
 Availability improved to 83%
 Mining rates averaged 205,000 tpd

21
Near-term Results: Free Cash Flow
Next Focus:

Production Growth

Lowering Costs

Cost Reductions:
 Mining and milling unit costs to improve with increased volume and
efficiency - economy of scale
 Reduce current Tailings Facility costs - construction change from
“downstream” to approved “center line” design
 Opportunity to reduce power costs with Ontario provincial program

22
Tailings Facility

Reclaim Pump
House

3
2

4

Cell #1

1

Seepage
Recovery
Points (1-5)
23

5
Tailings Facility – Center-line
Cell #1
Ultimate
Tailings Surface

For example, amount of material for construction:
2014 Down Stream Construction: 9.2 Mm3
2014 Centre-Line Construction: ~ 2.0 Mm3

Ultimate crest, 309m

310m

2016 C/L

306m

D/S

302m

Not required:

~ 7.2 Mm3

2015 C/L

298m
294m
290m

2.0 Mm3 2014 C/L

Current
Tailings Surface

2014 D/S
2013
as built

286m

7.2 Mm3

282m

2012
as built

O.G.
(varies)




24

Significant cost saving over LOM as a result of less material
needed for construction
Expected saving of $30 M in 2014
Looking at 2014 and Beyond
In Progress:
 Budget and detailed mine production plan for 2014
› Preliminary 2014 guidance of between 440,000 oz and
500,000 oz of gold produced at total cash costs+capex of
US$1,150/oz to US$1,250/oz
 Year-end reserve and resource update
› New pit shell for Detour Lake (2011 drilling)
› Reserve estimate at US$1,000/oz and cut-off grade of
0.5 g/t (unchanged)
› Block A in resource category (2012 drilling)
 Optimize 5-year production schedule
 Evaluate potential expansion from 55,000 to 61,000 tpd

25
Projected LOM Production Profile
September 2012 Mine Production Plan*
(Includes expansion from 55,000 tpd to 61,000 tpd)
Grade (g/t Au)
1.8

LOM Avg. 657,000 oz/yr

Gold Production (‘000 oz)
900

1.6

800

Preliminary 2014 guidance
1.4 reduced to: 440-500k oz

700

1.2

600

1.0

500

]

0.8

Avg. grade below 1.0 g/t for next 10 years

300

0.6
*Updated 2014 & LOM plan in
process to be issued in Q1 2014
with NI 43-101 Technical Report

0.4
0.2

200
100
0

0
Expansion from 55,000 tpd to 61,000 tpd.

26

400

Note: Excludes stripping adjustments.
Organic Growth Opportunities
 Long-term growth of reserve base to
+20 M oz
› Reserve/resource update for
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

27

Inferred

M&I

P&P

30M oz

20M oz

14.9

11.4

10M oz
8.8

15.6
Organic Growth Opportunities
630 km2

15.6 M oz in Reserves

Lower Detour
Area

*Note: Excludes drilling around Detour Lake and M zone (Block A).

28
Organic Growth Opportunities
25,000 m of drilling
in Q1 2013

17.33/4.4

29
Organic Growth Opportunities
Long Section across Zone 75

30
Organic Growth Opportunities

Near-term objectives (1-3 years):
 Detour Lake reserve/resource update (open pit west expansion)
 Evaluation of potential expansion options
31
Invest in Detour Gold
Our Vision

Become a leading intermediate gold producer and
premier investment opportunity
Focus

32

Discipline

Execution
ADDITIONAL
INFORMATION
33
Q3 2013 – Highlights
 Sustaining capex spent: C$136 M
(2013 budget: C$192 M)
Commercial Production period
(September):
 24,700 oz sold during commercial
production period
 Total cash costs of US$1,214/oz
gold sold 1
 Average realized price of
US$1,340/oz 1
 Average realized margin of
US$126/oz 1

Income Statement

Q3 2013

Revenues 2

$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

1. For reconciliation of these measures, refer to Non-IFRS Financial Performance Measures slides 41 & 42
of this presentation.
2. All sales prior to commercial production were credited against capitalized project costs.

34
Projected LOM Operating Costs
Based on September 2012 Mine Production Plan*
Operating Costs (LOM)

C$/t
milled

C$/t
mined

Mining costs

11.65

2.49

Processing cost

7.83

--

260

G&A

1.86

--

62

Cash operating costs

21.34

--

710

Royalty (2%) and other

1.26

--

42

Refining

0.12

--

4

Silver credit

(0.20)

--

(7)

Total cash costs (TCC)

22.52

--

749

Breakdown of 2013-14 TCC

388

C$/oz

LABOUR

18%

POWER

12%
DIESEL

MAINTENANCE

22%

8%
G&A

CONSUMABLES

29%

5%

ROYALTY+
OTHER
(2% NSR)

6%
A 10% change in:
Diesel or power costs = $9/oz change in TCC
Cdn$ FX rate = $63/oz in TCC

35

*Updated 2014 & LOM plan in
process to be issued in Q1 2014
with NI 43-101 Technical Report
Conventional Milling Process
Mine Trucks
Primary Crusher
90,000 tpd

To
Gravity
Circuit

Stockpile
Secondary Crushers (2)
67,000 tpd
Pebble Crushers (2)
73,000 tpd

SAG Mills (2)
55,000 tpd

Ball Mills (2)
55,000 tpd

To
Gravity
Circuit

CIP
To
Market

Carbon
Stripping
Gold
Doré Bars

36

Gold
Furnace

Gold
Electrowinning

Leach
Tailings
Grade Control
Bench 6252m

DDH Block model 40x40m drill spacing

RC GC 20X10m & 10X10m drill spacing

Block Gold Grade
(g/t)

Bench 6240m

< 0.3
< 0.5
< 0.8
< 2.0
> = 2.0

Pit Contour at July 31, 2013
Grade Control Data Limit

37
Grade Control
DDH Block model 40x40m drill spacing

RC GC 20X10m & 10X10m drill spacing

Bench 6228m

RC 40X10m

Block Gold Grade
(g/t)

Pit Contour at July 31, 2013
Grade Control Data Limit

38

< 0.3
< 0.5
< 0.8
< 2.0
> = 2.0
Corporate Responsibility
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:





604 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

39

* As of September 30, 2013.

WORKFORCE ORIGIN

COCHRANE
AREA

COCHRANE

31%
NORTHERN
ONTARIO

38%

24%
REST OF
ONTARIO

3%
OTHER

4%
Analyst Coverage (16)
Initiating
Research

Analyst

07.06.11

Haywood Securities

Kerry Smith

07.07.09

Paradigm Securities

Don Blyth/Don MacLean

07.08.07

Raymond James

Phil Russo

07.11.26

National Bank Financial

Steve Parsons

07.12.20

Macquarie Capital Markets

Mike Siperco

08.01.14

Canaccord Genuity

Rahul Paul

08.07.14

TD Securities

Dan Earle

08.09.04

RBC Capital Markets

Dan Rollins

08.11.06

BMO Capital Markets

John Hayes

09.06.17

Laurentian Bank Securities

Eric Lemieux

10.05.19

CIBC World Markets

Cosmos Chiu

10.07.22

Credit Suisse Securities

Anita Soni

11.07.15

Bank of America Merrill Lynch

TBA

13.04.16

Scotia Capital

Leily Omoumi

13.08.14

Desjardins Capital Markets

Michael Parkin

13.11.12

40

Firm

Beacon Securities

Michael Curran
Non-IFRS Financial Performance Measures
Total cash costs per gold ounce sold
Total cash costs per gold ounce is a common financial performance measure in the gold mining industry but with
no standard meaning under IFRS. Detour Gold reports total cash costs on a sales basis. The Company believes
that, in addition to conventional measures prepared in accordance with IFRS, such as sales, certain investors use
this information to evaluate the Company’s performance and ability to generate operating earnings and cash flow
from its mining operations. Management utilizes this metric as an important tool to monitor cost performance.
Total cash costs per gold ounce 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. Production costs are exclusive of depreciation and depletion.
Production costs include the costs associated with providing the royalty in kind ounces. Other companies may
calculate this measure differently.
Three months ended
September 30
2013

Production costs

$

Share-based compensation

$

$

29,986

1,214

-

$

-

-

-

(377)

-

$

$

2012

30,363

-

24,700
$

2013

-

-

Gold ounces sold
Total cash costs per gold ounce sold

2012

(377)

Silver sales
Total cash costs

30,363

Nine months ended
September 30

29,986

$

-

24,700
$

-

1,214

-

Gold ounces sold exclude pre-commercial production ounces (prior to September 1, 2013) as these are credited
against capitalized project costs.

41
Non-IFRS Financial Performance Measures
Average Realized Price and Average Realized Margin
Average realized price and average realized margin per ounce sold are financial measures with no standard
meaning under IFRS. Management and investors use these measures to better understand the gold price and
margin realized throughout a period. Average realized margin represents average realized price per gold ounce
less total cash costs per ounce.
Average realized price and average realized margin is intended to provide additional information to investors and
does not have any standardized definition under IFRS and should not be considered in isolation or as a substitute
for measures of performance prepared in accordance with IFRS. Other companies may calculate this measure
differently.

Three months ended
September 30
2013
Revenues from gold sales

$

Gold ounces sold
Average realized price

42

2012
$

$

1,340

$

(1,214)
$

126

2013

2012

-

33,088

-

-

24,700

Less: Total cash costs per gold ounce sold
Average realized margin per gold ounce sold

33,088

Nine months ended
September 30

24,700

-

-

$

$

-

1,340

$

(1,214)
$

126

-

$

-
Management & Directors
Management


Gerald Panneton



Founder, President & CEO



Michael Kenyon
Paul Martin



Pierre Beaudoin
Chief Operating Officer



Julie Galloway






James Robertson
Drew Anwyll

Derek Teevan



Andrew Croal

Rickardo Welyhorski
Director Mineral Processing



Charles Hennessey
Process Plant Maintenance Manager and
Deputy Mine General Manager



MGM/Director of Operations



Sr VP Corporate &
Aboriginal Affairs



VP Environment &
Sustainability

Sr VP General Counsel &
Corporate Secretary



Rachel Pineault

Bill Snelling
Director Corporate Systems & Controls

VP HR & Aboriginal Affairs

CFO





VP Finance

Executive Chairman



James Mavor

Joshua Hurrell
Acting Mine Manager - Chief Geologist



Director Technical Services

Mike Papadakis
Process Plant Manager

Laurie Gaborit
Director Investor Relations



Pat Donovan

Jean-Francois Metail
Director Reserves and Resources

VP Corporate Development

Directors




43

Peter Crossgrove
Louis Dionne
Robert E. Doyle
André Falzon





Ingrid Hibbard
Michael Kenyon
Alex G. Morrison





Gerald Panneton
Jonathan Rubenstein
Graham Wozniak
Contact Information
Gerald Panneton
President & CEO
Email: gpanneton@detourgold.com
Phone: 416.304.0800

Laurie Gaborit
Director Investor Relations
Email: lgaborit@detourgold.com
Phone: 416.304.0800

www.detourgold.com

44

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Dgc 13 11_20-21_gmp securities conference

  • 1. CANADA’S NEXT INTERMEDIATE GOLD PRODUCER 1 GMP Securities Mining Conference, Montréal November 20-21, 2013
  • 2. Forward Looking Information This presentation contains certain forward-looking information as defined in applicable securities laws (referred to herein as “forward-looking statements”). Specifically, this presentation contains forward-looking statements regarding gold production and cash costs guidance for 2013 and 2014, reserve and resource estimates, ore grade, expected mine life, average annual gold production, gold recovery, cash operating costs and other costs, sensitivities, ramp-up of operations, mining rates reaching approximately 250,000 tpd by year-end 2013, mining of Domain #2 representing approximately 20% of the total feed for the fourth quarter, future operating plans, providing 2014 guidance in January 2014 and reporting an updated mine plan for Detour Lake in the first quarter of 2014, potential expansion opportunities, and plans for organic growth which includes growing mineral reserves to more than 20 million ounces. Forward-looking statements involve known and unknown risks, uncertainties and other factors which are beyond Detour Gold’s ability to predict or control and may cause Detour Gold’s 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, gold price volatility, changes in debt and equity markets, the uncertainties involved in interpreting geological data, increases in costs, environmental compliance and changes in environmental legislation and regulation, interest rate and 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 capital costs; the Company’s ability to attract and retain skilled staff; the mine development schedule; sensitivity to metal prices and other sensitivities; the supply and demand for, and the level and volatility of the price of, gold; timing of the receipt of regulatory and governmental approvals for development projects and other operations; 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. Detour Gold undertakes 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. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. 2
  • 3. Notes to Investors Information Containing Estimates of Mineral Reserves and Resources The mineral reserve and resource estimates reported in this presentation were prepared in accordance with Canadian National Instrument 43-101 Standards 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 September 4, 2012, Detour Gold announced an updated mine production plan for the Detour Lake project. The NI 43-101 compliant Technical Report for this update was filed on SEDAR on October 18, 2012. The following QPs participated in this update: BBA Inc., under the direction of André Allaire, Eng., Vice-President, Markets – Mining and Metals and Patrice Live, Eng., Mining Manager; SGS Canada Inc., under the direction of Michel Dagbert, Eng., Senior Geostatistician 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. The scientific and technical content of this presentation has been reviewed, verified and approved by Drew Anwyll, P.Eng., Director of Operations, a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 “Standards of Disclosure for Mineral Projects”. 3
  • 4. Invest in Detour Gold Our Vision Become a leading intermediate gold producer and premier investment opportunity Focus 4 Discipline Execution
  • 5. Focused on One Core Asset 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 (15.6 M oz in reserves) ONTARIO › Significant potential for production growth DETOUR LAKE MINE Timmins Toronto 5 › Exploration upside for high-grade mineralization
  • 6. Share Capital ISSUED AND OUTSTANDING C$730 M 138.2 M MARKET CAP US$156 M CASH POSITION FULLY DILUTED 161.5 M OPTIONS & FN SHARE COMMITMENTS TOP SHAREHOLDERS PAULSON & CO: 15% INSTITUTIONS TOTAL: >80% 10.3 M CONVERTIBLE NOTES 13.0 M Note: Cash position at September 30, 2013 and share data at October 31, 2013. Conversion price for the Notes is US$38.50. 6
  • 7. Execution = Detour Lake in 6 Years 2007 ACQUISITION /DISCOVERY 2009 PRE-FEASIBILITY STUDY 2010 FEASIBILITY STUDY & PERMITTING 2011-12 DEVELOPMENT PRODUCTION 2013  Built Detour Lake on schedule  Started gold production in February  Reached commercial production in August 7 2013
  • 8. Strategy = Focused on Profitability Objectives:  Deliver on operational performance  Generate positive cash flows  Use cash flow to fund future organic growth  Provide return on capital 8
  • 9. 2013 To Date  First gold pour in February  Secured $90 million credit facility  Commissioned second production line  25,000 m drilling program targeting high-grade gold mineralization  Reached commercial production in August  Produced approximately 180,000 ounces of gold in first 10 months Looking Ahead  Gold production target of between 240,000 and 260,000 oz for the year  Updated mine plan and year-end mineral resources/reserves in Q1 2014 9
  • 10. Undervalued vs. Peers Consensus P/NAV African Barrick P / 2014 CF 1.15x Alamos 0.98x New Gold 0.92x Alamos 16.9x Argonaut 10.1x AuRico 9.2x Alacer 0.85x B2Gold 8.2x B2Gold 0.82x Osisko 8.0x AuRico 0.82x New Gold 7.8x Osisko 0.82x Alacer 6.2x Argonaut 0.67x Allied Nevada 6.1x Allied Nevada 0.65x IAMGOLD 5.8x IAMGOLD 0.64x African Barrick 5.7x Detour 0.33x Source: Bloomberg, company filings, Thomson and select Street Research Note: Market data updated to November 14, 2013 10 Detour 5.1x
  • 11. Detour Lake Mine at a Glance Key Statistics (1) OP reserves (M oz) 15.6 Mill throughput (tpd) 55,000 Strip ratio (waste:ore) 3.7 Gold recoveries 91% Average grade (g/t) 1.03 Estimated mine life (yrs) 21.5 Avg. production (oz/yr) (2) 657,000 Initial capex (C$ B) 1.5 Sustaining capex (C$ B) 1.2 1. Based on September 2012 Mine Plan (October 2012 Technical Report). 2. Includes expansion from 55,000 tpd to 61,000 tpd. Commercial production declared on September 1, 2013 11
  • 12. Detour Lake Mine Ramp Up Processing Plant  55,000 tpd conventional gravity and CIP processing plant with two production lines  Primary crusher (90,000 tpd capacity)  Each line has 1 secondary crusher, 1 pebble crusher, 1 SAG and 1 ball mill Mine Operations  Mining rates averaged 205,000 tpd in October  Current mining fleet of 20 haul trucks & 5 shovels (incl. 2 rope shovels)  Stockpile availability 12
  • 13. Q1-Q3 2013 – Operation Statistics 2013 Q1 Q2 Q3 Ore tonnes mined (Mt) 1.29 2.70 4.16 Tonnes milled (Mt) 1.02 2.87 3.88 Mill grade (g/t Au) 0.64 0.76 0.72 Recovery (%) 80 82 85 Availability (%) 66 68 78 16,841 57,897 75,672 Gold produced (oz)1,2 1. Q3 = 80,765 oz poured (the inventory was reduced from 23,189 to 17,998 oz). 2. During September, the first month of commercial production, the Detour Lake mine produced 24,021 oz gold. 13
  • 14. Q3 2013 – Mine Development 2013 Ore (Mt) Waste (Mt) Overburden (Mt)(1) Total Mined (Mt) Strip Ratio Q3 4.16 12.4 4.16 16.6 3.0 Q2 2.70 10.0 4.0 12.7 3.7 Q1 1.29 8.5 4.4 10.4 6.6 1. Overburden is included in the waste figure. Q3 Mine Performance:  Mining rates averaged 180,222 tpd › 201,000 tpd average in September; 252,000 t record day  Increased blasted inventory: 2.3 Mt at end of September  Improvement in shovel productivity  Improvement in haul truck cycle › Haul road and pit floor quality › Pit de-watering 14
  • 15. Q3 2013 – Mine Development Waste rock Domain 2 Domain 5 Current OB removal by contractor Calcite Zone Oct. 2, 2013 15
  • 16. Q3 2013 ROM – Stockpiles End of September: 1.2 Mt @ 0.79 g/t Mineralized Material: Low-grade stockpile 4 Mt @ 0.42 g/t 16
  • 17. Q3 2013 – Mill Ramp-up Tonnes Milled (Mt) Availability (%) Tonnes per Operating day Tonnes per Calendar day Q3 3.88 78 53,821 42,142 Q2 2.87 68 46,500 31,500 Q1 1.02 66 16,837 11,112 2013 Q3 Mill Performance:  Mill processing rates averaged 42,142 tpd › Record day at 58,000 tonnes › 12 days in September above 50,000 tpd  Planned shutdown for 6 days in September for SAG mills liner change  Further adjustment and modifications to secondary crushers 17
  • 18. Q4 2013 – Mine Development Next Focus: Production Growth Lowering Costs Objective: Increase Gold Production Levels  Progressively increase mining rates to 250,000 tpd  Mining higher grade Domain #2 (~20% of total feed)  Start operating 5th shovel (CAT 6060) in November Preparation for 2014 Mine Plan:  Accelerating pre-stripping with contractor: 2 Mt of OB removal underway for construction of south haul road  South haul road to be completed by year-end 18
  • 19. Q4 2013 – Start Mining Domain #2 Current OB removal by contractor Oct. 2, 2013 19
  • 20. Q4 2013 – Mill Ramp-up Next Focus: Production Growth Lowering Costs Objective: Increase Gold Production Levels  Target throughput of +50,000 tpd › Improve availability to +85% › Increase utilization rates  Improve recovery to +87% › Improve use of gravity circuit › Continue leach circuit optimization Key catalyst to reach nameplate capacity (55,000 tpd):  Finalize modifications to both pebble and secondary crushers  Further reduce unplanned shutdowns (8% in September) 20
  • 21. October Preliminary Production Results  Best month to date: Gold production of 29,541 oz (32,043 oz poured)  Mill processed 1.4 Mt at an average grade of 0.72 g/t  Metallurgical recoveries averaged 91.6%, (higher than projected levels in the feasibility study)  Average throughput rate of 44,937 tpd, with 15 days > 50,000 tpd  Availability improved to 83%  Mining rates averaged 205,000 tpd 21
  • 22. Near-term Results: Free Cash Flow Next Focus: Production Growth Lowering Costs Cost Reductions:  Mining and milling unit costs to improve with increased volume and efficiency - economy of scale  Reduce current Tailings Facility costs - construction change from “downstream” to approved “center line” design  Opportunity to reduce power costs with Ontario provincial program 22
  • 23. Tailings Facility Reclaim Pump House 3 2 4 Cell #1 1 Seepage Recovery Points (1-5) 23 5
  • 24. Tailings Facility – Center-line Cell #1 Ultimate Tailings Surface For example, amount of material for construction: 2014 Down Stream Construction: 9.2 Mm3 2014 Centre-Line Construction: ~ 2.0 Mm3 Ultimate crest, 309m 310m 2016 C/L 306m D/S 302m Not required: ~ 7.2 Mm3 2015 C/L 298m 294m 290m 2.0 Mm3 2014 C/L Current Tailings Surface 2014 D/S 2013 as built 286m 7.2 Mm3 282m 2012 as built O.G. (varies)   24 Significant cost saving over LOM as a result of less material needed for construction Expected saving of $30 M in 2014
  • 25. Looking at 2014 and Beyond In Progress:  Budget and detailed mine production plan for 2014 › Preliminary 2014 guidance of between 440,000 oz and 500,000 oz of gold produced at total cash costs+capex of US$1,150/oz to US$1,250/oz  Year-end reserve and resource update › New pit shell for Detour Lake (2011 drilling) › Reserve estimate at US$1,000/oz and cut-off grade of 0.5 g/t (unchanged) › Block A in resource category (2012 drilling)  Optimize 5-year production schedule  Evaluate potential expansion from 55,000 to 61,000 tpd 25
  • 26. Projected LOM Production Profile September 2012 Mine Production Plan* (Includes expansion from 55,000 tpd to 61,000 tpd) Grade (g/t Au) 1.8 LOM Avg. 657,000 oz/yr Gold Production (‘000 oz) 900 1.6 800 Preliminary 2014 guidance 1.4 reduced to: 440-500k oz 700 1.2 600 1.0 500 ] 0.8 Avg. grade below 1.0 g/t for next 10 years 300 0.6 *Updated 2014 & LOM plan in process to be issued in Q1 2014 with NI 43-101 Technical Report 0.4 0.2 200 100 0 0 Expansion from 55,000 tpd to 61,000 tpd. 26 400 Note: Excludes stripping adjustments.
  • 27. Organic Growth Opportunities  Long-term growth of reserve base to +20 M oz › Reserve/resource update for 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 27 Inferred M&I P&P 30M oz 20M oz 14.9 11.4 10M oz 8.8 15.6
  • 28. Organic Growth Opportunities 630 km2 15.6 M oz in Reserves Lower Detour Area *Note: Excludes drilling around Detour Lake and M zone (Block A). 28
  • 29. Organic Growth Opportunities 25,000 m of drilling in Q1 2013 17.33/4.4 29
  • 30. Organic Growth Opportunities Long Section across Zone 75 30
  • 31. Organic Growth Opportunities Near-term objectives (1-3 years):  Detour Lake reserve/resource update (open pit west expansion)  Evaluation of potential expansion options 31
  • 32. Invest in Detour Gold Our Vision Become a leading intermediate gold producer and premier investment opportunity Focus 32 Discipline Execution
  • 34. Q3 2013 – Highlights  Sustaining capex spent: C$136 M (2013 budget: C$192 M) Commercial Production period (September):  24,700 oz sold during commercial production period  Total cash costs of US$1,214/oz gold sold 1  Average realized price of US$1,340/oz 1  Average realized margin of US$126/oz 1 Income Statement Q3 2013 Revenues 2 $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 $11.8 M 1. For reconciliation of these measures, refer to Non-IFRS Financial Performance Measures slides 41 & 42 of this presentation. 2. All sales prior to commercial production were credited against capitalized project costs. 34
  • 35. Projected LOM Operating Costs Based on September 2012 Mine Production Plan* Operating Costs (LOM) C$/t milled C$/t mined Mining costs 11.65 2.49 Processing cost 7.83 -- 260 G&A 1.86 -- 62 Cash operating costs 21.34 -- 710 Royalty (2%) and other 1.26 -- 42 Refining 0.12 -- 4 Silver credit (0.20) -- (7) Total cash costs (TCC) 22.52 -- 749 Breakdown of 2013-14 TCC 388 C$/oz LABOUR 18% POWER 12% DIESEL MAINTENANCE 22% 8% G&A CONSUMABLES 29% 5% ROYALTY+ OTHER (2% NSR) 6% A 10% change in: Diesel or power costs = $9/oz change in TCC Cdn$ FX rate = $63/oz in TCC 35 *Updated 2014 & LOM plan in process to be issued in Q1 2014 with NI 43-101 Technical Report
  • 36. Conventional Milling Process Mine Trucks Primary Crusher 90,000 tpd To Gravity Circuit Stockpile Secondary Crushers (2) 67,000 tpd Pebble Crushers (2) 73,000 tpd SAG Mills (2) 55,000 tpd Ball Mills (2) 55,000 tpd To Gravity Circuit CIP To Market Carbon Stripping Gold Doré Bars 36 Gold Furnace Gold Electrowinning Leach Tailings
  • 37. Grade Control Bench 6252m DDH Block model 40x40m drill spacing RC GC 20X10m & 10X10m drill spacing Block Gold Grade (g/t) Bench 6240m < 0.3 < 0.5 < 0.8 < 2.0 > = 2.0 Pit Contour at July 31, 2013 Grade Control Data Limit 37
  • 38. Grade Control DDH Block model 40x40m drill spacing RC GC 20X10m & 10X10m drill spacing Bench 6228m RC 40X10m Block Gold Grade (g/t) Pit Contour at July 31, 2013 Grade Control Data Limit 38 < 0.3 < 0.5 < 0.8 < 2.0 > = 2.0
  • 39. Corporate Responsibility 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:     604 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 39 * As of September 30, 2013. WORKFORCE ORIGIN COCHRANE AREA COCHRANE 31% NORTHERN ONTARIO 38% 24% REST OF ONTARIO 3% OTHER 4%
  • 40. Analyst Coverage (16) Initiating Research Analyst 07.06.11 Haywood Securities Kerry Smith 07.07.09 Paradigm Securities Don Blyth/Don MacLean 07.08.07 Raymond James Phil Russo 07.11.26 National Bank Financial Steve Parsons 07.12.20 Macquarie Capital Markets Mike Siperco 08.01.14 Canaccord Genuity Rahul Paul 08.07.14 TD Securities Dan Earle 08.09.04 RBC Capital Markets Dan Rollins 08.11.06 BMO Capital Markets John Hayes 09.06.17 Laurentian Bank Securities Eric Lemieux 10.05.19 CIBC World Markets Cosmos Chiu 10.07.22 Credit Suisse Securities Anita Soni 11.07.15 Bank of America Merrill Lynch TBA 13.04.16 Scotia Capital Leily Omoumi 13.08.14 Desjardins Capital Markets Michael Parkin 13.11.12 40 Firm Beacon Securities Michael Curran
  • 41. Non-IFRS Financial Performance Measures Total cash costs per gold ounce sold Total cash costs per gold ounce is a common financial performance measure in the gold mining industry but with no standard meaning under IFRS. Detour Gold reports total cash costs on a sales basis. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, such as sales, certain investors use this information to evaluate the Company’s performance and ability to generate operating earnings and cash flow from its mining operations. Management utilizes this metric as an important tool to monitor cost performance. Total cash costs per gold ounce 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. Production costs are exclusive of depreciation and depletion. Production costs include the costs associated with providing the royalty in kind ounces. Other companies may calculate this measure differently. Three months ended September 30 2013 Production costs $ Share-based compensation $ $ 29,986 1,214 - $ - - - (377) - $ $ 2012 30,363 - 24,700 $ 2013 - - Gold ounces sold Total cash costs per gold ounce sold 2012 (377) Silver sales Total cash costs 30,363 Nine months ended September 30 29,986 $ - 24,700 $ - 1,214 - Gold ounces sold exclude pre-commercial production ounces (prior to September 1, 2013) as these are credited against capitalized project costs. 41
  • 42. Non-IFRS Financial Performance Measures Average Realized Price and Average Realized Margin Average realized price and average realized margin per ounce sold are financial measures with no standard meaning under IFRS. Management and investors use these measures to better understand the gold price and margin realized throughout a period. Average realized margin represents average realized price per gold ounce less total cash costs per ounce. Average realized price and average realized margin is intended to provide additional information to investors and does not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate this measure differently. Three months ended September 30 2013 Revenues from gold sales $ Gold ounces sold Average realized price 42 2012 $ $ 1,340 $ (1,214) $ 126 2013 2012 - 33,088 - - 24,700 Less: Total cash costs per gold ounce sold Average realized margin per gold ounce sold 33,088 Nine months ended September 30 24,700 - - $ $ - 1,340 $ (1,214) $ 126 - $ -
  • 43. Management & Directors Management  Gerald Panneton  Founder, President & CEO  Michael Kenyon Paul Martin  Pierre Beaudoin Chief Operating Officer  Julie Galloway    James Robertson Drew Anwyll Derek Teevan  Andrew Croal Rickardo Welyhorski Director Mineral Processing  Charles Hennessey Process Plant Maintenance Manager and Deputy Mine General Manager  MGM/Director of Operations  Sr VP Corporate & Aboriginal Affairs  VP Environment & Sustainability Sr VP General Counsel & Corporate Secretary  Rachel Pineault Bill Snelling Director Corporate Systems & Controls VP HR & Aboriginal Affairs CFO   VP Finance Executive Chairman  James Mavor Joshua Hurrell Acting Mine Manager - Chief Geologist  Director Technical Services Mike Papadakis Process Plant Manager Laurie Gaborit Director Investor Relations  Pat Donovan Jean-Francois Metail Director Reserves and Resources VP Corporate Development Directors     43 Peter Crossgrove Louis Dionne Robert E. Doyle André Falzon    Ingrid Hibbard Michael Kenyon Alex G. Morrison    Gerald Panneton Jonathan Rubenstein Graham Wozniak
  • 44. Contact Information Gerald Panneton President & CEO Email: gpanneton@detourgold.com Phone: 416.304.0800 Laurie Gaborit Director Investor Relations Email: lgaborit@detourgold.com Phone: 416.304.0800 www.detourgold.com 44