CANADA S INTERMEDIATE GOLD PRODUCER Scotiabank Mining Conference Toronto December 5-6, 2017 1
Forward Looking Information This presentation contains certain forward-looking information and forward-looking statements, as defined in applicable securities laws (collectively referred to herein as forward-looking statements ). Forward-looking statements relate to future events or future performance and reflect current expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: (i) the amount of mineral resources and mineral reserves and exploration targets; (ii) the amount of future production over any period; (iii) net present value and internal rates of return of mining operations; (iv) assumptions relating to recovered grade, average ore recovery, internal dilution, mining dilution and other mining parameters set out in the technical reports, studies and disclosure of the Company; (v) assumptions relating to revenues, operating cash flow and other revenue metrics set out in the Company s disclosure materials (vi) mine expansion potential and expected mine life; (vii) expected time frames for completion of permitting and regulatory approvals; (viii) future capital and operating expenditures; (ix) future exploration plans; (x) future gold prices; and (xi) sources of and anticipated financing requirements. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as plans, expects, is expected, budget, scheduled, estimates, continues, forecasts, projects, predicts, intends, anticipates, targets, or believes, or variations of, or the negatives of, such words and phrases or state that certain actions, events or results may, could, would, should, might or will be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause actual results to differ materially from those anticipated in such forward-looking statements. The forward-looking statements in this presentation speak only as of the date of this presentation or as of the date or dates specified in such statements. 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, risks relating to variations in recovered grades and mining dilution, variations in rates of recovery, changes or delays in mining development and exploration plans, the success of mining, development and exploration plans, changes in project parameters, risks related to the receipt of regulatory approvals, 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 2016 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 and production schedule and related costs, dilution control; 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 timing and results of consultations with the Company s Aboriginal partners; the supply and availability of consumables and services; the exchange rates of the Canadian dollar to the U.S. dollar; energy and fuel costs; required capital investments; estimates of net present value and internal rate of returns; the accuracy of reserve and resource estimates, production estimates and capital and operating cost estimates and the assumptions on which such 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. All monetary amounts are in U.S. dollars unless otherwise stated. 2
Notes to Investors Non-IFRS Financial Performance Measures The Company has included non-ifrs measures in this presentation: total cash costs and all-in sustaining costs,. 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, agreements with Aboriginal communities, 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. The Company believes the measure all-in sustaining costs 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. Total site costs and total site costs per ounce Detour Gold reports total site costs and total site costs per ounce on a sales basis. Total site costs include production and operating costs such as mining, processing, site general and administration, bullion shipment, refining, agreements with Aboriginal communities, capital costs (including closure costs) and net of silver sales. The Company calculates total site costs per ounce as the sum of total site costs (as described above) divided by the total gold ounces sold. Gold ounces produced is noted before delivering the royalty in kind ounces. Qualified Persons The scientific and technical content of this presentation was reviewed, verified and approved by Drew Anwyll, P.Eng., Senior Vice President Technical Services, a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 Standards of Disclosure for Mineral Projects. All monetary amounts are in U.S. dollars unless otherwise stated. 3
DGC Investment Thesis Unmatched combination of long life and large production profile Top-ranked jurisdiction Competitive cost profile relative to industry peers Production growth Strong exploration potential 4
#1 Large Scale/Long Life Mine 100% OWNERSHIP IN QUALITY ASSET 16.5 550-600 600 7.7 4.6 3.1 2.0 315 315 300 DGC Detour Lake AEM/YRI Canadian Malartic G Eleonore AEM LaRonde G Red Lake DGC Detour Lake AEM/YRI Canadian Malartic G Eleonore AEM LaRonde G Red Lake 2016YE Reserves (M oz) 2017 Production Guidance (K oz) 5
DGC Strategic Focus OPERATIONS GROWTH BALANCE SHEET Mine and mill optimization Realize on economies of scale Organic growth Add value with Zone 58N Continue debt reduction Maintain capital discipline Gold Production (K oz) 457 506 538 550-600 600-670 232 2013 2014 2015 2016 2017E 2018E 6
YTD 2017 Highlights PRODUCTION COSTS FINANCIALS 421 K OZ gold $721 TCC 1 /oz sold $112 EARNINGS FROM MINE OPERATIONS million 73.1 MT mined $1,092 AISC 1 /oz sold $114 CASH BALANCE million 16.4 MT milled $500 BANK DEBT FACILITY CLOSED million YTD debt reduction of $58 M Estimated year-end cash & cash equivalent of $140-150 M 1. Refer to the section on Non-IFRS Performance Measures on slide 3. Reconciliation of these measures is described in the Q3 17 MD&A. 7
Q3 2017 Operating Results Throughput rate at 61,548 tpd Record quarterly throughput Head grade impacted by unfavorable grade reconciliation in Central Zone and higher mining dilution Commissioning of lead nitrate system continuing 5.7 0.86 90 MT ore milled G/T AU head grade % recovery Mining rates of 283,000 tpd Record quarterly mining rates Campbell pit on schedule to mine Bench 148 by year-end On target for 100 Mt in 2017 26.1 MT total mined 3.8 strip ratio 5.7 stockpiles MT @ 0.68 g/t Au 8
Q3 2017 Costs Q3 AISC: AISC decreased by $91/oz from prior quarter mainly due to lower milling costs and lower corporate administration Q3 Sustaining Capital Q3 17 $668 Q2 17 $706 On track with budget TCC 1 ($/oz sold) Q3 17 YTD Mining $14.8 $73.6 Tailings $14.3 $22.6 Processing $2.2 $6.8 $1,032 $1,123 Infrastructure, G&A & other $7.9 $12.9 Total sustaining ($ M) $39.2 $115.9 Capitalized stripping ($ M) $6.3 $18.3 AISC 1 ($/oz sold) 1. Refer to the section on Non-IFRS Performance Measures on slide 3. Reconciliation of these measures is described in the Q3 17 MD&A. 9
Detour Lake Open Pit Phase 2 Phase 1: Campbell Pit Area Mine Equipment 2 x CAT 7495 shovels 4 x CAT 6060 shovels 32 x CAT 795 trucks Phase 1: West (calcite zone) Phase 2 (pre-stripping) October 13, 2017 10
Mine Ops Initiatives (with USC) Consulting started in April 2017 Project Schedule Summary Now here No. of Weeks 0 5 10 15 20 25 30 35 40 45 Drill Load/Blast Shovel Truck/Dispatch Muck Bench Clean-up & Pattern Prep Mine Mobile Maintenance Materials Management Review to commence in 2018 at processing plant 11
2017 Guidance Targeting Mid-range of Guidance Estimated production 550-600 THOUSAND oz gold Total cash costs $690-750 TCC 1 per oz sold All-in sustaining costs $1,025-1,125 1 AISC per oz sold Key budget assumptions: Gold price of $1,200/oz, diesel fuel price of C$0.70 per litre; power cost of C$0.03/kWh; and CAD/US FX rate of 1.30. 1. Refer to the section on Non-IFRS Performance Measures on slide 3 of this presentation. 12
Strong Balance Sheet Closed $500 M bank facility in July ~$330 M deposited with Note Trustee to be paid to holders at maturity Carry cost of interest reduced by ~2% Future earnings to benefit from elimination of accretion charges: YTD represents $0.13 on EPS $200 $100 $0 -$100 -$200 $40 Cumulative FCF before financing activities ($M) Cumulative Debt repayments ($M) $76 $93 -$82 $109 $133 $157 $178 -$142 -$142 -$162 -$180 $194 -$200¹ Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 1. $20.5 M is on deposit with Note Trustee until maturity (November 31, 2017). 13
5-Year Mine Ramp-up LOM Plan Targets Mine Plan (Mt/yr) Mine Mill 6 shovels max. 32 trucks 7 shovels max. 34 trucks Shovel #8 in capex (not in mine plan) 126 127 131 128 102 112 23 23 22.5 22.5 22 Detour Lake Pit 21.5 North Pit 2017 2018 2019 2020 2021 2022 14
Organic Growth Pipeline WEST DETOUR DEVELOPMENT ZONE 58N LOWER DETOUR BURNTBUSH CLAIM BLOCK Reserves: 1.8 M oz Provincial ESR filed In LOM plan West Detour production in 2025 Potential for highgrade UG mine Evaluating options for mining widths and cut-off grade for different UG mining scenarios New claim block staked 70 km south of Detour Lake Airborne geophysical survey completed 15
West Detour Project Permitting and Consultation Progress Permitting stays under Provincial EA process; targeting provincial approval by mid-2018 Government led consultation starting this fall Agreement signed with TTN MCFN alignment on ESR anticipated prior to year-end North Pit Walter Lake Detour Lake Pit West Detour Pit 16
Zone 58N Next steps leading to decision to proceed with Advanced Exploration program Completed summer drilling program of 10,789 m in 27 holes Adding 4,000 m of drilling for further testing of block model Evaluation prior to completing block model and resource estimate Completion of conceptual mine design Preliminary cost for AdEx program (infrastructure and UG development) Conceptual UG Design for Zone 58N 17
Closing Comments 2017 to be Strongest Year for Detour Gold: Operational improvements (record mining and milling rates) and more consistent results Achieved target of having not more than $300 M in debt (post Notes repaid) End 2017 with $140-150 M of cash & cash equivalents Well Positioned for a Stronger 2018 18
DETOUR GOLD INTERMEDIATE GOLD PRODUCER THANK YOU! 19
ADDITIONAL information Safety Performance Shareholder Information Operational Statistics Property Geology Map Summary LOM Plan Year-end 2016 Reserves & Resources Analyst Coverage Management & Directors Contact Information 20
Safety Performance Q3 2017: Safety performance below Q3 target Hazardous Operations Review: All chemical mixing and distribution systems 3.0 2.0 1.0 Total Recordable Injury Frequency Rate (TRIFR) 1 (12 Month Rolling Average) DGC Target Contractor 2.44 1.60 1.45 Informs Management of Change for SOP s, redesign and training 0.0 Q4 16 Q1 17 Q2 17 Q3 17 Job Task Observations to drive further refinement 1. TRIFR: Total recordable injuries x 200,000 hours divided by total man hours worked. 21
Shareholder Information Share Structure (October 25, 2017) Share Structure (03/31/2014) 174.8 M Issued & outstanding 4.8 M Share options 8.3 M Convertible notes 1 187.9 M FULLY DILUTED Top Shareholders Top Shareholders 10% Van Eck Associates 8% BlackRock 6% Fidelity 2 >80% INSTITUTIONS TOTAL $113.7 MILLION cash and cash equivalents at September 30, 2017 1. Conversion price for the Notes is $38.50. 2. Includes Fidelity Investments Canada, Fidelity Management & Research Company and Fidelity Institutional Asset Management. 22
Operational Statistics Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Ore mined (Mt) 5.0 5.8 4.8 4.9 5.4 Waste mined (Mt) 18.5 15.0 17.0 20.4 21.0 Total mined (Mt) 23.5 20.9 21.8 25.2 26.1 Strip ratio (waste:ore) 3.7 2.6 3.6 4.2 3.8 Mining rate (tpd) 256,000 227,000 242,000 277,000 283,000 Ore milled (Mt) 5.2 5.5 5.2 5.5 5.7 Mill grade (g/t Au) 0.88 0.90 0.88 0.95 0.86 Recovery (%) 87 90 89 90 90 Mill throughput (tpd) 56,453 60,052 58,114 60,259 61,548 Mill availability (%) 84 86 85 87 88 Ounces produced (oz) 127,758 143,512 131,418 150,138 139,861 Ounces sold (oz) 113,845 144,668 134,213 142,970 128,498 23
Property Geology Map 24
2017 LOM Plan Summary Key Statistics 2017 LOM Plan Proven & Probable Reserves (M oz) 1 16.5 Average gold grade (g/t) 0.97 Estimated gold recovery (%) 92.7 Mine life (years) ~23 Average annual gold production (oz) 656,000 Total Site Costs 2 $758/oz sold Mining rates for Detour Lake pit ramping up from 100 Mt in 2017 to 125 Mt in 2022 Mill throughput increasing from 21.5 Mt in 2017 to 23 Mt in 2021 North pit starts in 2019 / West Detour pit starts in 2025 1. Estimated using a gold price of $1,000/oz and a US$/C$ exchange rate of 1.10. Refer to Slide 27 for additional details. 2. Refer to the section on Non-IFRS Performance Measures on slide 3. 25
2017 LOM Production Plan Yearly Average per Period Total 2017-18 2019-20 2021-22 2023-25 2026-28 2029-31 2032-34 2035-37 2038-40 1 LOM LOM Ore milled (Mt) 21.8 22.5 23.0 23.0 23.0 23.0 23.0 23.0 22.5 22.8 530 Head grade (g/t Au) 0.97 0.82 1.04 0.90 0.90 0.95 0.96 1.10 1.04 0.97 0.97 Gold recovery (%) 90.6 92.1 92.9 92.8 92.8 92.9 92.9 93.2 93.3 92.7 92.7 Gold production (k oz) 617 543 711 616 619 652 662 760 702 656 15,250 Total mined (Mt) 107.0 127.2 129.0 125.8 117.3 90.7 80.1 50.7 24.5 93.6 2,175 Strip ratio (waste:ore) 3.93 6.10 3.70 4.63 4.18 3.07 2.53 1.38 0.60 3.33 3.33 1. Average for the last years at 2.25 years. 26
2017 LOM Plan Financial Summary 2-Year Average 2017LOM Units 2017-18 2019-20 2021-22 Average Total Gold Production k oz 617 543 711 656 15,250 Gold Sales 4 k oz 604 531 696 643 14,937 Site Costs Operating Costs 1 C$ M 519 482 500 471 10,960 Sustaining Capital 2 C$ M 209 173 96 107 2,488 Deferred Stripping C$ M 34 134 30 38 884 Total Capital Costs C$ M 243 307 127 145 3,372 Total Site Costs C$ M 762 789 627 616 14,332 US$/oz sold 980 1,187 718 758 - Cash Flow Site Cash Flow 3 (after Tax) NPV5% (after tax) = C$3.7 B C$ M 186 52 448 301 7,038 (1) Includes all site costs including bullion delivery, refining and costs related to agreements with Aboriginal communities. (2) Includes closure costs. (3) US$/C$ exchange rate of 1.30 in 2017, 1.27 in 2018, and 1.25 in 2019+. (4) Ounces sold = Production x 97.95% (= 100% - 2% NSR - 0.05% Refiners take). 27
Year-end 2016 Reserves & Resources At Dec. 31, 2016 Reserves Tonnes (millions) Grade (g/t Au) Contained Gold Ounces (000 s oz) Detour Lake Pit Proven 87.7 1.27 3,579 Probable 353.8 0.92 10,490 Stockpiles 7.0 0.65 144 Total P&P 448.5 0.99 14,214 West Detour Pit Proven 1.9 0.96 60 Probable 53.0 0.94 1,596 North Pit Probable 6.0 0.98 187 Total P&P 60.9 0.94 1,843 LG Fines Probable 20.9 0.60 403 Total P&P 530.2 0.97 16,460 Resources Detour Lake Pit Measured 17.3 1.32 735 Indicated 71.2 0.98 2,255 M+I 88.5 1.05 2,991 West Detour Pit Measured 0.3 0.93 9 Indicated 28.5 0.88 806 North Pit Indicated 2.1 0.93 64 M+I 31.0 0.88 878 Total M+I 119.5 1.01 3,869 Detour Lake Mine Inferred 35.7 0.79 906 West Detour Pit Inferred 9.2 0.95 280 North Pit Inferred 0.1 0.85 2 Total Inferred 44.9 0.82 1,188 Notes: 1. The Company s mineral resources and reserves conform with generally accepted definitions and guidelines given in the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Mineral Reserves as required by NI 43-101. 2. Mineral reserves were estimated using a gold price of US$1,000/oz and mineral resources were estimated using a gold price of US$1,200/oz at a US$/C$ exchange rate of 1.10. 3. Mineral reserves and resources were based on a cut-off grade of 0.50 g/t Au. 4. LG Fines (sourced from material grading 0.40-0.50 g/t Au) classified as Measured and Indicated were reported as Probable mineral reserves and included in the mine plan. 5. Further information, including key assumptions, parameters, and methods used to estimate mineral resources and mineral reserves are described in the Technical Report on the Detour Lake operation, dated March 22, 2017. 6. Mineral resources are reported exclusive of mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. 7. Totals may not add due to rounding. 28
Analyst Coverage (18) Firm Analyst Target Price at November 16, 2017 Bank of America Merrill Lynch Michael Jalonen $19.50 Beacon Securities Michael Curran $17.75 BMO Brian Quast $29.00 Canaccord Rahul Paul $22.50 CIBC World Markets Cosmos Chiu $20.00 Cormark Securities Richard Gray $23.00 Credit Suisse Anita Soni $16.00 Eight Capital Research Craig Stanley $16.65 Global Mining Research David Radclyffe/David Cotterell $18.00 GMP Securities Ian Parkinson $19.00 Haywood Kerry Smith $26.00 Macquarie Mike Siperco $22.00 National Bank Mike Parkin $21.50 Paradigm Don Blyth/Don MacLean $25.50 Raymond James Farooq Hamed $23.00 RBC Dan Rollins $20.00 Scotiabank Trevor Turnbull $18.00 TD Dan Earle $23.00 Average target $21.13 29
Management & Directors MANAGEMENT Paul Martin President and CEO James Mavor CFO Julie Galloway General Counsel & Corporate Secretary Drew Anwyll Sr VP Technical Services Derek Teevan Sr VP Corporate & Aboriginal Affairs Charles Hennessey Mine General Manager Laurie Gaborit VP Investor Relations Ruben Wallin VP Environment & Sustainability Alberto Heredia Controller Jacques McMullen Corporate Technical Advisor DIRECTORS Lisa Colnett Edward C. Dowling Robert E. Doyle André Falzon Ingrid Hibbard Michael Kenyon Paul Martin Alex G. Morrison Jonathan Rubenstein 30
Contact Information Paul Martin President and Chief Executive Officer Email: pmartin@detourgold.com Phone: 416.304.0800 Laurie Gaborit VP Investor Relations Email: lgaborit@detourgold.com Phone: 416.304.0581 www.detourgold.com 31