Dgc 17 03_24_corporate presentation
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1 |
Corporate Presentation March 27-28, 2017
CANADA’S INTERMEDIATE GOLD PRODUCER
2 |
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, the ability of the Company to refinance its convertible notes and credit facility on or before maturity (November 30, 2017 and August
31, 2017, respectively) on acceptable terms, gold price volatility, changes in debt and equity markets, a reduction in the company’s available cash resources, 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, delays in the consultation and permitting process for West Detour, 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
2015 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: a constant gold price
of $1,200/oz in 2017, a constant CAD/US exchange rate of 1.30 in 2017, a constant diesel fuel price of C$0.70/L in 2017, and a constant power cost of C$0.30/kWhr in 2017, the ability of the
Company to refinance its convertible notes and credit facility on or before maturity (November 30, 2017 and August 31, 2017, respectively) on acceptable terms, the availability of financing for
exploration and development activities; operating and capital costs; the Company’s available cash resources in 2017; the Company's ability to attract and retain skilled staff; the mine
development schedule and related costs; the mine production schedule; 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.
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.
3 |
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.
Unit costs
Detour Gold reports the following unit costs:
Mining unit costs: calculated as mining costs divided by total tonnes mined (ore + waste).
Processing unit costs: calculated as processing costs (including bullion delivery and refining) divided by the total tonnes milled.
G&A unit costs: calculated as site G&A costs (excluding costs related to agreements with Aboriginal communities) divided by total tonnes milled.
Notes to Investors
The scientific and technical content of this presentation was reviewed, verified and approved by Drew Anwyll, P.Eng., Senior Vice President Technical Services, a Qualified Person
as defined by Canadian Securities Administrators National Instrument 43-101 “Standards of Disclosure for Mineral Projects”.
Qualified Persons
Non-IFRS Financial Performance Measures
All monetary amounts are in U.S. dollars unless otherwise stated.
4 |
Unmatched combination of long
life and large production profile
Competitive cost profile
relative to industry peers
Production growth
Strong exploration potential
Top-ranked jurisdiction
| 4
DGC Investment Thesis
5 |
#1 Large Scale/Long Life Mine
100% OWNERSHIP IN QUALITY ASSET
2016YE Reserves (M oz) 2017 Production Guidance (K oz)
AEM/YRICanadianMalartic
GEleonore
AEMLaRonde
GRed Lake
16.5
7.7
4.6 3.1
2.0
AEM/YRICanadianMalartic
GEleonore
AEMLaRonde
GRed Lake
600 550-
600
315 300 315
DGC
Detour
Lake
DGC
Detour
Lake
6 |
OPERATIONS GROWTH BALANCE SHEET
Mine and mill optimization
Organic growth valuation
Debt re-financing
Realize on economies of scale
Add value with: Maintain capital discipline
Satellite deposit
development
Early-stage
project
acquisition
Shareholder returns
DGC Strategic Focus
232
457 506 538
550- 600
600- 670
2013 2014 2015 2016 2017E 2018E
Gold Production (K oz)
7 |
Balance Sheet Management
Repaid $142 M in 2016
At year-end 2016
Net cash = $129 M
Net debt = $272 M
Not highly leveraged
Net debt/EBITDA 2016 = ~1.3:1
Preferred re-financing alternatives
for the Notes (due November 2017):
Bank syndicate (currently 5 bankers)
Equipment provider
Non-covenant driven debt
8 |
2017 Guidance
550-600 THOUSAND oz gold
$690-750 TCC per oz sold
1
$1,025-1,125 All-in sustaining costs
AISC per oz sold
1
fifth year
of operation
2017
Estimated production
Estimated costs
Total cash costs
Key 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.
9 |
2017 Operating Plan
1 MINE: 100 Mt 2 MILL: 21-22 Mt
Mining rate increase in Q2 with
additional shovel, 4 haul trucks,
and ROM fleet (total fleet: 6
shovels & 32 haul trucks)
Campbell pit mining to Bench
148
Strip ratio at 3.6:1
Head grades improving after
Q1
Recovery improvement after
Q2 with lead nitrate/oxygen
control system
No processing of fines
Higher Gold Production After Q1
10 |
2017 Expenditures
Mine
$78 M
TMA
$40 M
Other*
$31 M
Mill
$6 M
2017 Budget
Sustaining Capital $155 M
Capitalized Stripping $14 M
Development (West Detour) $5 M
Total Capital Expenditures $160-180 M
Corporate G&A $21 M
Share-based Compensation $11 M
Exploration $6 M
Sustaining capex include: $40 M for mining equipment, $30 M of
accelerated capital mainly for TMA Cell #2 ($9 M) and new camp ($17 M)
~$23 M of these expenses to be paid in 2018
~65% of costs in Cdn$
10
1. Refer to the section on Non-IFRS Performance Measures on slide 3 of this presentation.
11 |
Organic Growth Pipeline
WEST DETOUR
DEVELOPMENT 1
ZONE 58N
LOWER DETOUR 2
Provincial ESR filed;
Request from FN for
Federal EA process
LOM plan revised
for optimal timing
of West Detour to
reflect Federal EA
Reserves: 1.8 M oz
Evaluating options for
mining widths and cut-off
grade for different UG
mining scenarios
Infill drilling program
between 250-450 m
Potential for high-
grade UG mine
| 11
3 BURNT BUSH
CLAIM BLOCK
New claim block
staked 70 km
south of Detour
Lake
Airborne
geophysics
planned for H2’17
12 |
West Detour Development
Permitting Update
Water management and increased footprint required additional
permitting approvals
Provincial Environmental Study Report (ESR) filed on Jan. 30,
2017 to trigger Provincial Environmental Assessment (EA)
process
One Aboriginal partner has requested Federal EA process
› Awaiting response from Canadian Environmental
Assessment Agency (CEAA)
Company believes ESR meets both Provincial and Federal
requirements
1
Provincial or Federal EA – We are ready to go
13 |
Detour Lake Mine
Updated Life of Mine (LOM) Plan
Assumptions Long-Term
Gold price $1,250/oz
US$/C$ 1.25
Diesel C$0.80/L
Power cost C$0.08/kWh
14 |
LOM 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
1. Estimated using a gold price of $1,000/oz and a US$/C$ exchange rate of 1.10. Refer to Slide 29 for additional details.
2. Refer to the section on Non-IFRS Performance Measures on slide 3.
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 2020
15 |
617 543
711 658
0
100
200
300
400
500
600
700
2017-18 2019-20 2021-22 LOM
LOM Gold Production Profile
Processing of ‘LG Fines’
adds third source of ore
(starting in 2019 at 0.5
Mt/yr; 2020 at 2.3 Mt;
2021+ at 1Mt )
Higher strip ratio during
2017-22 ramp-up period:
annual variation from
3.6:1 to 6.6:1
Yearly average gold production (k oz) per period
0.97 g/t 0.82 g/t 1.04 g/t 0.97 g/t Grade
16 |
LOM Operating Costs
1. Refer to the section on Non-IFRS Performance Measures on slide 3.
2. Mining unit costs exclude planned component replacements (PCR) and capitalized maintenance and repair contract (MARC). These costs are included
in sustaining capital costs. (Note: In the prior LOM plan, these costs were included in mining costs and excluded from sustaining capital costs).
3. Excludes costs related to agreements with Aboriginal communities.
4. Include all site costs including bullion delivery, refining and costs related to agreements with Aboriginal communities. Include adjustments for deferred
stripping and stockpile movements.
5. Adjustments have been made for mining costs – PCR and capitalized MARC have been removed and included in sustaining capital costs; and for
processing costs – refining costs have been added.
Yearly Average per Period Total
2017-18 2019-20 2021-22 LOM LOM Prior
LOM5
Mining (C$/t mined)1,2 2.67 2.64 2.49 2.65 2.65 2.41
Processing (C$/t milled)1 8.89 8.18 7.68 8.53 8.53 8.24
G&A (C$/t milled)1,3 2.94 2.61 2.39 2.42 2.42 2.37
Site Operating Costs4 (C$ M) 519 486 500 471 10,960 9,659
Most significant changes from prior LOM plan:
10% increase in mining costs mainly due to higher diesel consumption
rates, higher maintenance costs, additional support equipment and use
of contractor for North pit and West Detour pre-stripping costs
4% in milling costs mainly due to higher maintenance and shutdown
costs
Un
it C
osts
17 |
LOM Capital Costs
1. Includes closure costs.
2. Adjustments have been made for mining costs – PCR and capitalized MARC have been removed and included in sustaining capital costs;
and for processing costs – refining costs have been added.
Yearly Average per Period Total
2017-18 2019-20 2021-22 LOM LOM Prior
LOM2
Sustaining Capital1 (C$ M) 209 173 96 107 2,488 1,852
Deferred Stripping (C$ M) 34 134 30 38 884 873
Total Capital Costs (C$ M) 243 307 127 145 3,372 2,725
Most significant changes from prior LOM plan:
Increase of $280 M in mining equipment maintenance and $87 M from
additional mine equipment (assumption of a higher frequency of major
repairs and component replacements) and water management
Increase of $172 M for the construction of the tailings facility, higher
reliance on contractors and extended mine life
Increase of $100 M for processing plant ($35 M) and infrastructure
($656 M)
18 |
LOM Economic Analysis1
(in C$)
Yearly Average per Period Total
2017-18 2019-20 2021-22 LOM LOM
Pre-tax cash flow $191 M $44 M $464 M $389 M $9.1 B
NPV 5% (pre-tax) $4.6 B
NPV 5% (after tax) C$3.7 B
Exchange
Rate
Gold price
1.10 1.20 1.25 1.30 1.40
After Tax NPV 5% (C$ Billion)
$1,000/oz 0.9 1.4 1.7 1.9 2.4
$1,100/oz 21.7 2.2 2.5 2.8 3.3
$1,200/oz 2.4 3.0 3.3 3.6 4.2
$1,250/oz 2.8 3.4 3.7 4.0 4.6
$1,300/oz 3.1 3.8 4.1 4.4 5.0
$1,400/oz 3.8 4.5 4.8 5.2 5.8
1. LT gold price (2018+) and LT exchange rate (2018+).
Increase in $100/oz ≈
Increase C$800 M
After-Tax NPV5%
19 |
LOM Opportunities
Main opportunities not included in LOM Plan
Reduce mining unit costs and increase equipment
productivities:
› External consultant engaged for mine
operation/maintenance review
Dilution control:
› Improvements will result in higher grade
Alternate pit staging with in-pit dumping:
› Advance east end of Detour Lake pit would
reduce footprint and haulage costs
Increase plant capacity to 24 Mt/yr
› Increase milling rate (>2,850 tpoh) and
improve operating time
High-grade ore source feed
Mine
Plant
Zone
58N
20 |
Exploration Program - Zone 58N
2017 Drilling Program Underway
30,000 m of infill drilling between
250-450 m below surface
Selective holes deeper to
delineate continuity
45
0 m
2
Preliminary Model and Conceptual Design
Model assumes 3 metre min. horizontal thickness
Evaluation underway for potential wider mining areas
Conceptual UG advanced exploration program prepared;
cost estimated at C$30-50 M over 5 years
Advanced exploration permit required for
for U/G access
Conceptual
UG Design for
Zone 58N
21 | | 21
DETOUR GOLD
INTERMEDIATE GOLD PRODUCER
22 |
ADDITIONAL information
Safety Performance
Operational Statistics
Regional Exploration
Burntbush Property
Year-End 2015 Reserves &
Resources
Shareholder Information
Analyst Coverage
Management & Directors
Contact Information
23 |
Total Recordable Injury
Frequency Rate (TRIFR)1
Safety Performance
1. TRIFR: Total recordable injuries x 200,000 hours divided by total man
hours worked.
2016 Achievements:
Established leading indicators for
Managers
Partnered with Dupont Safety Systems
Improved Visible Felt Leadership
methodology
2017 Plans:
Roadmap and actions for our
5-Year Safety Journey
Detailing procedural and cultural
improvements
2.5 2.3
1.7
0.0
0.5
1.0
1.5
2.0
2.5
2014 2015 2016
24 |
Finishing 2016 on a Positive Note
Gold production of 537,765 oz; Q4 gold
production 143,512 ounces
AISC1 of $1,007/oz sold; Q4 AISC1 of
$1,132/oz sold
Debt reduction of $142 million
Year-end cash and short-term
investments balance of ~$129 M
Positive drilling results from Zone 58N
$1,056 $1,007
$200
$600
$1,000
0
100
200
300
400
500
232
Detour Lake Mine
■ AISC ($/oz sold)1
■ Gold Production (K oz)
2015 2016
506 538
2016 Highlights
1. Refer to the section on Non-IFRS Performance Measures on slide 3 of this presentation. Subject to year-end closing.
25 |
2016 Operating Results
total mined 87.4 MT
2.9 strip ratio
MT ore milled
0.90 G/T AU head grade
% recovery
20.8
89
Throughput rate at 56,792 tpd
Record mill performance
Head grade and recovery
below plan for the year
Processed 0.7 Mt of fines (<2”);
65% grade improvement
Mining rates of 239,000 tpd
Below projections for the year;
9 Mt behind mine plan
Campbell pit recovery plan on
schedule
Addition of a CAT6060 shovel
and haul trucks for 2017
7.0 stockpiles MT
g/t Au @ 0.65
26 |
2016 Capital Costs
Sustaining capital ~$100 M
Include Q4 capital purchases of $16 M
originally planned in 2017-18 (i.e. 3 haul
trucks and first payment on a new camp)
Capitalized stripping ~3 M
Non-sustaining expenditures ~2 M
Q4'16 2016Q4’16
AISC 1($/oz sold)
$1,132 $1,007
2016
1. Refer to the section on Non-IFRS Performance Measures on slide 3 of this presentation. Subject to year-end closing.
27 |
Operational Statistics
Q1’16 Q2’16 Q3’16 Q4’16 2016
Ore mined (Mt) 5.8 5.5 5.0 5.8 22.3
Waste mined (Mt) 15.2 16.4 18.5 15.0 65.1
Total mined (Mt) 21.0 21.9 23.5 20.9 87.4
Strip ratio (waste:ore) 2.6 3.0 3.7 2.6 2.9
Mining rate (tpd) 231,000 241,000 256,000 227,000 239,000
Ore milled (Mt) 4.7 5.3 5.2 5.5 20.8
Mill grade (g/t Au) 0.91 0.92 0.88 0.90 0.9
Recovery (%) 91 89 87 90 89
Mill throughput (tpd) 52,165 58,466 56,453 60,052 56,792
Mill availability (%) 88 87 84 86 86
Ounces produced (oz) 127,136 139,359 127,758 143,512 537,765
Ounces sold (oz) 137,608 131,606 113,845 144,668 527,727
28 |
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-
401 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.
29 |
Year-end 2016 Reserves & Resources 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.
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
30 |
1. Conversion price for the Notes is $38.50.
Shareholder Information
>80% INSTITUTIONS TOTAL
4.9 M Share options
9.3 M Convertible notes 1
188.8 M FULLY DILUTED
174.6 M Issued & outstanding
Share Structure (03/31/2014) Top Shareholders
12%
~$129 MILLION cash and short-term investments at December 31, 2016
Share Structure (December 31, 2016) Top Shareholders
BlackRock
7% Van Eck Associates
4% Fidelity
31 |
Analyst Coverage (21) Initiating
Research Firm Analyst
Target Price at
March 24, 2017
6-Feb-14 Cormark Securities Richard Gray/Tyron Breytenbach $28.00
11-Jun-07 Haywood Kerry Smith $27.50
17-Jun-14 Eight Capital Research Josh Wolfson $27.00
9-Jul-07 Paradigm Don Blyth/Don MacLean $25.50
20-Dec-07 Macquarie Mike Siperco $25.00
14-Jul-08 TD Dan Earle $25.00
26-Nov-07 National Bank Steve Parsons $24.50
6-Nov-08 BMO Brian Quast $24.00
22-Apr-14 Goldman Sachs Andrew Quail $24.00
9-Dec-13 GMP Securities Ian Parkinson $23.25
6-Jun-16 Bank of America Merrill Lynch Michael Jalonen $23.00
4-Sep-08 RBC Dan Rollins $23.00
12-Nov-13 Beacon Securities Michael Curran $22.50
14-Jan-08 Canaccord Rahul Paul $21.50
16-Apr-13 Scotiabank Trevor Turnbull $21.00
14-Aug-13 Desjardins Michael Parkin $20.50
22-Jul-10 Credit Suisse Anita Soni $19.00
18-Oct-16 Global Mining Research David Radclyffe/David Cotterell $18.00
19-May-10 CIBC World Markets Cosmos Chiu $17.00
17-Jun-09 Laurentian UNDER REVIEW
7-Aug-07 Raymond James UNDER REVIEW
Average target $23.12
32 |
Paul Martin President and CEO
Pierre Beaudoin COO
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
Jean-François Métail VP Mineral Resource
Management
Ruben Wallin VP Environment & Sustainability
Alberto Heredia Controller
Jacques McMullen Corporate Technical Advisor
Lisa Colnett
Edward C. Dowling
Robert E. Doyle
Paul Martin
Alex G. Morrison
Jonathan Rubenstein
André Falzon
Ingrid Hibbard
Michael Kenyon
Management & Directors
MANAGEMENT
DIRECTORS
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Laurie Gaborit VP Investor Relations
Email: [email protected]
Phone: 416.304.0581
Paul Martin President and Chief Executive Officer
Email: [email protected]
Phone: 416.304.0800
www.detourgold.com
Contact Information