Detour Gold Reports Fourth Quarter and Year-End 2018 Financial Results

Press Release

TORONTO, March 7, 2019 – Detour Gold Corporation (TSX: DGC) (“Detour Gold” or the “Company”) reports its financial results for the fourth quarter and year ended December 31, 2018. The Company previously released its fourth quarter and full year 2018 operational results on January 15, 2019. All amounts are in U.S. dollars unless otherwise indicated.

This release should be read in conjunction with the Company’s Audited Consolidated Financial Statements and corresponding MD&A for the year ended December 31, 2018 filed on SEDAR and posted on the Company’s website. All references to non-IFRS measures are denoted with the superscript “0” and are discussed at the end of this news release.

2018 Highlights

• Annual gold production of 621,128 ounces, above mid-point of the annual guidance of 595,000 to 635,000 ounces
• Revenues of $776.0 million on sales of 610,672 ounces of gold at an average realized gold price^o of $1,268 per ounce
• Earnings from mine operations of $145.7 million
• All-in sustaining costs (“AISC”)^o of $1,158 per ounce sold, below guidance of $1,200 to $1,280 per ounce sold
• Net loss of $1.0 million ($0.01 per basic share) and adjusted net earnings^o of $64.2 million ($0.37 per basic share)
• Year-end cash and cash equivalents of $131.9 million
• Repaid $20.0 million on the revolving credit facility
• Extended revolving credit facility by one year from July 2021 to July 2022
• Updated LOM plan in June 2018 with technical report filed in November 2018
• Initial mineral resource estimate for Zone 58N

Q4 2018 Highlights

• Quarterly gold production of 158,200 ounces, representing best ever quarterly production
• Revenues of $212.8 million on sales of 172,935 ounces of gold at an average realized gold price^o of $1,228 per ounce
• Earnings from mine operations of $33.2 million
• AISC^o of $1,102 per ounce sold
• Net loss of $32.4 million ($0.19 per basic share) and adjusted net earnings^o of $17.0 million ($0.10 per basic share)

Subsequent Events

• Financial risk management programs established for gold sales, Canadian dollar expenditures, and diesel fuel exposures for 2019
• Bill Williams appointed Interim Chief Executive Officer on January 3, 2019 (following the voting results at the Special Meeting of shareholders on December 13, 2018)
• Resignation of James Mavor, Chief Financial Officer, effective April 15, 2019
• Resignation of James Gowans, Director and Board Chair, effective March 6, 2019
• Appointment of Dawn Whittaker as Interim Chair of the Board, to hold office until the Annual General Meeting of Shareholders on June 5, 2019

Read More: https://www.detourgold.com/investors/news/press-release-details/2019/Detour-Gold-Reports-Fourth-Quarter-and-Year-End-2018-Financial-Results/default.aspx

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