Click to edit Master title style

Transcription

1 TSX:KGI GROWTH & VALUE Creating an Ontario Focused Intermediate Gold Producer Q1/2016 Marketing Update May 16-20, 2016 TSX:KGI 1 klgold.com

2 Forward Looking Statements Cautionary Note Regarding Forward Looking Statements. Statements made in the Company s handouts and as part of the corporate presentation contain statements which constitute forward-looking statements, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to the future business activities and operating performance of the Company. The words may, would, could, should, will, intend, plan, anticipate, believe, estimate, expect and similar expressions, as they relate to the Company, are intended to identify such forward-looking statements. Forward-looking statements used in handouts and as part of the corporate presentation include, but may not be limited to; statements regarding the Company s guidance metrics for 2016 and 2017 including, gold production, head grade, cash operating costs, AISC, capital expenditures, revenue, cash flow from operations and free cash flow generation; the exploration programs and associated budgets with respect to the Kirkland Lake Camp and East Timmins Assets Second and the level results and timing thereof, the medium Second to long-term strategy level and potential of the Company to continue to grow by way of organic growth and/or through various strategic transactions, including mergers and acquisitions. With respect to the forward looking information of Kirkland Lake Gold, concerning gold resources and reserves of the Kirkland Lake properties and the East Timmins properties, and the development of such properties are subject to various key assumptions described in the Annual Information Forms and Technical Reports of» both Fifth Kirkland level Lake Gold and St Andrew Goldfields Ltd. referred to herein and» as filed Fifth on the level SEDAR profiles of both companies at and on the Company s website at Investors are cautioned that forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made such as, without limitation, opinion, assumptions and estimates of management regarding the Company s business, its ability to increase its production capacity and decrease its production cost. Such opinions, assumptions and estimates, are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors are discussed in length in the Company's annual Management's Discussion and Analysis and Annual Information Form for the year ended December 31, 2015 filed with the securities regulatory authorities in certain provinces of Canada and available at Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law. TSX:KGI 2 klgold.com

3 text that come styles due in 2017 A New Mid-Tier Gold Producer Ontario focused gold producer targeting between koz s in 2016 Healthy balance sheet with $130 million in cash; balance is in excess of the convertible debentures Combined strong future cash flow generation Consolidation Fourth of large level land holdings in the heart of two Ontario gold camps STRONG LEADERSHIP ROBUST PRODUCTION AND ASSET DIVERSIFICATION FROM 4 MINES INCREASED FINANCIAL FLEXIBILITY AND SOLID BALANCE SHEET Robust level of reserves and resources with 2.3 Moz s of P&P reserves, 3.7 Moz s of M&I resources plus an additional 3.9 Moz s of inferred resources* Benefits with all Canadian assets leveraged to the Canadian dollar gold price EXPLORATION POTENTIAL IN TWO HISTORIC CAMPS WITHIN THE ABITIBI SUSTAINABLE, PROFITABLE MID-TIER GOLD PRODUCER *See Appendix for more disclosure on MRMR statement which is as of December 31, The M&I and Inferred resources do not include the Aquarius Project which currently has M&I resources of 926,000 ounces (22.3M tonnes at a grade of 1.3 g/t Au and Inferred resources of 230 ounces (9,000 tonnes at a grade of 0.8 g/t Au. TSX:KGI 3 klgold.com

4 Key Transformational Milestones Click Operational to edit Master Improvements Refocused operations on quality tonnes versus quantity tonnes. Efficiency improvements and strict adherence to grade control allowed for increased production with reduced manpower levels. Balance Sheet Improvements Completed a successful C$33.5M bought deal; Announced NCIB to repurchase Convertible Debentures. Repurchased a total of $7.2M of Convertible Debentures at a discount. Steady increase in cash balance since July 31, Click to edit Strategic Master Transactions Accretive acquisition of St Andrew Goldfields Ltd., at the bottom of the market to de-risk the business and grow production and cash flow generation. Increased production by ~100,000 ounces in 2016 and ability for further increases in 2017 and beyond. Resulted in a return to profitability and free cash flow generation. Resulted in a strengthened balance sheet with ability to repay debt obligations. Improved valuation achieving a $1 billion market cap and enhanced access to capital markets and debt providers. TSX:KGI 4 klgold.com

5 200% KGI Relative Share Price Performance Kirkland Lake (TSX:KGI) Gold Price (C$/oz) GDX Index (C$) 150% 100% 50% 177% 0% 29% 18% (50%) Nov-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Dec-15 Mar-16 Source: FactSet. Note: Performance as at April 29, TSX:KGI 5 klgold.com

6 Financial Position CAPITAL STRUCTURE 1 ISSUED SHARES Stock Options ~4.3 million FULLY DILUTED ~119.8 million Market Capitalization 2 Enterprise Value 2 52 Week Performance 2 HIGH LOW Current Share Price Major Shareholders (~40%) million C$1,094M C$1,104M Fourth C$9.58 level» Fifth C$4.49 level C$9.57 Van Eck Associates Corporation (~10%) Resolute Funds (~7%) Eric Sprott (~6%) Sentry Select (~5%) Columbia Asset Management LLC (~5%) Abramson Family (~5%) Harry Dobson (~3%) Sprott Asset Management (~3%) CASH 1 DEBT C$ 100 million US$23.7 million Click to C$119 edit million Master 3 convertible debentures KGI.DB: 6% coupon/ $15.00 strike C$56.9MM mature Jun/2017 (principal amount owing) KGI.DB.A: 7.5% coupon/ $13.70 strike C$62.1MM mature Dec/2017 NCIB allows KGI to purchase up to 10% of each issue within a 12 month period commencing April 6, 2016, and can be renewed annually 3 ROYALTY 2.5% NSR Franco Nevada Corporation Option to buyback 1% by October 31, 2016, at a cost of US$36MM less any money paid against the 1% 1 As at March 31, 2016: 2 As at April 29, See press release dated April 4, 2016 for details on the NCIB TSX:KGI 6 klgold.com

7 DEBT/ CASH Deleveraging the Balance Sheet (50.0) $7M Flow Through Raise $33.5M Bought Deal Financing ($56) ($56) ($40) ($48) ($10) (100.0) ($110) ($104) ($97) (150.0) (200.0) Note: Convertible Debentures are due in June and December of See page 6 above for breakdown of each tranche and respective terms. TSX:KGI 7 klgold.com

8 CASH FLOW SALES COSTS Q1/16 Financial Results All amounts are in C$ unless otherwise stated. Q Operating Cost (per tonne produced) Operating Cost (per ounce sold) All-In Sustaining Costs (per ounce sold) $262 US$191 $846 US$616 $1,246 US$907» $1,584 Fifth level US$1,154 Q1/16 Vs FQ4/15-33% -39% 0% -9% -1% -10% Gold Sales (ounces) 69, % Average Realized Sales Price +7% Revenue (millions) $109.8M +90% Cash Flow from Operations (millions) $43.7M +111% Free Cash Flow (millions) $23.6M +203% Comparative figures are to the closest corresponding period in the previous year, and prior to Q1/16 do not include results from the East Timmins Operations. Consolidated results do not include results from the ETO from January 1 st to January 25 th, prior to close of the transaction with St Andrew. TSX:KGI 8 klgold.com

9 All-in Sustaining Cost Trend Over 12 Quarters All amounts are in C$ $2,000 $1,500 $1,000 $500 1,011 1,073 1, $1, $0 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Q1/SY15 Q2/SY15 Q3/SY15 Q1/16 Operating Costs Capital Development PP&E Royalties Corporate G&A Mine-Site Exploration Average Realized Sales Price TSX:KGI 9 klgold.com

10 Royalty Click Buyback to edit Master Estimated Cash Flows 2017E (millions of C$) 2 Year Cash Flow Expectations E (millions of C$) Opening Cash Balance (January) $ $143.5 (one off payment in Q4/16 that will affect free cash) (~$40.0/ US$30) - Free Cash Flow 4 $22 $95 Debt Obligations (interest and/or debt repayment) ($9.0) (~$63.6) 3 Closing Cash Balance (December) Fourth level $143.5 $174.4 Notes: 1 Cash Flow assumptions are based on a POG of C$1,500/Oz ; a USD to CAD exchange rate of 1.3; Production of 280kos z in 2016 and 300koz s in 2017; Capital Expenditures of C$120M in 2016 and C$100M in 2017; and Cash Operating Costs of C$850/oz. 2 Cash Balance is as of March 31, Debt obligations in 2017 include the payback of the first tranche of the convertible debentures (C$56.9M), plus assumed prorated interest for the year. 4 Free Cash Flow is a non-gaap performance measures. While it is a common performance measures in the mining industry it does not have any standardized meaning. The Company provides a reconciliation of its non-gaap performance measures in its most recent Management Discussion & Analysis ( MD&A ), for the period ended December 31, The above cash flow expectations are based on internal projections prepared by management and are subject change depending on variability and input metrics used. Investors are cautioned that forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made such as, without limitation, opinion, assumptions and estimates of management regarding the Company s business. Refer to Cautionary Language set about above on page 2. TSX:KGI 10 klgold.com

11 Guidance Metrics All figures are in C$ unless stated otherwise 2016 Guidance Metrics Macassa Mine Complex East Timmins Operations (ETO) 2016 Guidance Gold Production 1 (kozs) Head Grade (g/t Au) Cash Operating Cash Costs ($/Oz) $800 - $850 (US$600-US$650) 3 All-In Sustaining Costs 2 ($/Oz of gold sold) $1,300 - $1,350 (US$1,000- US$1,050) 3 Total Capital Expenditures (New & Sustaining Capital, Property, Plant & Equipment) $70 Million $50 Million $120 Million Q1/16 Production 69,464 ozs On track to meet 2016 Production Guidance Guidance kozs 1 Production includes East Timmins for the first 25 days of January (7,189 ozs), as the acquisition of St Andrew Goldfields Ltd., did not close until January 26, AISC costs per ounce sold is a non-gaap performance measures. While it is a common performance measures in the mining industry it does not have any standardized meaning. The Company provides a reconciliation of its non-gaap performance measures in its most recent Management Discussion & Analysis ( MD&A ), for the period ended December 31, USD:CAD exchange rate of 1.3 TSX:KGI 11 klgold.com

12 Diversified Assets In A Prolific, Mining Friendly Region East Timmins Operations ( ETO ) Q1/16 Production koz Au Macassa Mine Complex Q1/16 Production 41.1 koz Au SY 2015 AISC 2 Macassa Mill Reserves & Resources* Total P&P Reserves (Macassa Mine Complex) US$977/oz Au 2,000 tpd (50% utilized) 1.5 Mozs (19.2 g/t Au) Q AISC* Holt Mill Resources & Reserves* Total P&P (including Hislop Mine) Holt Mine Taylor Mine Second Holloway level Mine QUÉBEC Third (Property level Wide) Measured & Indicated* Inferred* (Property Fourth Wide) level US$934/oz Au 3,000 tpd (75% utilized) 0.8 Mozs (5.3 g/t Au) 591 kozs (4.8 g/t Au) 156 kozs (6.3 g/t Au) 40 kozs (5.4 g/t Au) 1.7 Mozs (4.2 g/t Au) 2.2 Mozs (4.5 g/t Au) *The property wide M&I and Inferred resources do not include Aquarius which currently has 0.9 Mozs (22.3M tonnes at 1.3 g/t Au) and inferred resources of 230 ounces (9,000 tonnes at 0.8 g/t Au). Assets in close proximity within an 80km radius, accessed by provincial highways. Measured & Indicated (Property Wide) Inferred (Property Wide) 2.0 Mozs (16.8 g/t Au) 1.7 Mozs (19.2 g/t Au) 1 Q1 Production from East Timmins Operations includes 7,189 ounces from ETO from January 1 to January 25, AISC is a non-gaap measure, see SY2015 MDA for reconciliation of non-gaap measures *Resources are exclusive of Reserves. See Company website for NI disclosure ( TSX:KGI 12 klgold.com

13 A Corner Stone High-Grade Asset MACASSA MINE COMPLEX TSX:KGI 13 klgold.com

14 Macassa Mine Complex 2016 Guidance 2016E Gold Production (kozs) Head Grade (g/t Au) 15.1 Property, Plant & Equipment (Includes minor infrastructure improvement projects) $25 70% of tonnes from the SMC and 30% from the 04/Main Break Blended head grade based on tonnes produced from each area of the mine. The $25 million includes a carry-over of approx. $8 million from 2015 due to a delay in the delivery of equipment from the Second manufacturer. level Capital Development $45 Includes new and sustaining capital Reserves & Resources Mineral Reserves (P&P) Mineral Resources (M&I) Mineral Resources (Inferred) Property Wide 1.5 Moz 19.2 g/t 2.4M tonnes 2.0 Moz 16.8 g/t 3.8M tonnes 1.7 Moz 19.2 g/t 1.9M tonnes SMC 0.9 Moz 22.3 g/t 1.3M tonnes 0.9 Moz 22.6 g/t 1.3M tonnes 0.9 Moz 22.3 g/t 1.2M tonnes See Appendix for more disclosure on MRMR statement which is as of December 31, TSX:KGI 14 klgold.com

15 Grade g/t One of the Highest Grade Gold Mines In The World Select Group of Producing Assets with +1Moz s in Reserves 25.0 Reserve Grades Click to edit Master Mine Operator Location Macassa Mine Turquoise Ridge Dvolnye Moab Khotsong Mponeng Red Lake Kupol Tau Tona Complex Gold Grade Reserves Reserve Update g/t Au Date Macassa Mine Complex Kirkland Lake Gold Canada (Ontario) Moz Dec/2014 Turquoise Ridge Barrick USA (Nevada) Moz Dec/2015 Dvolnye Kinross Russia Moz Dec/2015 Moab Khotsong AngloGold Ashanti South Africa Moz Dec/2014 Mponeng AngloGold Ashanti South Africa Moz Dec/2014 Red Lake Goldcorp Canada Moz Dec/2015 Kupol Kinross Russia Moz Dec/2015 TauTona AngloGold Ashanti South Africa Moz Dec/2014 Company Source This is a select group of Companies that illustrate producing mines only with mineral reserves in excess of 1Moz s (gold only, no equivalent Au ounces shown) 8.1 TSX:KGI 15 klgold.com

16 Fully developed and currently in Click production to edit Master 5300 Level Second 80% developed level with 6 stopes in production 5025 Level P+P 28, oz/ton 14,000 Oz s M+I 74, oz/ton 32,000 Oz s Currently in development, first stopes expected to come into production in Q4/16 P+P 561, oz/ton 261,000 Oz s M+I 245, oz/ton 107,000 Oz s 5400 Level P+P 370, oz/ton 226,000 Oz s M+I 174, oz/ton 72,000 Oz s South Mine Complex 16.1 g/t 5600 Level P+P 239, oz/ton 183,000 Oz s M+I 186, oz/ton 117,000 Oz s 16.5 g/t 20.9 g/t 26.4 g/t Ramp development towards 5700 Level in progress, expected to start developing this level in Level P+P 202, oz/ton 208,000 Oz s M+I 164, oz/ton 96,000 Oz s 35.3 g/t OPEN 5800 to 6600 Level P+P 50, oz/ton 41,000 Oz s M+I 551, oz/ton 499,000 Oz s OPEN 28.5 g/t OPEN *Drawing not to scale TSX:KGI 16 klgold.com

17 Sustainable Assets EAST TIMMINS ASSETS TSX:KGI 17 klgold.com

18 East Timmins Operations 2016 Guidance 2016E Gold Production (kozs) Holt, Holloway and Taylor mines. Head Grade (g/t Au) 4.8 Property, Plant & Equipment $20 Click produced to edit from each Master mine. improvement projects Mineral Reserves (P&P) Mineral Resources (M&I) Mineral Resources (Inferred) Blended head grade based on tonnes Includes PP&E, and minor infrastructure Capital Development $30 Includes new and sustaining capital HOLT MINE ~1,250tpd HOLLOWAY MINE ~500tpd Reserves & Resources Property Wide 0.8 Moz 5.3 g/t 5.2M tonnes 1.7 Moz 4.2 g/t 12.9M tonnes 2.2 Moz 4.5 g/t 14.9M tonnes TAYLOR MINE ~550tpd *The property wide M&I and Inferred resources do not include Aquarius which currently has 0.9 Mozs (22.3M tonnes at 1.3 g/t Au) and inferred resources of 230 ounces (9,000 tonnes at 0.8 g/t Au). See Appendix for more disclosure on MRMR statement which is as of December 31, TSX:KGI 18 klgold.com

19 East Timmins Properties along the PDFZ N Aquarius Hislop Blackfox Mine & Greyfox Deposit (Primero Mining) 120km Fenn-Gibb Deposit (Lake Shore Gold) Click to Garrison edit Master Creek Ludgate Holt, Holloway, Taylor Hislop Ludgate, Aquarius Garrison Creek Producing Assets Care & Maintenance Exploration Targets with existing resources Exploration Target 120km strike of contiguous land straddling the Porcupine-Destor Fault Zone TSX:KGI 19 klgold.com

20 Organic Growth Opportunities EXPLORATION PROGRAMS TSX:KGI 20 klgold.com

21 2016 Exploration Programs Kirkland Lake Camp Click (~$10MM) to edit Master Mine-site Exploration (underground) SMC drilling to convert Inferred resources into M&I, find new resources to extend mine life 04 Break drilling to identify a new mining horizon at a higher elevation, in closer Fourth proximity level to the shaft Regional Exploration Program (surface) Test for the extension of the SMC or a new ore body similar to that of the SMC Test the Main Break at depth East Timmins Assets Click to (~$8MM) edit Master Mine-site Exploration (surface and underground) Focused exploration program to delineate resources and extend minelife at the Holloway and Taylor mines. Land Position Evaluation Continue to evaluate the East Timmins land position and assets for future exploration efforts either towards the end of 2016 or beginning of 2017 Asses assets for possible divestiture or JV opportunities TSX:KGI 21 klgold.com

22 SMC Drilling on the HM and South Claims SELECTED HIGHLIGHTS DH (NSZ) 67.9 g/ 5.0 metres 1.98 opt/ 16.7 feet DH (NSZ) 14.7 g/ 3.5 metres 0.43 opt/ 11.0 feet DH (NSZ) 16.5 g/t 2.7 metres 0.48 opt/ 9.0 feet DH (FWZ) g/ 2.6 metres opt/ 8.5 feet See press release dated October 20, 2015, as filed on SEDAR TSX:KGI 22 klgold.com

23 04 Break Underground Drilling SELECTED HIGHLIGHTS DH g/t / 0.7 metres (2.53 opt/ 2.4 feet) DH g/t / 1.3 metres 0.80 opt/ 4.4 feet See press release dated February 23, 2015 TSX:KGI 23 klgold.com

24 East Timmins Operations Mine-site Exploration Holloway Mine Exploration Targets for 2016 (Long Section Looking North) Holloway North 2016 Exploration target Smoke Up Dip 2016 Exploration target Lightning Zone Taylor Mine Exploration Targets for 2016 (Long Section Looking North) Black Top Smoke Deep Zone Smoke down plunge 2016 Exploration target West Porphyry Zone (WPZ) Indicated 248 koz 1.63M 4.7 g/t Inferred 251 koz 1.86M 4.2 g/t TSX:KGI 24 klgold.com

25 Kirkland Lake Gold Camp Toburn years The Kirkland Lake gold camp has been in production for over 100 One of the highest grade gold camps in the world Almost 25 Moz s has been produced to date, from seven mines KGI owns five former producing high grade mines with historical production of ~22 Moz s of gold Average head grade of 15.1 g/t Currently only mining and exploration on one of these past producers TSX:KGI 25 klgold.com

26 Regional Exploration Across a Prolific Trend Kirkland Minerals Initial results from our regional program do not appear to be Main Break related (Phase 1) Geophysics anomalies identified and follow-up targeting exercise completed as part of Phase 1a Phase 1a program has 2 remaining holes in progress. Phase 2 will target the Main Break at depth and consist of infill drilling. See press release dated January 19, 2016, as filed on SEDAR TSX:KGI 26 klgold.com

27 Regional Drilling Section Looking East SELECTED HIGHLIGHTS AB AB AB g/ 0.3 metres 0.34 opt/ 1.0 feet 3,241.4 g/ 0.7 metres opt/ 2.3 feet 11.7 g/ 0.3 metres 0.34 opt/ 1.0 feet 12.3 g/ 0.5 metres 0.36 opt/ 1.7 feet AB including And g/ 0.9 metres opt/ 2.8 feet 1,783.2 g/ 0.3 metres opt/ 1.0 feet 89.5 g/ 0.3 metres 2.61 opt/ 1.0 feet See press release dated November 3, 2015, as filed on SEDAR TSX:KGI 27 klgold.com

28 Future Upside Potential Yet to Be Unlocked BUILDING VALUE TSX:KGI 28 klgold.com

29 KGI Offers Great Value Among Peer Group 2016 Au Eq. Production (k oz) 2016 Au Eq. Cash Costs (US$/oz) Click to 282edit Master x 398 Hecla Alamos Silver Standard Kirkland Primero Lake P/NAV Klondex Argonaut Richmont Wesdome $ x $788 $787 $784 $729 Standard Hecla Alamos Wesdome Argonaut Silver $698 P/2016 Cash Flow $660 Richmont Kirkland Lake $629 Klondex $586 Primero 11.1x 11.0x 10.8x 1.6x 1.5x 1.3x 1.2x 1.2x 1.0x 0.8x 0.8x 9.0x 8.6x 7.5x 7.0x 4.5x Hecla Kirkland Lake Klondex Richmont Alamos Silver Argonaut Wesdome Primero Standard Alamos Wesdome Hecla Richmont Klondex Kirkland Lake Argonaut Silver Standard Primero Note: * SSO values and broker estimates include impact of CRJ; KGI cash costs assume no by-product credits. Source: Analyst reports and FactSet. TSX:KGI 29 klgold.com

30 Adding Value Through A Variety of Projects Efficiency Improvements Ventilation Click Changeover to edit Master at Macassa Mine Complex (2016) Use of Tele-remote Scooptrams (testing in 2016) Process Taylor ore at the Macassa Mill (Metallurgical work being conducted) Short to Medium Term Growth Possibilities Hislop Mine (Potential to restart open-pit mining in 2016/2017) 04 Break above 3400 Level (2017) Additional Production from the Ghost Zone at Holt (2018) Organic Growth Opportunities (3-5 years) Click KL Regional to Drilling edit Master Program text (Additional styles Production from the KL Camp) Holloway Exploration Program (Potential to Increase Throughput) Holt Mine (Conversion of 1Moz of Inferred Resources) Taylor Exploration Program (Potential to Increase Throughput) Strategic Transactions J/V or Partnerships Acquisition or Divestiture of Non-Core Assets Accretive Mergers & Acquisitions Note Regarding Forward-Looking Information: The above assumptions are based on internal projections prepared by management and are subject change depending on variability and input metrics used, as well as results and timing of exploration success, if any. Investors are cautioned that forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made such as, without limitation, opinion, assumptions and estimates of management regarding the Company s business. Refer to Cautionary Language set about above on page 2. TSX:KGI 30 klgold.com

31 Asset diversification with 4 mines and 2 mills in a safe and mining friendly jurisdiction +270,000 Second ounces level of production with Second AISC expected level between Third US$1,000 level to US$1,050 for 2016 Third level Investment Highlights Strong leadership from an experienced management team with proven results ~$1Billion» market Fifth level capitalization, increased» trading Fifth level liquidity, and inclusion in the GDX index and possible future inclusion in the S&P/TSX Composite index Pure Canadian producer highly leveraged to the Canadian dollar gold price TSX:KGI 31 klgold.com

32 APPENDIX Notes, additional disclosure and other information TSX:KGI 32 klgold.com

33 Board of Directors Experienced Team Eric Sprott 2 Non-executive Chairman Barry Cooper, B.Sc., MBA 1 Non-executive Director Michael Churchill, MBA 4 Non-executive Director Pamela Klessig, P.Geo. Non-executive Director Barry Olson, M.Sc. 1 Non-executive Director Jeffrey Parr, CPA-CA, BA, MBA 1 Non-executive Director Dawn Whittaker, LLB Non-executive Director George Ogilvie, P.Eng. Director Senior Management George Ogilvie, P.Eng. Perry Ing, CPA-CA, CPA (Ill), CFA 3 Chris Stewart, P.Eng. Doug Cater, P.Geo. 5 Keyvan Salehi, P.Eng., MBA 5 Jennifer Wagner, LL.B. Suzette N Ramcharan, CPIR Kevin Fearn, BA, CHRP, CHRL President & Chief Executive Officer Chief Financial Officer VP Operations VP Exploration VP Corporate Development Legal Counsel Director, Investor Relations Director, Human Resources 1 Appointed October 2014; 2 Appointed February 2015; 3 Appointed November 2015, 4 Appointed January 25, 2016, 5 Appointed February 1, 2015 TSX:KGI 33 klgold.com

34 Analyst Coverage Firm Analyst Firm Analyst GMP Dundee Securities Ron Stewart CIBC World Markets Macquarie Capital Markets BMO Capital Markets M Partners Oliver Turner Cosmos Chiu Michael Siperco Brian Quast Andrew Mikitchook Mirabaud Securities Richard Morgan Scotiabank Philip Ker PI Financial National Bank Financial Clarus Securities Investec Bank Pareto Securities Craig Johnston Raj Ray Jamie Spratt Hunter Hillcoat John McClintock KIRKLAND LAKE GOLD IS FOLLOWED BY THE ANALYSTS LISTED ABOVE. THIS LIST IS PROVIDED FOR INFORMATION PURPOSES ONLY AND IS SUBJECT TO CHANGE AS COVERAGE IS ADDED OR DROPPED BY A FIRM. OPINIONS, ESTIMATES OR FORECASTS REGARDING KIRKLAND LAKE GOLD'S PERFORMANCE THAT ARE MADE BY THESE ANALYSTS ARE THEIRS ALONE AND DO NOT REPRESENT THE OPINIONS, ESTIMATES OR FORECASTS OF KIRKLAND LAKE GOLD OR ITS MANAGEMENT. KIRKLAND LAKE GOLD DOES NOT IMPLY ITS ENDORSEMENT OF, OR CONCURRENCE WITH, SUCH INFORMATION, CONCLUSIONS OR RECOMMENDATIONS AND TAKES NO RESPONSIBILITY FOR MONITORING, SUPPLEMENTING OR CORRECTING ANY INFORMATION OR FORECASTS PROVIDED BY THE ANALYSTS. TSX:KGI 34 klgold.com

35 View looking north Holt Mine Long Section Surface Zone 4 Zone 4 West Extension 500 m Shaft Bottom (1.2km) Zone 6 Ghost Zone Current production is derived from Zone 4 (~1,000tpd) and Zone 6 (~250tpd) Ore is crushed underground and skipped to surface for processing at the Holt Mill P&P Reserves M&I Resources Inferred Resources Holt Mine (All Zones) Zone 4 (includes Zone 4 East) 591 koz 4.8 g/t Au 201 koz 4.3 g/t Au 957 koz 3.9 g/t Au 544 koz 4.0 g/t Au Zone 4 West Extension - - Zone 6 Ghost Zone 147 koz 6.0 g/t Au 152 koz 4.5 g/t Au 48 koz 7.6 g/t Au 159 koz 3.4 g/t Au 1.2 Moz 4.7 g/t Au 23 koz 4.0 g/t Au 861 koz Au 28 koz 7.9 g/t Au 92 koz 3.7 g.t Au All figures are rounded. See Appendix for more disclosure on MRMR statement which is as of December 31, TSX:KGI 35 klgold.com

36 View looking north Holloway Mine Long Section Surface Canamax Zone Middle Zone Shaft Bottom (867m) Holloway Mine (All Zones) Smoke Deep Zone Blacktop Zone P&P Reserves M&I Resources Inferred Resources 40 koz 5.4 g/t Au 24 koz 5.3 g/t Au 16 koz 5.5 g/t Au Middle Zone - Deep Thunder/ Canamax Lightning Zone Smoke Deep Zone Current production is derived predominantly from the Smoke Deep Zone, with a small contribution from the Blacktop Zone (~550tpd) Ore is crushed underground, skipped to surface, and trucked 1km to the Holt Mill for processing 117 koz 4.6 g/t Au 389 koz 4.9 g/t Au TSX:KGI 36 klgold.com N/A N/A 24 koz 4.2 g/t Au - - Blacktop Zone Deep Thunder Zone 500 m N/A N/A N/A 350 koz 4.9 g/t Au All figures are rounded. See Appendix for more disclosure on MRMR statement which is as of December 31, 2014.

37 View looking north Taylor Mine Long Section Surface Shoot Zone Bourgois Claim St Andrew declared commercial production at Taylor in November 2015 Estimated annual production of between koz s of gold (~550tpd run rate) Ore is trucked approximately» Fifth 70km level to the Holt Mill for crushing and processing Mineralization remains open at depth and along strike 500m Underexplored Area OPEN Bulk Sample # Lens Lens Click Lens to edit Master Lens 1004 Lens Bulk Sample #2 100m 150m 250m 350m Zone P&P Reserves M&I Resources Inferred Resources WPZ Shoot Zone Shaft Zone 156 koz s 6.3 g/t Au 239 koz s 4.6 g/t Au koz s 5.2 g/t Au 222 koz s 4.0 g/t Au 3 koz s 5.2 g/t Au koz s 5.0 g/t Au All figures are rounded. See Appendix for more disclosure on MRMR statement which is as of December 31, TSX:KGI 37 klgold.com

38 KGI Reserve & Resource Estimates Resources are exclusive of Reserves MINERAL RESERVES - As at December 31, 2014 Proven Probable Proven & Probable Zone Tons Grade Tonnes Grade Au Tons Grade Tonnes Grade Au Tons Grade Tonnes Grade Au (000's) opt (000's) g/t (000's) (000's) opt (000's) g/t (000's) (000's) opt (000's) g/t (000's) '04 & Main Break , South Mine Complex , , , Note: Columns may not add due to rounding. Macassa Mine Complex reserves the 04 & Main Break and the SMC. 1,023 Macassa Mine Complex , , ,051 2, , ,463 MINERAL RESOURCES - As at December 31, 2014 Measured Indicated Measured & Indicated Zone Tons Grade Tonnes Grade Au Tons Grade Tonnes Grade Au Tons Grade Tonnes Grade Au (000's) opt (000's) g/t (000's) (000's) opt (000's) g/t (000's) (000's) opt (000's) g/t (000's) 04 & Main Break 1, , , , , SMC , , , , Near Surface Target Property Wide 1, , , , ,599 4, , ,047 Inferred Zone Grade Grade Au Tons (000's) Tonnes (000's) opt g/t (000's) 04 & Main Break SMC 1, , Near Surface Target Note: Columns may not add due to rounding. Property Wide resources include the 04 & Main Break, SMC, Near Surface Target, as well as peripheral resources blocks (such as the Lakeshore Ramp). Property Wide 2, , ,777 The reserve and resource estimates have been audited and verified, and the technical disclosure in the press release dated April 13, 2015, has been approved, by the Company s independent reserve and resource engineer, Glenn R. Clark, P. Eng., of Glenn R. Clark & Associates Limited. Mr. Clark is a qualified person under National Instrument , Standards of Disclosure for Mineral Projects, of the Canadian Securities Administrators. The report detailing the December 31, 2014, reserve and resource estimates is available on SEDAR ( See Notes for Reserves and Resources below for key assumptions, parameters and methods used to estimate the foregoing reserves and resources, available on the Company website at TSX:KGI 38 klgold.com

39 East Timmins Assets Mineral Reserves & Resources Resources are exclusive of Reserves Total Reserves Measured Indicated Tonnes Grade Ounces Au Tonnes Grade ('000) (g/t Au) ('000 oz) ('000) (g/t Au) Ounces Au ('000 oz) Tonnes ('000) Measured + Indicated Grade Ounces Au Tonnes Grade Ounces Au Tonnes (g/t Au) ('000 oz) ('000) (g/t Au) ('000 oz) ('000) Inferred Grade (g/t Au) Ounces Au ('000 oz) Holt 3, , , , , ,181 Holloway , Taylor , , , Hislop Aquarius , , Clavos Ludgate , Canamax Total 5, , , ,149 35, ,668 14, ,154 As at December 31, See website for notes and additional disclosure ( TSX:KGI 39 klgold.com

40 TSX:KGI Suzette N Ramcharan, CPIR Director of Investor Relations Click to edit Master info@klgold.com TSX:KGI 40 klgold.com