SCOTIABANK MINING CONFERENCE

T S X K D X N Y S E A M E R I C A N K L D X SCOTIABANK MINING CONFERENCE D E C E M B E R 2 0 1 7

CAUTIONARY NOTES Cautionary Note Regarding Forward-Looking Information This presentation contains certain information that may constitute forward-looking information under applicable Canadian and U.S. securities legislation, including but not limited to information about results of exploration, development, mining, evaluation activities, results of reclamation activities, the estimation or realization of mineral resources and mineral reserves, the timing and amount of estimated future production, the making of future production decisions, expectations regarding realization of synergies relating to Klondex's projects, the timing and receipt of required permits and approvals, capital expenditures, costs and timing of the development of new mineral deposits, requirements for additional capital, the sufficiency of working capital and liquidity, and the future prices of precious and base metals. This forward-looking information entails various risks and uncertainties that are based on current expectations, and actual results may differ materially from those contained in such information. These uncertainties and risks include, but are not limited to, the strength of the global economy; the price of gold; operational, funding and liquidity risks; the degree to which mineral resource and mineral reserve estimates are reflective of actual mineral resources and mineral reserves; the degree to which factors which would make a mineral deposit commercially viable are present; the risks and hazards associated with underground operations; the ability to integrate acquisitions; and the ability of Klondex to fund its substantial capital requirements and operations. Risks and uncertainties about the Company s business are more fully discussed in the Company s annual report on Form 10-K and periodic disclosure materials filed with the securities regulatory authorities in Canada and the U.S. and available at www.sedar.com and www.sec.gov, respectively. Readers are urged to read these materials. Klondex assumes no obligation to update any forward-looking information or to update the reasons why actual results could differ from such information unless required by law. U.S. Cautionary Note Regarding the Use of Mining Terms This presentation has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. All resource and reserve estimates included in this presentation have been prepared in accordance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ significantly from the mineral reserve disclosure requirements of the U.S. Securities and Exchange Commission (the SEC ) set out in industry guide 7. In particular, the SEC s industry guide 7 applies different standards in order to classify mineralization as a reserve. As a result, the definitions of proven and probable reserves used in NI 43-101 differ from the definitions in SEC industry guide 7. Under SEC standards, mineralization may not be classified as a reserve unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. However, Klondex s estimated proven and probable reserves previously reported under NI 43-101 for Fire Creek, Midas, Hollister and True North are equivalent to those determined under SEC Industry Guide 7. This presentation also uses the terms resources, measured resources, indicated resources and inferred resources. United states investors are advised that, while such terms are recognized and required by Canadian securities laws, the SEC does not recognize them. Mineral resources that are not mineral reserves do not have demonstrated economic viability. United States investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves. Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher category, and it is uncertain if further exploration will result in upgrading them to an indicated or measured resource category. Disclosure of contained ounces in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute reserves by SEC standards as in- place tonnage and grade without reference to unit measures. Consequently, resource information contained in this presentation is not comparable to similar information that would generally be disclosed by U.S. companies in accordance with the rules of the SEC. Qualified Person Brian Morris, Senior Vice President, Exploration of Klondex Mines is a "qualified person" as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101) and has reviewed and is responsible for the technical information contained in this presentation. 2

COMPELLING VALUE PROPOSITION Reiterated 2017 Production Guidance of 213,000 230,000 GEOs, at Cash Costs Per GEO Sold of $675 $700 * Q3 2017 YTD Mined ~166k GEOs, Production of ~142k GEOs Three Flagship Assets in Nevada Servicing One Central Mill Hollister Now Processing Ore at the Midas Mill Gaining Scale in Canada True North Gaining Momentum Growing Our Mineral Resources & Extending Mine Life; Initial Reserve/Resource at Hollister and Continuation of High Grade Systems at Fire Creek and Midas Deliver on Our Commitments Safety First! No LTA s at any of Our Operations Significant Experience in Narrow Vein Underground Mining Significant Liquidity, Minimal Debt *See Non-GAAP Performance Measures at the end of the presentation and press release dated November 10, 2017 3

YTD OPERATIONAL HIGHLIGHTS ON TRACK TO MEET CONSOLIDATED OPERATING GUIDANCE CONSOLIDATED NEVADA CANADA CONSOLIDATED TOTAL MINED (GEOS) 144,895 21,409 166,304 PRODUCTION (GEOS) 123,103 18,752 141,855 SALES (GEOS) (1)(2) 124,342 16,857 141,199 CASH COSTS (PER GEO SOLD) (1) $616 $1,544 $727 Produced GEOs YTD 141,855, 2017 guidance 213,000 230,000 Ended Q3 with stockpiles of ~43,000 tons in Nevada and ~11,000 tons at True North YTD cast cost per GEO sold of $727, 2017 guidance of $675 $700 (1) This is a non-gaap measure; refer to the Non-GAAP Performance Measures section of this Press Release for additional detail. (2) Gold equivalent measures are the gold measure plus the silver measure divided by a GEO ratio. GEO ratios are computed by dividing the average realized gold price per ounce by the average realized silver price per ounce received by us in the respective period. Refer to the Non-GAAP Performance Measures section of this Press Release for additional detail. 4

CONSOLIDATED PRODUCTION DELIVERING ON THE 2017 PLAN 3,800 11% 6,911 10% 8,026 20% 11,453 33% 21% Q1 Q2 Q3 34,454 19,201 56% 13,928 66,618 45,769 69% 1,459 3% 9,351 23% 40,819 21,983 54% 2017 Guidance: 213k-230k KDX Forecast True North Hollister 141,855 Midas 101,052 Fire Creek 34,454 Q1 Q2 Q3 Q4 H1 46% H2 54% 5

BALANCE SHEET STRENGTH LIQUIDITY AND WORKING CAPITAL (US$M) Q3 2017 Q2 2017 CASH $20.6M $41.5M METAL INVENTORY (1) ~$43.1M ~$26.7M REVOLVING CREDIT FACILITY $23.0M $23.0M AVAILABLE LIQUIDITY ~$86.7M ~$91.2M (1) Metal inventory is the value of the estimated recoverable gold and silver ounces contained in our Inventories if sold at September 30, 2017 periodend prices METAL INVENTORY (1) ~$43.1M ~$86.7M Available Liquidity REVOLVING CREDIT FACILITY $23M CASH $41.5M Metal Inventory Breakdown Stockpiles 46% In-process 30% Supplies 21% Dore 3% CASH $20.6M 6

$ Millions CAPITAL SPEND DECREASING IN Q4 $90 $80 $70 $60 $25.8 ~$11.9 ~$81.8 $7.7 $10.6 $63.5 KDX 2017 Forecast 2017 Guidance (millions) LOW HIGH $50 $40 $22.3 SITE CAPEX (1) $63 $71 HOLLISTER DEV. & PROJECT $10 $11 $30 $20 $21.7 EXPLORATION $7 $9 TOTAL $80 $91 $10 $0 Q1 Q2 Q3 Q4 Forecast 2017 Site Capex Hollister Dev. & Project Exploration (1) 2017 site capex excludes approximately $1.8 million for Aurora. 7

MIDAS MILL MODIFICATIONS PROCESSING HOLLISTER ORE Tails Thickener Initially processed Hollister ore through Midas mill at approximately 40 tons per hour Modifications made to feed blend adding approximately 30% low grade Midas mine ore to dilute organic carbon Continue metallurgical test work to optimize ore feed blend for best recovery results Recoveries are steadily improving and are expected to be 80% to 90% for Hollister ore going forward Increases tails density Reduces moisture/water content Extend life of existing facility CIL Leach Modification Accommodate carbonaceous ore Processed Hollister ore in September 8

FIRE CREEK EXPLORATION UPDATE POSITIVE RESULTS AT ZEUS TARGET AND NEAR MINE 9

FIRE CREEK EXPLORATION UPDATE ZEUS TARGET A Open to North FCC-0068 17.1 ft @ 0.43 opt Au Incl. 1.0 ft @ 3.92 opt Au FCC-0093 2.0 ft @ 2.03 opt Au 15.7 ft @ 0.18 opt Au FCC-0064 3.1 ft @ 0.09 opt Au FCC-0092 14.0 ft @ 1.27 opt Au Incl. 1.7 ft @ 8.25 opt Au FCC-0020 10.0 ft @ 0.53 opt Au FCC-0065 5.0 ft @ 0.95 opt Au Incl. 1.8 ft @ 2.36 opt Au 0 250 500 Feet A Open to South Newly Modeled Vein Drill Hole Trace New Significant Assay (>0.1 opt Au) Previously Released Significant Assay (>0.1 opt Au) 10

FIRE CREEK EXPLORATION UPDATE UG DRILL RESULTS 11

HOLLISTER EXPLORATION HATTER GRABEN DRILL RESULTS FROM FIRST FIVE HOLES A U D Gloria Clem/Gwen Intersection 30N1E Hatter Graben Drilling 10 holes completed 1 hole in progress N 30S1E A Poor Structure Stringers < ¼ft ¼ft < Vein < 1ft > 1ft Vein Permitted Drill Site Completed Holes Drilling In Progress 12

HOLLISTER EXPLORATION HATTER GRABEN DRILLING HIGHLIGHTS WEST EAST A Hollister Mine 425k AuEq Oz Gloria Hatter Graben A OPEN ~600 ft. OPEN H17-004 2.5 ft @ 0.87 opt AuEq H17-005 6.0 ft @ 1.18 opt AuEq Unconformity Historic Drill Hole Tertiary Ordovician Poor Structure OPEN H17-005 OPEN Stringers < ¼ft H17-004 ~1,400 ft. ¼ft < Vein < 1ft H17-003 H17-001 > 1ft Vein Completed Drill Hole H17-002 OPEN H17-001 3.1 ft @ 1.53 opt AuEq and 6.5 ft @ 0.74 opt AuEq Completed Drill Hole Assays Pending Drilling in progress 1,000 ft. 13

TRUE NORTH UNDERGROUND DRILLING HIGHLIGHTS Looking North Cohiba 635-17-020 1.62 opt Au over 5.9 ft 55.5 g/t over 1.8 m 635-17-017 0.40 opt Au over 23.4 ft 13.7 g/t over 7.1 m 635-17-024 0.42 opt Au over 41.1 ft 14.3 g/t over 12.5 m Including 1.60 opt Au over 6.0 ft 54.9 g/t over 1.8 m 007 710 up-dip 710 down-dip 32 Level 635-17-007 0.67 opt Au over 7.5 ft 22.8 g/t over 2.3 m 32-17-022 5.78 opt Au over 3.7 ft 198.1 g/t over 1.1 m 32-17-014 0.86 opt Au over 6.0 ft 29.5 g/t over 1.8 m 32-17-016 0.95 opt Au over 15.6 ft 32.6 g/t over 4.8 m Including 1.98 opt Au over 5.8 ft 67.8 g/t over 1.8 m 32-17-024 1.23 opt Au over 6.0 ft 42.1 g/t over 1.8 m 14

TRUE NORTH UNDERGROUND DRILLING HIGHLIGHTS Cohiba 711 up-dip drilling ongoing 007 New Discovery 26-16-001 0.36 opt Au over 15.0 ft 12.3 g/t over 4.6 m 645-16-004 0.53 opt Au over 12 ft 18.2 g/t over 3.7 m 645-16-003 0.67 opt Au over 2.4 ft 23 g/t over 0.7 m 645-16-002 0.95 opt Au over 5.9 ft 32.5 g/t over 1.8 m 32-16-003A 1.13 opt Au over 2.3 ft 38.8 g/t over 0.7 m 710 down-dip drilling ongoing 32-16-006 0.33 opt Au over 9.7 ft 11.3 g/t over 3.0 m And 0.20 opt Au over 16.5 ft 7.0 g/t over 5.0 m 15

DELIVERING ON OUR COMMITMENTS FORWARD LOOKING No Lost Time Incidents Deliver 2017 Annual Operating Guidance Initial drill results for Hatter Graben 2017 drill program Q4 2017 Mineral Resource Estimate for Hatter Graben at Hollister Q1 2018 Mineral Reserve and Resource Update for Klondex Q1 2018 16

T S X K D X N Y S E A M E R I C A N K L D X For More Information John Seaberg SVP, Strategic Relations Office 775.284.5757 Cell 303.668.7991 jseaberg@klondexmines.com 17

NON-GAAP PERFORMANCE MEASURES Non-GAAP Performance Measures We have included the non-gaap measures "Production cash costs per gold equivalent ounce sold", "All-in sustaining costs per gold ounce sold" and "All-in costs per gold ounce sold in this presentation (collectively, the "Non-GAAP Measures"). These Non-GAAP Measures are used internally to assess our operating and economic performance and to provide key performance information to management. We believe that these Non-GAAP Measures, in addition to conventional measures prepared in accordance with GAAP, provide investors with an improved ability to evaluate our performance and ability to generate cash flows required to fund and sustain our business. These Non-GAAP 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 GAAP. These Non-GAAP Measures do not have any standardized meaning prescribed under GAAP, and therefore may not be comparable to or consistent with measures used by other issuers or with amounts presented in our financial statements. Our primary business is gold production and our current and future operations, development, exploration, and life-of-mine plans primarily focus on maximizing returns from such gold production. As a result, our Non-GAAP Measures are calculated and disclosed on a per gold or gold equivalent ounce basis. Production Cash Costs Per Gold Equivalent Ounce Sold Production cash costs per gold equivalent ounce sold presents our cash costs associated with the production of gold equivalent ounces and, as such, non-cash depreciation and depletion charges are excluded. Production cash costs per gold equivalent ounce sold is calculated on a per gold equivalent ounce sold basis, and includes all direct and indirect operating costs related to the physical activities of producing gold, including mining, processing, third-party refining expenses, on-site administrative and support costs, royalties, and cash portions of net realizable value write-downs on production-related inventories (State of Nevada net proceeds and other such taxes are excluded). We believe that converting the benefits from selling silver ounces into gold ounces is helpful to analysts and investors as it best represents the way we operate, which is to maximize returns from gold production. Gold equivalent ounces are computed using the number of silver ounces required to generate the revenue derived from the sale of one gold ounce, using average realized selling prices (in thousands, except ounces sold and per ounce amounts). A 1

NON-GAAP PERFORMANCE MEASURES CONTINUED Three months ended September 30, 2017 2016 Consolidated Nevada Total (1) True North Total Total (2) Average realized price per gold ounce sold $ 1,285 $ 1,284 $ 1,285 $ 1,325 Average realized price per silver ounce sold $ 17.16 $ 16.85 $ 17.16 $ 19.51 Silver ounces equivalent to revenue from one gold ounce 74.9 76.2 74.9 67.9 Silver ounces sold 188,480 1,424 189,904 362,500 GEOs from silver ounces sold 2,516 19 2,535 5,339 Gold ounces sold 29,886 5,591 35,477 36,647 Gold equivalent ounces 32,402 5,610 38,012 41,986 Production costs $ 21,543 $ 4,565 $ 26,108 $ 27,774 Add: Write-down of production inventories (cash portion) (see Note 3 - Inventories) 1,005 3,630 4,635 $ 22,548 $ 8,195 $ 30,743 $ 27,774 Production cash costs per GEO sold $ 696 $ 1,461 $ 809 $ 662 (1) During 2017, production was from Fire Creek, Midas and Hollister. (2) Total for 2016 includes production from True North which started in the third quarter of 2016. The following table presents a reconciliation of Fire Creek and Midas and Hollister to the "Nevada Total" for the third quarter of 2017 and 2016, (in thousands, except ounces sold and per ounce amounts): Three months ended September 30, Three months ended September 30, 2017 2016 Nevada Nevada Nevada Total Fire Creek Midas Hollister Total (1) Fire Creek Midas Total (1) Average realized price per gold ounce sold $ 1,285 $ 1,286 $ 1,284 $ 1,285 $ 1,325 $ 1,325 $ 1,325 Average realized price per silver ounce sold $ 17.18 $ 17.16 $ 17.31 $ 17.16 $ 19.34 $ 19.52 $ 19.51 Silver ounces equivalent to revenue from one gold ounce 74.8 74.9 74.2 74.9 68.5 67.9 67.9 Silver ounces sold 18,332 165,930 4,218 188,480 18,100 344,400 362,500 GEOs from silver ounces sold 245 2,215 57 2,516 264 5,072 5,339 Gold ounces sold 22,883 6,531 472 29,886 27,254 8,393 35,647 Gold equivalent ounces $ 23,128 $ 8,746 $ 529 $ 32,402 $ 27,518 $ 13,465 $ 40,986 Production costs $ 11,768 $ 9,142 $ 633 $ 21,543 $ 13,716 $ 13,446 $ 27,162 Add: Write-down of production inventories (cash portion) (see Note 3 - Inventories) 1,005 1,005 $ 11,768 $ 10,147 $ 633 $ 22,548 $ 13,716 $ 13,446 $ 27,162 Production cash costs per GEO sold $ 509 $ 1,160 $ 1,197 $ 696 $ 498 $ 999 $ 663 (1) During 2017, production was from Fire Creek, Midas and Hollister. During 2016, production was only from Fire Creek and Midas. A 2

NON-GAAP PERFORMANCE MEASURES CONTINUED All-in sustaining costs per gold ounce sold All-in sustaining cost ("AISC") amounts are intended to provide additional information only and do not have any standardized meaning prescribed by GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under GAAP. Our calculation of AISC per gold ounce sold is consistent with the June 2013 guidance released by the World Gold Council, a non-regulatory, non-profit market development organization for the gold industry. AISC per gold ounce sold reflects the varying costs of producing gold over the life-cycle of a mine or project, including costs required to discover and develop new sources of production; therefore, capital amounts related to expansion and growth projects are included. AISC per gold ounce includes all: (1) direct and indirect operating cash costs related to the physical activities of producing gold, including mining, processing, third-party refining expenses, on-site administrative and support costs, royalties, and cash portions of net realizable value write-downs on production-related inventories (2) general and administrative expenses, (3) asset retirement and accretion expenses, and (4) sustaining capital expenditures, the total of which is reduced for revenues earned from silver sales. Certain cash expenditures, including State of Nevada net proceeds and other related taxes, federal tax payments, and financing costs are excluded. All-in costs per gold ounce sold All-in costs per gold ounce sold includes additional costs which reflect the varying costs of producing gold over the life-cycle of a mine or project. We calculate our all-in costs per gold ounce sold by beginning with the AISC total and adding non-sustaining (growth) capital expenditures and exploration and development expenditures. AISC per gold ounce sold and all-in costs per gold ounce sold are presented in the tables below (in thousands, except ounces sold and per ounce amounts): A 3

NON-GAAP PERFORMANCE MEASURES CONTINUED Three months ended September 30, 2017 2016 Nevada Total (1) True North Corporate Total Nevada Total (1) True North Corporate Total Production costs $ 21,543 $ 4,565 $ $ 26,108 $ 27,162 $ 612 $ $ 27,774 Add: Write-down of production inventories (cash portion) 1,005 3,630 4,635 22,548 8,195 30,743 27,162 612 27,774 General and administrative 1,115 354 4,269 5,738 568 4,269 4,837 Asset retirement cost assets and accretion 350 32 382 225 31 256 Sustaining capital expenditures 9,065 3,953 27 13,045 12,938 12,938 Less: silver revenue (3,235) (24) (3,259) (7,073) (7,073) All-in sustaining costs 29,843 12,510 4,296 46,649 33,820 643 4,269 38,732 Gold ounces sold 29,886 5,591 35,477 35,647 1,000 36,647 All-in sustaining costs per gold ounce sold $ 999 $ 2,238 $ $ 1,315 $ 949 $ 643 $ $ 1,057 All-in sustaining costs 29,843 12,510 4,296 46,649 33,820 643 4,269 38,732 Non-sustaining capital expenditures 7,650 186 9 7,845 660 3,677 4,337 Exploration 3,541 126 3,667 3,421 3,421 Development and projects costs 2,288 2,288 All-in costs $ 43,322 $ 12,822 $ 4,305 $ 60,449 $ 37,901 $ 4,320 $ 4,269 $ 46,490 Gold ounces sold 29,886 5,591 35,477 35,647 1,000 36,647 All-in costs per gold ounce sold $ 1,450 $ 2,293 $ $ 1,704 $ 1,063 $ 4,320 $ $ 1,269 1) The Nevada total includes Fire Creek, Midas, Hollister and Aurora. For a listing of our total capital expenditures see the Investing cash flows part of the Financial position, liquidity, and capital resources section. A 4

NON-GAAP PERFORMANCE MEASURES CONTINUED Klondex has not reconciled forward-looking full year non-gaap performance measures contained in this presentation to their most directly comparable GAAP measures, as permitted by Item 10(e)(1)(i)(B) of Regulation S-K. Such reconciliations would require unreasonable efforts at this time to estimate and quantify with a reasonable degree of certainty various necessary GAAP components, including for example those related to future production costs, realized sales prices and the timing of such sales, timing and amounts of capital expenditures, metal recoveries, and corporate general and administrative amounts and timing, or others that may arise during the year. These components and other factors could materially impact the amount of the future directly comparable GAAP measures, which may differ significantly from their non-gaap counterparts. A 5