BMO CAPITAL MARKETS 27 TH GLOBAL METALS AND MINING CONFERENCE

T S X K D X N Y S E A M E R I C A N K L D X BMO CAPITAL MARKETS 27 TH GLOBAL METALS AND MINING CONFERENCE F E B R U A R Y 2 0 1 8 T S X K D X N Y S E A m e r i c a n : K L D X

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. 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

NORTH AMERICA PORTFOLIO SHIFTING FOCUS BACK TO NEVADA True North implemented restructuring; pausing mining operations, continue to mill tailings and build foundation for long-term success Northern Nevada three flagship mines servicing one central mill providing operational flexibility, Aurora mill provides additional optionality TTS T S X K D X N SY E S E A m er ri r i i c a n : :: LK L D X 3

MANAGEMENT TEAM NEARLY 150 YEARS OF COMBINED, RELEVANT EXPERIENCE PAUL ANDRÉ HUET A.Sc.T., Acc.Dir. MIKE DOOLIN Acc.Dir. BARRY DAHL Acc.Dir. BRIAN MORRIS Acc.Dir. JOHN ANTWI Acc.Dir. PRESIDENT, CEO AND DIRECTOR 30 years of mining experience within North America, focused on underground narrow vein gold and silver mining CHIEF OPERATING OFFICER 30 years with extensive experience in metallurgy, design, and permitting of narrow vein and open pit mining projects CHIEF FINANCIAL OFFICER 30 years of accounting experience in mining, construction, and manufacturing SVP, EXPLORATION 30 years experience providing exploration and geological support to major producing assets in Nevada, including Midas and Hollister SVP, CORPORATE DEVELOPMENT AND PLANNING 26 years of mining industry experience most recently served as the regional director for business development for Newmont Mining Corp. in North America 4

2017 OPERATIONAL RESULTS CONSOLIDATED STATISTICS NEVADA CANADA CONSOLIDATED MINED (GEOS) 190,409 31,824 222,233 PRODUCTION (GEOS) 161,536 27,919 189,456 SALES (GEOS) 165,016 25,850 190,865 Produced record GEOs in 2017, 17% increase from 2016 Fire Creek and Midas delivered GEO production in-line with guidance Deferred processing Hollister ore into 2018 mined ounces in-line with expectations Stockpiles of ~15,000 GEOs at year end Production expectation not achieved at True North Operational pause at True North to evaluate future options Note: 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 and match the ratios used to determine the production cash costs per GEO sold. 5

2018 OPERATIONAL GUIDANCE FOCUS ON PROFITABILITY AND CASH FLOW GEO Production Cash Costs per GEO Sold (2) CapEx (thousands) LOW HIGH LOW HIGH LOW HIGH MIDAS 35,000 40,000 $850 $900 $4,000 $5,000 MIDAS MILL --- --- --- --- $16,000 $18,000 FIRE CREEK 100,000 105,000 $450 $500 $23,000 $25,000 HOLLISTER 37,000 40,000 $920 $970 $5,000 $7,000 AURORA 4,000 5,000 $550 $600 $200 $500 NEVADA TOTAL 176,000 190,000 $645 $695 $48,200 $55,500 TRUE NORTH 10,000 12,000 $1,130 $1,180 --- --- CONSOLIDATED TOTAL 186,000 202,000 $675 $725 $48,200 $55,500 LOW HIGH CORPORATE G&A (1) (thousands) $18,000 $19,000 ALL-IN SUSTAINING COSTS PER GOLD OZ SOLD (2) $940 $990 EXPLORATION EXPENSE (thousands) $10,000 $12,000 (1) Includes share based compensation of approximately $4 million, a non-cash item. (2) This is a Non-GAAP measure; refer to the Non-GAAP Performance Measures section of this presentation for additional detail. Note: 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 and match the ratios used to determine the production cash costs per GEO sold. Focused plan to deliver on operating and cost targets in 2018 Expect Fire Creek and Midas to provide consistent results Growth in production from Hollister with continued processing optimization Processing of True North tails 6

FIRE CREEK LIFE OF MINE Northwest Area Spiral 10 Existing Workings Reserve Planned Development NW Resource Zeus 10 Haulage 9 Haulage Spiral 9 Fire Creek Main 7

FIRE CREEK EXPLORATION ZEUS TARGET Discovered in 2016 using geophysics (IP) 2017 drilled and established ~100k ounces AuEq resource Open in all directions 400 ft vertical from surface 8

FIRE CREEK EXPLORATION ZEUS TARGET LONG SECTION A Surface Looking West A 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 Open Open FCC-0068 17.1 ft @ 0.43 opt Au Incl. 1.0 ft @ 3.92 opt Au FCC-0107 15.0 ft @ 0.16 opt Au Open Drill Hole Trace New Significant Assay (>0.1 opt Au) Previously Released Significant Assay (>0.1 opt Au) FCC-0095 35.0 ft @ 1.65 opt Au Inc. 2.3 ft @ 16.05 opt Au Inc. 1.2 ft @ 6.52 opt Au Open FCC-0093 2.0 ft @ 2.03 opt Au 15.7 ft @ 0.18 opt Au FCC-0097 15.8 ft @ 0.14 opt Au 0 250 500 Feet 9

FIRE CREEK TARGET RICH DISTRICT Northwest Area Spiral 10 Kronos Zeus Zeus 10 Haulage Spiral 9 Fire Creek underground development 9 Haulage Fire Creek Main 10

FIRE CREEK NEW OPEN PIT RESOURCE CONCEPTUAL OPEN PIT SURFACE FOOTPRINT Total indicated mineral resource estimate of 1.1M AuEq ounces $1,400 Pit Shell Total inferred mineral resource estimate of 1.1M AuEq ounces Excludes all underground mineral resources Open pit mineralization open to the north, south and west Early stages remain focused on higher grade underground veins while evaluating strategic options to advance the open pit resource Portal #2 Portal #1 Note: See Company press release dated December 21, 2017 for additional disclosures related to the Fire Creek open pit resource. 11

FIRE CREEK NEW OPEN PIT RESOURCE CONCEPTUAL OPEN PIT LONG SECTION $1,400 Pit Shell Portal #2 Gold g/t 0.17 > < 0.50 0.50 > < 1.00 1.00 > < 3.00 3.00 > aaaaaaaaaa Open No Drilling Portal #1 Note: See Company press release dated December 21, 2017 for additional disclosures related to the Fire Creek open pit resource. 12

FIRE CREEK NEW OPEN PIT RESOURCE CONCEPTUAL OPEN PIT $1,400 Pit Shell Gold g/t 0.17 > < 0.50 0.50 > < 1.00 1.00 > < 3.00 3.00 > aaaaaaaaaa Note: See Company press release dated December 21, 2017 for additional disclosures related to the Fire Creek open pit resource. 13

MIDAS MILL EXTEND THE LIFE & INCREASE FLEXIBILITY Tailings Storage Facility (TSF) 15 year capacity at current production levels 7 million tons storage capacity Clearing and grubbing completed in 2017 to mitigate the risk of animal nesting in the area during spring 2018 Complete permit expected in Q1 2018 Scheduled completion in Q4 2018 Tails Thickener Increases tails density Reduces moisture/water content Extend life of existing facility CIL Leach Modification Accommodate carbonaceous ore Processed Hollister ore in Sep Nov 2017 Campaigned Hollister stockpile for 21 days in Jan 2018 Midas Mill Capex (millions) $20 $15 $10 $5 $0 2015 2016 2017 2018F Topsoil Diversion Channel Topsoil Road TSF Phase 1 Road 14

MIDAS EXPLORATION - TRINITY EXPAND RESOURCE NORTH TO 3-HAULAGE A A Thick Section Focus of 2018 Exploration Future Queen Vent Raise South DMC-00338A 2.1 ft @ 0.21 opt GEO 3.8 ft @ 0.51 opt GEO Incl. 1.5 ft @ 1.12 opt GEO North DMC-00337 1.5 ft @ 7.83 opt GEO Queen Vein 23K AuEq Oz Resource Trinity 45k AuEq Oz Resource DMC-00347 3.7 ft @ 0.32 opt GEO 7.1 ft @ 0.24 opt GEO Inc. 2.1 ft @ 0.56 opt GEO 2.5 ft @ 0.20 opt GEO OPEN DMC-00348 1.5 ft @ 1.04 opt GEO 1.0 ft @ 0.52 opt GEO DMC-00350 0.8 ft @ 0.40 opt GEO 6.6 ft @ 0.65 opt GEO Incl. 1.1 ft @ 3.14 opt GEO MUC-02822 4.0 ft @0.93 opt GEO 500ft 15

HATTER GRABEN DRILL RESULTS FROM LAST FIVE HOLES U D H17-010 1.2 ft @ 4.12 opt AuEq N A Gloria Clementine H17-007 2.4 ft @ 0.89 opt AuEq H17-010 1.1 ft @ 2.63 opt AuEq H17-008 2.9 ft @ 0.79 opt AuEq Clem/Gwen Intersection Guinevere A Poor Structure Stringers < ¼ft ¼ft < Vein < 1ft > 1ft Vein Significant Intercept 500 ft. Hatter Graben Drilling H17-009 H17-008 H17-005 H17-010 H17-007 H17-006 H17-004 Permitted Drill Sites Previously Released Drill Holes New Drill Holes H17-002 H17-003 H17-001 Interpreted Veins 16

HATTER GRABEN DRILLING HIGHLIGHTS West East A A Surface Gloria Hollister Mine ~425k AuEq Oz Historical Production H17-007 2.4 ft @ 0.89 opt AuEq Hatter Graben H17-010 1.1 ft @ 2.63 opt AuEq and 1.2 ft @ 4.12 opt AuEq Unconformity OPEN Tertiary ~600 ft OPEN H17-004 2.5 ft @ 0.87 opt AuEq Ordovician OPEN OPEN ~1400 ft Poor Structure Stringers < ¼ft ¼ft < Vein < 1ft OPEN > 1ft Vein New Significant Intercept Previously Released Significant Intercept Previously Released Drill Holes New Drill Holes 500 ft H17-001 3.1 ft @ 1.53 opt AuEq and 6.5 ft @ 0.74 opt AuEq H17-008 2.9 ft @ 0.79 opt AuEq H17-005 6.0 ft @ 1.18 opt AuEq 17

TRUE NORTH UNDERGROUND DRILLING HIGHLIGHTS Looking North Cohiba 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 007 635-17-020 1.62 opt Au over 5.9 ft 55.5 g/t over 1.8 m Open 710 up-dip New Discovery 26-16-001 0.36 opt Au over 15.0 ft 12.3 g/t over 4.6 m 635-17-017 0.40 opt Au over 23.4 ft 13.7 g/t over 7.1 m 635-17-007 0.67 opt Au over 7.5 ft 22.8 g/t over 2.3 m T S X K D X N Y S E A m e r i c a n : K L D X 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 Open 710 downdip 32 Level 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 18

2018 OBJECTIVES DELIVER ON 2018 TARGETS Operations Deliver on 2018 operational guidance; focus on cash generation Complete optimization of Hollister ore recoveries from Midas Mill Complete Midas tailings storage facility expansion Implement efficiency and cost reduction initiatives Project Development Report Hatter Graben mineral resource Continue studies on Fire Creek open pit opportunity Exploration Pursue prospective targets near Fire Creek operations Zeus Northwest underground drilling and development at Fire Creek Continue Hatter Graben surface drilling at Hollister Drilling on Trinity zone at Midas Corporate Continue to emphasize the importance of people, processes and systems Consider funding to further exploit projects Consolidated positive free cash flow 19

T S X K D X N Y S E A M E R I C A N K L D X Contact: Mike Beckstead Director, Investor Relations Office 775.284.5757 Cell 406.290.4165 mbeckstead@klondexmines.com T S X K D X N Y S E A m e r i c a n : K L D X 20

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" 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 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 sold 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. A 2

NON-GAAP PERFORMANCE MEASURES CONTINUED Forward-looking non-gaap measures We have not reconciled forward-looking 2018 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 3