bmo global metals and mining conference

TSX, NYSE MKT: LSG

Lake Shore GoldTSX: LSGNYSE MKT: LSG


1

February 2015

2

Information included in this presentation relating to the Company's expected production levels, production growth, costs, cash flows, economic returns, explorationactivities, potential for increasing resources, project expenditures and business plans are "forward-looking statements" or "forward-looking information" within the meaningof certain securities laws, including under the provisions of Canadian provincial securities laws and under the United States Private Securities Litigation Reform Act of1995 and are referred to herein as "forward-looking statements." The Company does not intend, and does not assume any obligation, to update these forward-lookingstatements. These forward-looking statements represent management's best judgment based on current facts and assumptions that management considers reasonable,including that operating and capital plans will not be disrupted by issues such as mechanical failure, unavailability of parts, labour disturbances, interruption intransportation or utilities, or adverse weather conditions, that there are no material unanticipated variations in budgeted costs, that contractors will complete projectsaccording to schedule, and that actual mineralization on properties will be consistent with models and will not be less than identified mineral reserves. The Companymakes no representation that reasonable business people in possession of the same information would reach the same conclusions. Forward-looking statements involveknown and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially differentfrom any future results, performance or achievements expressed or implied by the forward-looking statements. In particular, delays in development or mining andfluctuations in the price of gold or in currency markets could prevent the Company from achieving its targets. Readers should not place undue reliance on forward-lookingstatements. More information about risks and uncertainties affecting the Company and its business is available in the Company's most recent Annual Information Formand other regulatory filings with the Canadian Securities Administrators, which are posted on sedar at www.sedar.com, or the Company’s most recent Annual Report onForm 40-F and other regulatory filings with the Securities and Exchange Commission.

QUALITY CONTROL

Lake Shore Gold has a quality control program to ensure best practices in the sampling and analysis of drill core. A total of three Quality Control samples consisting of 1blank, 1 certified standard and 1 reject duplicate are inserted into groups of 20 drill core samples. The blanks and the certified standards are checked to be withinacceptable limits prior to being accepted into the GEMS SQL database. Routine assays have been completed using a standard fire assay with a 30-gram aliquot. Forsamples that return a value greater than three grams per tonne gold on exploration projects and greater than 10 gpt at the Timmins mine and Thunder Creek undergroundproject, the remaining pulp is taken and fire assayed with a gravimetric finish. Select zones with visible gold are typically tested by pulp metallic analysis on some projects.NQ size drill core is saw cut and half the drill core is sampled in standard intervals. The remaining half of the core is stored in a secure location. The drill core istransported in security-sealed bags for preparation at ALS Chemex Prep Lab located in Timmins, Ontario, and the pulps shipped to ALS Chemex Assay Laboratory inVancouver, B.C. ALS Chemex is an ISO 9001-2000 registered laboratory preparing for ISO 17025 certification.

QUALIFIED PERSON

Scientific and technical information related to mine production and reserves contained in this presentation has been reviewed and approved by Natasha Vaz, P.Eng., Vice-President, Technical Services, who is an employee of Lake Shore Gold Corp., and a “qualified person” as defined by National Instrument 43-101 – Standards ofDisclosure for Mineral Projects (“NI 43-101”).

Scientific and technical information related to resources, drilling and all matters involving mine production geology, as well as exploration drilling, contained in thispresentation, or source material for this presentation, was reviewed and approved by Eric Kallio, P.Geo., Senior Vice-President, Exploration. Mr. Kallio is an employee ofLake Shore Gold Corp., and is a “qualified person” as defined by NI 43-101.

3

Increased cash position• ($34M to $60M)

Repaid $45M debt

Funded exploration• @ $6M in ‘14

Large resource base supports mine life

• Target to replace reserves mined

Exploration success • 144 discovery

RecordProduction

185,600 oz

1. Low Unit Costs

TCC(1)(2): US$595/ozAISC(1)(3): US$875/oz

2.

Free Cash FlowCash up @ $50M(4)

3.

(1) Example of Non-GAAP measure (see Slide 24 for more information)(2) Total cash costs(3) All-in sustaining costs (4) Refers to increase in cash and bullion before impact of debt repayment and external financings

4

Two producing mines and a central mill in Timmins, Ontario, Canada

• Timmins West Mine• Bell Creek Mine & Mill

Large, prospective land position in Timmins

• Right geology

Strong organic growth • Large resource base at operations &

projects, exploration upside

5

0.020.040.060.080.0100.0120.0140.0160.0180.0200.0

Lake Shore Gold Gold Miners ETF (GDX)

Junior Gold Miners ETF (GDXJ) Spot Gold

Shares O/S (Basic) 435,400,000

Price (Feb. 23/15) $1.11

Market Cap. $483,300,000

52 Week High/Low $1.40/$0.67

3M av. Daily Volume 3,243,000

Largest Shareholder Van Eck (GDXJ) – 8%

Analyst Coverage

BMO Capital MarketsNational Bank Fin.PI FinancialTD SecuritiesRBC Capital MarketsCIBC World MarketsHaywood SecuritiesM PartnersMackie Research

@ $70M in cash & bullion

$5M(1) of short-term debt will be fully repaid by May 2015, all debt in C$

$103.5 million convertible debenture• 6.25% coupon, due Sept. 2017• Convertible at $1.40/share• TSX: LSG.DB – $103.00 at Feb. 23/15

138

61

8678

%

(1) As at January 31, 2015

6

Record production of 185,600 in 2014• 38% growth from 2013 • Beat guidance of 160,000 to 180,000 oz

Three consecutive years of meeting or beating guidance

2012 2013 2014 2015

85,700

134,600

160,000 170,000180,000 180,000

Production (Ounces)(1) 185,600 (Actual)

Guidance Guidance

(1) Contains Forward-looking Information

7

0200400600800

100012001400160018002000

2012 2013 2014 2015

1,813

1,139

875950

9501,0001,050

(1) Contains Forward-looking Information(2) Example of Non-GAAP Measure

0100200300400500600700800900

1000

2012 2013 2014 2015

966

766

595

675 650

775GuidanceGuidance 700

Total Cash Costs (US$/oz)(1(2)

All-In Sustaining Costs (US$/oz)(1)(2)

Guidance Guidance AISC 8% better than target range (US$950 – US$1,050)

22% Improvement in 2014

Total cash costs 12% better than target range (US$675 – US$775)

23% Improvement in 2014

8

010203040506070

2815

3439

53

6760

Cash & Bullion($ Millions)

+$51M Change in cash before debt repayments/financings +$20M Flow-through financing ($5M in May, $15M in Dec.) -$45M Debt repayments in 2014

+$26M Change in cash & bullion in 2014 ($34M to $60M)

Cash & Bullion of Approx. $60 million at Dec. 31/14

+$26M

9

0

10

20

30

40

50

60

7068 65

6152 49

3531

7

Senior Secured Debt($ Millions)

-$45M

Repaid $45 million of debt in 2014• $30 million related to standby (fully repaid as of Dec. 31/14)• $15 million to gold-linked note (@ $7M O/S at Dec. 31/14)

Senior secured debt will be eliminated by end of May 2015(1)


10

Performance• Production of 170,000 – 180,000 oz• Low costs

• Cash operating costs US$650 – US$700/oz• All-in sustaining costs US$950 – US$1,000/oz

Cash Flow • Generate free cash flow• Repay short-term debt (by May 2015)• Build cash position (potential for @$100M by Dec. 31/15)• Fund L/T debt and growth

Growth• Large resource base supports long mine life • Replace reserves mined• Explore new 144 discovery – initial resource

• $18M exploration program planned


11

40

60

80

100

120

1,300 1,400 1,500 1,600

(1) Projected cash balance assuming different average prices for the full-year 2015(2) Example of Forward-Looking Information(3) Assuming current C$ gold price & based on current business plan.

Cash & Bullion Sensitivity(1)(2)

(Estimated Cash & Bullion at Dec. 31/15 in $ Millions) $ Millions

C$ Gold Price (Av. Price/oz in 2015) Cash & bullion to end 2015 at @$100M(2)(3)

Most costs & all debt in Canadian dollars $0.10 change in C$ impacts net free cash flow by close to $30 million

LSG Highly Leveraged to Gold Price & Canadian Dollar

Current C$ spot price$1,514/oz

12

Timmins DepositThunder Creek

270 Access Level

730 Access Level

260 Level

525 Level

650 Level

(1) As of last update, see press release dated March 18, 2014 for review of estimates and assumptions relating to reserves and resources(2) M&I resources are inclusive of reserves (3) M&I: 4.4M tonnes at 5.1 gpt; Inferred: 2.9M tonnes @ 5.5 gpt

Probable reserve: 3.3 million tonnes at 4.6 gpt, 492,200 oz(1)(2)

715,000 oz M&I resources, 516,000 oz inferred resources(1)(2)(3)

Target to replace reserves mined year over year

13

1260 L

990 L

910 L Drill Drift

Drilling from 910 L for resource conversion, exploration at depth

14

Timmins West Mine

144 Gap Discovery(Within 500 m of Thunder

Creek)

Future Exploration Target

Future Exploration Targets

Gold River Trend

TC–144 Trend

Gold River ProjectM&I: 690k tonnes @ 5.3 gpt (117k oz)

Inferred: 5.3M tonnes at 6.1 gpt (1.0M oz)

Timmins Deposit

Thunder Creek

144 GapZone

144North

144South

15

First of three main targets (144 Gap, 144 North, 144 South)

@ 120,000 metres of surface & U/G drilling planned in 2015

Exploration drift from Thunder Creek advanced 50 metres, to be completed in Q3/15

HWY-14-635.76gpt/4.10m

incl. 7.22gpt/3.00m 6.48gpt/2.00m5.11gpt/3.00m

HWY-14-703.80gpt/12.00m

incl. 7.26gpt/4.80m6.66gpt/1.90m3.68gpt/18.00m

Incl. 5.27gpt/9.00m

HWY-14-594.06gpt/15.00m

incl. 22.80gpt/0.40m

HWY-15-755.35gpt/6.60m

incl. 34.40gpt/0.50m 7.37gpt/2.50m

incl. 30.20gpt/0.50m157.04gpt/1.90m

HWY-15-744.06gpt/10.90m7.05gpt/5.20m

incl. 12.60gpt/2.20m5.07gpt/3.00m

HWY-15-713.19gpt/25.80m

incl. 5.71gpt/6.90m

HWY-12-435.10gpt/3.00m3.33gpt/6.90m


HWY-14-656.56gpt/12.40m

incl. 12.17gpt/5.00m5.58gpt/6.00m5.73gpt/4.30m4.78gpt/2.50m

HWY-14-485.37gpt/46.00m4.06gpt/5.10m 5.76gpt/1.20m

HWY-15-736.66gpt/9.40m

incl. 23.05gpt/2.00m 19.15gpt/2.20m

incl. 102.50gpt/0.40mExploration Drift

1,200 m development 30,000 m U/G drilling

16

Shaft

Planned drift

Existing infrastructure

OPENOPEN

OPEN

350m

350m

17

HWY-14-703.80gpt/12.00m

incl. 7.26gpt/4.80m6.66gpt/1.90m

3.68gpt/18.00mIncl. 5.27gpt/9.0m

HWY-14-635.76gpt/4.10m

incl. 7.22gpt/3.00m 6.48gpt/2.00m5.11gpt/3.00m

HWY-15-736.66gpt/9.40m

incl. 23.05gpt/2.00m 19.15gpt/2.20m

incl. 102.50gpt/0.40m

HWY-15-744.06gpt/10.90m7.05gpt/5.20m

incl. 12.60gpt/2.20m5.07gpt/3.00m

HWY-14-656.56gpt/12.40m


HWY-15-713.19gpt/25.80m

incl. 5.71gpt/6.90m

HWY-14-594.06gpt/15.00m


HWY-15-755.35gpt/6.60m

incl. 34.40gpt/0.50m 7.37gpt/2.50m

incl. 30.20gpt/0.50m157.04gpt/1.90m

HWY-14-48(1)

5.37gpt/46.00m4.06gpt/5.10m 5.76gpt/1.20m

Thunder Creek Deposit

Planned drift

Existing infrastructure

(1) First hole reported from new drill program launched in H2/14

(Oct. 2014)

18

THUNDER CREEKDEPOSIT

144 GAP Target

HWY‐15‐74W15.11gpt/19.40m3.03gpt/22.50m5.36gpt/47.00m


HWY‐15‐805.61gpt/3.10m

HWY‐15‐7910.61gpt/5.30m3.80gpt/20.10m4.36gpt/11.50m

HWY‐15‐784.09gpt/56.90m


HWY‐15‐765.72gpt/10.50m32.47gpt/3.50m

incl. 112.25gpt/1.00m

HWY‐15‐8378.44gpt/1.90m

incl. 292.00gpt/0.50m 3.86gpt/6.20m5.61gpt/4.90m5.26gpt/10.30m

HW

Y-15-80

HWY‐15‐844.55gpt/39.60m


HWY‐14‐703.80gpt/12.00m


incl. 5.27gpt/9.00m

HWY‐14‐485.37gpt/46.00m4.06gpt/5.10m5.76gpt/1.20m

HW

Y-14-48

OPEN 350m OPEN

19

(1) As of last update, see press release dated March 18, 2014 for review of estimates and assumptions relating to reserves and resources

(2) 707,000 tonnes at 4.7 gpt (3) M&I: 4.5M tonnes @ 4.6 gpt; Inferred: 5.9M tonnes @ 4.6 gpt(4) M&I resources inclusive of reserves

Produced 43,400 oz in 2014 Large resource base supports long mine life

• Probable Reserve: 106,600 oz(1)(2), all above 775 Level

• 672,000 oz M&I, 872,000 oz inferred resources(1)(3)(4), largely below 775 Level

Targeting to replace reserves mined year over year

Bell Creek Mine Shaft

DeepZone

Potentialshaft

extension

0

10,000

20,000

30,000

40,000

50,000

2012 2013 2014

22,50027,500

43,400(Ounces) Production

20

610-9839.79/9.6m9.14/4.7m

13.93/2.1m

745-89310.36/10.5

745-939B12.68/18.5

745-8896.04/13.0

730-102810.10/7.6

730-10258.55/3.5

610-9859.98/10.30

610-9845.60/16.90

610-9753.09/23.30

Incl. 6.81/7.40

775 L

925 L

1050 L Legend<3.0 gpt

3.0 – 5.0 gpt5.0 – 9.0 gpt

>9.0 gptLink Zone Axis

Bottom of current reserve

260,000 oz M&I @ 5.9 gpt(1)

130,000 oz Inferred @ 5.1 gpt(1)

Current Mining

Labine Deep Zone

1050 L

21

Performance• Production of 170,000 – 180,000 oz• Low costs

• Cash operating costs US$650 – US$700/oz• All-in sustaining costs US$950 – US$1,000/oz

Cash Flow • Generate free cash flow• Repay short-term debt (by May 2015)• Build cash position (potential for @$100M by Dec. 31/15)• Fund L/T debt and growth

Growth• Large resource base supports long mine life • Replace reserves mined• Explore new 144 discovery – initial resource

• $18M exploration program planned


TSX, NYSE MKT: LSG



22

February 2015

23

Cash Operating Costs per OunceCash operating cost per ounce is a Non-GAAP measure. In the gold mining industry, cash operating cost perounce is a common performance measure but does not have any standardized meaning. Cash operatingcosts per ounce are based on ounces sold and are derived from amounts included in the ConsolidatedStatements of Comprehensive Loss (Income) and include mine site operating costs such as mining,processing and administration, but exclude depreciation, depletion and share-based payment expenses andreclamation costs. The Company discloses cash cost per ounce as it believes this measure provides valuableassistance to investors and analysts in evaluating the Company’s performance and ability to generate cashflow. This measure should not be considered in isolation or as a substitute for measures prepared inaccordance with GAAP such as total production costs.

All-In Sustaining Costs per OunceEffective the second quarter 2013, the Company has adopted a total all-in sustaining cost (“AISC”)performance measure. AISC is a Non-GAAP measure. The measure is intended to assist readers inevaluating the total costs of producing gold from current operations. While there is no standardized meaningacross the industry for this measure, the Company’s definition conforms to the AISC definition as set out bythe World Gold Council in its guidance note dated June 27, 2013. The Company defines all-in sustaining costas the sum of cash costs from mine operations, sustaining capital (capital required to maintain currentoperations at existing levels), corporate general and administrative expenses, in-mine exploration expensesand reclamation cost accretion related to current operations. All-in sustaining cost excludes growth capital,reclamation cost accretion not related to current operations and interest and other financing costs.

(1) More information about cash operating costs and all-in sustaining costs and other Non-GAAP measures, including reconciliations of these measures to the most directly comparable GAAP measures, is provided on pages 19 and 20 of the Company’s third quarter and first nine months 2014 Management’s Discussion & Analysis, which is posted at www.sedar.com and on the Company’s website at www.lsgold.com.

24

Probable Reserves(1) Tonnes Au Grade (g/t) Contained OuncesTimmins West Mine 3,332,000 4.6 492,200

Bell Creek Mine 707,000 4.7 106,600

Total 4,039,000 4.6 598,800Measured & Indicated(2) Tonnes Au Grade (g/t) Contained Ounces

Timmins West Mine 4,364,000 5.1 715,000

Gold River 690,000 5.3 117,000

Bell Creek Mine 4,542,000 4.6 672,000

Vogel 2,219,000 1.75(3) 125,000

Marlhill 395,000 4.5 57,000

Fenn Gib 40,800,000 0.99(3) 1,300,000

Total 2,985,000Inferred Tonnes Au Grade (g/t) Contained Ounces

Timmins West Mine 2,939,000 5.5 516,000

Gold River 5,273,000 6.1 1,028,000

Bell Creek Mine 5,935,000 4.6 872,000

Vogel 1,459,000 3.60(4) 169,000

Fenn-Gib 24,500,000 0.95(3) 750,000

Total 3,335,000(1) Reserves as at March 2014 and calculated using average price of US$1,100/oz (2) Resources are inclusive of reserves (3) Open‐pit resources (4) Combination of underground and open‐pit

resources. See press release dated March 18, 2014 for details of assumptions and estimates used in reserve and resource calculations for Timmins West Mine and Bell Creek Mine. See www.lsgold.com for estimates and assumptions relating to resources at other properties

25

HollowaySt. Andrew

HoltSt. Andrew

HislopSt. Andrew

Hoyle PondGoldcorp

PamourGoldcorp

Kirkland Lake Gold MineKirkland Lake Gold

CanadianMalarticOsisko

GoldexAgnico-Eagle

Lac-HerbinAlexis

LapaAgnico-Eagle

Bousquet-LaRondeAgnico-Eagle

Doyon, WestwoodIAMGOLD

Kirkland Lake47 Moz

Rouyn-Noranda19 Moz

Cadillac18 Moz

Malartic9 Moz

Val d’Or18 Moz

Larder Lake-Cadillac Fault Zone

Destor-PorcupineFault Zone

Ontario Quebec

Upper BeaverOsisko

McGarryArmistice

Dome MineGoldcorp

City of Timmins71 Moz

Matheson

Black FoxBrigus

South ClaimsKirkland Lake Gold

TaylorSt. Andrew

Young-DavidsonAuRico

ONQC

Timmins

Other MinesTown

Goldcorp Porcupine Assets

Lake Shore Gold Assets

20km

AquariusSt. Andrew

25

Timmins West Complex

PaymasterGoldcorp

bmo global metals and mining conference

Documents

forwardlooking information

quality controllake

lsgnyse mkt

business plans

lsglake shore goldtsx

quality control samples

tonne gold

regulatory filings