Lake Shore Gold Corp.

TSX & NYSE MKT : LSG

www.lsgold.com

Lake Shore Gold Corp.

At a Major Turning Point

Denver Gold Forum

September 22-25, 2013

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Information included in this presentation relating to the Company's expected production levels, production growth, costs, cash flows, economic

returns, exploration activities, potential for increasing resources, project expenditures and business plans are "forward-looking statements" or

"forward-looking information" within the meaning of certain securities laws, including under the provisions of Canadian provincial securities laws

and under the United States Private Securities Litigation Reform Act of 1995 and are referred to herein as "forward-looking statements." The

Company does not intend, and does not assume any obligation, to update these forward-looking statements. 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 in

transportation or utilities, or adverse weather conditions, that there are no material unanticipated variations in budgeted costs, that contractors will

complete projects according to schedule, and that actual mineralization on properties will be consistent with models and will not be less than

identified mineral reserves. The Company makes no representation that reasonable business people in possession of the same information would

reach the same conclusions. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the

actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements

expressed or implied by the forward-looking statements. In particular, delays in development or mining and fluctuations 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-looking statements.

More information about risks and uncertainties affecting the Company and its business is available in the Company's most recent Annual

Information Form and 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 on Form 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 1 blank, 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 within acceptable 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. For samples 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 underground project, 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 is

transported in security-sealed bags for preparation at ALS Chemex Prep Lab located in Timmins, Ontario, and the pulps shipped to ALS Chemex

Assay Laboratory in Vancouver, B.C. ALS Chemex is an ISO 9001-2000 registered laboratory preparing for ISO 17025 certification.

QUALIFIED PERSON

Scientific and technical information contained in this presentation has been reviewed and approved by Dan Gagnon, P.Geo., Executive Vice-

President, Operations, and Natasha Vaz, P.Eng., Director of Technical Services & Project Evaluation, both of whom are employees of Lake Shore

Gold Corp., and “qualified persons” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

Forward Looking Statements

(C$ Millions) as at June 30, 2013

Cash and cash equivalents 24.6

Total cash and bullion 28.1

Debt (including current portion of long term debt) 136.2

Total equity (including $14.7M equity portion of debentures) 657.1

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Lake Shore Gold (TSX, NYSE MKT: LSG)

Debt (C$ Millions) Details

Loan note 27 21 remaining monthly cash payments equal to 947 oz/month at market

Standby line 35 9.75% compounded monthly, due Jan. 1, 2015

Convertible debentures 103 6.25%, paid semi-annually, due Sept. 30, 2017

Lake Shore Gold (TSX, NYSE MKT: LSG)

Shares outstanding (basic) 417 million

Share price (Sept 20, 2013) $0.365

Market capitalization $152 million

Enterprise Value $288 million

52 week High/Low $1.04/$0.16

0.0

0.2

0.4

0.6

0.8

1.0 LSG Share Price ($)

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(1)

Timmins

101

11

11

66 Rouyn-Noranda

Kirkland

Lake

Timmins

Cochrane

Hoyle Pond

Goldcorp Bell Creek

Lake Shore Gold

Fenn-Gib

Lake Shore Gold

Gold River

Lake Shore Gold

Timmins West

Lake Shore Gold

O N TA R I O Q U E B E C

Casa Berardi

Hecla

Detour Lake

Detour

Val-d’Or

Canadian Malartic

Osisko

Casa Berardi JV

LSG/Aurizon Blakelock/Burntbush

Lake Shore Gold

Little Abitibi

Lake Shore Gold

Abitibi Greenstone Belt

Over 200M ozs Au of mined

and current resources

Favourable geology

Supportive government

policies

Good infrastructure

Highly skilled labour force

High safety & environmental

standards

Casa Berardi JV

LSG/Aurizon

Lake Shore Gold land position

Dome

Goldcorp

Pamour

Goldcorp

Hollinger

McIntyre

Located in One of the World’s Great Gold Districts

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Dome

Hollinger

McIntyre

Hoyle

Pond

Destor Porcupine Fault

Pipestone Fault

Fenn-Gib M&I resources: 1.3M oz

Inferred resources: 0.8M oz

Pamour

Timmins

Timmins West Complex Reserves: 0.8M oz

M&I resources(1): 1.2M oz

Inferred resources: 1.6M oz

Bell Creek Complex Reserves: 0.1M oz

M&I resources(1): 0.9M oz

Inferred resources: 1.1M oz

Four Multi-Million Ounce Au Deposits in Timmins

(1) Resources inclusive of reserves. A review of tonnes

and grades is available in the Appendix

(2) Examples of Forward Looking Information

LSG – A Growing Gold Producer

Two operating mines with a central

milling facility

0.9M oz in reserves, with a large

resource base

2013(2):

On track for at least 40% production

growth (120-135,000 oz)

Cash costs of US$800-US$875/oz

Capital investment of $90M

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Mining and milling capacity expanded to over 3,000 tpd

At over 3,000 tpd:

Production: +140,000 oz on annual basis

Cash operating costs(2): @US$700/oz

All-in sustaining costs(2): @US$1,000/oz

Capital expenditure requirements declining

(1) Examples of forward-looking information

(2) Examples of non-GAAP measures

LSG: At a Major Turning Point(1)

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

2012 2013 2014 2015 2016 2017

Production (Forecast) Range Cash Operating Costs All-In Sustaining Costs

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Production to reach >140,000 oz by 2014

Strong Near-Term Production Growth(1)

Production

(oz)

Costs

US$/oz

(1) Examples of Forward Looking Statements

(2) Cash operating costs exclude royalties

At least 60%

growth

2012 to 2014

(2) (2) Production (Actual)

Record 6M production results

Gold production: 54,000 oz (30,800 in Q2)

Milled 2,370 tpd, average grade of 4.1 gpt (2,540 tpd @ 4.3

gpt in Q2)

Cash operating costs(1) US$909/oz (US$880/oz in Q2)(2)

US$795/oz in Q2 excl. inventory adjustments

All-in sustaining costs(1) US$1,398/oz (US$1,257/oz in Q2)

Strong Performance in First Half of 2013

(1) Example of non-GAAP measure

(2) Cash operating costs exclude royalties 8

Guidance remains unchanged

Production of 120,000 to 135,000 oz

Cash operating costs(2) of US$800/oz to US$875/oz

Capital investment of approximately $90 million

2013 Guidance(1)

(1) Examples of forward-looking information

(2) Example of non-GAAP measure 9

Timmins West Mine

Underground mine with two deposits –

Timmins Deposit (“TD”) and Thunder Creek

(“TC”) Deposit

Exceptional infrastructure, well trained

workforce support efficient operations

Accessed by 710 m deep, 5.5 m diameter

shaft and surface ramp

Production rate of 2,500 – 3,000 tpd

YTD 2013 production 42,900 oz (339.3k

tonnes @ 4.1 gpt)

0

5,000

10,000

15,000

20,000

25,000

Q2/12 Q3/12 Q4/12 Q1/13 Q2/13

Quarterly Production (oz)

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Bell Creek Mine – Production & Growth

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Current Production with Significant Growth Potential

Underground mine with five years of reserves

(large resource below current reserve)

Infrastructure includes 300 m shaft (non-

producing), surface decline to 685 m, vent

raises, drill drifts

YTD 2013 gold production (H1/13) of 11,300

oz (89.2k tonnes @ 4.2 gpt)

Potential to substantially grow production

Deep

Zone

Potential

shaft

extension

Shaft

(1) Examples of Forward Looking Statements

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Q2/12 Q3/12 Q4/12 Q1/13 Q2/13

Quarterly Production (oz)

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Bell Creek Mill – +3,000 tpd Capacity

SAG Mill Building

New Thickener

New CIL Tanks Crusher

Truck Dump 6,000 tonne

Ore bin

Expansion to +3,000 tpd completed in August, commissioning ongoing

Traditional gold circuit with history of excellent operational and metallurgical

performance (gold recoveries +95%)

Potential expansion to 5,500 tpd to support future production increases from Timmins

West and Bell Creek incorporated in current infrastructure

Crushing and grinding capabilities already at this level

(1) Examples of Forward Looking Statements

Bell Creek Mill – New Crushing/Grinding Circuit

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Bell Creek Mill – New Crushing/Grinding Circuit

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Bell Creek Mill – Solution Circuit & Refinery

Timmins West Complex 1.2M oz in M&I resources, 1.6M oz in inferred (1)(2)

Both deposits at Timmins West Mine open for

expansion

Gold River Trend has >1M oz in resource(1)

144 covers 4 kms southwest of Timmins West Mine

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Outstanding Exploration Potential

Bell Creek Complex 0.9M oz of M&I resources, 1.1M oz Inferred(1)(2)

Significant potential for growth at Bell Creek Mine

Initial resources established at Vogel and Marlhill

Additional targets with limited or no drilling

Fenn-Gib

Large, near-surface, potential open-pitable resource

1.3M oz M&I resources, 0.8M oz inferred(1)

Major extensions announced, new targets discovered

(1) A review of tonnes and grades is available in the Appendix

(2) Resources inclusive of reserves

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(1) Examples of forward-looking information

Lake Shore Gold – Poised for Value Creation(1)

Annual production capacity +140,000 oz

All-in sustaining costs @ US$1,000/oz

Capital investment period completed Improving cost performance

Strong production growth

Targeting free cash flow in Q4/13 Poised for free cash flow

Full pipeline of projects & exploration properties

Four multi-million ounce gold deposits identified

APPENDIX

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LSG – Reserves and Resources

Measured & Indicated(1) Tonnes Au Grade (g/t) Contained Ounces

Timmins West Mine 5,978,000 5.5 1,061,000

Gold River 690,000 5.3 117,000

Bell Creek Mine 4,685,000 4.7 710,000

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

Marlhill 395,000 4.5 57,000

Fenn Gib 40,800,000 0.99(2) 1,300,000

Total 3,370,000

Inferred Tonnes Au Grade (g/t) Contained Ounces

Timmins West Mine 3,549,000 5.4 615,000

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

Bell Creek Mine 6,080,000 4.6 904,000

Vogel 1,459,000 3.60(3) 169,000

Fenn-Gib 24,500,000 0.95(2) 750,000

Total 3,466,000

(1) Resources are inclusive of reserves

(2) Open-pit resources

(3) Combination of underground and open-pit resources

Probable Reserves Tonnes Au Grade (g/t) Contained Ounces

Timmins West Mine 4,811,000 5.2 798,000

Bell Creek Mine 960,000 4.2 129,000

2,000 Lv

Timmins Deposit Thunder Creek 144

TC – 144 Trend

UM and FW structures extended

to 2,400 m

6 kms

Timmins West Mine

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Exploration Potential – Timmins West Complex

1,000 Lv

500 Lv

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MH – Marlhill Project

VG – Vogel Project

Bell Creek Mine

WM – Wetmore Project

MH

VG Hoyle Pond

Mine WM

Key Projects

Bell Creek Mine Marlhill

Vogel

Hoyle Pond Mine

Wetmore

Bell Creek Complex Large Resource base, large underexplored land position

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Current Resource Pit (>2.0M oz)

1.2M oz Starter Pit

New Pit Outline based

on most recent drilling

1.72 gpt/48.8m

1.03 gpt/81.4m

1.02 gpt/190.5m

1.01 gpt/52.5m

1.01 gpt/22.1m

1.63 gpt/60.4m

0.67 gpt/121.5m Potential Westerly

Pit Expansion into

untested gap

Fenn-Gib – Potential Large-Scale, Open-Pit Project

Considerable potential to grow resource to depth and along strike

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Non-GAAP Measures

Cash Operating Costs per Ounce

Cash operating cost per ounce is a Non-GAAP measure. In the gold mining industry, cash operating cost per

ounce is a common performance measure but does not have any standardized meaning. Cash operating costs

per ounce are based on ounces sold and are derived from amounts included in the Consolidated Statements 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 and reclamation costs.

The Company discloses cash cost per ounce as it believes this measure provides valuable assistance to

investors and analysts in evaluating the Company’s performance and ability to generate cash flow. This

measure should not be considered in isolation or as a substitute for measures prepared in accordance with

GAAP such as total production costs.

All-In Sustaining Costs

Effective 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 in

evaluating the total costs of producing gold from current operations. While there is no standardized meaning

across the industry for this measure, the Company’s definition conforms to the AISC definition as set out by the

World Gold Council in its guidance note dated June 27, 2013. The Company defines all-in sustaining cost as

the sum of cash costs from mine operations, sustaining capital (capital required to maintain current operations

at existing levels), corporate general and administrative expenses, in-mine exploration expenses and

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.

Cash Earnings from Mine Operations

Cash earnings from operations are determined by deducting cash operating costs from revenues recognized in

the period.