Kirkland lake-gold-investor-presentation-feb-bmo-conference-final

FEBRUARY 2017

TONY MAKUCHPresident & Chief Executive Officer

KLGOLD.COMTSX: KL

OTCQX: KLGDF

TIER ONE GOLD PRODUCTION | DISTRICT SCALE EXPLORATION | VALUATION UPSIDE

1

KLGOLD.COM

TSX:KLFORWARD LOOKING STATEMENTS

Cautionary Note Regarding Forward-Looking Information

This presentation contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans,intentions, beliefs and current expectations of Kirkland Lake Gold Ltd. (“Kirkland Lake Gold”) with respect to future business activities and operating and financial performance.Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similarexpressions and include information regarding: (i) expectations for the ability of the combined company to successfully achieve business objectives, including integrating thecompanies or the effects of unexpected costs, liabilities or delays, (iii) the potential benefits and synergies of the combined company, (iv) future production, cash costs, free cashflows, and operations, and (v) expectations for other economic, business, and/or competitive factors.

Investors are cautioned that forward-looking information is not based on historical facts but instead reflect management’s expectations, estimates or projections concerning future results or eventsbased on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although Kirkland Lake Gold believes that the expectations reflected insuch forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factorscould have material adverse effects on future results, performance or achievements of the combined company. Among the key factors that could cause actual results to differ materially from thoseprojected in the forward-looking information are the following: the ability of Kirkland Lake Gold to successfully integrate their respective operations and employees and realize synergies and costsavings at the times, and to the extent, anticipated; the potential impact on exploration activities; the potential impact of the announcement or consummation of the transaction on relationships,including with regulatory bodies, employees, suppliers, customers and competitors; the re-rating potential of the combined company; changes in general economic, business and political conditions,including changes in the financial markets; changes in applicable laws; compliance with extensive government regulation; and the diversion of management time on the integration of the twocompanies. This forward-looking information may be affected by risks and uncertainties in the business of Kirkland Lake Gold market conditions. This information is qualified in its entirety by cautionarystatements and risk factor disclosure contained in filings made by Kirkland Lake Gold Inc. (“KLG”) and Newmarket Gold Inc. (“Newmarket”), with the Canadian securities regulators, including KLG’s andNewmarket’s respective annual information forms, financial statements and related MD&A for the financial year ended December 31, 2015 and their respective interim financial reports and relatedMD&A for the period ended September 30, 2016 filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from thosedescribed herein as intended, planned, anticipated, believed, estimated or expected. Although Kirkland Lake Gold and Newmarket have attempted to identify important risks, uncertainties and factorswhich could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. Kirkland Lake Gold does not intend, and do not assume anyobligation, to update this forward-looking information except as otherwise required by applicable law.

All dollar amounts in this presentation are expressed in U.S. Dollars unless otherwise noted.

Use of Non-GAAP Measures

This Presentation refers to average realized price, operating costs, all-in sustaining costs per ounce of gold sold, free cash flow and cash costs of production because certainreaders may use this information to assess the Company’s performance and also to determine the Company’s ability to generate cash flow. This data is furnished to provideadditional information and are non-GAAP measures and do not have any standardized meaning prescribed by International Financial Reporting Standards (“IFRS”). Thesemeasures should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS and are not necessarily indicative of operating costspresented under IFRS. Refer to each Company’s most recent MD&A for a reconciliation of these measures.

http://www.sedar.com/

KLGOLD.COM

TSX:KLWHY INVEST IN KL GOLD?

1. Refer to Slide 2 “Forward Looking Information” 2017 estimated production guidance 500,000 – 525,000 ounces. 2.Cash position as at Dec 31, 2016, 2016 3. See Non-GAAP Measures sections in forward looking statements; Operating Cash Costs per ounce and AISC per ounce reflect an average USD to CAD exchange rate of 1.28 and a USD to AUD exchange rate of 1.28. 4.See Kirkland Lake Press release dated Feb 27, 2017 for additional detail. 5. Source: Company filings, FactSetand available equity research at Feb 16, 2017. Production and Cash Flow are broker consensus averages exclude Kirkland Lake.

1

3

7.0

10.0

KL Gold Peer Average

$3,171

$4,873

KL Gold Peer Average

Operating Platform in Tier 1 Mining Jurisdictions

Strong Balance Sheet & Low Cost Production

Distr ict Scale Exploration Potential

Strong Value Proposition 5

Enterprise value to ounce of 2017

production

2017 Price to Cash flow

• 2017 guidance of approximately 525,0001 ounces from five underground gold mines in Canada & Australia.

• Macassa Gold Mine record results (FY/16 175koz)(Q4/16 52koz)

• Fosterville Gold Mine record results (FY/16 151koz) (Q4/16 44koz)

• Cash Position US$234 million2

• 2017 Operating costs US$625 – $675/oz & AISC US$950 - $1,000/oz3

• Preliminary consolidated 2016 full year operating cost $575/oz and AISC $920/oz and Q4, 2016 operating cost $535/oz and AISC $875/oz4

• Significant discovery and expansion potential in established gold camps

• +20 drill rigs in operation across Canada & Australia

• 2017 growth exploration budget of US$45 - $55 million

KLGOLD.COM

TSX:KLOPERATING PLATFORM IN TIER 1 MINING JURISDICTIONS

4

295,838 oz

239,724 oz

100,000

150,000

200,000

250,000

300,000

350,000

Canadian Operations Australian Operations

2016 Gold Product io n By Country

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000

550,000

600,000

Pro Forma Consolidated

1.Pro forma information operating results from: (i) the former Newmarket Gold Inc. (“Newmarket”) assets for the entire 12-month period ended December 31, 2016 including the period from January 1, 2016 to November 29, 2016 prior to the merger with Kirkland Lake Gold Inc. (“KLG”) on November 30, 2016 (See Newmarket Press Release dated November 3, 2016); and (ii) the Holt Mine Complex for the entire 12-month period ended December 31, 2016, including the period of January 1, 2016 to January 25, 2016 prior to the acquisition of St Andrew Goldfields Ltd. (“SAS”) by KLG on January 26,

2016 (See KLG press release dated May 12, 2016). See Press Releases dated January 9, 2017 and February 27, 2017 filed on the SEDAR profile of the Company

1

542,751 oz

• Canadian gold operations exceeded 2016 guidance of 270k – 290k ounces

• Australian operations exceeded 2016 production guidance of 225k – 235k ounces

• Preliminary consolidated 20161 operating cost per ounce2 of $575, well below the lowest range of the operating cost guidance of US$600-$650

• Preliminary consolidated all in sustaining cost (“AISC”) per ounce2 of $920 in 2016 versus guidance of US$1,000-1,050

KLGOLD.COM

TSX:KL

5

CANADIAN OPERATIONS AUSTRALIAN OPERATIONS

(U.S.)$Macassa Mine

Holt Gold Mine

Taylor Gold Mine

Fosterville Gold Mine

Cosmo Gold Mine

Consolidated

Gold Production (oz)180,000 –185,000

65,000 –70,000

55,000 –60,000

140,000 –145,000

60,000 –65,000

500,000 – 525,000

Operating Cash Costs per Ounce1,2 $552 –$568

$672 –$723

$551 –$601

$467 –$484

$941 –$1020

$625-$675

AISC per Ounce1,2 $950-$1,000

Sustaining Capital and growth capital ($ million)

$180-$200

Exploration Expenditure ($ million) $45-$55

Royalty cost ($ million) $16-$20

G & A $14

2017 OUTLOOK FOR THE NEW KL GOLD

1) See Non-GAAP Measures sections in forward looking statements; 2) Operating Cash Costs per ounce and AISC per ounce reflect an average USD to CAD exchange rate of 1.28 and a USD to AUD exchange rate of 1.28. See Press Release dated February 27, 2017 filed on the SEDAR profile of the Company.

Macassa36%

Taylor11%

Fosterville28%

Holt13%

Cosmo12%

2017E production by Mine

KLGOLD.COM

TSX:KL

61 Preliminary Cash position is as at December 31, 2017 press release, see release for additional details 2 Non-GAAP measures, refer to slide 2 “Cautionary Language”, Canadian: US Dollar exchange $0.75

STRONG BALANCE SHEET(as at December 31, 2016)

Cash US$234 million

Convertible Debentures US$89 million

KGI.DB: 6% C$15.00 conversion price C$56.9MM mature June 2017

KGI.DB.A: 7.5% C$13.70 conversion price C$62.1MM mature Dec 2017

Net Cash US$145 million

CAPITAL STRUCTURE & OWNERSHIP (as at December 31, 2016)1,2,3

Issued & Outstanding 203 million

Fully Diluted Including Convertible Debentures 220.8 million

Market Capitalization (February 15, 2017) +CAD$ 2.1 Billion

Daily Avr. Volume – 50 day (February 15, 2017) 1.2 million shares

52 week high – low (TSX - CAD) $11.15 - $3.47

Insider Ownership (Eric Sprott) ~10%

No gold hedging in place

Fosterville Gold Mine, Australia Macassa Gold Mine, Ontario

STRONG FINANCIAL POSITION

Change in reporting currently to US$ for December 31, 2016 year end financial results

KLGOLD.COM

TSX:KLHIGH GRADE, LOW COST CORNERSTONE ASSETS

CORNERSTONE ASSETS

LOW COST OUNCES

DISTRICT SCALE GROWTH

Source: Company Guidance, respective NI 43-101 reports (see appendix), and YTD/2016 results Refer to appendix for “NI 43-101 Disclosure”. Refer to slide 2 “Cautionary Language” use of Non-GAAP measures..

1. Kirkland Lake Gold guidance provided Jan 9, 2017, refers to high end range of guidance 2. Pro Forma 2016 YTD Operating Cas h Costs and All-in Sustaining Costs as at September 30, 2016 YTD7

CORNERSTONE ASSETS

LOW COST OUNCES

DISTRICT SCALE GROWTH

Macassa MineFosterville Gold Mine

Taylor Gold Mine

Consolidated

P&P Reserve Grade (g/t Au) 19.2 7.0 6.3 13.7

2016 FY Production (oz) 175,167 151,755 42,639 > 369,000

Operating Costs (US$/Oz Sold) Q3 YTD/16A1 US$568 US$461 US$433 < US$600

AISC (US$/Oz Sold) Q3 YTD/16A1 US$935 US$743 US$670 < US$825

• Macassa Gold Mine, Fosterville Gold Mine & Taylor Gold Mine

• ~ 75% of 2017E production

• Growth potential with excess milling capacity at each mill

• <US$600 Operating Costs and <US$825 AISC2 (YTD 2016A)

• Fosterville exploration lease +500km2

• Macassa exploration lease +40km2

• 120 Km land package along prolific Porcupine Destor Fault

KLGOLD.COM

TSX:KL

8

MACASSA: KEY VALUATION DRIVER FOR KL GOLD

41,054

38,929

42,866

52,318

15.3

12.2

13.7

16.3

10

11

12

13

14

15

16

17

18

19

20

Q1 - 16 Q2- 16 Q3 - 16 Q4 - 16

30,000

35,000

40,000

45,000

50,000

55,000

Go

ld P

rod

uct

ion

(oz

)

Go

ld G

rad

e (g

/t)

MINERAL RESOURCE & RESERVES (Dec 31. 2014)

Proven and Probable Mineral Reserves 1.46 million ounces of gold grading 19.3g/t gold. (Dec 31. 2014)1

Measured and Indicated Mineral Resources are exclusive of Mineral Reserves contain 2.0 million ounces grading 16.8 g/t gold

Extensive surface and underground drilling underway

$970 $1,003$959

$820

$612 $644$546

$415

SY 2015 Q2 2016 Q3 2016 Q4 2016

Production Costs US$/oz2,3 AISC OCC

The Macassa Mine is a high-grade gold mine, with grade improving at depth, located in Kirkland Lake, Ontario

1. Refer to appendix for NI 43-101 Disclosure 2. SY refers to Stub Year 2015 referencing April 30, 2015 to December 31 2015 8 months 3. .See Kirkland Lake Press release dated Feb 27, 2017 for additional detail reporting preliminary Q4 2016 operating and AISC

KLGOLD.COM

TSX:KLPLAN VIEW OF PROJECT AREA – KIRKLAND LAKE GOLD CAMP

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• The Kirkland Lake gold camp has been in production for + 100 years

• One of the highest grade gold camps in the world

• Almost 25 Moz’s has been produced to date, from seven mines

• Kirkland Lake Gold owns five former producing high grade mines with historical production of ~22 Moz’s of gold

• Average head grade of 15.1 g/tSouth Mine Complex Gold DepositSMC

KLGOLD.COM

TSX:KLREGIONAL EXPLORATION ACROSS A PROLIFIC TREND

See KLG press releases dated January 19, 2016 and November 7, 2016 filed on the sedar profile of KLG on www.sedar.com

• Significant expansion potential down dip, along strike• Previously released surface exploration results to the east returned values of 29.5 g/t gold over 0.3m (AB-15-92) and 28.1 g/t gold

over 0.6m.(AB-15-106)• Recent Highlight results along the easterly strike of the SMC include:• 651.8 g/t gold over 3.8 metres, 102.5 g/t gold over 3.2 metres and 100.5 g/t gold over 1.6 metres

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SMC


KLGOLD.COM

TSX:KL

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FOSTERVILLE GOLD MINE: LOW COST PRODUCER

33,138

37,245 36,967

44,406

7.34 7.5

6.91

8.48

6

6.5

7

7.5

8

8.5

9

9.5

10

Q1 - 16 Q2- 16 Q3 - 16 Q4 - 16

20,000

25,000

30,000

35,000

40,000

45,000

50,000

Go

ld P

rod

uct

ion

(oz

)

Go

ld G

rad

e (g

/t)


Proven and Probable underground Mineral Reserves increased 34% to 244,000 ounces of gold. (Dec 31. 2015)1

Mineral Reserve grade increased 25% grading 6.95 g/t gold (Dec 31. 2015)

Fosterville’s current mining front comprising the Phoenix and Lower Phoenix gold systems, and associated structures, host Measured and Indicated Mineral Resources containing 673,000 ounces grading 8.33 g/t and Inferred Mineral Resource of 101,000 ounces grading 9.49 g/t gold

$723 $741 $765

$645

$473 $440 $471$420

Q1 16 Q2 16 Q3 16 Q4 16

Production Costs US$/oz2 AISC OCC

The Fosterville Gold Mine is the largest gold producer in the state of Victoria, Australia

1. Refer to appendix for NI 43-101 Disclosure. 2.See Kirkland Lake Press release dated Feb 27, 2017 for additional detail, costs presented for Q4 16 only represent the one month since the transaction with Newmarket Gold ending December 31, 2016 reporting preliminary Q4 2016 operating and AISC

KLGOLD.COM

TSX:KL

12

Harrier Drill Drive

12.5 g/t Au over 2.4m


Lower Phoenix

Drill Targets

Harrier Decline

Harrier


6.5 g/t Au over 25m



7.3 g/t Auover 13.9m

80

50

mN


22.1 g/t Au over 3.3mFirst recorded visible gold from Harrier

16.6 g/t Au over 3.05m 11.99 g/t Au over 3.4m




112 g/t Au over 11.9m


386 g/t Au over 3.4m16.4 g/t Au over 16.5m


64.80 g/t Au over 4.3m (VG)

46.2 g/t Au over 6.6m (VG)






129 g/t Au over 6.2m (VG)


1,429 g/t Au over 4.97m

FOSTERVILLE GOLD MINE: DRILLING SUCCESS

Mineral Resources, Reserves and mining as at December 31, 2015

• Consistently intersecting high-grade gold in multiple zones: Harrier, Lower Phoenix, Lower Phoenix South and Lower Phoenix North with grade increasing at depth on all zones

• Key intercepts Lower Phoenix South & North: 12.75 g/t gold over 4.5m, 13.4g/t gold over 3.8m, 12.5 g/t gold over 2.4m, & 7.3 g/t gold over 13.9m

• High-Grade Visible Gold (VG) intercepts at Harrier Gold Zone; 64.8 g/t gold over 4.3m, 46.2 g/t gold over 6.6m

• Record high-grade drill intercept on the Lower Phoenix foot wall announced Jan 17, 2017 including 1,429 g/t gold over 4.97m

All intercepts presented are estimated true width

KLGOLD.COM

TSX:KL

13

FOSTERVILLE GOLD MINE: DISTRICT SCALE POTENTIAL

Harrier Drill Drive

= Visible gold elevation depth, increasing with depth

Current Mining FrontBLOCK A

BLOCK C

BLOCK D

BLOCK B

Lower Phoenix

Phoenix

Current Mining Front, UG Reserve 244,000 ounces at 6.95g/t Au with Measured and Indicated resources of 673,000 ounces at 8.33 g/t Au and Inferred Resources of 101,000 ounces at 9.49 g/t Au as of Dec 20152

With additional drilling success blocks A,B,C and D are targeted to add +5 years of additional mine life on top of current reserves and resources (Block B drilling underway testing 1000 metres down plunge from current resources/reserves)

Mill Capacity +850k tpa, currently at ~700k tpa. opportunity to open additional mining fronts (three total) in Block A and Block D

Additionally there are over 20 kilometers of potential gold bearing structures on the 505km2

Fosterville property highlighting the exceptional potential of this district

1. Refer to slide 2 forward looking “Cautionary Language’ 2. Refer to Slide 39-43 “NI 43-101 Disclosure

KLGOLD.COM

TSX:KLFOSTERVILLE FAULT MINING LEASE LONG SECTION

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Target

Target

Target

Current mining front

Mining lease long section ~17km2) contains ~10km strike length of Mineral Resources with ~7km on Fosterville Fault Line and ~3km on the O’Dwyer’s Fault Line

Shallow, limited drilling North of the Central North past producing open pit

Near mine mineralization remains open along strike and down plunge, gradual grade increasing at depth in the Lower Phoenix and Harrier zones

Fosterville Fault is one of many gold bearing structures within a 505km2 exploration lease land package

Limited shallow 50-100m drilling

KLGOLD.COM

TSX:KLFOSTERVILLE REGIONAL POTENTIAL

15

• Mining lease (MIN5404:~17km2) contains ~10km strike length of Mineral Resources with ~7km on Fosterville Fault Line and ~3km on the O’Dwyer’s Fault Line.

• Surrounding exploration leases encompass ~505km2 and contain ~60km of potential gold-bearing structures along 7 interpreted fault lines.

• 5 of the 7 lines contain known gold occurrences with historic resources and/or historic workings.

• The FGM processing plant is located within 30km of prospective targets.

• Limited exploration work on surrounding exploration lease

• The 2017 exploration program includes planned drilling for the Sugarloaf Line (SW of operation), soil sampling in northern part of exploration lease and 2D seismic lines over northern and southern ends of mining lease.

• District scale potential within a well known camp of multi-million ounce gold deposits

673,000 ounces M&I resources at 8.33 g/t gold1, current mining front*

Fosterville mill

* Refer to appendix NI 43-101 technical disclosure

KLGOLD.COM

TSX:KL

16

TAYLOR GOLD MINE: KL GOLD’S NEWEST PRODUCER

7,347

11,40811,630

10,048

7.6

6

7.16.7

5

5.5

6

6.5

7

7.5

8

Q1 - 16 Q2- 16 Q3 - 16 Q4 - 16

5,000

6,000

7,000

8,000

9,000

10,000

11,000

12,000

Go

ld P

rod

uct

ion

(oz

)

Go

ld G

rad

e (g

/t)


Proven and Probable Mineral Reserves 156,000 ounces of gold, grading 6.3 g/t (Dec 31. 2014)1

Measured and Indicated Resources 302,000 ounces of gold grading 4.5 g/t

Kirkland Lake Gold’s newest mine, first full year production

Significant exploration potential along the Porcupine Destor Fault Zone

$732$670

$379$433

Q3 - 16 Q3 YTD

Production Costs US$/oz AISC OCC

The Taylor Gold Mine is high-grade cornerstone asset for the company, located approx.70 km west of the Holt Mill

1. Refer to appendix for NI 43-101 Disclosure

KLGOLD.COM

TSX:KLTAYLOR GOLD MINE: UPSIDE POTENTIAL

1.5km1.5km Multi-rig diamond drilling underway

Recent drill results announced new discoveries and extensions at the Taylor Gold Mine Complex

10.31 g/t Au over 3.2 m new WPZ Deposit style mineralization approximately 300 m to the west

9.50 g/t Au over 4.5 m identifies up-dip extension of the WPZ Deposit 1004 Zone

3.29 g/t Au over 9.6 m and 4.59 g/t Au over 5.8 m on surface, identifies new mineralization 800 m east of the Shaft Deposit

17

10.3 g/t Au over 3.2 m

9.5 g/t Au over 4.5 m

3.29 g/t Au over 9.6 m and 4.59 g/t

Au over 5.8 m

Longitudinal View Looking North

39.6 g/t Au over 1.1 m (14.6 g/t Au over 1.1 m cut)

13.9 g/t Au over 1.5 m (12.7 g/t Au over 1.5 cut)

KLGOLD.COM

TSX:KL

18

PROJECT LOCATION – DISCTRIC SCALE OPPORTUNITY

KLGOLD.COM

TSX:KLVALUE PROPOSTION

19

Price / 2017E Cash Flow1P / NAV1

Source: Company filings, FactSet, Bloomberg, and available equity research, market data as of Feb 16, 2017 1. NAV, Production, and Cash Flow based on broker consensus; Averages exclude Kirkland Lake

EV / 2017E Production1

$6,167

$6,057

$5,761

$5,476

$5,008

$5,003

$4,170

$3,985

$3,619

$3,481

$3,171

Torex

Guyana

Alamos

Richmont

Detour

Northern Star

Klondex

Regis

New Gold

OceanaGold

Kirkland Lake

Peer Avg. US$4,873/oz

16.0x

12.9x

12.0x

11.9x

11.1x

10.5x

8.3x

7.0x

6.5x

6.1x

5.3x

Alamos

Guyana

Klondex

Richmont

Torex

Detour

Regis

Kirkland Lake

Northern Star

New Gold

OceanaGold

Peer Avg. 10.1x

1.46x

1.28x

1.24x

1.22x

1.20x

1.20x

1.13x

1.12x

1.09x

0.90x

0.74x

Klondex

Regis

OceanaGold

Kirkland Lake

Torex

Richmont

Alamos

Northern Star

Guyana

New Gold

Detour

Peer Avg. 1.14x

KLGOLD.COM

TSX:KLFOCUSED EXECUTION & VALUE CREATION

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KL Gold is focused on maintaining positive and growing free cash flow margins while keeping a disciplined approach to capital allocation to ensure profitable sustainable gold production

Low cost, Robust Margins Diversified Production

Strong Balance SheetDistrict Scale

Exploration Potential Cash balance of US$234 million at

December 31, 2016

2017 Gold Production of +500,000 ozSolid Operating Platform in Tier 1 Mining

Jurisdictions

High quality projects with significant exploration upside

Strong free cash flow generation and committed leadership team to deliver

targets

NEWS FLOW & CATALYSTS

Q1Q1 – Q4Q1

Full Year Pro Forma Results

Extensive Exploration News

Resource & Reserve Update

Organic Growth Opportunities

DELIVER SUPERIOR SHAREHOLDER VALUE

APPENDIX

Notes, additional disclosure and other information

KLGOLD.COM

TSX: KL

February 2017

KLGOLD.COM

TSX:KLANALYST COVERAGE (Jan 2017)

22

Firm Anonymous GMP Barclays CIBC Merrill TD RBC ITG Instinet

Shares Traded 9.6 million 4.9 million 4.6 million 4.5 million 2.7 million 2.4 million 2.2 million 1.6 million 1.3 million

50 Day Avg Volume 1,200,000 (as of Feb 15, 2017)

BrokerInitiation

Date

TargetPrice (C$)

Target RatingFY17E

Production Oz(000’s)

FY17ECash Costs

(US$)

FY17EAISC (US$)

CAPEX (US$ MM)

NAV (C$M)

CIBC Dec ’16 $10.25 outperform 505 $570 $920

Scotia - $10.00 outperform 509 $625 $895 $1,323

GMP Oct ’15 $14.50 buy 509 $637 $960 $113 -

Macquarie Dec ’16 $14.00 outperform 454 $601 877 $146 $US836

RBC Capital Dec ’16 $11.00 outperform 561 $597 $934 $131 $1,169

PI Financial Jan ’16 $11.90 buy 515 $585 $892

National Bank Dec ’16 $11.35 Outperform 510 $741 1,087

M Partners Dec ’16 $12.50 buy 500 $680 S1,001

BMO - $9.00 market Perform 502 $580 $926

Average $10.87

OPINIONS ESTIMATES OR FORECASTS REGARDING KIRKLAND LAKE GOLD PERFORMACE MADE BY THESE ANALYSTS ARE THIERS ALONE AND DO NOT REPRESENT THE OPINIONS ESTIMATES OR FORECASTS OF KIRKLAND LAKE GOLD OR ITS MANAGEMENT.

KLGOLD.COM

TSX:KLPEER GROUP ANALYSIS

Note: As at Jan 16, 2017, based on Companies’ Q3/16 Reporting OCF and FCF are shown prior to changes in net working capital, debt repayment and dividends

CLEAR VALUATION OPPORTUNITY WITH TIER ONE, LOW COST PRODUCTION

23

2016 YTD Production, Cost, and Free Cash Flow versus Peers

Market Capitalization C$M $1,707 $3,103 $3,698 $3,669 $2,987 $2,173

Enterprise Value C$M $1,561 $3,394 $3,580 $4,100 $2,980 $2,561

Jan 1 - Sep 30, 2016 (Q1 - Q3)

Production koz AuEq 393 394 517 410 286 199

Cash Cost US$/oz $646 $705 $503 $495 $780 $545

AISC US$/oz $953 $960 $741 $765 $1,002 $727

Operating Cash Flow C$M $236 $224 $337 $275 $128 $136

Free Cash Flow C$M $138 $136 $171 ($73) ($12) ($15)

Annualized FCF Yield % 10.7% 5.9% 6.2% (2.7%) (0.8%) (0.9%)

Annualized Multiples

P / 2016 OCF ratio 5.4x 10.4x 8.2x 10.0x 11.7x 12.0x

EV / 2016 Production US$/oz $2,980 $6,456 $5,189 $7,504 $7,806 $9,653

KLGOLD.COM

TSX:KLTIER ONE CANADIAN OPERATIONS 2017E

Macassa Gold Mine

Macassa Mill 2,000 tpd

District Scale Opportunity +40km2 Land

2017E Production Guidance Macassa Mine (oz) 180,000 – 185,000

Holt | Taylor Gold Mines

Holt Mill 3,000 tpd

District Scale Opportunity (Porcupine Destor Fault 120km Strike along PDFZ

2017E Production Guidance Holt Mine (oz) 65,000 – 70,000

2017E Production Guidance Taylor Mine (oz) 55,000 – 60,000

Consolidated Cost Guidance

Consolidated operating cash costs US$625 – US$675 per oz1

Consolidated All-in Sustaining Costs US$950-US$1,000 per oz11. Refer to slide 2 forward looking and Non IFRS Disclosure, operating Costs per ounce and AISC per ounce reflect an average USD to CAD exchange rate of 1.28 and a USD to AUD exchange rate of 1.28. 24

KLGOLD.COM

TSX:KLTIER ONE AUSTRALIAN OPERATIONS 2017E

Fosterville Gold Mine

Fosterville Mill 2,400 tpd

District Scale Opportunity +500km2 Land

2017E Production Fosterville Mine (oz) 140,000 – 145,000

Cosmo Gold Mine

Union Reefs Mill 5,000 tpd

2017E Production Cosmo Mine 60,000 – 65,000

Consolidated Costs

Consolidated operating cash costs US$625 – US$675 per oz1

Consolidated All-in Sustaining Costs US$950-US$1,000 per oz1

1. Refer to slide 2 forward looking and Non IFRS Disclosure, operating Cash Costs per ounce and AISC per ounce reflect an ave rage USD to CAD exchange rate of 1.28 and a USD to AUD exchange rate of 1.28.25

KLGOLD.COM

TSX:KLBOARD AND SENIOR MANAGEMENT

26

Board of Directors

Eric Sprott Chairman of the Board

Anthony Makuch President & CEO

Barry Olson Independent

Pamela Klessig Independent

Jeffrey Parr Independent

Raymond Threlkeld Independent

Maryse Belanger Independent

Jonathan Gill Independent

Arnold Klassen Independent

Senior Management Team

Anthony Makuch President & Chief Executive Officer

Darren Hall Chief Operating Officer

Philip Yee Chief Financial Officer

Alasdair Federico EVP Corporate Affairs and CSR

KLGOLD.COM

TSX:KL

FY 2016 Production (ozs) Q4/15 Q4/16 FY/2015 FY/2016

MACASSA GOLD MINE 37,979 52,318 102,597 175,167

HOLT MINE COMPLEX 10,677 35,634 127,860

CONSOLIDATED PRODUCTION1 75,134 87,952 210,330 303,027

2016 FY GUIDANCE 270k-290k

Q3/16 Canadian Operating Results Tonnes Milled Grade (g/t Au) Recovery (%) Production (ozs)

MACASSA MINE COMPLEX1 100,357 13.7 96.9 42,866

HOLT MINE 101,283 4.8 95.1 14,950

HOLLOWAY MINE 53,780 5.1 88.4 7,829

TAYLOR MINE 52,466 7.1 97.1 11,630

CONSOLIDATED PRODUCTION 77,274

Q4/16 Canadian Operating Results Tonnes Milled Grade (g/t Au) Recovery (%) Production (ozs)

MACASSA MINE COMPLEX1 102,289 16.3 97.6 52,318

HOLT MINE 113,499 4.6 94.5 15,761

HOLLOWAY MINE 65,215 5.4 87.3 9,825

TAYLOR MINE 48,254 6.7 96.1 10,048


CANADIAN OPERATIONS1 - BEAT 2016 GUIDANCE

27

1.Pro forma information operating results from: (i) the former Newmarket Gold Inc. (“Newmarket”) assets for the entire 12-month period ended December 31, 2016 including the period from January 1, 2016 to November 29, 2016 prior to the merger with Kirkland Lake Gold Inc. (“KLG”) on November 30, 2016 (See Newmarket Press Release dated November 3, 2016); and (ii) the Holt Mine Complex for the entire 12-month period ended December 31, 2016, including the period of January 1, 2016 to January 25, 2016 prior to the acquisition of St Andrew Goldfields Ltd. (“SAS”) by KLG on January 26, 2016 (See KLG press release dated May 12, 2016). See Press Release dated January 9, 2017 filed on the SEDAR profile of the Company at www.sedar.com.


KLGOLD.COM

TSX:KLAUSTRALIAN OPERATIONS1 - BEAT 2016 GUIDANCE

Q4/16 Australian Operating Results Tonnes Milled Grade (g/t Au) Recovery (%) Production (ozs)

FOSTERVILLE GOLD MINE 176,242 8.48 92.4 44,406

COSMO GOLD MINE 157,770 2.78 94.5 13,307

STAWELL GOLD MINE 172,049 1.49 84.5 6,971


FY 2016 Production (ozs) Q4/15 Q4/16 FY/2015 FY/2016

FOSTERVILLE GOLD MINE 36,967 44,406 123,095 151,755

COSMO GOLD MINE 10,677 13,307 63,255 55,765

STAWELL GOLD MINE 8,150 6,971 36,321 32,204

CONSOLIDATED PRODUCTION 55,794 64,684 222,671 239,724

2016 FY GUIDANCE2 225k-235k

Q3/16 Australian Operating Results Tonnes Milled Grade (g/t Au) Recovery (%) Production (ozs)

FOSTERVILLE GOLD MINE 185,071 6.9 89.1 36,967

COSMO GOLD MINE 138,801 2.5 95.3 10,677

STAWELL GOLD MINE 218,702 1.5 80.1 8,150


28

1.Pro forma information operating results from: (i) the former Newmarket Gold Inc. (“Newmarket”) assets for the entire 12-month period ended December 31, 2016 including the period from January 1, 2016 to November 29, 2016 prior to the merger with Kirkland Lake Gold Inc. (“KLG”) on November 30, 2016 (See Newmarket Press Release dated November 3, 2016); and (ii) the Holt Mine Complex for the entire 12-month period ended December 31, 2016, including the period of January 1, 2016 to January 25, 2016 prior to the acquisition of St Andrew Goldfields Ltd. (“SAS”) by

KLG on January 26, 2016 (See KLG press release dated May 12, 2016).

KLGOLD.COM

TSX:KLLOW COST, HIGH MARGIN GOLD PRODUCTION

Financial Results1 (Nine months ended September 30,2016) Pro forma Results

Free Cash Flow (C$)2 $138 million

Revenue (C$) $645 million

Net Income (C$) $91 million

Operating Costs (US$/oz sold)2 US$646/oz

AISC (US$/oz sold)2 US$954/oz

Tracking Below Guidance

1 2016 gold production and financial results pro forma to include results from Newmarket Gold Australia operations 2. Average realized price per ounces of gold sold, operating costs and all-in sustaining costs per ounce

of gold sold are non-GAAP measures. See slide 2, “Cautionary Language”, for an explanation of the use of these non-GAAP measures.* CAD to USD exchange rate based on average YTD rate of 1.32

* See respective MD&A and Financial Statements for Q3/16 for additional disclosure. 29

Operating and AISC3 (Preliminary 2016 full year) Consolidated



Beat guidance

Operating and AISC3 (Preliminary Q4 2016) Consolidated



KLGOLD.COM

TSX:KLPRO FORMA KIRKLAND LAKE CANADIAN OPERATIONS YTD 2016

Consolidated 2016 Results TableQ3/162 YTD 20163

Gold Sales (Ounces) 76,339 217,792

Average Realized Price (US$/oz)1 US$1,321 US$1,249

Based on Revenues of (C$ millions) $131.5 $359.5

Operating Costs (US$/oz sold)1 US$540 US$591

Based on Operating Costs (C$ millions) $53.7 $174.4

AISC (US$/oz sold)1 US$970 US$940

1 Average realized price per ounces of gold sold, operating costs and all-in sustaining costs per ounce of gold sold are non-GAAP measures. See slide 2, “Cautionary Language”, for an

explanation of the use of these non-GAAP measures. FX USD/CAD Average for Q3/2016 was 1:1.3050 3. First nine months ending September 30, 2016. See Press Release dated February

27, 2017 filed on the SEDAR profile of the Company.

YTD 2016 Financial Information

Free Cash Flow* C$87.5 million

Net Income US$51.0 million

30

KLGOLD.COM

TSX:KLPRO FORMA KIRKLAND LAKE AUSTRALIAN OPERATIONS YTD 2016

Consolidated 2016 Results TableQ3/162 YTD 20163

Gold Sales (Ounces) 54,053 175,041

Average Realized Price (US$/oz)1 US$1,329 US$1,240

Based on Revenues of (US$ millions) $71.9 $216.0

Operating Costs (US$/oz sold)1 US$777 US$714

Based on Operating Costs (US$ millions) $49.8 $148.3

AISC (US$/oz sold)1 US$1,076 US$971

YTD 2016 Financial Information

Free Cash Flow* US$38.2 million

Net Income US$30.2 million

1 Average realized price per ounces of gold sold, operating costs and all-in sustaining costs per ounce of gold sold are non-GAAP measures. See slide 2, “Cautionary Language”, for an

explanation of the use of these non-GAAP measures. 3. First nine months ending September 30, 2016

31

KLGOLD.COM

TSX:KLDIVERSE ASSET PORTFOLIO

Strong Pipeline of Growth Projects

Significant Exploration Potential

• Macassa: Cornerstone, high-grade operation (average reserve grade of 19.2 g/t)

• Fosterville: Flagship operation continuing to demonstrate record production and record grades

• Taylor: Exciting newly-built mine with exploration upside to drive future growth

• Holt-Holloway: Sustainable and profitable production

• Cosmo: New near mine discoveries support improved operations

• Stawell: 30 years of continuous production with near mine exploration discovery

• Holt Mine Complex (Zone 7): Planned production in 2018 will provide >25kozs per year to the Holt Mine production profile

• Hislop Mine: Potential development asset (shallow open pit opportunity proximal to mill)

• Maud Creek: PEA-stage project planned to produce an average of ~50koz Au/year leveraging excess capacity at the 100% owned Union Reefs mill

• Big Hill: Low-cost, shallow oxide open pit opportunity within existing Stawell mining lease

• Kirkland Lake Camp: Drilling to test the extension of the SMC and the historic ‘04/Main break at depth

• Porcupine-Destor Fault Zone: Focus to increase mine-life, as well as drill testing a 120km strike length of prospective ground for new discoveries

• Victoria: New high-grade discovery at Fosterville, active drilling on Aurora B discovery at Stawell

• Northern Territory: New discoveries at Cosmo including Redbelly & Taipan Lode, with continued exploration success at Sliver Lode

Refer to Reserve and Resource Statements in Appendix of this presentation. Refer to Slide 31 “NI 43-101 Disclosure”.

32

KLGOLD.COM

TSX:KLMACASSA MINE COMPLEX OVERVIEW

0

50000

100000

150000

200000

CY2015 YTD2016

Gold Production (oz)

Prior to 2016 the Company’s year end was May 1 to April 30

F2014A F2015A YTD2016A

Cash Costs (US$/oz)

$812 $625 $568

AISC (US$/oz) $1,141 $803 $935

• 1,000tpd underground operation • 70% of ore tonnes derived from the higher grade South

Mine Complex, and 30% from the ‘04 Break mineralization• Mining to depths of 5400 feet below surface

• 2,000tpd processing capacity (50% unused)• Conventional CIP milling facility with 4 available mills

grinding to 40 to 45 micron• Recoveries averaging over 95%

• Opportunities being reviewed to increase production and reduce costs

Resources are exclusive of Reserves. Refer to Reserve and Resource Statements Slide 31 “NI 43-101 Disclosure”. Refer to Slide 2 “Use of Non-GAAP Measures”.1 Adjusted to reflect calendar-year production and grade. 2. as at September 30, 2016

1

Reserves & Resources (Dec. 31, 2014)

Mid-point of F2016 Guidance

#3 Shaft #2 Shaft

155,226 122,849

2

Macassa Mine Complex

Mineral Reserves (P&P) 1.463 Moz @ 19.2g/t Au (2.4 M tonnes)

Mineral Resources (M&I)

2.047 Moz @ 16.8g/t Au (3.8 M tonnes)

Mineral Resources (Inferred)

1.177 Moz @ 19.2g/t Au (1.9 M tonnes)

33

KLGOLD.COM

TSX:KLSOUTH MINE COMPLEX

Refer to 2015, 2015 MD&A detailed mined grade disclosure to actual mined grades34

5000 – 5100 level average mined grade (13g/t gold – 15g/t gold)



Grade trend continues to increase with depth

Proposed development

SMC zone remain open down plunge and along strike, drilling underway

KLGOLD.COM

TSX:KLMACASSA CROSS SECTION LOOKING EAST

SELECTED HIGHLIGHTS

AB-15-12 11.7 gpt/ 0.3 metres0.34 opt/ 1.0 feet

AB-15-233,241.4 gpt/ 0.7 metres

94.54 opt/ 2.3 feet

11.7 gpt/ 0.3 metres0.34 opt/ 1.0 feet

AB-15-5312.3 gpt/ 0.5 metres

0.36 opt/ 1.7 feet

AB-15-91646.3 gpt/ 0.9 metres

18.85 opt/ 2.8 feet

including1,783.2 gpt/ 0.3 metres

52.01 opt/ 1.0 feet

And89.5 gpt/ 0.3 metres

2.61 opt/ 1.0 feet

See press release dated November 3, 2015, as filed on SEDAR

35

KLGOLD.COM

TSX:KLSOUTH MINE COMPLEX (SMC) UNDERGROUND DRILLING

Plan View showing 5300’ Level infrastructure testing the easterly strike extension of the SMC

36

KLGOLD.COM

TSX:KLSMC DRILLING ON THE HM CLAIM

37

KLGOLD.COM

TSX:KL’04 MAIN BREAK UNDERGROUND DRILLING

3000’Level

Long Section View Looking North

38

KLGOLD.COM

TSX:KLHolt-Holloway Exploration Targets

Holt Property

Holloway PropertyHolloway West

(Harker)

Lightval

39

KLGOLD.COM

TSX:KLHOLT MINE COMPLEX

40

90,676

107,733

127,860

2014A 2015A 2016A


Mine Overview Stats

2014A 2015A 2016A

Gold Production(oz)

90,676 107,733 127,860

Gold Grade (g/t) 4.3 5.3 -

Cash Costs (US$/oz)

$851 $698

AISC (US$/oz) $1,072 $942

• Three producing mines (Holt, Holloway and Taylor) contribute ~2,200tpd

• Holt contributes ~1,200tpd• Holloway contributes ~450tpd• Taylor contributes ~ 550tpd

• 3,000tpd processing capacity (30% unused)• Conventional CIL milling facility• 3 mill grinding circuit

• P&P reserves of 0.8 Moz at 5.1 g/t, M&I of 1.4 Mozat 4.1 g/t and Inferred Resources of 1.8 Moz at 4.6 g/t

• 2016 exploration is focused on increasing the level of resources and reserves to boost mine life

• In Q4 will commence drill testing targets with potential to add to the production profile in years to come


KLGOLD.COM

TSX:KLHOLT EXPLORATION TARGETS

Tousignant Deposit

Zone 6

Zone 4

Mattawasaga Pits

Zone 7

Surface

1075m Level

925m Level

435m Level

Current drift

development

Long section view looking north

Zone 4 West Extension

500 m1 km 02 km3 km 1 km 1.5 km

TOUSIGNANT TARGETZONE 7 TARGET

ZONE 4 TARGET

P&P Reserves1 M&I Resources Inferred Resources

Holt Mine (All Zones)591 koz

3.9Mt @ 4.8 g/t Au

957 koz

7.6Mt @ 3.9 g/t Au

1.2 Moz

7.9Mt @ 4.7 g/t Au

Zone 4

(includes Zone 4 East)

201 koz

1.5Mt @ 4.3 g/t Au

544 koz

4.4Mt @ 4.0 g/t Au

23 koz

0.2Mt @ 4.0 g/t Au

Zone 4 West Extension - -861 koz

5,552,000 @4.82g/t Au

Zone 6147 koz

0.8Mt @ 6.0 g/t Au

48 koz

0.2Mt @ 7.6 g/t Au

28 koz

0.1Mt @ 7.9 g/t Au

Zone 7152 koz

1.0Mt @ 4.5 g/t Au

159 koz

1.4Mt @ 3.4 g/t Au

92 koz

0.8Mt @ 3.7 g.t Au


KLGOLD.COM

TSX:KLHOLLOWAY EXPLORATION

Surface

Shaft Bottom

(867m)

Long section view looking north

LIGHTNING DEEP TARGET

(down plunge)

LIGHTNING DEEP (up-dip)

DEEP THUNDER

LIGHTVAL

TARGETCANAMAXBLACKTOP EAST

HOLLOWAY NORTH

TARGET

Targeting a number of targets along strike on the Holloway property• Lightval (surface target)• Holloway North (~500m below surface)• Lightning Deep (down plunge to the east, and up dip to the north)• Blacktop (east and west along strike…and to depth towards Smoke)

P&P Reserves1 M&I Resources Inferred Resources

Holloway Mine

(All Zones)

40 koz

0.2Mt @ 5.4 g/t Au

117 koz

0.8Mt @ 4.6 g/t Au

389 koz

0.2Mt @ 4.9 g/t Au

Lightning Deep Zone24 koz

0.1Mt @ 5.3 g/t AuN/A N/A

Blacktop Zone16 koz

89kt @ 5.5 g/t AuN/A N/A

Middle Zone -24 koz

0.2Mt @ 4.2 g/t AuN/A

Deep Thunder/ Canamax - -350 koz

2.2Mt @ 4.9 g/t Au


KLGOLD.COM

TSX:KLCOSMO GOLD MINE OVERVIEW

43

77,740

63,255 55,765

2014A 2015A 2016A


Mine Overview Stats

2014A 2015A Q4 2016 2016A

Gold Production(oz)

77,740 63,255 13,307 55,765

Gold Grade (g/t)

3.14 2.99 2.78 2.87

Recovery (%) 88.9 90.7 94.593.6

Cash Costs (US$/oz)

$1,000 $917

AISC (US$/oz) $1,263 $1,154

• Located in the Northern Territories which also hosts additional camps including Union Reefs, Maud Creek, and Howley

• ~800ktpa underground operation with decline access employing primarily Avoca mining method

• Mill located at Union Reefs, 67km away from Cosmo, has 2.0Mtpa processing capacity (60% unused) and conventional circuit – 3 stage crush, 2 stage ball, gravity and CIL, with regional toll milling opportunities

• P&P reserves of 101koz at 3.38g/t Au, M&I of 480koz at 3.22 g/t and Inferred Resources of 60koz at 2.76 g/t

• 2016 drill campaign has 4 drills active on Cosmo Deeps resulting in 2 new discoveries:

• Redbelly intercepts include 4.29 g/t over 11.8m (ETW 10.0m) and 5.18 g/t Au over 8.75m (ETW 8.75m)

• Taipan Lode intercepts include 6.23 g/t over 21.45m (ETW 9.0m) and 11.34 g/t over 10.15m (ETW 4.3m)

• Continued drilling success at Sliver with intercepts of 8.76 g/t Au over 8.76 m (ETW 6.8 m) and 3.61 g/t Au over 14.4 m (ETW 12.4 m)

• Completed Western Drill Drive in Apr 2016 to provide platforms for continued exploration

KLGOLD.COM

TSX:KLCOSMO GOLD MINE LONG SECTION

44

Note: For further information on drill results see Newmarket Gold’s press release dated August 22, 2016 located at www.newmarketgoldinc.com

New Discovery Redbelly Gold Zone

New Discovery Taipan Gold Zone

Sliver Gold Zone

Highlight intercepts:8.76 g/t Au over 7.55m3.61 g/t Au over 14.4m

Highlight intercepts: 4.29 g/t Au over 11.8m5.18 g/t Au over 8.75m

Highlight intercepts:6.23 g/t Au over 21.45m including,11.34 g/t Au over 10.15m

Four diamond drill rigs operating during Q3 2016

KLGOLD.COM

TSX:KLMAUD CREEK PROJECT OVERVIEW

45

Base Case Highlights Utilizing Union Reefs Mill

Based on May 2016 Amended PEA using US$1,200/oz (AUD$1,550) gold price and AUD:USD 0.77

Pre-Tax NPV5% US$155 million

IRR (Pre-tax) 116%

After-Tax NPV5% US$105 million

Internal Rate of Return (After-tax) 80%

Pay Back 1.25 years

Pre-Production Capital Cost US$32 million

Mine Life 9.5 years

Diluted Gold Grade 4.2 g/t gold

Gold Recovery (Oxide/Transitional) 85%

Gold Recovery (sulphide) 95%

LOM Recovered Gold 496,000 ounces

Average Annual Production 52,000 ounces

LOM Cash Operating Cost US$632

• Cosmo Gold Mine currently processes ~800,000 tpa though the Union Reefs Mill (2016 guidance ~60koz)

• Union Reefs Mill has 1.2Mt of excess capacity to treat additional ore and is located 67km from Cosmo and 144km from Maud Creek

The PEA is preliminary in nature and is based on a number of assumptions that may be changed in the future as additional information becomes available. The PEA includes inferred mineral resources that are

considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized.

The Maud Creek Gold Project PEA Technical Report is available on Sedar and www.newmarketgoldinc.com and was compiled by Peter Fairfield, Principal Consultant (Project Evaluation), BEng (Mining), FAusIMM

CP (Mining) of SRK Consulting (Australasia) Pty Ltd. By virtue of his education, membership to a recognized professional association and relevant work experience, Peter Fairfield is an independent "Qualified

Person" as such term is defined in NI 43-101. Mineral resources that are not mineral reserves do not have demonstrated economic viability. For full details please see press release dated May 16, 2016.

Refer to Slide 2 “Forward Looking Information”.

KLGOLD.COM

TSX:KLSTAWELL GOLD MINE

46

39,230 36,321

32,204

2014A 2015A YTD2016A


Mine Overview Stats

2014A 2015A YTD2016A Q4 2016 FY 2016

Gold Production(oz)

39,230 36,321 25,233 6,971 32,204

Gold Grade (g/t)

1.67 1.56 1.46 1.49 1.47

Recovery (%)

78.8 80.8 79.9 84.5 80.9

Cash Costs (US$/oz)

$1,151 $917 $1,222

AISC (US$/oz)

$1,193 $1,063 $1,345

• Q4 2016 Stawell Gold Mines put on Care and Maintenance

• Underground operation with decline access employing open stoping with either CRF or combinations of CRF and rock fill or all rock fill with pillars

• Current mining fronts comprised of Magdala and surface oxides stockpiles

• 1.0 Mtpa processing capacity (20% unused); conventional crush-grind followed by sulphide flotation and CIL

• Open Pit, Big Hill P&P Reserves of 138 koz at 1.36 g/t Au, M&I of 166 koz at 1.52 g/t and Inferred Resources of 2 koz at 1.15 g/t

• 2016 Drill Campaign has 2 drills active on the East Flank (mining traditionally focused on West Flank with 2.3 Moz of past production):

• Aurora B discovery on East Flank with maiden resource of 30,400oz at 3.5 g/t

• Intercepts include 13.7 g/t over 5.4m

• Big Hill Gold Project is a low cost, shallow oxide open pit opportunity adjacent to Stawell

• Currently awaiting permitting process

KLGOLD.COM

TSX:KLSTAWELL GOLD MINE AURORA B GOLD ZONE

47

Maiden Inferred Mineral Resource of 30,400 ounces grading 3.5g/t gold. The grade of the Aurora B Inferred Mineral Resource is 42% greater than the underground Mineral Reserve grade

East Flank TargetAurora A

Traditionally mined West Flank total production to date 2.3 million ounces

Magdala

13.7 g/t gold over 5.4 m

Aurora B located approximately 500m above Aurora A

Two diamond drill rigs active on the east flank

KLGOLD.COM

TSX:KLCANADIAN OPERATIONS MINERAL RESERVES

PROVEN PROBABLE PROVEN & PROBABLE

RESERVE AREA (Project/Mine) Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces

000's g/t 000's 000's g/t 000's 000's g/t 000's

04 & Main Break 494 14.7 236 529 16.5 278 1,023 15.8 514

South Mine Complex (SMC) 314 17.5 177 1,016 23.7 773 1,330 22.3 949

MACASSA MINE COMPLEX 808 15.8 412 1,545 21.3 1,051 2,354 19.2 1,463

Property Wide Targets - - - - - - - - -

Kirkland Lake Properties 808 15.8 412 1,545 21.3 1,051 2,354 19.2 1,463

Holt Mine 1,452 4.3 199 2,414 5.1 392 3,866 4.8 591

Holloway Mine - - - 233 5.4 40 233 5.4 40

Taylor Mine - - - 774 6.3 156 774 6.3 156

HOLT MINE COMPLEX 1,452 4.3 199 3,421 5.4 588 4,873 5.0 787

Hislop Mine - - - 280 5.2 46 280 5.2 46

PDFZ Properties 1,452 4.3 199 3,701 5.4 634 5,153 5.0 833

TOTAL RESERVES (Company Wide) 2,260 8.4 611 5,246 10.0 1,685 7,507 9.6 2,296

“NI 43-101 Disclosure”.

Resources are exclusive of ReservesAs at December 31, 2014

48

KLGOLD.COM

TSX:KLCANADIAN OPERATIONS MINERAL RESOURCES

MEASURED INDICATED MEASURED & INDICATED INFERRED

RESOURCE AREA (Project) Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces

000's g/t 000's 000's g/t 000's 000's g/t 000's 000's g/t 000's

04 & Main Break 964 13.7 430 1,042 14.4 483 2,006 14.1 913 440 14.1 201

South Mine Complex (SMC) 30 12.7 12 1,249 23.0 917 1,279 22.6 929 1,232 22.3 876

MACASSA MINE COMPLEX 994 13.7 442 2,290 18.9 1,400 3,285 17.4 1,842 1,671 20.2 1,077

Property Wide Targets 9 17.1 5 518 12.0 200 527 12.0 203 246 12.7 100

Kirkland Lake Properties 1,003 13.7 447 2,809 17.8 1,599 3,812 16.8 2,047 1,917 19.2 1,177

Holt 3,702 4.0 473 3,861 3.9 485 7,563 3.9 957 7,866 4.7 1,181

Holloway 310 4.7 47 482 4.5 70 792 4.6 117 2,479 4.9 389

Taylor - - - 2,000 4.54 302 2,000 4.54 302 1,951 4.1 257

HOLT MINE COMPLEX 4,012 4.1 520 6,666 4.3 911 10,678 4.1 1,430 12,296 4.6 1,827

Hislop - - - 983 4.0 127 983 4.0 127 690 4.2 92

Aquarius - - - 22,300 1.3 926 22,300 1.3 926 9 0.8 N/A

Ludgate - - - 522 4.1 68 522 4.1 68 1,396 3.6 162

Canamax - - - 240 5.1 39 240 5.1 39 170 4.3 23

PDFZ Properties 4,012 4.1 520 30,711 2.1 2,071 34,723 2.3 2,590 14,561 4.5 2,104

TOTAL RESOURCES (Company Wide) 5,015 6.0 967 33,520 3.4 3,670 38,535 3.7 4,637 16,478 6.2 3,281

Resources are exclusive of ReservesAs at December 31, 2014

“NI 43-101 Disclosure”. 49

The total of the Estimated Measured and Indicated Resources of Macassa Mine at January 1, 2015 is 4.2 million tons at a grade of 0.49 oz Au/ton (3.8 million tonnes @ 16.8 g Au/t). In addition, there is an estimated 2.1 million tons at a grade of 0.56 oz Au/ton (1.9 million tonnes @ 19.2 g Au/t) that is classified as an Inferred Resource.Total Resource ounces are 2Moz for M+I and another 1.18Moz in Inferred.

KLGOLD.COM

TSX:KLAUSTRALIA OPERATIONS MINERAL RESERVES

PROVEN PROBABLE PROVEN & PROBABLE

RESERVE AREA (Project/Mine) Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces

000's g/t 000's 000's g/t 000's 000's g/t 000's

Fosterville UG 232 5.39 40 859 7.36 203 1,091 6.95 244

Fosterville Tailings 571 7.83 144 - - - 571 7.83 144

Stawell UG 51 2.49 4 305 2.47 24 356 2.47 28

Stawell OP - - - 3,123 1.36 138 3,123 1.36 138

Cosmo 487 3.47 54 445 3.28 47 932 3.38 101

Burnside - - - - - - - - -

Union Reefs (OP+UG) - - - 520 3.1 52 520 3.1 52

Pine Creek - - - 1,245 1.55 62 1,245 1.55 62

Maud Creek - - - - - - - - -

TOTAL RESERVES(Company Wide)

1,341 5.61 242 6,497 2.52 526 7,838 3.05 769

Resources are inclusive of ReservesAs at December 31, 2015


50

KLGOLD.COM

TSX:KLAUSTRALIA OPERATIONS MINERAL RESOURCES

MEASURED INDICATED MEASURED & INDICATED INFERRED

RESOURCE AREA (Project) Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces

000's g/t 000's 000's g/t 000's 000's g/t 000's 000's g/t 000's

Fosterville UG 2,086 3.25 218 12,950 4.57 1,904 15,036 4.39 2,122 5,073 4.08 665

Fosterville Tailings 571 7.83 144 - - - 571 7.83 144 - - -

Stawell UG 56 2.56 5 669 3.49 75 725 3.43 80 1,118 3.24 116

Stawell OP - - - 3,394 1.52 166 3,394 1.52 166 46 1.15 2

Cosmo 1,650 3.63 193 2,987 2.99 288 4,637 3.23 480 678 2.76 60

Burnside - - - 7,358 1.36 322 7,358 1.36 322 6,820 1.46 321

Union Reefs (OP+UG) - - - 3,579 2.38 273 3,579 2.38 273 3,342 2.3 247

Pine Creek - - - 8,393 1.41 379 8,393 1.41 379 2,540 2.34 191

Maud Creek 1,067 5.59 192 5,426 3.04 532 6,493 3.47 724 1,980 2.32 149

TOTAL RESOURCES (Company Wide)

5,430 4.29 752 44,756 2.74 3,939 50,186 2.91 4,691 21,597 2.52 1,751

Resources are inclusive of ReservesAs at December 31, 2015


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KLGOLD.COM

TSX:KLNI 43-101 DISCLOSURE

Kirkland Lake Gold Qualified Person and QA/QC

All production information and other scientific and technical information in this presentation with respect to Kirkland Lake Gold and its assets were prepared in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and were prepared, reviewed, verified and compiled by Kirkland Lake Gold’s mining staff under the supervision of, Pierre Rocque P. Eng., Kirkland Lake Gold’s Vice President, Technical Services.

The exploration programs across Kirkland Lake Gold’s land holdings in Kirkland Lake were prepared, reviewed, verified and compiled by Kirkland Lake Gold’s geological staff under the supervision of Doug Cater, P.Geo., the Company’s Vice President of Exploration, Canadian Operations. All reserve and resource estimates for the Kirkland Lake Properties as at December 31, 2014 have been audited and verified, and the technical disclosure has been approved, by Kirkland Lake Gold’s independent reserve and resource engineer, Glenn R. Clark, P. Eng., of Glenn R. Clark & Associates Limited. Mr. Clark is a ‘qualified person’ under NI 43-101. The QP’s for the mineral reserves and resources outlined under the PDFZ Properties are Doug Cater, P. Geo, and,Pierre Rocque P. Eng., the Vice President of Exploration and the Vice President of mine engineering respectively, and not considered independent under NI 43-101.

Sample preparation, analytical techniques, laboratories used and quality assurance-quality control protocols used during the exploration drilling programs are done consistent with industry standards and independent certified assay labs.

REFER TO KIRKLAND LAKE GOLD ANNUAL INFORMATION FORM DATED MARCH 10, 2016, AND ST ANDREW GOLDFIELDS LTD. ANNUAL INFORMATION FORM DATED MARCH 27, 2015, AVAILABLE ON SEDAR (www.sedar.com) FOR COMPLETE NI 43-101 NOTES AND DISCLOSURE PERTAINING TO THE RESOURCE AND RESERVE STATEMENTS QUOTED HEREIN.

Newmarket Qualified Person and QA/QC

All production information and other scientific and technical information in this presentation with respect to Newmarket and its assets were prepared in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and NI 43-101 and were prepared, reviewed, verified and compiled by Newmarket’s mining staff under the supervision of Mark Edwards, MAusIMM (CP), MAIG and Newmarket’s General Manager, Exploration, who is the qualified person for the purpose of NI 43-101.

Simon Hitchman, FAusIMM (CP), MAIG, Exploration Manager, Newmarket Gold, is a "qualified person" as such term is defined in National Instrument 43-101 and has reviewed and approved the technical information and data included in this Investor Presentation.

Troy Fuller, MAIG, Geology Manager, Fosterville Gold Mine, Newmarket Gold, is a "qualified person" as such term is defined in National Instrument 43-101 and has reviewed and approved the technical information and data included in this presentation.

Sample preparation, analytical techniques, laboratories used and quality assurance-quality control protocols used during the exploration drilling programs are done consistent with industry standards and independent certified assay labs.

REFER TO NEWMARKET’S ANNUAL INFORMATION FORM DATED MARCH 21, 2016, AVAILABLE ON SEDAR (www.sedar.com) FOR COMPLETE NI 43-101 NOTES AND DISCLOSURE PERTAINING TO THE RESOURCE AND RESERVE STATEMENTS QUOTED HEREIN.

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KLGOLD.COM

TSX: KL

TONY MAKUCHPresident & Chief Executive OfficerFebruary 2017

200 Bay Street, Suite 3120

RBC Plaza - South Tower

Toronto ON M5J 2J1

Main Telephone: 416-840-7884

Ryan King, Vice President Investor Relations

E:[email protected]

D:778 372 5611

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Kirkland lake-gold-investor-presentation-feb-bmo-conference-final

Investor Relations

Transcript of Kirkland lake-gold-investor-presentation-feb-bmo-conference-final