TURNING AROUND THE HIGH GRADE

MACASSA GOLD MINE

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London Roadshow

September 2014

• Cautionary Note Regarding Forward Looking Statements

• This presentation contains statements which constitute ”forward-looking statements”, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to the future business activities and operating performance of the Company. The words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, are intended to identify such forward-looking statements. Forward-looking statements used in this Press Release include, but may not be limited to, statements regarding the Company’s production capacity and its exploration program. Investors are cautioned that forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made such as, without limitation, opinion, assumptions and estimates of management regarding the Company’s business, its ability to increase its production capacity and decrease its production cost. Such opinions, assumptions and estimates, are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the Company's expectations in connection with the projects and exploration programs being met, the impact of general business and economic conditions, global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future conditions, fluctuating gold prices, currency exchange rates (such as the Canadian dollar versus the United States Dollar), possible variations in ore grade or recovery rates, changes in accounting policies, changes in the Company's corporate mineral resources, changes in project parameters as plans continue to be refined, changes in project development, construction, production and commissioning time frames, risks related to joint venture operations, the possibility of project cost overruns or unanticipated costs and expenses, higher prices for fuel, power, labour and other consumables contributing to higher costs and general risks of the mining industry, failure of plant, equipment or processes to operate as anticipated, unexpected changes in mine life, seasonality and unanticipated weather changes, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims, and limitations on insurance, as well as those risk factors discussed or referred to in the Company's annual Management's Discussion and Analysis and Annual Information Form for the year ended April 30, 2014 and the Company’s Management's Discussion and Analysis for the interim period ended July 31, 2014 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 statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.

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George Ogilvie, P.Eng., CEO

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“Build a sustainable mining company that is recognized as a safe and responsible intermediate gold producer. “We will provide exceptional stakeholder value by delivering operational and exploration excellence through empowering our people to act as owners.”

Major project capital investment completed and infrastructure in place

Located in Ontario, one of the safest and lowest risk mining jurisdictions globally

Insiders own 18.8% of Company

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Attractive NI43-101 high grade reserve and resource profile with a long mine life

Growing annual production, declining cost base and improving unit costs

Company returning to profitability and free cash flow

Highly leveraged to gold price and weakening Canadian dollar

Significant exploration potential with organic growth

OWNERSHIP

European Institutions 15% NA Institutions 45% Management & Founders 20% Retail 20%

MAJOR SHAREHOLDERS

Insiders 18.8% Sprott Asset Management 11.6% Equinox, 9.9% Van Eck Associates Corp 9.5% Columbia Wagner 7.8% Resolute Funds, 6.3% ABC Funds 4.9%

MARKET CAP

C$369 million (Sept, 18 2014, C$5.09) Issued Shares: 72,081,617 Fully Diluted: 84,986,448

CASH BALANCE

C$40.2 million (July 31, 2014)

52 WEEK RANGE

C$6.19 52 week high C$2.21 52 week low

DEBT

C$120 million convertible debentures (due 2H 2017) KGI.DB: 6% coupon, $15.00 strike KGI.DB.A: 7.5% coupon, $13.70 strike

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*Full director biographies are available at www.klgold.com

George Ogilvie, P.Eng, CEO John Thomson, CA, CFO

• 25 years management, operating, and technical expertise in the mining industry

• More than 9 years of operating experience in deep,

narrow-vein gold mines (Anglo Gold, South Africa)

• Former CEO of Rambler Metals and Mining, leading Company’s transition from explorer to free-cash flow generating producer

• More than 25 years experience in various senior level finance positions

• Variety of senior level positions with companies such as PepsiCo

• Chartered Accountant who studied at INSEAD

Chris Stewart, P.Eng, Vice President Operations *Non-Executive Board Members:

• More than 20 years experience operating mines in

Northern Ontario in various senior-level positions

• Former CEO of Liberty Mines where he implemented a successful turnaround strategy leading company to restart production on time and on budget

• Mining Engineering degree from Queen’s University

• Harry Dobson, Chairman • Barry Cooper, B.Sc., MBA (Head Analyst, CIBC, retired) • Jeff Parr, BA, MBA (CFO, Centerra Gold) • Barry Olsen, P.Eng, M.Sc. (Snr. VP Projects, Goldcorp) • Pam Klessig, P. Geo • Dawn Whittaker, LL.B

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description

The Kirkland Lake camp has been mining gold for over 100 years with almost 25M oz of gold produced during that time from seven mines and by grade is one of the richest gold camps in the world.

Kirkland Lake Gold Inc. is an operating and exploration gold company located in Kirkland Lake, Ontario, Canada in the prolific Southern Abitibi gold belt.

The Company owns five former producing high grade mines that produced 22 million ounces of gold at an average head grade of 0.44 opt (15.1 grams per tonne).

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OLD •TONNAGE Focused (Quantity) Requirements •High gold price environment >$1600 •More manpower •100’s of stopes in production cycle •All mineralization into the ore pass Results •Grade continued to drop •Cost increased •Complex planning and logistics •Unprofitable •High cash burn •Multiple urgent financings

NEW •GRADE Focused (Quality) Requirements •Not dependent on high gold price •Less manpower •Fewer stopes •Strict ore / waste management and dilution control

Results •Grade has risen significantly •Cost reduced •Simplified planning and logistics •Return to profitability •Cash flow positive •Finance at company’s discretion

Mine Operator Location Gold Grade Reserves

g/t 000 oz Au

Turquoise Ridge Barrick USA 17.40 6,761

Macassa Kirkland Lake Gold Canada 17.10 1,385

Pogo Gold Sumitomo Corp. USA 15.20 2,932

Gosowong Newcrest Indonesia 12.00 1,235

Moab Khotsong AngloGold Ashanti South Africa 10.00 6,126

Mponeng AngloGold Ashanti South Africa 9.98 14,569

Red Lake Gold GoldCorp Canada 9.94 2,553

TauTona AngloGold Ashanti South Africa 9.06 1,389

Kupol/Dvoinoye Kinross Russia 8.73 2,081

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CATEGORY

(31st DEC 2013) TONS

GRADE (opt)

GRADE

(gpt) OUNCES

Proven

Probable

Total P+P

941,000

1,843,000

2,784,000

0.43

0.53

0.50

14.7

18.2

17.1

401,000

984,000

1,385,000

Measured

Indicated

Total M+I

1,133,000

3,019,000

4,152,000

0.39

0.54

0.49

13.4

18.5

16.8

436,000

1,619,000

2,055,000

Inferred

2,092,000

0.54

18.5

1,133,000

See Kirkland Lake news release dated April 28 2014, a copy of which has been filed on SEDAR for further particulars. The contents of the above slide have been verified and approved by the Company’s Chief Exploration Geologist, Stewart Carmichael, P.Geo, a “qualified person” for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral projects.

• Mining 100% of Reserves and 70% conversion of Resources @ 200,000 oz p.a. provides a 14 year Life of Mine

Reserves are not included in resources

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CATEGORY

(31st DEC 2013) TONS

GRADE (opt)

GRADE

(gpt) OUNCES

Proven

Probable

Total P+P

328,000

1,164,000

1,492,000

0.45

0.57

0.54

15.4

19.5

18.5

147.000

665,000

812,000

Measured

Indicated

Total M+I

24,000

1,440,000

1,464,000

0.30

0.70

0.69

10.3

24.0

23.7

7,000

1,005,000

1,012,000

Inferred

1,205,000

0.67

23.0

808,000

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5025 Level P+P 89,000 Tons @0.44 oz/ton 39,000O Ounces M+I 57,000 Tons @ 0.30 oz/ton 22,000 Ounces

• Previously only two mining horizons in the South Mine Complex, 5025L & 5300L • Third mining horizon on 5400L opened up in May 2014 with reserve grade @ 0.57 opt (19.5 gpt) • Stope 5417 reconciled grade @ 0.63 opt (21.6 gpt) • Developing to 5600L with reserve grade @ 0.70 opt (23.9 gpt) in time for FY2016 • Being on 5400L and 5600L allows delineation drilling of resources, especially below 5600L • Open at depth and across strike

5300 Level P+P 620,000 Tons @ 0.47 oz/ton 290,000 Ounces M+I 220,000 Tons @ 0.30 oz/ton 86,000 Ounces

5400 Level P+P 481,000 Tons @ 0.57 oz/ton 274,000 Ounces M+I 170,000 Tons @ 0.41 oz/ton 71,000 Ounces

5600 Level P+P 290,000 Tons @0.70 oz/ton 209,000 Ounces M+I 220,000 Tons @ 0.55 oz/ton 122,000Ounces

57 to 66 Level

M+I 768,000 Tons @ 0.91 oz/ton 703,000 Ounces

0.31

0.38

0.31 0.34

0.31 0.30

0.26 0.29

0.45

0.39

0.34 0.37

0.34

0.47 0.51

-

0.10

0.20

0.30

0.40

0.50

0

5,000

10,000

15,000

20,000

May 2013

Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 2014

Jun Jul

Ou

nce

s p

er

To

n

Go

ld O

un

ces

Oz Recovered Head Grade

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• Cut off grades raised from 0.18 opt to 0.22 opt. • Stopped practice of mining “incremental tonnage” • Implemented strict ore waste segregation UG • Increasing underground delineation drilling in SMC • Employing more underground geologist • Manning assay labortory 24/7

Ave 0.41 opt

• Starting to restructure organization • Implementing leadership training • Looking to upgrade MIS

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• Last four years 18% growth year over year • Guidance in FY12, FY13 and FY14 overly optimistic creating false expectations • Guidance for FY15, FY16 and FY17 more in tune with last four year growth • Guided grades for FY15, FY16 and FY17 are based on historic achievements • Calendar YTD actual head grade is 0.41 opt, Fiscal YTD actual head grade is 0.45 opt

{ Expectation Gap

Financial FY2014 FY2013 FY14 vs.

FY13 Q1/14 Q4/14 Q1/15

Q1/15 vs.

Q1/14

Q1/15 vs.

Q4/14 Comments

Gold Sales (ounces)

125,273 91,771 +37% 30,253 30,771 38,543 +27% +25%

Average Price ($)

(per ounce) 1,383 1,653 -16% 1,435 1,376 1,401 -2% +2%

Revenue (000’s)

173,258 151,692 +14% 43,421 42,356 54,000 +24% +27%

Cash Operating Cost per

Ton Produced

343 335 +2% 344 352 340 -1% -3%

Cash Operating Cost per Ounce

Produced

1,078 1,109 -3% 1,113 1,000 788 -29% -21%

AICC per Ounce

Produced 1,986 2,432 -18% 2,094 1,774 1,250 -40% -30%

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All amounts stated are in Canadian dollars

10,903 Ounces Gold sold to September end @ $1,419 Tons expected to increase in 2H15 by +10% to +1,100 – 1,250 tpd which will drive down cost per ton Aim is to push cost per ton to or below $300 in 2H15 Guidance this year is to push cash cost per ounce below $800 consistently Guidance this year is to push AICC below $1250 consistently

$1,127 $1,307

$956 $1,156 $1,112 $1,052

$1,403 $1,187

$839 $1,073 $1,119

$836

$1,244

$720 $614

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

$-

$500

$1,000

$1,500

$2,000

$2,500

$3,000

MAY 2013

JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY 2014

JUN JUL

Ou

nce

s

C$

pe

r O

un

ce

Production Capital Development PP&E Corporate Exploration Royalties Oz Produced

Ounces Produced

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• 16% reduction in labour force (i.e. 213 less employees on payroll) • Incentive programs cancelled (e.g. home loan assistance and travel) • Major capital projects (PP&E) completed in January 2014 • Shift schedules altered (i.e. maintenance department, mill placed on 5 & 2)

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-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

$-

$500

$1,000

$1,500

$2,000

$2,500

FEB MAR APR MAY 2014

JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR

Ou

nce

s

C$

pe

r o

un

ce

Production Capital Development PP&E Corporate Exploration Royalties Oz Produced

Ounces Produced

Estimated

$1,350

• Projection is based on assumptions of 1,150 tpd, 0.37 opt and 96% mill recovery • Company beginning to generate free cash flow • Likely high degree of variability until more high grade stopes online

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• Hoisting system capable of hoisting 3,600 tons per day • Mary-Anne Compartment installed in Shaft providing service cage • Mill upgraded to handle 2,200 tons per day • Underground infrastructure and battery equipment in place for SMC 17

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• Project capital was completed in January 2014 • $9M in capital development of 5400L and SMC main decline to 5600L in FY15

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• Near surface mineralization is within 2 Km’s of mill • Mill has excess capacity of +/- 1,000 tons per day • Mineralization from 100’ to 1,000’ below surface • Open across strike and at depth • M&I 310,000 tons @0.34opt (11.7gpt) 104,000 oz. • Infer. 131,000 tons @0.36opt (12.3gpt) 48,000 oz. • 3 drills drilling to expand resource and infill drill

UG DRILLING

SURFACE

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• SMC continues to be expanded • Multi-ounce intersections • 3 drills turning underground • Open in multiple directions

TSX /AIM: KGI

CONTACT FOR FURTHER INFORMATION PLEASE CONTACT:

George Ogilvie President, CEO and Director +1-705-567-5208 ext. 3225 gogilvie@klgold.com John Thomson CFO and Director +1-705-567-5208 jthomson@klgold.com Tim Blythe / Halimah Hussain (Blytheweigh) Investor Relations / PR +44-207-138-3204 Tim.blythe@blytheweigh.com / halimah.hussain@blytheweigh.com

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