Tahoe Resources BMO Global Metals & Mining Conference Presentation

New Leader in Precious Metals
Corporate Presentation
January 2016

Safe Harbour Disclaimer
Cautionary Language on Forward‐Looking Information
This presentation contains “forward‐looking information” within the meaning of applicable Canadian securities legislation, and “forward‐looking statements” within the meaning of
the United States Private Securities Litigation Reform Act of 1995 (collectively referred to as “forward‐looking statements”). All statements, other than statements of historical fact,
are forward‐looking statements. The words "believe", "expect", "anticipate", "contemplate", "target", "plan", "intend", "continue", "budget", "estimate", "may", "will", "schedule"
and similar expressions or statements identify forward‐looking statements. Forward‐looking statements in this presentation include, but are not limited to, statements and/or
information related to: (i) the Company’s 2016 goals, (ii) 2016 outlook related to gold and silver mineral reserves and mineral resources, production, total cash cost per ounce, all‐in
sustaining cost per ounce, capital expenditures, corporate general and administration expenses and exploration expenses, (iii) estimated production over the life of the Escobal and
La Arena mines, (iv) estimates of royalties and taxes paid in Guatemala and Peru (v) the timing of the anticipated commencement of commercial production at Shahuindo; and (vi)
the advancement of exploration projects, including the Sulfide Project at La Arena and the El Alizar Oxide Project adjacent to La Arena (vi) estimated mill and leach pad recoveries,
smelter payables and doré and silver concentrate details over the first ten years of mine life. Forward‐looking statements are based on management’s reasonable assumptions,
estimates, expectations, analyses and opinions, which are based on management’s experience and perception of trends, current conditions and expected developments, and other
factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other
things: the Company’s ability to implement operational improvements at the Escobal and La Arena mines; the Company’s ability to carry on exploration and development activities,
including construction; the timely receipt of required approvals; the price of silver, gold and other metals; prices for key mining supplies, including labor costs and consumables,
remaining consistent with the Company’s current expectations; production meeting expectations and being consistent with estimates; plant, equipment and processes operating as
anticipated; there being no material variations in the current tax and regulatory environment; the Company’s ability to operate in a safe, efficient and effective manner; the
exchange rates among the Canadian dollar, Guatemalan quetzal, Peruvian nuevo sol and the United States dollar remaining consistent with current levels; and the Company’s ability
to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have
been used. Tahoe’s actual results, programs and financial position could differ materially from those anticipated in such forward‐looking statements as a result of numerous factors,
risks and uncertainties, many of which are beyond the Company’s control. These include, but are not necessarily limited to, the Company’s dependence on the Escobal and La Arena
mines; the fluctuation of the price of silver, gold and other metals; changes in national and local government legislation, taxation and controls or regulations; social unrest, and
political or economic instability in Guatemala and/or Peru; the availability of additional funding as and when required; the speculative nature of mineral exploration and
development; the timing and ability to maintain and, where necessary, obtain necessary permits and licenses; the uncertainty in the estimation of mineral resources and mineral
reserves; the uncertainty in geologic, hydrological, metallurgical and geotechnical studies and opinions; infrastructure risks, including access to water and power; the impact of
inflation; changes in the administration of governmental regulation, policies and practices; environmental risks and hazards; insurance and uninsured risks; land title risks; risks
associated with illegal mining activities by unauthorized individuals on the Company’s mining or exploration properties; risks associated with competition; risks associated with
currency fluctuations; contractor, labor and employment risks; dependence on key management personnel and executives; the timing and possible outcome of pending or
threatened litigation; the risk of unanticipated litigation; risks associated with the repatriation of earnings; risks associated with negative operating cash flow; risks associated with
the Company’s hedging policies; risks associated with dilution; and risks associated with effecting service of process and enforcing judgments. For a further discussion of risks
relevant to the Company, see the Company’s Annual Information Form available on SEDAR under the heading “Description of Our Business – Risk Factors”. There is no assurance
that forward‐looking statements will prove to be accurate. Actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward‐
looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward‐looking statements will transpire or occur, or if any of them do so,
what benefits may be derived there from. Accordingly, readers should not place undue reliance on this information. Tahoe does not undertake to update publicly or revise any
forward‐looking statements, except as, and to the extent required by, applicable securities laws. For more information about the risks and challenges of Tahoe’s business, investors
should review Tahoe’s current Annual Information Form available at www.sedar.com. All prices in U.S. Dollars unless otherwise stated.
Revised February 2016
2

2015 Tahoe Highlights
3
 Record production of 20.4 moz silver at Escobal; completed 4500 tpd
expansion on‐time and on‐budget
 Record 230,436 ounces gold at La Arena (Tahoe 174,025 oz)
 Completed Rio Alto merger in Q2
 Shahuindo‐Increased reserves from 1 moz to 1.9 moz—Poured first gold and
commissioning commenced in Q4
 Repaid $50 million in debt
 Returned $49.7 million in shareholder dividends
 Established $150 million revolving credit facility

Tahoe – New Leader in Precious Metals
4
 Large-Scale, low-cost production
 450,000 oz gold & 20M oz silver per year (700,000 – 750,000 oz gold equivalent)
 Gold equivalent cash costs <$700/oz, AISC <$900/oz
 Large portfolio of growth assets
• Growing gold production in Peru and Canada
• Attractive exploration targets in all regions
 Industry-Leading free cash flow
 Peer leading free cash flow yield of 5.4% over 2016-2018
 Strong balance sheet
 >$150m of cash, zero net debt
 Returning capital to shareholders
 Strong free cash flow supporting monthly dividend of $0.02 per share per month ($0.24/share/yr.)

Transaction Highlights
5
 A premier Americas focused precious metals producer
 Diversified operating platform with three low‐cost precious metal operations across Guatemala, Peru and Canada
 Anchored by the Escobal mine, one of the largest and highest grade silver mines globally
 Significant low‐cost production and low‐risk growth
 All operations generate free cash flow in the current commodity price environment
 Significant built‐in growth driven by Shahuindo expansion to 36,000 tpd rate and the advancement of a number of growth
initiatives in Timmins, including the ramp up of the 144 Gap deposit
 Growth in Peru and Canada targeted to increase gold production to >500,000 ounces in 2018
 Exciting exploration potential
 Over 3.4 mozs of M&I gold and 6.0 mozs of inferred gold across eight exploration projects in Peru and Ontario
 Strong near‐mine potential to add additional gold resources
 Large unexplored land package across all regions
 Superior financial performance and strong balance sheet
 Zero net debt, modest capital requirements and strong free cash flow generation provide industry‐leading financial strength
and flexibility
 Tahoe plans to continue monthly dividend policy of $0.02 per share
1. See Tahoe press release dated January 14, 2016; 2. See Lake Shore press release dated January 8, 2016; 3. Using Gold price of $1,175/oz and Silver price of $15.00/oz
2016E Combined Guidance1,2 Gold Silver Gold Equivalent3
Production 370 - 430kozs 18 - 21mozs 600-700kozs
Cash Costs $675 - $725/oz $7.50 - $8.50/oz $640 - $700/oz
All-in Sustaining Costs $950 - $1,000/oz $10.00 - $11.00/oz $885 - $950/oz

Transaction Summary
6
Proposed
Transaction
• Business combination with Lake Shore via Plan of Arrangement
• Implied equity value of approximately C$945 million1
• Pro forma ownership: 74% Tahoe / 26% Lake Shore1
Consideration
• 0.1467 of a Tahoe common share per Lake Shore common share, representing total consideration of
CAD$1.71 per common share1
• 14.8% premium over the closing price of Lake Shore on February 5th and a 28.6% premium to the closing
price of Lake Shore on February 4th
• 25.7% premium based on each company’s20‐day volume weighted average price (“VWAP”)2 to February 5,
and 30.4% to February 4
Conditions
• Lake Shore shareholder vote (66 2/3% of shareholder votes cast)
• Tahoe shareholder vote (majority of shareholder votes cast)
• Customary regulatory and court approvals
Anticipated
Timing
• Mailing of meeting materials by early March
• Shareholder meetings by early April
• Closing expected in April
Other Terms
• Customary non‐solicitation covenants, subject to normal fiduciary outs
• Right to match in favor of Tahoe
• Break fee of CAD$37.8 million payable to Tahoe; break fee of CAD$20.0 million payable to Lake Shore
• Officers and directors of Lake Shore and Tahoe intend to enter into voting support agreements, pursuant to
which they will vote their common shares held in favor of the Transaction
• Alan Moon to join Tahoe Board of Directors and Tony Makuch to join Tahoe as President of Canadian
Operations
• 1. At market closing on February 5, 2016. Equity value and pro forma ownership on a fully diluted in the money basis assuming the conversion of in the money convertible debentures
• 2. VWAP based on TSX trading only

Diversified Operating Platform in the Americas
7
Note: M&I resources reported inclusive of mineral reserves; See endnotes 1,2,3
La Arena Oxides Shahuindo Oxides
2016E Prod. 200-250koz Au
Cash Costs US$700-$750/oz
Reserves Au 0.9Moz @ 0.36g/t 1.9Mozs @ 0.53g/t
M&I Res. Au 1.2Moz @ 0.32g/t 2.3Mozs @ 0.50g/t
La Arena Sulfides
Reserves Au 0.6Moz @ 0.31g/t
Reserves Cu 0.6Blbs @ 0.43%
M&I Res. Au 2.1Moz @ 0.24g/t
M&I Res. Cu 2.0Blbs @ 0.33%
Shahuindo Sulfides
Inf. Res. Au 2.0Moz @ 0.71g/t
Inf. Res. Ag 59Moz @ 21g/t
Timmins West Bell Creek
2016E Prod. 170-180koz Au
Cash Costs <$650/oz
Reserves Au 0.5Moz @ 4.30g/t 0.3Moz @ 4.57g/t
M&I Res. Au 0.7Moz @ 4.76g/t 0.7Moz @ 4.36g/t
Escobal
2016E Prod. 18-21Moz Ag
Cash Costs $7.50-$8.50/oz
Reserves Ag 310Moz @ 332g/t
M&I Res. Ag 389Moz @ 332g/t
Other Lake Shore Assets
Resources M&I (Moz) Inferred (Moz)
144 Gap Zone 0.3 @ 5.41g/t 0.3 @ 5.19g/t
Whitney 0.7 @ 6.85g/t 0.2 @ 5.34g/t
Gold River 0.1 @ 5.29g/t 1.0 @ 6.06g/t
Juby 1.1 @ 1.28g/t 2.9 @ 0.94g/t
Vogel 0.1 @ 1.75g/t 0.2 @ 3.60g/t
Marlhill 0.1 @ 4.52g/t -
Fenn-Gib 1.3 @ 0.99g/t 0.8 @ 0.95g/t
Total 3.7 @ 2.77g/t 5.4 @ 2.41g/t

Benefits for LSG shareholders
 Premium bid provides immediate value to shareholders
 Stronger balance sheet unlocks value from growth
opportunities sooner, without dilution or financial risk
 Participation in industry-leading dividend
LSG, Tahoe Business Combination Agreement
Unlocking Immediate Value
Accelerating Future Value Creation
8

LSG: Quality Operations Driving Financial Strength
0
500
1000
1500
2000
2012 2013 2014 2015
966
766
592 580
1,813
1,139
872 870
Cash Operating Costs(1)
(1) Non‐GAAP Measure (see Slide 28); (2) All‐in sustaining  cost
US$/oz
Low Unit Costs
Solid Production & Sales
0
40,000
80,000
120,000
160,000
200,000
2012 2013 2014 2015
83,800
135,600
183,300 183,300
Ounces
Gold Sales
Strong Growth in Cash
0
50
100
2012 2013 2014 2015
61
34
62
100
$M
Cash and Bullion
Reduced Debt Levels
0
20
40
60
80
13‐Feb 13‐Dec 2014 2015
68
52
7
0
$M Senior Secured Debt
9

LSG: Three‐Year Outlook
 Production 170,000 to 180,000 oz per year
 Cash operating costs better than US$650/oz
 AISC below US$950/oz
 Strong free cash flow (at current prices)
 Improved balance sheet
 Advance growth opportunities
 Significant exploration upside
10

BELL CREEK MINE
BELL CREEK COMPLEX – MILL
 Large-scale underground mining complex – two
deposits (Timmins Deposit & Thunder Creek Deposit)
 2,770 tpd at 4.4 gpt in 2015
 509.7k oz reserves (3.7M tonnes at 4.3 gpt) Dec. 2014
 M&I resources 695.0 oz (4.5M tonnes at 4.8 gpt(1),
Inferred resources 206.0k oz (1.6M tonnes at 5.0 gpt)
at Dec. 2014
 Exploration drift from Thunder Creek to 144 Gap
TIMMINS WEST MINE
 Underground ramp mining operations
 810 tpd at 4.4 gpt in 2015
 263.6k oz reserves (1.8M tonnes at 4.6 gpt) Dec. 2014
 M&I resources 687.0k oz(4.9M tonnes at 4.4 gpt)(1),
Inferred resources 685.0k oz (4.4M tonnes at 4.8 gpt)
Dec. 2014
 Significant resource potential at depth
 Conventional gold mill circuit, involving crushing and
grinding, gravity and leaching, followed by CIL and
CIP processes for gold recovery
• Recoveries of 96.6% in 2015 (consistently above
95%)
 Processed 1,307,200 tonnes (3,580 tpd) at 4.4 gpt in
2015, 4,270 tpd in Dec. 2015
0
50,000
100,000
150,000
2012 2013 2014 2015
64,000
110,000
142,200 139,000
Ounces Timmins West Production
0
500,000
1,000,000
1,500,000
2012 2013 2014 2015
719,300
952,700
1,245,900 1,307,200
Tonnes Processed
0
10,000
20,000
30,000
40,000
50,000
2012 2013 2014 2015
22,500
27,500
43,300 39,700
Ounces Bell Creek Production
LSG: Portfolio of Well‐Built, Low‐Cost Assets
Well Built Infrastructure Supports Low Cost Growth
(1) M&I resources inclusive of reserves
11

LSG: Growth Opportunities Near Existing Infrastructure
First resource released; Development, test stoping to follow
> 1.0M oz inferred resources; Drilling of GR Extension in 2016
144 Gap
Zone
Gold River
Whitney
Bell Creek Mill capable of >4000 tpd and expandable to 5500 tpd
BC Deep Completing study for deepening of shaft to access deep resources
Resource confirmation/expansion using open-pit model in 2016
144 SW/N/S Continuing drilling along 144 Trend – focus on 144 South in 2016
12

Timmins West Complex
Potential for Multiple Gold Deposits
13
144 Gap Deposit
Indicated: 1,734,000 tonnes @ 5.41 gpt (301.7k oz)
Inferred: 1,914,000 tonnes @ 5.19 gpt (319.2k oz)

144 Gap Deposit
Encouraging New Drill Results
14
1. The 144 Gap resource was estimated using the Inverse Distance to the power 2 (ID2) interpolation method with capping of gold assays evaluated by zone and ranging between 70 and 120 gpt, and an
assumed long‐term gold price of US$1,100 per ounce with an average exchange rate of $0.90 $US/$CAD. The cut‐off grade for the base case is 2.6 gpt.

144 Gap Deposit
Encouraging New Drill Results
15
 Confirms existing results
Intersections in defined
resource (but not included in
resource estimate)
49.92gpt/22.7m
31.27gpt/18.5m
10.56gpt/7.8m
5.41gpt/36.0m
 Highlights potential to
expand resource
Intersections outside
defined resource
6.43gpt/12.5m
5.97gpt/18.8m
8.09gpt/9.9m

Gold River
New Exploration Program in 2016
986,000 tonnes @
9.81 gpt for 310,900
ozs (between 400 and
800 metres)
1,700 m
800 m
Gold River Trend – East
 Two highly prospective deposits
within 4 kms of Timmins West
mine shaft – East and West
deposits
 Resource contains high-grade
core consisting of 310,900 oz at
9.81 gpt
 Drilling to date focused on
shallow targets in East Deposit
 2016 drilling largely focused on
Gold River Extension
3D View –
Conceptual
16

775 mL
925 mL
1250 mL
1050 mL
1625 mL
Reserves
P&P: 1,792,000 tonnes @ 4.6 gpt 263,600 oz
Resources
M&I: 4,904,000 @ 4.29 gpt 687,000 oz
Inferred: 4,399,000 @ 4.84 gpt 685,000 oz
Bottom of current
reserve at 1165 L
Bell Creek Mine
Growth Potential
17

Bell Creek Mine: Growth Potential
Conceptual shaft
extension and
development plan
775 mL
925 mL
1250 mL
1050 mL
1625
mL
Bottom of current
reserve at 1165 L
Reserves
P&P: 1,792,000 tonnes @ 4.6 gpt 263,600
oz
Resources
M&I: 4,904,000 @ 4.29 gpt 687,000 oz
Inferred: 4,399,000 @ 4.84 gpt 685,000 oz
18

Temex Transaction
Whitney Project: In‐Market Acquisition
Whitney Project JV – Resources(1)(2)
Tonnes Grade* Ounces
Measured 966,000 7.02 218,100
Indicated 2,253,000 6.77 490,500
Total M&I 3,219,000 6.85 708,600
Inferred 995,000 5.34 170,700
* Grams per tonne, at 3.0 gpt
cut-off
(1) Lake Shore Gold has not verified the
mineral resources disclosed in the technical
report for the Whitney Project. To the best
of Lake Shore Gold’s knowledge,
information, and belief, there is no new
material scientific or technical information
that would make the disclosure of the
mineral resources inaccurate or
misleading.
(2) 60% Interest
19

Whitney Project: Open-Pit Potential
20

Timmins West Mine - Canada
21

Bell Creek Complex - Canada
22

Escobal Mine - Guatemala
23

La Arena Mine - Peru
24

Shahuindo Mine - Peru
25

Guatemala Exploration
26
Sept 2015

Peru Exploration
27
SHAHUINDO
LA ARENA
El Alizar
La
Florida
Agua
Blanca
51,130 has

Upside Potential Across All Regions
28
EXPLORATION UPSIDE
El Alizar
• Look for potential to
extend La Arena oxide
144 Trend
• Drilling of SW, North and
South Zones
Gold River
• >1mozs high-grade U/G
resource near Timmins
West mine
Fenn-Gib
Regional Exploration
IN DEVELOPMENT
La Arena Sulfide
• Scoping in 2016 and
Feasibility in 2017
Bell Creek Shaft
• Deepen shaft to 1,225m
Whitney
• High-grade U/G resource
• 5km from Bell Creek mill
PRODUCTION
Escobal
• 20mozs Ag / yr
La Arena Oxide
• 170kozs Au / yr
Shahuindo Phase 1
• 75kozs Au / yr
Timmins/Bell Creek
• 175kozs Au / yr
NEAR-TERM
EXPANSION
144 Gap
• Commencing production
in H2 2016
• Implement long-range
development plans
Bell Creek Mill
• Expansion to 5500 tpd
for ~$30M by 2017
Shahuindo Phase 2
• 36ktpd expansion in
2018 (170 kozs / yr)

Growing Low-Cost Production, Strong Margins
29
Source: Available analyst estimates Note: EBITDA as per Bloomberg consensus estimates
20.4 20.3 20.3
$7.57
$7.10 $7.06
2016E 2017E 2018E
SilverProduction(Mozs)
Ag Production - THO Cash Cost (US$/oz Ag)
Stable
Prodution
254 283
300
175 175 176
429
458 476
$621 $622 $628
2016E 2017E 2018E
GoldProduction(kozs)
Au - THO Au - LSG PF Cash Cost (US$/oz)
Strong
Growth
Potential
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2016E 2017E 2018E 2019E 2020E
Tahoe LakeShore

Pro Forma Capitalization
30
Note: Assumes a CAD$:US$ FX rate of 0.7223. Source: Bloomberg, company disclosure
1. Share capital and balance sheet items as of September 30, 2015 adjusted for reported subsequent events. Cash excludes proceeds from in‐the‐money options and warrants and
excludes transaction related expenses. Lake Shore convertible debenture is included in the FD ITM shares outstanding and excluded from debt. Conversion price is C$1.40
2. Pro forma figures calculated based on Tahoe’s closing price on the TSX on February 5th 2016
As at February 5, 2016 Units Tahoe Lake Shore (at offer) Pro Forma2
TSX Share Price CAD$ $11.66 $1.71 $11.66
Basic Shares Outstanding1 Million 227.3 463.2 295.3
FD Shares Outstanding1 Million 228.5 552.2 309.5
FD Market Capitalization
USD$
Million
$1,925 $683 $2,607
Cash and Cash Equivalents1 USD$
Million
$92 $70 $162
Total Debt1 USD$
Million
$51 $14 $65

Delivering Long-Term Shareholder Value
31
Focused on Growing Free Cash Flow Per Share
Monthly
Dividend
Organic Growth
Operations
Focus
Responsible
Management
High Margin, Low Cost
Operations
Strong
Balance
Sheet
Geographic Diversity

New Leader in Precious Metals 32
Endnotes & Appendices
Tahoe Resources Investor Relations
investors@tahoeresources.com
775.448.5807

Tahoe Resources BMO Global Metals & Mining Conference Presentation

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