1. LAKE SHORE GOLD CORP.
A GROWING GOLD PRODUCER
FIRING ON ALL CYLINDERS
TSX, NYSE MKT: LSG
TD Securities Mining Conference
January 28, 2014

2. Forward Looking Statements
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., Senior 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”).
Scientific and technical information related to resources, drilling and all matters involving mine production geology contained in this presentation, or source
material for this presentation, was reviewed and approved by Eric Kallio, P.Geo. Mr. Kallio is an employee of Lake Shore Gold Corp., and is a “qualified
person” as defined by NI 43-101.
2

3. LAKE SHORE GOLD
 Growing, low-cost gold producer generating net free cash flow
 Located in the Timmins Gold Camp, Abitibi Greenstone Belt
 Two operating mines with a central milling facility
 3 high-quality growth projects + attractive exploration potential
 Annual production of 160,000 to 180,000 oz.
3

4. One of the World’s Great Gold Camps
Detour Lake
Detour
O N TA R I O
Little Abitibi
Lake Shore Gold
Cochrane
Blakelock/Burntbush
Lake Shore Gold
11
Bell Creek
Lake Shore Gold
Fenn-Gib
Lake Shore Gold
Hoyle Pond
Goldcorp
Pamour
Goldcorp
Timmins West
Lake Shore Gold
Timmins
QUEBEC
Casa Berardi JV
LSG/Aurizon
Casa Berardi
Hecla
11
Dome
Goldcorp
101
Gold River
Lake Shore Gold
Hollinger
McIntyre
66
Kirkland
Lake
Lake Shore Gold Land Position
Rouyn-Noranda
Val-d’Or
Canada
Canadian Malartic
Osisko
United States
4

5. Lake Shore Gold – Investment Highlights
 Generating net free cash flow
 Growing gold production



2012: 85,700 oz.
2013: 134,600 oz.
2014: 160,000 – 180,000 oz.(1)
100,000
160,000
134,600
140,000
85,700
60,000
20,000
-20,000
 Low cost producer
180,000
180,000
2012
2013
Production
2014
Range

Cash operating(2) – 2013: US$770/oz.(3)
(Q4/13: US$605/oz.)(3)
2014: US$675 – US$775/oz.(1)

All-in sustaining(2) – 2013: US$1,135/oz.(3)
(Q4/13: US$835/oz.)(3)
2014: US$950 – US$1,050/oz.(1)
 Quality assets, excellent infrastructure & skilled
workforce in a mining-friendly jurisdiction
(1) Example of Forward Looking Information
(2) Example of Non-GAAP Measure
(3) Preliminary results, final financials to be released in March 2014
5

6. Q4/13 – A Record Quarter
 Record quarterly production
60,000
40,000
20,000
51,700
Ounces
23,200
30,800
28,900
Q2
Q3
0
Q1
1500
1000
Grams Per Tonne
5.5
4.0
2.5
1.0
-0.5
Q4
4.7
5.2
3.8
4.3
Q1
Q2
Q3
Q4
 Record mill throughput
 Strong cost performance
2000
 Record quarterly grades
Tonnes Per Day
US$/oz.
1,550
1,257
982
3,500
3,500
908
3,000
1,027
701
605
835
2,500
500
2,540
2,200
2,000
0
2,200
1,500
Q1
Q2
Cash Operating Cost
Q3
Q4
All-In Sustaining Cost
1,000
Q1
Q2
Q3
Q4
 Significant net free cash flow generated
 Cash & bullion @ $34M at Dec. 31/13 ($15.2M at Sept. 30/13)
(1) Examples of Non-GAAP Measures
6

7. LSG – Capital Structure
$1.20
Shares Outstanding (basic)
416,620,000
$1.00
Shares Outstanding (FD)
423,400,000
Share Price (Jan. 27, 2014)
$0.74 (TSX)
Market Capitalization
$308,000,000
52 Week High/Low
$0.91/$0.16
3M av. Daily Share Volume
Share Price (C$)
Lake Shore Gold (TSX, NYSE MKT: LSG)
LSG
Gold Price (Indexed)
$0.80
$0.60
800,000
Debt (C$ Millions)
$0.40
$0.20
--
Details
Gold-linked note
20
17 monthly cash payments remaining (947 oz/month)
Standby line
30
9.75% compounded monthly
Convertible debentures
103
6.25%, paid semi-annually, due Sept. 30, 2017

Repaid approx. $20 million of debt in 2013

On track to repay $20 – $25 million of debt in 2014
7

8. Strong Performance Versus 2013 Guidance

Production of 120,000 to 135,000 oz.


Cash operating costs(1) of US$800/oz. to US$875/oz.


Achieved top end of guidance – 134,600 oz.
US$770/oz.(2) in 2013, beat guidance range
Capital investment of approximately $90 million

$80.2M YTD at Sept. 30/13, full year to be in line with guidance(3)
Met or Exceeded All Guidance in 2013
(1)
(2)
(3)
Example of non-GAAP measure
Preliminary results, final financials to be released in March 2014
Example of forward-looking information
8

9. Lake Shore Gold – Firing On All Cylinders
2014 Guidance(1):

Production: 160,000 to 180,000 oz.

Cash operating cost(2)/oz. sold: US$675 – US$775

AISC(2)/oz. sold: US$950 – US$1,050
Growing, low-cost, gold producer generating free cash flow
(1) Example of Forward Looking Information
(2) Example of Non-GAAP Measure
9

10. Timmins West Mine – Targeting >130,000 oz. in 2014
Timmins
Deposit
Thunder
Creek
 2 deposits open for expansion
 Excellent infrastructure
 Currently operating at @ 2,500 tpd
Q1/13
Q2/13
Q3/13
Q4/13
2013
Production (oz)
18,700
24,200
22,600
41,600
107,100
Tonnes
161,400
177,900
148,400
259,800
747,500
3.7
4.4
4.9
5.2
4.6
Grade (gpt)
10

11. Bell Creek Mine – Targeting >30,000 oz. in 2014
Shaft




Current reserves extend to 775 L
Ramp development to 700 metre level
Increasing production from 500 tpd to 750 tpd
Deep Zone – future growth project
Potential
shaft
extension
Deep
Zone
Q1/13
Q2/13
Q3/13
Q4/13
2013
Production (oz)
4,500
6,600
6,300
10,100
27,500
Tonnes
36,200
53,000
54,000
62,000
205,200
4.2
4.1
3.9
5.3
4.4
Grade (gpt)
11

12. Bell Creek Mill – Efficient, Excess Capacity Available
 Completed expansion in
Q3 2013 to >3,000 tpd
capacity
 Production exceeding
target levels (3,500 tpd in
Q4/13)
 Future expansion
envisioned (crushing &
grinding circuit capable of
5,500 tpd)
 Excellent track record of
performance (+95%
recoveries)
12

13. Lake Shore Gold – Attractive Growth Projects
GOLD RIVER/144
FENN GIB
BELL CREEK
BELL CREEK MINE
Bell Creek Marlhil
Vogel
Deep
Zone
• Gold River has over 1.0 M
oz. in resources, mostly
above 400 m level
• High grade core (0.3M oz.
@ 9.8 gpt)
• Significant potential for
growth (2.5 kms of
mineralized showings)
• Gold mineralization
intersected 850 m south of
Thunder Creek at 144
• Majority of existing
resources at Bell Creek
in Deep Zone (below
current reserve)
• Initial, near-surface
resources at Marlhill and
Vogel
• Significant potential for
resource expansion at all
properties
• Large-scale, potential
open-pitable project
• Initial resource of 1.3M
oz. indicated (40.8M
tonnes @ 0.99 gpt) and
0.8M oz. inferred (24.5M
tonnes @ 0.95 gpt)
• Extensions in three
directions and to depth,
additional exploration
targets identified
13

14. Lake Shore Gold – Ticking all the Boxes(1)

Generating net free cash flow

Growing production to 160,000 – 180,000 oz.

Lowering costs – improving costs year over year

Strengthening balance sheet & increasing financial
flexibility

Positioning LSG for long-term success through quality
operations & attractive projects

Achieving record results, on track for another record year
in 2014(1)
Progress Driving Strong Share Price Performance
(1) Example of Forward Looking Statements
14

15. APPENDIX
15

16. EXPERIENCED MANAGEMENT TEAM
Anthony P. Makuch
President & CEO
Phil Yee
VP & CFO
Dan Gagnon
SVP, Operations
Eric Kallio
VP, Exploration
Mark Utting
VP, Investor Relations
P. Eng./MBA with 30 yrs experience; formerly SVP & COO, FNX
Mining Co. and V.P. Operations, Dynatec Corp. Native of Timmins
with extensive experience working in the Camp.
CPA & CA with 25 yrs experience most recently as CFO,
Patagonia Gold Plc. Also served as Director, Finance, Centerra
Gold and VP, Finance for Centerra’s Kumtor Gold Mine.
P. Geo. with 25 yrs experience; formerly Mine Manager, Vale
Sudbury, General Manager Goldcorp’s Red Lake Mine and Placer
Dome’s Timmins and Musslewhite operations. Native of Timmins.
P. Geo. with 30 yrs experience; formerly VP, Exploration, Patricia
Mining, Exploration Manager, Canadian Shield, Kinross and Chief
Geologist for Placer Dome’s Dome Mine in Timmins.
CFA with over 25 years experience. Mining experience as
Director, IR for Dynatec, Rio Algom and Sherritt. Also, IR and
media experience with RBC, BMO, Extendicare, Loewen Group.
16

17. Timmins Deposit – Near-Term Production
Timmins
Deposit
Thunder
Creek
Mining Method
 Sill development
 Longitudinal longhole stoping
Mining Horizons
 730 to 870 metre levels
17

18. Thunder Creek – Near-Term Production
Timmins
Deposit
Thunder
Creek
Mining Method
 Sill development
 Transverse longhole stoping in Porphyry
 Longitudinal longhole stoping in Rusk
Mining Horizons
 590 to 765 metre levels
18

19. Exploration Potential – Timmins West Complex
6 kms
TC – 144 Trend
Timmins West Mine
144
Thunder Creek
Timmins Deposit
500 Lv
1,000 Lv
2,000 Lv
UM and FW structures extended
to 2,400 m
19

20. Bell Creek Complex
Large Resource base, large underexplored land position
Bell Creek Mine
Bell Creek Mine
Marlhill
MH
Vogel
VG
WM
Wetmore
Hoyle Pond
Hoyle Pond
Mine
Mine
Key Projects
MH – Marlhill Project
VG – Vogel Project
WM – Wetmore Project
20

21. Fenn-Gib – Potential Large-Scale, Open-Pit Project
Considerable potential to grow resource to depth and along strike
Current Resource Pit (>2.0M oz)
1.2M oz Starter Pit
1.63 gpt/60.4m
1.01 gpt/22.1m
1.72 gpt/48.8m
1.03 gpt/81.4m
1.01 gpt/52.5m
Potential Westerly
Pit Expansion into
untested gap
0.67 gpt/121.5m
1.02 gpt/190.5m
New Pit Outline based
on most recent drilling
21

22. Operating Results Summary – 9 Months
34% Growth in Production – 14% Improvement in Costs
9M/13
9M/12
% Change
9M/9M
630,900
537,700
17
Average grade (gpt)
4.3
3.7
16
Total production (oz)
82,900
62,000
34
Gold poured (oz)
78,200
61,100
28
Cash op costs incl. royalties(1)
856
997
(14)
Cash op costs excl. royalties(1)
823
970
(15)
Total tonnes
(1)
US$/oz
22

23. Financial Results Summary – 9 Months
9M Comparison – 86% Increase in Earnings from Mine Operations
9M/13
9M/12
Revenues ($M)
126.8
99.0
Cash earnings from mine ops ($M)
51.6
39.4
Earnings from mine ops ($M)
13.2
7.0
Net loss ($M)
(7.8)
(15.7)
Loss from continuing ops ($M)
(3.5)
(15.7)
Loss from discontinued ops ($M)
(4.3)
(-)
Net loss per share ($)
(0.02)
(0.04)
23

24. Balance Sheet
(C$ Millions) as at Sept. 30, 2013
Cash and cash equivalents
14.7
Total cash and bullion
15.2
Total current assets
42.0
Total current liabilities
37.2
Current ratio (Sept. 30/13)
1.13:1
Debt (long term and current portion of long term debt)
135.2
Total equity (including $14.8M equity portion of debentures)
656.0
Debt (C$ Millions) (Current)
Details
Gold loan
20
17 monthly cash payments remaining (equivalent to 974 oz Au)
Standby line
30
9.75% compounded monthly, repaid monthly (June ‘15 – Nov. ’16)
Convertible debentures
103
6.25%, paid semi-annually, due Sept. 30, 2017
24

25. 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.
25