2015 11-16 transaction presentation - final

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TSX:KGI 1 klgold.com
Creating an Ontario
Focused Intermediate
Gold Producer
ACQUISITION OF
ST ANDREW GOLDFIELDS
November 17, 2015

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GENERAL INFORMATION
Today’s announcement is available from each respective Company’s
website
Kirkland Lake Gold – www.klgold.com
St Andrew Goldfields – www.sasgoldmines.com

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Cautionary Statement on Forward-Looking Information
This presentation contains forward-looking statements and forward-looking information (collectively, “forward-looking information”) within the meaning of United States and Canadian securities laws, respectively.
The use of any of the words "expect", "potential", "target", "anticipate", "continue", "estimate", "objective", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify
forward-looking information. More particularly and without limitation, this presentation contains forward-looking information concerning: the anticipated benefits of the Transaction to Kirkland Lake, St Andrew and
their respective shareholders, the timing and anticipated receipt of required regulatory, court, and shareholder approvals for the Transaction; the ability of Kirkland Lake and St Andrew to satisfy the other conditions
to, and to complete, the Transaction as proposed; the anticipated timing of the mailing of the information circular regarding the Transaction, the closing of the Transaction, the future gold production of Kirkland Lake
and St Andrew, future cash costs of production, the gold resources and reserves of Kirkland Lake and St Andrew and the development and exploration of 120 kilometres of strike length situated along the St Andrew
Porcupine-Destor Fault Zone.
In respect of the forward-looking information concerning the anticipated completion of the proposed Transaction and the anticipated timing thereof, Kirkland Lake and St Andrew have provided them in reliance on
certain assumptions that they believe are reasonable at this time, including assumptions as to the time required to prepare and mail shareholder meeting materials, including the required information circular; the
ability of the parties to receive, in a timely manner, the necessary regulatory, court, shareholder and other third party approvals; and the ability of the parties to satisfy, in a timely manner, the other conditions to the
closing of the Transaction. These dates may change for a number of reasons, including unforeseen delays in preparing meeting materials, inability to secure necessary shareholder, regulatory, court or other third
party approvals in the time assumed or the need for additional time to satisfy the other conditions to the completion of the Transaction. Accordingly, readers should not place undue reliance on the forward-looking
information contained in this news release concerning these times.
With respect to the forward looking information of Kirkland Lake and/or St Andrew, concerning the future gold production of Kirkland Lake and St Andrew, future cash costs of production, the gold resources and
reserves of Kirkland Lake and St Andrew, and the development of the Kirkland Lake and St Andrew properties are subject to various key assumptions described in their respective Annual Information Forms and
Technical Reports referred to herein and therein.
Since forward-looking information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to
a number of factors and risks. These include, but are not limited to, the risk that the Transaction may not close when planned or at all or on the terms and conditions set forth in the arrangement agreement; the
failure to obtain the necessary shareholder, Court, regulatory and other third party approvals required in order to proceed with the transaction; the synergies expected from the Transaction not being realized;
business integration risks; operational risks in development, exploration and production for precious metals; delays or changes in plans with respect to exploration or development projects or capital expenditures;
the uncertainty of reserve and resource estimates; uncertainties inherent to feasibility and other economic studies; health, safety and environmental risks; gold price and other commodity price and exchange rate
fluctuations; marketing and transportation; loss of markets; environmental risks; competition; incorrect assessment of the value of acquisitions; ability to access sufficient capital from internal and external sources;
and changes in legislation, including but not limited to tax laws, royalties and environmental regulations.
Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on other risks and factors that could affect the operations or financial results of Kirkland Lake and St Andrew are
included in reports on file with applicable securities regulatory authorities, including but not limited to, Kirkland Lake’s Annual Information Form for the fiscal year ended April 30, 2015 which may be accessed on
Kirkland Lake’s SEDAR profile and St Andrew’s Annual Information Form for the fiscal year ended December 31, 2014 which may be accessed on St Andrew’s SEDAR profile at www.sedar.com.
Management has included the above summary of assumptions and risks related to forward looking information provided in this presentation in order to provide shareholders with a more complete perspective on the
proposed transaction and such information may not be appropriate for other purposes. Actual results, performance or achievement could differ materially from those expressed in, or implied by, the forward-looking
information and, accordingly, no assurance can be given that any of the events anticipated by the forward looking information will transpire or occur, or if any of them do so, what benefits may be derived therefrom
and accordingly, readers are cautioned not to place undue reliance on the forward looking information.
The forward-looking information contained in this presentation are made as of the date hereof and neither Kirkland Lake nor St Andrew undertakes no obligation to update publicly or revise any forward-looking
information, whether as a result of new information, future events, or results or otherwise, other than as required by applicable securities laws.

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Conference Call Participants
Kirkland Lake Gold Inc. St Andrew Goldfields Ltd.
George Ogilvie, P.Eng
President & CEO
Duncan Middlemiss, P.Eng
President & CEO
Perry Ing, CPA-CA, CPA (Ill), CFA
Chief Financial Officer
Keyvan Salehi, P.Eng, MBA
Vice President, Corporate Development &
Technical Services
Jennifer Wagner, LL.B.
Corporate Legal Counsel
Ben Au, CA
Chief Financial Officer, Vice President, Finance
& Administration

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Kirkland Lake Vision Statement
“Build a sustainable mining company
that is recognized as a safe and
responsible intermediate gold producer
with quality assets, in safe jurisdictions.”
“We will provide exceptional stakeholder value
by delivering operational and exploration
excellence through empowering our people to
act as owners.”

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Pro Forma Investment Highlights
Ontario Focused Intermediate Gold Producer
The combined entity will be an Ontario-focused intermediate producer expected to produce
between 260 – 310 koz of gold in 2016
Improved diversification with production from four mines and two centrally located mills in
Ontario’s southern Abitibi greenstone belt
Improved Financial Flexibility
Solid balance sheet with over C$100 million in cash
Combination of strong future cash flows from both companies
Ability to benefit from future operational and corporate synergies
Enhanced Market Profile
Two companies are covered by 15 research analysts collectively
Enhanced trading liquidity and appeal to a larger shareholder base
Exploration Upside
Consolidation of large land holdings in the heart of two Ontario gold camps
Proximity to existing mine infrastructure
Further Consolidation Opportunities
Combined entity will have stronger market positioning and increased access to capital
Well positioned to execute on future consolidation opportunities

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Proposed
Transaction
Business combination of Kirkland Lake Gold Inc. and St Andrew Goldfields Ltd.
Total equity value of approximately C$178mm1
Pro forma ownership: 71% Kirkland Lake Gold / 29% St Andrew Goldfields1
Consideration
0.0906 of a Kirkland Lake common share, representing consideration of C$0.47 per St Andrew
common share1
46% premium based on 20-day volume weighted average prices for both companies and a 25%
premium to the St Andrew closing price on November 16, 2015
Conditions
66 2/3% St Andrew shareholder vote
50.1% Kirkland Lake shareholder vote
Customary regulatory and court approvals
Other Terms
35% of St Andrew shares outstanding have entered into support agreements to vote in favour of the
transaction
One St Andrew Director to join Kirkland Lake’s Board of Directors
Standard reciprocal non-solicitation clauses with a fiduciary out in respect of a Superior Proposal
Five full business day right to match provision for Kirkland Lake
Reciprocal break fee of C$7.1mm
Proposed
Timing
Mailing of meeting materials as soon as practical
Shareholder meetings in January 2016
Expected closing by late January 2016
Transaction Summary
1. Based on November 16, 2015 closing prices.

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Accretive Transaction
Immediately accretive to Kirkland Lake shareholders on net asset value,
production and operating cash flow, on a per share basis
Asset Diversification
Adds three producing gold mines in a proven and mining friendly jurisdiction
Exploration Potential
Combined land positions in Timmins and Kirkland Lake gold camps, two
historically prolific and underexplored camps, close to existing mine
infrastructure
Total Resources
Over 50% increase in proven & probable gold reserves to 2.3Moz Au and over
100% increase in measured & indicated gold reserves
Benefits to KGI Shareholders

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Significant Premium
Offer represents a 46% premium based on the 20-day VWAP for each company
and a 25% premium to the November 16, 2015 closing price
Significant Pro Forma Ownership
St Andrew shareholders will represent 29% ownership in a Canadian
intermediate gold producer
Enhanced Market Presence
Exposure to attractive pool of investors, greater trading liquidity and significantly
increased analyst coverage
Access to Enhanced Cash Flows and Financial Liquidity
Combined company will boast a strong balance sheet with aggregate cash and
cash equivalents of over C$100mm and robust future cash flows
Benefits to SAS Shareholders

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Pro Forma Capitalization
Pro Forma
TSX Share Price1 C$/share $5.23 $0.38
Basic Shares Outstanding1 mm 80.7 368.3 114.7
FDITM Shares Outstanding2 mm 83.5 375.4 117.6
FDITM Market Capitalization2 C$mm $436.9 $178.0 $615.0
Cash and Cash Equivalents2 C$mm $88.5 $24.8 $113.3
Debt3 C$mm $124.3 $6.5 $130.9
Enterprise Value C$mm $472.8 $159.8 $632.6
1. As at November 16, 2015.
2. KGI FDITM shares and market cap based on share price on November 16, 2015, SAS FDITM shares, market cap and cash
based on transaction offer price.
3. Based on balance sheet data as of July 31, 2015 for KGI and September 30, 2015 for SAS.

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Pro Forma Snapshot
Pro Forma
LTM Avg. Daily Trading Value C$mm $3.0 $0.1 $3.1
Analyst Coverage # 14 1 15
2P Reserves oz Au 1,463,000 833,331 2,296,331
Measured & Indicated Resources oz Au 2,047,000 2,668,000 4,715,000
2015 Production oz Au 152,629 105,000 257,629
AISC US$/oz $956 $934 $947
1. KGI production based on mid-range of SY 2015 guidance plus actual FY 2015 production from January-April; SAS production
based on mid-range of 2015 guidance.
2. KGI AISC based on actual FY 2015; SAS AISC based on actual year-to-date 2015.

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St Andrew Goldfields Overview
St Andrew Goldfields is a junior gold producer with a
portfolio of operating assets in the Timmins Mining District
SAS controls a 120km stretch of exploration ground along
the Porcupine-Destor Fault Zone
Current operations include the Holt, Holloway, and Taylor
Mines
Largest Shareholders: the Abramson Family, Trapeze
Asset Management
Corporate Overview
YTD 2015 Highlights
Taylor advanced to commercial production in Q4 2015,
according to schedule
FY2015 production guidance raised to 100-110koz Au
Continued exploration programs
‒ Holt Deep Exploration (Holt): South Western
Extension of Zone 4 at depth of 1,000-1,200m
‒ Smoke Deep Zone (Holloway): Open at depth
plunging to the east, looking to add resources to
extend LOM

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Macassa
Taylor
Holt
Holloway
Creation of an Ontario-Focused Intermediate Producer
Kirkland Lake Gold
SY 2015E Production 90 – 110 koz Au
Q1 SY 2015 AISC US$956/oz Au
Property Wide (includes Macassa Mine Complex)
Measured and Indicated 3,510koz Au
Inferred 1,777koz Au
Together, Kirkland Lake and St Andrew have a large asset base in Ontario with
four producing mines and two centrally located mills
St Andrew Goldfields
2015E Production 100-110koz Au
YTD Q3 2015 AISC US$934/oz Au
Holt (Producing)
Measured and Indicated 1,548koz Au
Inferred 1,181oz Au
Holloway (Producing)
Measured and Indicated 157koz Au
Inferred 389koz Au
Taylor (Producing)
Inferred 257koz Au
Hislop (Care and Maintenance)
Inferred 92koz Au
Aquarius (Exploration)
Other – Clavos, Ludgate, Canamax (Exploration)
Inferred 233koz Au
Measured and Indicated Resources inclusive of Reserves.

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$1,507
$1,037
$615
$488 $471 $423 $406
$233 $140
New Gold Alamos Pro Forma Lake Shore Primero Kirkland Lake Klondex Richmont St Andrew
25,740
17,376
7,011
3,510 3,501 3,174 2,987 2,114
863
#N/A Alamos Pro Forma Kirkland Lake St Andrew Primero Lake Shore Richmont Klondex
Strong Market Positioning
Market Capitalization (C$mm)
Combined entity will be positioned as a new intermediate gold producer with a
significant resource base in two world class gold camps in Ontario
Measured and Indicated Resources (koz Au)2
(1)
1. ITM diluted market cap.
2. Measured and Indicated Resources inclusive of Reserves.
New Gold

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451
361
291 274
175 160 157
131
89
Alamos New Gold Pro Forma Primero Lake Shore Kirkland Lake Klondex St Andrew Richmont
$722 $703 $669 $661
$611 $591 $590 $562
$276
St Andrew Alamos Richmont Pro Forma Kirkland Lake Lake Shore Primero Klondex New Gold
Significant Production at Attractive Cash Costs
2016E Production (koz)1
2016E Cash Cost per oz (US$)1
St Andrew will add significant annual gold production
1. Based on analyst consensus.

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TSX:KGI 16 klgold.comTSX:KGI klgold.com16
Pro Forma Investment Highlights
New Ontario-focused intermediate gold producer
Profitable with strong cash flow generation from four mines and two mills
Strong AISC profile and long-term, sustainable production platform
Robust balance sheet with over C$100mm in cash
Leverage to Canadian dollar gold price
Significant exploration upside in prolific Abitibi greenstone belt gold camps
Proven management team and board of directors

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APPENDIX A
St Andrew Goldfields
Highlights

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Reserve & Resource Estimates
Resources are inclusive of Reserves
MINERAL RESERVES - As at December 31, 2014
MINERAL RESOURCES - As at December 31, 2014
Project Proven Probable Proven + Probable
Tonnes Grade Ounces Au Tonnes Grade Ounces Au Tonnes Grade Ounces Au
('000) (g/t Au) ('000 oz) ('000) (g/t Au) ('000 oz) ('000) (g/t Au) ('000 oz)
Holt 1,452 4.26 199 2,414 5.05 392 3,866 4.75 591
Holloway 233 5.35 40 233 5.35 40
Hislop 280 5.16 46 280 5.16 46
Taylor 774 6.27 156 774 6.27 156
Total 1,452 4.26 199 3,701 5.33 634 5,153 5.03 833
Project Measured Indicated Measured + Indicated Inferred
Tonnes Grade Ounces Au Tonnes Grade Ounces Au Tonnes Grade Ounces Au Tonnes Grade Ounces Au
('000) (g/t Au) ('000 oz) ('000) (g/t Au) ('000 oz) ('000) (g/t Au) ('000 oz) ('000) (g/t Au) ('000 oz)
Holt 3,702 3.97 473 3,861 3.90 485 7,563 3.94 957 7,866 4.67 1,181
Holloway 310 4.71 47 482 4.54 70 792 4.61 117 2,479 4.88 389
Hislop 0 0 0 983 4.01 127 983 4.01 127 690 4.16 92
Taylor 0 0 0 2,323 4.76 356 2,323 4.76 356 1,951 4.10 257
Aquarius 0 0 0 22,300 1.29 926 22,300 1.29 926 9 0.79 0
Clavos 0 0 0 503 4.81 78 503 4.81 78 318 4.73 48
Ludgate 0 0 0 522 4.06 68 522 4.06 68 1,396 3.60 162
Canamax 0 0 0 240 5.09 39 240 5.09 39 170 4.26 23
Total 4,012 4.03 520 31,214 2.14 2,149 35,227 2.36 2,668 14,879 4.5 2,154

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Overview of Key Assets
• Holloway-Holt is located in the Timmins Mining District,
approximately 45km northeast of Kirkland Lake
• The 2 mines essentially straddles the dominant regional
fault known as the Destor-Porcupine Deformation Zone,
1km apart from each other
o Holt – Built by Barrick
• St Andrew Goldfield’s flagship asset
• ~1,300tpd production
• Current mine life of 8 years in the form of
Reserves
o Holloway – Built by Noranda
• ~600tpd production
• Production expected to continue well into
2017
• Ore from both mines processed at Holt Mill, which has
3,000 tpd capacity
Holloway-Holt (100%) Taylor (100%)
0
7
14
21
28
Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15
Production(KozAu)
Quarterly Gold Production Breakdown
Holt Holloway Hislop Taylor
• Taylor is located roughly 68km west of the Holt Mill,
53km east of Timmins
• Exploration activities re-commenced in 2010
• Underground development began late Q1 2015
• Mine brought into commercial production by November
2015
Hislop (100%)
• Hislop is located approximately 85km west of the Holt
Mill
• Past producing- ore mining activities began in March
2010
• Open pit Mineral Reserves fully depleted mid-2014
• Currently on Care and Maintenance

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Map of St Andrew Assets

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APPENDIX B
Kirkland Lake Highlights

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Reserve & Resource Estimates
Resources are exclusive of Reserves
Grade Grade Au Grade Grade Au Grade Grade Au
opt g/t (000's) opt g/t (000's) opt g/t (000's)
'04 & Main Break 545 0.43 494 14.7 236 583 0.48 529 16.5 278 1,128 0.46 1023 15.8 514
South Mine Complex 346 0.51 314 17.5 177 1,120 0.69 1016 23.7 773 1,467 0.65 1,331 22.3 949
Macassa Mine Complex 891 0.46 808 15.8 412 1,703 0.62 1,545 21.3 1,051 2,595 0.56 2,354 19.2 1,463
Proven
Tonnes
(000's)
Tons
(000's)
Tonnes
(000's)
Zone
Probable Proven & Probable
Tons
(000's)
Tonnes
(000's)
Tons
(000's)
MINERAL RESERVES - As at December 31, 2014
Note: Columns may not add due to rounding. Macassa Mine Complex reserves the ’04 & Main Break and the SMC.
MINERAL RESOURCES - As at December 31, 2014
Grade Grade Au
opt g/t (000's)
04 & Main Break 485 0.41 440 14.1 201
SMC 1,358 0.65 1,232 22.3 876
Near Surface Target 100 0.42 91 14.4 42
Property Wide 2,114 0.56 1,918 19.2 1,777
Zone
Tons (000's) Tonnes (000's)
Inferred
Note: Columns may not add due to rounding. Property Wide resources include the ’04 &
Main Break, SMC, Near Surface Target, as well as peripheral resources blocks (such as
the Lakeshore Ramp).
Grade Grade Au Grade Grade Au Grade Grade Au
opt g/t (000's) opt g/t (000's) opt g/t (000's)
04 & Main Break 1063 0.4 964 13.7 430 1148 0.42 1041 14.4 483 2,211 0.41 2006 14.1 913
SMC 33 0.37 30 12.7 12 1377 0.67 1249 23.0 917 1,410 0.66 1279 22.6 929
Near Surface Target - - - - - 330 0.34 299 11.7 112 330 0.34 299 11.7 112
Property Wide 1106 0.4 1003 13.7 447 3,096 0.52 2,809 17.8 1,599 4,202 0.49 3,812 16.8 2,047
Measured
Tons
(000's)
Tonnes
(000's)
Zone
Indicated Measured & Indicated
Tons
(000's)
Tonnes
(000's)
Tons
(000's)
Tonnes
(000's)

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Experienced Team
Eric Sprott 2 Non-executive Chairman
Barry Cooper, B.Sc., MBA 1 Non-executive Director
Pamela Klessig, P.Geo Non-executive Director
Barry Olson, M.Sc. 1 Non-executive Director
Jeffrey Parr, CA, BA, MBA 1 Non-executive Director
Dawn Whittaker, LLB Non-executive Director
George Ogilvie, P.Eng. Director, President & Chief Executive Officer
Perry Ing, CPA-CA, CPA (Ill),CFA 3 Chief Financial Officer
Chris Stewart, P.Eng. Vice President, Operations
Jennifer Wagner, LL.B. Corporate Legal Counsel
Suzette N Ramcharan, CPIR Director, Investor Relations
Kevin Fearn, BA, CHRP, CHRL Director, Human Resources
Board of Directors
Senior Management
1 Appointed October 2014; 2 Appointed February 2015; 3 Appointed November 2015

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Financial Position
CASH C$88.5 million 3
DEBT
C$119.5 million
convertible debentures
(principal amount owing)
KGI.DB: 6% coupon/ $15.00 strike
C$57.4MM mature Jun/2017
KGI.DB.A: 7.5% coupon/ $13.70 strike
C$62.1MM* mature Dec/2017
NCIB allows KGI to purchase up to 10% of each issue within a 12
month period commencing April 3, 2015, and can be renewed
annually
4
ROYALTY
2.5% NSR
Franco Nevada Corporation
Option to buyback 1% by October 31, 2016, at a cost of
US$36MM less any money paid against the 1%
52 Week Performance
2
HIGH C$6.88
LOW C$2.79
Current Share Price C$5.23 (Nov 16)
Major Shareholders (~50%)
1
Resolute Funds (~10%)
Eric Sprott (~9%)
Columbia Wanger Asset Management LLC (~8%)
Equinox Partners (~7%)
Van Eck Associates Corporation (~5%)
Harry Dobson (~4%)
Sprott Asset Management (~4%)
ABC Funds (~2%)
CAPITAL STRUCTURE 1
ISSUED SHARES 80,704,130
Stock Options 3,984,800
FULLY DILUTED 84,688,930
MARKET CAP ~450 Million 2
1 As at October 1, 2015; 2 As at October 31, 2015 3 As of October 31, 2015; 4 See press release dated April 1, 2015 for details on the NCIB

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2015 YTD Share Price Performance
5%
56%
(7)%
(20%)
0%
20%
40%
60%
80%
100%
1-Jan-15 1-Feb-15 1-Mar-15 1-Apr-15 1-May-15 1-Jun-15 1-Jul-15 1-Aug-15 1-Sep-15 1-Oct-15 1-Nov-15
Kirkland Lake Spot Gold GDXJ
Rebased to CAD

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Kirkland Lake Camp
The Kirkland Lake gold
camp has been in production
for over 100 years
One of the highest grade
gold camps in the world
Almost 25 Moz’s has been
produced to date, from
seven mines
KGI owns five former
producing high grade mines
with historical production of
~22 Moz’s of gold
Average head grade of 0.44
opt or 15.1 g/t
Currently only mining and
exploration on one of these
past producers

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Analyst Coverage
Firm Analyst
GMP Oliver Turner
Dundee Securities Mathew O’Keefe
CIBC World Markets Cosmos Chiu
Macquarie Capital Markets Michael Siperco
BMO Capital Markets Brian Quast
M Partners Derek Macpherson
Mirabaud Securities Richard Morgan
Firm Analyst
Scotiabank Craig Johnston
PI Financial Philip Ker
Pareto Securities John McClintock
National Bank Financial Raj Ray
Clarus Securities Jamie Spratt
Investec Bank Hunter Hillcoat
Very Independent Research John Tumazos
KIRKLAND LAKE GOLD IS FOLLOWED BY THE ANALYSTS LISTED ABOVE. THIS LIST IS PROVIDED FOR INFORMATION PURPOSES ONLY AND IS SUBJECT TO CHANGE
AS COVERAGE IS ADDED OR DROPPED BY A FIRM.
OPINIONS, ESTIMATES OR FORECASTS REGARDING KIRKLAND LAKE GOLD'S PERFORMANCE THAT ARE MADE BY THESE ANALYSTS ARE THEIRS ALONE AND DO
NOT REPRESENT THE OPINIONS, ESTIMATES OR FORECASTS OF KIRKLAND LAKE GOLD OR ITS MANAGEMENT.
KIRKLAND LAKE GOLD DOES NOT IMPLY ITS ENDORSEMENT OF, OR CONCURRENCE WITH, SUCH INFORMATION, CONCLUSIONS OR RECOMMENDATIONS AND
TAKES NO RESPONSIBILITY FOR MONITORING, SUPPLEMENTING OR CORRECTING ANY INFORMATION OR FORECASTS PROVIDED BY THE ANALYSTS.

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QP Info and Notes to Reserves & Resources
Messrs. George Ogilvie, P.Eng, Christopher Stewart, P.Eng. and Stewart Carmichael, P.Geo, of Kirkland Lake, are all Qualified Persons as defined under National Instrument 43-101
("NI 43-101"). All of the scientific and technical disclosure contained in this presentation regarding the Kirkland Lake project was reviewed and approved by Mr. Ogilvie, Mr. Stewart and
Mr. Carmichael. As the Chief Executive Officer, VP Operations and Manager of Exploration of Kirkland Lake, respectively, neither Mr. Ogilvie, Mr. Stewart or Mr. Carmichael are
considered independent.
Messrs. Duncan Middlemiss, P.Eng., Marc-Andre Pelletier, P.Eng. and Doug Cater, P. Geo. of St Andrew, are all Qualified Persons as defined under National Instrument 43-101. All of
the scientific and technical disclosure contained in this presentation regarding the St Andrew properties was reviewed and approved by Mr. Middlemiss, Mr. Pelletier and Mr. Cater. As
the Chief Executive Officer, VP and General Manager of Operations and VP Exploration of St Andrew, respectively, neither Mr. Middlemiss, Mr. Pelletier or Mr. Cater are considered
independent.
Notes for Kirkland Lake Reserves and Resources as at December 31, 2014:
The reserves and resources have been classified according to the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves:
Definition and Guidelines (December 2005).
1. The reserves and resources are estimated using the polygonal method.
2. Resources do not include reserves.
3. All intersections are calculated to a 6.0 foot minimum horizontal mining width for structures dipping at greater than 45 degrees. The minimum mining height for structures dipping
less than 45 degrees is 9.0 feet.
4. Dilution is added to reserves at varying rates depending on the mining method, and the width of the ore. The average dilution of the reserves at December 31, 2014, is 27% at 0.02
opt, marginally up from an average of 24.0% the previous year. Long-hole stopes are diluted by anywhere between 50-100% (mostly 50%). Cut and fill stopes are diluted by
anywhere between 10-50%.
5. All higher grades are cut to 3.50 opt. Based on a statistical analysis completed by Scott Wilson Roscoe Postle Associates Inc. in 2007, the Company has implemented various
higher grade cutting factors for four zones in the South Mine Complex. These four zones are the New South Zone (7.20 opt), Lower D North (9.30 opt), Lower D North Footwall
(4.80 opt), and the #7 and #7 HW Zones (6.40 opt). Cut-off grades of 0.22 opt and 0.18 opt are used for reserve and resource calculations respectively, depending on the location,
and economics of the block. Generally, a cut-off of 0.22 opt is required on a whole-block basis to achieve profitability and reserve classification. It is possible to have sub-blocks
within an ore reserve block that assay less than any cut-off which have been incorporated for mining or geotechnical reasons. Ore blocks that grade between 0.18 opt and the cut-
off of 0.22 opt have been classified as resource. The cut-off grade for near-surface resources (surface to -1,000 foot elevation) is 0.12 opt. An internal report completed by Roscoe
Postle and Associates in October 2014, suggest that the cutting factor for mineralization on the Amalgamated Trend be set at 2.50 opt. This grade capping was implemented by the
Company and incorporated in the estimates for 2014.
6. The area of influence of the proven and measured categories are 30 feet from development chip samples, probable and indicated categories are 50 feet of radius from a known
sample point (drill holes) and inferred is another 50 feet of influence (between 50 – 100 feet).
7. A 94.2% tonnage recovery is used. Continuity of the veins appears very good.
8. The assumptions used include CAD$1,350.00 (US$1,200) per ounce of gold.
9. The Company is not aware of any environmental, permitting, legal, title, taxation, socio-political, marketing or other issue that may materially affect its estimate of mineral resources.
10. Mineral resources which are not mineral reserves do not have demonstrated economic viability.

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www.klgold.com
Suzette N Ramcharan, CPIR
Director of Investor Relations
+1-647-361-0200
Mobile: +1-647-284-5315
sramcharan@klgold.com
TSX:KGI

2015 11-16 transaction presentation - final

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2015 11-16 transaction presentation - final