July 2018 Marketing Presentation

1. KLGOLD.COM
TSX: KL
NYSE: KL
ASX: KLA
OPERATIONAL EXCELLENCE | ORGANIC GROWTH | SHAREHOLDER RETURNS
On the Road to a Million Ounces of Gold Per Year
CORPORATE PRESENTATION
July 2018

2. KLGOLD.COM
TSX:KL
NYSE:KL
ASX:KLA
FORWARD LOOKING STATEMENTS
2
Macassa
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 with respect to future business activities and operating performance. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”,
“intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and include information regarding: (i) the amount of future production over any period; (ii) assumptions relating to revenues,
operating cash flow and other revenue metrics set out in the Company's disclosure materials; and (iii) future exploration plans (iv) the temporary suspension of operations at the Cosmo Mine and the anticipated
effects thereof .
Investors are cautioned that forward-looking information is not based on historical facts but instead reflect KL Gold’s management’s expectations, estimates or projections concerning future results or events
based 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 in such
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 factors could 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 those projected in the forward-
looking information are the following: the ability of Kirkland Lake Gold to successfully integrate the operations and employees of its Canadian and Australian operations, and realize synergies and cost savings,
and to the extent, anticipated; the potential impact on exploration activities; the potential impact on relationships, including with regulatory bodies, employees, suppliers, customers and competitors; the re-
rating potential following the consummation of the merger; changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws; and
compliance with extensive government regulation. This forward-looking information may be affected by risks and uncertainties in the business of Kirkland Lake Gold and market conditions. This information is
qualified in its entirety by cautionary statements and risk factor disclosure contained in filings made by Kirkland Lake Gold , including Kirkland Lake Gold’s annual information form, financial statements and
related MD&A for the year ended December 31, 2017 and their interim financial reports and related MD&A for the quarters ended March 31, 2018 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 those described herein
as intended, planned, anticipated, believed, estimated or expected. Although Kirkland Lake Gold 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. Kirkland Lake Gold does not intend, and do not assume any obligation, 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-IFRS 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 certain readers 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 provide additional information and are non-IFRS measures and do not have any
standardized meaning prescribed by International Financial Reporting Standards (“IFRS”). These measures 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 costs presented under IFRS. Refer to each Company’s most recent MD&A for a reconciliation of these measures.

3. KLGOLD.COM
TSX:KL
NYSE:KL
ASX:KLA
HIGH-GRADE, LOW-COST GOLD MINES
2 Key Drivers of Performance – 77% of 2017 Production
Fosterville Macassa Other Mines1 Consolidated
P&P Mineral Reserves (kozs) 1,700 2,030 910 4,640
P&P Reserve Grade (g/t Au) 23.1 21.0 4.6 11.1
2017 Production (ounces) 263,845 194,237 138,323 596,405
H1 2018 Production (ounces) 141,305 114,609 56,415 312,329
2017 Op. Cash Costs ($/Oz Sold)2,3 264 523 653 481
1) Includes the Holt/Holloway and Taylor mines (excludes Northern Territory, which is on care and maintenance)
2) See Non-IFRS Measures sections in forward looking statements
3) Operating Cash Costs per ounce reflect an average USD to CAD exchange rate of 1.2965 and a USD to AUD exchange rate of 1.3041. See Kirkland Lake Gold News release dated February 21, 2018
IN LEADING MINING JURISDICTIONS
3

4. KLGOLD.COM
TSX:KL
NYSE:KL
ASX:KLA
▪ Ahead of plan entering H2 2018
▪ Unit costs to improve from Q1 2018 as sales
volumes increase
▪ Growth capital expenditures to increase from
Q1 levels as projects at Macassa and
Fosterville ramp up
▪ Exploration program generating favourable
results
Fosterville
Macassa
$ millions unless otherwise stated Guidance1 Actual
Production (kozs) H1 2018 +620 312.32
Operating cash costs ($/oz)3 $425 – $450 $447
AISC ($/oz)3 $750 – $800 $833
Operating cash costs3 $260 – $270 $66.0
Sustaining capital expenditures $150 – $170 $42.1
Growth capital expenditures $85 – $95 $6.7
Exploration $75 – $90 $16.7
Royalty cost $22 – $27 $6.0
G & A4 $20 – $22 6.9
OPERATIONAL EXCELLENCE
1) Includes examples of forward-looking statements
4
Q1 2018 PERFORMANCE VERSUS GUIDANCE
(1) Represents the Company’s 2018 guidance for which the three-month period ended March 31, 2018 was measured against.
(2) H1 2018 consolidated production includes 33 ounces from the Holloway Mine.
(3) See “Non-IFRS Measures” set out starting on page 27 of the Q1 2018 MD&A for further details. The most comparable IFRS
Measure for operating cash costs, operating cash costs per ounce sold and AISC per ounce sold is production costs and total
additions and construction in progress for sustaining and growth capital, as presented in the Consolidated Statements of
Operations and Comprehensive Income. 2018 Guidance for operating cash costs, operating cash cost per ounce sold and AISC
per ounce sold reflect an average US$ to C$ exchange rate of 1.2648 and a US$ to A$ exchange rate of 1.2719. Q1 2018
operating cash costs, operating cash cost per ounce sold and AISC per ounce sold reflect an average US$ to C$ exchange rate of
1.2648 and a US$ to A$ exchange rate of 1.2719.
(4) Includes general and administrative costs and severance payments. Excludes non-cash share-based payment expense.

5. KLGOLD.COM
TSX:KL
NYSE:KL
ASX:KLA
Macassa Taylor Holt Fosterville
2018
Guidance
2018
Actuals
Production – 2018 guidance (kozs)1
215 – 225 60 – 70 65 – 75 260 – 300 +620
Production – Q1 2018 (ozs) 54,038 13,055 16,675 63,843 147,6442
Production – Q2 2018 (ozs) 60,571 12,940 13,712 77,462 164,685
Production – H1 2018 (ozs) 114,609 25,995 30,387 141,305 312,3292
Op. cash costs ($/oz)1,2 $475 – $500 $625 – $650 $625 – $650 $270 – $290 $425 – $450
Q1 2018 Op. cash costs ($/oz)1,2
$499 $681 $645 $287 $447
STRONG H1 2018 PRODUCTION PERFORMANCE
(1) Represents the Company’s 2018 guidance for which the six-month period ended June 30, 2018 was measured against.
(2) Q1 2018 and H1 2018 consolidated production includes 33 ounces from the Holloway Mine.
(3) See “Non-IFRS Measures” set out starting on page 27 of the Q1 2018 MD&A for further details. The most comparable IFRS Measure for operating cash costs is production costs as presented in the Consolidated Statements of Operations and Comprehensive Income. 2018 Guidance
for operating cash costs per ounce sold reflects an average US$ to C$ exchange rate of 1.2648 and a US$ to A$ exchange rate of 1.2719. Q1 2018 operating cash cost per ounce sold reflects an average US$ to C$ exchange rate of 1.2648 and a US$ to A$ exchange rate of 1.2719.
5

6. KLGOLD.COM
TSX:KL
NYSE:KL
ASX:KLA
$20
$40
$60
$80
$100
$120
$140
$160
2016 2017
2017 Earnings from Continuing
Operations ($ Millions)
1) See Non-IFRS Measures sections in forward looking statements
$113.9
$178.0
$40
$60
$80
$100
$120
$140
$160
$180
$200
2016 2017
2017 Free Cash Flow
($ Millions)1
237%
$157.3
$0.76/share
$46.7
$0.39/share
56%
▪ Substantially higher earnings and free cash flow: 2017 vs 2016, Q1 2018 vs Q1 2017
6
STRONG EARNINGS AND CASH FLOW
$10
$20
$30
$40
$50
$60
Q1 2017 Q1 2018
Q1 2018 Net Earnings Quadruple
($ Millions)1
311%
$13.1
$0.06/share
$53.8
$0.25/share
$38.5
$50.2
$10
$30
$50
Q1 2017 Q1 2018
Q1 2018 Strong Free Cash Flow
($ Millions)1
30%

7. KLGOLD.COM
TSX:KL
NYSE:KL
ASX:KLA
TARGETING A MILLION OUNCES PER YEAR1
1) Includes examples of forward-looking statements 7
▪ Fosterville to reach >400 kozs by 2020
▪ Macassa to double production to >400 kozs with
completion of #4 Shaft
▪ Targeting growth at Taylor from 60 – 70 kozs in
2018
▪ Holt produces 65 – 75 kozs/year
Additional Opportunities
▪ Resume operations in Northern Territory:
targeting ~100 kozs per year
▪ Potential to grow production at Holt/Holloway
98.4 105.3 123.1
151.2
263.8
260 - 300
>400
0
50
100
150
200
250
300
350
400
2013 2014 2015 2016 2017 2018(F) 2020
FOSTERVILLE GOLD PRODUCTION
(KOZS)
118.0 122.3
155.2 175.2
194.2
215 - 225
>400
0
50
100
150
200
250
300
350
400
2013 2014 2015 2016 2017 2018(F) 5-7
YEAR
TARGET
MACASSA GOLD PRODUCTION
(KOZS)

8. KLGOLD.COM
TSX:KL
NYSE:KL
ASX:KLA
1) See the Company’s MD&A for the three months ended March 31, 2018 and the three and twelve months ended December 31, 2017 for more information on Fosterville’s operating performance. (See Slide 2 for information regarding Non-IFRS measures)
2) Operating cash costs per ounce guidance reflects an average USD to AUD exchange rate of 1.2719
3) See slides entitled Footnotes to Mineral Reserve and Mineral Resource Estimates and NI 43-101 Disclosures provided in the Appendix of this presentation
▪ Record production in 2017, ahead of plan in 2018
• 547.5 kt @ 15.8 g/t for 263,845 ozs in 2017
• 245.0 kt @ 18.7 g/t for 141,305 ozs in H1 2018
• 121.3 kt @ 20.6 g/t for 77,462 ozs in Q2 2018
FOSTERVILLE: TARGETING >400 KOZS/YEAR BY 2020
▪ Low-cost producer1
• Cash costs $264/oz, AISC $491/oz in 2017
• Cash costs $287/oz, AISC $576/oz in Q1 2018
▪ Growing mineral reserves
3
• One-year growth in Mineral Reserves of 247%, to
1.70M ozs @ 23.1 g/t
• Swan Zone Mineral Reserves more than double to
1.16M ozs @ 61.2 g/t
▪ 2018 guidance:
• Production: 260 – 300 kozs
• Cash costs: $270 – $290/oz
2
8
* Forecast (2018 Guidance)

9. KLGOLD.COM
TSX:KL
NYSE:KL
ASX:KLA
▪ Focus on conversion and extension drilling at Lower Phoenix (Swan/Eagle), Harrier, Lower
Phoenix North and Robbin’s Hill
▪ 2018 program consists of approx. 85,000 metres of in-mine drilling
FOSTERVILLE: EXTENSIVE NEAR-MINE DRILLING PLANNED IN 2018
9

10. KLGOLD.COM
TSX:KL
NYSE:KL
ASX:KLA
▪ Swan Zone: Mineral Reserves 1.16 mozs @ 61.2 g/t1; M&I Mineral Resources 171 kozs @ 116 g/t;
Inferred Mineral Resources 671 kozs @ 36.6 g/t
10
SWAN ZONE: HIGH-GRADE, VISIBLE-GOLD BEARING QUARTZ VEINS
1) All drill results presented in grams per tonne
2) See press release dated November 7, 2017 for more detailed drill results
2

11. KLGOLD.COM
TSX:KL
NYSE:KL
ASX:KLA
▪ Approx. 76,000 metres of drilling planned in 2018
▪ Exploration to also include surface soil sampling, gravity
geophysical surveys, 3-D seismic surveys & reconnaissance
▪ Mining lease (MIN5404:~17km2) contains
• ~10km strike length of Mineral Resources
• ~7km on Fosterville Trend, and
• ~3km on the O’Dwyer’s Trend
▪ Surrounding exploration leases encompass
• ~1900km2 and
• ~60km potential gold-structures on 7 interpreted fault lines
▪ 5 of the 7 lines contain known gold occurrences with historic
resources and/or historic workings.
▪ FGM processing plant within 30km of prospective targets
➢ LODE program proposed in aggressive 2-year
exploration of EL3539
FOSTERVILLE: LARGE ORE DEPOSIT EXPLORATION (“LODE”)
11
GOORNONG
ROBBIN’S HILL
FOSTERVILLE
MINE
RUSSELL’S REEF
ACCOTTS
AXEDALE
NORTH
SOUTH

12. KLGOLD.COM
TSX:KL
NYSE:KL
ASX:KLA
CurieFranklin
▪ Robbin’s Hill Drilling
• Visible gold occurrences on
Curie structure
• Potential for mineralization at
depth
• O’Dwyer’s Trend parallel
structure to Fosterville Trend
Long Projection
ROBBIN’S HILL: VISIBLE-GOLD BEARING MINERALIZATION SIMILAR TO FOSTERVILLE
ROBBIN’S HILL MINED OPEN PIT
12

13. KLGOLD.COM
TSX:KL
NYSE:KL
ASX:KLA
MACASSA: ACHIEVING RECORD RESULTS
▪ Achieving record production
• 409.1 kt @ 15.2 g/t for 194,237 ozs in 2017
• 176.4 kt @ 20.5 g/t for 114,609 ozs in H1 2018
• 89.8 kt @ 21.5 g/t for 60,571 ozs in Q2 2018
▪ Low-cost producer1
• Cash costs $523/oz, AISC $845/oz in 2017
• Cash costs $499/oz, AISC $818/oz in Q1 2018
▪ Large base of mineral reserves/mineral resources
(as at Dec. 31, 2016)3
• Replaced Mineral Reserves after depletion in 2017
• 58% increase in M&I Resources and 48% increase in
Inferred
▪ 2018 guidance:
• Production: 215 – 225 kozs
• Cash costs: $475 – $500/oz
2
1) See the Company’s MD&A for the three months ended March 31, 2018 and the three and twelve months ended December 31, 2017 for more information on Macassa’s operating performance. (See Slide 2 for information regarding Non-IFRS measures)
2) Operating Cash Costs per ounce 2018 guidance reflects an average USD to CAD exchange rate of 1.2648
3) See slides entitled Footnotes to Mineral Reserve and Mineral Resource Estimates and NI 43-101 Disclosures provided in the Appendix of this presentation
13
* Forecast (2018 Guidance)

14. KLGOLD.COM
TSX:KL
NYSE:KL
ASX:KLA
MACASSA: LARGE RESERVE AND RESOURCE BASE CLOSE TO #4 SHAFT LOCATION
14
December 31, 2017 December 31, 2016
Macassa1 Tonnes
(000's)
Grade
(g/t)
Ounces
(000’s)
Tonnes
(000's)
Grade
(g/t)
Gold
Ounces
(000’s)
P&P Reserves 3,010 21.0 2,030 3,000 20.8 2,010
M&I Resources 3,800 17.1 2,090 2,480 16.6 1,320
Inferred Resources 1,920 22.2 1,370 1,421 20.2 924
Benefits: 1. De-risks operation 2. Supports more effective exploration 3. Improves working conditions 4. Doubles
production (>400 kozs/year) 5. Lowers unit costs

15. KLGOLD.COM
TSX:KL
NYSE:KL
ASX:KLA
MACASSA: KEY EXPLORATION TARGETS
15
‘04 East
Zone
SMC
5300 Level SMC Exploration
Near-Mine Exploration
Potential
4500 L ‘05 Break
Exploration

16. KLGOLD.COM
TSX:KL
NYSE:KL
ASX:KLA
MACASSA: NEW DRILL RESULTS SUPPORT FUTURE RESOURCE/RESERVE GROWTH1
16
▪ High-grade intersections in close proximity to #4 Shaft location
▪ Intersections outside current resources demonstrate potential
for resource growth
▪ April 2018 press release included high-grade intersection within
Inferred resource shapes, supports future resource conversion
High-grade intersections outside existing resources
highlight potential for future resource growth
NEW SOUTH ZONE
High-potential area within SMC includes high grades
and greater than normal widths
1) Includes examples of forward-looking statements
SOUTH MINE COMPLEX

17. KLGOLD.COM
TSX:KL
NYSE:KL
ASX:KLA
FOCUSED ON CREATING VALUE FOR SHAREHOLDERS
17
▪ Share price on TSX: +147% (1 year), +53%
(YTD 2018)1
▪ #1 on S&P/TSX Composite Index in 2017
with 174.5% share price increase2
▪ Strong earnings and cash flow
▪ Deploying cash to drive growth, reduce
debt and reward shareholders
▪ Shares repurchase program
▪ Quarterly dividend introduced in July
2017, increased twice
KL outperforming peers
TSX:KL
S&P/TSX Global Gold Index
KL (TSX)1: 147% one-year share price increase
53% YTD share price increase in 2018
1) As at July 6, 2018
2) Ranked first on S&P/TSX Composite Index for companies on the Index for the entire year.

18. Notes, additional disclosure and other information
KLGOLD.COM
TSX: KL
NYSE: KL
ASX: KLA

19. KLGOLD.COM
TSX:KL
NYSE:KL
ASX:KLA
TAYLOR: EXTENDING MINERALIZATION TO DEPTH AND ALONG STRIKE
19
▪ New gold zone below WP Deposit extended 150
metres to depth
▪ High-grade mineralization intersected 1.1 km, 1.3
km and 2.9 km east of Shaft Deposit
▪ Growing production1
• 292.0 kt @ 5.6 g/t for 50.8 kozs in 2017
• 84.5 kt @ 5.0 g/t for 13.1 kozs in Q1 2018
▪ Unit costs to improve
• Cash costs $610/oz, AISC $972/oz in 2017
• Cash costs $681/oz, AISC $1,103/oz in Q1 2018
▪ 2018 guidance:
• Production: 60 – 70 kozs
• Cash costs: $575 – $625/oz2
1) See the Company’s MD&A for the three months ended March 31, 2018 and the three and twelve months ended December 31, 2017 for more information on Macassa’s operating performance. (See Slide 2 for information regarding Non-IFRS measures)
2) Operating cash costs per ounce guidance for 2018 reflects an average USD to CAD exchange rate of 1.2648

20. KLGOLD.COM
TSX:KL
NYSE:KL
ASX:KLA
HOLT MINE COMPLEX
20
53.2
66.7
2016 2017
Gold Production (kozs)
Holt Mine Overview Stats1
2016 2017
Gold Production (kozs) 53.2 66.7
Gold Grade (g/t) 4.5 4.7
Cash Costs (US$/oz)2 $623 $685
AISC (US$/oz) $1,044 $1,043
▪ Two mines and milling facility
• Holt: 463.0 kt @ 4.7 g/t for 66.7 kozs in 2017
122.3 kt @ 4.5 g/t for 16.7 kozs in Q1 2018
• Holloway: on care and maintenance since Dec. 2016
▪ 3,000tpd processing capacity (30% unused)
• Conventional CIL milling facility
• 3 mill grinding circuit
• Mill feed from Holt and Taylor mines
▪ Royalty structure impacts economic attractiveness
of both Holt and Holloway
▪ No exploration drilling ongoing or planned
1) See the Company’s MD&A for the three months ended March 31, 2018 and the three and twelve months ended December 31, 2017 for more information on Macassa’s operating performance. (See Slide 2 for information regarding Non-IFRS measures)
2) Operating cash costs per ounce guidance for 2018 reflects an average USD to CAD exchange rate of 1.2648

21. KLGOLD.COM
TSX:KL
NYSE:KL
ASX:KLA
▪ Two exploration drifts being developed from
Cosmo ramp into Lantern Deposit
▪ Substantial depth extension at Union Reefs
suggests potential for additional economic
deposits
▪ Targeting 100 kozs/year, AISC below $950/oz in
Northern Territory1
UNION REEFS
MILL
CROSSCOURSE
PROSPECT
LADY ALICE
Union Reefs key intersections (April 30, 2018):
• 95.0 g/t Au over 1.1 m (ETW 1.0 m) (Crosscourse)
• 22.2 g/t Au over 1.0 m (ETW 0.7 m) (Crosscourse)
• 25.6 g/t Au over 0.85 m (ETW 0.5 m) (Crosscourse)
• 10.8 g/t Au over 3.0 m (ETW 1.9 m) (Prospect)
• 20.5 g/t Au over 0.95 m (ETW 0.7 m) (Prospect)
• 15.6 g/t Au over 0.90 m (ETW 0.5 m) (Prospect)
• 7.3 g/t Au over 1.7 m (ETW 1.2 m) (Lady Alice)
NORTHERN TERRITORY: POTENTIAL NEW SOURCE OF PRODUCTION
COSMO MINE
UNION REEFS
1) Includes examples of forward-looking statements
21

22. KLGOLD.COM
TSX:KL
NYSE:KL
ASX:KLA
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
Jonathan Gill Independent
Arnold Klassen Independent
BOARD OF DIRECTORS
22

23. KLGOLD.COM
TSX:KL
NYSE:KL
ASX:KLA
Q1 2018 FINANCIAL AND OPERATING OVERVIEW
Three Months Ended
March 31, 2018
Three Months Ended March
31, 2017 (Restated)(1)
Tonnes milled 417,356 520,888
Grade (g/t Au) 11.5 8.2
Recovery (%) 96.3 % 95.2 %
Gold produced (oz) 147,644 130,425
Gold Sold (oz) 147,763 137,841
Averaged realized price ($/oz sold)(2) 1,333 1,225
Operating cash costs per ounce ($/oz sold)(2) 447 564
AISC ($/oz sold)(2) 833 873
Adjusted net earnings from continuing operations(2) $52,561 $17,474
Adjusted net earning per share from continuing operations(2) $0.25 $0.09
(in thousands of dollars, except per share amounts)
Three Months Ended
March 31, 2018
Three Months Ended March
31, 2017 (Restated)(1)
Revenue $198,237 $168,528
Production costs 66,097 80,609
Earnings before income taxes 77,274 28,153
Loss from discontinued operations — (2,235)
Net earnings $53,807 $13,133
Basic earnings per share from continuing operations $0.25 $0.08
Diluted earnings per share from continuing operations $0.25 $0.07
Total basic earnings per share $0.25 $0.06
Total diluted earnings per share $0.25 $0.06
Cash flow provided by operating activities of continuing operations $89,637 $67,874
Cash investment in mine development and PPE $39,428 $29,326
23
(1) These figures are restated due to the sale of Stawell in December 2017.
(2) Non-IFRS - the definition and reconciliation of these Non-IFRS measures are included on pages 27-31 of the Q1 2018 MD&A.

24. KLGOLD.COM
TSX:KL
NYSE:KL
ASX:KLA
BALANCE SHEET – MARCH 31, 2018 ($ Thousands)
24
As at March 31, 2018 December 31, 2017
Assets
Current assets
Cash $275,344 $231,596
Accounts receivable 11,724 15,668
Inventories 43,790 41,432
Prepaid expenses 12,660 10,922
$343,518 $299,618
Non-current assets
Other long-term assets 123,546 114,680
Restricted cash 21,765 22,193
Mining interests and plant and equipment 1,041,238 1,049,309
$1,530,067 $1,485,800
Liabilities
Current liabilities
Accounts payable and accrued liabilities $81,523 $84,746
Share based liabilities 2,569 1,898
Finance leases 16,857 16,358
Income tax payable 9,563 8,337
Provisions 16,211 19,133
$126,723 $130,472
Non-current liabilities
Share based liabilities 448 218
Provisions 40,633 41,652
Finance leases 22,236 22,217
Deferred tax liabilities 149,336 133,645
$339,376 $328,204
Shareholders' equity
Share capital 953,270 951,184
Reserves 33,774 33,122
Accumulated other comprehensive income 15,971 36,078
Retained earnings 187,676 137,212
1,190,691 1,157,596
$1,530,067 $1,485,800

25. KLGOLD.COM
TSX:KL
NYSE:KL
ASX:KLA
MINERAL RESERVE ESTIMATES – DECEMBER 31, 2017
December 31, 2017 December 31, 2016
Tonnes
(000's)
Grade
(g/t)
Gold Ozs
(000’s)
Depleted Oz
2017 (000’s)
Tonnes
(000's)
Grade
(g/t)
Gold Ozs
(000’s)
Macassa 3,010 21.0 2,030 190 3,000 20.8 2,010
Taylor 1,090 4.8 167 55 743 5.4 129
Holt 3,600 4.2 486 74 3,950 4.5 570
Hislop(1) 176 5.8 33 - 176 5.8 33
Holloway(1) 54 5.8 10 - 58 5.7 10
Total CDN Operations 7,930 10.7 2,730 319 7,930 10.8 2,750
Fosterville 2,290 23.1 1,700 278 1,560 9.8 490
Northern Territory(1) 2,800 2.4 215 21 2,400 2.3 177
Total AUS Operations 5,090 11.7 1,910 299 3,960 5.3 667
Total 13,020 11.1 4,640 618 11,890 9.0 3,420
December 31, 2017 June 30, 2017
Tonnes
(000's)
Grade
(g/t)
Gold Ozs
(000’s)
Depleted Oz
H2 2017
(000’s)
Tonnes
(000's)
Grade
(g/t)
Gold Ozs
(000’s)
Fosterville 2,290 23.1 1,700 142 1,790 17.9 1,030
The following table compares the Mineral Reserve estimate for Fosterville mine as at December 31,
2017 to the June 30, 2017 mid-year estimate (see Company News Release dated July 27, 2017).
25

26. KLGOLD.COM
TSX:KL
NYSE:KL
ASX:KLA
MEASURED & INDICATED MINERAL RESOURCES – DECEMBER 31, 2017
Measured & Indicated1 December 31, 2017 December 31, 2016
Tonnes (000's) Grade (g/t)
Gold Ozs
(000’s)
Tonnes
(000's)
Grade
(g/t)
Gold Ozs
(000’s)
Macassa 3,800 17.1 2,090 2,480 16.6 1,320
Taylor 1,830 6.2 370 2,760 5.6 493
Holt 6,510 4.1 860 6,970 4.2 947
Aquarius 22,300 1.3 930 22,300 1.3 930
Holloway 1,370 5.3 230 1,370 5.3 230
Hislop 1,150 3.6 130 1,150 3.6 130
Ludgate 520 4.1 70 522 4.1 68
Canamax 240 5.1 40 240 5.1 39
Total CDN Operations 37,720 3.9 4,720 37,790 3.4 4,160
December 31, 2017 December 31, 2016
Inclusive of Reserves
Fosterville 15,500 8.4 4,190 14,700 5.6 2,640
Northern Territory 26,900 2.3 1,940 30,700 2.2 2,180
42,400 4.5 6,140 45,400 3.3 4,820
December 31, 2017 June 30, 2017
Exclusive of Reserves
Fosterville 13,900 4.8 2,150 13,700 4.4 1,940
Northern Territory 24,100 2.3 1,810 Unavailable
38,000 3.2 3,960 Unavailable
1) Measured & Indicated Mineral Resources are presented exclusive of Mineral Reserves unless otherwise specified. 26

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INFERRED MINERAL RESOURCES – DECEMBER 31, 2017
1) Inferred Mineral Resources at Fosterville as at June 30, 2017 included 5,560,000 tonnes at an average grade of 5.8 g/t for 1,040,000 ounces.
Inferred December 31, 2017 December 31, 2016
Tonnes
(000's)
Grade
(g/t)
Gold Ozs
(000’s)
Tonnes
(000's)
Grade
(g/t)
Gold
Ozs
(000’s)
Macassa 1,920 22.2 1,370 1,420 20.2 924
Taylor 2,570 5.2 430 1,810 5.4 313
Holt 8,000 4.8 1,220 8,690 4.7 1,320
Holloway 2,710 5.2 460 2,710 5.2 456
Hislop 800 3.7 100 797 3.7 95
Ludgate 1,400 3.6 160 1,400 3.6 162
Card 240 3.3 30 - - -
Canamax 170 4.3 20 170 4.3 23
Runway 210 3.7 20 - - -
Total CDN Operations 18,020 6.6 3,810 17,000 6.0 3,290
Fosterville(1) 8,280 7.1 1,900 5,400 4.6 792
Northern Territory 16,300 2.5 1,280 15,100 2.3 1,110
Total AUS Operations 24,580 4.0 3,180 20,500 2.9 1,900
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FOOTNOTES RELATED TO MINERAL RESERVE & MINERAL RESOURCE ESTIMATES
Detailed footnotes related to Mineral Reserve Estimates (dated December 31, 2017)
(1) CIM definitions (2014) were followed in the calculation of Mineral Reserves.
(2) Mineral Reserves were estimated using a long-term gold price of US$1,280/oz (C$1,600/oz; A$1,600/oz).
(3) Cut-off grades for Canadian Assets were calculated for each stope, including the costs of: mining, milling, General and Administration, royalties and capital expenditures
and other modifying factors (e.g. dilution, mining extraction, mill recovery.
(4) Cut-off grades for Australian Assets from 0.4 g/t Au to 3.0 g/t Au, depending upon width, mining method and ground conditions; dilution and mining recovery factors
varied by property.
(5) Mineral Reserves estimates for the Canadian Assets were prepared under the supervision of P. Rocque, P. Eng.
(6) Mineral Reserves estimates for the Fosterville property were prepared under the supervision of Ion Hann, FAusIMM.
(7) Mineral Reserves estimates for the Northern Territory property were prepared under the supervision of Russell Cole, FAusIMM.
(8) Mineral Reserves for Fosterville relate to Underground Mineral Reserves and do not include 649,000 tonnes at an average of 7.7 g/t for 160,000 ounces of Carbon-In-
Leach Residues – 25% recovery is expected based on operating performances.
(9) Totals may not add exactly due to rounding.
Detailed footnotes related to Mineral Resource Estimates for Canadian Assets (dated December 31, 2017)
(1) CIM definitions (2014) were followed in the calculation of Mineral Resource.
(2) Mineral Resources are reported Exclusive of Mineral Reserves. Mineral Resources were calculated according to KL Gold’s Mineral Resource Estimation guidelines.
(3) Mineral Resource estimates were prepared under the supervision of D. Cater, P. Geo. Vice President Exploration Canada.
(4) Mineral Resources are estimated using a long-term gold price of US$1,280/oz (C$1,600/oz).
(5) Mineral Resources were estimated using a 8.6 g/t cut-off grade for Macassa, a 2.9 g/t cut-off grade for Holt, and a 2.6 g/t cut-off grade for Taylor, a 3.9 g/t cut-off
grade (Holloway), a 2.5 g/t cut-off grade for Canamax, Card, Runway and Ludgate, a 2.2 g/t cut-off grade for Hislop and 0 g/t cut-off grade for Aquarius.
(6) Totals may not add up due to rounding.
Detailed footnotes related to Mineral Resource Estimates for Australian Assets (dated December 31, 2017)
(1) CIM definitions (2014) were followed in the estimation of Mineral Resource.
(2) Mineral Resources are estimated using a long-term gold price of US$1,280/oz (A$1,600/oz)
(3) Mineral Resources for the Australian assets are reported exclusive and inclusive of Mineral Reserves to allow for meaningful comparison to prior periods.
(4) Mineral Resources at Fosterville were estimated using cut-off grades 0.7 g/t Au for oxide and 1.0 g/t Au for sulfide mineralization to potentially open-pitable depths of
approximately 100m, below which a cut-off grade of 3.0 g/t Au was used.
(5) Mineral Resources in the Northern Territory were estimated using a cut-off grade of 0.5 g/t Au for potentially open pit mineralization and cut-offs of 1.0 to 2.0g/t Au for
underground mineralization.
(6) Mineral Resource estimates for the Fosterville property were prepared under the supervision of Troy Fuller, MAIG.
(7) Mineral Resource estimates for the Northern Territory properties were prepared under the supervision of Mark Edwards, FAusIMM (CP).
(8) Totals may not add up due to rounding.
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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, Canadian Operations or Ian Holland, Vice President, FAusIMM, Australian Operations.
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 or John Landmark, Vice President, Exploration, Australian. All reserve and resource estimates for the Kirkland Lake Gold Properties as at December 31, 2017 have
been audited and verified, and the technical disclosure has been approved. 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 Technical Services respectively.
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 APRIL 2, 2018, AVAILABLE ON SEDAR (www.sedar.com) FOR COMPLETE NI 43-101 NOTES AND DISCLOSURE PERTAINING TO THE RESOURCE AND
RESERVE STATEMENTS QUOTED HEREIN. All updated NI 43-101 TECHNICAL REPORTS IN SUPPORT OF THE COMPANY’S NEWS RELEASE ISSUED ON FEBRUARY 20, 2018, ENTITLED “KIRKLAND LAKEK GOLD REPORTS STRONG
GROWTH IN MINERAL RESERVES AND MINERAL RESOURCES,” WHICH WAS FILED ON SEDAR AT WWW.SEDAR.COM AND IS AVAILABLE ON THE COMPANY’S WEBSITE.
Qualified Persons
Pierre Rocque, P.Eng., Vice President, Canadian Operations is a "qualified person" as defined in National Instrument 43-101 and has reviewed and approved disclosure of the Mineral Reserves technical information and data
for all Kirkland Lake Gold assets in this News Release.
Simon Hitchman, FAusIMM (CP), MAIG, Principal Geologist, Troy Fuller, MAIG, Geology Manger and Ion Hann, FAusIM, Mining Manager, are “qualified person” as such term is defined in National Instrument 43-101 and has
reviewed and approved the technical information and data from the Australian Assets included in this News Release.
Doug Cater, P. Geo Vice President, Exploration, Canada is a "qualified person" as defined in National Instrument 43-101 and has reviewed and approved disclosure of the Mineral Resources technical information and data for
the Canadian Assets included in this News Release.
Cautionary Note to U.S. Investors - Mineral Reserve and Resource Estimates
All resource and reserve estimates included in this news release or documents referenced in this news release have been prepared in accordance with Canadian National Instrument 43-101 - Standards of Disclosure for Mineral
Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") - CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM
Standards"). NI 43-101 is a rule developed by the Canadian Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. The
terms "mineral reserve", "proven mineral reserve" and "probable mineral reserve" are Canadian mining terms as defined in accordance with NI 43-101 and the CIM Standards. These definitions differ materially from the definitions
in SEC Industry Guide 7 ("SEC Industry Guide 7") under the United States Securities Act of 1933, as amended, and the Exchange Act.
In addition, the terms "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are defined in and required to be disclosed by NI 43-101 and the CIM Standards; however, these
terms are not defined terms under SEC Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the U.S. Securities and Exchange Commission (the "SEC"). Investors are cautioned
not to assume that all or any part of mineral deposits in these categories will ever be converted into reserves. "Inferred mineral resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their
economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the
basis of feasibility or pre-feasibility studies, except in very limited circumstances. Investors are cautioned not to assume that all or any part of a mineral resource exists, will ever be converted into a mineral reserve or is or will ever
be economically or legally mineable or recovered.
NI 43-101 DISCLOSURES
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