2015 and Q4 2015 Financial Results

1. High-Quality, Low-Cost Gold Production
Full-Year & Q4 2015 Conference Call
February 24, 2016

2. 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 related to mine production and reserves contained in this presentation has been reviewed and approved by Natasha Vaz, P.Eng., Vice-
President, Technical Services, who is an employee of Lake Shore Gold Corp., and a “qualified person” 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, as well as exploration drilling, contained in this
presentation, or source material for this presentation, was reviewed and approved by Eric Kallio, P.Geo., Senior Vice-President, Exploration. Mr. Kallio is an employee of
Lake Shore Gold Corp., and is a “qualified person” as defined by NI 43-101.
Forward-Looking Statements

3. Presentation Overview
 Full-year and Q4/15 results
 144 Gap Deposit resource and drill results
 Whitney exploration results
 Business combination agreement with Tahoe Resources Inc.

4. 2015 – Solid Year of Performance
 1,307,200 tonnes processed at 4.4 grams per tonne
 Gold sales 183,300 oz
 Gold poured 179,600 oz
 Gold produced 178,700 oz

5. 2015 – Low Unit Operating Costs
 Cash operating costs(1) US$576/oz
 Total production costs of $135.2M
 AISC(1)(2) US$866/oz
(1) Example of non-GAAP measure, see Slide 20 for more information
(2) Refers to all-in sustaining costs

6. 2015 – Solid Financial Results
 Record revenue $271.4 million
 Record cash earnings from mine operations $136.6
million
 Net earnings $8.7 million or $0.02 per common share
 Cash flows from operating activities(1) $98.6 million
 Cash and bullion at December 31, 2015 $99.4 million
 $99.9 million at February 23, 2016
(1) Example of non-GAAP measure, see Slide 20 for more information

7. Q4/15 – Record Throughput Offsets Lower Grades
 355,600 tonnes processed at 3.9 grams per tonne
 Gold sales 42,000 oz
 Gold poured 42,800 oz
 Gold produced 42,500 oz

8. Q4/15 – Low Unit Operating Costs
 Cash operating costs US$605/oz
 Total production costs of $34.0M
 AISC US$935/oz

9.  Revenue $61.7 million
 Cash earnings from mine operations $27.9 million
 Net loss $4.5 million or $0.01 per common share
 Cash flows from operating activities $17.0 million
Q4/15 – Increased Revenues, Solid Operating Cash Flow

10. 144 Gap Deposit – First Resource

11. 144 Gap – Encouraging New Drill Results
Timmins DepositThunder Creek144 GAP Deposit
144 Gap Deposit(1)
Indicated: 1,734,000 tonnes @ 5.41 gpt (301.7k oz)
Inferred: 1,914,000 tonnes @ 5.19 gpt (319.2k oz)
(1) See Slide 21 for footnotes related to the 144 Gap Deposit resource
Open
Open
Open
Open

12. 144 Gap – Encouraging New Drill Results
 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

13. Whitney Project – Evaluating Open-Pit Model

14. Whitney Drill Results – Confirm and Expand
Mineralization
 Drilling in 110 Zone
 Confirms & expands
mineralization to west
29.42gpt/12.0m
8.45gpt/9.5m
6.45gpt/9.2m
 Extends zone to depth
4.62gpt/3.1m
3.02gpt/10.7m
 Drilling in North Volcanics
 Highlights potential to
extend resource to north
and to depth
3.20gpt/7.2m
1.21gpt/15.0m
2.24gpt/8.5m

15.  Tahoe to acquire all issued and O/S LSG shares
 Exchange ratio of 0.1467 (Tahoe share for each LSG share)
 Implied consideration $1.71 per LSG share based on closing price of
Tahoe shares on Feb. 5/16
 Implied premium of 30.4% and 25.7% based on 20 VWAP(1) of company
share prices ending Feb. 4 and Feb. 5, respectively
 Pro forma ownership: 74% Tahoe, 26% LSG
LSG, Tahoe Business Combination
Implied value of $1.87 per LSG Share based on Tahoe closing
price of $12.75/share on TSX on Feb. 23/16
(1) Refers to volume weighted average price

16. LSG, Tahoe Business Combination
 Large-scale, low-cost production
 @ 400,000 oz gold, 20M oz silver per year (600,000 – 700,000 oz gold equivalent)(1)
 Gold equivalent cash costs <US700/oz, AISC <US$950/oz(1)
 Large portfolio of growth assets
 Growing gold production in Peru and Canada
 Attractive exploration targets in all regions
 Solid free cash flow generation
 Strong balance sheet – >US$150M in cash
 Returning capital to shareholders
 Monthly dividend of US$0.02 per share (US$0.24 per share per year)
(1) Using US$1,175/oz gold, US$15.00/oz silver

17. Benefits for LSG shareholders
 Unlocks value immediately at level well over conversion price
of convertible debenture ($1.40/share)
 Increases prospects for future value creation through
ownership of Tahoe shares
 Leverage to accelerated growth plans for Timmins assets
 Participation in near-term growth in gold production in Peru
 Leverage to silver through Escobal mine in Guatemala
 Participation in attractive dividend
 US$0.02 per share per month (US$0.24 per share per year)
LSG, Tahoe Business Combination

18.  Transaction removes financial constraints on LSG’s ability to
advance Timmins operations/projects
 Financial strength/flexibility offers potential to accelerate growth
 Multiple growth projects require capital investment to advance
 Expanding mill to 5,500 tonnes per day
 144 Trend (advancing into production, significant exploration potential)
 Gold River (>1 million ounces in resources, new drilling planned in 2016)
 Bell Creek Deep (sinking shaft to below 1,000 metres)
 Whitney Project (open-pit project adjacent to Bell Creek Mill)
 Fenn-Gib (large-scale, longer-term project)
 Juby (large-scale, longer-term project)
LSG, Tahoe Business Combination
A Game-Changing Transaction for Timmins Operations

19. LSG, Tahoe Business Combination
Creating a New Leader in Precious Metals Production
 Increased financial strength
 Accelerated growth
 Immediate value through attractive premium
 Leverage to future value creation
 Participation in attractive monthly dividend

20. Non-GAAP Measures(1)
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 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. A
reconciliation of cash operating costs and cash operating cost per ounce sold to total production costs for the three and twelve months ended December
31, 2015 is set out on page XX of the Company’s Management Discussion and Analysis (“MD&A”) for the full-year and fourth quarter 2015.
All-In Sustaining Costs per Ounce
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, growth exploration expenditures,
reclamation cost accretion not related to current operations and interest and other financing costs. A reconciliation of all-in sustaining costs and all-in
sustaining cost per ounce to total production costs for the three and twelve months ended December 31, 2015 is set out on page XX of the Company’s
MD&A for the first half and second quarter 2015 .
Cash Earnings from Mine Operations
Cash earnings from mine operations is a Non-GAAP measure and does not have any standardized meaning. The Company discloses cash earnings from
mine operations as it believes this measure provides valuable assistance to investors and analysts in evaluating the Company’s ability to finance its
ongoing business and capital activities. The most directly comparable measure prepared in accordance with GAAP is earnings from mine operations.
Cash earnings from mine operations represent the earnings from mine operations prior to deducting non-cash expenses, and is calculated by adding
depletion, depreciation and share-based payments in production costs to earnings from mine operations. A reconciliation of cash earnings from mine
operations to earnings from mine operations for the three and twelve months ended December 31, 2015 is set out beginning on page XX of the
Company’s MD&A for the first half and second quarter 2015
(1) The Company’s MD&A for the full-year and fourth quarter of 2015 and 2014 is posted at www.sedar.com and on the Company’s website at www.lsgold.com.

21. Footnotes to 144 Gap Deposit Resource
1) Mineral resource estimates have been classified according to CIM Definitions and Guidelines.
2) Mineral resources are reported inclusive of reserves.
3) Mineral resources incorporate a minimum cut-off grade of 2.6 grams per tonne gold.
4) Cut-off grade is determined using a weighted average gold price of US$1,100 per ounce and an
exchange rate of $0.90 $US/$CAD.
5) Cut-off grades assume mining, G&A and trucking costs of $74 per tonne and processing costs of $22 per
tonne. Metallurgical recoveries are estimated at 97.0% based on initial test work.
6) Mineral resources have been estimated using Inverse Distance Squared estimation method and gold
grades which have been capped between 70 and 120 grams per tonne based on statistical analysis of
each zone.
7) Assumed minimum mining width is two metres.
8) The mineral resources were prepared under the supervision of, and verified by, Eric Kallio, P.Geo.,
Senior Vice-President, Exploration, Lake Shore Gold Corp., who is a qualified person under NI 43-101
and an employee of Lake Shore Gold.
9) Tonnes information is rounded to the nearest thousand and gold ounces to the nearest one hundred. As a
result, totals may not add exactly due to rounding.