Lake Shore Gold is a growing gold producer targeting annual production of 160,000 to 180,000 ounces of gold in 2014. It has two operating mines, Timmins West and Bell Creek, located in the Timmins gold camp in Ontario, Canada. The presentation provides an overview of the company's production growth trajectory, cost profile, reserves and resources, capital structure, and outlook for continued growth from its existing asset base and exploration potential.
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Snam 2023-27 Industrial Plan - Financial Presentation
April 2014 marketing presentation
1. L A K E S H O R E G O L D C O R P.
Making Our Mark Through
Performance
Cash Flow
Growth
1
April 2014
Marketing Presentation
TSX, NYSE MKT: LSG
2. Forward-Looking Statements
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 operations and reserves 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.
3. LAKE SHORE GOLD
Growing gold producer
Generating net free cash flow
Annual production of 160,000 to 180,000 oz(1)
Low-cost producer - $700/oz cash cost
3
(1) Example of Forward Looking Information
4. Holloway
St. Andrew
Holt
St. Andrew
Hislop
St. Andrew
Hoyle Pond
Goldcorp
Parmour (PJV)
Goldcorp
Kirkland Lake Gold Mine
Kirkland Lake Gold
Canadian
Malartic
Osisko
Goldex
Agnico-Eagle
Lac-Herbin
Alexis
Lapa
Agnico-Eagle
Bousquet-LaRonde
Agnico-Eagle
Doyon, Westwood
IAMGOLD
Kirkland Lake
47 Moz
Rouyn-
Noranda
19 Moz
Cadillac
18 Moz
Malartic
9 Moz
Val d’Or
18 Moz
Larder Lake-Cadillac
Fault Zone
Destor-Porcupine
Fault Zone
Thunder Creek / Timmins
Lake Shore
Ontario Quebec
Upper Beaver
Osisko
McGarry
Armistice
Dome Mine
Goldcorp
City of Timmins
71 Moz
Matheson
Black Fox
Brigus
Paymaster Shaft
Placer Dome (Barrick)
Bell Creek
Lake Shore
Macassa
Kirkland Lake Gold
South Claims
Kirkland Lake Gold
Taylor
St. Andrew
Young-Davidson
AuRico
ON
QC
Timmins
Other Mines
Town
Goldcorp Porcupine Assets
Lake Shore Gold Assets
20km
Porcupine
Goldcorp
4
One of the World’s Great Gold Districts
Fenn-Gib
Lake Shore
5. 15
34
41
0
10
20
30
40
50
Sept. 30/13 Dec. 31/13 Apr. 1/14
Cash & Bullion (As at) Generating net free cash flow
Cash & bullion up >$25M in last 6
months
Current cash & bullion of $41.0M
LSG – Investment Highlights
5
Highly leveraged to rising gold price
$100/oz increase adds $16M – $18M of free cash flow
Highly leveraged to C$/US$ exchange rate
Revenue in US$
Costs in C$
($ Millions)
6. LSG – Investment Highlights (Cont’d)
6
Strong near-term production
growth
2012: 85,800 oz.
2013: 134,600 oz.
2014: 160,000 – 180,000 oz.(1)
Low cost producer
Cash operating(2) – 2013: US$766/oz.
2014: US$675 – US$775/oz.(1)(4)
AISC(2)(3) – 2013: US$1,139/oz.
2014: US$950 – US$1,050/oz.(1)(4)
High-potential exploration targets around existing deposits & in
highly prospective areas
Attractive, wholly owned projects at/near current operations
-20,000
20,000
60,000
100,000
140,000
180,000
2012 2013 2014
Production Range
(1) Example of Forward Looking Information
(2) Example of Non-GAAP Measure
(3) All-in sustaining cost
(4) Preliminary estimates
(Ounces)
0
500
1000
1500
2000
2012 2013 2014
Cash Operating Cost All-In Sustaining Cost
7. Lake Shore Gold (TSX, NYSE MKT: LSG)
Shares O/S 416,695,000
Price (April 11/14) $0.88 (TSX)
Market Cap. $367,000,000
52 Week High/Low $1.00/$0.16
3M av. Daily Volume 1,360,000
Capital Structure
7
Debt (C$ Millions) Details
Gold-linked note $17 14 monthly cash payments remaining (947 oz/month)
Standby line $30 9.75%, to be repaid monthly (June ‘15/Nov. ‘16)
Convertible debentures
TSX: LSG.DB
$103 6.25%, paid semi-annually, due Sept. 30, 2017
Conversion price of $1.40
TSX: LSG.DB – $93.00 (April 11, 2014)
Repaid approx. $20 million of debt in 2013
Targeting debt repayments of $20 – $25 million in 2014
Well positioned relative to debt covenants
0.0
0.3
0.5
0.8
1.0 LSG Share Price ($)
8. 23,200
30,800 28,900
51,700
134,600
-5,000
15,000
35,000
55,000
75,000
95,000
115,000
135,000
Q1 Q2 Q3 Q4 2013
2013 Production
(Ounces)
2013 – A Breakthrough Year
8
Record
production,
mill exceeds
>2,500 tpd for
first time
Phase 2 mill
expansion
commissioned
(3,370 tpd in
Sept.)
3,500 tpd
achieved, mill
processed mine
production &
stockpiles from
commissioning
Severe winter
limits
throughput to
2,200 tpd
9. 982
908
701
609
766
1,550
1,257
1,027
849
1,139
0
200
400
600
800
1000
1200
1400
1600
Q1 Q2 Q3 Q4 2013
2013 Cash Operating(1) & All-In Sustaining Costs(1)
(US$ Per Ounce Sold)
Cash Operating Cost All-In Sustaining Cost
LSG – A Breakthrough Year
9
Four consecutive quarters of unit cost improvement, reflects higher
production, improved infrastructure and effective cost control
(1) Example of Non-GAAP Measure
10. 2014 – Poised for a Record Year(1)
10
(1) Includes examples of Forward Looking Information
(2) Example of non-GAAP Measure
(3) All-in sustaining costs
(4) Preliminary estimates
In 2014, LSG is targeting:
Production of 160,000 to 180,000 ounces
Cash operating cost/oz(2) between US$675 and US$775
AlSC/oz(2)(3) between US$950 and US$1,050
In first quarter 2014:
Production of 44,600 ounces
Cash operating cost/oz of US$630(4)
AISC/oz of US$970(4)
Cash & bullion increased @ $7 million
11. Timmins West Mine
Flagship Asset
11
Current Reserves & Resources
Reserves Tonnes Grade Ounces
Probable 3,332,000 4.6 492,200
Resources (inclusive of Reserves)
Indicated 4,364,000 5.1 715,000
Inferred 2,939,000 5.5 516,000
Underground mine with two deposits – Timmins Deposit and
Thunder Creek Deposit
Produced 107,100 oz in 2013 (747,600 tonnes @ 4.6 gpt)
Targeting approx. 2,500 tpd in 2014 - >130,000 oz(1)
o 33,900 oz in Q1/14 (215,900 tonnes @ 5.0 gpt)
Total production costs >$100/tonne
Site infrastructure:
• Concrete shaft to depth of 710m with 5.5m diameter
• Hoisting plant and infrastructure with 6,000 tpd capacity and
depth potential to 1,200m
• Main ramp from surface to 300 Level and internal ramp system
to existing sub-levels
Timmins
Deposit
Thunder Creek
270 Access Level
730 Access Level
260 Level
525 Level
650 Level
(1) Example of Forward Looking Information
18,700
24,200 22,600
41,600
33,900
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
Q1/13 Q2/13 Q3/13 Q4/13 Q1/14
(Ounces)
Quarterly Production
12. Bell Creek Mine
Targeting >30,000 oz in 2014(1)
12
Current Reserves & Resources
Reserves Tonnes Grade Ounces
Probable 707,000 4.7 106,600
Resources (inclusive of Reserves)
Indicated 4,542,000 4.6 672,000
Inferred 5,935,000 4.6 872,000
Underground mine currently producing @ 22,000 oz/year
Produced 27,500 oz in 2013 (205,200 tonnes @ 4.4 gpt)
Increasing mining rate to 750 tpd in 2014, targeting >30,000 oz in
2014(1)
o 10,700 oz in Q1/14 (68,000 tonnes @ 5.1 gpt)
Reserves extend to 775 Level, majority of resources below existing
reserves
Significant potential for growth
Existing infrastructure:
• Primary access is via a ramp from surface to 650 Level
• Existing 6.3m by 2.6m timbered shaft to 290m depth (currently
not in service and used as ventilation shaft)
Deep
Zone
Potential
shaft
extension
Shaft
Bell Creek Mine
4,600
6,600 6,300
10,100
10,700
0
2,000
4,000
6,000
8,000
10,000
12,000
Q1/13 Q2/13 Q3/13 Q4/13 Q1/14
(Ounces)
Quarterly Production
(1) Example of Forward Looking Information
13. 13
Conventional gold milling circuit consistently achieving recoveries +95%
Completed expansion in Q3 2013 to >3,000 tpd capacity
Targeting 3,200 – 3,300 tpd in 2014
Crushing/grinding circuit capable of 5,500 tpd currently
Estimated capex of $20 – $40 million to expand mill to 5,500 – 6,000 tpd
Bell Creek Mill
Efficient with Excess Capacity
14. Longer-Term Outlook(1)
14
Reserves and resources support 160,000 to 180,000 oz
per year for 5 years
AISC(2)(3) below US$1,000/oz
Targeting significant free cash flow
Renewed commitment to exploration
Full pipeline of projects to support future growth
(1) Includes examples of Forward Looking Information
(2) All-in sustaining costs
(3) Example of non-GAAP Measure
15. Probable Reserves Tonnes Au Grade (g/t) Contained Ounces
Timmins West Mine 3,332,000 4.6 492,200
Bell Creek Mine 707,000 4.7 106,600
Total 4,039,000 4.6 598,800
Reserves & Resources (at March 2014)
15
Measured & Indicated(1) Tonnes Au Grade (g/t) Contained Ounces
Timmins West Mine 4,364,000 5.1 715,000
Gold River 690,000 5.3 117,000
Bell Creek Mine 4,542,000 4.6 672,000
Vogel 2,219,000 1.75(2) 125,000
Marlhill 395,000 4.5 57,000
Fenn Gib 40,800,000 0.99(2) 1,300,000
Total 2,985,000
Inferred Tonnes Au Grade (g/t) Contained Ounces
Timmins West Mine 2,939,000 5.5 516,000
Gold River 5,273,000 6.1 1,028,000
Bell Creek Mine 5,935,000 4.6 872,000
Vogel 1,459,000 3.60(3) 169,000
Fenn-Gib 24,500,000 0.95(2) 750,000
Total 3,335,000(1) Resources are inclusive of reserves
(2) Open-pit resources
(3) Combination of underground and open-pit resources
16. 16
2014 Reserve Update
Probable Reserves March 2014
Timmins West Mine Reserve
Tonnes Grade
Contained
Ounces
Probable 3,332,000 4.6 492,200
Bell Creek Mine
Tonnes Grade
Contained
Ounces
Probable 707,000 4.7 106,600
TOTAL RESERVES Probable 4,039,000 4.6 598,800
Average price of US$1,100/oz versus US$1,400/oz in previous estimate
Commenced new growth phase
Drill program to replenish resources and reserves launched in January 2014
Evaluating projects in close proximity to current operations
20. Timmins West Mine
New Drill Program (790 L)
20
Targets:
1. North & south limbs of
main Timmins Deposit
fold structure
2. Second, inner fold nose
(S2 FN)
22. 22
2,000m Level
Timmins DepositThunder Creek144
TC – 144 Trend
UM and FW structures extended to
2,400 m
6 kms
Timmins West Mine
Growth Opportunities
Timmins West Complex
23. 23
Growth Opportunities
Gold River
Highly prospective mineralized trend with 2.5 km
strike length
Two deposits identified, both within 4 km of the
Timmins West mine shaft
Over a million ounces in resource, majority within
400 m from surface
High-grade core in East Deposit includes 310,900
oz @ 9.81 gpt (between 400 and 800 m)
Excellent potential for resource expansion and
new discoveries with additional drilling – open
along strike and to depth
Project is natural extension of Timmins West Mine
Current Reserves & Resources
Resource Tonnes Grade Ounces
Indicated 690,000 5.3 117,000
Inferred 5,273,000 6.1 1,028,000
High-Grade Core
Between 400 & 800 m levels
986,000 tonnes @ 9.81 gpt for
310,900 ozs
Open in all directions
Gold River Trend – East
Timmins West Mine
Surface drill at Gold
River
4 kms
24. 24
(1) Example of Forward Looking Information
Bell Creek Marlhill Vogel
Deep
Zone
Potential Vogel Open Pit
Majority of Bell Creek resources below
775 L (limit of existing reserve)
Initial resources at Marhill and Vogel
Studying open pit and underground
options at Vogel
Resources
Tonnes Grade Contained Ounces
Indicated
Bell Creek Mine 4,541,700 4.6 672,000
Vogel – open pit 2,291,000 1.75 125,000
Marhill 395,000 4.5 57,000
Inferred
Bell Creek Mine 5,934,900 4.6 872,000
Vogel – underground 767,000 5.6 137,000
Vogel – open pit 692,000 1.43 32,000
Growth Opportunities
Bell Creek Complex
25. 25
(1) Example of Forward Looking Information
Fenn-Gib – near surface resource with potential for
~200k oz/year of production(1)
Current resource has been evaluated as a potential open
pit option
Potential small starter pit, early production with limited
capital investment required
• Attractive geology with low potential strip ratio
• Mineralization extended 200 m to north, east and to
depth with only limited drilling
• Multiple additional exploration targets identified
• Very low holding cost (approx. $50,000 per year)
Growth Opportunities
Fenn-Gib
Current Reserves & Resources
Resource Tonnes Grade Ounces
Indicated 40,800,000 0.99 1,300,000
Inferred 24,500,000 0.95 750,000
26. Potential for >500,000 Ounces/Year(1)
26
(1) Examples of Forward Looking Information
0
100,000
200,000
300,000
400,000
500,000
600,000
Current Bell Creek Deep Gold River Fenn-Gib
Conceptual Annual Production PotentialOunces
180,000
160,000
Production
Range
Conceptual Production
27. Strong balance sheet with increasing financial flexibility
Building cash position
Repaying debt
27(1) Example of Forward Looking Information
Generating net free cash flow
160,000 – 180,000 oz. per year of production
Low-cost producer
LSG positioned for long-term success through quality
operations & projects
Attractive growth opportunities to expand existing deposits
and advance wholly owned projects
LSG – Progress Driving Value Creation(1)