First Quarter 2013

1. Lake Shore Gold Corp.
TSX & NYSE MKT : LSG
www.lsgold.com
Lake Shore Gold Corp.
First Quarter 2013
Conference Call and
Webcast

2. 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
The Company’s Qualified Persons (“QPs”) (as defined in National Instrument 43-101, “Standards of Disclosure for Mineral Projects”) for diamond drilling
projects at the Timmins deposit surface; Thunder Creek, Gold River Trend and 144 properties; Bell Creek Mine; and Casa Berardi optioned property are
Jacques Samson, P.Geo., Stephen Conquer, P.Geo, and Keith Green, respectively. Dean Crick, P.Geo. is the QP for the Timmins deposit and Thunder
Creek underground drilling projects, and Bob Kusins, P.Geo., is the QP for resource estimation at all of the Company’s properties. As QPs, Messrs.
Samson, Conquer, Green, Crick and Kusins have prepared or supervised the preparation of the scientific or technical information for their respective
properties as provided in this presentation. Messrs., Samson, Conquer, Kusins, Crick and Green are employees of the Company.
Forward Looking Statements

3. 3
 Solid Q1/13 – close to 40% production growth (from Q1/12) to
23,200 oz
 Throughput in March averaged new milling capacity of 2,500 tonnes
per day
 Average grade of 3.8 gpt compared to target range for quarter of
3.9 to 4.1 gpt
 March grade – 4.0 gpt
 Exited Q1/13 with cash & cash equivalents of $52 million
First Quarter 2013 – Highlights

4. 4
 Poised to achieve 40 – 60% production growth to between
120,000 and 135,000 oz (2013 over 2012)
 Positioned for net free cash flow by Q4/13 at US$1,450/oz gold price
 Focused on completing mill expansion to increase processing
capacity to in excess of 3,000 tonnes per day
 Identifying cost savings through efficiencies and capital reductions
 Major capital investment period nearing completion, after which:
 Production to increase
 Costs to improve
 Capital investment to decline
(1) Examples of forward-looking information
First Quarter 2013 – Highlights(1)

5. 5
Q1/13 Q1/12 % Change
Total tonnes 197,640 160,510 23
Average grade (gpt) 3.8 3.4 12
Total production (ozs) 23,200 16,680 39
Gold poured (ozs) 20,530 16,180 27
Cash costs (C$/tonne) 117 109 7
Cash costs(1) (US$/oz) 982 1,046 (6)
LSG – Q1/13 Operating Performance
Production
 Timmins West Mine – 18,700 oz (161,410 tonnes @ 3.7 gpt)
 Bell Creek Mine – 4,500 oz (36,230 tonnes @ 4.2 gpt)
(1) Q1/13 cash costs include $42 per ounce for
royalties, $9 per ounce in Q1/12

6. 6
LSG – Q1/13 Financial Highlights
Q1/13 Q1/12 % Change
Total gold sales (ozs) 26,100 18,470 41
Commercial gold sales (ozs) 26,100 14,440 81
Average price (US$/oz) 1,630 1,690 4
Commercial gold sales ($M) 42.9 24.6 74
Cash earnings from mine ops ($M) 16.9 9.4 80
Net loss ($M) (0.6) (3.0)
 Q1/13 cash earnings from operations increased 80%
from Q1/12
 Net loss in Q1/13 equates to ($0.00) per common share

7. Liquidity $ millions
Cash and bullion inventory (Dec. 31/12) 61
Standby line of credit 35
Total liquidity 96
Expenditures(1) $ millions
Capital (including exploration) 90
Corporate 10
Financing costs 34
Expenditures(1) 134
7
Operating cash flow(1)
Target production (ounces) 120,000 – 135,000
Target cash costs (US$/oz)(2) 800 – 875
Assumed gold price (US$/oz) 1,450
Forecast operating cash flow ($ millions) 69 – 88
(1) Includes examples of Forward-Looking Statements
(2) Assumes C$/US$ exchange rate of par
Forecast total sources of cash ($ millions)(1) 165 – 184
Cash Position

8. 8
 Completing mill expansion to reach >3,000 tpd
 Growing mine production to support higher throughput
 Lowering operating costs to <US$700/oz by Q4/13
 Completing 2013 capital program, with investment levels to
decline dramatically in H2/13
Key Milestones over Balance of 2013

9. 9
 Guidance remains unchanged
 Production of 120,000 to 135,000 oz
 Cash operating costs for year of US$800 to US$875/oz
(including royalties)
 Capital investment of approximately $90 million
Outlook
Targeting Net Free Cash Flow in Q4/13 at
US$1,450/oz Gold