KGI provides an operational update based on its recently released F2015 Q2 Production results.

1. A PROFITABLE FUTURE
Toronto Marketing November 12-13, 2014
A RICH HISTORY

2. Forward Looking Statements
Cautionary Note Regarding Forward Looking Statements. This presentation contains statements which constitute ”forward-looking statements”, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to the future business activities and operating performance of the Company. The words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, are intended to identify such forward-looking statements. Forward-looking statements used in this Presentation include, but may not be limited to, statements regarding the Company’s production forecast including ounces produced and grade assumptions; the operating costs and all-in cash cost for fiscal 2015; and exploration programs and their results. Investors are cautioned that forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made such as, without limitation, opinion, assumptions and estimates of management regarding the Company’s business, its ability to increase its production capacity and decrease its production cost. Such opinions, assumptions and estimates, are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors are discussed in length in the Company's annual Management's Discussion and Analysis and Annual Information Form for the year ended April 30, 2014. and the Company’s Management's Discussion and Analysis for the interim period ended July 31, 2014 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 statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company 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. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.
TSX/AIM:KGI
www.klgold.com
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3. Company Vision
George Ogilvie, P.Eng., CEO
“Build a sustainable mining company that is recognized as a safe and responsible intermediate gold producer.
“We will provide exceptional stakeholder value by
delivering operational and exploration excellence
through empowering our people to act as owners.”
www.klgold.com
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TSX/AIM:KGI

4. Diverse Board of Directors
New Appointments
Barry Cooper, B.Sc., MBA (Non-executive Director)
•Former head analyst with CIBC
Jeff Parr, CA, BA, MBA (Non-executive Director)
•CFO of Centerra Gold
Barry Olson, M.Sc. (Non-executive Director)
•Former Sr. VP Projects of Goldcorp
Harry Dobson, Chairman of the Board (Non-executive Director)
Dawn Whittaker, LLB (Non-executive Director)
Pamela Klessig, P.Geo (Non-executive Director)
John Thomson, CA
George Ogilvie, P.Eng
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TSX/AIM:KGI

5. Synergistic Management Team
GEORGE OGILVIE, P. Eng. President & CEO, Director
•25 years management, operating, and technical expertise in the mining industry with over 9 years of operating experience in deep, narrow-vein gold mines (Anglo Gold, South Africa)
•Former CEO of Rambler Metals and Mining
JOHN THOMSON, CA Executive VP and CFO, Director
•More than 25 years experience in various senior level finance positions with companies such as PepsiCo
•Chartered Accountant who studied at INSEAD
CHRIS STEWART, P. Eng. VP Operations
•More than 20 years of operating experience in Northern Ontario in various senior-level positions. Prior to joining KGI, was CEO of Liberty Mines Inc.
•Mining Engineering degree from Queen’s University
Worked together at Dynatec for ~3.5 years
Worked together at Rambler for ~ 7 years
www.klgold.com
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TSX/AIM:KGI

6. Investment Highlights
Located in Ontario, one of the safest and lowest risk mining jurisdictions globally
Attractive NI43-101 high grade reserve and resource profile with a long mine life
Growing annual production, declining cost base and improving unit costs
Company returning to profitability and free cash flow
Significant exploration potential with organic growth
Potential upside with a higher gold price and a weaker Canadian dollar
www.klgold.com
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TSX/AIM:KGI

7. Financial Position
CASH
C$41.4 million*
DEBT
C$120 million
convertible debentures
KGI.DB: 6% coupon/ $15.00 strike
C$54.5MM mature Jun/2017
KGI.DB.A: 7.5% coupon/ $13.70 strike
C$65.5MM mature Dec/2017
ROYALTY
2.5% NSR
Franco Nevada Corporation
option to buyback 1% by October 31, 2016
CAPITAL STRUCTURE*
ISSUED SHARES
72,081,617
FULLY DILUTED
84,986,448
MARKET CAP
~270 Million
52 Week Performance*
HIGH
C$6.19
LOW
C$2.21
www.klgold.com
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TSX/AIM:KGI
* Share Capital as of July 31, 2014. All other info as of October 31, 2014.

8. KGI Share Performance Vs Gold
www.klgold.com
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TSX/AIM:KGI
(-40%)
(-20%)
30%
40%
50%
60%
70%
80%
90%
100%
110%
120%
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14
Apr-14
Jul-14
Oct-14
Kirkland Lake (TSX:KGI)
Gold Price (C$ / oz)

9. Kirkland Lake Background
KGI owns five former producing high grade mines with historical production of ~22 Moz’s of gold at an average head grade of 0.44 opt (15.1 grams per tonne).
The Kirkland Lake gold camp
has been producing gold for
over 100 years.
Almost 25 Moz’s has been produced to date, from seven mines.
Based on grade, it is one of the richest gold camps in the world.
www.klgold.com
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TSX/AIM:KGI

10. Second Highest Grade Gold Mine In The World
Mine
Operator
Location
Gold Grade
Reserves
g/t
000 oz Au
Turquoise Ridge
Barrick
USA
17.40
6,761
Macassa
Kirkland Lake Gold
Canada
17.10
1,385
Pogo Gold
Sumitomo Corp.
USA
15.20
2,932
Gosowong
Newcrest
Indonesia
12.00
1,235
Moab Khotsong
AngloGold Ashanti
South Africa
10.00
6,126
Mponeng
AngloGold Ashanti
South Africa
9.98
14,569
Red Lake Gold
GoldCorp
Canada
9.94
2,553
TauTona
AngloGold Ashanti
South Africa
9.06
1,389
Kupol/Dvoinoye
Kinross
Russia
8.73
2,081
17.4
17.1
15.2
12.0
10.0
10.0
9.9
9.1
8.7
0.0
5.0
10.0
15.0
20.0
Grade g/t
Reserve Grades
www.klgold.com
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TSX/AIM:KGI

11. New Mine Plan With Positive Results
Old Plan Focussed on QUANTITY and TONNEAGE
New Plan Focusses on QUALITY and GRADE
SIGNIFICANT INCREASE IN GRADE
REDUCTION
IN COSTS
CASH
FLOW POSITIVE
•Not Dependant on a High Gold Price
•Requires Less Manpower
•Fewer Stopes
•Strict Ore/Waste Management and Dilution Control
Additional benefits of new mine plan are SIMPLIFIED PLANNING and ability to FINANCE AT COMPANY’s DISCRETION
www.klgold.com
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TSX/AIM:KGI

12. Reserves & Resources (Resources are Exclusive of Reserves)
RESERVES AND RESOURCES MINE WIDE COMPLEX
CATEGORY
(31st DEC 2013)
TONS
GRADE (opt)
GRADE
(gpt)
OUNCES
Proven
941,000
0.43
14.7
401,000
Probable
1,843,000
0.53
18.2
984,000
Total P+P
2,784,000
0.50
17.1
1,385,000
Measured
1,133,000
0.39
13.4
436,000
Indicated
3,019,000
0.54
18.5
1,619,000
Total M+I
4,152,000
0.49
16.8
2,055,000
Inferred
2,092,000
0.54
18.5
1,133,000
See Kirkland Lake news release dated April 28 2014, a copy of which has been filed on SEDAR for further particulars and full NI 43-101 disclosure including QP statement.
Based on current level of Reserves and 70% conversion of Resources (@ 200,000 oz p.a)
Macassa has a 14 year Mine Life
RESERVES AND RESOURCES
SOUTH MINE COMPLEX (“SMC”)
CATEGORY
(31st DEC 2013)
TONS
GRADE (opt)
GRADE
(gpt)
OUNCES
Proven
328,000
0.45
15.4
147,000
Probable
1,163,000
0.57
19.5
665,000
Total P+P
1,492,000
0.54
18.5
812,000
Measured
24,000
0.30
10.3
7,000
Indicated
1,440,000
0.70
24.0
1,005,000
Total M+I
1,464,000
0.69
23.7
1,012,000
Inferred
1,205,000
0.67
23.0
808,000
www.klgold.com
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TSX/AIM:KGI

13. South Mine Complex
•5400L has reserve grade @ 0.57 opt (19.5 gpt)
•5600L has reserve grade @ 0.70 opt (23.9 gpt)
•Production from 5400L and 5600L allows delineation drilling of resources, especially below 5600L
•Remains Open at Depth and Across Strike
5025 Level
P+P 89,000 Tons @ 0.44 oz/ton 39,000O Oz’s
M+I 57,000 Tons @ 0.30 oz/ton 22,000 Oz’s
5300 Level
P+P 620,000 Tons @ 0.47 oz/ton 290,000 Oz’s
M+I 220,000 Tons @ 0.30 oz/ton 86,000 Oz’s
5400 Level
P+P 481,000 Tons @ 0.57 oz/ton 274,000 Oz’s
M+I 170,000 Tons @ 0.41 oz/ton 71,000 Oz’s
5600 Level
P+P 290,000 Tons @ 0.70 oz/ton 209,000 Oz’s
M+I 220,000 Tons @ 0.55 oz/ton 122,000 Oz’s
5700 to 6600 Level
M+I 768,000 Tons @ 0.91 oz/ton
703,000 Oz’s
Original Two Mining Horizons
Third Level Started
May 2014
Currently in Development
for FY 2016
OPEN
OPEN
OPEN
#3 SHAFT
#2 SHAFT
www.klgold.com
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TSX/AIM:KGI
5025L
5300L
5400L
6600L
5600L
4750L

14. Q2/H1 of F2015 Production Update
Q1 F2015
38,543
93,880
0.45
Q2 F2015
38,335
92,146
0.41
H1 F2015
76,878
186,026
0.43
Ounces Sold
Tons Milled
Head Grade (opt)
•Second stope (5612) brought into production on 5400 level
•2 Electric Hydraulic Jumbo’s fully operational
•Main ramp towards the 5600 level progressing well and is on schedule
www.klgold.com
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TSX/AIM:KGI

15. 0.34
0.31
0.30
0.26
0.29
0.45
0.39
0.34
0.37
0.34
0.47
0.51
0.39
0.43
0.41
-
0.10
0.20
0.30
0.40
0.50
0
5,000
10,000
15,000
20,000
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
2014
Jun
Jul
Aug
Sep
Oct
Ounces per Ton
Gold Ounces
Oz Recovered
Head Grade
Monthly Production Profile
Average Grade 0.41 opt
•Cut-off Grades Raised from 0.18 opt to 0.22 opt.
•Stopped Mining “Incremental Tonnage”
•Implemented Strict Ore/ Waste Segregation UG
•Increasing UG Delineation Drilling in SMC
•Employing more UG Geologists
•Assay Lab is Manned 24/7
•Restructuring Organization
•Implementing Leadership Training
•Looking to Upgrade MIS
www.klgold.com
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TSX/AIM:KGI

16. 0.37
0.40
0.37
0.32
0.41
0.37
0.31
0.33
0.37
0.39
0.41
0
0.05
0.1
0.15
0.2
0.25
0.3
0.35
0.4
0.45
-
50,000
100,000
150,000
200,000
250,000
FY
2007
08
09
10
11
12
13
14
15
16
17
Ounces per Ton
Gold Ounces
Oz Recovered
Guidance
Head Grade
Annual Production Profile
Expectation Gap
•Guided Grades for F2015-F2017 are Based on Historic Achievements
•Calendar YTD Actual Head Grade is 0.41 opt; Fiscal YTD Actual Head Grade is 0.43 opt
www.klgold.com
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TSX/AIM:KGI

17. F2014 & Q1 F2015 Financial Results
Financial
FY2014
FY2013
Y/Y Change
Q1/14
Q4/14
Q1/15
Q1/15
vs.
Q1/14
Q1/15
vs.
Q4/14
Comments
Gold Sales (ounces)
125,273
91,771
+37%
30,253
30,771
38,543
+27%
+25%
Sold 10,903 ounces at C$1,419
up to September 30th
Average Price ($) (per ounce)
1,383
1,653
-16%
1,435
1,376
1,401
-2%
+2%
Revenue (000’s)
173,258
151,692
+14%
43,421
42,356
54,000
+24%
+27%
H2/15 tons are expected to increase by +10% to ~1,100 – 1,250 tpd, which will positively impact the Cost Per Ton
Cash Operating Cost per Ton Produced
343
335
+2%
344
352
340
-1%
-3%
Objective is for Cost Per Ton of ≤ $300
in H2/2015
Cash Operating Cost per Ounce Produced
1,078
1,109
-3%
1,113
1,000
788
-29%
-21%
F2015 Objective is for Cash Cost Per Ounce of ≤ $800
AICC per Ounce Produced
1,986
2,432
-18%
2,094
1,774
1,250
-40%
-30%
F2015 Objective is for AICC < $1,250
All amounts stated are in Canadian dollars
www.klgold.com
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TSX/AIM:KGI

18. All-In Cash Cost (AICC)
$1,127
$1,307
$956
$1,156
$1,112
$1,052
$1,403
$1,187
$839
$1,073
$1,119
$836
$1,244
$720
$614
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
$-
$500
$1,000
$1,500
$2,000
$2,500
$3,000
MAY
2013
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
2014
JUN
JUL
Ounces
C$ per Ounce
Production
Capital Development
PP&E
Corporate
Exploration
Royalties
Oz Produced
Ounces Produced
All amounts stated are in Canadian dollars
•16% Reduction in Labour Force and Cancelled Incentive Programs (e.g. home loan assistance and travel)
•Major Capital Projects (PP&E) Completed in January 2014
•Adjusted Shift Schedules
www.klgold.com
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TSX/AIM:KGI

19. AICC Projection for F2015
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
$-
$500
$1,000
$1,500
$2,000
$2,500
FEB
MAR
APR
MAY
2014
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
Ounces
C$ per ounce
Production
Capital Development
PP&E
Corporate
Exploration
Royalties
Oz Produced
Ounces Produced
$1,350
ESTIMATED
All amounts stated are in Canadian dollars
•Projection Based on Assumptions of 1,150 tpd, 0.37 opt and 96% Mill Recovery
•KGI Beginning to Generate FCF
•Fairly High Degree of Variability Remains until more High Grade Stopes come online
www.klgold.com
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TSX/AIM:KGI

20. Expansion Capital
•Hoisting system capable of hoisting 3,600 tpd
•Mary-Anne Compartment installed in Shaft providing service cage
•Mill upgraded to handle 2,200 tpd
•Underground infrastructure and battery equipment in place for SMC
www.klgold.com
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TSX/AIM:KGI

21. Capital Expenditures
•Project Capital was Completed in January 2014
•C$9M in Capital Development of 5400L and SMC Main Decline to 5600L Spent in FY15
0
10
20
30
40
50
60
70
80
90
100
2010
2011
2012
2013
2014
2015E
2016E
2017E
C$ Millions
Mineral Properties
PP&E
ESTIMATED
9.7
22.4
30.9
45.8
46.9
55.0
51.0
51.0
51.0
28.9
24.5
44.0
29.6
7.0
7.0
7.0
www.klgold.com
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TSX/AIM:KGI

22. Exploration Potential
SURFACE DRILLING
•Near surface mineralization is within 2 Km’s of mill
•Mill has excess capacity of +/- 1,000 tpd
•Mineralization from 100’ to 1,000’ below surface
•Open across strike and at depth
•M&I 310,000 tons @0.34opt (11.7gpt) 104,000 oz.
•Infer. 131,000 tons @0.36opt (12.3gpt) 48,000 oz.
•3 drills drilling to expand resource and infill drill
UG DRILLING
•SMC continues to be expanded
•Multi-ounce intersections
•3 drills turning underground
•Open in multiple directions
www.klgold.com
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TSX/AIM:KGI

23. Outlook for F2015
Guidance
Metric
Q1/15 Actual
Status
$800 – 850/ Oz
Cash Operating Cost Per Ounce
$788
Favourable
$1,250 - 1,350/ Oz
AICC Per Ounce Produced
$1,250
On Track
$58.0 million
Sustaining CAPEX
$12.0 million
On Track
$200.0 million
Revenue
$54.0 million
On Track
$50.0 - 60.0 million
Cash Flow from Operations
$17.0 million
Favourable
$15.0 - 20.0 million
Free Cash Flow Generation
$5.0 million
On Track
All amounts stated are in Canadian dollars
www.klgold.com
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TSX/AIM:KGI

24. WWW.KLGOLD.COM
Suzette N Ramcharan, CPIR
Director of Investor Relations
+1-416-840-7884
Mobile: +1-647-284-5315
sramcharan@klgold.com
Tim Blythe / Halimah Hussain (Blytheweigh)
Investor Relations / PR
+44-207-138-3204
Tim.blythe@blytheweigh.com/ halimah.hussain@blytheweigh.com
TSX /AIM: KGI