New York Metals & Minerals Investment Conference

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
May 12-13, 2014
New York Metals & Mineral
Investment Conference
TSX, NYSE MKT: LSG 1

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.
Forward-Looking Statements
2

Lake Shore Gold Today
 Growing gold producer
 Generating net free cash flow
 Annual production of 160,000 to 180,000 oz(1)
 Low-cost producer - Cash cost <US$700/oz(2)
 Attractive 100% owned growth projects
(1) Example of Forward Looking Information
(2) Example of Non-GAAP measure
3

Canada
United States
One of the World’s Great Gold Camps
Hoyle Pond
GoldcorpBell Creek
Lake Shore Gold
Fenn-Gib
Lake Shore Gold
Gold River
Lake Shore Gold
Timmins West
Lake Shore Gold
ONTARI O QUEBEC
Casa Berardi
Hecla
Detour Lake
Detour
101
11
11
66 Rouyn-Noranda
Kirkland
Lake
Cochrane
Val-d’Or
Timmins
Canadian Malartic
Osisko
Little Abitibi
Lake Shore Gold Casa Berardi JV
LSG/Aurizon
Lake Shore Gold Land Position
Dome
Goldcorp
Pamour
Goldcorp
Hollinger
McIntyre
Blakelock/Burntbush
Lake Shore Gold
4

38.2
27.7 14.2 10.3
90.4
Q1 Q2 Q3 Q4 2013
2013 Capital Expenditures
($ Millions)
2013 – A Breakthrough Year
982 908
701
609
766
1,550
1,257
1,027
849
1,139
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
23,200
30,800 28,900
51,700
134,600
Q1 Q2 Q3 Q4 2013
2013 Production
(Ounces)
3.8
4.3 4.7 5.2
4.6
Q1 Q2 Q3 Q4 2013
2013 Average Grades
(Grams/Tonne)
M e t o r E x c e e d e d A l l T a r g e t s 5

Share Price Turned the Corner
0.0
0.2
0.4
0.6
0.8
1.0
1.2
LSG Share Price
($/Share)
6

(27%)
(24%)
(15%)
(13%)
(11%)
(10%)
(8%)
(7%)
(6%)
(5%)
(0%)
4%
16%
19%
26%
36%
62%
67%
118%
122%
(40%) (20%) 0% 20% 40% 60% 80% 100% 120% 140%
Claude
Yamana
Alacer Gold
Kinross
Timmins Gold
Kirkland Lake
Rubicon
New Gold
San Gold
St.Andrew Goldfields
Barrick Gold
Goldcorp
Centerra Gold
Aurico
Primero
Detour Gold
Golden Star
Nova Gold
Romarco Minerals
Lake Shore Gold
Gold Company Comparatives October 1, 2013 to May 2, 2014
7
Strong Share Price Performance
Remain Undervalued based on Consensus Cash Flow

LSG’s Plan to Grow Value
Increase valuation for current business(1)
• Bell Creek Complex
• Labine Deep
• Vogel
• Gold River Trend
• Fenn-Gib
Advance projects to realize value
Establish LSG once again as a leading exploration story
• Consistently achieve key production and cost targets
• Build cash position through strong internal cash generation
• Reduce debt to create more value to equity holders
• Grow resources and reserves and extend mine life
8

Increase Valuation for Current Business
(1) Includes examples of Forward Looking Information
(2) Example of non-GAAP Measure
In 2014, LSG is targeting(1):
• Production of 160,000 to 180,000 ounces
• Cash operating cost/oz(2) between US$675 and US$775
• All-in sustaining cost/oz(2) between US$950 and US$1,050
Consistently Achieve Key Production And Cost Targets
In first quarter 2014:
 Production of 44,600 ounces
o 283,800 tonnes @ 5.1 grams per tonne
 Cash operating cost/oz(2) of US$621
 All-in sustaining costs(2) of US$960
9

 Cash and bullion reached low of $15 million in September 2013
 Since October 1/13, cash and bullion increased $33 million
52
28
15
34
39
48
Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 May 6/14
Cash & Bullion
($ Millions)
Cash Position Rapidly Growing
10

 Sprott credit facility originally for $70 million
 Sprott debt currently totals $45 million
 $20 million repaid in 2013
 $5 million YTD in 2014
 Targeting total repayments of $20 – $25 million of
repayments in 2014(1)
Paying Down Debt to Accrete Value to Equity Holders
11

Probable Reserves(1) 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
Measured & Indicated(2) Tonnes Au Grade (g/t) Contained Ounces
Gold River 690,000 5.3 117,000
Bell Creek Mine 4,542,000 4.6 672,000
Vogel 2,219,000 1.75(3) 125,000
Marlhill 395,000 4.5 57,000
Fenn Gib 40,800,000 0.99(3) 1,300,000
Total 2,985,000
Inferred Tonnes Au Grade (g/t) Contained Ounces
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(4) 169,000
Fenn-Gib 24,500,000 0.95(3) 750,000
Total 3,335,000
(1) Reserves calculated at average price of US$1,100/oz (2) Resources are inclusive of reserves (3) Open-pit resources (4) Combination of underground
and open-pit resources
Grow Resources/Reserves, Extend Mine Life
12

775mL
565mL
925mL
655mL
685mL
Existing 2014 Drill Budget
New Drill Program
Grow Resources and Reserves – Bell Creek Mine
Current
Mining
Labine
Deep
Zone
13

Key Intercepts
GPT Metres
14.12 10.2
8.41 12.0
7.01 10.7
6.02 7.6
11.42 3.6
8.47 4.6
7.76 8.7
5.96 6.5
6.38 6.0
BC610-866
5.39/2.10
8.00/2.70
BC610-866
5.08/2.50
BC610-863A
7.01/10.70
NA2 HW6 NA NB2
BC610-865
14.12/10.2
BC610-872
6.06/7.60
BC610-865
5.29/8.30
BC610-872
10.95/2.90
BC610-911
8.41/12.0
BC09-53H*
4.82/2.25
BC09-53H*
5.63/4.60
HW7
- New structure
Grow Resources and Reserves – Bell Creek Mine
14

830 L Drill Drift
Target area
Grow Resources and Reserves – Timmins West Mine
15

LSG – A Leading Exploration Story
Timmins West Complex – Attractive Targets
16
2,000 Lv
Timmins DepositThunder Creek144
TC – 144 Trend
UM and FW structures extended
to 2,400 m
6 kms
Timmins West Mine
1,000 Lv
500 Lv
OpenOpenOpenOpenOpen

1.6 kms
Open
Syenite Intrusives
Thunder
Creek
144 North144 South Timmins
DepositTC-144 Gap
144SW
* View looking to west
1km Lv
LSG – A Leading Exploration Story
144 – Continuation of Sedimentary/Ultramafic Contact
HWY-12-40
1.42 gpt/37.1m
Incl. 13.54 gpt/2.0m
And 6.07 gpt/3.0m
HWY-12-43
5.10 gpt/3.0m
3.33 gpt/6.9m
And 10.18 gpt/1.7m
HWY-11-19
1.02/51.65m
Incl.3.28/4.65m.
And 5.14 gpt/3.0m
HWY-11-28
12.60 gpt/1.3m
1.30 gpt/57.7m
Incl. 4.06 gpt/7.6m
HWY-12-45
2.01 gpt/41.7m
850 m
17

Advance Projects to Realize Value
Gold River – Shallow Resources
 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
Current Reserves & Resources
Resource Tonnes Grade Ounces
Indicated 690,000 5.3 117,000
Inferred 5,273,000 6.1 1,028,000
Timmins West Mine
Surface drill at Gold
River
4 kms
G o l d R i v e r T r e n d
18

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
 Excellent exploration potential at all properties
and others
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
Bell Creek Complex – Three Existing Deposits
Labine
Deep
Zone
Marlhill Vogel
19

 Fenn-Gib – near surface resource with potential
for ~200k oz/year of production(1)
 Current resource evaluated as open pit with low
strip ratio
 Option for small starter pit with limited capital
investment
• Highly prospective geology with multiple
additional exploration targets identified
• Mineralization extended 200 m to north, east and
to depth with only limited drilling
Fenn-Gib – Potential Large-Scale Open Pit
Resource Tonnes Grade Ounces
Indicated 40,800,000 0.99 1,300,000
Inferred 24,500,000 0.95 750,000
20

(1) Examples of Forward Looking Information
0
100,000
200,000
300,000
400,000
500,000
600,000
Current Bell Creek Complex Gold River Fenn-Gib
Conceptual Annual Production Potential
(Ounces)
180,000
160,000
Production
Range
Conceptual Production
Potential for >500,000 Ounces/Year(1)
21

LSG’s Plan to Grow Value
Increase valuation for current business
Advance projects to realize value
Establish LSG once again as a leading exploration story
• Consistently achieve key production and cost targets
• Build cash position through strong internal cash generation
• Reduce debt to accrete more value to equity holders
• Grow resources and reserves and extend mine life
22

LSG – Q1/14 Financial Highlights
$ Millions unless otherwise stated Q1/14 Q1/13 % Change
Ounces sold 43,000 26,100 65
Average price (US$/oz) 1,294 1,630 (21)
Average price ($/oz) 1,430 1,642 (13)
Revenues 61.5 42.9 43
Cash operating costs 29.5 26.0 13
Cash earnings from mine operations(1) 32.0 16.9 89
Earnings from mine operations 14.4 3.9 269
Net earnings (loss) 4.7 (0.6) N/A
Cash flow from operating activities 24.9 16.2 54
(1) Example of Non-GAAP measure
24

Timmins West Mine
Flagship Asset
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
 Produced 34,000 oz in Q1/14 (215,900 tonnes @ 5.1 gpt)
 Targeting approx. 2,500 tpd in 2014 - >130,000 oz(1) (107,100 oz in
2013)
Timmins
Deposit
Thunder Creek
270 Access Level
730 Access Level
260 Level
525 Level
650 Level 18,700
24,200
22,600
41,600
34,000
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
25

Bell Creek Mine
Targeting >30,000 oz in 2014(1)
26
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
 Produced 10,600 oz in Q1/14 (68,000 tonnes @ 5.1 gpt)
 Targeting >30,000 oz in 2014 (average throughput of 750 tpd)
Deep
Zone
Potential
shaft
extension
Shaft
Bell Creek Mine
4,600
6,600 6,300
10,100
10,600
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

27
Cash Operating Cost 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 Loss (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.
All-In Sustaining Cost per Ounce
Effective the second quarter 2013, the Company has adopted a total all-in sustaining cost (“AISC”)
performance measure. 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, reclamation cost
accretion not related to current operations and interest and other financing costs.
Non-GAAP Measures

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