Lake Shore Gold reported record production and financial results for the second quarter and first half of 2014. Production in Q2 2014 reached a record 52,300 ounces, a 70% increase over the prior year quarter. Cash costs and all-in sustaining costs saw significant improvements of 39% and 38%, respectively, compared to Q2 2013. The company also reported record cash flow from operations and increased its cash position to $53.4 million.

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
July 31, 2014
Second Quarter 2014
Conference Call & Webcast
TSX, NYSE MKT: LSG

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., 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
2

3.  Record production of 52,300 ounces, 70% increase from Q2/13
 Mill throughput of 309,800 tonnes or 3,400 tpd compared to
230,960 tonnes or 2,540 tpd in Q2/13
 Average grade of 5.4 gpt, 26% higher than in Q2/13
 Record gold poured of 53,500 ounces, 68% higher than in Q2/13
 Record gold sales of 53,500 ounces, almost double the 27,600
ounces sold in Q2/13
Q2/14 – Record Quarter
3

4. 4
 Cash op. costs(1) of US$556/oz, 39% improvement from Q2/13
 All-in sustaining costs (“AISC”)(1) of US$784/oz, 38% better than a
year earlier
 Capex of $11.8 million, in line with expectations
 Cash and bullion increased to $53.4 million from $39.1 million at
March 31/14
 Repaid $13.7 million of debt (including $10 million on standby line of
credit June 4/14)
 $5 million received from flow-through financing
 Reported net earnings of $13.1 million or $0.03 per share
Q2/14 – Strong Unit Cost Performance
(1) Example of Non-GAAP measure, see Slide 14 for more information

5.  Record production of 96,900 ounces, up 79% from 6M/13
 Mill throughput of 593,600 tonnes or 3,280 tpd compared to
428,560 tonnes or 2,370 tpd in 6M/13
 Average grade of 5.3 gpt, 29% higher than in 6M/13
 Record gold poured of 99,200 ounces, 90% higher than in Q2/13
 Record half-year gold sales of 96,500 ounces, 80% increase from
6M/13
6M/14 – Record Six Months
5

6.  Cash op. costs(1) of US$585/oz, 38% improvement
 AISC(1) of US$862/oz, 38% better than a year earlier
 Capex of $24.5 million, in line with expectations
 Cash and bullion increased $19.4 million to $53.4 million from
$34.0 million at beginning 2014
 Repaid $17.4 million of debt
 $5 million received from flow-through financing
 Reported net earnings of $17.8 million or $0.04 per share
6M/14 – Cash & Bullion Up $19.4 Million
(1) Example of Non-GAAP measure, see Slide 14 for more information
6

7.  Target: Gold production of 160,000 to 180,000 ounces
 6M/14: 96,900 ounces
 Target: Cash operating cost/oz(1) of US$675 to US$775/ounce
 6M/14: US$585/ounce
 Target: AISC/oz of US$950 to US$1,050/ounce
 6M/14: US$862/ounce
 Target: Increase cash position
 6M/14: Cash and bullion increased $19.4 million
Performing Well Against 2014 Targets(1)
7(1) Includes examples of Forward Looking Information

8. 23,200
30,800
28,900
51,700
44,600
52,300
982
908
701
609 621
556
1,550
1,257
1,027
849
960
784
200
400
600
800
1,000
1,200
1,400
1,600
0
10,000
20,000
30,000
40,000
50,000
60,000
Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14
Production Cash Operating Costs All-In Sustaining
Costs (US$/oz)Production (oz)
Strong Operating Results…
8

9.  Cash position approaching target levels
 Future cash generation to support additional debt reduction,
investment to extend mine life and work to advance growth projects
52
28
15
34
39
53
Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14
Cash & Bullion
($ Millions)
… Driving Growth in Cash & Bullion
9

10. Q2/14 Financial Highlights
$ Millions unless otherwise stated Q2/14 Q2/13 % Change
Ounces sold 53,500 27,600 94
Average price (US$/oz) 1,289 1,409 (9)
Average price ($/oz) 1,404 1,441 (3)
Revenues 75.1 39.7 89
Production costs 32.5 26.0 25
Cash earnings from mine operations(1) 42.7 13.8 209
Earnings from mine operations 22.3 1.8 1139
Net earnings (loss) 13.1 (5.4) N/A
CF from cont. operating activities 36.8 7.7 378
10
(1) Example of Non-GAAP measure, see Slide 14 or more information

11. 11
6M/14 Financial Highlights
$ Millions unless otherwise stated 6M/14 6M/13 % Change
Ounces sold 96,500 53,700 80
Average price (US$/oz) 1,291 1,516 (15)
Average price ($/oz) 1,416 1,539 (8)
Revenues 136.6 82.5 65
Production costs 62.1 52.1 19
Cash earnings from mine operations(1) 74.7 30.7 143
Earnings from mine operations 36.7 5.7 544
Net earnings (loss) 17.8 (6.1) N/A
CF from cont. operating activities 61.8 23.9 159
(1) Example of Non-GAAP measure, see Slide 14 for more information

12. 12
LSG – Strong Margin Improvement
Q2/14 Q2/13 6M/14 6M/13
Average price (US$/oz) 1,289 1,409 1,291 1,516
AISC (US$/oz)(1) 784 1,257 862 1,398
505 152 429 118
39.2% 10.8% 33.2% 7.8%
Average price ($/oz) 1,404 1,441 1,416 1,539
AISC ($/oz)(1) 854 1,297 946 1,430
550 144 470 109
39.2% 10.0% 33.2% 7.0%
(1) Example of Non-GAAP measure, see Slide 14 for more information

13. LSG’s Plan to Grow Value
Increase valuation for current business
• 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
• On track to meet or exceed key 2014 production and cost targets
• Building cash position, $53.4 million at June 30, 2014
• Reducing debt to create more value to equity holders
• Working to upgrade resources and extend mineralization
13

14. 14
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.
Cash Earnings from Mine Operations
Cash earnings from mine operations is a Non-GAAP measure determined by deducting cash operating costs from
revenues recognized in the period. 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.
Non-GAAP Measures