May 2017 AGM PRESENTATION Anthony (Tony) Makuch, President & - - PowerPoint PPT Presentation

May 2017 AGM PRESENTATION Anthony (Tony) Makuch, President & CEO

KLGOLD.COM TSX: KL OTCQX: KLGDF

TIER ONE GOLD PRODUCTION | DISTRICT SCALE EXPLORATION | VALUATION UPSIDE

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KLGOLD.COM TSX:KL

FORWARD LOOKING STATEMENTS

Use of Non-GAAP Measures

Operating cash cost per ounce sold, all-in sustaining costs per ounce sold, average realized gold price per ounce and working capital are Non-GAAP measures. In the gold mining industry, these are common performance measures but do not have any standardized meaning, and are considered Non-GAAP measures. The Company believes that, in addition to conventional measures prepared in accordance with International Financial Reporting Standards ("IFRS" or "GAAP"), certain investors use such Non-GAAP measures to evaluate the Company's performance and ability to generate cash

• flow. Accordingly, they are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. A

reconciliation of operating costs per ounce and AISC per ounce to total operating costs for the most recent reporting period, the three months ended March 31, 2017 and the three months ended March 31, 2016, is set out on the Company's MD&A for the period ended March 31, 2017 filed on SEDAR at www.sedar.com and available on the Company’s website at www.klgold.com.

Cautionary Note Regarding Forward-Looking Information

This presentation contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of Kirkland Lake Gold with respect to future business activities and operating performance. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and include information regarding: (i) the amount of future production over any period; (ii) assumptions relating to revenues, operating cash flow and other revenue metrics set out in the Company's disclosure materials; and (iii) future exploration plans (iv) the temporary suspension of operations at the Cosmo Mine and the anticipated effects thereof . Investors are cautioned that forward-looking information is not based on historical facts but instead reflect KL Gold’s management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although Kirkland Lake Gold believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the combined company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: the ability

• f Kirkland Lake Gold to successfully integrate the operations and employees of its Canadian and Australian operations, and realize synergies and cost savings, and to the extent,

anticipated; the potential impact on exploration activities; the potential impact on relationships, including with regulatory bodies, employees, suppliers, customers and competitors; the re-rating potential following the consummation of the merger; changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws; and compliance with extensive government regulation. This forward-looking information may be affected by risks and uncertainties in the business of Kirkland Lake Gold and market conditions. This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in filings made by Kirkland Lake Gold , including Kirkland Lake Gold’s annual information form, financial statements and related MD&A for the first quarter ended March 31, 2017 and their interim financial reports and related MD&A for the period ended March 31, 2017 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 information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although Kirkland Lake Gold 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. Kirkland Lake Gold does not intend, and do not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

KLGOLD.COM TSX:KL

2016 FULL YEAR HIGHLIGHTS

1.Refer to Slide 2 “Forward Looking Information. 2. See Kirkland Lake Gold News Release dated April 12, 2017 for additional details. 3 Source: Company filings, FactSet and available equity research at April 28, 2017. Production and Cash Flow are broker consensus averages exclude Kirkland Lake

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3

5.6 8.6

KL Gold Peer Average

$2,536 $4,000

KL Gold Peer Average

Transformational Year Strong Balance Sheet District Scale Exploration Potential Strong Value Proposition 3

Enterprise value to ounce of 2017 production 2017 Price to Cash flow

• Completed Acquisition of St Andrew Goldfields Ltd. and Business Combination with

Newmarket Gold Inc. resulting in the creation of a mid-tier gold producer

• Increased cash and Financial Flexibility: US$234 million1,2 as at December 31, 2016

providing financial flexibility to manage low debt

• Decreased Royalties: Royalty rate to Franco-Nevada on gold revenue from Macassa

down from 2.5% to 1.5%

• Significantly expanded district scale land packages in established gold camps
• +20 drill rigs in operation across Canada & Australia

KLGOLD.COM TSX:KL

2016 OPERATIONAL HIGHLIGHTS1

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Record Gold Production: Consolidated operations achieved attributable gold production of 314,495 ounces, including 18,657 ounces from operations in Australia for the one month ended December 31, 2016, surpassing previously announced 2016 production guidance. Low Operating Costs and AISC: Total production costs of $198.4 million resulted in operating cost per ounce2 and AISC per

• unce2 of $571 and $923 respectively; below the lower range of 2016 operating cost guidance of $600 - $650 per ounce

and AISC guidance of $1,000 - $1,050 per ounce.

2016 Consolidated Costs

Below guidance of $1,000 - $1,050 Below guidance of $600 - $650

$571 $923

$0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 Operating Cost Per Ounce (US$) AISC per Ounce (US$)

2016 Pro-forma Production by Mine

(1) Full Year 2016 results include the results of Kirkland Lake Gold Inc. (“former Kirkland Lake”) operations for the full year; the results of the Newmarket operations for December 2016, being the period following the completion of the business combination between the former Kirkland Lake and Newmarket; and the results of the St Andrew operations for the period starting on January 26, 2016, being the period following the completion of the acquisition of St Andrew by former Kirkland Lake. (2) Non GAAP Measures Operating cash cost per ounce sold, all-in sustaining costs per ounce sold, average realized gold price per ounce, working capital and free cash flow are Non-GAAP measures. In the gold mining industry, these are common performance measures but do not have any standardized meaning, and are considered Non-GAAP measures. The Company believes that, in addition to conventional measures prepared in accordance with International Financial Reporting Standards (“IFRS” or “GAAP”), certain investors use such Non-GAAP measures to evaluate the Company’s performance and ability to generate cash flow. Accordingly, they are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. A reconciliation of operating cost per ounce and AISC per ounce to total operating costs for the most recent reporting period, the three and twelve months ended December 31, 2016 and the eight months ended December 31, 2015, is set out on the Company’s MD&A for the period ended December 31, 2016 filed on SEDAR at www.sedar.com and at www.klgold.com. Please refer to the “Forward Looking Statements”

• n page 61.

KLGOLD.COM TSX:KL

2016 FINANCIAL HIGHLIGHTS 1

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$42.10 $75.30

$0.00 $10.00 $20.00 $30.00 $40.00 $50.00 $60.00 $70.00 $80.00 Net Earnings (US millions) Adjusted Net Earnings (US millions)

$0.35

per basic share

$0.62

per adjusted basic share

$406.70

$0.00 $50.00 $100.00 $150.00 $200.00 $250.00 $300.00 $350.00 $400.00 $450.00 Revenue (US millions)

Based on: Gold sales of 329,489 oz & Average realized price of gold $1,234/ oz $180.90 $107.20

$0.00 $20.00 $40.00 $60.00 $80.00 $100.00 $120.00 $140.00 $160.00 $180.00 $200.00 Operating Cash Flow (US millions) Free Cash Flow (US millions)

.

$1.49

per basic share

$0.88

per basic share

$234.90 $92.30

$0.00 $50.00 $100.00 $150.00 $200.00 $250.00 Cash Balance (US millions) Working Capital (US millions)

.

Q1/17 Cash Balance Increased by $45 million to $280 million

Strong Earnings Record Revenue Significant Cash Flow Strong Financial Position

2 2 2 , 3

(1) Full Year 2016 results include the results of Kirkland Lake Gold Inc. (“former Kirkland Lake”) operations for the full year; the results of the Newmarket operations for December 2016, being the period following the completion of the business combination between the former Kirkland Lake and Newmarket; and the results of the St Andrew operations for the period starting

• n January 26, 2016, being the period following the completion of the acquisition of St Andrew by former Kirkland Lake.

(2) Non GAAP Measures Operating cash cost per ounce sold, all-in sustaining costs per ounce sold, average realized gold price per ounce, working capital and free cash flow are Non-GAAP measures. In the gold mining industry, these are common performance measures but do not have any standardized meaning, and are considered Non-GAAP measures. The Company believes that, in addition to conventional measures prepared in accordance with International Financial Reporting Standards (“IFRS” or “GAAP”), certain investors use such Non-GAAP measures to evaluate the Company’s performance and ability to generate cash flow. Accordingly, they are intended to provide additional information and should not be considered in isolation

• r as a substitute for measures of performance prepared in accordance with IFRS. A reconciliation of operating cost per ounce and AISC per ounce to total operating costs for the most recent reporting period, the three and twelve months ended December 31, 2016 and the eight months ended December 31, 2015, is set out on the Company’s MD&A for the period ended

December 31, 2016 filed on SEDAR at www.sedar.com and at www.klgold.com. Please refer to the “Forward Looking Statements” on page 61. (3) Adjusted net earnings (and adjusted basic share) excludes the items that do not reflect the underlying operations of the Company, including the transaction costs associated with the acquisition of Newmarket and the business combination with St Andrew, as well as one time severance costs associated with the transition of Stawell to care and maintenance.

KLGOLD.COM TSX:KL

NEW KIRKLAND LAKE GOLD INVESTMENT THESIS

1.Refer to Slide 2 “Forward Looking Information revised 2017 estimated production guidance 530,000 – 570,000 ounces . 2. See Kirkland Lake Gold News Release dated May 4, 2017 for additional details. 3. Refer to appendix for NI 43-101 Disclosure and News Release dated March 28, 2017 for additional year-end 2016 Mineral Reserve and Resource details 3. See Non-GAAP Measures sections in forward looking statements; Operating Cash Costs per ounce and AISC per ounce reflect an average USD to CAD exchange rate of 1.35 and a USD to AUD exchange rate of 1.325, for additional detail see Kirkland Lake Gold Press release dated March 29, 2017 for additional detail.4.Cash position as at March 31, 2017 5. Payable on July 14, 2017 to shareholders of record on June 30, 2017

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Operating Platform in Tier 1 Mining Jurisdictions Strong Balance Sheet & Low Cost Production District Scale Exploration Potential

• Revised 2017 consolidated production guidance of 530,000 - 570,0001 ounces from five

gold mines in Canada & Australia

• Consolidated Q1/17 production of 130k oz (Macassa 48,723 oz & Fosterville 46,083 oz)2
• Both flagship mines, Fosterville & Macassa continue to benefit from an increasing grade

profile at depth

• Increasing Cash Position US$280 million4 as at March 31, 2017
• New quarterly dividend recently announced C$0.01 per share5
• Revised Consolidated 2017 operating cost guidance US$475/oz – US$525/oz and AISC

US$850/oz – US$900/oz 3

• Significant discovery and expansion potential in established gold camps with +20 drill

rigs in operation across Canada & Australia

• 2017 growth exploration budget of US$45 - $55 million

KLGOLD.COM TSX:KL

IMPROVED 2017 GUIDANCE

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CANADIAN OPERATIONS AUSTRALIAN OPERATIONS (U.S.)$ Macassa Mine Holt Mine Taylor Mine Fosterville Mine Cosmo Mine Consolidated Outlook Revised Gold Production (oz) 190,000 – 195,000 65,000 – 70,000 55,000 – 60,000 200,000 – 225,000 20,000 530,000 – 570,000 Revised Operating Costs per Ounce1,2 $520 – $550 $670 – $725 $450 – $525 $310 – $330 $1,500 – $1,600 $475 - $525 Revised AISC per Ounce1,2 $850 - $900 Revised Operating Costs ($ million) $270 - $280 Sustaining Capital & Growth Capital ($ million) $180 - $200 Exploration Expenditure ($ million) $45 - $55 Revised Royalty cost ($ million) $20 - $25 Revised G & A ($ million) $17

1) See Non-GAAP Measures sections in forward looking statements; 2) Operating Cash Costs per ounce and AISC per ounce reflect an average USD to CAD exchange rate of 1.35 and a USD to AUD exchange rate of 1.325. 3. See Kirkland Lake Gold News release dated May 4 2017

Improved revision to 2017 consolidated outlook results in improved unit costs, reflecting positive performance at the Fosterville Mine and the impact of a production suspension at the Cosmo Mine, effective June 30, 2017. 3

KLGOLD.COM TSX:KL

OPERATING PLATFORM IN TIER 1 MINING JURISDICTIONS

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295,838 oz 239,724 oz

100,000 150,000 200,000 250,000 300,000 350,000

Canadian Operations Australian Operations

2016 Pro Forma Gold Production

50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 500,000 550,000 600,000

Consolidated Q1/17 Production

1.Pro forma information operating results from: (i) the former Newmarket Gold Inc. (“Newmarket”) assets for the entire 12-month period ended December 31, 2016 including the period from January 1, 2016 to November 29, 2016 prior to the merger with Kirkland Lake Gold Inc. (“KLG”) on November 30, 2016 (See Newmarket Press Release dated November 3, 2016); and (ii) the Holt Mine Complex for the entire 12-month period ended December 31, 2016, including the period of January 1, 2016 to January 25, 2016 prior to the acquisition of St Andrew Goldfields Ltd. (“SAS”) by KLG on January 26, 2016 (See KLG press release dated May 12, 2016). See Press Releases dated January 9, 2017 and February 27, 2017 filed on the SEDAR profile of the Company

130,425 oz

• Consolidated 20161 operating

cost per ounce2 of $571, below the the guidance of US$600- $650

• Consolidated AISC per ounce2
• f $923 in 2016 below the

guidance of US$1,000-1,050 On track to meet 2017 guidance of

530,000 – 570,000 oz

1 1

(Guidance of 270k – 290k oz) (Guidance of 225k – 235k oz)

2017 Outlook

KLGOLD.COM TSX:KL

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1 Cash position as at March 31, 2017, see News Release dated April 12, 2017 2 Non-GAAP measures, refer to slide 2 “Cautionary Language”, Canadian: US Dollar exchange $0.7229

STRONG BALANCE SHEET1, 2

Cash US$280 million Convertible Debentures (at Dec 31/16) US$89 million

KGI.DB: 6% C$15.00 Conv. Price C$56.8M mature June 2017 KGI.DB.A: 7.5% C$13.70 Conv. Price C$62.0M mature Dec 2017

Net Cash US$191 million

CAPITAL STRUCTURE & OWNERSHIP

Issued & Outstanding (at Mar 31/17) 206 million Market Capitalization (TSX)

(April 17, 2017)

+CAD$ 2.1 billion Daily Avg. Volume – 30 day

(April 17, 2017)

1.2 million shares Insider Ownership ~10%

✓ No gold hedging in place

Fosterville Gold Mine, Australia Macassa Gold Mine, Canada

STRONG FINANCIAL POSITION

✓ Change in reporting currently to US$ for December 31, 2016 year end financial results INITIATION OF DIVIDEND POLICY

Quarterly dividend of C$0.01 per common share

Payable on July 14, 2017 to shareholders of record on June 30, 2017

KLGOLD.COM TSX:KL

HIGH GRADE, LOW COST CORNERSTONE ASSETS

CORNERSTONE ASSETS LOW COST OUNCES DISTRICT SCALE GROWTH

• 1. Refer to slide 41 for break down by category. 2. Kirkland Lake Gold guidance provided on January 9, 2017, refers to high end range of guidance 3. See Non-GAAP Measures sections in forward looking statements; Operating Cash

Costs per ounce and AISC per ounce reflect an average USD to CAD exchange rate of 1.35 and a USD to AUD exchange rate of 1.325, Full Year 2016 Operating Costs and All-In Sustaining Costs as reported March 29, 2017 10

CORNERSTONE ASSETS LOW COST OUNCES DISTRICT SCALE GROWTH

• Macassa Mine, Fosterville Mine & Taylor Mine
• ~ 84% of 2017E production
• Growth potential with avaliable milling capacity at each mill
• <US$525 Operating Costs and <US$850 AISC2 (Full Year 2016)
• Fosterville exploration lease +500 km2
• Macassa exploration lease +40 km2
• 120 km land package along prolific Porcupine Destor Fault

Macassa Mine Fosterville Mine Taylor Mine Consolidated P&P Reserve Grade (g/t Au) 1 20.8 9.2 5.4 14.6 2016 FY Production (oz) 175,167 151,755 42,639 > 369,000 Operating Costs (US$/Oz Sold) FY 20162 US$527 US$4203 US$438 < US$525 AISC (US$/Oz Sold) FY 20162 US$907 US$6413 US$711 < US$850

KLGOLD.COM TSX:KL

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MACASSA: KEY VALUATION DRIVER

41,054 38,929 42,866 52,318 48,723 15.3 12.2 13.7 16.3 17.1

10 11 12 13 14 15 16 17 18 19 20

Q1 - 16 Q2- 16 Q3 - 16 Q4 - 16 Q1 - 17

30,000 35,000 40,000 45,000 50,000 55,000

Gold Production (oz) Gold Grade (g/t)

MINERAL RESOURCE & RESERVES (Dec 31, 2016) 1

Proven and Probable Mineral Reserves increased by 37% to 2.01 million

• unces of gold at an average grade of 20.8 g/t gold (3.0 Mt).

Measured and Indicated Mineral Resources are exclusive of Mineral Reserves contain 1.32 million ounces grading 16.6 g/t gold (2.24 Mt). Extensive surface and underground drilling underway.

$1,003 $959 $834 $782

$644 $546 $421 $514

Q2 2016 Q3 2016 Q4 2016 Q1 2017 Production Costs US$/oz2,3

AISC OCC The Macassa Mine is a high-grade gold mine, with grade improving at depth, located in Kirkland Lake, Ontario

• 1. Refer to appendix for NI 43-101 disclosure 2. SY refers to Stub Year 2015 referencing April 30, 2015 to December 31 2015 8 months 3. See Kirkland Lake News Release dated May 4, 2017 and Q1 2017 MD&A for additional

detail reporting Q1 2017 operating and AISC results

KLGOLD.COM TSX:KL

PLAN VIEW OF PROJECT AREA – KIRKLAND LAKE GOLD CAMP

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• The Kirkland Lake gold camp

has been in production for + 100 years

• One of the highest grade gold

camps in the world

• Almost 25 Moz’s has been

produced to date, from seven mines

• Kirkland Lake Gold owns five

former producing high grade mines with historical production of ~22 Moz’s of gold

• Average head grade of 15.1 g/t

South Mine Complex Gold Deposit

SMC

KLGOLD.COM TSX:KL

REGIONAL EXPLORATION ACROSS A PROLIFIC TREND

See News Releases dated January 19, 2016 and November 7, 2016 filed on the sedar profile of Kirkland Lake Gold Ltd on www.sedar.com

• Significant expansion potential down dip, along strike
• Previously released surface exploration results to the east returned values of 29.5 g/t gold over 0.3m (AB-15-92) and 28.1 g/t gold
• ver 0.6m (AB-15-106)
• Recent Highlight results along the easterly strike of the SMC include:
• 651.8 g/t gold over 3.8 metres, 102.5 g/t gold over 3.2 metres and 100.5 g/t gold over 1.6 metres

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KLGOLD.COM TSX:KL

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FOSTERVILLE GOLD MINE: LOW COST PRODUCER

33,138 37,245 36,967 44,406 46,083 7.3 7.5 6.9 8.5 11.1

4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0

Q1 - 16 Q2- 16 Q3 - 16 Q4 - 16 Q1 - 17

20,000 25,000 30,000 35,000 40,000 45,000 50,000

Gold Production (oz) Gold Grade (g/t)

MINERAL RESOURCE & RESERVES(Dec 31, 2016) 1

Total Proven and Probable Mineral Reserves increased 66% to 643,000

• unces of gold at an average grade of 9.2 g/t Au (2.17 Mt).

Measured & Indicated Mineral Resource3 grade increased 23% grading 5.7 g/t Au to 2,790,000 ounces of gold (15.3 Mt). Resources are inclusive of Reserves The Lower Phoenix gold system has been traced by development and drilling for over 2 km and remains open for further expansion.

$741 $765 $641 $571 $440 $471 $420 $354

Q2 16 Q3 16 Q4 16 Q1 17

Production Costs US$/oz2

AISC OCC

The Fosterville Gold Mine is the largest gold producer in the state of Victoria, Australia

• 1. Refer to appendix for NI 43-101 disclosure. 2.See Kirkland Lake Press release dated May 4, 2017 and Q1 2017 MD&A for additional detail, costs presented for Q4 16 only represent the one month since the transaction with Newmarket Gold ending December 31,

2016 reporting Q4 2016 operating and AISC see slide 2 forward looking information regarding non gap measures. 3. Resources are inclusive of Reserves – refer to slide 41.

KLGOLD.COM TSX:KL

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Harrier Drill Drive

12.5 g/t Au over 2.4m 12.75 g/t Au over 4.5m

Lower Phoenix

Drill Targets Harrier Decline Harrier

4.4 g/t Au over 6.1m 6.5 g/t Au over 25m 9.3 g/t Au over 3.3m 9.2 g/t Au

• ver 11.8m

7.3 g/t Au

• ver 13.9m

6.2 g/t Au over 1.9m

22.1 g/t Au over 3.3m

First recorded visible gold from Harrier 16.6 g/t Au

• ver 3.05m

11.99 g/t Au over 3.4m 14.25 g/t Au over 3.6m 11.1 g/t Au over 4.9m 12.8 g/t Au over 8.5m 112 g/t Au over 11.9m 501 g/t Au over 4.5m 386 g/t Au over 3.4m 16.4 g/t Au over 16.5m 73.2 g/t Au over 7.8m 64.80 g/t Au over 4.3m (VG) 46.2 g/t Au

• ver 6.6m (VG)

283 g/t Au over 2.8m 13.4 g/t Au over 3.8m 75.7 g/t Au over 5.4m 194 g/t Au over 3.1m 550 g/t Au over 3.5m 129 g/t Au

• ver 6.2m (VG)

645 g/t Au

• ver 3.4m

1,429 g/t Au over 4.97m

FOSTERVILLE GOLD MINE: DRILLING SUCCESS

Mineral Resources, Reserves and mining as at December 31, 2016

• Consistently intersecting high-grade gold in multiple zones: Harrier, Lower Phoenix, Lower Phoenix South and

Lower Phoenix North with grade increasing at depth on all zones

• Key intercepts Lower Phoenix South & North: 12.75 g/t gold over 4.5m, 13.4g/t gold over 3.8m, 12.5 g/t gold
• ver 2.4m, & 7.3 g/t gold over 13.9m
• High-Grade Visible Gold (VG) intercepts at Harrier Gold Zone; 64.8 g/t gold over 4.3m, 46.2 g/t gold over

6.6m

• Record high-grade drill intercept on the Lower Phoenix foot wall announced Jan 17, 2017 including 1,429

g/t gold over 4.97m

All intercepts presented are estimated true width

KLGOLD.COM TSX:KL

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FOSTERVILLE GOLD MINE: DISTRICT SCALE POTENTIAL

Harrier Drill Drive

= Visible gold elevation depth, increasing with depth Current Mining Front

BLOCK A BLOCK C BLOCK D BLOCK B Lower Phoenix Phoenix 

Fosterville underground Reserve of 490,000 ounces at 9.8 g/t Au (1,560,000 tonnes) with Measured and Indicated resources from the high grade Phoenix and Lower Phoenix where Fosterville is currently being mined of of 1.08 million ounces grading 10.1 g/t Au (3,310,000 tonnes) as of Dec 20162



With additional drilling success blocks A,B,C and D are targeted to add +5 years of additional mine life on top of current reserves and resources (Block B drilling underway testing 1000 metres down plunge from current resources/reserves)



Mill Capacity +850k tpa, currently at ~700k tpa. opportunity to open additional mining fronts (three total) in Block A and Block D



Additionally there are over 20 kilometers of potential gold bearing structures on the 505km2

Fosterville property highlighting the exceptional potential of this district

• 1. Refer to slide 2 forward looking “Cautionary Language’ 2. Refer to the appendix “NI 43-101 Disclosure

KLGOLD.COM TSX:KL

FOSTERVILLE REGIONAL POTENTIAL

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• Mining lease (MIN5404:~17km2) contains ~10km strike length of

Mineral Resources with ~7km on Fosterville Fault Line and ~3km

• n the O’Dwyer’s Fault Line.
• Surrounding exploration leases encompass ~505km2 and

contain ~20km of potential gold-bearing structures along 7 interpreted fault lines.

• 5 of the 7 lines contain known gold occurrences with historic

resources and/or historic workings.

• The processing plant is located within 30km of prospective

targets.

• Limited exploration work on surrounding exploration lease
• The 2017 exploration program includes planned drilling for the

Sugarloaf Line (SW of operation), soil sampling in northern part

• f exploration lease and 2D seismic lines over northern and

southern ends of mining lease.

• District scale potential within a well known camp of multi-

million ounce gold deposits 1.08 million ounces M&I resources at 10.1 g/t gold1, current mining zones of Phoenix, Lower Phoenix* Fosterville mill

* Refer to appendix NI 43-101 technical disclosure, technical reports filed on sedar March 30, 2017 and Year-end 2016 Resource and Reserve News release filed March 28, 2017

KLGOLD.COM TSX:KL

FOCUSED ON INCREASING SHAREHOLDER VALUE

18

• Increased consolidated gold production guidance range to 530,000 – 570,000 oz
• Decreased consolidated operating cash cost per ounce sold1,2 to US$475 - $525

and All-In Sustaining Cost per ounce sold to US$850 - $9001,2

• Added US$45 million cash to the balance sheet (US$37 million in free cash flow)3
• Announced a dividend policy
• Rationalized the business with a focus on high-quality gold production ensuring

sustainable gold production with meaningful profit margins

Since January 2017

1) See Non-GAAP Measures sections in forward looking statements; 2) Operating Cash Costs per ounce and AISC per ounce reflect an average USD to CAD exchange rate of 1.35 and a USD to AUD exchange rate of 1.325. Prior Foreign exchange guidance on Operating Cash Costs per ounce and AISC per ounce reflect an average USD to CAD exchange rate of 1.28 and a USD to AUD exchange rate of 1.28 3. See Non-GAAP Measures sections in forward looking statements

KLGOLD.COM TSX:KL

FOCUSED EXECUTION & VALUE CREATION

19

Kirkland Lake Gold is focused on maintaining positive and growing free cash flow margins while keeping a disciplined approach to capital allocation to ensure profitable sustainable gold production Low cost, Robust Margins Diversified Production Strong Balance Sheet District Scale Exploration Potential

Cash balance of US$280 million at March 31, 2017 Revised 2017E Guiadance of 530,000 – 570,000 oz in Tier 1 Mining Jurisdictions High quality projects with significant exploration upside Strong free cash flow generation and committed leadership team to deliver targets

DELIVER SUPERIOR SHAREHOLDER VALUE

APPENDIX

Notes, additional disclosure and other information

KLGOLD.COM TSX: KL

KLGOLD.COM TSX:KL

VALUE PROPOSTION

21 Source: Company filings, FactSet, Bloomberg, and available equity research, market data as of April 28, 2017 1. NAV, Production, and Cash Flow based on broker consensus; Averages exclude Kirkland Lake

Price / 2017E Cash Flow1 P / NAV1 EV / 2017E Production1

$4,876 $4,802 $4,628 $4,271 $3,943 $3,557 $3,506 $3,462 $3,416 $2,997 $2,536 Guyana Alamos Torex Detour Richmont Regis New Gold OceanaGold Northern Star Klondex Kirkland Lake

Peer Avg. US$3,946/oz

13.0x 10.4x 9.0x 8.6x 8.3x 7.7x 7.6x 6.9x 5.8x 5.6x 5.0x Alamos Guyana Richmont Detour Klondex Regis Torex Northern Star New Gold Kirkland Lake OceanaGold

Peer Avg. 8.2x

1.23x 1.22x 1.04x 1.02x 1.01x 0.98x 0.97x 0.93x 0.90x 0.89x 0.83x Regis OceanaGold Northern Star Kirkland Lake New Gold Klondex Guyana Richmont Torex Alamos Detour

Peer Avg. 1.00x

KLGOLD.COM TSX:KL

ANALYST COVERAGE (Jan 2017)

22

Firm Anonymous GMP Barclays CIBC Merrill TD RBC ITG Instinet Shares Traded 9.6 million 4.9 million 4.6 million 4.5 million 2.7 million 2.4 million 2.2 million 1.6 million 1.3 million

30 Day Avg Volume 1,200,000 (as of April 18, 2017)

Broker Initiation Date Target Price (C$) Target Rating FY17E Production Oz (000’s) FY17E Cash Costs (US$) FY17E AISC (US$) NAV (C$M) CIBC Dec ’16 $12.50

• utperform

505 $570 $920 Scotia

• $11.50
• utperform

509 $625 $895 $1,323 GMP Oct ’15 $14.50 buy 509 $637 $960

• Macquarie

Dec ’16 $14.00

• utperform

454 $601 877 $US836 RBC Capital Dec ’16 $13.00

• utperform

561 $597 $934 $1,169 PI Financial Jan ’16 $12.50 buy 515 $585 $892 National Bank Dec ’16 $12.50 Outperform 510 $741 1,087 M Partners Dec ’16 $12.50 buy 500 $680 S1,001 BMO

• $12.75

market Perform 502 $580 $926 Average $12.86

Opinions estimates or forecasts regarding Kirkland Lake Gold performance made by these analysts are theirs alone and do not represent the opinions estimates or forecasts of the Company or its management.

KLGOLD.COM TSX:KL

BOARD AND SENIOR MANAGEMENT

23

Board of Directors

Eric Sprott Chairman of the Board Anthony Makuch President & CEO Barry Olson Independent Pamela Klessig Independent Jeffrey Parr Independent Raymond Threlkeld Independent Jonathan Gill Independent Arnold Klassen Independent

Senior Management Team

Anthony Makuch President & Chief Executive Officer Darren Hall Chief Operating Officer Philip Yee Chief Financial Officer Alasdair Federico EVP Corporate Affairs and CSR

KLGOLD.COM TSX:KL

Q4/16 Canadian Operating Results Tonnes Milled Grade (g/t Au) Recovery (%) Production (oz) MACASSA MINE COMPLEX1 102,289 16.3 97.6 52,318 HOLT MINE 113,499 4.6 94.5 15,761 HOLLOWAY MINE 65,215 5.4 87.3 9,825 TAYLOR MINE 48,254 6.7 96.1 10,048

CONSOLIDATED PRODUCTION 87,952

CANADIAN OPERATIONS – QUARTERLY OPERATING RESULTS

24

1.Pro forma information operating results from: (i) the former Newmarket Gold Inc. (“Newmarket”) assets for the entire 12-month period ended December 31, 2016 including the period from January 1, 2016 to November 29, 2016 prior to the merger with Kirkland Lake Gold Inc. (“KLG”) on November 30, 2016KLG (See Newmarket Press Release dated November 3, 2016); and (ii) the Holt Mine Complex for the entire 12-month period ended December 31, 2016, including the period of January 1, 2016 to January 25, 2016 prior to the acquisition of St Andrew Goldfields Ltd. (“SAS”) by KLG on January 26, 2016 (See News Release dated May 12, 2016). See News Release dated January 9, 2017 filed on the SEDAR profile of the Company at www.sedar.com.

• 2. In December 2016, Kirkland Lake Gold announced the transitioning of the Holloway Gold Mine to a temporary suspension of operations. The Holloway Mine will be maintained in a production ready state with the intent of restarting the operation in the future with meaningful and enhanced economics

and pending successful exploration programs being completed (See News Release dated December 12, 2016).

Q1/17 Canadian Operating Results Tonnes Milled Grade (g/t Au) Recovery (%) Production (oz) MACASSA MINE 91,460 17.1 97.1 48,723 HOLT MINE 105,629 4.8 94.9 15,318 TAYLOR MINE 63,289 5.6 96.7 10,942 HOLLOWAY MINE 2 2,676 3.5 89.9 267

CONSOLIDATED PRODUCTION 75,250

KLGOLD.COM TSX:KL

AUSTRALIAN OPERATIONS – QUARTERLY OPERATING RESULTS

Q4/16 Australian Operating Results Tonnes Milled Grade (g/t Au) Recovery (%) Production (ozs)

FOSTERVILLE GOLD MINE 176,242 8.48 92.4 44,406 COSMO GOLD MINE 157,770 2.78 94.5 13,307 STAWELL GOLD MINE 2 172,049 1.49 84.5 6,971 CONSOLIDATED PRODUCTION 64,684

Q1/17 Australian Operating Results Tonnes Milled Grade (g/t Au) Recovery (%) Production (ozs)

FOSTERVILLE GOLD MINE 137,788 11.1 93.7 46,083 COSMO GOLD MINE 120,047 2.5 95.2 9,092 CONSOLIDATED PRODUCTION 55,175

25

1.Pro forma information operating results from: (i) the former Newmarket Gold Inc. (“Newmarket”) assets for the entire 12-month period ended December 31, 2016 including the period from January 1, 2016 to November 29, 2016 prior to the merger with Kirkland Lake Gold Inc. (“KLG”) on November 30, 2016 (See Newmarket Press Release dated November 3, 2016); and (ii) the Holt Mine Complex for the entire 12-month period ended December 31, 2016, including the period of January 1, 2016 to January 25, 2016 prior to the acquisition of St Andrew Goldfields Ltd. (“SAS”) by KLG on January 26, 2016 (See News release dated May 12, 2016). 2. The Company officially transitioned the Stawell Gold Mines into care and maintenance and in a state of operational readiness to possibly recommence operations with activities focused on exploration programs within the Aurora B discovery (See News Release dated December 12, 2016).

KLGOLD.COM TSX:KL

CONSOLIDATED FINANCIAL HIGHLIGHTS FOR 2016 Q4 & YEAR END 1

26

CONSOLIDATED KEY PERFORMANCE MEASURES

• 1. Refer to slide 2 forward looking and Non IFRS Disclosure, operating Cash Costs per ounce and AISC per ounce reflect an average USD to CAD exchange rate of 1.28 and a USD to AUD exchange rate of 1.28 and the

Management Discussion & Analysis and Financial Statements as at December 31, 2016 available on the companies website www.klgold.com and on www.sedar.com under the companies profile

(In thousands of dollars, except per share amounts)

THREE MONTHS ENDED DECEMBER 31, 2016 TWO MONTHS ENDED DECEMBER 31, 2015 YEAR ENDED DECEMBER 31, 2016 EIGHT MONTHS ENDED DECEMBER 2015

Revenue $134,225 $27,860 $406,664 $115,796 Production costs $66,152 $15,399 $198,369 $64,730 Net earnings before taxes $11,194 $1,888 $73,263 $12,802 Net earnings $3,076 $609 $42,107 $5,731 Earnings per share – basic $0.02 $0.01 $0.35 $0.07 Earnings per share – diluted $0.02 $0.01 $0.34 $0.07 Cash flow from operations $65,014 $11,388 $180,928 $39,358 Cash investment on mine development & PPE $23,885 $5,178 $73,694 $26,258 Adjusted net earnings $27,909 $609 $75,282 $5,731 Adjusted net earnings per share $0.19 $0.01 $0.62 $0.07

THREE MONTHS ENDED DECEMBER 31, 2016 TWO MONTHS ENDED DECEMBER 31, 2015 YEAR ENDED DECEMBER 31, 2016 EIGHT MONTHS ENDED DECEMBER 2015

Tonnes milled 469,968 62,158 1,304,037 225,729 Grade (g/t Au) 7.5 14.1 7.9 14.4 Recovery (%) 93.6 97.2 95.1 97.1 Gold produced (oz) 106,609 27,604 314,495 102,597 Gold sold (oz) 111,690 25,284 329,489 101,094 Average realized price ($/ oz sold) $1,202 $1,102 $1,234 $1,145 Operating cash cost per ounce ($/ oz sold) $533 $604 $571 $638 AISC ($/ oz sold) $883 $1,006 $923 $970

KLGOLD.COM TSX:KL

DIVERSE ASSET PORTFOLIO

Strong Pipeline of Growth Projects Significant Exploration Potential

• Macassa: Cornerstone, high-grade operation (reserve grade of 20.8 g/t)
• Fosterville: Flagship operation continuing to demonstrate record production and record grades
• Taylor: Exciting newly-built mine with exploration upside to drive future growth
• Holt: Sustainable and profitable production
• Cosmo: New near mine discoveries support improved operations
• Holt Mine Complex (Zone 7): Planned production in 2018 will provide >25kozs per year to the Holt Mine

production profile

• Hislop Mine: Potential development asset (shallow open pit opportunity proximal to mill)
• Maud Creek: PEA-stage project planned to produce an average of ~50koz Au/year leveraging excess capacity at

the 100% owned Union Reefs mill

• Big Hill: Low-cost, shallow oxide open pit opportunity within existing Stawell mining lease
• Kirkland Lake Camp: Drilling to test the extension of the SMC and the historic ‘04/Main break at depth
• Porcupine-Destor Fault : Focus to increase mine-life, as well as drill testing a 120km strike length of

prospective ground for new discoveries

• Victoria: New high-grade discovery at Fosterville, active drilling on Aurora B discovery at Stawell
• Northern Territory: New discoveries at Cosmo including Redbelly & Taipan Lode, with continued

exploration success at Sliver Lode

Refer to Reserve and Resource Statements in Appendix of this presentation. Refer to Slide 31 “NI 43-101 Disclosure”. 27

KLGOLD.COM TSX:KL

MACASSA MINE OVERVIEW

Gold

• ld Pr

Product ction (oz

• z)

Prior to 2016 the Company’s year end was May 1 to April 30

F2014A F2015A 2016A Cash Costs (US$/oz) $812 $625 $527 AISC (US$/oz) $1,141 $803 $902

• 1,000tpd underground operation
• 70% of ore tonnes derived from the higher grade South

Mine Complex, and 30% from the ‘04 Break mineralization

• Mining to depths of 5400 feet below surface
• 2,000tpd processing capacity (50% unused)
• Conventional CIP milling facility with 4 available mills

grinding to 40 to 45 micron

• Recoveries averaging over 95%
• Opportunities being reviewed to increase production and

reduce costs.

Resources are exclusive of Reserves. Refer to Reserve and Resource Statements Slide 31 “NI 43-101 Disclosure”. Refer to Slide 2 “Use of Non-GAAP Measures”.

1 Adjusted to reflect calendar-year production and grade. 1

Updated Mineral Reserves & Resources (Dec. 31, 2016)

#3 Shaft #2 Shaft 155,226

28

155,226 175,167

CY2015 2016

30,000 80,000 130,000 180,000 230,000

Proven and Probable Mineral Reserves increased by 37% to 2.01 million ounces of gold at an average grade of 20.8 g/t gold. Measured and Indicated Mineral Resources are exclusive of Mineral Reserves contain 1.32 million ounces grading 16.6 g/t gold.

KLGOLD.COM TSX:KL

MACASSA CROSS SECTION LOOKING EAST

SELECTED HIGHLIGHTS AB-15-12 11.7 gpt/ 0.3 metres 0.34 opt/ 1.0 feet AB-15-23 3,241.4 gpt/ 0.7 metres 94.54 opt/ 2.3 feet 11.7 gpt/ 0.3 metres 0.34 opt/ 1.0 feet AB-15-53 12.3 gpt/ 0.5 metres 0.36 opt/ 1.7 feet AB-15-91 646.3 gpt/ 0.9 metres 18.85 opt/ 2.8 feet including 1,783.2 gpt/ 0.3 metres 52.01 opt/ 1.0 feet And 89.5 gpt/ 0.3 metres 2.61 opt/ 1.0 feet

See press release dated November 3, 2015, as filed on SEDAR

29

KLGOLD.COM TSX:KL

SOUTH MINE COMPLEX (SMC) UNDERGROUND DRILLING

Plan View showing 5300’ Level infrastructure testing the easterly strike extension of the SMC

30

KLGOLD.COM TSX:KL

SMC DRILLING ON THE HM CLAIM

31

KLGOLD.COM TSX:KL

’04 MAIN BREAK UNDERGROUND DRILLING

3000’Level

Long Section View Looking North

32

KLGOLD.COM TSX:KL

Holt-Holloway Exploration Targets

Holt Property Holloway Property

Holloway West (Harker) Lightval

33

KLGOLD.COM TSX:KL

HOLT MINE COMPLEX

34

90,676 107,733 127,860 2014A 2015A 2016A

Gold

• ld Pr

Product ction (oz

• z)

Mi Mine Overview Sta tats2 2014A 2015A 2016A Gold Production (oz) 90,676 107,733 120,671 Gold Grade (g/t) 4.3 5.3 5.2 Cash Costs (US$/oz) $851 $698 $527 AISC (US$/oz) $1,072 $942 $902

• Two producing mines contribute ~1,900 tpd
• Holt ~1,300tpd
• Taylor ~ 550tpd
• 3,000tpd processing capacity (30% unused)
• Conventional CIL milling facility
• 3 mill grinding circuit
• 2017 exploration is focused on increasing the level of

resources and reserves to boost mine life

• 1. Refer to appendix for NI 43-101 Disclosure, 2. See Non-GAAP Measures sections in forward looking statements; Operating Cash Costs per ounce and AISC per ounce reflect an average USD to CAD exchange rate of 1.28 and a USD to AUD exchange rate of 1.28

KLGOLD.COM TSX:KL

HOLT EXPLORATION TARGETS

35

• 1. Refer to appendix for NI 43-101 Disclosure

Tousignant Deposit Zone 6 Zone 4 Mattawasaga Pits Zone 7 Surface

1075m Level 925m Level 435m Level

Current drift development

Zone 4 West Extension

500 m 1 km 2 km 3 km 1 km 1.5 km

Zone 7 Target ZONE 4 TARGET

Cascade Deposit

TOUSIGNANT TARGET

Longsection looking North at Holt Mine

2 surface drills targeting Tousignant West and Cascade Deposit Surface Shaft Bottom (867m)

LIGHTNING DEEP TARGET (down plunge) BLACKTOP TARGET (west extension) HOLLOWAY NORTH TARGET

500 m 1 km 3 km

DEEP THUNDER TARGET (along strike)

Longsection looking North at Holloway Mine

KLGOLD.COM TSX:KL

COSMO GOLD MINE OVERVIEW

36

77,740 63,255 55,765 2014A 2015A 2016A

Gold

• ld Pr

Product ction (oz

• z)

Mi Mine Overview Sta tats 2014A (3) 2015A(3) 2016A Gold Production (oz) 77,740 63,255 55,765 Gold Grade (g/t) 3.14 2.99 2.9 Recovery (%) 88.9 90.7 93.6 Cash Costs (US$/oz)(4) $1,000 $917 $1,048 AISC (US$/oz) (4) $1,263 $1,154 1,173

• To be placed on temporary care and maintenance June 30,

2017

• Located in the Northern Territory which also hosts additional

camps including Union Reefs, Maud Creek, and Howley

• ~800ktpa underground operation with decline access

employing primarily Avoca mining method

• Mill located at Union Reefs, 67km away from Cosmo, has

2.0Mtpa processing capacity (60% unused) and conventional circuit – 3 stage crush, 2 stage ball, gravity and CIL, with regional toll milling opportunities

• Highlights and Key Drill Intercepts from the Newly

Discovered Lantern Gold Deposit near existing underground infrastructure:

• 119 g/t Au(1)over 4.5m (ETW 4.0m), including 521 g/t

Au(1)over 1.0m (ETW 0.9m) in hole CW93515

• 15.27 g/t Au(1) over 11.1m (ETW 7.0m), including 29.7 g/t

Au(1)over 5.2m (ETW 3.1m),and 23.87 g/t Au over 5.4m (ETW 2.9m), including 125 g/t Au(1) (2)over 0.8m (ETW 0.4m) in hole CW101012

• 4.34 g/t Au(1)over 22.75m (ETW 11.3m) in hole

CW101002(2)

• 4.23 g/t Au over 16.6m (ETW 9.8m) in hole CW101010
• 9.64 g/t Au(1)over 6.0m (ETW 3.85m) in hole CW101006

ETW - Estimated True Width (1) Visible gold present in drill intercept (2) Previously reported intercept - See News Release dated July 22, 2015 (3) Operating results from previous owners (4) 2016 operating costs and AISC refer to the

• ne month ended December 31, 2016 following the completion of the business combination with Newmarket Gold.

KLGOLD.COM TSX:KL

COSMO MINE: NEW LANTERN DEPOSIT

37

Note: For further information on drill results see News Release dated March 6, 2017 at www.klgold.com

KLGOLD.COM TSX:KL

MAUD CREEK PROJECT OVERVIEW

38

Base Case Highlights Utilizing Union Reefs Mill Base sed on

• n May 2016 Amended PEA

EA us using US$1,200/oz

• z (AUD$1,550)

gol

• ld pri

price and nd AUD:USD 0.77 Pre-Tax NPV5% US$155 million IRR (Pre-tax) 116% After-Tax NPV5% US$105 million Internal Rate of Return (After-tax) 80% Pay Back 1.25 years Pre-Production Capital Cost US$32 million Mine Life 9.5 years Diluted Gold Grade 4.2 g/t gold Gold Recovery (Oxide/Transitional) 85% Gold Recovery (sulphide) 95% LOM Recovered Gold 496,000 ounces Average Annual Production 52,000 ounces LOM Cash Operating Cost US$632

• Union Reefs Mill has 1.2Mt of excess capacity to treat

additional ore and is located 67km from Cosmo and 144km from Maud Creek

The PEA is preliminary in nature and is based on a number of assumptions that may be changed in the future as additional information becomes available. The PEA includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. The Maud Creek Gold Project PEA Technical Report is available on Sedar and www.newmarketgoldinc.com and was compiled by Peter Fairfield, Principal Consultant (Project Evaluation), BEng (Mining), FAusIMM CP (Mining) of SRK Consulting (Australasia) Pty Ltd. By virtue of his education, membership to a recognized professional association and relevant work experience, Peter Fairfield is an independent "Qualified Person" as such term is defined in NI 43-101. Mineral resources that are not mineral reserves do not have demonstrated economic viability. For full details please see press release dated May 16, 2016. Refer to Slide 2 “Forward Looking Information”.

KLGOLD.COM TSX:KL

STAWELL GOLD MINE

39

39,230 36,321 32,204 2014A 2015A YTD2016A

Gold

• ld Pr

Product ction (oz

• z)

Mi Mine Overview Sta tats 2014A 2015A YTD2016A Q4 2016 FY 2016 Gold Production (oz) 39,230 36,321 25,233 6,971 32,204 Gold Grade (g/t) 1.67 1.56 1.46 1.49 1.47 Recovery (%) 78.8 80.8 79.9 84.5 80.9 Cash Costs (US$/oz) $1,151 $917 $1,222 $1,973 $1,973 AISC (US$/oz) $1,193 $1,063 $1,345 $2,025 $2,025

• Q4 2016 Stawell Gold Mines put on Care and Maintenance
• Underground operation with decline access employing open

stoping with either CRF or combinations of CRF and rock fill

• r all rock fill with pillars
• 1.0 Mtpa processing capacity; conventional crush-grind

followed by sulphide flotation and CIL

• Open Pit, Big Hill P&P Reserves of 132 koz at 1.59 g/t Au,

M&I of 166 koz at 1.52 g/t and Inferred Resources of 2 koz at 1.15 g/t

• 2016 Drill Campaign has 2 drills active on the East Flank

(mining traditionally focused on West Flank with 2.3 Moz of past production):

• Aurora B discovery on East Flank with maiden resource of

30,400oz at 3.5 g/t

• Intercepts include 13.7 g/t over 5.4m
• Big Hill Gold Project is a low cost, shallow oxide open pit
• pportunity adjacent to Stawell
• Currently awaiting permitting process
• 1. 2016 operating costs and AISC refer to the one month ended December 31, 2016 following the completion of the business combination with Newmarket Gold.

KLGOLD.COM TSX:KL

STAWELL GOLD MINE AURORA B GOLD ZONE

40

Maiden Inferred Mineral Resource of 30 30,400 oun unces gr grading 3. 3.5g/t gold.

East Flank Target Aurora A

Traditionally mined West Flank total production to date 2.3 .3 mil illion

• n ou
• unces

es

Magdala

13 13.7 g/t /t gold gold over 5. 5.4 4 m

Aurora B located approximately 500m above Aurora A

Two diamond drill rigs active on the east flank

KLGOLD.COM TSX:KL

41

APPENDIX: CONSOLIDATED MINERAL RESERVES BY ASSET AS OF DEC 31, 2016

PROVEN PROBABLE PROVEN & PROBABLE Tonnes (000’s) Gold Grade (g/t ) Gold Ounces Tonnes (000’s) Gold Grade (g/t ) Gold Ounces Tonnes (000’s) Gold Grade (g/t ) Gold Ounces Macassa

610 16.9 332 2,390 21.8 1,670 3,000 20.8 2,010

Taylor

743 5.4 129 743 5.4 129

Holt

1,450 4.2 194 2,500 4.7 376 3,950 4.5 570

Holloway

57 5.7 10 57 5.7 10

Hislop

176 5.8 33 176 5.8 33

Total Canadian Assets

2,060 8.0 526 5,870 11.8 2,220 7,930 10.8 2,750

Fosterville

896 7.9 229 1,280 10.1 414 2,170 9.2 643

Northern Territory

98 3.0 9 2,310 2.3 168 2,400 2.3 177

Stawell

2,700 1.5 132 2,700 1.5 132

Total Australian Assets

994 7.5 238 6,280 3.5 713 7,280 4.1 952

Total Reserves

3,050 7.8 764 12,200 7.5 2,940 15,200 7.6 3,700

Notes CIM definitions (2014) were followed in the calculation of Mineral Reserves Mineral Reserves were estimated using a long-term gold price of US$1,200/oz (C$1,500/oz; A$1,500/oz) Cut-off grades for Canadian Assets were calculated for each stope, including the costs of: mining, milling, General and Administration, royalties and capital expenditures and other modifying factors (e.g. dilution, mining extraction, mill recovery. Cut-off grades for Australian Assets from 0.4 g/t Au to 3.1 g/t Au, depending upon width, mining method and ground conditions; Dilution and mining recovery factors varied by property Mineral Reserves estimates for the Canadian Assets were prepared under the supervision of P. Rocque, P. Eng. Mineral Reserves estimates for the Fosterville property were prepared under the supervision of Ion Hann, FAusIMM. Fosterville CIL Residues are stated as Proven contained ounces. Mill recovery of 25% are planned, based on operating performance. Mineral Reserves estimates for the Northern Territory property were prepared under the supervision of Jason Keily, FAusIMM (CP). Mineral Reserves estimates for the Stawell property were prepared under the supervision of Ian Holland, FAusIMM. Totals may not add exactly due to rounding

KLGOLD.COM TSX:KL

42

APPENDIX: CANADIAN ASSETS MINERAL RESOURCES AS OF DEC 31, 2016

MEASURED INDICATED MEASURED & INDICATED INFERRED Tonnes (000’s) Gold Grade (g/t) Gold Ounces Tonnes (000’s) Gold Grade (g/t) Gold Ounces Tonnes (000’s) Gold Grade (g/t) Gold Ounces Tonnes (000’s) Gold Grade (g/t) Gold Ounces Macassa 907 16.2 474 1,570 16.8 849 2,480 16.6 1,320 1,420 20.2 924 Taylor 399 6.0 77 2,360 5.5 416 2,760 5.6 493 1,810 5.4 313 Holt 3,960 4.3 549 3,020 4.1 398 6,970 4.2 947 8,690 4.7 1,320 Holloway 156 4.1 21 1,210 5.4 210 1,370 5.3 231 2,710 5.2 456 Hislop 0.0 1,150 3.6 132 1,150 3.6 132 797 3.7 95 Aquarius 0.0 22,300 1.3 926 22,300 1.3 926 9 0.8 Canamax 0.0 240 5.1 39 240 5.1 39 170 4.3 23 Ludgate 0.0 522 4.1 68 522 4.1 68 1,400 3.6 162 Totals 5,420 6.4 1,120 32,400 2.9 3,040 37,800 3.4 4,160 17,000 6.0 3,300

Notes 1) CIMM definitions (2014) were followed in the calculation of Mineral Resource 2) Mineral Resources are reported Exclusive of Mineral Reserves 3) Mineral Resource estimates were prepared under the supervision of D. Cater, P. Geo. Vice President Exploration Canada 4) Canadian Assets consist of Macassa, Holt, Taylor, Holloway, Canamax, Ludgate, Hislop, Aquarius 5) Mineral Resources are estimated using a long-term gold price of US$1,200/oz (C$1,500/oz) 6) Mineral Resources were estimated using a 8.57 g/t cut-off grade for Macassa, a 2.9 g/t cut-off grade for Holt, and a 2.6 g/t cut-off grade for Taylor, a 3.9 g/t cut-off grade (Holloway), a 2.5 g/t cut-off grade for Canamax and Ludgate, a 2.2 g/t cut-off grade for Hislop and 0 g/t cut-off grade for Aquarius 7) Totals may not add up due to rounding

KLGOLD.COM TSX:KL

43

APPENDIX: AUSTRALIAN ASSETS MINERAL RESOURCES AS OF DEC 31, 2016

MEASURED INDICATED MEASURED & INDICATED INFERRED Tonnes (000’s) Gold Grade (g/t) Gold Ounces Tonnes (000’s) Gold Grade (g/t) Gold Ounces Tonnes (000’s) Gold Grade (g/t) Gold Ounces Tonnes (000’s) Gold Grade (g/t) Gold Ounces

Fosterville 2,760 4.8 427 12,600 5.8 2,360 15,300 5.7 2,790 5,400 4.6 792 Northern Territory 2,520 4.2 344 28,200 2.0 1,840 30,700 2.2 2,180 15,140 2.3 1,110 Stawell 81 3.7 10 3,620 2.0 236 3,700 2.1 246 1,130 2.9 104 Totals 5,360 4.5 781 44,400 3.1 4,440 49,700 3.3 5,220 21,700 2.9 2,000

Notes

1) CIM definitions (2014) were followed in the estimation of Mineral Resource. 2) Mineral Resources are estimated using a long-term gold price of US$1,200/oz (A$1,500/oz) 3) Mineral Resources for the Australian assets are reported Inclusive of Mineral Reserves. 4) Mineral Resources at Fosterville were estimated using cut-off grades of 0.7 g/t Au for oxide and 1.0 g/t Au for sulfide mineralization to potentially open-pitable depths of approximately 100m, below which a cut-off grade of 3.0 g/t Au was used. 5) Carbon-In-Leach Residues at Fosterville is stated as contained ounces – 25% recovery is expected based on operating performances. 6) Mineral Resources in the Northern Territory were estimated using a cut-off grade of 0.5 g/t Au for potentially open-pitable mineralization and cut-offs of 1.5 to 2.0g/t Au for underground mineralization. 7) Mineral Resources at the Stawell property were estimated using a 0.35g/t Au cut-off grade for potentially open-pitable mineralization and a range of cut-offs (2.0 to 2.3 g/t Au) for underground mineralization. 8) Mineral Resource estimates for the Fosterville property were prepared under the supervision of Troy Fuller, MAIG. 9) Mineral Resource estimates for the Northern Territory properties, excluding the Maud Creek Deposit, were prepared under the supervision of Mark Edwards, FAusIMM (CP). 10) Mineral Resource estimates for the Maud Creek property in the Northern Territory, was prepared by Danny Kentwell, FAusIMM. 11) Mineral Resource estimates for the Stawell property were prepared under the supervision of John Winterbottom, MAIG. 12) Totals may not add up due to rounding.

KLGOLD.COM TSX:KL

44

APPENDIX: NON-IFRS AND ADDITIONAL INFORMATION

Non GAAP Measures Operating cash cost per ounce sold, all-in sustaining costs per ounce sold, average realized gold price per ounce and working capital are Non-GAAP measures. In the gold mining industry, these are common performance measures but do not have any standardized meaning, and are considered Non-GAAP measures. The Company believes that, in addition to conventional measures prepared in accordance with International Financial Reporting Standards ("IFRS" or "GAAP"), certain investors use such Non-GAAP measures to evaluate the Company's performance and ability to generate cash flow. Accordingly, they are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. A reconciliation of operating cost per ounce and AISC per ounce to total operating costs for the most recent reporting period, the three and twelve months ended December 31, 2016 and the eight months ended December 31, 2015, is set out on the Company's MD&A for the period ended December 31, 2016 filed on SEDAR at www.sedar.com and at www.klgold.com. Operating Cash Cost per Ounce Sold (“OCC”) Operating cash costs include mine site operating costs such as mining, processing and administration, but exclude royalty expenses, depreciation and depletion, share based payment expenses and reclamation costs. Operating cost per ounce is based on ounces sold and is calculated by dividing operating cash costs by gold ounces sold. All-In Sustaining Costs per Ounce Sold (“AISC”) While there is no standardized meaning across the industry for this measure, the Company's definition conforms to the definition of all-in sustaining costs as set out by the World Gold Council in its guidance note dated June 27,

• 2013. The Company defines AISC as the sum of operating cash costs, royalty expenses, sustaining capital, corporate expenses, sustaining exploration expenses, and reclamation cost accretion related to current operations.

Corporate expenses include general and administrative expenses, net of transaction related costs, severance expenses for management changes and interest income and certain other income. AISC excludes growth capital, reclamation cost accretion not related to current operations, interest expense, debt repayment and taxes. The costs included in the calculation of all-in sustaining costs are divided by gold ounces sold. Average Realized Price per Ounce Sold Average realized price per ounce sold is a Non-GAAP measure. In the gold mining industry, average realized price per ounce sold is a common performance measures but does not have any standardized meaning. The most directly comparable measure prepared in accordance with GAAP is revenue from gold sales. Average realized price per ounce sold should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP. The measure is intended to assist readers in evaluating the total revenues realized in a period from current operations. Free Cash Flow and Free Cash Flow per share In the gold mining industry, free cash flow and free cash per share are common performance measures with no standardized meaning. Free cash flow is calculated by deducting capital cash spending (capital expenditures for the period, net of expenditures paid through finance leases) from cash flows from operations; free cash flow per share is calculated by dividing free cash flow for the period by the weighted average number of outstanding shares for that period. The Company discloses free cash flow and free cash flow per share as it believes the measures provide valuable assistance to investors and analysts in evaluating the Company’s ability to generate cash flow. The most directly comparable measure prepared in accordance with GAAP is cash flows generated from operations. Adjusted Net Earnings (Loss) and Adjusted Net Earnings (Loss) per Share Adjusted net earnings (loss) and adjusted net earnings (loss) per share are used by management and investors to measure the underlying operating performance of the Company. Presenting these measures from period to period helps management and investors evaluate earnings trends more readily in comparison with results from prior periods. Adjusted net earnings (loss) is defined as net earnings (loss) adjusted to exclude specific items that are significant, but not reflective of the underlying operations of the Company, including transaction costs, executive severance payments, and severance costs associated with transitioning the Stawell Gold Mine and Holloway Mine to care and maintenance. Adjusted basic net earnings (loss) per share is calculated using the weighted average number of shares outstanding under the basic method of loss per share as determined under IFRS. Working Capital In the gold mining industry, working capital is a common performance measures but does not have any standardized meaning. The most directly comparable measure prepared in accordance with GAAP is current assets and current liabilities. Working capital is calculated by deducting current liabilities from current assets. Working capital should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP. The measure is intended to assist readers in evaluating Company’s liquidity. EBITDA As a performance measure, EBITDA is an indicator of the Company’s ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations and fund capital expenditures. EBITDA is calculated as Earnings Before Tax plus interest expense plus depreciation and amortization expense. EBITDA gauges a Company’s operating profitability, meaning earnings it generates in the normal course of doing business, without capital expenditures and financing costs.

Qualified Persons

Pierre Rocque, P.Eng., Vice President, Technical Services is a “qualified person” as defined in National Instrument 43-101 and has reviewed and approved the scientific and technical information in this Presentation.

KLGOLD.COM TSX:KL

NI 43-101 DISCLOSURE

Kirkland Lake Gold Qualified Person and QA/QC All production information and other scientific and technical information in this presentation with respect to Kirkland Lake Gold and its assets were prepared in accordance with the standards

• f the Canadian Institute of Mining, Metallurgy and Petroleum and National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and were prepared, reviewed,

verified and compiled by Kirkland Lake Gold’s mining staff under the supervision of, Pierre Rocque P. Eng., Kirkland Lake Gold’s Vice President, Technical Services. The exploration programs across Kirkland Lake Gold’s land holdings in Kirkland Lake were prepared, reviewed, verified and compiled by Kirkland Lake Gold’s geological staff under the supervision of Doug Cater, P.Geo., the Company’s Vice President of Exploration, Canadian Operations. All reserve and resource estimates for the Kirkland Lake Properties as at December 31, 2014 have been audited and verified, and the technical disclosure has been approved, by Kirkland Lake Gold’s independent reserve and resource engineer, Glenn R. Clark, P. Eng., of Glenn R. Clark & Associates Limited. Mr. Clark is a ‘qualified person’ under NI 43-101. The QP’s for the mineral reserves and resources outlined under the PDFZ Properties are Doug Cater, P. Geo, and,Pierre Rocque P. Eng., the Vice President of Technical Services respectively. Sample preparation, analytical techniques, laboratories used and quality assurance-quality control protocols used during the exploration drilling programs are done consistent with industry standards and independent certified assay labs.

REFER TO KIRKLAND LAKE GOLD ANNUAL INFORMATION FORM DATED MARCH 30, 2017, AVAILABLE ON SEDAR (www.sedar.com) FOR COMPLETE NI 43-101 NOTES AND DISCLOSURE PERTAINING TO THE RESOURCE AND RESERVE STATEMENTS QUOTED HEREIN. All updated NI 43-101 TECHNICAL REPORTS IN SUPPORT OF THE COMPANY’S NEWS RELEASES ISSUED ON MARCH 30, 2017, ENTITLED “KIRKLAND LAKE GOLD INCREASES MINERAL RESERVES AT FLAGSHIP MACASSA MINE BY 37% AND FOSTERVILLE MINE BY 66%” WILL BE FILED ON MARCH 30, 2017 ON SEDAR AT WWW.SEDAR.COM

Qualified Persons Pierre Rocque, P.Eng., Vice President, Technical Services is a "qualified person" as defined in National Instrument 43-101 and has reviewed and approved disclosure of the Mineral Reserves technical information and data for all Kirkland Lake Gold assets in this News Release. Simon Hitchman, FAusIMM (CP), MAIG, Principal Geologist, is a “qualified person” as such term is defined in National Instrument 43-101 and has reviewed and approved the Mineral Resources technical information and data from the Australian Assets included in this News Release. Doug Cater, P. Geo Vice President, Exploration, Canada is a "qualified person" as defined in National Instrument 43-101 and has reviewed and approved disclosure of the Mineral Resources technical information and data for the Canadian Assets included in this News Release.

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Cautionary Note to U.S. Investors - Mineral Reserve and Resource Estimates

All resource and reserve estimates included in this news release or documents referenced in this news release have been prepared in accordance with Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") - CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Standards"). NI 43-101 is a rule developed by the Canadian Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. The terms "mineral reserve", "proven mineral reserve" and "probable mineral reserve" are Canadian mining terms as defined in accordance with NI 43-101 and the CIM Standards. These definitions differ materially from the definitions in SEC Industry Guide 7 ("SEC Industry Guide 7") under the United States Securities Act of 1933, as amended, and the Exchange Act. In addition, the terms "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are defined in and required to be disclosed by NI 43-101 and the CIM Standards; however, these terms are not defined terms under SEC Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the U.S. Securities and Exchange Commission (the "SEC"). Investors are cautioned not to assume that all or any part of mineral deposits in these categories will ever be converted into reserves. "Inferred mineral resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in very limited circumstances. Investors are cautioned not to assume that all or any part of a mineral resource exists, will ever be converted into a mineral reserve or is or will ever be economically or legally mineable or recovered.

KLGOLD.COM TSX: KL TONY MAKUCH President & Chief Executive Officer April 2017

200 Bay Street, Suite 3120 RBC Plaza - South Tower Toronto ON M5J 2J1 Main Telephone: 416-840-7884 Ryan King, Vice President Investor Relations E:rking@klgold.com D:778 372 5611

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