02 kgi-to marketing-pi-13_feb15

A PROFITABLE FUTURE

Montreal/Toronto Marketing February 12/13, 2015

A RICH HISTORY

TSX/AIM:KGI

Forward Looking Statements Cautionary Note Regarding Forward Looking Statements.

This presentation contains statements which constitute ”forward-looking statements”, including statements

regarding the plans, intentions, beliefs and current expectations of the Company with respect to the future

business activities and operating performance of the Company. The words “may”, “would”, “could”,

“should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as

they relate to the Company, are intended to identify such forward-looking statements. Forward-looking

statements used in this Presentation include, but may not be limited to, statements regarding the Company’s

production forecast including ounces produced and grade assumptions; the operating costs and all-in cash

cost for fiscal 2015; exploration programs and their results; closing of the announced financing, exercise of

the over-allotment option and the use of said proceeds. Investors are cautioned that forward-looking

statements are based on the opinions, assumptions and estimates of management considered reasonable at

the date the statements are made such as, without limitation, opinion, assumptions and estimates of

management regarding the Company’s business, its ability to increase its production capacity and decrease

its production cost. Such opinions, assumptions and estimates, are inherently subject to a variety of risks

and uncertainties and other known and unknown factors that could cause actual events or results to differ

materially from those projected in the forward-looking statements. These factors are discussed in length in

the Company's annual Management's Discussion and Analysis and Annual Information Form for the year

ended April 30, 2014. and the Company’s Management's Discussion and Analysis for the interim period

ended October 31, 2014 filed with the securities regulatory authorities in certain provinces of Canada and

available at www.sedar.com.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking

statements prove incorrect, actual results may vary materially from those described herein as intended, planned,

anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties

and factors which could cause actual results to differ materially, there may be others that cause results not to be as

anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these

forward-looking statements except as otherwise required by applicable law.

TSX/AIM:KGI www.klgold.com 2

January 2015 Announcements

Appointment of Eric Sprott as Chairman of

the Board

Significant shareholder and strong believer in the future growth and

success of the Company

C$30MM Bought Deal Offering*

Over-allotment option for up to ~15% exercisable up to 30 days after the

date of closing.

Proceeds will be used to strengthen the balance sheet and for general corporate purposes.

January 26, 2015 January 27/28, 2015

* Full details of the Bought Deal Offering are available in the Apprendix.

www.klgold.com 3 TSX/AIM:KGI

Diverse Board of Directors

Harry Dobson, Chairman of the Board (Non-executive Director) (Will step down once Mr. Sprott’s appointment is approved)

New Appointment – Chairman of the Board (subject to regulatory approval)

Eric Sprott (Non-executive Director)

Dawn Whittaker, LLB (Non-executive Director)

Pamela Klessig, P.Geo (Non-executive Director)

John Thomson, CA

George Ogilvie, P.Eng

Barry Cooper, B.Sc., MBA (Non-executive Director)

Jeffrey Parr, CA, BA, MBA (Non-executive Director)

Barry Olson, M.Sc. (Non-executive Director)


Synergistic Management Team GEORGE OGILVIE, P. Eng.

President & CEO, Director

• 25 years management, operating, and

technical expertise in the mining industry

with over 9 years of operating experience

in deep, narrow-vein gold mines (Anglo

Gold, South Africa)

• Former CEO of Rambler Metals and

Mining

JOHN THOMSON, CA

Executive VP and CFO,

Director

• More than 25 years experience in

various senior level finance positions

with companies such as PepsiCo

• Chartered Accountant who studied at

INSEAD

CHRIS STEWART, P. Eng.

VP Operations

• More than 20 years of operating

experience in Northern Ontario in various

senior-level positions. Prior to joining

KGI, was CEO of Liberty Mines Inc.

• Mining Engineering degree from Queen’s

University

Worked together

at Dynatec for

~3.5 years

Worked together at

Rambler for ~ 7 years


Investment Highlights

Located in Ontario, one of the safest and lowest risk mining jurisdictions globally

Attractive NI43-101 high grade reserve and resource profile with a long mine life

Growing annual production, declining cost base and improving unit costs

Company returning to profitability and free cash flow

Significant exploration potential with organic growth

Potential upside with a higher gold price and a weaker Canadian dollar


Financial Position

CASH C$44.0 million*

DEBT C$120 million convertible debentures

KGI.DB: 6% coupon/ $15.00 strike

C$54.5MM mature Jun/2017

KGI.DB.A: 7.5% coupon/ $13.70 strike

C$65.5MM mature Dec/2017

ROYALTY 2.5% NSR Franco Nevada Corporation

option to buyback 1% by October 31, 2016, at a cost

of $36MM less any money paid against the 1%

52 Week Performance*

HIGH C$5.97

LOW C$2.57


* As of January 31, 2014; Cash balance is before closing of the C$30MM Bought Deal Financing (see Appendix for more details).

CAPITAL STRUCTURE*

ISSUED SHARES 72,089,117

Stock Options 4,244,800

Convertible Debentures 8,869,829

FULLY DILUTED 85,291,046

MARKET CAP ~325 Million*

Major Shareholders (~49%)*

Resolute Funds

Eric Sprott

Columbia Wanger Asset Management LLC

Equinox Partners

Van Eck Associates Corporation

Harry Dobson

ABC Funds

KGI Share Price vs Gold Price

30%

40%

50%

60%

70%

80%

90%

100%

110%

120%

Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15

Kirkland Lake (TSX:KGI) Gold Price (C$ / oz)

(23%)

(2%)

Strategic

Review Period

Revised

Guidance

Q1/15 Results

Management

Changes

Q3/13 Results

POG Declines

to Under

US$1,200/oz

Drilling

Results

Drilling

Results

Q4/14 Results MRMR Update

Q4/13 Results

POG Climbs

back Above

US$1,200/oz

BOD

Appointment

& Financing


Q2/15 Results

Kirkland Lake Background

KGI owns five former producing high grade mines with historical

production of ~22 Moz’s of gold at an average head grade of

0.44 opt (15.1 grams per tonne).

The Kirkland Lake gold camp

has been producing gold for

over 100 years.

Almost 25 Moz’s has been

produced to date, from

seven mines.

Based on grade, it is one of

the richest gold camps in

the world.


One of the Highest Grade Gold Mines In The World

Mine Operator Location Gold Grade Reserves

g/t 000 oz Au

Turquoise Ridge Barrick USA (Nevada) 17.40 6,761

Kirkland Lake Mine Kirkland Lake Gold Canada (Ontario) (0.50 opt) 17.10 1,385

Pogo Gold Sumitomo Corp. USA 15.20 2,932

Gosowong Newcrest Indonesia 12.00 1,235

Moab Khotsong AngloGold Ashanti South Africa 10.00 6,126

Mponeng AngloGold Ashanti South Africa 9.98 14,569

Red Lake Gold GoldCorp Canada 9.94 2,553

TauTona AngloGold Ashanti South Africa 9.06 1,389

Kupol/Dvoinoye Kinross Russia 8.73 2,081

17.4 17.1 15.2 12.0

10.0 10.0 9.9 9.1 8.7

0.0

5.0

10.0

15.0

20.0

Gra

de g

/t

Reserve Grades


Producing Mines Only - Company Source

New Mine Plan With Positive Results

Old Plan Focussed on QUANTITY and TONS New Plan Focuses on QUALITY and GRADE

SIGNIFICANT

INCREASE IN

GRADE

REDUCTION

IN COSTS

CASH

FLOW

POSITIVE

• Not Dependant on a High Gold Price

• Requires Less Manpower

• Fewer Stopes

• Strict Ore/Waste Management and Dilution Control

Additional benefits of new mine plan are SIMPLIFIED PLANNING

and ability to FINANCE AT COMPANY’s DISCRETION


Reserves & Resources (Resources are Exclusive of Reserves)

See Appendix for more disclosure on MRMR statement which is as of December 31 ,2013.

Based on current level of Reserves and 70% conversion of Resources

(@ 200,000 oz p.a), KGI has a 14 year Mine Life


Mine Wide Complex

Mineral Reserves (P&P)

1.4 Moz’s 2.8M tons @ 17.1 g/t

(0.50 opt)

Mineral Resources (M&I)

2.1 Moz’s 4.2 M tons @ 16.8 g/t

(0.49 opt)

Mineral Resources (Inferred)

1.1 Moz’s 2.1 M tons @ 18.5 g/t

(0.54 opt)

SMC

0.8 Moz’s 1.5 M tons @ 18.5 g/t

(0.54 opt)

1.0 Moz’s 1.5 M tons @ 23.7 g/t

(0.69 opt)

0.8 Moz’s 1.2 M tons @ 23.0 g/t

(0.67 opt)

Breakout of SMC only

South Mine Complex

• 5400L has reserve grade @ 0.57 opt (19.5 gpt)

• 5600L has reserve grade @ 0.70 opt (23.9 gpt)

• Production from 5400L and 5600L allows delineation drilling of resources, especially below 5600L

• Remains Open at Depth and Across Strike

5025 Level

P+P 89,000 Tons @ 0.44 oz/ton 39,000 Oz’s

M+I 57,000 Tons @ 0.30 oz/ton 22,000 Oz’s

5300 Level

P+P 620,000 Tons @ 0.47 oz/ton 290,000 Oz’s

M+I 220,000 Tons @ 0.30 oz/ton 86,000 Oz’s

5400 Level

P+P 481,000 Tons @ 0.57 oz/ton 274,000 Oz’s

M+I 170,000 Tons @ 0.41 oz/ton 71,000 Oz’s

5600 Level

P+P 290,000 Tons @ 0.70 oz/ton 209,000 Oz’s

M+I 220,000 Tons @ 0.55 oz/ton 122,000 Oz’s

5700 to 6600 Level

M+I 768,000 Tons @ 0.91 oz/ton

703,000 Oz’s

Original Two

Mining Horizons

Third Level

Started

May 2014

Currently in Development

for FY 2016 OPEN

#3 S

HA

FT

#2 W

INZ

E


5025L

5300L

5400L

6600L

5600L

4750L

Development Legend

Completed

F2015 Development

F2016 Development

OPEN OPEN

Q3 F2015 Production Update

Q1 F2015

38,543

93,880

0.45

Q2 F2015

38,335

92,146

0.41

Q3 F2015

39,722

91,148

0.44

YTD F2015

116,600

277,174

0.43

Guidance

F2015

140 – 155 Koz’s

0.37

Ounces

Sold

Tons

Milled

Head Grade

(opt)

• Third stope (5412) brought into production on 5400 level during Q3

• 2 Electric Hydraulic Jumbo’s fully operational

• Main ramp towards the 5600 level progressing well and is on schedule


Monthly Production Profile

• Cut-off Grades Raised from 0.18 opt to 0.22 opt.

• Stopped Mining “Incremental Tons”

• Implemented Strict Ore/ Waste Segregation UG

• Increasing UG Delineation Drilling in SMC

• Employing more UG Geologists

• Assay Lab is Manned 24/7

• Restructuring Organization

• Implementing Leadership Training

• Looking to Upgrade MIS


F2015

F2015 YTD Average

0.43 opt

F2014

0.37

0.40

0.37

0.32

0.41

0.37 0.31 0.33

0.37 0.39

0.41

0.00

0.05

0.10

0.15

0.20

0.25

0.30

0.35

0.40

0.45

-

50,000

100,000

150,000

200,000

250,000

07 08 09 10 11 12 13 14 15 16 17

Go

ld O

un

ce

s

Oz Recovered Guidance Head Grade OPT

Fiscal Year

Annual Production Profile

Expectation Gap

• Guided Grades for F2015-F2017 are Based on Historic Achievements

• Calendar YTD Actual Head Grade is 0.41 opt; Fiscal YTD Actual Head Grade is 0.43 opt


Gra

de in

Ou

nce

s P

er

To

n

F2014 & Q2 F2015 Financial Results

Financial FY2015

YTD

FY2014

YTD Y/Y

Change Q2/15 Q1/15 Q2/14

Q2/15

vs.

Q1/15

Q2/15

vs.

Q2/14

Gold Sales

(ounces) 76,788 60,783 +26% 38,335 38,543 30,530 -1% +26%

Average Price Sold

(per ounce)

$1,398

US$1,278

$1,394

US$1,348

+0%

- 5%

$1,395

US$1,262

$1,401

US$1,295

$1,353

US$1,304

-0%

-3%

-3%

-3%

Revenue (000’s) 107,482 84,737 +27% 53,479 54,003 41,316 -1% +29%

Cash Operating

Cost per Ton

Produced $345 $336 +3% $350 $340 $328 +3% +7%

Cash Operating

Cost per Ounce

Produced

$836

US$764

$1,109

US$1,073

-25%

-29%

$889

US$804

$788

US$728

$1,105

US$1,065

+13%

+10%

-20%

-25%

All-in Cash Cost

(“AICC”) per Ounce

Produced

$1,308

US$1,196

$2,102

US$2,033

-38%

-41%

$1,374

US$1,243

$1,250

US$1,155

$2,072

US$1,998

+10%

+8%

-34%

-38%

All amounts stated are in Canadian dollars unless otherwise stated


- All US$ equivalents are converted at the average CAD to USD exchange rate during the reporting period.

- See Pg. 23 for fiscal 2015 guidance on certain financial metrics provided above

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

$-

$500

$1,000

$1,500

$2,000

$2,500

$3,000

NOV DEC JAN FEB MAR APR MAY2014

JUN JUL AUG SEP OCT NOV DEC JAN

AICC per ounce Produced - 15 month trend

Production Capital Development PP&E Corporate Exploration Royalties Oz Produced

AICC Achieved Over Past 15 Months All amounts stated are in Canadian dollars

• 16% Reduction in Labour Force and Cancelled Incentive Programs (e.g. home loan assistance and travel)

• Major Capital Projects (PP&E) Completed in January 2014

• Adjusted Shift Schedules


Co

st

in C

$ p

er

Ou

nce P

rod

uced

O

un

ces

F2014 F2015

To be released

March 11, 2015

$1,073 $1,119

$836

$1,244

$720 $614

$947 $924 $809

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

$-

$500

$1,000

$1,500

$2,000

$2,500

FEB MAR APR MAY JUN JUL AUG SEP OCT Q3E Q4E

Production Capital Development PP&E Corporate Exploration Royalties Oz Produced

Ounces Produced

AICC Projection for F2015 All amounts stated are in Canadian dollars

• Projection Based on Assumptions of 1,150 tpd, 0.37 opt and 96% Mill Recovery

• KGI Beginning to Generate FCF

• Fairly High Degree of Variability Remains until more High Grade Stopes come online


F2015

To

tal A

ICC

Pro

jecti

on

of

~$1,2

00

To

tal A

ICC

Pro

jecti

on

of

~$1,3

00

Co

st

in C

$ p

er

Ou

nce P

rod

uced

O

un

ces

$1,350

Expansion Capital

• Hoisting system capable of hoisting 3,600 tpd

• Mary-Anne Compartment installed in Shaft providing service cage

• Mill upgraded to handle 2,200 tpd

• Underground infrastructure and battery equipment in place for SMC


Capital Expenditures

• Project Capital was Completed in January 2014

• C$9M in Capital Development of 5400L and SMC Main Decline to 5600L Spent in FY15

• F2015 Capex reduced by $5MM to $53MM after Q2, through cost saving initiatives

0

10

20

30

40

50

60

70

80

90

100

2010 2011 2012 2013 2014 2015E 2016E 2017E

C$ M

illi

on

s

Mineral Properties PP&EESTIMATED

9.7

22.4 30.9 45.8 46.9 55.0 47.0 51.0 51.0

28.9

24.5 44.0

29.6

6.8 7.0 7.0


Exploration Success (Underground)


UG DRILLING • SMC continues to be expanded

• Multi-ounce intersections

• 3 drills turning underground

• Open in multiple directions

53-2493 (NSZ)

1.85 opt/ 11.6 feet (63.43 gpt/ 3.5 metres)

53-2597 (NSZ)

0.36 opt/14.7 feet (12.34 gpt/ 4.5 metres)

53-2595 (NFZ)

3.55 opt/ 11.4 feet (121.72 gpt/ 3.5 metres)

Near Surface Exploration Target

SURFACE DRILLING • Near surface mineralization is within 2 Km’s of mill

• Mill has excess capacity of +/- 1,000 tpd

• Mineralization from 100’ to 1,000’ below surface

• Open across strike and at depth

• M&I 310,000 tons @0.34opt (11.7gpt) 104,000 oz.

• Infer. 131,000 tons @0.36opt (12.3gpt) 48,000 oz.

• 3 drills drilling to expand resource and infill drill


Outlook for F2015

Guidance Metric H1/15 Actual Status

$800 – 850/ Oz Cash Operating Cost Per Ounce $836

US$764 On Track

$1,250 - 1,350/ Oz AICC Per Ounce Produced $1,308

US$1,196 On Track

$53.0 million* Sustaining CAPEX $22.5 million Favourable

$200.0 million Revenue $107.5 million Favourable

$50.0 - 60.0 million Cash Flow from Operations $33.3 million Favourable

$15.0 - 20.0 million Free Cash Flow Generation $10.9 million On Track

All amounts stated are in Canadian dollars


* Capital revised as of October 31, 2014

APPENDIX

Notes, additional disclosure and other information


C$30MM Bought Deal Offering

Deal Size Price # of Common Shares

to be issued

C$30MM* C$4.35 6,900,000

*Originally a C$25MM deal announced on January 27, 2015, which was upsized to

C$30MM on January 28, 2015, to meet demand in the issuance.

Over-Allotment Option*

If the over-allotment option

is exercised total gross

proceeds will be C$35MM

C$4.35 1,035,000

*Exercisable in whole or in part, at the offering price, for a period of 30 days from the

closing of the Offering


Analyst Coverage

Firm Analyst

Dundee Securities Joe Fazzini

CIBC World Markets Cosmos Chiu

Macquarie Capital Markets Michael Siperco

National Bank Financial Raj Ray

BMO Capital Markets Brian Quast

Clarus Securities Jamie Spratt

PI Financial Philip Ker

Firm Analyst

M Partners Derek Macpherson

Pareto Securities John McClintock

Mirabaud Securities Richard Morgan

Panmure Gordon & Co Alison Turner

Investec Bank Hunter Hillcoat

Very Independent Research John Tumazos

KIRKLAND LAKE GOLD IS FOLLOWED BY THE ANALYSTS LISTED ABOVE. THIS LIST IS PROVIDED FOR INFORMATION PURPOSES ONLY AND IS

SUBJECT TO CHANGE AS COVERAGE IS ADDED OR DROPPED BY A FIRM.

OPINIONS, ESTIMATES OR FORECASTS REGARDING KIRKLAND LAKE GOLD'S PERFORMANCE THAT ARE MADE BY THESE ANALYSTS ARE THEIRS

ALONE AND DO NOT REPRESENT THE OPINIONS, ESTIMATES OR FORECASTS OF KIRKLAND LAKE GOLD OR ITS MANAGEMENT.

KIRKLAND LAKE GOLD DOES NOT IMPLY ITS ENDORSEMENT OF, OR CONCURRENCE WITH, SUCH INFORMATION, CONCLUSIONS OR

RECOMMENDATIONS AND TAKES NO RESPONSIBILITY FOR MONITORING, SUPPLEMENTING OR CORRECTING ANY INFORMATION OR FORECASTS

PROVIDED BY THE ANALYSTS.


Reserves & Resources (Resources are Exclusive of Reserves)

RESERVES AND RESOURCES MINE WIDE COMPLEX

CATEGORY (31st DEC 2013)

TONS GRADE

(opt)

GRADE

(gpt) OUNCES

Proven 941,000 0.43 14.7 401,000

Probable 1,843,000 0.53 18.2 984,000

Total P+P 2,784,000 0.50 17.1 1,385,000

Measured 1,133,000 0.39 13.4 436,000

Indicated 3,019,000 0.54 18.5 1,619,000

Total M+I 4,152,000 0.49 16.8 2,055,000

Inferred 2,092,000 0.54 18.5 1,133,000

As at December 31, 2013 See Kirkland Lake news release dated April 28 2014, a copy of which has been filed on SEDAR for further particulars and full NI 43-101 disclosure including QP statement.

Based on current level of Reserves and 70% conversion of Resources (@ 200,000 oz p.a)

Macassa has a 14 year Mine Life

RESERVES AND RESOURCES SOUTH MINE COMPLEX (“SMC”)

CATEGORY (31st DEC 2013)

TONS GRADE

(opt)

GRADE

(gpt) OUNCES

Proven 328,000 0.45 15.4 147,000

Probable 1,163,000 0.57 19.5 665,000

Total P+P 1,492,000 0.54 18.5 812,000

Measured 24,000 0.30 10.3 7,000

Indicated 1,440,000 0.70 24.0 1,005,000

Total M+I 1,464,000 0.69 23.7 1,012,000

Inferred 1,205,000 0.67 23.0 808,000


NOTES


WWW.KLGOLD.COM

Suzette N Ramcharan, CPIR

Director of Investor Relations

+1-416-840-7884

Mobile: +1-647-284-5315

[email protected]

Tim Blythe / Halimah Hussain

(Blytheweigh)

Investor Relations / PR

+44-207-138-3204

[email protected]/

[email protected]

TSX /AIM: KGI

mailto:[email protected]



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