KLGOLD.COM TSX: KL OTCQX: KLGDF · INVESTOR PRESENTATION KLGOLD.COM TSX: KL ... the former...

May 2017

INVESTOR PRESENTATION

KLGOLD.COMTSX: KL

OTCQX: KLGDF

TIER ONE GOLD PRODUCTION | DISTRICT SCALE EXPLORATION | VALUATION UPSIDE

1

KLGOLD.COMTSX:KLFORWARD LOOKING STATEMENTS

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 of 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.

All dollar amounts in this presentation are expressed in U.S. Dollars unless otherwise noted.

Use of Non-GAAP Measures

This Presentation refers to average realized price, operating costs, all-in sustaining costs per ounce of gold sold, free cash flow and cash costs of production because certainreaders may use this information to assess the Company’s performance and also to determine the Company’s ability to generate cash flow. This data is furnished to provideadditional information and are non-GAAP measures and do not have any standardized meaning prescribed by International Financial Reporting Standards (“IFRS”). Thesemeasures should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS and are not necessarily indicative of operating costspresented under IFRS. Refer to each Company’s most recent MD&A for a reconciliation of these measures.

http://www.sedar.com/

KLGOLD.COMTSX:KLINVESTMENT THESIS

1.Refer to Slide 2 “Forward Looking Information” 2017 estimated production guidance 530,000 – 570,000 ounces and cost guidance . 2. See Kirkland Lake Gold News Release dated April 12, 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 4.Cash position as at March 31, 2017 5. 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 6. Payable on July 14, 2017 to shareholders of record on June 30, 2017 7. Source: Company filings, FactSet and available equity research at May 19, 2017. Production and Cash Flow are broker consensus averages exclude TSX:KL

1

3

5.6

8.2

TSX:KL Peer Average

$2,809

$3,866

TSX:KL Peer Average

Operating Platform in Tier 1 Mining Jurisdictions

Strong Balance Sheet & Low Cost Production

District Scale Exploration Potential

Strong Value Proposition 7

Enterprise value to ounce of 2017

production

2017 Price to Cash flow

• Revised 2017 guidance to 530k – 570k1 ounces from 5 gold mines in Canada & Australia

• Consolidated Q1/17 production of 130k oz (Macassa 48,723 oz & Fosterville 46,083 oz) 2

• Macassa Mineral Reserve increased 37% to 2.0 million oz grading 20.8 g/t Au 3

• Fosterville Mineral Reserve increased 66% to 643,000 oz grading 9.2 g/t Au 3

• Cash Position US$280 million4

• Revised Consolidated 2017 operating cost guidance US$475/oz – US$525/ oz1,5 and AISC US$850/oz – US$900/ oz1,5

• Initiation of quarterly dividend of C$0.01 per share6

• 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.COMTSX:KLOPERATING PLATFORM IN TIER 1 MINING JURISDICTIONS

4

295,838 oz

239,724 oz

100,000

150,000

200,000

250,000

300,000

350,000

Canadian Operations Australian Operations

2016 Pro For ma G old Product ion

0

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 of $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 Out look

KLGOLD.COMTSX:KL

51 Cash position as at March 31, 2017, see News Release dated April 12, 2017 2 Refer to MD&A for the three months ended March 31, 2017

STRONG BALANCE SHEET1

Cash US$280 million

Convertible Debentures2(at Mar 31/17) US$89 million

KGI.DB: 6% C$15.00 Conv. Price C$56.8M mature June 2017KGI.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)(May 19, 2017)

$ 2.1 billion

Daily Avg. Volume – 30 day (May 19, 2017)

1.9 million shares

Insider Ownership (Eric Sprott)

~10%

Fosterville Gold Mine, Australia Macassa Gold Mine, Canada

STRONG FINANCIAL POSITION

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

NORMAL COURSE ISSUER BID

Company can purchase up to 10% of current issued and outstanding shares in public float (15.2 mil shares)

KLGOLD.COMTSX:KL

6

CANADIAN OPERATIONS AUSTRALIAN OPERATIONS

(U.S.)$Macassa Mine

Holt Mine

Taylor Mine

Fosterville Mine

Cosmo Mine 3

Consolidated

Gold Production (oz)190,000 –195,000

65,000 –70,000

55,000 –60,000

200,000 –225,000

20,000530,000 –570,000

Operating Cash Costs per Ounce1,2 $520 –$550

$670 –$725

$450 –$525

$310 –$330

$1,500 –$1,600

$475- $525

AISC per Ounce1,2 $850- $900

Sustaining Capital and Growth Capital ($ million)

$180- $200

Exploration Expenditure ($ million) $45- $55

Royalty Cost ($ million) $20- $25

G & A ($ million) $17

2017 REVISED OUTLOOK

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 3). Effective June 30, 2017, Kirkland Lake Gold will suspend production at the Cosmo Mine, allowing the Company to focus its activities on an aggressive resource definition and exploration program at the mine. The Cosmo Mine will be maintained in a state of readiness to allow operations to recommence when exploration, resource definition and the development planning phase is completed.

2017 breakdown by mine production Outlook

Cornerstone assets represent +80% of consolidated outlook

Macassa 35%

Fosterville 39%

Taylor 10%

Cosmo 4%

Holt 12%

KLGOLD.COMTSX:KLHIGH GRADE, LOW COST CORNERSTONE ASSETS

CORNERSTONE ASSETS

LOW COST OUNCES

DISTRICT SCALE GROWTH

1. Refer to Appendix slide 40 for break down by category. 2. Kirkland Lake Gold revised guidance provided on May 4, 2017, refers to mid end range of guidance 3. See Non-GAAP Measures sections in forward looking statements; 7

CORNERSTONE ASSETS

LOW COST OUNCES

DISTRICT SCALE GROWTH

• Macassa Fosterville & Taylor Mine

• ~ 84% of 2017E production2

• Growth potential with excess milling capacity at each mill

• <US$525 Operating Costs and <US$850 AISC (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

2017 Midpoint of Production Guidance (oz) 2 192,500 212,500 57,500 ~ 460,000

2017E Operating Costs (US$/Oz Sold) 2,3 $535 $320 $488 < $450

KLGOLD.COMTSX:KL

8

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

Go

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/t)

MINERAL RESOURCE & RESERVES (Dec 31, 2016) 1

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 (3.0 Mt).

Measured and Indicated Mineral Resources are exclusive of Mineral Reserves and 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, located in Kirkland Lake, Ontario, scheduled to produce 190k- 195k oz of gold at an operating cost of $520 - $550 per ounce2 sold in 2017.

1. Refer to appendix for NI 43-101 disclosure 2. 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.COMTSX:KLPLAN VIEW OF PROJECT AREA – KIRKLAND LAKE GOLD CAMP

9

• 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 has been produced to date, from seven mines

• Kirkland Lake Gold owns five former producing high grade mines with historical production of ~22 Moz of gold

• Average head grade of 15.1 g/t

South Mine Complex Gold DepositSMC

KLGOLD.COMTSX:KLREGIONAL 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

over 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

10

53-2921651.8 g/t over 3.8m

Surface drills testing extensions to SMC

53-3099100.5 g/t over 1.6m

53-3098102.5 g/t over 3.2m


KLGOLD.COMTSX:KL

11

FOSTERVILLE GOLD MINE: LOW COST PRODUCER

33,138

37,245 36,967

44,40646,083

7.37.5

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

Go

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Total Proven and Probable Mineral Reserves increased 66% to 643,000 ounces 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 containing 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 scheduled to produce 200k- 225k oz of gold at an operating cost of $310 - $330 per ounce2

sold in 2017.

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 42.

KLGOLD.COMTSX:KL

12

Harrier Drill Drive

12.5 g/t Au over 2.4m


Lower Phoenix

Drill Targets

Harrier Decline

Harrier


6.5 g/t Au over 25m



7.3 g/t Auover 13.9m


22.1 g/t Au over 3.3mFirst recorded visible gold from Harrier

16.6 g/t Au over 3.05m 11.99 g/t Au over 3.4m




112 g/t Au over 11.9m


386 g/t Au over 3.4m16.4 g/t Au over 16.5m











1,429 g/t Au over 4.97m

FOSTERVILLE GOLD MINE: DRILLING SUCCESS

• 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: 645 g/t Au over 3.4m, 550 g/t Au over 3.5m, 194 g/t Au over 3.1m, 283 g/t Au over 2.8m, 645 g/t Au over 1.1m & 404 g/t over 7.5m

• High-Grade Visible Gold (VG) intercepts at Harrier Gold Zone; 64.8 g/t Au over 4.3m, 46.2 g/t Au over 6.6m, 129 g/t over 6.2m & 25.6 g/t Au over 3.7m

• Record high-grade drill intercept on the Lower Phoenix foot wall announced Jan 17, 2017 was 1,429 g/t Au over 4.97m

All intercepts presented are estimated true width

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




KLGOLD.COMTSX:KL

13

FOSTERVILLE GOLD MINE: DISTRICT SCALE POTENTIAL

Harrier Drill Drive

= Visible gold elevation depth, increasing with depth

Current Mining FrontBLOCK 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.COMTSX:KLFOSTERVILLE FAULT MINING LEASE LONG SECTION

14

Target

Target

Target

Current mining front

Mining lease long section (~17km2) contains ~10km strike length of Mineral Resources with ~7km on Fosterville Fault Line and ~3km on the O’Dwyer’s Fault Line

Shallow, limited drilling North of the Central North past producing open pit

Near mine mineralization remains open along strike and down plunge, gradual grade increasing at depth in the Lower Phoenix and Harrier zones

Fosterville Fault is one of many gold bearing structures within a 505km2 exploration lease land package

Limited shallow 50-100m drilling

KLGOLD.COMTSX:KLFOSTERVILLE REGIONAL POTENTIAL

15

• Mining lease (MIN5404:~17km2) contains ~10km strike length of Mineral Resources with ~7km on Fosterville Fault Line and ~3km on 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 of 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.COMTSX:KL

16

TAYLOR GOLD MINE: NEWEST GOLD MINE

7,347

11,40811,630

10,048

10,942

7.6

6

7.1 6.7

5.6

0

1

2

3

4

5

6

7

8

9

10

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

5,000

6,000

7,000

8,000

9,000

10,000

11,000

12,000

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Measured & Indicated Mineral Resources increased by 40% to 493,000 ounces of gold at an average grade of 5.6 g/t gold (2.76 Mt).

Proven & Probable Reserves of 129,000 ounces of gold grading 5.4 g/t (743 kt).

Kirkland Lake Gold’s newest mine, 2016 first full year production.

Significant exploration potential along the Porcupine Destor Fault Zone.

The Taylor Gold Mine is high-grade cornerstone asset for the company, located approx.70 km west of the Holt Mill. The mine is scheduled to produce 55,000 – 60,000 ounces of gold.

1. Refer to appendix for NI 43-101 Disclosure 2. See Kirkland Lake News Release dated May 4, 2017 and Q1 2017 MD&A for additional detail reporting on Q1 2017 operating and AISC results

$732$812 $798

$379$446

$607

Q3 - 16 Q4 - 16 Q1 - 17

Production Costs US$/oz 2 AISC OCC

KLGOLD.COMTSX:KLTAYLOR GOLD MINE: UPSIDE POTENTIAL

1.5km1.5km Multi-rig diamond drilling underway

Recent drill results announced new discoveries and extensions at the Taylor Gold Mine Complex

10.31 g/t Au over 3.2 m new WPZ Deposit style mineralization approximately 300 m to the west

9.50 g/t Au over 4.5 m identifies up-dip extension of the WPZ Deposit 1004 Zone

3.29 g/t Au over 9.6 m and 4.59 g/t Au over 5.8 m on surface, identifies new mineralization 800 m east of the Shaft Deposit

17

10.3 g/t Au over 3.2 m

9.5 g/t Au over 4.5 m

3.29 g/t Au over 9.6 m and 4.59 g/t Au over 5.8 m

Longitudinal View Looking North

39.6 g/t Au over 1.1 m (14.6 g/t Au over 1.1 m cut)

13.9 g/t Au over 1.5 m (12.7 g/t Au over 1.5 cut)

KLGOLD.COMTSX:KL

18

PROJECT LOCATION – DISTRICT SCALE OPPORTUNITY

KLGOLD.COMTSX:KLFOCUSED 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

• Revised 2017E Guidance of 530,000 – 570,000 oz from Solid Operating Platform in Tier 1 Mining Jurisdictions

• Strong free cash flow generation and committed leadership team to deliver targets

• Cash balance of US$280 million at March 31, 2017

• High quality projects with significant exploration upside

Divers i f ied Product ion

Low Cost , Robust Margins

St rong Ba lance Sheet

Dist r i c t Sca le Exp lorat ion Potent ia l

APPENDIX

Notes, additional disclosure and other information

KLGOLD.COMTSX: KL

KLGOLD.COMTSX:KLVALUE PROPOSTION

21Source: Company filings, FactSet, Bloomberg, and available equity research, market data as of May 19, 2017 1. NAV, Production, and Cash Flow based on broker consensus; Averages exclude Kirkland Lake

Price / 2017E Cash Flow1P / NAV1 EV / 2017E Production1

1.23x

1.22x

1.10x

1.07x

1.00x

0.91x

0.91x

0.90x

0.87x

0.84x

0.82x

OceanaGold

Regis

Kirkland Lake

Northern Star

New Gold

Torex

Klondex

Richmont

Detour

Guyana

Alamos

Peer Avg. 0.98x

$4,736

$4,571

$4,489

$4,248

$3,812

$3,527

$3,526

$3,501

$3,444

$2,850

$2,809

Torex

Detour

Alamos

Guyana

Richmont

Regis

Northern Star

OceanaGold

New Gold

Kirkland Lake

Klondex

Peer Avg. US$3,866/oz

13.1x

9.1x

8.9x

8.7x

7.9x

7.7x

7.6x

7.2x

6.0x

5.6x

5.4x

Alamos

Detour

Richmont

Guyana

Torex

Regis

Klondex

Northern Star

New Gold

Kirkland Lake

OceanaGold

Peer Avg. 8.2x

KLGOLD.COMTSX:KLANALYST COVERAGE (May 2017)

22

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

BrokerInitiation

DateTarget

Price (C$)Target Rating

FY17EProduction Oz

(000’s)

FY17ECash Costs

(US$)

CIBC Dec ’16 $12.50 outperform 550 $538

Scotia - $11.50 outperform 538 $541

GMP Oct ’15 $14.50 buy 509 $637

Macquarie Dec ’16 $16.00 outperform - -

RBC Capital Dec ’16 $13.00 outperform 517 $540

PI Financial Jan ’16 $12.95 buy 515 $585

National Bank Dec ’16 $14.25 Outperform 520 $537

M Partners Dec ’16 $14.75 buy - $646

BMO - $12.75 market Perform 544 $520

Average $13.58

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.COMTSX:KLBOARD 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.COMTSX: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



KLGOLD.COMTSX:KLAUSTRALIAN 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


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


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.COMTSX:KLSUMMARY OF RESULTS FOR Q1 20171,2

26

CONSOLIDATED FINANCIAL HIGHLIGHTS

1. Refer to slide 2 for Forward looking and Non IFRS Disclosure. 2 See Kirkland Lake News Release dated May 4, 2017 and Q1 2017 MD&A for additional detail reporting on Q1 2017 operating and AISC results

(In thousands of dollars, except per share amounts) THREE MONTHS ENDED MARCH 31, 2017

THREE MONTHS ENDED MARCH 31, 2016

Revenue $168,528 $79,926Production costs $80,609 $42,715

Net earnings before taxes $24,957 $14,499Net earnings $13,133 $9,115

Earnings per share – basic $0.06 $0.09Earnings per share – diluted $0.06 $0.08

Cash flow from operations $68,606 $31,531Cash investment on mine development & PPE $31,440 $13,349

Adjusted net earnings $16,141 $13,849Adjusted net earnings per share $0.08 $0.13



Tonnes milled 520,888 223,450

Grade (g/t Au) 8.2 9.1

Recovery (%) 95.2 94.7

Gold produced (oz) 130,425 62,275

Gold sold (oz) 137,841 69,309

Average realized price ($/ oz sold) $1,223 $1,154

Operating cash cost per ounce ($/ oz sold)

$564 $569

AISC ($/ oz sold) $873 $861

CONSOLIDATED KEY PERFORMANCE MEASURES

KLGOLD.COMTSX:KLDIVERSE 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.COMTSX:KLMACASSA MINE OVERVIEW

Gold Production (oz)

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

155,226175,167

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.COMTSX:KLSOUTH MINE COMPLEX

Refer to 2015, 2015 MD&A detailed mined grade disclosure to actual mined grades

29

5000 – 5100 level average mined grade (13g/t gold – 15g/t gold)



Grade trend continues to increase with depth

Proposed development

SMC zone remain open down plunge and along strike, drilling underway

KLGOLD.COMTSX:KLMACASSA CROSS SECTION LOOKING EAST

SELECTED HIGHLIGHTS

AB-15-12 11.7 gpt/ 0.3 metres0.34 opt/ 1.0 feet

AB-15-233,241.4 gpt/ 0.7 metres

94.54 opt/ 2.3 feet

11.7 gpt/ 0.3 metres0.34 opt/ 1.0 feet

AB-15-5312.3 gpt/ 0.5 metres

0.36 opt/ 1.7 feet

AB-15-91646.3 gpt/ 0.9 metres

18.85 opt/ 2.8 feet

including1,783.2 gpt/ 0.3 metres

52.01 opt/ 1.0 feet

And89.5 gpt/ 0.3 metres

2.61 opt/ 1.0 feet

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

30

KLGOLD.COMTSX:KLSOUTH MINE COMPLEX (SMC) UNDERGROUND DRILLING

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

31

KLGOLD.COMTSX:KLSMC DRILLING ON THE HM CLAIM

32

KLGOLD.COMTSX:KLHolt-Holloway Exploration Targets

Holt Property

Holloway PropertyHolloway West

(Harker)

Lightval

33

KLGOLD.COMTSX:KLHOLT MINE COMPLEX

34

90,676

107,733

127,860

2014A 2015A 2016A


Mine Overview Stats2

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.COMTSX:KLHOLT EXPLORATION TARGETS

351. Refer to appendix for NI 43-101 Disclosure

Tousignant

Deposit

Zone 6Zone 4

Mattawasaga Pits

Zone 7

Surface

1075m Level

925m Level

435m Level

Current drift

development

Zone 4 West Extension

500 m1 km 02 km3 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.COMTSX:KLCOSMO GOLD MINE OVERVIEW

36

77,740

63,255 55,765

2014A 2015A 2016A


Mine Overview Stats

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 90.793.6

Cash Costs (US$/oz)(4) $1,000 $917 $1,048

AISC (US$/oz) (4) $1,263 $1,154 1,173

• 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

• Effective June 30, 2017, Kirkland Lake Gold will suspend production at the Cosmo Mine, pending exploration success. The Mine will be maintained in a state of readiness to allow operations to recommence when exploration, resource definition and the development planning phase is completed.

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

KLGOLD.COMTSX:KLCOSMO MINE: NEW LANTERN DEPOSIT

37Note: For further information on drill results see News Release dated March 6, 2017 at www.klgold.com

http://www.klgold.com/

KLGOLD.COMTSX:KLSTAWELL GOLD MINE

38

39,230 36,321

32,204

2014A 2015A YTD2016A


Mine Overview Stats

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 or 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 opportunity 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.COMTSX:KLSTAWELL GOLD MINE AURORA B GOLD ZONE

39

Maiden Inferred Mineral Resource of 30,400 ounces grading 3.5g/t gold.

East Flank TargetAurora A

Traditionally mined West Flank total production to date 2.3 million ounces

Magdala

13.7 g/t gold over 5.4 m

Aurora B located approximately 500m above Aurora A

Two diamond drill rigs active on the east flank

KLGOLD.COMTSX:KL

40

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 2,010Taylor 0 0 0 743 5.4 129 743 5.4 129

Holt 1,450 4.2 194 2,500 4.7 376 3,950 4.5 570Holloway 0 0 0 57 5.7 10 57 5.7 10

Hislop 0 0 0 176 5.8 33 176 5.8 33Total 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 643Northern Territory 98 3.0 9 2,310 2.3 168 2,400 2.3 177

Stawell 0 0 0 2,700 1.5 132 2,700 1.5 132Total 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

NotesCIM definitions (2014) were followed in the calculation of Mineral ReservesMineral 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; D ilution and mining recovery factors varied by propertyMineral 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.COMTSX:KL

41

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 924Taylor 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 1,320Holloway 156 4.1 21 1,210 5.4 210 1,370 5.3 231 2,710 5.2 456

Hislop 0 0.0 0 1,150 3.6 132 1,150 3.6 132 797 3.7 95Aquarius 0 0.0 0 22,300 1.3 926 22,300 1.3 926 9 0.8 0Canamax 0 0.0 0 240 5.1 39 240 5.1 39 170 4.3 23

Ludgate 0 0.0 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

Notes1) CIMM definitions (2014) were followed in the calculation of Mineral Resource2) Mineral Resources are reported Exclusive of Mineral Reserves3) Mineral Resource estimates were prepared under the supervision of D. Cater, P. Geo. Vice President Exploration Canada4) Canadian Assets consist of Macassa, Holt, Taylor, Holloway, Canamax, Ludgate, Hislop, Aquarius5) 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 Aquarius7) Totals may not add up due to rounding

KLGOLD.COMTSX:KL

42

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 792Northern 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

Notes1) 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.COMTSX:KLNI 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 standardsof 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 thesupervision 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 industrystandards 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.

43

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 Disclosurefor 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, asamended (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 informationconcerning 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 CIMStandards; 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 ExchangeCommission (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 ofuncertainty 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 orany 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.COMTSX: KL

200 Bay Street, Suite 3120

RBC Plaza - South Tower

Toronto ON M5J 2J1

Main Telephone: 416-840-7884

Darin Smith, Director, Corporate Development

E:[email protected]

44

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