Lake Shore Gold Corp.

TSX & NYSE MKT : LSG

www.lsgold.com

Lake Shore Gold Corp. Third Quarter 2013

Conference Call and

Webcast

November 6, 2013

2

Forward Looking Statements

Information included in this presentation relating to the Company's expected production levels, production growth, costs, cash flows, economic returns,

exploration activities, potential for increasing resources, project expenditures and business plans are "forward-looking statements" or "forward-looking

information" within the meaning of certain securities laws, including under the provisions of Canadian provincial securities laws and under the United States

Private Securities Litigation Reform Act of 1995 and are referred to herein as "forward-looking statements." The Company does not intend, and does not

assume any obligation, to update these forward-looking statements. These forward-looking statements represent management's best judgment based on

current facts and assumptions that management considers reasonable, including that operating and capital plans will not be disrupted by issues such as

mechanical failure, unavailability of parts, labour disturbances, interruption in transportation or utilities, or adverse weather conditions, that there are no

material unanticipated variations in budgeted costs, that contractors will complete projects according to schedule, and that actual mineralization on

properties will be consistent with models and will not be less than identified mineral reserves. The Company makes no representation that reasonable

business people in possession of the same information would reach the same conclusions. Forward-looking statements involve known and unknown risks,

uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future

results, performance or achievements expressed or implied by the forward-looking statements. In particular, delays in development or mining and

fluctuations in the price of gold or in currency markets could prevent the Company from achieving its targets. Readers should not place undue reliance on

forward-looking statements. More information about risks and uncertainties affecting the Company and its business is available in the Company's most

recent Annual Information Form and other regulatory filings with the Canadian Securities Administrators, which are posted on sedar at www.sedar.com, or

the Company’s most recent Annual Report on Form 40-F and other regulatory filings with the Securities and Exchange Commission.

QUALITY CONTROL

Lake Shore Gold has a quality control program to ensure best practices in the sampling and analysis of drill core. A total of three Quality Control samples

consisting of 1 blank, 1 certified standard and 1 reject duplicate are inserted into groups of 20 drill core samples. The blanks and the certified standards are

checked to be within acceptable limits prior to being accepted into the GEMS SQL database. Routine assays have been completed using a standard fire

assay with a 30-gram aliquot. For samples that return a value greater than three grams per tonne gold on exploration projects and greater than 10 gpt at the

Timmins mine and Thunder Creek underground project, the remaining pulp is taken and fire assayed with a gravimetric finish. Select zones with visible gold

are typically tested by pulp metallic analysis on some projects. NQ size drill core is saw cut and half the drill core is sampled in standard intervals. The

remaining half of the core is stored in a secure location. The drill core is transported in security-sealed bags for preparation at ALS Chemex Prep Lab

located in Timmins, Ontario, and the pulps shipped to ALS Chemex Assay Laboratory in Vancouver, B.C. ALS Chemex is an ISO 9001-2000 registered

laboratory preparing for ISO 17025 certification.

QUALIFIED PERSON

Scientific and technical information contained in this presentation has been reviewed and approved by Dan Gagnon, P.Geo., Executive Vice-President,

Operations, and Natasha Vaz, P.Eng., Director of Technical Services & Project Evaluation, both of whom are employees of Lake Shore Gold Corp., and

“qualified persons” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

Scientific and technical information related to resources, drilling and all matters involving mine geology contained in this presentation was reviewed and

approved by Eric Kallio, P.Geo., Vice-President, Exploration, who is an employee of Lake Shore Gold Corp., and a “qualified person” as defined by NI 43-

101.

Cash op. costs(1) improved to target levels

US$701/oz in Q3/13

Completed mill expansion

In September: 3,370 tpd & 13,400 oz

Continued to improve grades

Average grade of 4.7 gpt

Average grade at Timmins West of 4.9 gpt

Capital investment of $14.2M, roughly half of Q2/13 level

Poised to generate free cash flow going forward

Q3/13 – Pivotal Quarter for LSG

3 (1) Example of non-GAAP measure (see Slide 19)

Produced 28,900 oz with gold poured of 25,900 oz

Sales of 32,300 oz, up 58% from Q3/12, 17% from Q2/13

Average price of US$1,324/oz ($1,372) vs. US$1,665/oz ($1,650)

in Q3/12 & US$1,409/oz ($1,441) in Q2/13

Mill throughput of 2,200 tpd reflected mill commissioning

Mill currently operating at well over 3,000 tpd

9M production of 82,900 oz, up 34% from 9M 2012

9M 2013 sales of 86,000 oz at US$1,444/oz ($1,476) vs.

59,800 oz at US$1,649/oz ($1,657) in 2012

Solid Production Despite Commissioning

4

5

Q3/13 cash op. cost/oz sold of US$701/oz

31% improvement from Q3/12 (US$1,014/oz)

23% improvement from Q2/13 (US$908/oz)

Nine-month cash op. cost/oz sold of US$856/oz

Full-year 2013 target range of US$800 to US$875/oz

All-in sustaining cost (“AISC”)(1)(2) of US$1,027/oz in Q3/13, 46%

improvement from Q3/12 and 18% from Q2/13

9M 2013 AISC of US$1,307/oz compared to US$1,838/oz for 9M

2012

Q3/13 – Strong Cost Performance

(1) Example of non-GAAP measure (see Slide 19)

(2) AISC = production costs + sustaining capital + corporate costs + exploration costs

(sustaining) + reclamation cost accrual (current operations)

On track to achieve 2013 guidance

Production of 120,000 to 135,000 oz

Cash operating costs of US$800/oz to US$875/oz

Capital investment of approximately $90 million

2013 Guidance(1)

(1) Examples of forward-looking information

6

October 2013

Record production of 17,500 oz

Record mill throughput of 3,550 tpd

Average grade of 5.2 gpt

Q4/13 – Off to a Great Start

7

8

Q3/13 Q2/13 Q3/12 % Change

Q3/Q3

Total tonnes 202,300 230,900 194,000 4

Average grade (gpt) 4.7 4.3 3.5 34

Total production (ozs) 28,900 30,800 20,900 38

Gold poured (oz) 25,900 31,800 20,700 25

Cash op costs incl. royalties(1) 701 908 1,014 (31)

Cash op costs excl. royalties(1) 672 880 983 (32)

Q3/13 Operating Details

(1) US$/oz

9

Sales of 32,300 ounces @ US$1,324 ($1,372)/oz (Q3/12: 20,500 oz

@ US$1,665($1,650)/oz)

Earnings from mine operations (EMO)

Q3/12 EMO: $2.6

Revenue: 10.6

Volume Δ: 19.6

Price Δ: (9.0)

Cash op costs: -2.9

Depreciation & Depletion: -2.7

Q3/13 EMO: $7.6

Q3/13 Financial Review

Higher volumes partially offset

by lower cash cost/oz

Higher volumes offset by

impact of impairment charge at

end of 2012

58% growth in sales more than

offsets C$278/oz reduction in

gold price

10

LSG – Q3/13 Financial Highlights

Q3/13 Q3/12

Revenues ($M) 44.3 33.7

Cash earnings from mine ops(1) ($M) 20.8 13.2

Earnings from mine ops ($M) 7.6 2.6

Net loss ($M) (1.7) (10.8)

Net loss per share ($) (0.00) (0.03)

Reduced net loss in Q3/13 reflects higher earnings from mine

operations, lower write downs on investments and lower mark-to-

market losses on an embedded derivative partially offset by higher

financing costs

(1) Example of non-GAAP measure (See Slide 19)

11

9M/13 9M/12 % Change

9M/9M

Total tonnes 630,900 537,700 17

Average grade (gpt) 4.3 3.7 16

Total production (oz) 82,900 62,000 34

Gold poured (oz) 78,200 61,100 28

Cash op costs incl. royalties(1) 856 997 (14)

Cash op costs excl. royalties(1) 823 970 (15)

9M/13 Operating Details

(1) US$/oz

12

Sales of 86,000 ounces @ US$1,444 ($1,476)/oz (9M/12: 59,800 oz

@ US$1,649 ($1,657)/oz)

Earnings from mine operations (EMO)

9M/12 EMO: $7.0

Revenue: 27.8

Volume Δ: 43.4

Price Δ: (15.6)

Cash op costs: -15.6

Depreciation & Depletion: -6.0

9M/13 EMO: $13.2

9M/13 Financial Review

Reflects higher volumes offset

by improved cash cost/oz

Higher depletion reflects

strong growth in sales

44% growth in sales more than

offsets $181/oz price drop

13

LSG – 9M/13 Financial Highlights

9M/13 9M/12

Revenues ($M) 126.8 99.0

Cash earnings from mine ops ($M) 51.6 39.4

Earnings from mine ops ($M) 13.2 7.0

Net loss ($M) (7.8) (15.7)

Loss from continuing ops ($M) (3.5) (15.7)

Loss from discontinued ops ($M) (4.3) (-)

Net loss per share ($) (0.02) (0.04)

Reduced net loss from continuing ops. reflects increased earnings from

mine operations, lower write downs on investments and a mark-to-

market gain on an embedded derivative versus a loss in 2012

Net loss from discontinued ops. reflects translation loss on disposal of

Mexican assets

(C$ Millions) as at Sept. 30, 2013

Cash and cash equivalents 14.7

Total cash and bullion 15.2

Total current assets 42.0

Total current liabilities 37.2

Current ratio (Sept. 30/13) 1.13:1

Debt (long term and current portion of long term debt) 135.2

Total equity (including $14.8M equity portion of debentures) 656.0

14

Financial Position

Debt (C$ Millions) Details

Gold loan 22 19 monthly payments remaining

Standby line 35 9.75% compounded monthly, due Jan. 1, 2015

Convertible debentures 103 6.25%, paid semi-annually, due Sept. 30, 2017

Timmins West Mine

0

5,000

10,000

15,000

20,000

25,000

Q3/12 Q4/12 Q1/13 Q2/13 Q3/13

Quarterly Production (oz)

15

Q3/13 production of 22,600 oz (148,400 t @ 4.9 gpt)

up 40% from Q3/12

Production in Q3/12 focused on Rusk & Porphyry

zones at Thunder Creek between 660 & 765 levels,

and UM Zone between 670 & 790 levels and FW

Zone between 770 & 790 levels at Timmins Deposit

YTD production of 65,500 oz (487,700 t @ 4.4 gpt)

7,685 metres of capital development completed

YTD, with 36,700 metres of in-mine drilling

Ramp at Timmins Deposit extended to 830 L with

ramp at TC advanced above 625 L

Bell Creek Mine – Production & Growth

Deep

Zone

Potential

shaft

extension

Shaft

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Q3/12 Q4/12 Q1/13 Q2/13 Q3/13

Quarterly Production (oz)

Q3/13 production of 6,300 oz (54,000 t @ 3.9 gpt), up

from 4,900 oz (47,000 t @ 3.3 gpt in Q3/12)

Excl. 11,400 t of 1.6 gpt low-material processed during

mill commissioning, 42,600 t processed @ 4.2 gpt

YTD 2013 production 17,400 oz (143,200 t @ 4.0 gpt)

3,463 metres capital development completed YTD,

with 6,300 metres of drilling

Ramp at Bell Creek to 685 Level, lateral development

mainly on 625, 640, 655 and 670 levels.

16

17

Bell Creek Mill – Operating at >3,000 tpd

SAG Mill Building

New Thickener

New CIL Tanks Crusher

Truck Dump 6,000 tonne

Ore bin

Expansion to 3,000 tpd completed in Q3/13

Average throughput in October 2013 of 3,550 tpd

Traditional gold circuit with history of excellent operational and metallurgical

performance (gold recoveries +95%)

Potential expansion to 5,500 tpd to support future production increases from Timmins

West and Bell Creek incorporated in current infrastructure

Crushing and grinding capabilities already at this level

18

On track to achieve 2013 guidance

Production of 120,000 to 135, 000 oz (100,400 oz at Oct.

31/13)

Cash costs(2) of US$800 to US$875/oz (US$856/oz YTD at

Sept. 30/13)

Capital investment of approx. $90M ($80.2M for 9M/13)

Outlook(1)

(1) Examples of forward-looking information

(2) Example of non-GAAP measure (See Slide 19)

19

Non-GAAP Measures

Cash Operating Costs per Ounce

Cash operating cost per ounce is a Non-GAAP measure. In the gold mining industry, cash operating cost per

ounce is a common performance measure but does not have any standardized meaning. Cash operating costs

per ounce are based on ounces sold and are derived from amounts included in the Consolidated Statements of

Comprehensive Loss (Income) and include mine site operating costs such as mining, processing and

administration, but exclude depreciation, depletion and share-based payment expenses and reclamation costs.

The Company discloses cash cost per ounce as it believes this measure provides valuable assistance to

investors and analysts in evaluating the Company’s performance and ability to generate cash flow. This

measure should not be considered in isolation or as a substitute for measures prepared in accordance with

GAAP such as total production costs.

All-In Sustaining Costs

Effective the second quarter 2013, the Company has adopted a total all-in sustaining cost (“AISC”)

performance measure. AISC is a Non-GAAP measure. The measure is intended to assist readers in

evaluating the total costs of producing gold from current operations. While there is no standardized meaning

across the industry for this measure, the Company’s definition conforms to the AISC definition as set out by the

World Gold Council in its guidance note dated June 27, 2013. The Company defines all-in sustaining cost as

the sum of cash costs from mine operations, sustaining capital (capital required to maintain current operations

at existing levels), corporate general and administrative expenses, in-mine exploration expenses and

reclamation cost accretion related to current operations. All-in sustaining cost excludes growth capital,

reclamation cost accretion not related to current operations and interest and other financing costs.

Cash Earnings from Mine Operations

Cash earnings from operations are determined by deducting cash operating costs from revenues recognized in

the period.