annual & special meeting

Lake Shore Gold Corp.

TSX & NYSE MKT : LSG

www.lsgold.com

Annual General and

Special Meeting May 15, 2013

2

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

QUALITY CONTROL

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

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

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

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

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

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

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

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

laboratory preparing for ISO 17025 certification.

QUALIFIED PERSON

The Company’s Qualified Persons (“QPs”) (as defined in National Instrument 43-101, “Standards of Disclosure for Mineral Projects”) for surface diamond

drilling projects at the Timmins West Mine Complex, Bell Creek Mine Complex; Fenn-Gib property and Casa Berardi optioned property are Jacques

Samson, P.Geo. and Keith Green, P.Geo. Dean Crick, P.Geo. is the QP for underground drilling at the Timmins West Mine and Bell Creek Mine properties.

Reno Pressacco, P.Geo is the QP for the current resource estimate at the Marlhill Deposit. Ralph Koch, P.Geo is the QP for the current resource estimate

at the Bell Creek property and portions of the Timmins West Mine. Bob Kusins, P.Geo. is the QP for resource estimation for portions of the Timmins West

Mine and at all remaining Company properties. As QPs, Messrs. Samson, Green, Crick, Koch and Kusins have prepared or supervised the preparation of

the scientific or technical information for their respective properties as reviewed in this MD&A. Messrs., Samson, Green, Koch, Kusins and Crick are

employees of the Company.

Forward Looking Statements

Sharp Correction in Gold, Gold Equities

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-60%

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%LSG Spot gold S&P/TSX Global Gold

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Complete construction of Timmins Operations to over 3,000

tpd in 2013

Commission mill expansion in Q3

Advance underground development at Timmins West and Bell Creek

mines

Produce 120,000 to 135,000 ounces this year

Achieve cash costs of US$800 – US$875/oz (<US$700/oz by Q4)

Invest $90M to complete construction – capital to decline

dramatically after mill expansion completed

Generate net free cash flow by Q4/13 (at US$1,450/oz gold price)

(1) Examples of forward-looking information

Strategy Focused on Value & Cash Flow(1)

LSG’s Strategy:

Deliver value by generating net free cash flow

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In 2014(1)

Produce at least 140,000 oz

Cash costs of <US$700/oz

Grow net free cash flow

Build financial strength, reduce debt

Establish sustainable business, even at current gold price


Strategy Focused on Value & Cash Flow

LSG’s Strategy:

Deliver value by generating net free cash flow

Timmins West Mine Current resource of more than 1.6M oz Au at grade of 5.5 g/t

Ramping up production to more than 140k oz annually

Low-cost producer in region

Significant opportunities for exploration and resource expansion

Bell Creek Mine • Current resource of 1.6M oz Au at grade of 4.6 g/t

• Current reserve supports production of >20k oz Au/year for 5

years with potential for expansion

• Multiple exploration targets for expansion and new discoveries

Bell Creek Mill • Conventional gold mill circuit with crushing and grinding, gravity

and leaching, followed by CIP process

• Excellent operating performance with better than 95% recovery

• Completing Phase 2 expansion >3,000 tpd in Q3/13

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Key Assets Provide Solid Foundation(1)


Timmins West Mine

Underground mine with two deposits – Timmins

Deposit and Thunder Creek Deposit

World class mine with exceptional infrastructure and

well-trained

Gold production of 64,177 ounces in 2012

Q1/13 production of 18,700 ounces (161,410 tonnes

@ 3.7 gpt)

Keys to realizing grade: extensive development,

tight-spaced drilling, increased experience mining

orebodies

(1) Resources inclusive of reserves

(2) Example of Forward Looking Statements 7

Reserves (ounces) 798,000

Av. grade (gpt) 5.2

M&I resource (ounces) (includes reserves) 1,061,000

Av. grade (gpt) 5.5

Inferred resources (ounces) 615,000

Av. grade (gpt) 5.4

Full production (‘000s ounces/yr) >140,000(1)

Cash cost/oz (full production) <US$700(1)

(1) Examples of Forward Looking Statements

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Thunder Creek

Stock 650 Level

200 Level

300 Level

730 Level

TW Shaft Ramp

Rusk S

hear

Zone

HolmerShear Zone

Thunder Creek Rusk

Timmins Mine deposit

0 400

meters

East-westShear Zone

D3 shear zone

Syenite, monzonite

Pyroxenite(AIC)

Turbidites,felsic volcanic

Maficvolcanics

A B

A

B

Rusk Zones

Porphyry Zones

Timmins Deposit Focus between 790

to 950 levels New drill platforms

on 750 and 790

Mineralized

structure

intersected at

2,400 m depth

Mineralization extended along strike and to 2,400 m depth

1,200 Level

Thunder Creek 2012 drilling results confirm

core to mineralization and identifies 50m west extension of Rusk Zone at 765 Level

2013 to continue focus on infill and explore along strike

Timmins Mine Results confirm

continuity of UM1, UM5 & intersects high-grades o/s resource

Key target between 650 and 790 levels

Timmins West Mine – A Mine Built for Growth

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Timmins West Mine

Bell Creek Mine – Production & Growth

(1) Resources inclusive of reserves

(2) Example of Forward Looking Statements 10

Production Funding Evaluation of Deep Zone

Initial reserves (ounces) 129,000

Av. grade (gpt) 4.2

M&I resource (ounces) (includes reserves) 710,000

Av. grade (gpt) 4.7

Inferred resources (ounces) 904,000

Av. grade (gpt) 4.6

Underground mine with five years of reserves

Gold production of 21,605 ozs in 2012

4,580 ounces (36,230 tonnes @ 4.2 gpt) in Q1/13

Current production funding evaluation of high-

potential deep zone

Potential to substantially grow production by

deepening shaft

Infrastructure: surface ramp to 650 L, 290 m shaft

(used for ventilation only), vent raises, electrical, de-

watering facilities

Deep

Zone


Potential

shaft

extension

Shaft

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Bell Creek Mill – 50% Expansion Project

SAG Mill Building

New Thickener

New CIL Tanks

Crusher

Truck Dump

6,000 tonne

Ore bin

2,500 tpd plant consisting of a crushing circuit, two-stage grinding circuit with gravity

recovery, followed by pre-oxidation and cyanidation of the slurry with CIP and CIL recovery

Exceptional operational & metallurgical performance with better than 95% recovery

Expansion to 3,000 tpd to be completed in Q3/13

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

Bell Creek Mill – New Crushing/Grinding Circuit

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Bell Creek Mill – Solution Circuit & Refinery

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Production to reach >140,000 oz by 2014

Production (Actual) Guidance (low end) Denotes range

Strong Near-Term Production Growth(1)

Production Cash Costs

Bell Creek potential Estimate (low end)


200

300

400

500

600

700

800

900

1,000

0

40,000

80,000

120,000

160,000

200,000

2012 2013 2014 2015 2016 2017

Timmins West Complex

Both deposits at Timmins West Mine open for expansion

Gold River Trend has >1M oz in resource, limited drilling in many areas

144 property cover 4 km trend southwest of Timmins West Mine

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Outstanding Exploration Potential

Bell Creek Complex

Significant potential for growth at Bell Creek Mine

Initial resources established at Vogel and Marlhill

Additional exploration targets with limited or no drilling

Fenn-Gib

Advanced exploration stage project

Large, near-surface, potential open-pitable resource

Major extensions announced, new targets discovered

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Lake Shore Gold – Poised for Value Creation(1)

>60% growth between 2012 and 2014 –

Development and construction largely completed

Estimated cash costs of <US$700/oz by Q4/13

@ 3.2M oz M&I resources and @ 3.5M oz Inferred

resource with potential for much more

Improving operating costs

Full pipeline of projects &

exploration properties

Strong production growth

Targeting Net Free Cash Flow

Capital investment to decline dramatically

starting in Q3/13

Declining capital

requirements

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