Lake Shore Gold Corp.

TSX & NYSE MKT : LSG www.lsgold.com

Lake Shore Gold Corp. TSX, NYSE MKT: LSG

At a Major Turning Point Analyst Site Visit

December 10, 2013

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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”).

Forward Looking Statements

§  In production, generating free cash flow Ø  Cash and bullion approx. $26 million at Nov. 30/13, up from

$15.2 million at Sept. 30/13

§  Major capital investment completed, development targets met

§  Reached new production milestone in Q3/13, 34,200 oz. in first two months of Q4/13

§  Low cost producer with all-in sustaining costs(1) of around US$1,000/oz

§  Headed for record quarter in Q4/13 and record year in 2014(2)

Lake Shore Gold – Investment Highlights

3 (1)  Example of Non-GAAP Measure (2)  Example of Forward Looking Information

§  Record quarterly production in Q2/13 (30,800 oz.)

§  Completed mill expansion to >3,000 tpd in Q3/13

§  Achieved L/T cost targets in Q3/13 despite mill commissioning Ø  Cash operating cost(1) of US$701/oz. Ø  All-in sustaining cost(1) of US$1,027/oz.

§  Record monthly production in October of 17,500 oz.

§  First two months of net free cash flow in Oct./Nov. Ø  Cash and bullion increased by approx. $11 million (Oct 1/13 –

Nov. 30/13)

Lake Shore Gold – Recent Achievements

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Lake Shore Gold – Production Profile

§  Q3/13 production included: Ø  TWM: 22,600 oz. (148,400 tonnes @ 4.9 gpt) Ø  BC: 6,300 oz. (54,000 tonnes @ 3.9 gpt) Ø  BC production included 11,400 tonnes @ 1.6 gpt of low grade

material

§  October 2013 production included: Ø  TWM: 15,000 oz. (94,200 tonnes @ 5.2 gpt) Ø  BC: 2,500 oz. (15,900 tonnes @ 5.2 gpt)

§  November 2013 production included: Ø  TWM: 12,700 oz. (79,600 tonnes @ 5.2 gpt) Ø  BC: 4,000 oz. (23,300 tonnes @ 5.7 gpt)

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Lake Shore Gold – Composition of Cost Structure

Q3/13 9M/13

Productions costs ($ ‘000) 23,428 75,539

General & administrative 2,823 8,711 Rehabilitation 51 146 Mine on-site exploration and evaluation 1,261 3,564 Mine development expenditures 6,276 24,917 Sustaining capital expenditures 548 2,030

All-in sustaining costs 34,387 114,907

Cash operating cost ($/oz sold)(1) 726 875 Cash operating cost (US$/oz sold)(1) 701 856

All-in sustaining cost ($/oz sold)(1) 1,065 1,336 All-in sustaining cost (US$/oz sold)(1) 1,027 1,307

(1)  Example of Non-GAAP Measures

§  On track to achieve 2013 guidance

Ø  Production of 120,000 to 135,000 oz

o  117,100 oz. YTD at November 30, 2013

Ø  Cash operating costs(2) of US$800/oz to US$875/oz o  US$856/oz. YTD at September 30, 2013

Ø  Capital investment of approximately $90 million

o  $80.2 million YTD at September 30, 2013

Lake Shore Gold – 2013 Guidance(1)

(1)  Example of forward-looking information (2)  Example of non-GAAP measure

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BELL CREEK MILL

§  Reserves: 798,000 oz. (4.8M tonnes @ 5.2 gpt)

§  Large resource base supports mine life expansion

§  Significant potential to grow resources

TIMMINS WEST MINE

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§  Reserves: 129,000 oz. (1.0M tonnes @ 4.2 gpt)

§  Reserve a small component of total resource

§  Large resource base at depth

§  Producing over 3,000 tpd

§  >95% recoveries §  Crushing/Grinding

circuit capable of 5,500 tpd

§  Future expansion contemplated

BELL CREEK MINE BELL CREEK MILL

Lake Shore Gold – Producing Assets

§  2 deposits open for expansion §  Excellent infrastructure §  Low-cost production

§  Production Ø  YTD to Nov. 30/13: 93,200 oz. Ø  Q4 to date: 27,700 oz.

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Legend Existing development 2014 planned development Future development

Timmins Deposit

Thunder Creek

Timmins West Mine

Mining Method §  Sill Development §  Longitudinal Longhole Stoping

Mining Horizons §  730 to 870 metre levels

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Legend Existing development 2014 planned development Future development

Timmins Deposit

Thunder Creek

Timmins Deposit – Near-Term Production

Mining Method §  Sill Development §  Transverse Longhole Stoping in Porphyry §  Longitudinal Longhole Stoping in Rusk

Mining Horizons §  590 to 765 metre levels

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Timmins Deposit

Thunder Creek

Thunder Creek – Near-Term Production

§  Current reserves extend to 775 L §  Ramp development to 700 metre level §  Deposit widening at depth §  Deep Zone – future growth project

Deep  Zone    

Poten*al    sha/  

extension    

Sha/    

§  Production Ø  YTD to Nov. 30/13: 23,900 oz. Ø  Q4 to date: 6,500 oz.

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Bell Creek Mine

§  Completed expansion in Q3 2013 to >3,000 tpd capacity

§  Production exceeding target levels (3,490 tpd in first 2 months of Q4/13)

§  Future expansion envisioned (crushing & grinding circuit capable of 5,500 tpd)

§  Excellent track record of performance (+95% recoveries)

Supports Low-Cost Production, Built for Further Growth

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Bell Creek Mill

Bell Creek Mill – New Crushing/Grinding Circuit

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Bell Creek Mill – New Crushing/Grinding Circuit

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Bell Creek Mill – Solution Circuit & Refinery

BELL CREEK MILL

•  Gold River has over 1.0 M oz. in resources, mostly above 400 m level

•  High grade core (0.3M oz. @ 9.8 gpt)

•  Significant potential for growth (2.5 kms of mineralized showings)

•  Gold mineralization intersected 850 m south of Thunder Creek at 144

BELL CREEK MINE GOLD RIVER/144

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•  Majority of existing resources at Bell Creek in Deep Zone (below current reserve)

•  Initial, near-surface resources at Marlhill and Vogel

•  Significant potential for resource expansion at all properties

•  Large-scale, potential open-pitable project

•  Initial resource of 1.3M oz. indicated (40.8M tonnes @ 0.99 gpt) and 0.8M oz. inferred (24.5M tonnes @ 0.95 gpt)

•  Extensions in three directions and to depth, additional exploration targets identified

BELL CREEK FENN GIB

Deep  Zone    

Bell  Creek      Marlhil                                          Vogel  

Lake Shore Gold – Attractive Growth Projects

ü  Generating net free cash flow

ü  Completed development/construction, invested capital well

ü  Reached key production milestone

ü  Achieved L/T targets for cash operating(1) and all-in sustaining(1) costs

ü  Increased average grades (currently exceeding 5.0 gpt)

ü  Strengthening balance sheet through cash flow & debt repayment

ü  Headed for record quarter in Q4/13 and record year in 2014(2)

Lake Shore Gold – Ticking all the Boxes

18 (1)  Example of non-GAAP measures (2)  Example of Forward Looking Statements

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2014 Guidance(1): §  Production: 160,000 to 180,000 oz.

§  Cash operating cost(2)/oz. sold: US$675 – US$775

§  All-in sustaining cost(2)/oz. sold: US$950 – US$1,050

LAKE SHORE GOLD – FIRING ON ALL CYLINDERS

(1)  Example of Forward Looking Information (2)  Example of Non-GAAP Measure