KLGOLD.COM TSX: KL OTCQX: KLGDF MACASSA MINE TECHNICAL OVERVIEW

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1 TSX: KL OTCQX: KLGDF MACASSA MINE TECHNICAL OVERVIEW PIERRE ROCQUE VP OF TECHINCAL SERVICES 1

2 PROLIFIC PROJECT LOCATION 2

3 MACASSA MINE: UNDERGROUND MINE WORK 3

4 MACASSA MINE: A HIGH GRADE CORNERSTONE ASSET Location: Ontario, Canada Type: Underground gold mine Ownership: 100% One of Canada s highest grade gold mines Life of Mine plan is 16 years 1 Potential to extend life with resource to reserve conversion and exploration OPERATING RESULTS FY 2016 Q Mill throughput (tpd) 1,087 1,002 Grade (g/t) Tonnes processed 396,633 91,460 Recovery 97.1% 97.1% Gold Production (oz) 175,167 48,723 Cash cost (US$/ oz) $527 $514 AISC (US$/ oz) $907 $ Based on 2016 Year-end Mineral Resources & Reserves 4

5 2016 YEAR END UPDATED RESERVES AND RESOURCES Macassa Mine Mineral Reserves increased from December 31, 2014 by 37% to 2,010,000 ounces of gold, after two years of depletion totalling 336,000 ounces. Mineral Reserve grade increased by 7% to 20.8 g/t Au from the previous grade of 19.3 g/t Au Tonnes (000 s) Gold Grade (g/t) Gold Ounces (000 s) Mineral Reserves Proven Probable 2, ,680 Proven and Probable 3, ,010 Mineral Resources Measured Indicated 1, Measured and Indicated 2, ,320 Inferred Resources 1,

6 Gold Grade (g/t) Operating Cost US$/ oz MACASSA MINE: INCREASING GRADE, DECREASING COSTS $1,019 $1,150 $1, O p e r at i n g C o s t US$527/ oz $ $ $ $612 $ $750 $650 $ avg. g r a d e g / t $450 $350 (1) - The Company has changed its fiscal year-end from April 30 to December 31. As such, the current the 2015 reporting period was for an eight-month period being May 1, 2015 to December 31, 2015 (the stub year, SY15 ) 6

7 MACASSA MINE: TECHNICAL DESCRIPTION UNDERGROUND MINE INFORMATION Daily Ore Mining Rate Mining Method(s) Underground Haulage Backfill Type(s) Haulage to Surface 975 tpd Mechanized Over & Underhand C&F, Longhole Battery Operated Mainly Pastefill and Rockfill 10.2 Tonne Skip MILL INFORMATION Nameplate Capacity 2,000 tpd Current Utilization 985 tpd Circuit Description Leach, CIP Recovery ~97% Tailings Type Upstream Casting Shaft/Ramp Depth Shaft Capacity Operating Faces 5800 Shaft / 5700 Ramp 2,250 tpd 40 active ore headings 7

8 MACASSA MINE: MILL INTERIOR 8

9 MACASSA MINE: MILL FLOW SHEET Mill Process 3 Stage crushing Grind < 44 micron, < 325 mesh Leach circuit to recover gold into solution CIP to load gold to carbon Zadra high pressure carbon stripping Refined in induction furnace Available processing capacity 1,000 tonnes per day. Current opportunities focusing on reducing cost of reagent consumption Cyanide control system Carbon management Lime distribution Rectifier upgrade for Electrowinning circuit 9

10 MACASSA MINE: 2017 GUIDANCE REVISED 2017 OUTLOOK Production (koz) Operating Cost (US$/oz) $520 - $ vs Increased gold production with grade improving at depth Increased exploration budgets, signalling management confidence in world class assets Mining Zones - SMC and 04/Main Break Increased production from the SMC will result in higher head grade Production from 5600 & 5700 Levels Ramp development to 5800 Level to reach higher grade zone 2017 Capital Increased haulage fleet to support SMC mining at depth equipment to support increased trackless mining (Jumbo s, LHD s, Trucks) #4 Shaft engineering & ventilation upgrades 10

11 TONNAGE AND GRADE OVER PAST 5 YEARS: ACTUAL VS FORECAST Five Year Tonnage Actual Linear (Actual) Five Year Grade (g/t) Grade increasing FORECAST ACTUAL 11

12 MACASSA: LONG-TERM OUTLOOK Reserve/Resource Expansion Aggressive exploration program to expand resource base (5 surface drills, 3 underground) 4 drills upgrading inferred to indicated resources New Production Shaft Review Underway Increase production & ventilation capacity Reduced operating costs Ventilation Upgrades Increase mid term ventilation capacity in SMC to improve productivity Mine air cooling to improve productivity New Tailings Storage Facility Required to support extended mine life Engineering and permitting in progress 12

13 MACASSA: MINE IMPROVEMENTS #4 Shaft Preliminary Study Approximately US$1.5 million to be spent in 2017 Situate another shaft to accommodate future growth to the east of the current mining Improve material handling Increase ventilation capacity Vertical Conveyor conceptual Engineering $200,000 CAD to be spent in Q2-Q Lessen the haul truck distance for material to be hauled Cooling Plant Study $50,000 to be spent in Q Provide cooler and less humid air to the mine, which will aide in increased productivity by eliminating the work rest regimes Improving Productivity in Mine Approximately US$15 million spend on equipment and improvements Additional fleet including battery operated equipment 13

14 MACASSA: LONG TERM SHAFT OPPORTUNITY Macassa New Shaft Opportunity (Study underway, anticipated to be completed during Q4, 2017) reasons for review include; Optimize the location of a new shaft for increased production The current mineral reserves and resources support this additional major infrastructure and development capital expenditures program. Anticipated depth up to 2,500 m To be located near the centre of gravity of the SMC and Main/ 04 Break zones Increased throughput resulting in reduced unit operating cost at the mine and mill Lateral development will provide new drilling platform for underground exploration activities Broaden the potential for the integration of new technologies and innovative mining techniques Significantly increased annual gold production; Transform Macassa to become not only one of the highest grade gold mines, but also one of the lowest cost underground gold mines in the world New Shaft Opportunity Study Results Anticipated During Q

15 TSX: KL OTCQX: KLGDF MACASSA MINE EXPLORATION REVIEW DOUG CATER VP OF EXPLORATION, CANADA 15

16 MACASSA MINE COMPLEX: PROJECT LOCATION 16

17 CORE SHACK 17

18 EXPLORATION OVERVIEW - MACASSSA 2016 EXPLORATION DRILLING (324,000 FEET) Surface Drilling Underground Drilling 2017 EXPLORATION DRILLING (439,000 FEET) Surface Drilling Underground Drilling 121, , , ,000 KEY OBJECTIVES 8 Rigs at KL includes 5 surface and 3 underground Average hole depth of 6,600 ft from surface and 2,000 ft underground At Macassa Drill testing of SMC corridor from surface and 5300 level, Surface coverage testing for mineralization east of Lakeshore cross-fault. Assessing directional drilling to generate additional resources. 18

19 DISCOVERY OF THE SOUTH MINE COMPLEX (SMC) Prior to 1999, minimal exploration tested potential mineralization South of main ore horizon In 1999, Kinross undertook an aggressive exploration program testing potential mineralization south of the '04 Break An initial drill hole returned 0.78 opt (26.7 g/t) over 12 feet of core, located 600 feet south of the '04 Break - comprised of pyrite-rich mineralization, distinctly different from the '04 Break Kinross then terminated operations at Macassa and follow up drilling was never completed In 2003 under Kirkland Lake Gold Inc, a drill hole intersected multiple mineralized zones up to 1,600 feet south of the '04 Break indicating the presence of significant gold mineralization Furthest south of the zones became the Lower D Zone, now accepted as the first zone discovered comprising the SMC. New South Zone discovery in 2005, 2.3 opt (78.9 g/t) over 90.4 feet (27.6m) core length, but not true width, CA angles indicated shallow dipping mineralization 19

20 PLAN VIEW OF MAIN PROJECT AREA The Kirkland Lake gold camp has been in production for years One of the highest grade gold camps in the world Almost 25 Moz s has been produced to date, from seven mines Kirkland Lake Gold owns five former producing high grade mines with historical production of ~22 Moz s of gold Historical average head grade of 15.1 g/t 20

21 KIRKLAND LAKE GEOLOGY 21

22 SECTION 400 WEST, RELATIONSHIP BETWEEN THE `04 AND SMC 04 East Zone SMC 22

23 SECTION 1500 EAST, RELATIONSHIP BETWEEN THE MAIN AND SMC 23

24 SMC MINERALIZATION 24

25 5300 LEVEL DRILL PLAN 25

26 5300 LEVEL EAST- SMC DRILL RESULTS 26

27 SOUTH MINE COMPLEX LOOKING WEST WITH AK BREAK Amalgamated Break 04 Break Lower SMC 27

28 SOUTH MINE COMPLEX PLAN VIEW 28

29 REGIONAL EXPLORATION ACROSS A PROLIFIC TREND W E 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 ) See KLG press releases dated January 19, 2016 and November 7, 2016 filed on the sedar profile of KLG on 29

30 2017 SMC EXPLORATION PROGRAMS, SURFACE AND UG UNDERGROUND EXPLORATION 3 Drill Rigs 177,000 ft Average hole depth 2,000 ft Targeting SMC, `05 Narrows Break (parallel break ~1,200 north of the `04 Break) SURFACE EXPLORATION 5 Drill Rigs 262,000 ft Average hole depth 6,600 ft Targeting SMC Corridor 30

31 SURFACE DRILLING KIRKLAND LAKE 31

32 Macassa 2016 Reserve & Resource Estimates Resources are exclusive of Reserves Tonnes (000 s) PROVEN PROBABLE PROVEN & PROBABLE Gold Grade (g/t ) Gold Ounces (000 s) Tonnes (000 s) Gold Grade (g/t ) Gold Ounces (000 s) Tonnes (000 s) Gold Grade (g/t ) Gold Ounces (000 s) Macassa , ,680 3, ,010 Total Reserves , ,680 3, ,010 Tonnes (000 s) MEASURED INDICATED MEASURED & INDICATED INFERRED Gold Grade (g/t) Gold Ounces (000 s) Tonnes (000 s) Gold Grade (g/t) Gold Ounces (000 s) Tonnes (000 s) Gold Grade (g/t) Gold Ounces (000 s) Tonnes (000 s) Macassa , , ,320 1, Totals , , ,320 1, Gold Grade (g/t) Gold Ounces (000 s) Notes CIM definitions (2014) were followed in the calculation of Mineral Reserves Mineral 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. Mineral Reserves estimates for the Canadian Assets were prepared under the supervision of P. Rocque, P. Eng. Totals may not add exactly due to rounding Notes CIMM definitions (2014) were followed in the calculation of Mineral Resource Mineral Resources are reported Exclusive of Mineral Reserves Mineral Resource estimates were prepared under the supervision of D. Cater, P. Geo. Vice President Exploration Canada Mineral Resources are estimated using a long-term gold price of US$1,200/oz (C$1,500/oz) Mineral Resources were estimated using a 8.57 g/t cut-off grade for Macassa Totals may not add up due to rounding

33 MACASSA: DELIVERABLES AND BENEFITS FOR SHAREHOLDERS Expand resources and reserves along the Amalgamated Break corridor to the east and down plunge of the current South Mine Complex Increase mine life to align with long term opportunity to build a new shaft #4 The New Macassa 3-5 year plan: Lower unit operating costs Fill the mill 50% available capacity Goal: Significantly increased annual gold production; and transform Macassa to become not only one of the highest grade gold mines, but also one of the lowest cost underground gold mines in the world 33

34 KL NORTH HOLT COMPLEX HWY 101 EXPLORATION LAND PACKAGE HOLT SHAFT HOLLOWAY SHAFTS TAYLOR SHAFT AND PORTAL 34

35 KL NORTH EXPLORATION OVERVIEW 2016 EXPLORATION DRILLING (205,500 FEET) Surface Drilling Underground Drilling 2017 EXPLORATION DRILLING (294,800 FEET) Surface Drilling Underground Drilling 58,900 91, , , L I N E K M F O R A I R B O R N E G EO P H Y S I C S 235, , L I N E K M F O R A I R B O R N E G EO P H Y S I C S KEY OBJECTIVES 5 Rigs at KL North Taylor evaluating strike and depth extensions of the mineralized zones Rover Drill to follow-up on VTEM targets 2017 Discovery Program 35

36 TAYLOR, HOLT, HOLLOWAY OPPORTUNITY 120km Holt, Taylor HOLT MINE COMPLEX (Producing Assets) 2017 DRILLING TARGETS Ludgate, Aquarius, Hislop Exploration Targets with existing resources TAYLOR, HOLT 4-5 DRILL RIGS Garrison Creek Exploration Target 120km strike of contiguous land straddling the Porcupine-Destor Fault Zone

37 HOLT / HOLLOWAY GEOLOGY

38 HOLT / HOLLOWAY DEPOSIT PLAN VIEW WITH 2016 DRILLING

39 GEOLOGICAL CROSS-SECTION (view looking West) Porcupine Destor Fault

40 HOLT MINE LONGITUDINAL VIEW SHOWING TARGETS Long section view looking north Tousignant Deposit Surface Mattawasaga Pits TOUSIGNANT TARGET ZONE 4 TARGET 435m Level Zone 7 Target Zone 7 Zone 4 925m Level Zone 6 Zone 4 West Extension 1075m Level Current drift development 3 km 2 km 1 km 500 m 0 1 km 1.5 km 2017 Exploration Targets Ongoing drilling from underground testing the easterly extension of Zone 4 from the 850m Level On the 435m Level, drilling will test the westerly extension of Zone 7 Surface drilling is underway to test the Tousignant Deposit along strike to the west 40

41 HOLT / HOLLOWAY AREA EXPLORATION OBJECTIVES ADJACENT TARGETS BASED ON GEOPHYSICS TMI (2016) VTEM Conductance (2016) 2017 Exploration Targets Target Zones adjacent to Holt & Holloway property ( Harker West / Newmex / Tbone) incorporating recent geophysical survey results. A rover drill will conduct reconnaissance drilling on new targets as generated by the large 2016 VTEM survey 41

42 HOLT: 2017 EXPLORATION BUDGET DRILLS BUDGETED METRES COST US$ MILLIONS TARGETS Surface Drilling ( 2 Rigs) 36,500 $2.5 Tousignant / District Highlights 36.5 km surface diamond drill budget designed to test the known extensions of Holt style of mineralization along strike and at depth on proven gold bearing structures. The Ghostmount Fault / Tousignant West extension The McKenna Fault / Cascade horizon Several other highly prospective District targets 42

43 HOLT / HOLLOWAY AREA EXPLORATION OBJECTIVES HARKER WEST OSISKO Plan View Garrison, Harker & Holloway Township Mineralized Trend along the PDF KL Gold Land Holdings KL Gold Property Along Strike Neighbouring Areas of Interest 2017 Exploration Targets Harker West- Targeting the Porcupine Destor Fault along strike to the west Approximately 11km of untested strike length of the Porcupine Destor Fault which has million ounce deposits on either end drilling will include follow up on historical drill intercepts and the 2016 Lightval drilling 4.83g/t over m and 6.22 g/t over 2.4m as well as numerous historic drillhole intersections.

44 TAYLOR MINE 44

45 TAYLOR DEPOSITS 45

46 TAYLOR RECENT EXPLORATION RESULTS 46

47 TAYLOR EAST OF SHAFT DEPOSIT 47

48 TAYLOR 2017 EXPLORATION 48

49 Macassa And KL North 2016 Reserve & Resource Estimates Resources are exclusive of Reserves Tonnes (000 s) PROVEN PROBABLE PROVEN & PROBABLE Gold Grade (g/t ) Gold Ounces (000 s) Tonnes (000 s) Gold Grade (g/t ) Gold Ounces (000 s) Tonnes (000 s) Gold Grade (g/t ) Macassa , ,680 3, ,010 Taylor Holt 1, , , Holloway Hislop Total Canadian Assets 2, , ,220 7, ,750 Tonnes (000 s) MEASURED INDICATED MEASURED & INDICATED INFERRED Gold Grade (g/t) Gold Ounces Tonnes (000 s) Gold Grade (g/t) Gold Ounces Tonnes (000 s) Notes CIM definitions (2014) were followed in the calculation of Mineral Reserves Mineral 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. Mineral Reserves estimates for the Canadian Assets were prepared under the supervision of P. Rocque, P. Eng. Totals may not add exactly due to rounding Notes CIM definitions (2014) were followed in the calculation of Mineral Resource Mineral Resources are reported Exclusive of Mineral Reserves Mineral Resource estimates were prepared under the supervision of D. Cater, P. Geo. Vice President Exploration Canada Canadian Assets consist of Macassa, Holt, Taylor, Holloway, Canamax, Ludgate, Hislop, Aquarius Mineral Resources are estimated using a long-term gold price of US$1,200/oz (C$1,500/oz) 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 Aquarius Totals may not add up due to rounding Gold Grade (g/t) Gold Ounces Tonnes (000 s) Gold Grade (g/t) Gold Ounces (000 s) Macassa , , ,320 1, Taylor , , , Holt 3, , , , ,320 Holloway , , , Hislop , , Aquarius , , Canamax Ludgate , Total Canadian Assets 5, ,120 32, ,040 37, ,160 17, ,300 Gold Ounces

50 TSX: KL OTCQX: KLGDF Q&A 50