Annual & Special meeting

1. Lake Shore Gold Corp.
TSX & NYSE MKT : LSG
www.lsgold.com
Annual General and
Special Meeting
May 15, 2013

2. 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

3. Sharp Correction in Gold, Gold Equities
3
-60%
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
LSG Spot gold S&P/TSX Global Gold

4. 4
 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

5. 5
 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
(1) Examples of forward-looking information
Strategy Focused on Value & Cash Flow
LSG’s Strategy:
Deliver value by generating net free cash flow

6.  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
6
Key Assets Provide Solid Foundation(1)
(1) Examples of forward-looking information

7. 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

8. 8
Thunder Creek
Stock
650 Level
200 Level
300 Level
730 Level
TW Shaft Ramp
RuskShearZone
Holmer
Shear Zone
Thunder Creek
Rusk
Timmins Mine
deposit
0 400
meters
East-west
Shear Zone
D3 shear zone
Syenite,
monzonite
Pyroxenite
(AIC)
Turbidites,
felsic volcanic
Mafic
volcanics
AB
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

9. 9
Timmins West Mine

10. 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
(1) Examples of Forward Looking Statements
Potential
shaft
extension
Shaft

11. 11
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

12. Bell Creek Mill – New Crushing/Grinding Circuit
12

13. 13
Bell Creek Mill – Solution Circuit & Refinery

14. 14
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 potentialEstimate (low end)
(1) Examples of Forward Looking Statements
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

15.  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
15
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

16. 16(1) Examples of forward-looking information
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