Second Quarter 2012

1. Lake Shore Gold Corp.
Second Quarter 2012
Conference Call & Webcast TSX & NYSE MKT : LSG
August 10, 2012 www.lsgold.com

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
The Company’s Qualified Persons (“QPs”) (as defined in National Instrument 43-101, “Standards of Disclosure for Mineral Projects”) for diamond drilling
projects at the Timmins deposit surface; Thunder Creek, Gold River Trend and 144 properties; Bell Creek Mine; and Casa Berardi optioned property are
Jacques Samson, P.Geo., Stephen Conquer, P.Geo, and Keith Green, respectively. Dean Crick, P.Geo. is the QP for the Timmins deposit and Thunder
Creek underground drilling projects, and Bob Kusins, P.Geo., is the QP for resource estimation at all of the Company’s properties. As QPs, Messrs.
Samson, Conquer, Green, Crick and Kusins have prepared or supervised the preparation of the scientific or technical information for their respective
properties as provided in this presentation. Messrs., Samson, Conquer, Kusins, Crick and Green are employees of the Company.
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3. Strong Second Quarter 2012 Results
 Performed well against targets in Q2/12
Actual
Gold produced (ozs) 24,426
Cash costs (US$/oz)* $849
 Three consecutive quarters of meeting or exceeding targets
 Significant progress with development program
 Key to realizing full potential of assets
 Effective balance sheet management – Finalized $70M Sprott
credit facility, reduced 2012 capex budget by $15.0 to $20.0
million
(1) Cash costs based on ounces produced 3

4. LSG – 2012 YTD Operating Highlights
Q2/12 6 Months
Gold poured 24,298 40,479 2012 Target
85,000-100,000
Total tonnes 183,215 343,724
ozs
Average grade 4.30 3.87
Total production 24,426 41,106
Cash costs produced 2012 Target
$849 $949 $825-$875/oz
(US$/oz)
 Sharp pick up in tonnes and grade drives strong
production growth – 46% from Q1/12 and 39%
from Q2/11
4

5. LSG – 2012 YTD Financial Highlights
Q2/12 6 Months
Commercial gold sales (ozs) 24,915 39,352(1)
Average price (US$/oz) $1,605 $1,641
Gold sales ($M) $40.7 $72.0
Commercial gold sales ($M) $40.7 $65.3
Cash earnings from ops ($M) $16.8 $26.3
Capital expenditures $48.8 $92.3
 Cash earnings from operations increased 79% from
Q1/12 and >500% from Q2/11
 Reduced capital budget by $15 to $20 million – 2012
capital costs now estimated at $170-$175M(2)
(1) Total gold sales in H1/12 of 43,389 ozs
(2) Example of forward looking information 5

6. Funded to Achieve Development Plans(1)
Sources of Cash $ millions
Cash and bullion inventory (June 30, 2012) 33.3
Gold Loan (Received July 16, 2012) 35.0
Standby Line (Available Nov. 1/12) 35.0
H2/12 Operating Cash Flow(2) 37.5
Total sources of cash 140.8
Uses of Cash (Estimates for H2/12) $ millions
Development of Timmins West Mine 50.0
Phased mill expansion and other improvements 16.0
Advancement of Bell Creek Mine 8.5
Exploration 3.5
Corporate G&A 6.0
Financing costs 2.5
Total uses of cash 86.5
(1) Examples of forward-looking information
(2) Assumptions include 50,000 ozs Au sold in the 2H’12 at US$875oz cash cost (plus royalties),
US$1,650/oz gold price, C$/US$ exchange rate: $0.98 6

7. LSG – Effective Execution in Q2 & H1/12
 Q2/12 and H1/12 production tracked well against targets
 Processed 24,426 ozs in Q2/12 (183,215 t grading 4.30 gpt)
o Timmins Mine: 18,894 ozs (136,455 tonnes @ 4.44 gpt)
o Bell Creek: 5,532 ozs (46,760 tonnes @ 3.83 gpt)
 Improved grade reflects mining in higher-grade areas and greater
proportion of mill feed from stoping versus development in Q2/12
 Operating costs in line with expectations - $116/tonne YTD
 Excellent progress with development program (YTD)
o 5,186 metres of total capital development
o 64,875 metres of definition and delineation drilling
 Mill operating extremely well
o Throughput of 2,013 tpd in Q2 (exceeded capacity)
o Quarterly record for recoveries at 96.8%
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8. Timmins West Mine Timmins Deposit Thunder Creek
H1/12 Work Program Timmins Deposit Thunder Creek
200 Level
 Total of 4,300 m of
capital development
completed (60% at 300 Level
Thunder Creek)
 58,400 metres of U/G
drilling completed
 Major infrastructure
completed includes 650 Level
refuge stations, 2012 Work 2012 Work
accesses to Program* Program*
730 Level
ventilation raises,
escape ways and
passes
Conceptual view - full development
of current resources
*Examples of Forward Looking Statements.
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9. LSG – Timmins Deposit
565L
In H1/12
585L
 Sill development in UM
Zone below 650L 610L
 Established Shaft
infrastructure on 690L, 650L
670L, 730L & 710L
670L
 Targeting multiple
690L
mining horizons
710L
between 650L and
730L by year end(1) 730L
750L
790L
(1) Examples of Forward Looking Statements.
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10. LSG – Thunder Creek
In H1/12
 Work largely
focused on ramp
development from Thunder Creek
Lower Mine
730L up to 695L
and down to 765L
660L
 Large test stope
in Q2/12 from
695L
730L to 765L
 Targeting multiple
730L
mining horizons
between the 660L
and 800L by year 765L
end
800L
10

11. Shaft
Bell Creek Mine – H1/12 Mined out
areas
 723m of development
completed - North A Deep
ramp reached 565L (total Recent
mining
vertical advance of 67m)
 163m of development in North A
535L exploration drift “Deep”
completed – definition
drilling program in North A
Deep commenced
June/12
 Mining of upper North A
Deep and North B zones
completed Q2/12
(1) Examples of Forward Looking Statements.
(1) Examples of Forward Looking Statements
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12. Milling Facility – Record Recoveries
 183,215 tonnes processed in Q2/12 – 2,013 tpd
 Quarterly record for recoveries – 96.8%
 Expansion on track to reach 2,500 tpd in Q4/12, 3,000 tpd in 2013(1)
(1) Examples of Forward Looking Statements.
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13. Recent exploration focused on Timmins West Complex
refinement of geological models, investigation of new prospects
~ 10,000 m of drilling planned for Q3 and Q4
with focus on 144 Project
Thunder Creek – 144 Trend
Thunder Timmins
144
Creek Mine
2,000 Lv
13

14. TWM – Potential at Depth & Along TC-144 Trend
144 Thunder Creek Deposit Timmins Deposit
Main and FW Zones
Rusk Horizon
Ultramafic Fold Structure
Bristol Creek Fault
Porphyry Zone
Thunder Creek Stock
Along contact towards 144
Mafic-Sedimentary Contact
(Multiple Folds provide
exploration potential)
(1) Examples of Forward Looking Statements
14

15. Highway 144 Project
Confirming Expansion Potential at Thunder Creek
• Recent work by LSG includes 34 widely spaced
Thunder Creek holes focused on areas within 300m of surface
TC‐144 Gap Zone TC‐10‐85a
8.07 gpt /2.1m
• Results confirm minimum 3.5km extension of
structure with similar rock types, alteration and
better grades and widths of gold as Thunder Creek
at similar depths.
HWY‐11‐12
4.9 gpt / 5.4m • New drilling to focus on 1.5 km gap between
14.4 gpt /0.95m Thunder Creek and 144 as well as extension of
2.4 gpt /19.0m
structure to the southwest
144 N
Drill core from Thunder Creek and 144 Projects
TC07‐36: 63 gpt/0.60m
HWY‐11‐28
12.6 gpt / 1.3m
1.3 gpt /57.7m
Projected SW Inc 4.1gpt /7.6m
Extension
144 South
HWY‐11‐11 16.60 gpt/0.50m 15

16. SW Extension of 144 and TC‐144 Gap Targets
144SW 144 South Thunder Timmins
144 North TC‐144 Gap Creek Mine
Open 1.5km
1km Lv
Syenite Intrusives * View looking to west 16

17. New Thibeault and Red Porphyry Trends Identified at Gold
River
Allerston
Bristol shaft
Timmins West Mine
TC
DA 144 Red Porphyry
Gold River Trend
Thibeault
Wakemac
17

18. LSG – The Bottom Line
 LSG building track record of meeting targets
o Met/exceeded production targets in 3 consecutive quarters
o Effectively managing capital and operating costs
 Successfully developing mines and mill key to L/T value creation
o Establishing multiple mining horizons in order to achieve
production & cost estimates
o 2012 development program advancing well
o On track for strong production growth starting in 2013(1)
o Expanding mill to support growth – mill operating well
 Managing balance sheet for shareholders
o Completed Sprott credit facility
 Significant exploration upside
TSX, NYSE MKT: LSG
(1) Examples of Forward Looking Statements.
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