Third Quarter 2012

1. Lake Shore Gold Corp.
Third Quarter 2012
Conference Call & Webcast TSX & NYSE MKT : LSG
November 8, 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. Q3/12 Results – Significant Progress
 Q3/12 a strong quarter in many areas
 Record mine and mill throughput
 Low per tonne cash operating costs
 Excellent progress with mine development and mill expansion
 Capital spending in line despite external cost pressures
 Exploration success – expanding high-grade mineralization at
Timmins Deposit and Thunder Creek, confirming potential of North A
Deep Zone at Bell Creek
 Positioned for strong Q4/12 results and sharp increase in
production in 2013
(1) Examples of forward-looking information
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4. Keys to Higher Share Price
 Report strong Q4/12 – Over 85,000 ounces Au in 2012
 Average grade (quarter to date): >4.0gpt
 Current throughput: 2,300 tpd
 (Throughput to reach 2,500 tpd by late November(1))
 Remain on track to achieve production ramp to >150,000 ozs
by 2014 at cash costs under US$700/oz (incl. royalties)(1)
 Strong growth expected in 2013 and again in 2014(1)
 Mill to reach 3,000 tpd during Q2/13(1)
 Advance projects and realize exploration upside
 Current drilling focused on expanding Timmins West Mine and
advancing other projects/properties
 Maintain strong balance sheet
 $76 million of cash and bullion (November 6, 2012)
 Manage expenditures in relation to cash and capital resources
(1) Examples of forward-looking information
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5. LSG – 2012 YTD Financial Highlights
Q3/12 9 Months
Commercial gold sales (ozs) 20,450 59,802(1)
Average price (US$/oz) $1,665 $1,649
Commercial gold sales ($M) $33.7 $99.0
Cash earnings from ops ($M) $13.2 $26.3
Capital expenditures $39.5 $131.8
 Cash earnings from operations increased 45% from
Q3/11, 9M cash earnings up 71% from 2011 level
 2012 capital expenditures tracking to target of $170-
$175M(2)
(1) Total gold sales in 9M/12 of 63,839 ozs
(2) Example of forward looking information 5

6. Strong Cash Position at Year-End 2012
Sources of Cash $ millions
Cash and bullion inventory (Sept. 30, 2012) 90.0
Q4/12 operating cash flow(1) 18.0
Total sources of cash (to end of 2012) 108.0
Additional liquidity (standby line) 35.0
Total liquidity at end of 2012 143.0
Uses of Cash (Estimates for Q4/12)(1) $ millions
Estimated project spending 42.0
Exploration 1.5
Corporate G&A 3.5
Financing costs 1.6
Total uses of cash 48.6
(1) Examples of forward-looking information
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7. LSG – 2012 YTD Operating Highlights
Q3/12 9 Months
2012 Target
Gold poured 20,665 61,143 Over 85,000 ozs
Total tonnes 193,999 537,723 Record mill
performance in Q3,
Average grade 3.5 3.7 2,108 tpd, 97.1%
recoveries
Total production(1) 20,939 62,048
Grade reflected
Cash costs produced deferral of high-grade
105 112 stopes
(C$/tonne)
Cash cost per tonne
Cash costs produced $985 $970 better than expected,
(US$/oz)(2) Per ounce cash costs
reflect lower grades
(1) Q3/12 includes 16,054 ozs (146,958 tonnes @ 3.5 gpt) from Timmins Mine and
4,884 ozs (46,041 tonnes @ 3.3 gpt) from Bell Creek
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(2) Before royalties of $31 and $27 per ounce for Q3 and 9M/12, respectively

8. Timmins West Mine Timmins Deposit Thunder Creek
Timmins Deposit Thunder Creek
9M/12 Work Program
200 Level
 Total of 6,820 m of
capital development
completed YTD 300 Level
 60% of development at
Thunder Creek –
focused on ramping
above and below 730L,
excavation of
infrastructure & raise 650 Level
development 2012 Work 2012 Work
Program*
 Timmins Deposit 730 Level Program*
development focused
on ramping to 750L,
connecting ramp to
shaft bottom,
establishing
infrastructure
on 670L, Conceptual view - full development
690L, 710L of current resources
and 730L
*Examples of Forward Looking Statements.
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9. Timmins West Mine – YTD 2012 Drilling
 85,000 metres of infill & delineation drilling
650 DDr.
completed YTD
 47,000 m at Timmins Deposit upgrading
resources from 650L to 800L and drilling to 730 DDr.
7.5m centres between 710 L and 730L 750 DDr.
 38,000 m at Thunder Creek focused on
upgrading resources from 600L to 800L
and drilling to 15m centres in near-term
Timmins Deposit
blocks between 695L and 765L
 Drilling at both Timmins
Deposit and Thunder Creek
intersecting high-grade 680 DDr.
710 DDr.
mineralization outside
existing resource
715 DDr.
Kilt Zone
765 DDr.
Thunder Creek
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10. TWM – Timmins Deposit – By End of 2012
 Timmins Deposit Timmins Deposit
 Complete ramp development to
connect Lower Timmins Deposit from
470L to 790L
 Two stoping blocks in UM Complex
between 650L and 730L completed,
two additional blocks pending
 Remainder of stoping in UM1 Zone
between 545L and 585L completed
 Complete mining of Main Zone from
the Upper Mine
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11. TWM – Thunder Creek – By End of 2012
Thunder Creek
 Thunder Creek
 Connect ramp in
Lower mine from 660L
to 765L
 Develop ramp in
Upper TC to the 395L
 Complete 2 stopes
from Upper TC & 4
stopes from Lower TC
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12. TWM – Grades Reconciling Well
43‐101 BLOCK MODEL GEOTRACKER (MUCKS) MILL PROCESSED
Zone Mining Levels Tonnes Grade oz Tonnes Grade oz Tonnes Grade 0z
Total FW 525_480 Block model 109,436 2.28 8,039 104,620 2.43 8,187 117,131 2.48 9,326
Total UM1 650_565 Block model 295,188 6.08 57,720 307,233 6.56 64,821 309,673 6.05 60,217
Total UM1a 650_630 Block Model 31,488 4.57 4,628 23,210 5.76 4,295 30,726 4.60 4,543
Total UM2 650_610 Block Model 53,866 3.22 5,578 44,158 4.10 5,820 50,159 3.76 6,060
Total 489,978 4.82 75,965 479,221 5.40 83,124 507,688 4.91 80,146
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13. Shaft
Shaft
Mined out
Bell Creek Mine areas
 1,231m of development
completed - North A Deep ramp
reached 595L (total vertical Recent
mining
advance of 95m) 610mL
625mL
 610L exploration drift collared Drilling target
from 535mL
775mL
by end of Q3/12 Drilling target
from 610mL
 Development for upper stope 1000mL
complexes continued (NA Deep
North A
and North A East) “Deep”
 21,000 m of drilling completed,
mainly focused on NA Deep and
associated FW and HW
structures
 By year end, complete 610L drill
drift, commence mining upper
NA Deep, North B & NA East
(285L-300L), develop
escapeway 490L to 385L
(1) Examples of Forward Looking Statements.
(1) Examples of Forward Looking Statements
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14. Timmins West Mine – 3D Model Looking West
B TW Shaft Ramp A
200 Level
Rusk Shear
300 Level
Rusk Zones Bristol Fault
Thunder Creek
New results outside
Stock
730 Level 650 Level current resource at 750Lv:
Porphyry Zones 750‐005: 7.5gpt/21.0m
A Holme
Sh
750‐006: 7.3gpt/17.1m
ear r
Zo
ne 650‐223: 10.3gpt/39.5m
Mafic
volcanics incl 58.0gpt /3.0m
Timmins Mine
Turbidites,
felsic volcanic deposit 50m west extension to Rusk
Pyroxenite
(AIC) zone at 765 Lv
Syenite,
monzonite 15.8gpt/5.8m
B 10.5gpt/ 3.4m
e
D3 shear zone
on
rZ
6.8gpt/5.7m
ea
0 400
Sh
meters
UM Complex
sk
Thunder Creek
Ru
Rusk
East-west “Greenstone Nose”
Shear Zone
**Selected drill results, Not true widths
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15. Timmins Deposit – UM & FW Zones
150m wide
Schematic Section
Deformation Corridor
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16. Thunder Creek – Schematic Section
200m wide
Corridor
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17. Bell Creek – YTD Delineation Drilling Campaign
535 mL
BC535-669
635 mL
BC535-670
‐669, NA_D 7.37/5.8m
Hole BC535
‐670, NA_D
Hole BC535 7.30/6.0m BC535-671
‐671, NA_D 10.59/4.5m
Hole BC535 Bell Creek Cross Section
‐672, NA_D
Hole BC535 3.06/11.5m Section 5800 E +/- 7 m
Looking West- North A
‐673, NA_D
Hole BC535 6.93/9.2m BC535-672 2012 YTD Drilling
BC535-673
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18. Recent exploration focused on Timmins West Complex
refinement of geological models, investigation of new prospects
Thunder Creek – 144 Trend
Thunder Timmins
144
Creek Mine
2,000 Lv
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19. Highway 144 Project
New 10,000 meter drill program Ongoing
• Targeting continuation of Thunder Creek structure to
the SW along volcanic – sedimentary contact
Thunder Creek • 5 holes (4,000m) completed in Q3 and 9 holes
(7,500m) to date. 5 in the “Gap” and 4 in the SW
extension. “Gap” holes are widely spaced and targeting
the 650 Lv. SW extension holes are targeting Hwy‐11‐
28 area between 275 and 600m.
• Results pending but observations to date indicate
general shallowing of mafic‐sediment contact , multiple
lenses of syenite, strong local alteration and quartz
144 North
veins.
Drill core from Thunder Creek and 144 Projects
TC07‐36: 63 gpt/0.60m
144 South
HWY‐11‐11 16.60 gpt/0.50m 19

20. 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 20

21. Timmins West Complex – Gold River Trend
Gold River Trend Resources
Tonnes Grade Ounces
(millions) (gpt)
Indicated 0.69 5.29 117,400
Inferred 5.27 6.06 1,027,800
Open
800 Lv
10.46gpt/9.0m
5.52gpt/5.4m
18.48gpt/4.0m
8.71gpt/1.0m
8.44 gpt/1.0m
1.03 gpt 118m
incl 2.56 gpt /19m
Open Open
2,000 Lv
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22. Fenn-Gib – Expanding in All Directions, New
Targets Identified
Current
Resource Pit
New Pit
Outline
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23. Mill Expansion – Increasing Capacity by 50%
Crusher 6,000 tonne
Ore bin SAG Mill Building
Truck Dump
New CIL Tanks
New Thickener
 Mill operating very well: 2,108 tpd, recoveries 97.1% (Q3/12)
 First shutdown completed in October: Current throughput 2,300 tpd
 2nd shutdown to increase throughput to 2,500 tpd in late Nov., capacity to
grow to 3,000 tpd during Q2/13
 Total budget of approx. $100M (Spend to Sept 30/12: $75.8M)
 Further expansion contemplated to 5,500 tpd(1)
(1) Examples of Forward Looking Statements.
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28. To Create Value, LSG Is Focused On(1) …..
 Delivering strong Q4/12 results – Over 85,000 ozs for full-year
2012
 Remaining on track to achieve near-term priorities
 Strong production growth in 2013
 >150,000 ozs by 2014 with cash costs below US$700/oz (including
royalties)
 Advancing projects and realizing exploration upside
 Continue drilling to grow Timmins West Mine and advance other
projects/properties
 Maintaining strong balance sheet
TSX, NYSE MKT: LSG
(1) Examples of Forward Looking Statements.
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