Lake Shore Gold Corp.pTSX & NYSE MKT : LSG

www.lsgold.com

Poised for Valuation Break-Out49 North Resource ConferenceDecember 13, 2012

Information included in this presentation relating to the Company's expected production levels, production growth, costs, cash flows, economict l ti ti iti t ti l f i i j t dit d b i l "f d l ki t t t "

Forward Looking Statements 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 underthe United States Private Securities Litigation Reform Act of 1995 and are referred to herein as "forward-looking statements." The Company does notintend, and does not assume any obligation, to update these forward-looking statements. These forward-looking statements represent management's bestjudgment based on current facts and assumptions that management considers reasonable, including that operating and capital plans will not be disruptedby 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 actualthat there are no material unanticipated variations in budgeted costs, that contractors will complete projects according to schedule, and that actualmineralization on properties will be consistent with models and will not be less than identified mineral reserves. The Company makes no representation thatreasonable business people in possession of the same information would reach the same conclusions. Forward-looking statements involve known andunknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially differentfrom any future results, performance or achievements expressed or implied by the forward-looking statements. In particular, delays in development ormining and fluctuations in the price of gold or in currency markets could prevent the Company from achieving its targets. Readers should not place unduereliance on forward-looking statements. More information about risks and uncertainties affecting the Company and its business is available in theCompany's most recent Annual Information Form and other regulatory filings with the Canadian Securities Administrators, which are posted on sedar atwww.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 CONTROLLake 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 samplesconsisting 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 arechecked to be within acceptable limits prior to being accepted into the GEMS SQL database. Routine assays have been completed using a standard firep p g p y p gassay 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 theTimmins mine and Thunder Creek underground project, the remaining pulp is taken and fire assayed with a gravimetric finish. Select zones with visible goldare 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. Theremaining 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 Lablocated in Timmins, Ontario, and the pulps shipped to ALS Chemex Assay Laboratory in Vancouver, B.C. ALS Chemex is an ISO 9001-2000 registeredlaboratory preparing for ISO 17025 certification.

QUALIFIED PERSONThe 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 Mi d t ll i i C ti A QP M S G C i k K h d K i h d i d th ti f

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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.

LSG: Poised for Valuation Break-OutExcellent progress in 2012 – stage set for outperformance

Significant development and expansion work completed On track to achieve production targetsOn track to achieve production targets

Positioned for rapid growth in 2013 & 2014(1)

Exiting 2012 with 25% increase (to 2,500 tpd) in production rate g ( p ) pFurther increase planned for Q2/13 to 3,000 tpdUnderpins @ 50% production growth in 2013, further growth planned in 20142014

Strong financial positionCash position of $55-$60M exiting 2012(1)p gSignificant reduction in capital spending going forwardPositive free cash flow from operations in 2013

3(1) Examples of forward-looking information

Excellent exploration upside

LSG: Poised for Valuation Break-OutLake Shore Gold (TSX, NYSE MKT: LSG)Shares outstanding (basic) 415,700,000Share price (Dec. 10, 2012) $0.71p ( )Market capitalization $295,000,00052 week High/Low $1.73/$0.633M average volume (shares on TSX/NYSE MKT) 2 034 0003M average volume (shares on TSX/NYSE MKT) 2,034,000

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LSG – 3 Multi-Million Ounce Gold Complexes

Bell Creek ComplexBell Creek Mill

Destor-Porcupine Fault

Pipestone Fault

City of Timmins

Timmins West Complex

Fenn-GibTimmins West Mine

Timmins Gold Camp: >70M ozs produced Timmins

Main drivers of near-term growth

Large resource base – 3.4M ozs M&I, 3.7M ozs InferredTimmins West Complex

Timmins West Complex – Total resources of 1.2M ozs M&I, 1.8M ozs Inferred

Main drivers of near-term growth

Total resources of 1.2M ozs M&I, 1.8M ozs Inferred– Timmins West Mine in production, 144/GRT attractive exploration targets Bell Creek Complex– Resources: 0.8M ozs M&I, 1.1M ozs Inferred– North A Deep Zone key target, other properties provide upside– Bell Creek Mill – operating at 2,500 tpd capacityFenn-Gib

Large open pit project with significant exploration upside

5(1) Examples of Forward Looking Statements.

– Large open-pit project with significant exploration upside– Resources: 1.3M ozs Indicated, 0.8M ozs Inferred

LSG – Large Resource Base

Measured & Indicated(1) Tonnes Au Grade (g/t) Contained Ounces

Probable Reserves Tonnes Au Grade (g/t) Contained OuncesTimmins West Mine 4,922,000 5.21 823,800

Timmins West Mine 5,826,000 5.99 1,122,500

Gold River 690,000 5.29 117,400

Bell Creek Mine 4,249,000 4.73 646,400

Vogel 2,219,000 1.75(2) 125,000

Marlhill 395,000 4.52 57,400

Fenn Gib 40,800,000 0.99(2) 1,300,000

T t lTotal 3,368,700Inferred Tonnes Au Grade (g/t) Contained Ounces

Timmins West Mine 4,272,000 5.76 791,500

Gold River 5 273 000 6 06 1 027 800Gold River 5,273,000 6.06 1,027,800

Bell Creek Mine 6,088,506 4.87 953,800

Vogel 1,459,000 3.60(3) 168,800

Fenn-Gib 24,500,000 0.95(2) 750,000

6

e G b ,500,000 0 95 50,000

Total 3,691,900(1) Resources are inclusive of reserves (2) Open-pit resources (3) Combination of underground and open-pit resources

O t k t d 85 000 ld(1)

LSG – Strong Operating Performance in 2012On track to produce over 85,000 ounces gold(1)

Development program well advanced700 000 ounces of resources to be accessed at TWM at year end(1)700,000 ounces of resources to be accessed at TWM at year end(1)

Development to 610 Level at Bell Creek to support deep U/G drilling

Extensive U/G diamond drilling program, 106,000 m to dateExtensive U/G diamond drilling program, 106,000 m to date in 2012

Focus on resource conversion and delineationSi ifi t hi dSignificant success achieved

Increased mill capacity & mine throughput 25% to 2,500 tpd

Eff ti l d it l d ti tEffectively managed capital and operating costsCapex budget reduced from $193M to $175MOperating cost per tonne YTD of $112, below budgeted levels ($105

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Operating cost per tonne YTD of $112, below budgeted levels ($105 in Q3/12)

(1) Examples of forward-looking information

Timmins West Complex 130 km2 land position western extension of Timmins Gold Camp130 km2 land position, western extension of Timmins Gold Camp

Hoyle Pond

Pipestone Fault Bell Creek Complex

DomeDome

Hollinger McIntyre

Destor Porcupine Fault

Fenn-Gib

Pamour

Timmins

Timmins West Complex

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Timmins West Mine – 18Kms West of Timmins Key Facts:Key Facts:• Reserves: 823,800 ozs (4.9M tonnes & 5.21 gpt)• Resources: 1.1M ozs Indicated(1), 0.8M ozs Inferred• Production: 45,155 ozs produced in 9M/12• Infrastructure: 710 m 5 5 m diameter shaft hoist surface• Infrastructure: 710 m, 5.5 m diameter shaft, hoist, surface ramp, two 800m drifts to Thunder Creek

• 285 employees (85 surface, 200 U/G)

(1) Resources inclusive of reserves. 9

Timmins West MineTimmins West MineTimmins Deposit

Thunder Creek200 LevelDevelopment to access 700 000 ozs 200 Level

300 Level

access 700,000 ozsof resource by end of 2012(1)

B end of 2013(1)

650 L l

By end of 2013(1)

Development of Thunder Creek (L i ) 650 Level

2012 Work2012 Work 2012 Work 2012 Work

(Lower mine) completed

Timmins Deposit 2012 Work 2012 Work Program*Program* Program*Program*Development

completed to 900M Level

Existing Development2012 Plan Work

Legend

2013 Plan WorkFuture Plan Work

(1) Examples of Forward Looking Statements.

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AABB

Timmins West Mine – Expanding Orebodies

200 Level200 Level

3300 Level00 Level

TW ShaftTW Shaft RampRamp AABB

Rusk ShearRusk Shear

Thunder CreekThunder CreekStockStock

Rusk ZonesRusk Zones Bristol FaultFault

StockStock650 Level650 Level730 Level730 Level

HolmerShear ZoneMaficvolcanics

AA

Porphyry ZonesPorphyry Zones

r Zon

e

Timmins Mine deposit

D3 shear zone

Syenite, monzonite

Pyroxenite(AIC)

Turbidites,felsic volcanic

volcanicsUM ComplexUM Complex

BB

New  results outside current resource at 750Lv:750‐005: 7.5gpt/21.0m750‐006: 7.3gpt/17.1m

50m west extension to Rusk zone at 765 Lv15.8gpt/5.8m

“Greenstone Nose”“Greenstone Nose”

Rusk

She

ar

Thunder Creek Rusk

0 400meters

East-westShear Zone

750 006: 7.3gpt/17.1m650‐223: 10.3gpt/39.5m

incl 58.0gpt /3.0m        

gp /10.5gpt/ 3.4m6.8gpt/5.7m

11**Selected drill results, Not true widths

Bell Creek Complex 32 km2 land position includes Bell Creek Mine and Mill and multiple32 km2 land position, includes Bell Creek Mine and Mill and multiple other exploration targets

Hoyle Pond

Pipestone Fault Bell Creek Complex

DomeDome

Hollinger McIntyre

Destor Porcupine Fault

Fenn-Gib

Pamour

Timmins

Timmins West Complex

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Bell Creek Mill – 20Kms of East of Timmins Mined out

areas

Shaft

Key Facts:Key Facts:Resources:0.6M ozs Indicated, 1.0M ozs Inferred16,892 ozs produced 9M/12Significant development & drilling toSignificant development & drilling to evaluate North A Deep ZoneInfrastructure: mill, tailings, 300 m shaft (non-producing), surface decline to 595 m vent raises drill drifts

(1) Examples of Forward Looking Statements 13

to 595 m, vent raises, drill driftsEmployees: 95 (70 U/G, 25 surface)

Mill – 25% Increase in Capacity CompletedSAG Mill Building

New CIL TanksCrusher

New ThickenerTruck Dump 6,000 tonne

Ore bin

Exceptional operational & metallurgical performanceAverage throughput: 2,108 tpd (Q3/12), recoveries: 97.1% (Q3/12)

fFirst phase of expansion complete: New capacity 2,500 tpd

Next phase to 3,000 tpd – Targeted completion Q2/13(1)

14(1) Examples of Forward Looking Statements.

LSG: Set for Rapid Growth in 2013 & 2014

Targeting @ 50% production growth in 2013(1)

Production to reach >150,000 ozs by 2014(1)

Development work largely completed at Timmins West Mine by end of 2013(1)

Thunder Creek lower mine fully developedThunder Creek lower mine fully developedTimmins Deposit developed to 900M Level

Phase 2 of mill expansion to be completed in Q2/13 – 3,000 p p Q ,tpd capacity 50% higher than pre-expansion level(1)

Cash costs to improve in 2013 and reach <US$700/oz in 2014 (incl. royalties)(1)

Bell Creek, Gold River Trend and Fenn-Gib provide potential f t re gro th be ond 2014

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future growth beyond 2014

(1) Examples of forward-looking information

Targeting Rapid Production Growth

160 000

3.7Ounces

Estimated Production Ranges(1)(2)

Denotes range

120,000

140,000

160,000

80,000

100,000

120,000

>85,000

40,000

60,000

,

0

20,000

2012 2013 2014 2015 2016

16(1) Examples of Forward Looking Statement(2) Bell Creek, Gold River Trend and Fenn-Gib provide further potential growth after 2014

Bringing Costs Down – Cash Costs

Cash cost per tonne better than planned levels$105 in Q3/12$112 in 9M/12$112 in 9M/12

Cash costs per ounce US$970 in 9M/12(1)

Costs reflect average grades (impact of significant developmentCosts reflect average grades (impact of significant development material processed, deferral of high-grade stopes for further drilling)

Cash costs to reach <US$700/oz. by 2014(2)$ yHigher throughput levels – 3,000 tpdCompletion of capital program (leverage to infrastructure)Higher grades due to greater flexibility and better understanding of orebodies

17(1) Before royalties(2) Examples of forward-looking information

LSG: Strong Financial Position

Well financed – no additional outside sources of capital required

Expected to end 2012 with $55-$60 million in cash(1)

Capital spending in 2012 reduced from $193M to $175M

Capital spending in 2013 to drop @ 50% from 2012, with further 50% reduction expected in 2014(1)

Positive free cash flow from operations in 2013, with strong growth in 2014(1)

18(1) Examples of forward-looking information

Strong Financial Position – At Year End 2012 S f C h $ illiSources 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 143.0q y

Uses of Cash (Estimates for Q4/12)(1) $ millions Estimated project spending 42.0E l ti 1 5Exploration 1.5Corporate G&A 3.5Financing costs 1.6T t l f h 48 6Total uses of cash 48.6

Positive Free Cash Flow from Operations Beginning in 2013

(1) Examples of forward-looking information19

2013

Strong Exploration Upside – Timmins West Gold River Trend Tonnes Grade Timmins West Mine Tonnes Grade

Resources (Millions) (gpt) Ounces

Indicated 0.69 5.29 117,400

Inferred 5.27 6.06 1,027,800

Resources (Millions) (gpt) Ounces

Indicated 5.83 5.99 1,122,500

Inferred 4.27 5.76 791,500

Thunder Creek – 144 Trend6 kms

Timmins West Mine

Timmins DepositThunder Creek 144

Timmins West Mine

2 000 L

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2,000 Lv

UM and FW structures extended to 2,400 m

Strong Exploration Upside – Bell Creek Tonnes Grade

(M) (gpt) Ozs.

Bell Creek Mine

M&I 4.25 4.73 646,400

Inf. 6.09 4.87 953,800

Bell Creek MineMH

Bell Creek Mine Marlhill

,

Vogel

Ind. 2.22 1.75 125,000

Inf. 1.46 3.60 168,800

VG

VogelMarhill

Ind. 0.40 4.52 57,400

VGHoyle Pond

MineWMHoyle Pond

MineWetmore

MH – Marlhill ProjectKey Projects

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MH Marlhill ProjectVG – Vogel ProjectWM – Wetmore Project

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Strong Exploration Upside – Fenn-Gib Large-scale open-pit project 60kms from TimminsLarge-scale, open-pit project 60kms from Timmins

Hoyle Pond

Pipestone Fault Bell Creek Complex

DomeDome

Hollinger McIntyre

Destor Porcupine Fault

Fenn-Gib

Pamour

Timmins

Timmins West Complex

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Fenn-Gib – Strong Growth Potential

1:5,000

Fenn-GibResources

Tonnes(Millions)

Grade(gpt) Ounces

Indicated 40 8 0 99 1 300 000

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Indicated 40.8 0.99 1,300,000

Inferred 24.5 0.95 750,000

Strong operating performance in 2012

LSG: Well Positioned for Value Creation Strong operating performance in 2012

On track to achieve production and development targets(1)

Mill expanded by 25% to 2,500 tpdEffectively managed capital and operating costsEffectively managed capital and operating costs

Poised for rapid growth in 2013 & 2014(1)

Targeting @ 50% production growth in 2013, >150,000 ozs by 2014 Mill to reach 3,000 tpd capacity in Q2/13Timmins West Mine development largely completed Cash costs to reach <US$700/oz in 2014 (incl. royalties)

Strong financial position(1)

Well financed – no outside capital required Disciplined approach to capital deploymentDisciplined approach to capital deploymentFree cash flow from operations starting in 2013

Excellent potential for future growth from projects and attractive exploration properties strong exploration upside

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attractive exploration properties – strong exploration upside

(1) Examples of forward-looking information