Young-Davidson Site Visit

Luc Guimond, General Manager December 10, 2012

FORWARD LOOKING STATEMENTS

Certain information included in this presentation constitutes forward-looking statements, including any information as to our projects, plans and future financial and operating performance. All statements, other than statements of historical fact, are forward-looking statements. The words “expect”, “believe”, “anticipate”, “will”, “intend”, “estimate”, “forecast”, “budget”, “schedule” and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to: changes to current estimates of mineral reserves and resources; fluctuations in the price of gold and silver; changes in foreign exchange rates (particularly the Canadian dollar, Mexican peso and U.S. dollar); the impact of inflation; changes in our credit rating; employee relations; litigation; disruptions affecting operations; availability of and increased costs associated with mining inputs and labor; development delays at the Young-Davidson mine; technical challenges associated with the construction of capital projects; operating or technical difficulties in connection with mining or development activities; inherent risks associated with mining and mineral processing; the risk that the Young-Davidson, El Chanate and Ocampo mines and may not perform as planned; the ability to complete the sale of Ocampo, Venus and the Los Jarros properties; the ability to complete a joint venture agreement on the Orion property; the ability to realize the perceived benefits from the acquisition of Capital Gold and Northgate and from the divestiture of the Stawell, Fosterville and El Cubo mines; uncertainty with the Company’s ability to secure capital to execute its business plans; the speculative nature of mineral exploration and development, including the risks of obtaining necessary licenses and permits; contests over title to properties; changes in national and local government legislation in Canada, Mexico and other jurisdictions in which the company does or may carry on business in the future; risk of loss due to sabotage and civil disturbances; the impact of global liquidity and credit availability and the values of assets and liabilities based on projected future cash flows; risks arising from holding derivative instruments; business opportunities that may be pursued by, the company; and the ability of the company to successfully integrate acquisitions. Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this presentation are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a discussion of some of the factors underlying forward-looking statements. The company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law. Cautionary Note to U.S. Investors Concerning Measured, Indicated and Inferred Resources This news release uses the terms "measured," "indicated " and "inferred” resources. We advise investors that while those terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted into mineral reserves. United States investors are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically or legally mineable. 2

0

5

10

15

20

Hol

linge

r

Dom

e

McI

ntyr

e

Ker

r Add

ison

Lake

shor

e

You

ng-D

avid

son

Wrig

ht H

argr

eave

s

Pam

our

Teck

Hug

hes

Mac

assa

Aun

or

Hoy

le P

ond

Hal

lnor

Syl

vani

te

Pre

ston

Upp

er C

anad

a

Pay

mas

ter

Con

iariu

m

M O

z. YD P&P YD M&I YD InferredHistorical Production

Overview

• Historic production from underground gold mines in Timmins and Kirkland Lake (~108 M Oz.)

• Five mines with greater than 5 million ounces production, Young-Davidson is likely to be the sixth

• Cornerstone asset

• Long life, low cost producer

• Located in stable jurisdiction, close to major centres

• Strong growth profile

• One of the largest gold mines in Canada

‒ Sixth largest endowment in Timmins and Kirkland Lake1

• Poured gold on April 30, 2012

• Commercial production declared September 1, 2012

• 2.4 million man hours without a lost time injury during construction

1. Ministry of Northern Development and Mines: http://www.mndm.gov.on.ca/mines/ogs/resgeol/offices/ne_e.asp 3

Key long life, strategic asset with significant potential for sustainable growth

Aerial View

Tailings Impoundment Area

Mine Site

Town of Matachewan

4 Looking East

Rich Tradition

• Site of two former producers

• 20+ years in operation (1930s to 1950s)

- +1,200 tpd avg. production rate

• Early pioneers of bulk mining

- +1 million tonne stopes underground

• Mined ~9 million tonnes and produced 970,000 ounces

• Average realized grade of 3.37 g/tonne

Period Mine Tonnes Grade

(g/tonne) Produced Oz

1934 to 1957 YD 5,653,000 3.21 585,000

1934 to 1954 MCM 3,205,000 3.66 378,000

1981 to 1982 MCM 96,400 2.36 7,300

Total 8,954,400 3.37 970,300

Young-Davidson Mine (YD) Matachewan Consolidated Mine (MCM)

5

Update

Construction

• Surface construction complete

Commissioning

• Successful, on time commissioning

Commercial Production

• Declared commercial production September 1

• Mill operating at name-plate capacity

• Peak throughput approaching 8,000 tpd

Open Pit Productivity

• Open pit productivity at design levels

Underground

• Stoping commenced in late October

• Production exceeding target of 1,000 tpd

6

Resources and Reserves*

* March 5, 2012 Press Release 7

YD Historic Mine Workings

Open Pit

Ramp Portal 10350L

NG Shaft MCM Shaft

9890L

9590L

9400L

9200L

8900L

MCM Historic Mine Workings

Young Davidson – Underground Mine Plan

Current Design

• Transverse longhole stoping

‒ For wider zones

‒ 30 m sub levels

‒ Highly productive (wide zones)

• Longitudinal retreat

‒ For areas < 12 m widths

• Pastefill plant Q4 2013

• Mining recovery ~ 92%

• Dilution ~10%

8

Underground Mine Plan 2012

Soledad Property – Kern County, California

• Current depth: 925 m

‒ Size: 4.9 m wide x 5.1 m high

• Current length: 6,000 m

• Final depth: 1,450 m

• Final length: 9,800 m

Ramp Development

Started first ore stope in October

Developing crusher chamber

Developing conveyor level

Mid shaft bottom 9440 level development established

9

MCM Shaft Work

Soledad Property – Kern County, California

• Sink existing MCM shaft

• Men & material during production

• Current depth: 822 m

‒ Size: 5.18 m x 2.44 m

• Final Depth: 1,500 m

‒ Size: 6.54 m x 2.44 m

• Skips: 2 – 8.5 t skips

• Hoisting: 2,000 tpd, 1,500 kW (2,000 hp)

• Ventilation: 175,000 cfm

Legend

Current location of shaft sinking 9533 EL

10

Northgate Production Shaft Work

Soledad Property – Kern County, California

• RB 1st leg completed 440 m

• Ground support completed April 29

• Started RB 2nd leg 450 m

• Pilot hole completed early November

• Started reaming, expected to be completed mid February

• RB 3rd leg 610 m

• 5.5 m raise bore shaft

• Depth: 1,500 m

• Skips: 2 – 21 t skips

• Hoisting: 7,000 tpd, 4,500 kW (6,000 hp), 6,000 tpd ore & 1,000 tpd waste

• Ventilation: 550,000 cfm

Northgate Headframe

• Headframe civil construction completed on October 20

• Headframe structural steel installation continues

• Electrical & Piping installation for Headframe has started

11

YD Early Ore Opportunity

Transverse Longhole Stoping – UBZ Mining Block

• Production from the initial two stopes began in the latter part of October 2012

• Targeting mining 90,000 tonnes in Q4 2012

• Drilled to 15 m centres

12

Section View of YD Early Ore in Q4

Transverse Longhole Stoping – UBZ 3600 stope as of November 5

13

• Production – 2.25 years

‒ Low grade stockpile for ~2 years

• 7.5 Mt of ore at 1.36 g/t Au

‒ Mill Feed 4.2 Mt @1.78 g/t

‒ Low grade stockpile 3.3 Mt @0.82 g/t

• Strip Ratio 2.5:1

• 8 m benches, Cat 777 trucks and 992 loaders

• >1 Mt low grade ore stockpile

Open Pit Overview

14

Open Pit Operations

Young-Davidson Expansion

0

50

100

150

200

250

300

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

Gol

d Pr

oduc

tion

(Koz

)

Expansion Gold Production

Ounces - Feasibility Ounces - Expansion

Expansion Impact New Reserves Impact

15

Young-Davidson Expansion

• LOM includes only Proven and Probable Reserves (46.6 Mt)

Q22012

Q32012

Q42012

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

Tonn

es p

er D

ay

Mill Ore Sources

Underground Ore Open Pit Ore Stockpiled Ore Feasibility - UG Tonnes

16

Young-Davidson Milestone Dates

Northgate headframe civil work / structural steel completed Q4-2012

Northgate mechanical / electrical completed Q1-2013

2nd leg of shaft reaming completed Q1-2013

Shaft waste handling / rockbreaker / loading pocket commissioned Q3-2013

Shaft ore handling system / crusher commissioned Q3-2013

Paste fill plant operation Q4- 2013

Mill upgraded to 8,000 tpd Q1- 2014

Mill Expansion

• $11-13 M

• Pebble recycle conveyor

• Additional tails line and pumps

• Upgrades to 1 pump and 2 pump motors

Paste Fill Plant

• $40 M capex in 2013

• Offsets requirement for additional tailings capacity

• Proceeding to detailed engineering

• Commissioning anticipated for Q4 2013

17

Production and Guidance

18

1. Cash costs for the Young-Davidson mine are calculated on a per gold ounce basis, using by-product revenues as a cost credit. Production includes gold ounces only. 2. Includes pre-production, sustaining and accelerated underground capital infrastructure costs. 3. The following currency assumptions were used to forecast estimates:

• 1:1 Canadian dollars to the US dollar

Q1-12 Q2-12 Jul-12 Aug-12 Sept-12

Open Pit (tpd) 20,622 28,575 31,039 31,479 36,667

Mill throughput (tpd) - 4,300 5,3001 5,4742 6,857

Mill grade (g/t) - 1.15 0.88 0.92 1.63

Recoveries - 83% 81% 83% 92%

Production (gold ounces) - 11,950 3,766 4,156 9,903

Cash Costs per gold oz. produced - - - - $6393

1. Including a 3-day maintenance shutdown 2. Including a 2-day shutdown for SAG mill reline 3. Attributable to the commercial production ounces (9,903 ounces)

Rochelle Collins, Chief Geologist

Mineralization – Syenite-hosted

Cross section geology • General structure, detailed petrologic and structural studies 20

Mineralization – Property Cross Section

• Over-turned sequence

• Mineralization on structural footwall

• Stacked zones of mineralization

• Unconformity

• Logging challenges

‒ Mafic-sediment contact

- Basal conglomerate

‒ Syenite-sediment contact

- Blurred by Hem-kspar

alteration

- Quartz grains in sediment

Timiskiming Sediment

Diabase

Syenite

Mafic Volcanic

Proterozoic Sediment

XS 22815E

Resource

250m

21 Looking West

Young-Davidson Site Visit

December 10, 2012