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TSX:KLG 1 klgold.com VALUE & GROWTH FOCUSED ON GOLD Q3 2016 EARNINGS CALL November 3, 2016 “The New Mid-Tier Gold Company”

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TSX:KLG 1 klgold.com

VALUE & GROWTH

FOCUSED ON GOLD

Q3 2016 EARNINGS CALL November 3, 2016

“The New Mid-Tier Gold Company”

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TSX:KLG 2 klgold.com

Cautionary Language

Use of Non-GAAP Measures

This Presentation refers to average realized price, operating costs and all-in sustaining costs (“AISC”) per ounce of gold sold, operating cost per tonne produced, free cash flow and

per share and adjusted net earnings and per share because certain readers may use this information to assess the Company’s performance and also to determine the Company’s

ability to generate cash flow. This data is furnished to provide additional information and are non-GAAP measures and do not have any standardized meaning prescribed by

International Financial Reporting Standards (“IFRS”). These measures should not be considered in isolation as a substitute for measures of performance prepared in accordance with

IFRS and are not necessarily indicative of operating costs presented under IFRS. Refer to each Company’s most recent MD&A for a reconciliation of these measures.

Certain statements in this presentation constitute ‘forward looking statements’, including statements regarding the plans, intentions, beliefs and current expectations

of the Company with respect to the future business activities and operating performance of the Company. The words “may”, “would”, “could”, “will”, “intend”, “plan”,

“anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, are intended to identify such forward-looking statements.

Investors are cautioned that forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date

the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or

results to differ materially from those projected in the forward-looking statements. These factors include, among others, the development of the Macassa Mine

Complex and the Holt Mine Complex and the anticipated timing thereof, estimated production results, the anticipated timing and commencement of exploration

programs on various targets within the Company’s land holdings, the ability to lower costs and gradually increase production, expectations regarding whether the

Transaction will be consummated, as proposed or at all, including whether conditions to the consummation of the Transaction, including but not limited to the receipt

of regulatory, shareholder and court approvals, will be satisfied, or the timing for completing the Transaction, expectations regarding the effects of the Transaction

or the ability of the combined company to successfully achieve business objectives, including integrating the companies or the effects of unexpected costs, liabilities

or delays, the potential benefits and synergies of the Transaction and expectations of other economic, business and or competitive factors, the Company's

expectations in connection with the projects and exploration programs being met, the impact of general business and economic conditions, global liquidity and credit

availability on the timing of cash flows and the values of assets and liabilities based on projected future conditions, fluctuating gold prices, currency exchange rates

(such as the Canadian dollar versus the United States dollar), mark-to-market derivative variances, possible variations in ore grade or recovery rates, changes in

accounting policies, changes in the Company's corporate mineral resources, changes in project parameters as plans continue to be refined, changes in project

development, construction, production and commissioning time frames, the possibility of project cost overruns or unanticipated costs and expenses, higher prices

for fuel, power, labour and other consumables contributing to higher costs and general risks of the mining industry, failure of plant, equipment or processes to

operate as anticipated, unexpected changes in mine life, seasonality and unanticipated weather changes, costs and timing of the development of new deposits,

success of exploration activities, permitting time lines, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title

disputes or claims, and limitations on insurance, as well as those risk factors discussed or referred to in the Company's AIF for the year ended December 31, 2015

and the Company’s information circular dated October 28, 2016 filed with the securities regulatory authorities in certain provinces of Canada and available at

www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect,

actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has

attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not be as

anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as

otherwise required by applicable law.

Mineral resources are not mineral reserves, and do not have demonstrated economic viability, but do have reasonable prospects for economic extraction. Measured

and indicated resources are sufficiently well defined to allow geological and grade continuity to be reasonably assumed and permit the application of technical and

economic parameters in assessing the economic viability of the resource. Inferred resources are estimated on limited information not sufficient to verify geological

and grade continuity or to allow technical and economic parameters to be applied. Inferred resources are too speculative geologically to have economic

considerations applied to them to enable them to be categorized as mineral reserves. There is no certainty that mineral resources of any category can be upgraded

to mineral reserves through continued exploration.

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TSX:KLG 3 klgold.com

2016 Third Quarter Earnings Call

For the 3 and 9 month period ending September 30, 2016 (Q3/16)

Non-GAAP Measures

• Average Realized Price Per Ounce of Gold Sold

• Cash Operating Cost Per Tonne Produced

• Operating Cost and per Ounce Sold

• All-in Sustaining Costs per Ounce Sold

• Free Cash Flow and per share

• Adjusted Net Earnings and per share

Change in Year End

Changed from April 30th to a calendar year end as of January 1,

2016.

Comparative period for reporting purposes:

Q3/16 is compared to Q2/SY15

(covers the three month period ending October 31, 2015)

YTD 2016 is compared to YTD/15 (nine month period from

February 1, 2015 to October 31, 2015)

Conversion Calculations Short Tons Metric Tonnes

Troy Ounce Grams per Tonne

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TSX:KLG 4 klgold.com

Q3/16 Operating Highlights

Record quarter of gold production

• Produced 77,274 ounces

• Sold 76,339 ounces

• Average realized price per ounce of gold sold of

US$1,321/oz*

Solid cost performance

• Operating cost of US$540/oz*

• AISC of US$970/oz*

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TSX:KLG 5 klgold.com

Q3/16 Financial Highlights

Adjusted net earnings*

• $27.9 million or $0.24 per share

Record net income

• $24.8 million or $0.21 per share

Positive free cash flow*

• $30.2 million

• $0.26 per share

Cash and trade receivables* as at September 30, 2016

• $222.9 million

*Non-GAAP measure. Refer to slide 2, “Cautionary Language”, for more information

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TSX:KLG 6 klgold.com

Q3/16 Highlights

Royalty buy back

• Reduced the royalty in Kirkland Lake to 1.5%

(1% purchased for US$30.5 million)

Business combination with Newmarket Gold Inc. (“Newmarket”)

• Creates new mid-tier gold producer

Annual production of +500kozs

Cash costs <=US$650/oz*

AISC of <=US$1,015/oz*

*Non-GAAP measure. Refer to slide 2, “Cautionary Language”, for more information

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TSX:KLG 7 klgold.com

Overview of Operations

Q3/16 YTD/16

MACASSA MINE COMPLEX

Production (ounces) 42,866 122,849

Grade (g/t)1 16.5 15.2

Cost per tonne (C$/tonne produced)* $307 $326

Cost per ounce (US$/oz sold)* $546 $568

HOLT MINE COMPLEX

Production (ounces) 34,409 85,037

Grade (g/t) 5.5 5.2

Cost per tonne (C$/tonne produced)* $111 $141

Cost per ounce (US$/oz sold)* $532 $621

Production Grade Recovery

2016 YTD Consolidated Results 207,886 ounces 8.1 g/t 96%

1 The grade at Macassa does not take into account the low grade material processed which would have resulted in grades of 13.7 g/t for

Q3/16 and 13.6 g/t YTD for Macassa

*Non-GAAP measure. Refer to slide 2, “Cautionary Language”, for more information

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TSX:KLG 8 klgold.com

Holt Mine Complex Breakdown

Q3/16 YTD/16

HOLT MINE

Production (ounces) 14,950 37,473

Grade (g/t) 4.8 4.5

HOLLOWAY MINE

Production (ounces) 7,829 16,867

Grade (g/t) 5.1 4.7

TAYLOR MINE1

Production (ounces) 11,630 30,698

Grade (g/t) 7.1 7.1

Operating Cost (US$/oz sold)* $379 $433

AISC (US$/oz sold)* $732 $670

1Taylor production and grade includes low grade material processed in Q2 and Q3, 2016

*Non-GAAP measure. Refer to slide 2, “Cautionary Language”, for more information

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TSX:KLG 9 klgold.com

Perry Ing, CFO

FINANCIAL SUMMARY

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TSX:KLG 10 klgold.com

Q3/16 Key Financial Information

COSTS

Revenue C$132 M

Operating Costs C$ 54 M

Amortization & Depletion C$ 16 M

Royalties C$ 6 M

Total Production Expenses C$ 76 M

Operating Cost (C$/tonne produced)* C$175/tonne

Operating Cost (US$/oz sold)* US$540/oz

Capital Expenditures (C$ millions) C$ 33 M

AISC (US$/oz sold)* US$970/oz

*Non-GAAP measure. Refer to slide 2, “Cautionary Language”, for more information

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TSX:KLG 11 klgold.com

Q3/16 Key Financial Information

PROFITABILITY

Gross Profits C$ 56 M

G&A Expense C$ 6 M

Exploration Expense C$ 6 M

Finance Expense C$ 4 M

Income Tax Expense C$ 15 M

Net Income C$ 24.8 M

Earnings Per Share (Basic) C$0.21

Adjusted Net Earnings Per Share (Basic)* C$0.24

The effective tax rate is 37%, however we do not currently pay cash taxes

*Non-GAAP measure. Refer to slide 2, “Cautionary Language”, for more information

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TSX:KLG 12 klgold.com

Q3/16 Key Financial Information

CASH FLOW

Free Cash Flow* C$ 30.2 M

Cash & Cash Equivalents C$211.5 M

Trade Receivable1 C$ 11.4 M

Total Cash & Bullion C$222.9 M

1 Trade receivable is the receivable amount for gold sold and recognized as revenue for which the cash has not yet been received.

*Non-GAAP measure. Refer to slide 2, “Cautionary Language”, for more information

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TSX:KLG 13 klgold.com

FNV Royalty Buy Back

FNV Royalty 2.5% NSR (on land holdings in Kirkland Lake camp)

The Company had the option to buy back 1% of the NSR royalty at a cost of US$36MM less any monies paid

against the 1% (estimated to be ~US$30MM)

• On October 5, 2016, provided notice to FNV of intent to buy back 1%

of the 2..5% NSR royalty.

• Calculated as US$36 million, less any monies paid towards the 1%

portion up to the buy back date (October 31, 2016)

• Payment of US$30.5 million remitted to FNV today

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TSX:KLG 14 klgold.com

Doug Cater, VP Exploration

EXPLORATION OVERVIEW

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TSX:KLG 15 klgold.com

Kirkland Lake Camp Exploration

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TSX:KLG 16 klgold.com

SMC Underground Drilling

Plan View showing 5300’ Level infrastructure testing the easterly strike extension

of the SMC

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TSX:KLG 17 klgold.com

‘04/Main Break Underground Drilling

3000’Level

Long Section View Looking North

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TSX:KLG 18 klgold.com

Holloway Exploration Program

Surface

Shaft Bottom

(867m)

Long section view looking north

SMOKE DEEP TARGET

(down plunge)

SMOKE DEEP (up-dip)

DEEP THUNDER

LIGHTVAL

TARGET CANAMAX BLACKTOP EAST

HOLLOWAY NORTH

TARGET

Targeting a number of targets along strike on the Holloway property

• Lightval (surface target)

• Holloway North (~500m below surface)

• Smoke Deep (down plunge to the east, and up dip to the north)

• Blacktop (east and west along strike…and to depth towards Smoke)

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TSX:KLG 19 klgold.com

Taylor Exploration Program

2016 DRILL COVERAGE

2016 DRILL

COVERAGE

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TSX:KLG 20 klgold.com

Anthony Makuch, President & CEO

SUMMARY

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TSX:KLG 21 klgold.com

Highlights of the Business Combination with Newmarket

Creating a new mid-tier gold producer

• +500koz producer with cash costs below US$650/oz and AISC below

US$1,015/oz

• 3 core assets that will produce +300koz at cash costs below US$600/oz

and ASIC below US$800/oz (Macassa, Fosterville and Taylor)

Cash Flow and Balance Sheet to Support Growth Initiatives

• Significant free cash flow generation expected to be +$200 million

annually

• Combined Company will have +$275 million in cash

Exploration Potential in 2 Leading Jurisdictions

• District scale land positions in 2 leading jurisdictions, with considerable

exploration potential ahead

• Exploration programs will continue to drive future organic growth

opportunities

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TSX:KLG 22 klgold.com

Special Meeting of Shareholders

Joint Information Circular Filed on October 31, 2016

Form of Proxy

PROXY VOTING CUT-OFF November 23, 2016

How can I vote my shares?

Please feel free to contact Kingsdale Shareholder Services to assist:

KINGSDALE SHAREHOLDER SERVICES

Toll-free (within North America) 1-877-659-1824

Collect calls (outside of North America) 1-416-867-2272

Email: [email protected]

SHAREHOLDER MEETING November 25, 2016 @ 10:00am ET Offices of Cassels Brock & Blackwell LLP,

Suite 2100, 40 King Street West, Toronto,

Ontario M5H 3C2

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TSX:KLG 23 klgold.com

YTD 2016 Tracking Well

Guidance Metrics YTD 2016 Status

Production 270 – 290 kozs 208kozs Above 280kozs

Grade 7.7 g/t Au 8.2 g/t Au On Track

Operating Costs per

Ounce Sold*

US$600-$650 US$591 Low end of range

C$800-$850 C$781

AISC per Ounce Sold* US$1,000-$1,050 US$940

Low end of range C$1,300-$1,350 C$1,243

YTD 2016 Financial Information

Free Cash Flow* C$87.5 M $0.78 per share

Adjusted Net Earnings* C$58.2 M $0.52 per share

Net Income C$51.0 M $0.46 per share

*Non-GAAP measure. Refer to slide 2, “Cautionary Language”, for more information

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TSX:KLG 24 klgold.com

Q&A Session

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TSX:KLG 25 klgold.com

Suzette N Ramcharan, CPIR

Director of Investor Relations

+1-647-361-0200

[email protected]