A Leading Senior Gold Producers23.q4cdn.com/685814098/files/doc_presentations/2020/01/TDSecu… · TD Securities Mining Conference January 22, 2020. KLGOLD.COM TSX: KL NYSE: KL ASX:

A Leading Senior Gold Producer: Growing Free Cash Flow, Reserves and Production

TD Securities Mining ConferenceJanuary 22, 2020

KLGOLD.COM TSX: KL NYSE: KL ASX: KLA

Cautionary Note Regarding Forward-Looking InformationThe information in this presentation has been prepared as at December 3, 2019. This presentation contains “forward looking statements” and "forward-looking information" within the meaning of applicable securities laws, including statements regarding the plans,intentions, beliefs and current expectations of Kirkland Lake Gold Ltd (“Kirkland Lake Gold”) and Detour Gold Corporation (“Detour Gold”) with respect to future business activities and operating performance. Forward-looking information is often identified by the words"may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions and include information regarding: (i) Kirkland Lake Gold’s planned acquisition of Detour Gold and the expected terms, timing and closing of theproposed transaction, including receipt of require approvals and satisfaction of other customary closing conditions; (ii) expected benefits of the proposed transaction and the ability of the combined company to successfully achieve business objectives, includingintegrating the companies or the effects of unexpected costs, liabilities or delays; (iii) estimates of future production; (iv) estimated future free cash flow; (v) estimates of future mineral reserves and reserve life index of Kirkland Lake Gold; (vi) estimates of future costsapplicable to All-In Sustaining Costs; (vii) expectations regarding future exploration and the develop, growth and potential of Kirkland Lake Gold’s and Detour’s operations; (viii) expectations of future dividends and returns to shareholders; (ix) expectations of futurebalance sheet strength and credit ratings; (x) estimated pro forma capitalization; (xi) estimates of future synergies; (xi) availability of the exemption under Section 3(a)(10) of the U.S. Securities Act to the securities issuable in the Transaction and (xii) expectations for othereconomic, business, and/or competitive factors.

Investors are cautioned that forward-looking information is not based on historical facts but instead reflect Kirkland Lake Gold's and Detour Gold’s respective management's expectations, estimates or projections concerning future results or events based on the opinions,assumptions and estimates of management considered reasonable at the date the statements are made. Although Kirkland Lake Gold and Detour Gold believe that the expectations reflected in such forward-looking information are reasonable, such information involvesrisks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the combined company. Among the key factors that couldcause actual results to differ materially from those projected in the forward-looking information are the following: the future development and growth potential of Kirkland Lake Gold’s and Detour Gold’s operations; the future exploration activities planned at KirklandLake Gold’s and Detour Gold’s operations and anticipated effects thereof; the inherent uncertainty associated with financial or other projections; the prompt and effective integration of Kirkland Lake Gold’s and Detour Gold’s businesses and the ability to achieve theanticipated synergies; the risk associated with Kirkland Lake Gold’s and Detour Gold’s ability to obtain the approval of the proposed transaction by their shareholders required to consummate the proposed transaction and the timing of the closing of the proposedtransaction, including the risk that the conditions to the transaction are not satisfied on a timely basis or at all and the failure of the transaction to close for any other reason; the risk that a consent or authorization that may be required for the proposed transaction is notobtained or is obtained subject to conditions that are not anticipated; the outcome of any legal proceedings that may be instituted against the parties and others related to the arrangement agreement; unanticipated difficulties or expenditures relating to the transaction,the response of business partners and retention as a result of the announcement and pendency of the transaction; the diversion of management time on transaction-related issues; changes in general economic, business and political conditions, including changes in thefinancial markets; changes in applicable laws; and compliance with extensive government regulation. This forward-looking information may be affected by risks and uncertainties in the business of Kirkland Lake Gold and Detour Gold and market conditions. Thisinformation is qualified in its entirety by cautionary statements and risk factor disclosure contained in filings made by Kirkland Lake Gold and Detour Gold, including their respective annual information forms, financial statements and related MD&A for the financial yearended December 31, 2018, which are 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 information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated orexpected. Although Kirkland Lake Gold and Detour Gold have attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended.Kirkland Lake Gold and Detour Gold do not intend, and do not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

Future Oriented Financial Information

This Presentation contains Future Oriented Financial Information and financial outlooks (collectively, “FOFI”) within the meaning of applicable Canadian securities laws. The FOFI has been prepared by management of Kirkland Lake Gold and Detour Gold as at November25, 2019 to demonstrate the potential benefits of the Transaction to shareholders. The FOFI has been prepared based on a number of assumptions that management of Kirkland Lake Gold and Detour Gold believe are reasonable. However, because this information ishighly subjective and subject to numerous risks, including the risks discussed under the heading “Cautionary Note Regarding Forward-Looking Information", it should not be relied on as necessarily indicative of future results. Kirkland Lake Gold and Detour Gold do notintend, and do not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

Use of Non-IFRS MeasuresThis Presentation refers to all-in sustaining cost (“AISC”) per ounce of gold sold, free cash flow, and EBITDA because certain readers may use this information, together with measures determined in accordance with International Financial Reporting Standards (“IFRS”), tobetter assess the proposed transaction. This data is furnished to provide additional information and are non-IFRS measures and do not have any standardized meaning prescribed by IFRS and therefore they may not be comparable to similar measures employed by othercompanies. 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 of Kirkland Lake Gold’s and DetourGold’s most recent MD&A for a reconciliation of these measures.

Qualified PersonsKirkland Lake Gold Qualified PersonThe scientific and technical content of this presentation with respect to Kirkland Lake Gold and its assets was reviewed, approved and verified by Natasha Vaz, Vice President, Technical Services, a Qualified Person as defined in National Instrument 43-101 – Standards ofDisclosure for Mineral Projects (“NI 43-101”).

Detour Gold Qualified PersonThe scientific and technical content of this presentation with respect to Detour Gold and its assets was reviewed, verified and approved by David Londono, Mine General Manager, a Qualified Person as defined by NI 43-101.

CAUTIONARY LANGUAGE

2


Canada 63%

Australia 37%

3

DIVERSIFIED PORTFOLIO OF HIGH-QUALITY ASSETS

21.2 MozReserves(1)

1.5+ MozGold

Production(2)

Pro-Forma Geographic Segmentation Portfolio of Operations Located in Two Prolific, Mining-Friendly Regions

Fosterville

Cosmo/Union Reefs

Currently On Hold

Producing Assets

Australia

Production base in leading mining jurisdictions, underpinned by three flagship assets

1) Based on proven contained gold Mineral Reserves of 3,841 koz from 87 Mt at 31.8 g/t Au from Canada and proven contained gold Mineral Reserves of 99 koz from 0.21 Mt at 19.8 g/t Au from Australia. Probable contained gold Mineral Reserves of 14,531 koz from 419 Mt at 45.0 g/t Au from Canada and probable contained gold Mineral Reserves of 2,723 koz from 3.2 Mt at 37.1 g/t Au from Australia. Refer to Reserve and Resource Statements in Appendix of this presentation

2) Based on 2019 guidance for Kirkland Lake Gold and Detour Gold

Detour Lake

• Holt• Taylor• Holloway

Holt ComplexMacassa

CanadaCanada

87%

Australia 13%

Refer to Slide 2 “Cautionary Language” regarding forward-looking information

Agreement announced to acquire Detour Gold on November 25, 2019


KL: DELIVERING SUPERIOR SHAREHOLDER RETURNS2017

175% Increase2018

85% Increase2019

61% Increase

TSX:KL

GDXJ

GDX

Factors Driving Outperformance

Growing low-cost production (Fosterville acquired Nov. 2016)Industry leading earnings & cash flowExploration success and reserve growthIncreasing quarterly dividend Repurchasing shares No debt

4


313.7

596.4723.7

2016(A) 2 01 7(A) 2018(A) 2019(A)

KL: STRONG PRODUCTION GROWTH, LOW UNIT COSTS

(A) Actual.(F) Forecast.

(A) Actual.(F) Forecast.

$930

$812

$685

$584

2016(A) 2017(A) 2018(A) 2019(F)

PRODUCTION (000’s): 33% CAGR1 (2016 – 2019)

1) Refers to compound annual growth rate..2) Refers to All-In Sustaining Costs per ounce sold (See Non-IFRS Measures section in forward-looking statements slide).

AISC/oz2: 42% Improvement (2016 – 20192)

5

974.6


723.7

974.6

FY 2018 FY 2019

$397

$296

YTD 2018 YTD 2019

$738

$584

YTD 2018 YTD 2019

KL: STRONG 2019 OPERATING RESULTS

FULL-YEARPRODUCTION (kozs)

9 MONTHSOPERATING CASH COSTS ($/oz) 1

9 MONTHSAISC ($/oz) 1

1) See Non-IFRS Measures section in forward-looking statements slide.

35% Increase 25% Improvement 21% Improvement

6


$0.79

$1.86

9M 2018 9M 2019

$341.5

$672.3

9M 2018 9M 2019

$165.6

$330.2

9M 2018 9M 2019

KL: STRONG 9M 2019 FINANCIAL RESULTS

9 MONTHSNET EARNINGS ($/SHARE)

9 MONTHSCASH FLOW FROM OPS ($M)

9 MONTHSFREE CASH FLOW ($M) 1


135% Increase 97% Increase 99% Increase

7


$332

$469

$416

$616

$705

DEC. 31/18 MAR. 31/19 JUN . 30/19 SEPT . 30/19 DEC. 31/19

STRONG GROWTH IN CASH POSITION

CASH POSITION ($ MILLIONS)Growing Free Cash Flow

Cash increased $373M or 112% in FY 2019

$52.2M in Q3 2018$86.4M in Q4 2018$93.1M in Q1 2019$53.0M in Q2 2019

$181.3M in Q3 2019

8


1. INVEST TO MAXIMIZE VALUE OF FOSTERVILLE, MACASSA, OTHER ASSETSFosterville- Reserves: 2.7 mozs @ 31.0 g.t1

- 2019 Production: 619.4 kozs; 9M/19 cash costs: $126/oz2; AISC: $306/oz2

- Key exploration targets: Lower Phoenix, Cygnet, Harrier Robbins Hill (2ND potential mining front)

Macassa- Reserves: 2.3 mozs @ 21.9 g/t1

- 2019 Production: 241.3 kozs; 9M/19 cash costs: $397/oz2; AISC: $687/oz2

- Key exploration targets: SMC (East and West)Amalgamated Break – Near surface zones(potential new source of production)Amalgamated Break – At depthMain/’04 Break

Northern Territory- Intersecting high-grade mineralization at multiple targets- Test processing at Union Reefs Mill commenced in Q4 2019

KL: STRATEGIC PRIORITIES FOR CAPITAL DEPLOYMENT

9

Fosterville

Macassa

1) See Slide 41 for more information on Mineral Reserve and Mineral Resource estimates.2) See Non-IFRS Measures section in forward-looking statements slide.


2. RETURNING CAPITAL TO SHAREHOLDERS Repurchase Shares (Normal Course Issuer Bid- 727,200 shares repurchased in Q4 2019 for $30.0M (C$39.5M)- 1,127,000 shares repurchased in FY 2019 for $42.8M (C$56.7M)- Approx. 8.0M shares repurchased since May 2017

Increase Dividends - First payment C$0.01/share Q2 2017- Six dividend increases to date- 50% increase to dividend to US$0.06/share effective Q4 2019

C$0.01 C$0.01C$0.02 C$0.02

C$0.03 C$0.03C$0.04 C$0.04

US$0.04 US$0.04

US$0.06

Q 2 2 0 1 7 Q 3 2 0 1 7 Q 4 2 0 1 7 Q 1 2 0 1 8 Q 2 2 0 1 8 Q 3 2 0 1 8 Q 4 2 0 1 8 Q 1 2 0 1 9 Q 2 2 0 1 9 Q 3 2 0 1 9 Q 4 2 0 1 9

50% increase in dividend effective Q4 2019


10



11

506 538 571621 590-605

$1,056 $1,007 $1,064 $1,158 $1,100-$1,175

2015 2016 2017 2018 2019E

Gold Production AISC

Gold Production (koz) and AISC (US$/oz)

(3)

Located in a prolific gold district in Ontario, Canada

One of the world’s largest gold deposits with 15+ Moz of Mineral Reserves(1)

Large scale gold operation with annual production of ~600 koz

Mineral Reserve life index of 26 years, approximately double that of peers(2)

Positioned to achieve production growth at improved unit costs

Large, unexplored land package

3. ACQUIRE NEW ASSETS WITH VALUATION UPSIDE THROUGH ADDITIONAL INVESTMENT DETOUR LAKE MINE – OVERVIEW

1) Refer to Reserve and Resource Statements in Appendix of this presentation 2) Reserve life index calculated by dividing Mineral Reserves by midpoint of 2019 production guidance3) Based on 2019 production and AISC guidance

Refer to Slide 2 “Cautionary Language” regarding forward-looking information and non-IFRS measures


ACQUISITION OF DETOUR GOLD: HIGHLIGHTS

12

Increases Kirkland Lake Gold’s Mineral Reserve Base and Complements Existing Operating Profile• Transaction adds 15.4 Moz(4) to Kirkland Lake Gold’s Mineral Reserve base and extends mine life index by 8 years(5)

Provides Attractive Exploration Upside• Detour Gold’s 1,040km2 land position in the prolific Abitibi Greenstone Belt provides potential for new discoveries to support future growth

Solidifies Kirkland Lake Gold’s Position as a Senior Gold Producer with Industry-Leading Free Cash Flow• Enhanced scale with pro forma 2019 production targeted at +1.5 Moz(1), and consensus 2019 free cash flow of almost US$700M(2)

Enables Value-Creation through Continued Optimization and Potential Expansion of Detour Lake Mine (“Detour Lake”)• Financial strength/technical expertise to support continued optimization and potential expansion of production, reserves and resources

Adds a Long-Life, High-Quality Asset in a Low-Risk Jurisdiction• Detour Lake is a uniquely large-scale, long-life, Canadian mine with current production of ~600 koz per year and substantial growth potential

Bolsters Financial Strength and Capital Markets Profile• Combined net cash balance of US$630M(3), with greater capacity to pursue further growth and return capital to shareholders

A Leading Senior Gold Producer: Growing Free Cash Flow, Reserves and Production

Refer to Slide 2 “Cautionary Language” regarding forward-looking information 1) Based on Kirkland Lake Gold’s and Detour Gold’s 2019 gold production guidance2) Based on average of available Street consensus estimates3) Based on Kirkland Lake Gold and Detour Gold cash and debt balances at September 30, 2019

Potential to Deliver Synergies• Expected pre-tax synergies of approximately US$75-US$100 million per year

4) Refer to Reserve and Resource Statements in Appendix of this presentation5) Calculated as contained gold Mineral Reserves / midpoint of 2019E production guidance


UNLOCKING THE VALUE OF DETOUR LAKE

13

Optimize Mine Plan – Improve Productivity – Manage Costs – Expand Production

1) Mineral Resources are inclusive of Mineral Reserves

(1)


• Saddle Zone: 400m strike length between main and West Detour pits, potential for low strip material

• Zone 58N: high-grade satellite with underground potential, 8.5km South of plant

UNLOCKING THE VALUE OF DETOUR LAKE

14

(1)

Optimize Mine Plan – Improve Productivity – Manage Costs – Expand Production

1) Mineral Resources are inclusive of Mineral Reserves


CONSIDERABLE REGIONAL EXPLORATION POTENTIAL

15

• 1,040 km2 property holding in prolific Abitibi Greenstone Belt including 646 km2 Detour Lake property• 2018 maiden Mineral Resource on high grade Zone 58N evidence of property prospectivity• US$38M in aggregate exploration spending since 2014 – Kirkland Lake Gold brings significant capacity to

accelerate programs

• Considerable potential for new discoveries to support future Mineral Resource growth

Large, underexplored land package in prolific geological setting

Detour Lake Property Burntbush Property

~70 km646 km2 494 km2


$0.8

$0.7

($0.3)

($0.4)

($1.0)

($1.4)

($1.5)

($1.7)

($1.8)

($1.9)

($2.5)

($2.6)

PF KL

Kirkland Lake

Northern Star

Evolution

Yamana

Newcrest

Agnico Eagle

Gold Fields

Kinross

AngloGold Ashanti

Barrick

Newmont$0.0

$0.1

$0.1

$0.2

$0.3

$0.3

$0.4

$0.5

$0.7

$0.9

$1.0

$1.4

Agnico Eagle

Kinross

Yamana

Northern Star

Gold Fields

Evolution

Anglogold Ashanti

Kirkland Lake

PF KL

Newcrest

Barrick

Newmont

Enhanced scale and strong balance sheet from high-quality assets

$34.8

$31.7

$16.4

$14.2

$13.0

$9.5

$9.0

$5.9

$5.8

$5.1

$4.2

$3.6

Newmont

Barrick

Newcrest

Agnico Eagle

PF KL

Kirkland Lake

AngloGold Ashanti

Kinross

Northern Star

Gold Fields

Evolution

Yamana

SOLIDIFIES POSITION AS A SENIOR GOLD PRODUCER…

16

Market Capitalization (US$B)(1) 2019E Consensus FCF (US$B)(4)

PF

PF

(1) As at market close on January 10, 2020(2) Pro Forma Kirkland Lake Gold market capitalization calculated as the sum of Kirkland Lake Gold and Detour Gold market capitalizations(3) Kinross shares outstanding adjusted for share consideration paid to N-Mining for the acquisition of Chulbatkan; transaction expected to close in early 2020(4) Consensus estimates based on latest broker research except for Newcrest, Evolution and Northern Star, which are based on Jan-Jun 2019 actual plus 50% of FY 2020 Consensus estimates per Bloomberg(5) Based on latest public disclosure, adjusted for subsequent events

Refer to Slide 3 “Cautionary Language” regarding forward-looking information and non-IFRS measuresNote: Kirkland Lake Gold shown pro forma based on Kirkland Lake Gold’s and Detour Gold’s unadjusted individual statistics. Totals may not add due to rounding.

(2)

(3)

PF

Net Cash (Debt) (US$B)(5)


FOSTERVILLE: 619.4 KOZS PRODUCED IN 2019

Production: 570 – 610 kozsOp. cash costs: $130 – $150/oz

2019 Guidance

2019 Production

FY: 619.4 kozs (74% growth from FY 2018)Q4: 191.9 kozs (54% growth from Q4 2018, 21% from Q3 2019Strong Unit Cost Performance

9M: Op. cash costs: $1261/oz; AISC: $306/oz1Q3: Op. cash costs: $1151/oz; AISC$289/oz1

619.4 kozs in FY 2019 beat guidanceRecord quarterly production of 191.9

kozs in Q4



FOSTERVILLE – NEW DRILLING RESULTS

High-grade Swan Zone mineralization extended 80 m down plunge

Continuity of Lower Phoenix system confirmed over 950 m down plunge of Swan Zone

Expansion drilling into Cygnet Zone return high-grade, VG intercepts o Strike continuity demonstrated over 650 m over vertical distance of 300 m

Continuity of mineralization within Mineral Resources confirmed at Robbin’s Hill, with high-grade intersections reported 500 m down-plunge of existing resources

Drill programs at Lower Phoenix, Cygnet, Harrier South and Robbin’s Hill ongoing

18


FOSTERVILLE – IN-MINE TARGETS

9 KMSSTRIKE

HARRIER SOUTHHigh-potential target

Drilling commenced Q4 2018 SWAN

Growing reservesIdentifying new targets

ROBBIN’S HILLHigh-potential target6 surface drills active

QUARTZ VEINS WITH VISIBLE GOLD



TOTAL RESERVE: 2.7 MILLION OUNCES @ 31.0 G/T (AS AT DECEMBER 31, 2018)

19

CYGNET

Multiple exploration targets


MACASSA: GROWING TO WELL OVER 400 KOZS/YEAR

Ramp up to well over 400 kozscommences in 2022

MACASSA MINERAL RESERVES (KOZS)

20

Production: 240 – 250 kozsOp. cash costs: $400 – $420/oz

2019 Guidance

2019 Production

FY: 241.3 kozs (240.1 kozs in FY 2018)Q4: 56.4 kozs (69.9 kozs in Q3 2018, 62.9 kozs in Q3 2019) Strong Unit Cost Performance

9M: Op. cash costs: $3971/oz; AISC: $687/oz1Q3: Op. cash costs: $4251/oz; AISC$689/oz1



MACASSA – EXPLORATION POTENTIAL

South Mine Complex extended approx. 300 m to west and 200 m to east

High-grade zones intersected along Amalgamated Break near SMC

New shaft to support exploration along Amalgamated Break and Main/’04 Breaks through Kirkland Lake camp

Near-surface zones along Amalgamated Break provide opportunity for new production front (surface decline commencing)

21


MACASSA: KEY EXPLORATION TARGETS

22


KL: SUPERIOR PERFORMANCE – STRONG VALUE CREATION

Achieving operational excellence, achieved 2019 production guidance

Industry-leading earnings and cash flows

Strong balance sheet, funding growth internally

Investing to realize full value potential of Fosterville, Macassa, other assets

Returning capital to shareholders – share repurchases, dividend increases

Acquiring Detour Lake – third cornerstone asset, with upside potential

Share price increased 60% FY 2019 (TSX)

23


24

APPENDIX

FOSTERVILLE MACASSA DETOUR LAKE

KLGOLD.COM TSX: KL NYSE: KL ASX: KLA1) Refer to Reserve and Resource Statements in Appendix of this presentation 2) Calculated as contained gold Mineral Reserves / midpoint of 2019E production guidance

Refer to Slide 2 “Cautionary Language” regarding forward-looking information and future oriented financial information

BENEFITS TO KIRKLAND LAKE GOLD SHAREHOLDERS

25

Addition of third cornerstone asset with ~600 koz current production and potential for significant growth

Enhanced financial strength with combined net cash of US$630M and pro forma 2019 expected analyst consensus free cash flow of almost US$700M

Grows Mineral Reserves via addition of 15.4 Moz(1), while growing Mineral Reserve life index by 8 years(2)

Opportunity for value creation through continued optimization and expansion of current production, Mineral Reserves and Mineral Resources, and mine life at Detour Lake

Provides attractive exploration upside from highly prospective targets on the 1,040 km2 Detour Gold land position within the prolific Abitibi Greenstone Belt

Expected to deliver immediate cash flow per share and net asset value per share accretion

Potential to realize expected pre-tax synergies of approximately US$75 – US$100 million per year

Benefits to Kirkland Lake Gold Shareholders


BENEFITS TO DETOUR GOLD SHAREHOLDERS

26

Provides an immediate and significant premium of 29% based on the 20-day volume weighted average prices of Kirkland Lake Gold’s and Detour Gold’s shares on the TSX for the period ending November 22, 2019 / 24 % to Detour Gold’s closing price of C$22.21 per share on the TSX on November 22, 2019

Diversifies portfolio and eliminates single asset risk, while maintaining exposure to Detour Lake and provides opportunity to participate in future upside through Kirkland Lake Gold’s continued optimization, and potential expansion, of Detour Lake, and its plan to extensively explore the 1,040 km2 Detour Gold land position

Provides exposure to Kirkland Lake Gold’s high-quality portfolio of low-cost, high-grade mines in low-risk jurisdictions with further upside from district-scale exploration potential and organic Mineral Reserve growth

Significantly enhances financial strength, free cash flow generation, and trading liquidity for Detour Gold shareholders

Allows Detour Gold shareholders to participate in Kirkland Lake Gold’s capital return program, including its attractive quarterly dividend, currently set at quarterly US$0.06 per share, and its ongoing normal course issuer bid

Participation in the potential synergies identified by Kirkland Lake Gold

Benefits to Detour Gold Shareholders

Refer to Slide 2 “Cautionary Language” regarding forward-looking information and future oriented financial information


2019 PERFORMANCE AGAINST GUIDANCE

1) See Non-IFRS Measures section in forward-looking statements slide2) Includes general and administrative costs and severance payments. Excludes non-cash share-based payment expense

$ million unless otherwise states

2019 Guidance

9M 2019 Actuals

AISC ($/oz)1 $520 – $560 $584

Operating cash costs1 $290 – $300 $207.3

Royalty expense $30 – $35 $25.4

Sustaining capital1 $170 – $190 $140.0

Growth capital1 $175 – $185 $137.1

Exploration $120 – $140 $115.9

Corporate G & A2 $30 – $35 $26.3

Macassa Holt Complex Fosterville2019

Guidance2019

Actuals

Production – 2019 guidance (kozs) 240 – 250 120 – 130 570 – 610 950 – 1,000

Production – FY 2019 (ozs) 241.3 114.0 619.4 974.6

Op. cash costs ($/oz)1 $400 – $420 $920 – $940 $130 – $150 $285 – $305

Op. cash costs – 9M 2019 ($/oz) 1 $397 $948 $126 $296

27


2020 GUIDANCE

$ million unless otherwise states 9M 2019 Actuals

AISC ($/oz)1 $570 – $630

Operating cash costs1 $310 – $330

Royalty expense $58 – $62

Sustaining capital1 $165 – $175

Growth capital170 - $70 – $80

Exploration $120 – $140

Corporate G & A2 $40 – $45

Macassa Holt Complex Fosterville2020

Guidance

Production – 2020 guidance (kozs) 240 – 250 120 – 140 590 – 610 950 – 1,000

Op. cash costs ($/oz)1 $470 – $490 $790 – $810 $130 – $150 $300 – $330

1) See Non-IFRS Measures section in forward-looking statements slide2) Includes general and administrative costs and severance payments. Excludes non-cash share-based payment expense

28


Q4 & FY 2019 PRODUCTION

Production1 Q4 2019 Q4 2018 Q3 2019 FY 2019 FY 2018 Fosterville Ore Milled (tonnes) 121,998 98,797 119,412 492,874 456,909 Grade (g/t Au) 49.3 39.7 41.8 39.6 24.9 Recovery (%) 99.2 98.6 98.6 98.8 97.3 Gold Production (ozs) 191,893 124,307 158,327 619,366 356,230 Macassa Ore Milled (tonnes) 87,573 85,523 85,834 324,077 354,469 Grade (g/t Au) 20.5 25.9 23.3 23.6 21.6 Recovery (%) 97.8 98.0 97.8 97.9 97.7 Gold Production (ozs) 56,379 69,936 62,945 241,297 240,126 Holt Complex2 Ore Milled (tonnes) 252,801 227,940 214,542 853,528 860,022 Grade (g/t Au) 4.1 5.3 4.2 4.4 4.9 Recovery (%) 94.1 94.7 94.2 94.7 94.7 Gold Production (ozs) 31,469 36,974 27,128 113,952 127,344 Total Consolidated Production (ozs) 279,742 231,217 248,400 974,615 723,701 Total Consolidated Gold Sales (ozs) 278,438 225,692 256,276 979,733 722,277

1) Numbers may not add due to rounding2) The Holt Complex includes the Holt Mine, Taylor Mine and Holloway Mine, which all feed the Holt Mill. On February 21, 2019, the Company announced plans to

resume operations at Holloway following completion of a revised and updated royalty agreement. Production from Holloway is included in the Company’s commercial production effective that date.

29

Production1

Q4 2019

Q4 2018

Q3 2019

FY 2019

FY 2018

Fosterville

Ore Milled (tonnes)

121,998

98,797

119,412

492,874

456,909

Grade (g/t Au)

49.3

39.7

41.8

39.6

24.9

Recovery (%)

99.2

98.6

98.6

98.8

97.3

Gold Production (ozs)

191,893

124,307

158,327

619,366

356,230

Macassa

Ore Milled (tonnes)

87,573

85,523

85,834

324,077

354,469

Grade (g/t Au)

20.5

25.9

23.3

23.6

21.6

Recovery (%)

97.8

98.0

97.8

97.9

97.7


56,379

69,936

62,945

241,297

240,126

Holt Complex2

Ore Milled (tonnes)

252,801

227,940

214,542

853,528

860,022

Grade (g/t Au)

4.1

5.3

4.2

4.4

4.9

Recovery (%)

94.1

94.7

94.2

94.7

94.7


31,469

36,974

27,128

113,952

127,344

Total Consolidated Production (ozs)

279,742

231,217

248,400

974,615

723,701

Total Consolidated Gold Sales (ozs)

278,438

225,692

256,276

979,733

722,277


FOSTERVILLE MINE

30

Fosterville

Northern Territory

Australia

High-grade, low cost mine with extensive in-mine and district scale exploration potential

(1) As at December 31, 2018. Refer to Reserve and Resource Statements in Appendix of this presentation and refer to Slide 41

• Fosterville is a high-grade, low cost underground mine located in Victoria State, Australia

• High grade Mineral Reserve base• Proven Mineral Reserves of 0.1 million ounces at 16.7 g/t Au and

Probable Mineral Reserves of 2.6 million ounces at 32.0 g/t Au(1)

• Recent history of exploration success has led to a significant increase in grade and Mineral Reserves

• On track for annual gold production of over 600 koz• Significant in-mine and district scale exploration potential through Robbin’s

Hill, Harrier South and Swan Zones

Gold Production (koz)



MACASSA MINE

31

Detour Lake


Holt ComplexMacassa

Ontario

High-grade gold mine growing to over 400,000 oz/year• Macassa is a high-grade underground mine located in Ontario, Canada• High grade Mineral Reserve base

• Proven Mineral Reserves of 0.2 million ounces at 21.7 g/t Au and Probable Mineral Reserves of 2.1 million ounces at 22.0 g/t Au(1)

• One of the lowest GHG emitters in the world• World leader in the use of battery-powered equipment

• In January 2018, announced plans to sink the Macassa #4 Shaft• Phase 1 is expected to be complete in early 2022• Expected to roughly double gold production to over 400 koz per year

at lower unit costs

Gold Production (koz)

(1) As at December 31, 2018. Refer to Reserve and Resource Statements in Appendix of this presentation and refer to Slide 41Refer to Slide 2 “Cautionary Language” regarding forward-looking information


HOLT COMPLEX

32

Three underground mines feeding a central mill facility in Ontario, Canada

• The Holt Complex comprises three mines (Holt, Holloway, and Taylor), all feeding the Holt Mill in Ontario, Canada

• Resumed operations at Holloway in early 2019 after the Holloway royalty agreement was revised and amended

• Had been on care and maintenance since December 2016• The Holt Mill is one of the most efficient gold mills in the region with a

throughput capacity of 3,000 tpd

• Operations currently under review

121 117 127 114150-160

180-190

2016 2017 2018 2019E 2020E 2021E

Detour Lake


Holt ComplexMacassa

OntarioGold Production (koz)

(1) As at December 31, 2018. Refer to Reserve and Resource Statements in Appendix of this presentation and refer to Slide 41Refer to Slide 2 “Cautionary Language” regarding forward-looking information


NORTHERN TERRITORY

33

Fosterville

Northern Territory

Australia

Group of mineral tenements which include the Cosmo Mine and Union Reefs Mill

• Northern Territory is comprised of a group of mineral tenements totaling over 2,000 km2 in the Northern Territory of Australia

• Operations placed on care and maintenance in 2017• Have since expanded exploration program due to significant potential,

particularly at the recently-discovered Lantern Deposit

• Working towards a potential restart of operations in early 2020• Advanced exploration work progressing, including increasing

underground development and drilling

• Commenced test processing of Lantern Deposit material at the Union Reefs mill in October 2019

Goldfield Years of Operation TonnesGrade(g/t)

Production(koz Gold)

Production(tonnes)

Union Reefs 1994-2017 30,360,000 1.69 1,532 47.7Pine Creek 1986-1996 12,280,000 2.37 774 24.1

Cosmo/Howley 1987-1995 10,910,000 2.17 670 20.9Goodall 1988-1993 4,100,000 1.99 228 7.1Moline 1988-1992 1,600,000 2.14 100 3.1

Brocks Creek 1996-2000 5,570,000 1.64 270 8.4Mt. Bundy/Toms Gully 1988-2011 1,640,000 5.14 240 7.5

Mt. Todd 1993-2000 12,010,000 0.90 347 10.8Mt. Bonnie 1983-1986 670,000 3.50 75 2.3

Rustlers Roost (Heap Leach) 1994-1998 4,580,000 0.75 110 3.4Total 83,720,000 1.79 4,346 135.3

Owned by Kirkland Lake GoldRegional Production History



NORTHERN TERRITORY – LOCATION MAP

34


Proven & Probable Mineral ReservesEffective December 31, 2018Proven Probable Proven & Probable

Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained(kt) (g/t Au) (koz) (kt) (g/t Au) (koz) (kt) (g/t Au) (koz)

Macassa 288 21.7 201 2,900 22.0 2,050 3,190 21.9 2,250Taylor - - - 751 4.9 117 751 4.9 117Holt 1,930 4.1 253 1,660 4.5 238 3,580 4.3 491Hislop - - - 176 5.8 33 176 5.8 33Holloway 24 3.8 3 233 4.4 33 257 4.3 36

Total Canadian Operations 2,242 6.3 457 5,720 13.4 2,471 7,950 11.4 2,930Fosterville 178 16.7 96 2,550 32.0 2,620 2,720 31.0 2,720Northern Territory 33 3.1 3 633 5.1 103 666 5.0 107

Total Australian Operations 211 14.6 99 3,183 26.6 2,723 3,390 25.9 2,820Total Proven & Probable Reserves 2,453 7.0 556 8,903 18.1 5,194 11,340 15.8 5,750

Deposit

KIRKLAND LAKE GOLD MINERAL RESERVE ESTIMATE

35

Note: See slide 41 for notes to Kirkland Lake Gold Mineral Reserves and Mineral Resources1) The Hislop mine is a formerly producing open-pit mine acquired as part of the St Andrew Goldfields acquisition in January 2016. Hislop has not been operated by the Company since the acquisition2) The Holloway mine was placed on care and maintenance effective December 31, 20163) The Cosmo mine and Union Reefs mill were placed on care and maintenance effective June 30, 2017

(1)

(2)

(3)


36

KIRKLAND LAKE GOLD MINERAL RESOURCE ESTIMATEMeasured & Indicated Mineral Resources

Effective December 31, 2018Measured Indicated Measured & Indicated

Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained(kt) (g/t Au) (koz) (kt) (g/t Au) (koz) (kt) (g/t Au) (koz)

Macassa 453 18.4 268 1,335 16.6 714 1,787 17.1 982Taylor - - - 826 5.0 133 826 5.0 133Holt 4,036 4.1 527 2,847 4.0 367 6,883 4.0 895Aquarius - - - 22,300 1.3 926 22,300 1.3 926Holloway 286 3.8 35 1,669 4.0 217 1,955 4.0 251Hislop - - - 1,147 3.6 132 1,147 3.6 132Ludgate - - - 522 4.1 68 522 4.1 68Canamax - - - 240 5.1 39 240 5.1 39

Total Canadian Operations 4,775 5.4 830 30,886 2.6 2,596 35,660 3.0 3,426Fosterville 1,900 2.9 177 12,900 4.7 1,930 14,800 4.4 2,110Northern Territory 1,770 4.7 268 20,400 2.3 1,480 22,200 2.5 1,750

Total Australian Operations 3,670 3.8 445 33,300 3.2 3,410 36,900 3.3 3,860Total Measured & Indicated Resources 8,445 4.7 1,275 64,186 2.9 6,006 72,560 3.1 7,286

Deposit

Note: See slide 41 for notes to Kirkland Lake Gold Mineral Reserves and Mineral Resources


37

KIRKLAND LAKE GOLD MINERAL RESOURCE ESTIMATEInferred Mineral Resources

Effective December 31, 2018Inferred

Tonnes Grade Contained(kt) (g/t Au) (koz)

Macassa 610 16.7 328Taylor 1,988 5.3 337Holt 8,523 4.7 1,286Holloway 5,309 4.1 706Hislop 797 3.7 95Ludgate 1,396 3.6 162Card 238 3.3 25Canamax 170 4.3 23Runway 213 3.7 25

Total Canadian Operations 19,240 4.8 2,987Fosterville 10,300 5.5 1,830Northern Territory 18,100 2.6 1,490

Total Australian Operations 28,400 3.6 3,320Total Inferred Resources 47,640 4.1 6,307

Deposit

Note: See slide 41 for notes to Kirkland Lake Gold Mineral Reserves and Mineral Resources


NOTES TO KIRKLAND LAKE GOLD MINERAL RESERVES & MINERAL RESOURCES

38

Detailed footnotes related to Mineral Reserve Estimates (dated December 31, 2018)1. CIM definitions (2014) were followed in the calculation of Mineral Reserves.2. Mineral Reserves were estimated using a long-term gold price of US$1,230/oz (C$1,635/oz; A$1,710/oz).3. Cut-off grades for Canadian Assets were calculated for each stope, including the costs of: mining, milling, General and Administration, royalties and capital expenditures and other modifying factors (e.g. dilution, mining

extraction, mill recovery.4. Cut-off grades for Australian Assets from 0.4 g/t Au to 3.0 g/t Au, depending upon width, mining method and ground conditions; dilution and mining recovery factors varied by property.5. Mineral Reserves estimates for the Canadian Assets were prepared under the supervision of P. Rocque, P. Eng.6. Mineral Reserves estimates for the Fosterville property were prepared under the supervision of Ion Hann, FAusIMM.7. Mineral Reserves estimates for the Northern Territory property were prepared under the supervision of Pierre Rocque. P. Eng.8. Mineral Reserves for Fosterville relate to Underground Mineral Reserves and do not include 649,000 tonnes at an average of 7.7 g/t for 160,000 ounces of Carbon-In-Leach Residues – 25% recovery is expected based on

operating performances.9. Totals may not add up due to rounding.Detailed footnotes related to Mineral Resource Estimates for Canadian Assets (dated December 31, 2018)1. CIM definitions (2014) were followed in the calculation of Mineral Resource.2. Mineral Resources are reported Exclusive of Mineral Reserves. Mineral Resources were calculated according to Kirkland Lake Gold’s Mineral Resource Estimation guidelines. Mineral Resources that are not Mineral Reserves

do not have demonstrated economic viability. 3. Mineral Resource estimates were prepared under the supervision of Eric Kallio, P. Geo. Senior Vice President, Exploration.4. Mineral Resources are estimated using a long-term gold price of US$1,230/oz (C$1,635/oz).5. Mineral Resources were estimated using a 8.6 g/t cut-off grade for Macassa, a 2.9 g/t cut-off grade for Holt, and a 2.6 g/t cut-off grade for Taylor, a 3.9 g/t cut-off grade (Holloway), a 2.5 g/t cut-off grade for Canamax, Card,

Runway and Ludgate, a 2.2 g/t cut-off grade for Hislop and 0 g/t cut-off grade for Aquarius.6. Totals may not add up due to rounding.Detailed footnotes related to Mineral Resource Estimates for Australian Assets (dated December 31, 2018)1. CIM definitions (2014) were followed in the estimation of Mineral Resource.2. Mineral Resources are estimated using a long-term gold price of US$1,230/oz (A$1,710/oz). Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. 3. Mineral Resources are reported exclusive of Mineral Reserves.4. Mineral Resources at Fosterville were estimated using cut-off grades 0.7 g/t Au for oxide and 1.0 g/t Au for sulfide mineralization to potentially open-pitable depths of approximately 100m, below which a cut-off grade of 3.0

g/t Au was used.5. Mineral Resources in the Northern Territory were estimated using a cut-off grade of 0.5 g/t Au for potentially open pit mineralization and cut-offs of 1.0 to 2.0 g/t Au for underground mineralization.6. Mineral Resource estimates for the Fosterville property were prepared under the supervision of Troy Fuller, MAIG.7. Mineral Resource estimates for the Northern Territory properties were prepared under the supervision of Owen Greenberger, MAIG.8. Totals may not add up due to rounding.


Proven & Probable Mineral ReservesEffective December 31, 2018Proven Probable Proven & Probable

Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained(Mt) (g/t Au) (koz) (Mt) (g/t Au) (koz) (Mt) (g/t Au) (koz)

Detour Lake (Open Pit) 83.3 1.24 3,324 331.6 0.92 9,846 414.9 0.99 13,170West Detour Pit 1.9 0.96 60 53.0 0.94 1,596 54.9 0.94 1,656North Pit - - - 6.0 0.98 187 6.0 0.98 187

West Detour (Open Pit) 1.9 0.96 60 59.0 0.94 1,783 60.9 0.94 1,843LG Fines - - - 22.6 0.59 431 22.6 0.59 431Total Proven & Probable Reserves 85.2 1.24 3,384 413.2 0.91 12,060 498.4 0.96 15,444

Deposit

DETOUR GOLD MINERAL RESERVE ESTIMATE(1,9)

39Note: See slide 45 for notes to Detour Gold Mineral Reserves and Mineral Resources

(2,3)

(2,3)

(4)


Measured & Indicated Mineral ResourcesEffective December 31, 2018

Measured Indicated Measured & Indicated

Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained(Mt) (g/t Au) (koz) (Mt) (g/t Au) (koz) (Mt) (g/t Au) (koz)

Detour Lake (Open Pit) 16.4 1.35 713 65.0 1.10 2,290 81.4 1.15 3,003West Detour Pit 0.3 0.93 9 28.5 0.88 806 28.8 0.88 815North Pit - - - 2.1 0.93 64 2.1 0.93 64

West Detour (Open Pit) 0.3 0.93 9 30.6 0.88 870 31.0 0.88 878Zone 58N - - - 2.9 5.80 534 2.9 5.80 534Total Measured & Indicated Resources 16.7 1.34 722 98.5 1.17 3,694 115.3 1.19 4,415

Deposit

DETOUR GOLD MINERAL RESOURCE ESTIMATE(1,8,9)


(2,3)

(2,3)

(5,6,7)


DETOUR GOLD MINERAL RESOURCE ESTIMATE(1,9)


(2,3)

(2,3)

(5,6,7)

Inferred Mineral ResourcesEffective December 31, 2018

Inferred

Tonnes Grade Contained(Mt) (g/t Au) (koz)

Detour Lake (Open Pit) 33.6 0.79 855West Detour Pit 9.2 0.95 280North Pit 0.1 0.85 2

West Detour (Open Pit) 9.3 0.95 282Zone 58N 1.0 4.35 136Total Inferred Resources 43.9 0.90 1,273

Deposit


NOTES TO DETOUR GOLD MINERAL RESERVES & MINERAL RESOURCES

42

Notes to Detour Gold Mineral Reserves and Resources (as at December 31, 2018):

1. The Company’s Mineral Reserve and Mineral Resource statement is classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) “CIM Definition Standards - For Mineral Resources and Mineral Reserves" adopted by the CIM Council (as amended, the “CIM Definition Standards”) in accordance with the requirements of National Instrument 43-101 “Standards of Disclosure for Mineral Projects" (“NI 43-101”). Mineral Reserve and Mineral Resource estimates reflect the Company's reasonable expectation that all necessary permits and approvals will be obtained and maintained.

2. Mineral Reserves were estimated using a gold price of US$1,000/oz and Mineral Resources were estimated using a gold price of US$1,200/oz at a $US/$CDN exchange rate of 1.10.

3. Mineral Reserves and Mineral Resources were based on a cut-off grade of 0.50 g/t Au.

4. LG Fines (sourced from material grading 0.40-0.50 g/t Au) classified as Measured and Indicated were reported as Probable Mineral Reserves and included in the mine plan. LG Fines, reported above, also included 1.7 Mt averaging 0.45 g/t Au.

5. Mineral Resources for Zone 58N reported at a cut-off grade of 2.2 g/t Au, using a gold price of $1,300 per ounce and a $US/$CDN exchange rate of 1.25 with an assumed mining dilution of 12%.

6. High grade gold assays were capped at values ranging from 20 to 120 g/t Au depending on the domain.

7. Interpolation completed using 2 metre composites. The block grade estimate used 1-pass nearest neighbor (NN) and 4-pass Inverse Distance Cubed (ID3) interpolation method. Block model uses block sizes of 5 x 3 x 5 metres.

8. Mineral Resources are reported exclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Mineral Resources are constrained within an economic pit shell.

9. Totals may not add due to rounding.

A Leading Senior Gold Producer: �Growing Free Cash Flow, Reserves and ProductionCautionary LanguageDIVERSIFIED PORTFOLIO OF High-quality ASSETSSlide Number 4Slide Number 5Slide Number 6Slide Number 7Slide Number 8Slide Number 9Slide Number 10Slide Number 11Acquisition of detour gold: HighlightsUnlocking the Value of Detour lakeUnlocking the Value of Detour lakeCONSIDERABLE REGIONAL EXPLORATION PotentialSolidifies Position as a Senior Gold Producer…Slide Number 17Slide Number 18Slide Number 19Slide Number 20Slide Number 21Slide Number 22Slide Number 23AppendixBenefits to KirklanD Lake GOLD ShareholdersBenefits to detour GOLD ShareholdersSlide Number 27Slide Number 28Slide Number 29Fosterville mineMacassa mine Holt complexNorthern territorySlide Number 34Kirkland Lake Gold Mineral Reserve EstimateKirkland Lake Gold Mineral Resource EstimateKirkland Lake Gold Mineral Resource EstimateNotes to Kirkland Lake Gold Mineral Reserves & Mineral ResourcesDetour Gold Mineral Reserve Estimate(1,9)Detour Gold Mineral Resource Estimate(1,8,9)Detour Gold Mineral Resource Estimate(1,9)Notes to Detour Gold Mineral Reserves & Mineral Resources

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