Business combination of Tahoe Resources and Lake Shore Gold Corp. investor presentation

February 8, 2016

New Leader in Precious Metals


Safe Harbour Disclaimer Cautionary Language on Forward Looking Information

This presentation contains “forward-looking information” within the meaning of applicable Canadian securities legislation, and “forward-looking statements” within the meaning of the United

States Private Securities Litigation Reform Act of 1995 (collectively referred to as “forward-looking information”). All statements, other than statements of historical fact, may be forward-looking

information. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project",

"predict", “propose”, "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. Forward-looking information in this presentation includes, but is not limited to,

information concerning the proposed business combination (the “Business Combination”) between Tahoe Resources Inc. (“Tahoe”) and Lake Shore Gold Corp. (“Lake Shore”) and the business,

operations and financial performance and condition of the combined company; timing and anticipated receipt of required regulatory, court and shareholder approvals for the Business

Combination; synergies and the financial impact of the Business Combination; potential benefits of the Business Combination and the development potential of the properties of Tahoe and Lake

Shore; expected completion and implementation of the Business Combination; the nature of Tahoe’s operations and Tahoe’s business outlook following completion of the Business Combination;

plans and objectives of management for future operations; timing and amount of future production; future cash costs of production, capital and operating and exploration expenditures; cash flow

estimates; estimation of mineral resources and mineral reserves; development of deposits (including expansion of mineralization), mineral resources and mineral reserves; treatment under

regulatory regimes; ability to realize value from Lake Shore’s core assets; work plans and exploration programs to be conducted on Lake Shore’s 144 Gap Zone,; development by Tahoe of the

Shahuindo mine and expansion of the Escobal mine; plans to increase production; plans to ramp-up production on the Shahuindo Project; optimizing operating performance and costs; and

composition of the management and board of the combined company. Total cash cost and all-in sustaining cost per gold or silver oz produced net of by-product credits (“AISC”) projections

include a number of forward-looking assumptions including implementation of a new royalty law, lower current prices of by-product metals, estimated timing of power supply, budgeted cost of

consumables including diesel fuel and cement and effectiveness and timing of cost saving initiatives.

Forward-looking information is based on management’s reasonable estimates, expectations, analyses and opinions at the date the information is provided, and is based on a number of

assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking

information. Assumptions upon which such forward-looking information are based include, without limitation, that shareholders of Tahoe and Lake Shore and the Court will approve the Business

Combination; that all required third party regulatory and governmental approvals to the Business Combination will be obtained and all other conditions to completion of the Business Combination

will be satisfied or waived; the Business Combination will be completed; no significant event occurring outside the ordinary course of business of Tahoe or Lake Shore; legislative and regulatory

environment; Tahoe’s ability to continue paying municipal royalties in light of new royalty legislation; impact of increasing competition; current technological trends; price of silver, gold and other

metals; costs of development and production; anticipated results of exploration and development activities; Tahoe’s ability to operate in a safe and effective manner; and Tahoe’s ability to obtain

financing on reasonable terms. In respect of the forward-looking statements and information concerning the anticipated completion of the proposed Transaction and the anticipated timing for

completion of the Business Combination, Tahoe and Lake Shore have provided them in reliance on certain assumptions that they believe are reasonable at this time, including assumptions as to

the time required to prepare and mail shareholder meeting materials, including the required management information circular; the ability of the parties to receive, in a timely manner, the

necessary regulatory, court, shareholder and other third party approvals; and the ability of the parties to satisfy, in a timely manner, the other conditions to the closing of the Business

Combination. These dates may change for a number of reasons, including unforeseen delays in preparing meeting materials, inability to secure necessary shareholder, regulatory, court or other

third party approvals in the time assumed or the need for additional time to satisfy the other conditions to the completion of the Business Combination. Accordingly, readers should not place

undue reliance on the forward-looking statements and information contained in this news release concerning these times. Readers are cautioned that the foregoing list is not exhaustive.

Tahoe’s actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, risks and uncertainties,

many of which are beyond the Tahoe’s and Lake Shore’s control. These include, but are not necessarily limited to, legislative changes that impact mining operations in which Tahoe and Lake

Shore conduct business; results of exploration activities and development of mineral properties; interpretation of drilling results and other geological data; uncertainties of mineral resource and

mineral reserve estimations; receipt and security of mineral property titles; changes in project parameters; possible variations of ore grade or recovery rates; failure of plant, equipment or

processes to operate as anticipated; accidents; labour disputes; the inability to obtain key personnel and parts related to operations; receipt of licenses to conduct mining activities; country risks;

civil unrest; timing and possible outcome of pending litigation; liabilities and risks, including environmental liabilities and risks, inherent in the development and production of the companies’

projects; cost overruns or unanticipated costs and expenses; the availability of funds; fluctuations in metal prices; currency fluctuations; general market and industry conditions; competition; the

business of the companies not being integrated successfully or such integration proving more difficult, time consuming or costly than expected; and delays in obtaining shareholder,

governmental and regulatory approvals. There is no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those

anticipated in such information. Accordingly, readers should not place undue reliance on this information. Tahoe and Lake Shore do not undertake to update any forward-looking information,

except as, and to the extent required by, applicable securities laws. Additional information on other risks and factors that could affect the operations or financial results of Tahoe and Lake Shore

are included in reports on file with applicable securities regulatory authorities at www.sedar.com.

2


QP & Technical Disclosures Qualified Person Statement

The technical and scientific information contained in this presentation has been reviewed and approved by Charlie Muerhoff, Tahoe’s Vice President Technical Services

and Qualified Person as defined by National Instrument 43-101 (NI 43-101) and and Eric A. Kallio, P.Geo., Lake Shore Gold’s Senior Vice President of Exploration and

a Qualified Person according to the definitions of NI 43-101.

Technical Reports

Certain scientific and technical information with respect to the Escobal Mine contained in this presentation has been taken from the technical report entitled “Escobal

Mine Guatemala - 43-101 Feasibility Study” with an effective date of November 5, 2014 (the “Escobal Feasibility Study”), authored by M3 Engineering & Technology

Corporation. A copy of the Escobal Feasibilty Study is available on Tahoe’s SEDAR profile at www.sedar.com. Detailed descriptions, results and analysis of Tahoe’s

data verification, drilling, sampling and analytical procedures, QA/QC programs, and mineral resource and mineral reserve est imation methodology can be found in the

Escobal Feasibility Study.

Certain scientific and technical information with respect to the La Arena Project contained in this presentation has been taken from the technical report entitled “La

Arena Project, Peru - Technical Report (NI 43-101)”, with an effective date of December 31, 2014 (the “La Arena Technical Report”), prepared by Mining Plus Peru

S.A.C. A copy of the La Arena Technical Report is available on Tahoe’s SEDAR profile at www.sedar.com.

Certain scientific and technical information with respect to the Shahuindo Project contained in this presentation has been taken from the technical report entitled

“Technical Report on the Shahuindo Mine, Cajabamba, Peru”, with an effective date of January 1, 2016 (the “Shahuindo Technical Report”), prepared by Tahoe. A copy

of the Shahuindo Technical Report is available on Tahoe’s SEDAR profile at www.sedar.com.

Resource and reserve information with respect to the Escobal Mine, the La Arena Project and the Shahuindo Mine included in this presentation are provided as at

January 1, 2016 and have been taken from Tahoe’s news release dated January 14, 2016.

The following Lake Shore Gold technical reports, which include information such as the effective date of mineral resources and mineral reserves and key assumptions,

are available at www.lakeshoregold.com or under Lake Shore Gold’s profile on SEDAR at www.sedar.com:

a) NI 43-101 Technical Report, Updated Mineral Reserve Estimate For Bell Creek Mine, Hoyle Township, Timmins, Ontario, Canada, March 27, 2015, prepared by

Lake Shore Gold Corp. NI 43‐101 Technical Report, Updated Mineral Reserve Estimate For Timmins West Mine, Timmins, Ontario, Canada, March 31, 2014,

prepared by Lake Shore Gold Corp.

b) Technical Report and Resource Estimate on the Upper Hallnor, C-Zone, and Broulan Reef Deposits, Whitney Gold Property Timmins Area, Ontario, Canada,

February 26, 2014, prepared by P&E Mining Consultants Inc.

c) Technical Report on the Updated Mineral Resource Estimate for the Juby Gold Project, Tyrrell Township, Shining Tree area, Ontario, February 24, 2014, prepared

by GeoVector Management Inc.

3

http://www.sedar.com/


Transaction Highlights A premier Americas focused precious metals producer

Diversified operating platform with 4 low-cost precious metal operations across Guatemala, Peru and Canada

Anchored by the Escobal mine, one of the largest and highest grade silver mines globally

Significant low-cost production and low risk growth

All operations generate free cash flow in the current commodity price environment

Significant built-in growth driven by Shahuindo expansion to 36,000 tpd rate and the advancement of a number of

growth initiatives in Timmins, including the ramp up of the 144 Gap deposit

Growth in Peru and Canada targeted to increase gold production to >500,000 ounces in 2018

Exciting exploration potential

Over 3.4 mozs of M&I gold and 6.0 mozs of inferred gold across 8 exploration projects in Peru and Ontario

Strong near-mine potential to add additional gold resources

Large unexplored land package across all regions

Superior financial performance and strong balance sheet

Zero net debt, modest capital requirements and strong free cash flow generation provide industry leading financial

strength and flexibility

Tahoe plans to continue monthly dividend policy of US$0.02 per share

1. See Tahoe press release dated January 14, 2016; 2. See Lake Shore press release dated January 8, 2016; 3. Using Gold price of $1,175/oz and Silver price of $15.00/oz

2016E Combined Guidance1,2 Gold Silver Gold Equivalent3

Production 370-430kozs 18-21mozs 600-700kozs

Cash Costs US$675-US$725/oz US$7.50-US$8.50/oz US$640-US$700/oz

All-in Sustaining Costs US$950-US$1,000/oz US$10.00-US$11.00/oz US$885-US$950/oz

4


Transaction Summary

1. At market closing on February 5, 2016. Equity value and pro forma ownership on a fully diluted in the money basis assuming the conversion of in the money convertible debentures

2. VWAP based on TSX trading only

Proposed

Transaction

• Business combination with Lake Shore via Plan of Arrangement

• Implied equity value of approximately C$945 million1

• Pro forma ownership: 74% Tahoe / 26% Lake Shore1

Consideration

• 0.1467 of a Tahoe common share per Lake Shore common share, representing total consideration of C$1.71

per common share1

• 14.8% premium over the closing price of Lake Shore on February 5th and a 28.6% premium to the closing

price of Lake Shore on February 4th

• 25.7% premium based on each company’s 20-day volume weighted average price (“VWAP”)2 to February 5th,

and 30.4% to February 4th

Conditions

• Lake Shore shareholder vote (66 2/3% of shareholder votes cast)

• Tahoe shareholder vote (majority of shareholder votes cast)

• Customary regulatory and court approvals

Anticipated

Timing

• Mailing of meeting materials by early March

• Shareholder meetings by early April

• Closing expected in April

Other Terms

• Customary non-solicitation covenants, subject to normal fiduciary outs

• Right to match in favor of Tahoe

• Break fee of C$37.8 million payable to Tahoe; break fee of C$20.0 million payable to Lake Shore

• Officers and directors of Lake Shore and Tahoe intend to enter into voting support agreements, pursuant to

which they will vote their common shares held in favor of the Transaction

• Alan Moon to join Tahoe Board of Directors and Tony Makuch to join Tahoe as President of Canadian

Operations

5


Capitalization

Source: Bloomberg, company disclosure

Note: Assumes a C$:US$ FX rate of 0.7223

1. Share capital and balance sheet items as of September 30, 2015 adjusted for reported subsequent events. Cash excludes proceeds from in-the-money options and warrants and excludes transaction related

expenses. Lake Shore convertible debenture is included in the FD ITM shares outstanding and excluded from debt. Conversion price is C$1.40

2. Pro forma figures calculated based on Tahoe’s closing price on the TSX on February 5th 2016

As at February 5th, 2016 Units Tahoe Lake Shore (at offer) Pro Forma2

TSX Share Price C$ $11.66 $1.71 $11.66

Basic Shares Outstanding1 million 227.3 463.2 295.3

FDITM Shares Outstanding1 million 228.5 552.2 309.5

FDITM Market Capitalization US$M $1,925 $683 $2,607

Cash and Cash Equivalents1 US$M $92 $70 $162

Total Debt1 US$M $51 $14 $65

6


Benefits to Tahoe Shareholders

Establishes a significant presence in Canada with well-established, low-cost operations and a

talented and focused management team

Enhanced high-margin gold production with organic growth

Strengthens Tahoe’s ability to generate strong free cash flow on a per share basis

Addition of significant exploration potential at existing operations as well as attractive targets in

close proximity to established, well-built mining and milling infrastructure

Positions Tahoe to evaluate further consolidation opportunities in Ontario

Enhances position as the premier low-cost precious metals producer

Superior free cash flow generation with “tip of the iceberg” potential

7


Benefits to Lake Shore Shareholders

Immediate up-front premium while maintaining meaningful equity participation

Superior financial strength and flexibility to support advancement of Timmins projects

Exposure to a large, long-life reserve base pro forma through Tahoe’s world-class Escobal mine

and growing low-cost platform in Peru

Expands operational capabilities, adding proven expertise in open pit mining

Access to an attractive dividend policy

Increased trading liquidity, enhanced value proposition and capital markets profile

Exposure to a portfolio of high quality, low-cost, long life producing assets

Participation in a premier precious metals company with sector leading financial strength

8


Diversified Operating Platform in the Americas

La Arena Oxides Shahuindo Oxides

2016E Prod. 200-250koz Au

Cash Costs US$700-$750/oz

Reserves Au 0.9Moz @ 0.36g/t 1.9Mozs @ 0.53g/t

M&I Res. Au 1.2Moz @ 0.32g/t 2.3Mozs @ 0.50g/t

La Arena Sulfides

Reserves Au 0.6Moz @ 0.31g/t

Reserves Cu 0.6Blbs @ 0.42%

M&I Res. Au 2.1Moz @ 0.24g/t

M&I Res. Cu 2.0Blbs @ 0.33%

Shahuindo Sulfides

Inf. Res. Au 2.0Moz @ 0.71g/t

Inf. Res. Ag 59Moz @ 21g/t

Timmins West Bell Creek

2016E Prod. 170-180koz Au

Cash Costs <US$650/oz

Reserves Au 0.5Moz @ 4.30g/t 0.3Moz @ 4.57g/t

M&I Res. Au 0.7Moz @ 4.76g/t 0.7Moz @ 4.36g/t

Escobal

2016E Prod. 18-21Moz Ag

Cash Costs US$7.50-$8.50/oz

Reserves Ag 312Moz @ 332g/t

M&I Res. Ag 389Moz @ 332g/t

Note: M&I resources reported inclusive of mineral reserves; resource and reserve data from Lake Shore resource /reserve statement of March 2014

9

Other Lake Shore Assets

Resources M&I (Moz) Inferred (Moz)

144 Gap Zone 0.3 @ 5.41g/t 0.3 @ 5.19g/t

Whitney 0.7 @ 6.85g/t 0.2 @ 5.34g/t

Gold River 0.1 @ 5.29g/t 1.0 @ 6.06g/t

Juby 1.1 @ 1.28g/t 2.9 @ 0.94g/t

Vogel 0.1 @ 1.75g/t 0.2 @ 3.60g/t

Marlhill 0.1 @ 4.49g/t -

Fenn-Gib 1.3 @ 0.99g/t 0.8 @ 0.95g/t

Total 3.7 @ 2.77g/t 5.4 @ 2.41g/t


Lake Shore – High Quality, Low-Cost Assets

Timmins West Mine

Large-scale underground mining complex

2,770tpd at 4.4g/t, produced 139kozs in 2015

510kozs Au P&P reserves at 4.3g/t

Production from 144 Gap commences in H2/2016

Bell Creek Mine

Underground ramp mining operation

810 tpd at 4.4g/t, produced 40kozs in 2015

264kozs Au P&P reserves at 4.6g/t

Large resource base at depth to support growth

Bell Creek Mill Complex

Conventional gold circuit; crush, grind, gravity

and leach followed by CIL/CIP

96.6% recovery in 2015 (consistently above 95%)

3,580tpd at 4.4g/t processed in 2015, including

4,270tpd in Dec 2015

5,500tpd front-end mill capacity

719

953

1,246 1,307

0

500

1,000

1,500

2012A 2013A 2014A 2015E

To

nn

es P

rocessed

(kt)

Well-built infrastructure to support growing low-cost operations

Produced 179kozs Au in 2015 at cash cost of US$580/oz and AISC of US$870/oz

Note: M&I resources reported inclusive of mineral reserves; resource and reserve data from Lake Shore

resource /reserve statement of March 2014

10

City of

Timmins

Kirkland

Lake Matachewan

Matheson

Porcupine Assets (G)

Timmins West & Bell Creek (LSG)

Holt-Holloway & Taylor (SAS)

Macassa Complex (KGL)

Upper Beaver (YRI / AEM)

Young Davidson (AGI)

Town

Black Fox (P)


Lake Shore - Increasing Financial Strength

Strong financial performance driven by increasing production and lower

costs year after year

64 110

142 139 23

28

43 40

87

138

186 179

0

50

100

150

200

250

300

2012A 2013A 2014A 2015E

Go

ld P

rod

uc

tio

n (

ko

zs)

Timmins West Bell CreekHead Grade

3.9 4.6 4.8 4.4

$61

$34

$62

$100

$0

$20

$40

$60

$80

$100

$120

2012A 2013A 2014A 2015E

Cash

& L

iqu

idit

y (

C$M

)

$966 $766

$592 $580

$1,813

$1,139

$872 $870

$0

$500

$1,000

$1,500

$2,000

2012A 2013A 2014A 2015E

Cash

Co

sts

(U

S$/o

z)

Cash Cost AISC

$68

$52

$7 $0 $0

$20

$40

$60

$80

2012A 2013A 2014A 2015E

Deb

t (C

$M

)

Growing Production Lower production cost1

Repaid C$70M senior secured debt Growing cash and liquidity

11

1. See Non-GAAP reconciliation in the appendix


Lake Shore - Multiple Growth Opportunities near Existing Infrastructure

First resource Q1/16; Development, test stoping to follow

Continue drilling – focus on 144 South in 2016

>1.0 Mozs inferred resources; Drilling of extension in 2016

Complete study for shaft deepening to access deep resources

Resource confirmation/expansion using open-pit model in 2016

Bell Creek mill capable of >4,000 tpd and expandable to 5,500 tpd

144 Gap Deposit

144 SW/N/S

Gold River

Bell Creek Deep

Whitney

“Tip of the Iceberg” Potential in a World Class Gold Camp

12


Tahoe - Upside Potential Across All Regions

EXPLORATION UPSIDE

El Alizar • Look for potential to

extend La Arena oxide

144 Trend • Drilling of SW, North and

South Zones

Gold River • >1mozs high-grade U/G

resource near Timmins

West mine

Fenn-Gib

Regional Exploration

IN DEVELOPMENT

La Arena Sulfide • Scoping in 2016 and

Feasibility in 2017

Bell Creek Shaft • Deepen shaft to 1,225m

Whitney • High-grade U/G resource

• 5km from Bell Creek mill

PRODUCTION

Escobal • 20mozs Ag / yr

La Arena Oxide • 170kozs Au / yr

Shahuindo Phase 1 • 75kozs Au / yr

Timmins/Bell Creek • 175kozs Au / yr

NEAR-TERM

EXPANSION

144 Gap

• Commencing production

in H2 2016

• Implement long-range

development plans

Bell Creek Mill • Expansion to 5,500tpd

for ~US$30M by 2017

Shahuindo Phase 2 • 36ktpd expansion in

2018 (170kozs / yr)

13


$236 $276 $292

$72

$75 $68 $308

$351 $360

$0

$100

$200

$300

$400

$500

2016E 2017E 2018E

EB

ITD

A (

US

$M

)

Lake Shore - EBITDA Tahoe - EBITDA

Growing Low-Cost Production, Strong Margins

20.4 20.3 20.3

$7.57 $7.10 $7.06

2016E 2017E 2018E

Sil

ver

Pro

du

cti

on

(M

ozs)

Ag Production - THO Cash Cost (US$/oz Ag)

Stable Prodution

Source: Available analyst estimates

Note: EBITDA as per Bloomberg consensus estimates

254 283 300

175 175 176

429 458 476

$621 $622 $628

2016E 2017E 2018E

Go

ld P

rod

uc

tio

n (

ko

zs)

Au - THO Au - LSG PF Cash Cost (US$/oz)

StrongGrowth

Potential

2016E – 2018E Gold Production Profile 2016E – 2018E EBITDA Profile

2016E – 2018E Silver Production Profile

14


Sector Leading Financial Strength

Source: FactSet, Bloomberg, company disclosure

Note: Balance sheet items and share capital as at September 30, 2015, adjusted for subsequent events

1. Pro forma figures based on price per Tahoe share of C$11.66 and pro forma basic share count of 295M; 2. Equity value based on basic market capitalization as at February 5, 2016

Debt to Equity (%)2

Market Capitalization (US$B)

$7.1

$2.5 $2.4 $2.3 $2.1 $1.9

$1.4

$0.8 $0.7

Agnico Eagle Tahoe Kinross Detour Yamana Eldorado New Gold B2Gold IAMGOLD

5.7%

17.5% 18.2%

30.3%

56.2% 60.1%

84.2% 92.7%

97.0%

Tahoe Agnico Eagle Detour Eldorado New Gold B2Gold Kinross IAMGOLD Yamana

Avg: 57.0%

1

1

15


Sizeable Production, Strong Margins

Source: FactSet, Bloomberg, company disclosure, available analyst estimates

1. Silver equivalent production for Tahoe converted to gold equivalent production based on analysts respective metal price forecasts

2. Margins calculated using spot gold price of US$1,175/oz

2016E - 2018E Average Consensus Co-Product Operating Margins (US$/oz) 2

2016E - 2018E Average Consensus Gold Equivalent Production (kozs)1

2,710

1,672 1,661

831 772 772 700 668 615

Kinross Agnico Eagle Yamana Eldorado IAMGOLD Tahoe New Gold B2Gold Detour

$606 $592 $577 $571 $568 $532 $519

$474

$324

Eldorado Agnico Eagle Tahoe Yamana New Gold B2Gold Detour Kinross IAMGOLD

Avg: $523

1

1

16


5.4%

3.4%

1.6% 1.2%

(0.8%) (1.3%)

(4.4%)

(12.8%)

(14.8%)

Tahoe Yamana Agnico Eagle Kinross Eldorado Detour New Gold IAMGOLD B2Gold

Avg: -3.5%

Sector Leading Free Cash Flow Yield

Source: FactSet, Bloomberg, company disclosure, available analyst estimates

Consensus FCF yield calculated using operating cash flow, less capital expenditures and debt repayment, divided by basic market capitalization

Assumes conversion of outstanding Lake Shore convertible debenture

2016E - 2018E Average Consensus Free Cash Flow Yield (%)

Current monthly dividend of US$0.02 supported by strong FCF

17


Commitment to Our Communities & Stakeholders

Economic development

Sustainable community programs

Community partnerships

Open communication

Environmental excellence

Healthy and safe workplace

Ethical conduct

Respect for human rights

Approximately half of every $100 of revenue

from Escobal and La Arena stays in country

18


The Path Forward

Long term low-cost production provides solid free cash flow foundation

Grow gold production to over 325kozs from existing operations in 2018

Optimize Shahuindo operating costs

Expand oxide resources at La Arena and Shahuindo

Continue study of potential La Arena Sulfides copper-gold porphyry project

Grow Timmins District production from 175kozs to 250kozs through expansion of Bell

Creek mill to 5,500tpd and shaft deepening with relatively low capital

Expand and explore 144 Trend beyond Gap Zone – new trend just getting started

Substantial resource endowment, including Whitney, Fenn-Gib, Gold River, and Juby

provides attractive built-in pipeline of projects

Capitalize on current infrastructure, operations, and expertise to expand regionally

Guatemala

Peru

Canada

19


Tahoe Resources – Investment Highlights

The leading precious metals producer

Low-cost, well diversified production

Growing gold production in Peru and Canada

Significant exploration upside across all regions

Focus on free cash flow generation

All mines generate positive free cash flow in the current commodity price environment

Peer leading free cash flow yield of 5.4% over 2016-2018

Superior financial performance and strong balance sheet

Zero net debt

Debt-to-equity ratio of 5.7% the lowest in the gold industry

Strong cash flow from operations provides financial flexibility to fund built-in growth initiatives

Proven management team

Excellent operating track record

Demonstrated ability to grow shareholder value both organically and through M&A

Returning capital back to shareholders

Strong free cash flow supporting monthly dividend of US$0.02 per share

20


Tahoe Contact: Ira Gostin

[email protected] 775.448.5807

Lake Shore Contact: Mark Utting

www.lsgold.com 416.703.6298

21


Appendix – Tahoe

22

Tahoe Resources Quantity Grades Contained

Escobal (Mt)Silver

(g/t)

Gold

(g/t)

Lead

(%)

Zinc

(%)

Silver

(Mozs)

Gold

(kozs)

Lead

(Mlbs)

Zinc

(Mlbs)

Proven & Probable Reserves

Escobal 29.1 332 0.33 0.73% 1.19% 310.4 304.6 467.2 764.8

Measured and Indicated Resources (Inclusive of Reserves)

Escobal 36.5 332 0.33 0.71% 1.18% 389.4 385.0 573.6 949.1

Inferred Resources

Escobal 1.4 205 1.11 0.24% 0.45% 9.3 50.4 7.5 13.9

Notes:

1. The basis of the Mineral Resource and Mineral Reserve estimate is from Escobal Mine Guatemala NI 43-101 Feasibility Study,

November 5, 2014, prepared by M3 Engineering & Technology Corporation. Mineral Resources and Mineral Reserves at January 1,

2016 calculated by subtracting mine depletion volumes from the Mineral Resources and Mineral Reserves stated in the

aforementioned technical report.

2. Mineral Resources are reported using a silver-equivalent cut-off grade of 130 g/t silver. The Escobal Mine Guatemala NI 43-101

Feasibility Study, November 5, 2014, prepared by M3 Engineering & Technology Corporation reported Mineral Resources using metal

prices of $22/oz silver, $1,325/oz gold, $1.00/lb lead and $0.95/lb zinc

3. The Escobal Mine Guatemala NI 43-101 Feasibility Study, November 5, 2014, prepared by M3 Engineering & Technology

Corporation reported Mineral Reserves using a cut-off calculated from the net smelter return value minus production costs using

metal prices of $22.50/oz silver, $1,300/oz gold, $0.95/lb lead and $0.90/lb zinc.

4. Mineral Reserves are inclusive of Mineral Resources.


Appendix – Tahoe

23


La Arena (Mt)Gold

(g/t)

Copper

(%)

Gold

(kozs)

Copper

(Mlbs)


La Arena - Oxides 80.3 0.36 - 919 -

La Arena - Sulfides 63.1 0.31 0.43% 633 580

Total - Proven & Probable 143.4 0.34 0.18% 1,552 580


La Arena - Oxides 120.8 0.32 - 1,241 -

La Arena - Sulfides 274.0 0.24 0.33% 2,124 2,014

Total - M&I 394.8 0.26 0.23% 3,365 2,014

Inferred Resources

La Arena - Oxides 2.5 0.32 - 25.0 -

La Arena - Sulfides 5.4 0.10 0.19% 18.0 22

Total - Inferred 7.9 0.17 0.13% 43.0 22


Shahuindo (Mt)Gold

(g/t)

Silver

(g/t)

Gold

(kozs)

Silver

(Mozs)


Shahuindo - Oxides 111.9 0.53 6.9 1,906.0 24.5

Shahuindo - Sulfides - - - - -

Total - Proven & Probable 111.9 0.53 6.9 1,906.0 24.5


Shahuindo - Oxides 143.1 0.50 6.7 2,282.0 30.7

Shahuindo - Sulfides - - - - -

Total - M&I 143.1 0.50 6.7 2,282.0 30.7

Inferred Resources

Shahuindo - Oxides 2.6 0.42 7.4 36.0 0.6

Shahuindo - Sulfides 87.7 0.71 21.1 2,002.0 59.4

Total - Inferred 90.3 0.70 20.7 2,038.0 60.10.7

Notes:

1. The basis of the Mineral Resource and Mineral Reserve estimate is from La Arena

Project, Peru Technical Report (NI 43-101), February 27, 2015, prepared by Mining

Plus Peru S.A.C. Mineral Resources and Mineral Reserves at January 1, 2016

calculated by subtracting mine depletion volumes from the Mineral Resources and

Mineral Reserves stated in the aforementioned technical report. There has been no

depletion of the sulfide Mineral Resources or Mineral Reserves.

2. Oxide Mineral Resources are reported using a gold cut-off grade of 0.07 g/t within a

$1,400/oz gold pit shell. Oxide Mineral Reserves are reported using a gold cut-off

grade of 0.1 g/t within a pit designed from a $1,200/oz gold pit shell.

3. Sulfide Mineral Resources are reported using a copper cut-off grade of 0.12% within

a $3.50/lb copper and $1,400/oz gold pit shell. Sulfide Mineral Reserves are

reported using a copper cut-off grade of 0.18% within a pit designed from a $3.00/lb

copper and $1,200/oz gold pit shell.


Notes:

1. The basis of the Mineral Resource and Mineral Reserve estimate is from Technical

Report on the Shahuindo Mine, Cajabamba, Peru, January 25, 2016, prepared by

Tahoe Resources Inc. and to be filed on SEDAR on January 25, 2016. The effective

date of the Shahuindo Mineral Resource estimate is April 15, 2015. The effective

date of the Shahuindo Mineral Reserve estimate is November 1, 2015.

2. Oxide Mineral Resources are reported using a gold equivalent cut-off grade of 0.14

g/t within a $1,400/oz gold pit shell. Gold-equivalent value calculated using metal

prices of $1,200/oz gold and $15/oz silver. Oxide Mineral Reserves are reported

using a gold cut-off grade of 0.18 g/t within a pit designed from a $1,200/oz gold pit

shell.

3. Sulfide Mineral Resources are reported using a gold cut-off grade of 0.5 g/t. There

are currently no sulfide Mineral Reserves at Shahuindo.



Appendix – Lake Shore

24

Lake Shore Gold Quantity Grades Contained

(Mt)Gold

(g/t)

Gold

(Mozs)

Inferred Resources

Timmins West 1.6 4.95 0.26

Bell Creek 4.4 4.84 0.69

144 Gap Zone 1.9 5.19 0.32

Whitney 1.0 5.34 0.17

Gold River 5.3 6.06 1.03

Juby 96.2 0.94 2.91

Vogel 1.5 3.60 0.17

Marlhill - - -

Fenn-Gib 24.5 0.95 0.75

Total - Inferred Resources 136.4 6.29


(Mt)Gold

(g/t)

Gold

(Mozs)



Bell Creek 4.9 4.36 0.69

144 Gap Zone 1.7 5.41 0.30

Whitney 3.2 6.85 0.71

Gold River 0.7 5.29 0.12

Juby 26.6 1.28 1.09

Vogel 2.2 1.75 0.13

Marlhill 0.4 4.49 0.06

Fenn-Gib 40.8 0.99 1.30

Total - Measured & Indicated 85.1 5.08


(Mt)Gold

(g/t)

Gold

(Mozs)



Bell Creek 1.8 4.57 0.26

Total - Proven & Probable 5.5 0.77

Qualified Person Statement

The technical and scientific information contained in this presentation has been reviewed and approved by Eric A. Kallio, P.Geo., Lake Shore Gold’s Senior Vice President of Exploration and

a Qualified Persons according to the definitions of NI 43-101.

Data Verification/Technical Reports

The following Lake Shore Gold technical reports, which include information such as the effective date of mineral resources and mineral reserves and key assumptions, are available at

www.lakeshoregold.com or under Lake Shore Gold’s profile on SEDAR at www.sedar.com:

a) NI 43-101 Technical Report, Updated Mineral Reserve Estimate For Bell Creek Mine, Hoyle Township, Timmins, Ontario, Canada, March 27, 2015, prepared by Lake Shore Gold Corp.

b) 43‐101 Technical Report, Updated Mineral Reserve Estimate For Timmins West Mine, Timmins, Ontario, Canada, March 31, 2014, prepared by Lake Shore Gold Corp.

c) Technical Report and Resource Estimate on the Upper Hallnor, C-Zone, and Broulan Reef Deposits, Whitney Gold Property Timmins Area, Ontario, Canada, February 26, 2014,

prepared by P&E Mining Consultants Inc.

d) Technical Report on the Updated Mineral Resource Estimate for the Juby Gold Project, Tyrrell Township, Shining Tree area, Ontario, February 24, 2014, prepared by GeoVector

Management Inc.


Appendix – Lake Shore Note

25

1. Non-GAAP financial reconciliation

in CAD unless specified 2012 2013 2014

Production Costs $79,295 $107,491 $120,303

General and administrative $12,209 $12,555 $13,534

Rehabilitation – accretion and amortization (operating sites) $174 $186 $195

Mine in-site exploration and evaluation costs $5,229 $4,834 $4,486

Mine development expenditures $41,436 $31,338 $29,667

Sustaining capital expenditures $6,050 $2,682 $8,389

All-in sustaining costs $144,393 $159,086 $176,574

Gold sales (ounces) 79,750 135,550 183,300

Cash Cost (US$/ounce) $966 $766 $592

All-in sustaining cost per ounce of gold (US$/ounce) $1,813 $1,139 $872

Source: Lake Shore Gold annual reports for year end December 31, 2012, 2013, 2014

Investor Relations

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