A Leading Senior Gold Producer: Growing Free Cash Flow, Reserves and - - PowerPoint PPT Presentation

A Leading Senior Gold Producer:

Growing Free Cash Flow, Reserves and Production

November 25, 2019

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

CONFERENCE CALL PARTICIPANTS

2

Anthony (Tony) Makuch President & CEO Kirkland Lake Gold Ltd. Michael (Mick) McMullen President & CEO Detour Gold Corporation

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CAUTIONARY LANGUAGE

3

Cautionary Note Regarding Forward-Looking Information The information in this presentation has been prepared as at November 25, 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 the proposed 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, including integrating 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 costs applicable 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 future balance 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 other economic, 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 involves risks 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 could cause 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 Kirkland Lake 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 the anticipated 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 proposed transaction, 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 not

• btained 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 the financial 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. This information 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 year ended 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 or

• expected. 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 November 25, 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 is highly 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 not intend, and do not assume any obligation, to update this forward-looking information except as otherwise required by applicable law. Use of Non-IFRS Measures This 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”), to better 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 other

• companies. 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 Detour

Gold’s most recent MD&A for a reconciliation of these measures. Qualified Persons Kirkland Lake Gold Qualified Person The 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 of Disclosure for Mineral Projects (“NI 43-101”). Detour Gold Qualified Person The 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.

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TRANSACTION HIGHLIGHTS

4

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 3 “Cautionary Language” regarding forward-looking information (1) Based on Kirkland Lake Gold’s and Detour Gold’s 2019 gold production guidance (2) Based on average of available Street consensus estimates (3) 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 presentation and refer to Slide 33 (5) Calculated as contained gold Mineral Reserves / midpoint of 2019E production guidance

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TRANSACTION SUMMARY

5

Proposed Transaction

• Kirkland Lake Gold to acquire all of the outstanding securities of Detour Gold pursuant to a Plan of Arrangement
• Implied equity value of C$4.9 billion

Consideration

• Exchange ratio of 0.4343 of a Kirkland Lake Gold share per common share of Detour Gold
• Implies a price of C$27.50 per Detour Gold common share based on the closing price of Kirkland Lake Gold shares on

the TSX on November 22, 2019

• 24% premium to the closing price of Detour Gold’s shares on November 22, 2019
• 29% premium based on the 20-day volume-weighted average prices of Kirkland Lake Gold’s and Detour Gold’s shares up

to November 22, 2019

Ownership

• Pro forma ownership: 73% Kirkland Lake Gold / 27% Detour Gold

Approvals and Conditions

• Transaction has been unanimously approved by the Boards of Kirkland Lake Gold and Detour Gold

̶ Each Board recommends that their respective shareholders vote in favour of the transaction

• Officers and directors of Kirkland Lake Gold and Detour Gold have entered into voting support agreements
• Subject to approval of at least 66 2/3% of Detour Gold shareholder votes cast
• Issuance of shares by Kirkland Lake Gold subject to approval of the majority of Kirkland Lake Gold shareholder votes cast
• Customary court approvals, regulatory approvals including TSX approval and approval under the Competition Act

(Canada), and the satisfaction of other customary closing conditions

Other

• Termination fee of US$148 million payable to Kirkland Lake Gold under certain circumstances and termination fee of

US$202 million payable to Detour Gold under certain circumstances

• Customary provisions including reciprocal non-solicitation, “fiduciary out” and “right to match” provisions

Proposed Timing

• Mailing of meeting materials in December 2019
• Shareholder meetings and closing expected by the end of January 2020

Refer to Slide 3 “Cautionary Language” regarding forward-looking information

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6

PRO FORMA CAPITALIZATION

(1) Source: Bloomberg. Trailing twelve month average daily trading value on all major stock exchanges (2) Represents Kirkland Lake Gold’s Q4 2019 dividend, as announced on November 6, 2019

Strong balance sheet provides capacity to pursue further growth and return capital to shareholders

Refer to Slide 3 “Cautionary Language” regarding forward-looking information and future oriented financial information Source: Bloomberg and Capital IQ as at November 22, 2019

• Net cash position increases to US$630 million on a combined basis

Exchanges

TSX/NYSE/ASX TSX TSX/NYSE/ASX

Share Price (C$/sh.)

$63.32 $22.21 ​$63.32

Shares Outstanding (M)

212 178 289

Average Daily Trading Value(1) (US$M)

$109 $12 $121

Cash (US$M)

$616 ​$144 $760

Net Cash (US$M)

$598 $32 $630

Quarterly Dividend(2) (US$/sh.)

$0.06 N/A $0.06

Combined

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

506 538 571 621 590-605 $1,056 $1,007 $1,064 $1,158 $1,100-$1,175 2015 2016 2017 2018 2019E Gold Production AISC

DETOUR LAKE – OVERVIEW

7

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

(3)

(1) Refer to Reserve and Resource Statements in Appendix of this presentation and refer to Slide 33 (2) Reserve life index calculated by dividing Mineral Reserves by midpoint of 2019 production guidance (3) Based on 2019 production and AISC guidance

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

✓

Refer to Slide 3 “Cautionary Language” regarding forward-looking information and non-IFRS measures Abitibi Greenstone Belt

Detour Lake

Kirkland Lake

Abitibi Greenstone Belt

ON QC Matheson Timmins Val d’Or Chibougamau Cochrane Macassa Holt Taylor

50 km 150

Abitibi Greenstone Belt

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

590 570 245 832 685 660 605 610 550 500 442 384 380 362 359 400 Cadia East Boddington Canadian Malartic Detour Lake Fosterville Kalgoorlie Tanami Telfer Tropicana LaRonde St Ives Kalgoorlie Ops. Macassa

DETOUR LAKE – PRODUCTION AND RESERVE LIFE

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Detour Lake offers a unique combination of scale and mine life

2019E Gold Production (koz)(1) Reserve Life Index (Years)(2)

Note: Analysis shows the ten largest gold mines by production in Canada and Australia, excluding Kirkland Lake Gold and Detour Gold, plus Detour Lake, Fosterville and Macassa. Data per company disclosure (1) Midpoint of 2019E production guidance, except for Cadia East, Telfer, and Kalgoorlie Operations, which are based on YTD actual plus 25% of FY 2020 guidance. Detour Lake and Fosterville are based on the 2019E production guidance range (2) Calculated as contained gold Mineral Reserves / midpoint of 2019E production guidance (3) Kalgoorlie Operations owned by Northern Star Resources Limited

(3)

+ 2023+

(3)

26 25 20 18 13 10 10 9 9 8 5 5 5 Detour Lake Cadia East Tropicana Boddington Kalgoorlie LaRonde Kalgoorlie Ops. Tanami Macassa Canadian Malartic St Ives Fosterville Telfer

Major gold producing operations in Kirkland Lake Gold’s preferred operating jurisdictions of Canada and Australia

Refer to Slide 3 “Cautionary Language” regarding forward-looking information

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Canada 63% Australia 37%

9

DIVERSIFIED PORTFOLIO OF HIGH-QUALITY ASSETS

21.2 Moz Reserves(1)

1.5+ Moz Gold 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 and refer to Slide 33 (2) Based on 2019 guidance for Kirkland Lake Gold and Detour Gold

Detour Lake

• Holt
• Taylor
• Holloway

Holt Complex Macassa

Canada

Canada 87% Australia 13%

Refer to Slide 3 “Cautionary Language” regarding forward-looking information

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Refer to Slide 3 “Cautionary Language” regarding forward-looking information and future oriented financial information

BENEFITS TO KIRKLAND LAKE GOLD SHAREHOLDERS

10

✓ 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

(1) Refer to Reserve and Resource Statements in Appendix of this presentation and refer to Slide 33 (2) Calculated as contained gold Mineral Reserves / midpoint of 2019E production guidance

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BENEFITS TO DETOUR GOLD SHAREHOLDERS

11

✓ 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

• pportunity 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 3 “Cautionary Language” regarding forward-looking information

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DETOUR LAKE – OPERATIONAL MOMENTUM

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Operational performance continues to strengthen

Mill Throughput (ktpd) & Recovery (%) Guidance Improvements in 2019

54.1 50.9 55.8 59.2 60.3 57.9 59.4 61.3 90.3% 91.1% 88.9% 89.3% 90.9% 92.2% 92.8% 91.2% Q4 '17 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2019 Q2 2019 Q3 2019 Q4 2019

Gold Production (ozs)

605,000

All-In Sustaining Costs (US$/oz)

605,000 570,000 590,000 $1,250 $1,175 $1,175 $1,100

High Low

Refer to Slide 3 “Cautionary Language” regarding forward-looking information and non-IFRS measures

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Focus Area Selected Opportunities Optimize Mine Plan

• Incorporating positive

reconciliation

• Prioritizing cash flow vs.
• unces

Improve Productivity

• Enhancing fleet utilization
• Tracking and enhancing unit

production rates

• Increasing capacity and

throughput Manage Costs

• Renegotiating contracts
• Improving contractor

management

• Cash savings of US$35M

through 2022 Expand Production

• Growing Mineral

Reserves/Mineral Resources

• Increasing production at

improved unit costs

UNLOCKING THE VALUE OF DETOUR LAKE

13

Optimizing the mine plan to prioritize cash flow

Positive Reconciliation from Ore Mined to Mined Reserves(1)

• Trend in

delivering more ounces

• Mineral

Resource update underway

Cumulative Reduction of ~100Mt of waste through 2022

2.9% 12.5% 6.7%

• 3.8%

12.1% 25.7% 1.1%

• 6.2%
• 5.4%

1.6% 3.9%

• 3.2%

4.1% 5.5% 1.0%

• 2.3%

16.5% 21.6%

• 10%

0% 10% 20% 30% 2014 2015 2016 2017 2018 2019 Tonnage Grade Ounces

94 194 303 407 86 170 238 308 2019 F 2020 F 2021 F 2022 F

Cumulative Waste Tonnes Mined (Mt)

2018 LOMP 2019

• Mining less for

the same

• unces

(1) Based on YTD 2019 results to September 30, 2019

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Focus Area Selected Opportunities Optimize Mine Plan

• Incorporating positive

reconciliation

• Prioritizing cash flow vs.
• unces

Improve Productivity

• Enhancing fleet utilization
• Tracking and enhancing unit

production rates

• Increasing capacity and

throughput Manage Costs

• Renegotiating contracts
• Improving contractor

management

• Cash savings of US$35M

through 2022 Expand Production

• Growing Mineral

Reserves/Mineral Resources

• Increasing production at

improved unit costs

UNLOCKING THE VALUE OF DETOUR LAKE

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Improving productivity to accelerate ounces

Increasing Plant Throughput

10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000

1/1/2019 2/1/2019 3/1/2019 4/1/2019 5/1/2019 6/1/2019 7/1/2019 8/1/2019 9/1/2019

Throughput (tpd) Tonnes Mined Throughput Limit Potential New Limit Planned Shutdown Planned Shutdown Planned Shutdown Planned Shutdown

• Regularly

achieving up to

75ktpd

permit limit

• Applying to

increase permit to

90ktpd

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UNLOCKING THE VALUE OF DETOUR LAKE

15

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

(1) Mineral Resources are inclusive of Mineral Reserves

(1)

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• 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

• f plant

UNLOCKING THE VALUE OF DETOUR LAKE

16

(1)

(1) Mineral Resources are inclusive of Mineral Reserves

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

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CONSIDERABLE REGIONAL EXPLORATION POTENTIAL

17

• 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 km

646 km2 494 km2

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SOLIDIFIES POSITION AS A SENIOR GOLD PRODUCER…

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Enhanced scale and life from high-quality assets

$31.4 $29.3 $16.1 $14.4 $13.1 $10.1 $8.0 $5.5 $4.5 $4.4 $4.0 $3.3 Newmont Goldcorp Barrick Newcrest Agnico Eagle PF KL Kirkland Lake AngloGold Ashanti Kinross Evolution Gold Fields Northern Star Yamana 23 23 18 14 13 13 13 12 10 10 7 6 Gold Fields Newcrest Newmont Goldcorp Barrick PF KL AngloGold Ashanti Yamana Agnico Eagle Kinross Evolution Northern Star Kirkland Lake $0.0 $0.1 $0.1 $0.2 $0.3 $0.3 $0.5 $0.6 $0.7 $0.9 $1.0 $1.1 Agnico Eagle Yamana Kinross Northern Star Gold Fields Evolution Kirkland Lake Anglogold Ashanti PF KL Newcrest Barrick Newmont Goldcorp

Market Capitalization (US$B)(1) Reserve Life Index (Years)(5)

Increases Reserve Life Index by 8 Years

Analyst Consensus 2019E FCF (US$B)(4)

PF PF PF

(1) As at market close on November 22, 2019 (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 per Bloomberg 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) Reserve Life Index calculated as contained gold Mineral Reserves / midpoint of 2019 production guidance Refer to Slide 3 “Cautionary Language” regarding forward-looking information and non-IFRS measures Note: 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)

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34% 38% 39% 41% 43% 45% 47% 47% 48% 52% 58% Northern Star Newmont Goldcorp Kinross AngloGold Ashanti Agnico Eagle Gold Fields Barrick Yamana Newcrest Evolution PF KL

Analyst Consensus Free Cash Flow Profile (US$M)(2)

…WITH INDUSTRY-LEADING CASH FLOWS

19

Maintaining leading margin position to drive substantial cash flow growth

Analyst Consensus 2019E EBITDA Margin (%)(1)

Note: Kirkland Lake Gold shown pro forma based on Kirkland Lake Gold’s and Detour Gold’s unadjusted individual statistics (1) 2019E EBITDA margin per Bloomberg consensus data except for Newcrest, Evolution and Northern Star, which are based on Jan-Jun 2019 actual plus 50% of FY 2020 Consensus estimates per Bloomberg (2) Based on consensus of available Street estimates Refer to Slide 3 “Cautionary Language” regarding forward-looking information and non-IFRS measures

$502 $560 $610 $184 $185 $206 $686 $745 $816 19E 20E 21E Kirkland Lake Detour

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SUMMARY OF TRANSACTION HIGHLIGHTS

20

Adds a Long-Life, High-Quality Asset in a Low-Risk Jurisdiction

✓

Solidifies Position as a Senior Gold Producer with Industry-Leading Free Cash Flow Bolsters Financial Strength and Capital Markets Profile Increases Mineral Reserve Base and Complements Existing Operating Profile Enables Value-Creation through Continued Optimization and Potential Expansion of Detour Lake Provides Attractive Exploration Upside with 1,040 km2 in prolific Abitibi Greenstone Belt

✓ ✓ ✓ ✓

+

Potential to Deliver US$75 – US$100 Million of Annual Pre-tax Synergies

✓ ✓

Refer to Slide 3 “Cautionary Language” regarding forward-looking information and future oriented financial information

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APPENDIX

Supplementary Materials

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FOSTERVILLE MINE

22

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 29

• 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 151 264 356 570-610 550-610 570-610 2016 2017 2018 2019E 2020E 2021E

Gold Production (koz)

Refer to Slide 3 “Cautionary Language” regarding forward-looking information

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MACASSA MINE

23

Detour Lake

• Holt
• Taylor
• Holloway

Holt Complex Macassa

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 175 194 240 240-250 230-240 245-255 400+ 2016 2017 2018 2019E 2020E 2021E 2023+

Gold Production (koz)

(1) As at December 31, 2018. Refer to Reserve and Resource Statements in Appendix of this presentation and refer to Slide 29 Refer to Slide 3 “Cautionary Language” regarding forward-looking information

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HOLT COMPLEX

24

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

• Gold production expected to increase to 180-190 koz by 2021
• Operations currently under review

121 117 127 120-130 150-160 180-190 2016 2017 2018 2019E 2020E 2021E Detour Lake

• Holt
• Taylor
• Holloway

Holt Complex Macassa

Ontario

Gold Production (koz)

Refer to Slide 3 “Cautionary Language” regarding forward-looking information

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NORTHERN TERRITORY

25

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
• ver 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 Tonnes Grade (g/t) Production (koz Gold) Production (tonnes) Union Reefs 1994-2017 30,360,000 1.69 1,532 47.7 Pine Creek 1986-1996 12,280,000 2.37 774 24.1 Cosmo/Howley 1987-1995 10,910,000 2.17 670 20.9 Goodall 1988-1993 4,100,000 1.99 228 7.1 Moline 1988-1992 1,600,000 2.14 100 3.1 Brocks Creek 1996-2000 5,570,000 1.64 270 8.4

• Mt. Bundy/Toms Gully

1988-2011 1,640,000 5.14 240 7.5

• Mt. Todd

1993-2000 12,010,000 0.90 347 10.8

• Mt. Bonnie

1983-1986 670,000 3.50 75 2.3 Rustlers Roost (Heap Leach) 1994-1998 4,580,000 0.75 110 3.4 Total 83,720,000 1.79 4,346 135.3

Owned by Kirkland Lake Gold

Regional Production History

Refer to Slide 3 “Cautionary Language” regarding forward-looking information

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

Proven & Probable Mineral Reserves Effective December 31, 2018 Proven 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 2,250 Taylor

• 751

4.9 117 751 4.9 117 Holt 1,930 4.1 253 1,660 4.5 238 3,580 4.3 491 Hislop

• 176

5.8 33 176 5.8 33 Holloway 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 2,930 Fosterville 178 16.7 96 2,550 32.0 2,620 2,720 31.0 2,720 Northern 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 2,820 Total 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

26

Note: See slide 29 for notes to Kirkland Lake Gold Mineral Reserves and Mineral Resources (1) 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 acquisition (2) The Holloway mine was placed on care and maintenance effective December 31, 2016 (3) The Cosmo mine and Union Reefs mill were placed on care and maintenance effective June 30, 2017

(1) (2) (3)

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

27

KIRKLAND LAKE GOLD MINERAL RESOURCE ESTIMATE

Note: See slide 29 for notes to Kirkland Lake Gold Mineral Reserves and Mineral Resources

Measured & Indicated Mineral Resources Effective December 31, 2018 Measured 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 17.1 982 Taylor

• 826

5.0 133 826 5.0 133 Holt 4,036 4.1 527 2,847 4.0 367 6,883 4.0 895 Aquarius

• 22,300

1.3 926 22,300 1.3 926 Holloway 286 3.8 35 1,669 4.0 217 1,955 4.0 251 Hislop

• 1,147

3.6 132 1,147 3.6 132 Ludgate

• 522

4.1 68 522 4.1 68 Canamax

• 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 3,426 Fosterville 1,900 2.9 177 12,900 4.7 1,930 14,800 4.4 2,110 Northern 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 3,860 Total Measured & Indicated Resources 8,445 4.7 1,275 64,186 2.9 6,006 72,560 3.1 7,286 Deposit

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

28

KIRKLAND LAKE GOLD MINERAL RESOURCE ESTIMATE

Note: See slide 29 for notes to Kirkland Lake Gold Mineral Reserves and Mineral Resources

Inferred Mineral Resources Effective December 31, 2018 Inferred Tonnes Grade Contained (kt) (g/t Au) (koz) Macassa 610 16.7 328 Taylor 1,988 5.3 337 Holt 8,523 4.7 1,286 Holloway 5,309 4.1 706 Hislop 797 3.7 95 Ludgate 1,396 3.6 162 Card 238 3.3 25 Canamax 170 4.3 23 Runway 213 3.7 25 Total Canadian Operations 19,240 4.8 2,987 Fosterville 10,300 5.5 1,830 Northern Territory 18,100 2.6 1,490 Total Australian Operations 28,400 3.6 3,320 Total Inferred Resources 47,640 4.1 6,307 Deposit

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

NOTES TO KIRKLAND LAKE GOLD MINERAL RESERVES & MINERAL RESOURCES

29

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

• perating 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.

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

Proven & Probable Mineral Reserves Effective December 31, 2018 Proven 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 13,170 West Detour Pit 1.9 0.96 60 53.0 0.94 1,596 54.9 0.94 1,656 North 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 1,843 LG Fines

• 22.6

0.59 431 22.6 0.59 431 Total 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)

30

Note: See slide 33 for notes to Detour Gold Mineral Reserves and Mineral Resources

(2,3) (2,3) (4)

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Measured & Indicated Mineral Resources Effective 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 3,003 West Detour Pit 0.3 0.93 9 28.5 0.88 806 28.8 0.88 815 North 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 0.88 878 Zone 58N

• 2.9

5.80 534 2.9 5.80 534 Total 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)

31

Note: See slide 33 for notes to Detour Gold Mineral Reserves and Mineral Resources

(2,3) (2,3) (5,6,7)

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

DETOUR GOLD MINERAL RESOURCE ESTIMATE(1,9)

32

Note: See slide 33 for notes to Detour Gold Mineral Reserves and Mineral Resources

(2,3) (2,3) (5,6,7)

Inferred Mineral Resources Effective December 31, 2018 Inferred Tonnes Grade Contained (Mt) (g/t Au) (koz) Detour Lake (Open Pit) 33.6 0.79 855 West Detour Pit 9.2 0.95 280 North Pit 0.1 0.85 2 West Detour (Open Pit) 9.3 0.95 282 Zone 58N 1.0 4.35 136 Total Inferred Resources 43.9 0.90 1,273 Deposit

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

NOTES TO DETOUR GOLD MINERAL RESERVES & MINERAL RESOURCES

33

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.