a leading senior gold producer · • exchange ratio of 0.4343 of a kirkland lake gold share per...

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

January 2020

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

CAUTIONARY LANGUAGE

2

Cautionary Note Regarding Forward-Looking InformationThe information in this presentation has been prepared as at January 14, 2020. 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, 2019, 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.

KLGOLD.COM TSX: KL NYSE: KL ASX: KLA 3

SECTION 1:Transaction Overview


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$800M(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 December 31, 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 39 (5) Calculated as contained gold Mineral Reserves / midpoint of 2019E production guidance


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• Meeting materials mailed on week of Dec. 23, 2019

• Shareholder meetings and closing of the Transaction expected to occur by the end of January 2020

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


TRANSACTION BACKGROUND

6

INITIAL NEGOTIATIONS

• Oct. 2018: Kirkland Lake Gold’s Board received a presentation from its management team regarding various strategic transactions, including a potential acquisition of Detour Gold

• Nov. 9, 2018: Kirkland Lake Gold and Detour Gold entered into a CA and Standstill Agreement• Nov./Dec. 2018: Kirkland Lake Gold completed extensive financial and technical due diligence with respect to Detour Gold• Nov. 2018 to June 2019: Discussions terminated as Detour Gold underwent a period of transition following a proxy contest

NEGOTIATIONS CONTINUE

• Summer 2019: Kirkland Lake Gold’s Board received a presentation from its management team regarding opportunities for growth, including a potential acquisition of Detour Gold

• Aug. 20, 2019: Kirkland Lake Gold CEO, Tony Makuch & Detour Gold CEO, Mick McMullen met informally to investigate the possibility of a potential transaction

• Oct. 2, 2019: Kirkland Lake Gold delivered a non-binding proposal to Detour Gold’s management team to acquire Detour Gold at a price of $27.50 per Detour Gold Share payable in Kirkland Lake Gold Shares subject to further due diligence

• Oct./Nov. 2019: Both Kirkland Lake Gold and Detour Gold conducted extensive financial and technical due diligence investigations on each other; the process included meetings and site visits

• Oct. 18, 2019: Kirkland Lake Gold delivered an initial draft of the Arrangement Agreement to Detour Gold• Oct. 21, 2019: Kirkland Lake Gold granted Detour Gold access to its data room. Concurrently, Kirkland Lake Gold and its advisors continued to

explore and evaluate other strategic options that were potentially available• November 18, 2019 to November 24, 2019: Kirkland Lake Gold and Detour Gold transaction teams finalized their due diligence and the proposed

terms of the Arrangement Agreement with a view to completing negotiations and seeking final approvals of their respective Boards• November 24, 2019: Kirkland Lake Gold’s Board received a fairness opinion from RBC Capital Markets and unanimously approved the Arrangement

Agreement ; Detour’s Board received fairness opinions from Citi and BMO Capital Markets and unanimously approved the Arrangement Agreement• November 25, 2019: Kirkland Lake Gold and Detour Gold executed and jointly announced the Arrangement Agreement

Result of arm’s length negotiations over a year in two stages


SHAREHOLDER SUPPORT FOR THE TRANSACTION

7

Investors seeking increased scale and cash flow generation; pro forma Kirkland Lake Gold warrants a premium multiple

Positions Kirkland Lake Gold as the “go-to” name globally in the gold space

Strong strategic rationale for Kirkland Lake Gold to acquire a long life mine in a low risk jurisdiction

Significant reciprocal due diligence indicates the transaction was thoughtful and not rushed

✓

✓

✓

✓

Summary of Investor Feedback – Key Themes

• Post-announcement, Kirkland Lake Gold reached out to holders of ~40% of its shares

• Based on feedback received, the transaction on the current deal terms has broad shareholder support

• Public support from Eric Sprott, Kirkland Lake Gold’s second largest shareholder

Larger market cap and liquidity will attract greater investor interest, particularly from passive funds

✓

Timely as it allows Kirkland Lake Gold to leverage its strong currency to complete a highly accretive acquisition

✓


SECTION 2:Transaction Rationale


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

BENEFITS TO KIRKLAND LAKE GOLD SHAREHOLDERS

9

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

✓ Enhanced financial strength with combined net cash of US$800M 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 39

(2) Calculated as contained gold Mineral Reserves / midpoint of 2019E production guidance


BENEFITS TO DETOUR GOLD SHAREHOLDERS

10

✓ 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 potential upside from district-scale exploration potential of the combined company and organic Mineral Reserve growth

✓ Significantly enhances financial strength, free cash flow generation, and trading liquidity, and capital markets profile 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 US$0.06 per share, and its ongoing Normal Course Issuer Bid

✓ Participation in potential synergies identified by Kirkland Lake Gold

Benefits to Detour Gold Shareholders



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

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) – as of Sep. 30 2019 $616 $144 $760

Net Cash (US$M) – as of Sep. 30, 2019 $598 $32 $630

Quarterly Dividend(2) (US$/sh.) $0.06 N/A $0.06

Combined


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

DETOUR LAKE – OVERVIEW

12

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

(3)

(1) Refer to Reserve and Resource Statements in Appendix of this presentation and refer to Slide 39

(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 (2), approximately double that of peers

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

MathesonTimmins

Val d’Or

Chibougamau

Cochrane

Macassa

HoltTaylor

0 50km

150Abitibi Greenstone Belt


590 570

245

832

685 660 605 610

550 500

442 384 380 362 359 400

Cad

ia E

ast

Bo

dd

ingt

on

Can

adia

n M

alar

tic

Det

ou

r La

ke

Fost

ervi

lle

Kal

goo

rlie

Tan

ami

Telf

er

Tro

pic

ana

LaR

on

de

St Iv

es

Kal

goo

rlie

Op

s.

Mac

assa

DETOUR LAKE – PRODUCTION AND RESERVE LIFE

13

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

Det

ou

r La

ke

Cad

ia E

ast

Tro

pic

ana

Bo

dd

ingt

on

Kal

goo

rlie

LaR

on

de

Kal

goo

rlie

Op

s.

Tan

ami

Mac

assa

Can

adia

n M

alar

tic

St Iv

es

Fost

ervi

lle

Telf

er

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



Canada 63%

Australia 37%

14

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 and refer to Slides 35 and 39

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

Detour Lake

• Holt• Taylor• Holloway

Holt ComplexMacassa

CanadaCanada

87%

Australia 13%



DETOUR LAKE – OPERATIONAL MOMENTUM

15

Operational performance continues to strengthen

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

54.1

50.9

55.8

59.260.3

57.959.4

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


Focus Area Selected Opportunities

Optimize Mine Plan

• Incorporating positive reconciliation

• Prioritizing cash flow vs. ounces

Improve Productivity

• Enhancing fleet utilization

• Tracking and enhancing unit production rates

Manage Costs

• Renegotiating contracts

• Improving contractor management

• Cash savings of US$35M through 2022

Expand Production

• Growing Mineral Reserves/Mineral Resources

• Increasing capacity and throughput

UNLOCKING THE VALUE OF DETOUR LAKE

16

Ongoing optimization work to reduce costs and accelerate ounces

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

Cu

mu

lati

ve W

aste

To

nn

es

Min

ed

(M

t)

2018 LOMP 2019

• Mining less for the same ounces

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



17

Ongoing optimization work to reduce costs and accelerate ounces

Increasing Plant Throughput

Focus Area Selected Opportunities

Optimize Mine Plan

• Incorporating positive reconciliation

• Prioritizing cash flow vs. ounces

Improve Productivity

• Enhancing fleet utilization

• Tracking and enhancing unit production rates

Manage Costs

• Renegotiating contracts

• Improving contractor management

• Cash savings of US$35M through 2022

Expand Production

• Growing Mineral Reserves/Mineral Resources

• Increasing capacity and throughput

0

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

Thro

ugh

pu

t (t

pd

)

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



18

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


• 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


19

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


CONSIDERABLE REGIONAL EXPLORATION POTENTIAL

20

• 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…

21

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)


SUMMARY OF TRANSACTION HIGHLIGHTS

22

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


Q&A


APPENDIXSupplementary Materials


313.7

596.4

723.7

2016(A) 2017(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)

25

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

26


$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

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

135% Increase 97% Increase 99% Increase

27


FOSTERVILLE MINE

28

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 35

• 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

• Achieved gold production of 619.4 koz in FY 2019

• Significant in-mine and district scale exploration potential through Robbin’s Hill, Harrier South and Swan Zones

Gold Production (koz)



MACASSA MINE

29

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





HOLT COMPLEX

30

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

121 117 127 114

150-160

180-190

2016 2017 2018 2019E 2020E 2021E

Detour Lake


Holt ComplexMacassa

Ontario





NORTHERN TERRITORY

31

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

GoldfieldYears of

OperationTonnes

Grade(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



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

32

Note: See slide 35 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)


KIRKLAND LAKE GOLD MINERAL RESOURCE ESTIMATE


Measured & Indicated Mineral Resources


Measured Indicated Measured & Indicated


(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


KIRKLAND LAKE GOLD MINERAL RESOURCE ESTIMATE


Inferred Mineral Resources


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


NOTES TO KIRKLAND LAKE GOLD MINERAL RESERVES & MINERAL RESOURCES

35

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.


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.



Proven & Probable Mineral Reserves


Proven Probable Proven & Probable


(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)

36Note: See slide 39 for notes to Detour Gold Mineral Reserves and Mineral Resources

(2,3)

(2,3)

(4)


Measured & Indicated Mineral Resources


Measured Indicated Measured & Indicated


(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)


(2,3)

(2,3)

(5,6,7)


DETOUR GOLD MINERAL RESOURCE ESTIMATE(1,9)


(2,3)

(2,3)

(5,6,7)

Inferred Mineral Resources


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


NOTES TO DETOUR GOLD MINERAL RESERVES & MINERAL RESOURCES

39

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.

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