THIRD QUARTER EARNINGS NOVEMBER 12, 2015

THIRD QUARTER EARNINGS NOVEMBER 12, 2015

CAUTIONARY NOTES Qualified Person Brian Morris, is the non-independent Klondex Mines "qualified person" as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). He has reviewed and is responsible for the technical information contained in this presentation. Cautionary Note Regarding Technical Information and Forward-looking Information A production decision at the Fire Creek Project has not been made by Klondex, as it is still in the bulk sampling phase. Although a production decision at the Fire Creek Project has not been made, the mineralized material extracted from the Fire Creek Project under the bulk sample permit is processed through the Midas mill. A production decision at the Midas Mine was made by previous operators of the mine, prior to the completion of the acquisition of the Midas mine by Klondex and Klondex made a decision to continue production subsequent to the acquisition. This decision by Klondex to continue production and, to the knowledge of Klondex, the prior production decision were not based on a feasibility study of mineral reserves demonstrating economic and technical viability prepared in accordance with NI 43-101. Readers are cautioned that there is increased uncertainty andhigher risk of economic and technical failure associated with such production decisions. This presentation contains certain information that may constitute forward-looking information under applicable Canadian and U.S. securities legislation, including but not limited to information about current expectations on the timing, extent and success of exploration, development and metallurgical sampling activities, the timing and success of mining operations, the optimization of mine plans, the receipt of the environmental assessment at Fire Creek, milling activity at the Midas mill, the timing and completion of updated mineral resource reserve estimates in respect of the Midas Project and Fire Creek Project, the timing and completion of an economic analysis in respect of the Fire Creek Project, the Company's intention and ability to monetize mineralized material, the successful execution of the bulk sampling program at the Fire Creek Project, project development and related permitting, the financial condition of Klondex and the ability of Klondex to meet production and cost targets. This forward-looking information entails various risks and uncertainties that are based on current expectations, and actual results may differ materially from those contained in such information. These uncertainties and risks include, but are not limited to, the strength of the global economy; the price of gold; operational, funding and liquidity risks; the degree to which mineral resource estimates are reflective of actual mineral resources; the degree to which factors which would make a mineral deposit commercially viable are present; the risks and hazards associated with underground operations; and the ability of Klondex to fund its substantial capital requirements and operations. Risks and uncertainties about the Company s business are more fully discussed in the Company s disclosure materials filed with the securities regulatory authorities in Canada and the U.S. and available at www.sedar.com and www.sec.gov, respectively. Readers are urged to read these materials. Klondex assumes no obligation to update any forward-looking information or to update the reasons why actual results could differ from such information unless required by law. 2

3 PAUL ANDRE HUET PRESIDENT AND CHIEF EXECUTIVE OFFICER

THIRD QUARTER HIGHLIGHTS a. http://www.mining.com/the-worlds-highest-grade-gold-mines/ as of July 15, 2015 4

5 BRENT KRISTOF CHIEF OPERATING OFFICER

6 PEOPLE RUNNING SAFER, MORE EFFICIENT OPERATIONS

OPERATIONAL HIGHLIGHTS Efficient and profitable operations, ramping up production Our two operations provide flexibility to the mine plans Fire Creek long hole stoping benefitting costs and mill feed Operations setting up for a strong Q4 Increasing full year production guidance to 130,000 135,000 GEOs Q3 CONSOLIDATED HIGHTLIGHTS Production (GEOs) 32,076 Cash costs (per GEO) $621 All-in Sustaining costs (per Au oz) $858 Average grade 0.48 opt AuEq Recovery ~94% Tons milled 772 tpd 7

MINING OPERATIONS HIGHLIGHTS INCREASING TONS; STEADY GRADE Mining rates continue to ramp-up Consistent higher grade ore being mined at Fire Creek Midas ore grade expected to improve in Q4 8

FIRE CREEK PROJECT UPDATE FIRE CREEK STATISTICS Q1 Q2 Q3 Production (GEOs) 18,155 18,892 21,163 Cash costs (per GEO) a $491 $488 $452 Tons per day 232 tpd 216 tpd 248 tpd KAREN LONG HOLE STOPING Grade (AuEq) 1.01 opt 1.02 opt 0.98 opt Recovery 94% Au; 91% Ag 95% Au; 93% Ag 94% Au; 94% Ag Permitting Environmental Assessment on track to be received by end of 2015 Exploration Increased measured and indicated mineral resources by ~13%, net of depletion Continued to encounter high grade mineralization in both new and existing veins a. See Non-IFRS Performance Measures in the Q3 Management s Discussion and Analysis, available on SEDAR 9

FIRE CREEK PROJECT EXPLORATION EXTENDING KNOWN VEINS OPEN IN ALL DIRECTIONS See Press Release Dated August 4, 2015 10

MIDAS UPDATE MIDAS STATISTICS Q1 Q2 Q3 Production (GEOs) 14,027 14,045 10,811 Cash costs (per GEO) a $966 $754 $960 Tons per day 409 tpd 483 tpd 523 tpd Grade (AuEq) 0.40 opt 0.35 opt 0.24 opt Recovery 93% Au; 91% Ag 94% Au; 94% Ag 94% Au; 94% Ag Tailings Storage Facility Phase IV Tailings Expansion construction began in Q3 Exploration Increased measured and indicated mineral resource estimate by ~7%, net of depletion Encountered high grade mineralization to the West and South of Midas Follow-up drilling in the South and West zones underway a. See Non-IFRS Performance Measures in the Q3 Management s Discussion and Analysis, Available on SEDAR 11

MIDAS EXPLORATION NEW WEST ZONE SIGNIFICANT EXPLORATION OPPORTUNITY See Press Release Dated October 8, 2015 12

MIDAS EXPLORATION TO THE WEST COLORADO GRANDE CORE VS RICO CORE COLORADO GRANDE RICO 3.15 opt AuEq 5.4 opt AuEq 13

14 BARRY DAHL CHIEF FINANCIAL OFFICER

SELECTED FINANCIAL DATA SOLID FINANCIAL RESULTS (UNAUDITED) 2015 Q1 Q2 Q3 YTD Income from Operations $5.9 M $10.4 M $6.3 M $22.6 M Net Income $8.1 M $3.9 M $4.1 M $16.1 M Net Income Per Share (basic) $0.06 $0.03 $0.03 $0.12 Average Realized Gold Price (US$/oz) $1,213 $1,213 $1,135 $1,186 Average Realized Silver Price (US$/oz) $17.02 $16.57 $14.78 $16.05 AISC per gold ounce sold a $788 $595 $858 $750 Capital Expenditures $8.9 M $12.0 M $12.7 M $33.6 M a. See Non-IFRS Performance Measures in the Q3 Management s Discussion and Analysis, Available on SEDAR 15

16 LOW COST PRODUCER YEAR TO DATE SIGNIFICANT CASH MARGINS

BALANCE SHEET STRENGTH RECORD CASH BALANCE Added $6 million in cash during the quarter; ending cash balance of ~$60 million Eliminated 11% Senior Notes saving US$ 3.3 million of interest over the term of the debt Record working capital ratio of 3.78 2015 Q1 Q2 Q3 Cash Flow from Operations $4.5 M $18.8 M $13.3 M Cash Balance $43.3 M $54.5 M $60.3 M Senior Notes Payable $18.9 M $20.7 M $0 Working Capital $44.3 M $48.9 M $62.5 M 17

DELIVERING ON OUR COMMITMENTS Milestones Achieved to Date Acquired Midas Mine and Mill February 2014 Reported +1 Million AuEq Ounces of M&I Resources No Lost Time Incidents: Fire Creek (3 years) and Midas (1 years) Completed Listing on NYSE MKT KLDX Increased production guidance for the second time in 2015 to 130,000 135,000 GEOs On track to achieve full year cost guidance Strengthened the balance sheet Secured Financing of ~C$26 million; Eliminated 11% Senior Notes Additional Objectives Receive Environmental Assessment at Fire Creek by end of 2015 Reserve update by end of 2015 Advance district exploration at Fire Creek and Midas Work towards filling the Midas Mill to full capacity 18

FOR MORE INFORMATION JOHN SEABERG, SVP INVESTOR RELATIONS OFFICE 775.621.5512 CELL 303.668.7991 JSEABERG@KLONDEXMINES.COM

FOOTNOTES Price assumptions in mineral reserves and resources use US dollars unless otherwise stated. All Midas and Fire Creek mineral resources and reserves are prepared by Practical Mining LLC. Mineral resources and mineral reserve estimates have been prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum s (CIM) CIM Definition Standards For Mineral Resources and Mineral Reserves adopted by the CIM Council on May 10, 2014. Proven and probable mineral reserves are the economically minable portions of the measured and indicated Mineral Resources after the application of appropriate Modifying Factors. Notes to the Mineral Resources Fire Creek mineral resource update has an effective date of December 31, 2014 (press released January 30, 2015) Midas mineral resource update has an effective date of June 30, 2014 (press released September 30, 2014) 1. Mineral resources have been estimated at a gold price of $1,200 per ounce and a silver price of $19.00 per ounce, and, $800 per ounce gold and $12.67 per ounce silver. 2. Gold and silver recoveries are 94% and 92%, respectively. 3. Mineral resources include dilution to achieve mining widths of four feet or the vein width plus two feet whichever is greater. 4. Mineral resources include allowances for 5% mining losses and an additional 10% unplanned dilution. 5. Cutoff grade thicknesses are calculated using mining, processing and administrative costs of $249 per ton of mineralization and a minimum mining width of four feet. 6. Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title socio-political, marketing or other relevant issues. 7. The quantity and grade of reported inferred mineral resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred mineral resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category. Mineral Reserves 1. Reserves have been estimated with a gold price of $1000/ounce and a silver price of $15.83/ounce. 2. Metallurgical recoveries for gold and silver are 94% and 92% respectively. 3. Mining losses of 5% and unplanned mining dilution of 10% have been applied to the designed mine excavations. 4. Fire Creek Mineral reserve uses an effective date of December 31, 2014. 5. Mineral reserve uses an effective date of August 31, 2014. F-1