Mr. John Seaberg reports

KLONDEX INCREASES TOTAL MINERAL RESERVES BY ~19% IN 2015

Klondex Mines Ltd. is updating the mineral reserves for its Fire Creek project and Midas mine in northern Nevada. The mineral reserves were calculated using $1,000-per-ounce-gold and $15.83-per-ounce-silver assumptions.

Highlights:

• Total mineral reserves of 444,488 gold-equivalent ounces, an increase of about 19 per cent, net of depletion;
• Total Fire Creek mineral reserves of 321,324 GEOs, an increase of about 33 per cent, net of depletion, at a grade of 1.34 ounce per ton AuEq, an increase of about 3 per cent;
• Total Midas mineral reserves decreased slightly by 7 per cent due to lower grades, partially offset by higher tons.

                            KLONDEX MINERAL RESERVES

                                                           Au       Ag   AuEq 
                             Tons     Au     Ag   AuEq ounces   ounces ounces
                             (000) (oz/t) (oz/t) (oz/t)  (000)    (000)  (000)
Fire Creek project                                                          
Proven reserves             105.0  2.055  1.479  2.098  216.1    155.5  220.6
Probable reserves           135.0  0.730  0.577  0.747   98.5     77.8  100.7
Proven and probable         240.0  1.311  0.972  1.339  314.6    233.4  321.3
Midas mine                                                                  
Proven reserves              94.0  0.284 14.611  0.510   26.7  1,374.3   48.0 
Probable reserves           215.0  0.210  8.971  0.349   45.3  1,930.4   75.2 
Proven and probable         309.0  0.233 10.686  0.398   72.0  3,304.8  123.2
Klondex totals                                                              
Proven reserves             199.0  1.218  7.682  1.348  242.8  1,529.8  268.6
Probable reserves           350.0  0.411  5.733  0.503  143.8  2,008.2  175.9
Proven and probable         549.0  0.704  6.439  0.809  386.6  3,538.2  444.5
                                                                            
1. Proven and probable mineral reserves of 444,488 ounces AuEq are contained
within measured and indicated resources of 1,035,000 ounces AuEq.
2. Mineral reserves have been estimated with a gold price of $1,000/ounce and
a silver price of $15.83/ounce.
3. Metallurgical recoveries for gold and silver are 94 per cent and 92 per 
cent, respectively.
4. Gold-equivalent ounces are calculated based on 64.53 ounces of silver 
being equivalent to one ounce of gold.
5. Fire Creek mineral reserves are estimated at a cut-off grade of 0.312 
ounce per ton Au and an incremental cut-off grade of 0.115 ounce per ton Au.
6. Midas mineral reserves are estimated at a cut-off grade of 0.282 ounce per 
ton Au and an incremental cut-off grade of 0.067 ounce per ton Au.
7. Mining losses of 5 per cent and unplanned mining dilution of 10 per cent 
have been applied to the designed mine excavations.
8. Fire Creek mineral reserves use an effective date of June 30, 2015; Midas 
uses an effective date of May 31, 2015.

Brian Morris, vice-president of exploration, stated: "We continue to demonstrate our ability to unlock additional value embedded in our assets. With only six months of drill results at Fire Creek and nine months of drill results at Midas, we have increased the company's mineral reserves by 19 per cent. Fire Creek continues to outperform our expectations as we not only increased total proven and probable AuEq ounces, but the grade improved as well. And having tested only 7 per cent of our land position, I expect that Fire Creek will continue to grow."

Mineral resources and mineral reserve estimates have been prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum's 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. Such factors include, but are not restricted to, mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental factors.

The updated mineral reserves were prepared by Practical Mining LLC.

For complete mineral resource assumptions from Fire Creek and Midas, with effective dates of June 30, 2015, and May 31, 2015, respectively, and a description of relevant drill sampling and procedures, please see the company's press release dated Sept. 16, 2015.

Qualified person

Scientific and technical information in this press release has been reviewed and approved by Brian Morris, a qualified person within the meaning of National Instrument 43-101.

We seek Safe Harbor.