Primero analyst workshop presentation

Analyst Workshop April 3, 2014

TSX:P I NYSE:PPP I 2

This presentation may contain “forward-looking” statements within the meaning of Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to future events or the anticipated performance of the Company and reflect management’s expectations or beliefs regarding such future events and anticipated performance. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, ”estimates”, ”forecasts”, ”intends”, ”anticipates” or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, ”could”, “would”, ”might”, or “will be taken”, “occur” or “be achieved”, or the negative of these words or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual performance of the Company to be materially different from any anticipated performance expressed or implied by the forward-looking statements. Such factors include various risks related to the Company’s operations, including, without limitation, fluctuations in spot and forward markets for gold, silver and other metals, fluctuations in currency markets, changes in national and local governments in Mexico and the speculative nature of mineral exploration and development, risks associated with obtaining necessary exploitation and environmental licenses and permits, and the presence of laws that may impose restrictions on mining. A complete list of risk factors are described in the Company’s annual information form and will be detailed from time to time in the Company’s continuous disclosure, all of which are, or will be available, for review on SEDAR at www.sedar.com.

This presentation uses the terms “measured resources”, “indicated resources” and “inferred resources”. The Company advises readers that although these terms are recognized and required by Canadian regulations (under National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”), the United States Securities and Exchange Commission does not recognize them. Readers are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted in to reserves. In addition, “inferred resources” have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, or economic studies, except for a Preliminary Assessment as defined under NI43-101. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable.

Although the Company has attempted to identify important factors that could cause actual performance to differ materially from that described in forward-looking statements, there may be other factors that cause its performance not to be as anticipated. The Company neither intends nor assumes any obligation to update these forward-looking statements or information to reflect changes in assumptions or circumstances other than required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those currently anticipated. Accordingly, readers should not place undue reliance on forward-looking statements.

Unless otherwise indicated, all dollar values herein are in US$.

Cautionary Statement


Agenda 1. Corporate Overview

Joseph Conway, President & C.E.O.

2. Corporate Responsibility Jim Mallory, V.P. Corporate Responsibility

3. Financial Review David Blaiklock, C.F.O.

4. San Dimas Renaud Adams, C.O.O. / Gabriel Voicu, V.P. Geology & Exploration

5. Lunch - Social & Economic Outlook for Mexico Carlos Elizondo, Ph.D.

6. Black Fox & Grey Fox Renaud Adams, C.O.O. / Gabriel Voicu, V.P. Geology & Exploration

7. Cerro del Gallo Louis Toner, V.P. Projects / Gabriel Voicu, V.P. Geology & Exploration

8. Corporate Development David Sandison, V.P. Corporate Development


David Sandison VP, Corporate Development

Gabriel Voicu VP, Geology and Exploration

Tamara Brown VP, Investor Relations

H. Maura Lendon VP, Chief General Counsel and Corporate Secretary

Management Participants

Louis Toner VP, Project Development

and Construction


Jim Mallory VP, Corporate Responsibility

Joseph F. Conway President & Chief Executive Officer

Renaud Adams Chief Operating Officer

David Blaiklock Chief Financial Officer

Corporate Overview Joseph Conway, President & C.E.O.


Vision and Values

VISION

To be the most respected precious metals producer in the Americas, admired for the excellence of its people, its values, and its delivery on commitments. VALUES

Integrity: We are uncompromising and consistent in our commitment to transparent, responsible actions.

Respect: We value the diversity of our employees and other stakeholders and treat each other with dignity and honesty.

Teamwork: We work together and recognize that each person contributes and makes a difference.

Focused: We have the courage to take bold steps to excel and we apply a disciplined approach to deliver on our objectives.

TSX:P I NYSE:PPP I 7 How we are building value in Primero

Our Strategic Focus

1. Strong balance sheet

2. Measured growth

3. Disciplined cost management

4. Low-risk jurisdictions

5. Responsible mining


$111M

STRONG Cash Balance

$150M3,4

SIGNIFICANT Operating Cash Flow

Strong Balance Sheet

See final slide for footnotes.

Plus $75 million Line of Credit6 provides funding for:

o Expansion of San Dimas

o Reserve replacement

o Repayment of Brigus debt

o Development of Cerro Del Gallo

$77M5

CONSERVATIVE Debt Level

Combined Company 5-Year Average After-Tax Operating Cash Flow


-

50

100

150

200

250

2011 2012 2013 2014E

Black Fox San Dimas

PRODUCTION1,4 (thousand AuEq ounces)

102k 111k

Measured Growth

History of delivering results

143k

75k

160k

130% GROWTH

235k



505 660

300

800

1,300

1,800

2,300

2011 2012 2013E* 2014E*

Black Fox

Cerro del Gallo

San Dimas

GOLD RESERVES (thousand gold ounces)

Measured Growth


* Assumes San Dimas Gold Reserves as of December 31, 2013, Cerro del Gallo and Black Fox Reserves as of December 31, 2012.

660

710

870 870

710 344% GROWTH

2,240

1,580


$58

$81

$139

$111

0

20

40

60

80

100

120

140

31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13

Measured Growth


CASH BALANCE (US$million)

91% GROWTH


Disciplined Cost Management

Below industry average costs

$640 $636

$599

550

600

650

2011 2012 2013

REDUCING CASH COSTS ($/gold equivalent ounce)

~$41/oz REDUCTION


Builds on Established Presence in Mexico

San Dimas Mine

(AT DECEMBER 31, 2013, MINERAL RESOURCES INCLUDE MINERAL RESERVES)

Au Reserves (Moz) 0.87

Au M&I Resources (Moz) 1.00

Au Inferred Resources (Moz) 1.00

Ag Reserves (Moz) 49.8

Ag M&I Resources (Moz) 57.7

Ag Inferred Resources (Moz) 72.6

Ventanas Property (AT JANUARY 27 2009)

Ind. Resources (koz AuEq.) 34.0

Inferred Resources (koz AuEq.) 70.0

Cerro del Gallo (AT DECEMBER 31, 2012, MINERAL RESOURCES EXCLUDE MINERAL RESERVES)



Ag Reserves (Moz) 15.3

Ag M&I Resources (Moz) 20.6

Cu Reserves (M lbs) 56.4

Cu M&I Resources (M lbs) 103.4

Black Fox Mine

(AT DECEMBER 31, 2013, MINERAL RESOURCES INCLUDE MINERAL RESERVES)



Inferred Resources (Moz) 0.04

Grey Fox (AT JULY 2, 2013)

Au Indicated Resources (Moz) 0.51

Au Inferred Resources (Moz) 0.23

Producing Mine Development Project Exploration Property

Head Office (Toronto)

Low-Risk Mining Jurisdictions

Located in proven and low-risk jurisdictions


Pipeline of Assets Drives Organic Growth

Production

Construction

Exploration

Development

San Dimas Black Fox

San Dimas Expansion to 2,500 TPD

Cerro del Gallo Grey Fox Potential San Dimas Expansion to 3,000 TPD

Ventanas Property Black Fox Mine at Depth Black Fox Complex San Dimas Regional

Balanced Pipeline of Growth


Responsible Mining

Focused on Responsible Mining

HEALTH AND SAFETY o We understand that our most important assets are

our people and their safety is our number one priority

o We maintain world class health and safety policies

ENVIRONMENT o We utilize sustainable green technologies where

possible

COMMUNITY o We treat our local communities as our partners

o We focus on understanding our local communities goals and providing local opportunities

TSX:P I NYSE:PPP I 16 How we are building value in Primero See final slide for footnotes.

2014 Guidance

Black Fox San Dimas Outlook 2014

Gold equivalent production8 (gold equivalent ounces)

70,000-80,000 155,000-165,000 225,000-245,000

Gold production (ounces)

70,000-80,000 115,000-125,000 185,000-205,000

Silver production9 (million ounces)

- 6.25-6.50 6.25-6.50

All-in Sustaining Costs10 ($ per gold ounce)

$1,300-$1,400 $950-$1,050 $1,100-$1,200

Cash cost10

($ per gold equivalent ounce) $850-$900 $575-$600 $650-$700


111 143

160 165 165

75

120 120

95

2012 2013 2014E 2015E 2016E

Cerro del Gallo Black Fox San Dimas

How we are building value in Primero

380-400

225-245

280-290


Strong Growth Pipeline

TARGETED GROWTH PROFILE1,2 (thousand AuEq ounces)

250% GROWTH


2014 Deliverables Operational Performance

o Produce or exceed 225,000-245,000 AuEq oz at below $700/AuEq oz

o Integrate and begin to optimize the Black Fox operation

o Complete Grey Fox Preliminary Economic Assessment in Q2 2014

o Operate San Dimas consistently at 2,500 TPD

o Increase Reserves and Resources at all sites

Strategic Initiatives o Evaluate new San Dimas Reserves and assess 3,000 TPD expansion

o Evaluate Cerro del Gallo technical review and assess construction decision

o Evaluate Grey Fox as potential pit depletion replacement

o Maintain strong balance sheet

Sustainability Performance o Maintain industry leading corporate responsibility standards

o Publish third GRI compliant Sustainability Report


Investment Opportunity

Producing, profitable and growing

o Mid-tier gold producer

o Portfolio of long-life, high-grade assets

o Located in safe mining jurisdictions

o Strong cash flow and balance sheet

o Track record of steady growth

o Low cost structure


$150M3,4/yr

SIGNIFICANT Annual Operating Cash Flow

180%1,2

GROWTH planned to ~400,000 AuEq.oz by 2016 YE1,2

Corporate Responsibility Jim Mallory, V.P. Corporate Responsibility


Focused on Corporate Responsibility HEALTH AND SAFETY

o Sound management system and risk prevention programs

o Lowered overall accident frequency index (25% in 2013) at San Dimas

o Black Fox has an impressive 250 days with no lost time accidents

ENVIRONMENT

o Certified as ‘Clean Industry’ by the Procuraduria Federal de Proteccion al Ambiente (Mexican EPA)

o Hydroelectric Plant supplies majority of mines power

COMMUNITY

o Well developed programs in Health, Education and Social Development

• 3rd consecutive Socially Responsible Business distinction award from the Mexican Center for Philanthropy (CEMEFI) and the Alliance for Corporate Social Responsibility (AliaRSE) awarded Feb. 2014

• 1st place distinction for practices in education and employment at the College of Professional Technical Education (CONALEP) campus in Tayoltita

o Local employment and procurement

Focused on Responsible Mining


SAN DIMAS & BLACK FOX

Workforce

1247

73

Employees Contractors

73

553 528

166

Contractors

Salaried

Local Union 22

Local Union 21

2013 San Dimas Headcount 1,320

342

120

Employees Contractors

2013 Black Fox Head Count 462

73


78%

7% 9% 4% 2%

100% National Workforce

Durango Guanajuato Sinaloa

Zacatecas Other

SAN DIMAS

Regional Distribution


SAN DIMAS

Safety Performance

7.08

5.7

3.23 2.14 1.96 1.84 1.5 1.12

0

2

4

6

8

2006 2007 2008 2009 2010 2011 2012 2013

All Frequency Index

0.39

0.57 0.55

0.21

0.47

0.18

0.36

0.17

0

0.2

0.4

0.6

0.8

2006 2007 2008 2009 2010 2011 2012 2013

LTI Index

7 7

9

3

7

3

6

3

0123456789

10

2006 2007 2008 2009 2010 2011 2012 2013

Lost Time Injuries

110

70 53

31 29 30 25 20

0

20

40

60

80

100

120

2006 2007 2008 2009 2010 2011 2012 2013

All Incidents

TSX:P I NYSE:PPP I 25 Clean Industry Accreditation (a voluntary initiative)

Regular monitoring of: o Air/water/soil/noise o Hazardous wastes o Special industrial wastes o Environmental Risks o Other: ( Awareness programs)

Presented by the Federal Attorney for Environmental Protection May, 2013

SAN DIMAS

Environmental Performance


SAN DIMAS

Community Ejido Agreements

Temporary Occupation and/or

Right-of-way Agreements 3,306 Hectares

Exploration and Development (4) Power transmission: DGO – Tayoltita (6) Las Truchas hydro-electric project (8)

Local Ejidos

o ~$260k Annual commitments • 15 Scholarships • Computer equipment. • Medical aid visits

o Regular communications.


Impact Benefits Agreement (IBA) in place since June 2011

The Black Fox mine has a long relationship with Wahgoshig and the current IBA provides them with the opportunity to optimize its direct and indirect business participation in the project by promoting and encouraging the use of Wahgoshig Businesses to supply goods and services for the project. Both parties agree to work together to maximize the opportunities for Wahgoshig Businesses in the project and to promote and assist in the development of business skills.

BLACK FOX

Working together with Wahgoshig First Nations


HEA

LTH

EDU

CA

TIO

N

CO

MM

UN

ITY

&

SOC

IAL

DEV

ELO

PMEN

T

INFRASTRUCTURE HEALTH

EDUCATION HEALTH AND TRAINING

HEALTH WEEK

o Preventive Medicine Programs. o Alliances with Gov’t and Civic

groups o Agreements with youth centers o Addiction prevention

SAN DIMAS

Health COMMITMENT TO THE

COMMUNITY AND ITS DEVELOPMENT

ACTI

ON

S:

Services to approx. 80% of the local community

TSX:P I NYSE:PPP I 29 Best Practice in Education & Employment

HEA

LTH

EDU

CA

TIO

N

COM

MU

NIT

Y &

SO

CIAL

DE

VELO

PMEN

T

COMMITMENT TO THE COMMUNITY AND ITS DEVELOPMENT

INFRASTRUCTURE EDUCATIONAL

EDUCATION AND CULTURE

COMMUNITY TRAINING

o School subsidies : 255 students o Adult Education: 260 participants

• Operated by I.D.E.A. CONALEP Technical school :

• 7th year • 156 graduates to date

o 45 rural participants @ student hostel

SAN DIMAS

Education AC

TIO

NS:


HEA

LTH

EDU

CATI

ON

CO

MM

UN

ITY

&

SOC

IAL

DEV

ELO

PMEN

T

COMMITMENT TO THE COMMUNITY AND ITS DEVELOPMENT

SOCIAL

INFRASTRUCTURE

PRODUCTIVE PROJECTS SUSTAINABLE ALTERNATIVES

SUPPORT & CONTRIBUTIONS TO THE COMMUNITY

STRATEGIC ALLIANCES – (Shared Value)

SAN DIMAS

Social License DEPENDENCY PROJECTS

Secretary of Social Development

Greenhouses Day care center Sewing workshops Bakery

Secretary of Environment & Natural Resources

Ecological stoves

Secretary of Public Education Safe schooling

National Fund for Support to Social Enterprises

Local supplier development

Center for Youth Integration Addiction prevention

Rural electrical supply

10 Communities

700 Families

3,255 Inhabitants ACTI

ON

S:


“Grandes Familias 2013” o Monthly recreational & cultural programs for

employee‘s families. • Professionals, staff & labor • Primero camp and community centers.

o Social Assistance “1-800” o Preventive Medicine Program o Communications - Primero Newsletter o Primero Mining exposition

SAN DIMAS

Employee Wellness


Presented by: Ministry of Public Education & Ministry of Labor

3rd Consecutive year • Business Ethics • Care and Preservation of the

Environment • Quality of Life • Community Engagement

SAN DIMAS

Awards & Recognition

Financial Overview David Blaiklock, C.F.O.


Finance Priorities

o Maintain strong balance sheet and liquidity position to fulfill strategic objectives

o Meet guidance; deliver on commitments

o Control costs (opex/capex) particularly in this volatile commodity price environment

o Timely, accurate and transparent reporting for internal and external stakeholders

o Ensure risks properly identified, monitored and managed


$111M

STRONG Cash Balance

$150M3,4

SIGNIFICANT Operating Cash Flow

Strong Balance Sheet

Growth plans funded with no shareholder dilution


$77M5

CONSERVATIVE Debt Level

Combined Company 5-Year Average After-Tax Operating Cash Flow

Exchanges TSX:P

NYSE:PPP

Balance Sheet at December 31, 2013

Cash

Debt

Undrawn Line of Credit6

$111 million

$77 million

$75 million

Capital Structure at March 18, 2014

Shares outstanding

Fully Diluted

Market Cap.

158 million

191 million

C$1.37 billion


Strong Liquidity Available

Cash & Cash Equivalents (as of December 31, 2013 less Brigus senior note repayment of $24 million, less Transaction costs of ~$15 million, less $10 million subscription in Fortune Bay)

Available line of credit6 (currently being finalized, undrawn)

$62M

$75M

~$137M LIQUIDITY



2014 Guidance Assumptions

Assumptions o Average gold price of $1,200 per ounce;

o Average silver price of $7.96 per ounce (fixed price under SPA of $4.16 per ounce and spot price of $21 per ounce);

o FX rates of 1.05 Canadian dollars and 13 Mexican pesos to the US dollar.

o Mexico inflation rate of 4%

Sensitivities

Impact on Cash Cost per Gold Equivalent Ounce

$100/oz change in price of Gold $10

10% change in US$/Mexican Peso $28

10% change in US$/Canadian$ $22

2013 Outlook 2014


143,114 225,000-245,000


111,983 185,000-205,000


6.05 6.25-6.50


$1,077 $1,100-$1,200

Cash cost10

($ per gold equivalent ounce) $599 $650-$700

Capital Expenditures ($ millions)

$56.5 $80.0

Exploration ($ millions)

$15.4 $35.0




Low All-in Sustaining Costs

Below industry average costs

All-In Sustaining Costs10 ($/ounce)

$968

$1,134

$1,077

-

200

400

600

800

1,000

1,200

2011 2012 2013

Industry Average

$389

$229

$235

AISC $1,077/oz

$218

$6

Operating Cost

Sustaining Capital

G&A (Including share based payments)

Exploration

Other


2014 Total Estimated Capital Expenditures Capital Expenditures Estimated 2014

San Dimas Underground Development $14.7 million

San Dimas Sustaining Capital $11.8 million

San Dimas Projects $11.8 million

San Dimas Sub Total $38.3 million

Black Fox Underground Development $7.6 million

Black Fox Open Pit Capital Stripping $3.3 million

Black Fox Sustaining $10.7 million

Black Fox Projects $8.3 million

Grey Fox Development Studies $1.3 million

Black Fox Sub Total $31.2 million

Cerro del Gallo Development $10.4 million

Total $80.0 million

Note: Figures may not add due to rounding.


2014 Total Exploration Expenditures Capitalized Exploration Expenditures Meters Cost (US$ millions)

San Dimas Mine

San Dimas Diamond Drilling 60,000 $5.4 million

San Dimas Drifting 2,500 $5.9 million

San Dimas Regional Diamond Drilling 20,000 $3.5 million

Ventanas Regional Diamond Drilling 4,100 $0.9 million

San Dimas Sub Total $15.7 million

Black Fox Complex

Black Fox Diamond Drilling 55,700 $7.7 million

Grey Fox & Regional Exploration 76,400 $9.1 million

Black Fox Complex Sub Total $16.8 million

Cerro del Gallo Diamond Drilling 10,000 $2.5 million

Total 226,200 $35.0 million

Note: Figures may not add due to rounding.


48%

32%

11%

9%

San Dimas

Black Fox

Cerro del Gallo

Grey Fox$115M

2014 Total Capital & Exploration Expenditures


Depreciation and Depletion o Policy – deplete mining properties using units-of-production basis over

estimated P&P reserves + estimate of portion of mineralization expected to be classified as reserves.

o 2012 - 2013 SEC initiative to review depletion policies of mining companies; Primero comment letters and responses filed on edgar.

o SEC aversion to inclusion of anything other than P&P reserves in depletion base.

o Historically San Dimas has achieved > 90% conversion rate from resources to reserves.

o Before Q4 2013 – P&P reserves + 75% of (inferred resources and exploration potential).

o Q4 2013 and after – depletable (P&P + 75% of inferred) and non-depletable (exploration potential) pools.

o SD depreciation and depletion $45 - 50m / year at 2,500 TPD rate.


Mexican Tax Reforms

o Impact on Primero is an effective tax rate increase from 29% to ~40%

o 7.5% royalty calculated on taxable EBITDA. Exploration costs are deductible.

o Precious metals producers pay an additional environmental erosion fee based on 0.5% of revenue from sales of gold, silver or platinum.

o Both 7.5% royalty and 0.5% fee are deductible for income tax. Effective January 1, 2014; paid by March 31 of following year.

o Other significant changes: • Elimination of 100% 1st year deduction of exploration costs (now deductible

over 10 years). • Elimination of accelerated depreciation of PP&E purchases.

o Industry mitigation strategies: • Continue to apply political pressure through lobbying (highlight contribution

of mining to federal, state and local communities). • Company specific legal challenge – amparo. • Tax planning strategies, e.g., separate ownership of concessions from PP&E.


Brigus Tax Position

o Federal tax rate at 25% and Ontario Mining Tax (“OMT”) at 8.5% o At YE 2013 Brigus had US$282m of tax pools for Cdn federal

income tax o Pools will increase with future PP&E, development and exploration

expenditures o In 2013, Brigus used about $35m of these pools, so no federal

income tax likely payable for > 5 years o At YE 2013 Brigus had US$162m of tax pools for OMT o In 2013, Brigus used $43m of these pools, so no OMT likely

payable for > 3 years

San Dimas Renaud Adams, C.O.O.


Mexico is a Low Risk Mining Jurisdiction

Cerro Del Gallo Project Gold-Silver-Copper Development Project Guanajuato, Mexico

Ventanas Property Exploration Property (20km South East of San Dimas) Durango, Mexico

San Dimas Mine Gold-Silver Mine Durango, Mexico

o Politically stable

o Long mining history

o One of world’s largest metals producers

o Excellent infrastructure

o Experienced workforce

BUILDS ON ESTABLISHED PRESENCE IN MEXICO

TSX:P I NYSE:PPP I 47 47

o 24,825 hectare land package

o Over 120 known veins in the district

o Thickness of veins varies from 0.10 m up to 8 m - Avg 1.90 m

o Some veins can be followed for more than 1,500 m

o Total underground development of more than 500 km

47

SAN DIMAS

Large Land Package


SAN DIMAS

Site Aerial View


Location Durango-Sinaloa State Border

Ownership 100%

Metals Gold & Silver

Mining Underground cut and fill and long-hole

DISTRICT PRODUCED 11M OUNCES OF GOLD AND 600M OUNCES OF SILVER

One of Mexico’s Most Significant Precious

Metals Deposits

See final slide for footnotes. 49

SAN DIMAS 2013 Outlook 2014


143,114 155,000-165,000


111,983 115,000-125,000


6.05 6.25-6.50


$1,077 $950-1,050

Cash cost10

($ per gold equivalent ounce) $599 $575-600

Cash cost10– by-product ($ per gold ounce)

$389 $340-360

Capital Expenditures ($ millions)

$53.1 $38.3

Exploration ($ millions)

$14.6 $15.7

SAN DIMAS

A Flagship Asset


Central Block Discovery (Roberta, Robertita & Santa Lucía veins)

Acquisition of Luismin by Wheaton River

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

-

50,000

100,000

150,000

200,000

250,000

1998

1999

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

2010

2011

2012

2013

2014

E

2015

E

Gold (oz)

Gold Equivalent (AuEqoz)

Gold Grade (g/t) RH

Gold

Gra

de (g

/t)

Sinaloa Graben Discovery Subsequent Acquisition of San Dimas by Primero

San Dimas Historical Production (AuEq ounces)

CURRENT RESERVE GRADE

SAN DIMAS

Proven History of Production

San Dimas Operations Renaud Adams, C.O.O.


Crushing Area Underground Mine Cut & Fill and Long-Hole

Grinding Section

Dore Bars

Precipitation & Smelting

Chemical Treatment

SAN DIMAS

District Process

Dry Tailings Facility


Cut and Fill (Jumbo and Jack-Leg) Long-Hole

SAN DIMAS

Mining Methods


Jumbo Drill Rig


Jackleg Drill


Long Hole Drill


PREGNANT SOLUTION

3 4

BALL MILL 12’x14’ NO. 2

Industrial Water

Pregnant Solution Precipitate

Zinc Pulp

Tailings

Barren Solution Return Solution Dore Slag

TAILINGS IMPOUNDMENT

1

RETURN SOLUTION

COARSE ORE BIN CAP. 780 TON CONVEYOR BELT Nº 1 36’’ W, 49.1’ L JAW CRUSHER PETTIBONE 20”x 36” CONVEYOR BELT Nº 2 24” W, 160.6’ L INTERMEDIATE ORE BIN CAP. 375 TON VIBRATING SCREEN TRAYLOR 8’X16’ CONVEYOR BELT Nº 3 36” W, 18.5’ L CONVEYOR BELT Nº 4 36” W, 77.5’ L CONVEYOR BELT Nº 5 36 ” W, 86.1’ L SECONDARY CRUSHER HP-300 TERTIARY CRUSHER SYMON´S 7 Ft CONVEYOR BELT Nº 6 24’’ W, 750.7’ L FINE ORE BINS Nº 1 & Nº 2 CAP. 1,000 TON Ea. BALL MILLS (2) 12’ X 14’ MARCY PRIMARY THICKENNER Nº 1 48’X12’ (d x h)

PRIMARY THICHENNER Nº 2 (HI-CAP) 55’X10’ (d x h) AGITATORS (7) 30’X24’ (d x h) AGITATORS (1) 30´X20’ (d x h) SUPERAGITATORS (6) 50’X30’ (d x h) THICKENNER - INTERMEDIATE (2) 30’X10’ (d x h) THICKENNER - INTERMEDIATE(1) (HI-CAP) 48’X10’ (d x h) SHEET FILTERS AUTOJET (2) FILTERS PRESS (4) 60” SQUARE INDUCTION FURNACE (2) CAP. 700kg GEHO PUMPS TZPM-180 (4) DELKOR THICKENNER (1) 50 FT HI-PAC DELKOR THICKENNER (1) 80 FT HI-PAC BUFFER TANK (1) 30 x 24 (dxh) PUTZMEISTER SAND PUMP HSP-25100

EQUIPMENT CHARACTERISTICS

VIBRATING FEEDER

MINE CARS

COARSE ORE BIN

JAW CRUSHER

INTERMEDIATE

ORE BIN

VIBRATING SCREEN

BELT No. 1

SECONDARY FEEDER

DUMP TRUCKS

BELT Nº 7 CONE CRUSHER

HP-300 BELT Nº 8

BELT Nº 9

CONE CRUSHER

SYMONS 7 FT

GEHO PUMPS

+ + + + +

+ + + + +

+ + + + +

CLARIFIERS

+ + + + +

+ + + + +

+ + + + +

BALL MILL 12’x14’ NO1

LIME

FINE ORE BIN No. 2

FINE ORE BIN NO 1

INDUSTRIAL WATER

1 2

3 4 5 6 7 8 9

BARREN Nº 1

SEMIRICH SOLUTION

PRIMARY THICKENNER 1

RETURN SOLUTION

INTERMEDIATE NO 1

14

INTERMEDIATE Nº3

13

JALES

BARREN Nº 2

SUPERAGITATORS 12

11

SUPERAGITATORS

10

RECIRCULATOR 9

INTERMEDIATE NO 2

THICKENNER DELKOR 1 SUPERAGITATOR 1

SUPERAGITATOR 2

HOLOFLITE DRYER

HELICOIDAL CONVEYOR

JAW CRUSHER

BULLION PACKING

FLUX MIX

VAULT

FILTERS PRESS

SHEET FILTERS AUTOJET NºS1 & 2

VACUUM PUMP

PCP PUMPS

DE-OXYGENTION TOWER

INDUCTION FURNACES

ZINC POWDER

PRIMARY THICKENNER 2

AGITATORS

THICKENNER DELKOR 2

1 2

BUFFER TANK

PUTZMEISTER PUMP

SAN DIMAS

Plant’s Flowsheet


SAN DIMAS

2014 Mine Plan Area 2014 Tonnes Dist.

(%) 2014 oz Au Dist.

(%) Reserves oz Au

Dist. (%)

Central Block 62% 60% 58%

Sinaloa Graben 23% 30% 38%

Tayoltita 15% 10% 5%

Total 100% 100% 100%

o Contribution (oz Au) from Sinaloa will increase to reserve

distribution level once higher grade from Victoria vein

becomes available (18 months)

o Over 20 km of development including 2.5 km of strategic

exploration drifting


• Adding an additional long hole drill in 2014.

• Optimization to minimize long hole drill downtime.

• Adding a 1.2 tonne ANFO loader to increase long hole blasting capacity.

• Targeting long hole mining of up to 36% of total ore production.

30% 33%

3%

20%

14%

-

50

100

150

200

250

300

350

Long Hole Cut-and-Fill Development Cut-and-Fill Development

Jack Leg Jumbo

Ton

nage

(kt

)

2014 Tonnes Target by Mining Method

SAN DIMAS

Mine Plan by Mining Method


Q1 2014

Q2 2014

Q3 2014

Q4 2014

100m

Mining Contribution % 19

Tonnes Mined kt 170

Au Grade g/t 3.60

Ag Grade g/t 182 Long Section

SAN DIMAS

2014 Mine Plan Roberta


Q1 2014

Q2 2014

Q3 2014

Q4 2014

100m


Tonnes Mined kt 200

Au Grade g/t 5.55


SAN DIMAS

2014 Mine Plan Robertita


Q1 2014

Q2 2014

Q3 2014

Q4 2014

50m


Tonnes Mined kt 130

Au Grade g/t 5.62


SAN DIMAS

2014 Mine Plan Victoria


Q1 2014

Q2 2014

Q3 2014

Q4 2014

50m


Tonnes Mined kt 53

Au Grade g/t 4.17


SAN DIMAS

2014 Mine Plan Alexa


SAN DIMAS

Victoria Highest Grades 18 Months Away

San Dimas Costs & Capex Renaud Adams, C.O.O.


60%

40%

Cost by Currency

Mexican Pesos

US Dollars

Cost

49%

51%

Variable

Fixed

Fixed Operating Cost

SAN DIMAS

Costs


$66.30 $26.50

$16.30

$2.60

2013 Unit Cost = $112/tonne

Mine Mill G&A Refining

Note: 2013 unit costs per tonne higher due to 792,239 tonnes mined versus 766,930 tonnes milled.

SAN DIMAS

2013 Costs per Tonne


43%

13%

5% 3% 2% 2% 3% 3% 4%

1% 5%

2% 1%

8%

2%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

SAN DIMAS

2013 Operating Cost Breakdown


27%

22% 29%

22%

Underground Development

Projects

Exploration

Sustaining

$54M

SAN DIMAS

2014 Capital & Exploration Expenditure

Expansion & Optimization Renaud Adams, C.O.O.


o Maximize use of Long Hole mining method: Target 30% of total mining by year-end

o Maximize potential effective hours of equipment (OEE): Mine planning, shift scheduling, planning, transportation of personnel, equipment tracking system

o Continue to focus on dilution control and improving mill feed grades

o Haulage optimization is a priority

o Development and training of workforce

o Ongoing integration of continuous improvement tools & practices

o Establish/respect preventive maintenance best practices while continuing to improve preventive/corrective ratio and increased wrench time

o Improved security at site to mitigate potential asset theft

Increase Overall Mine Productivity

SAN DIMAS

Expansion & Optimization Program


Long hole Mining Method

Implementation of Long hole Mining

Opportunity to further increase productivity and decrease mining cost.

o Excellent ground condition o Sub-vertical vein system o Adequate drilling equipment o Excellent fragmentation o Lower dilution than C&F Jumbo

Work Execution Planning

Optimization of Mine Planning

Opportunity to increase mining productivity by maximizing the utilization of existing resources and, reinforcement of best practices between departments.

o Mine planning continues to improve o Implementation of 3D mine planning provides

further opportunities

SAN DIMAS

Mining Methods & Execution


Implementation of State of the Art Mine Concept and Scheduling Software

Target pro-active decisions and adjustments

Implementation of Leading KPIs and Risk Management tools

3D Concepts & Scheduling Risk Management & KPIs

SAN DIMAS

Modeling and Planning


Phase I:

o Optimize ore haulage

o Create internal ore bin

o Create one entry/one exit point

o Create one point of delivery to mill

Phase II:

o Replace haulage trucks with conveyor system

Sinaloa Graben North

SAN DIMAS

Mine Operations – Haulage Optimization

TSX:P I NYSE:PPP I 75 Tunnel Loop

SAN DIMAS

Phase I: Haulage Optimization Routes


Potential Conveyor System

SAN DIMAS

Phase II: Mine Conveyor Concept


Implement Equipment Tracking to Optimize Effective Hours

o Install equipment tracking devices on all critical equipment

o Analyze and optimize effective hours versus non operating and operating delays

• Track asset utilization

• Complete more drill/blast cycles per day

• Optimize scheduling and routing

• Reduce fuel costs

• Track scheduled maintenance

• View proof of ore delivery

• Reduce administration

SAN DIMAS

Mine Operations – Equipment Tracking


o Union has agreed to a 3 month trial of 12 hour shifts in some long-hole mining stopes

o Current scope of trial is limited

o Mine currently operates on a 6 day per week, 3 x 8 hour shifts per day

o Creates opportunity for mine to transition to 7 days per week, 2 x 12 hour shifts per day

o 12 hour shifts expected to recover 2hrs per day in travel time

o Achieve ~1.7 complete drill/blast cycles per day in current 3 x 8 hr shifts

o Expected to achieve 2 complete drill/blast cycles per day in 2 x 12 hr shifts

o Potential significant productivity improvements

Mine trialing 12 hour Shifts

SAN DIMAS

Mine Operations – Potential 7 Day Operation


1,500

2,000

2,500

3,000

2011 2012 2013 2014E 2015E 2016E 2017E

San Dimas Tonnes Per Day

Phase 1 Mill Expansion to

2,500 tpd

Mine Optimized to

3,000 tpd

Base Production

Mine Production of

2,150 tpd

Target Mine Production of

2,750 tpd

Mine Production

of 2,500 tpd

Phase 2 Mill Expansion

Scoping Study

Current Capacity

3,000 tpd Target

Phase 2 Mill Expansion to

3,000 tpd

SAN DIMAS

Potential Phase 2 Expansion


-

1,000

2,000

3,000

2014E 2015E 2016E 2017E

Graben North

Santa Rita

Tayoltita

Sinaloa Graben

Central Block

3,000TPD THROUGHPUT CONCEPT (tonnes per day)

SAN DIMAS

Expansion Concept

TSX:P I NYSE:PPP I 81 Mill Operating at 2,500 TPD

Item Current Capacity 3,000 tpd Target

1. Mine 2,500 tpd

2. Crushing 2,500 tpd

3. Grinding (3 ball mills) 3,000 tpd

4. Leaching & Thickening 2,500 tpd

5. Tailings 3,000 tpd

SAN DIMAS

Current Mill Component Capacities


o Third ball mill, new ore bins/ore feed

system and pumping capacity, has

already increased grinding capacity to

3,000 TPD

o Crushing equipment was reconfigured to

reach 2,500 TPD

o Crushing capacity of 3,000 TPD can be

achieved by adding new primary crusher

and a parallel secondary/tertiary line

SAN DIMAS

Crushing & Grinding Expansion


o Leaching & Reagents: 2,500 TPD achieved by

the addition of extra leaching capacity and

optimization of leach kinetics

o Limited optimization required to reach 3,000

TPD

o Precipitation & Refining: Extra filter press and

limited optimization required to achieve 3,000

TPD

o Extra thickening capacity was installed for

2,500 tpd expansion

SAN DIMAS

Chemical Processing Expansion


High Density Tailings Pumped to Filter o Two Putzmeister tailings pumps with installed

capacity of 3,000 TPD o A third pump on site to be installed for back-up

purposes

Third Dry Tailings Filter Completed o Capacity 3,000 tpd installed o Minimum 15 year operating life

Best Practices Dry Tailings Plant

Third Dry Tailings Filter Completed

3,000tpd TOTAL CAPACITY

SAN DIMAS

Dry Tailings Filter Expansion Complete


o Will support mine at 3,000 TPD for over 15 years

o Construction on schedule, 90% complete o Projected cost ~$9.3M o Re-engineering of rock cut:

• Width reduced by 20%

• Redesign driven by rock instability on north side

• Simplified design

o Sustaining capital project

SAN DIMAS

Waste Rock Project


o Las Truchas Power House capacity was 7.3mW

o At 2,500 TPD provided 70% of San Dimas power

o Grid power cost of $0.11/kWhr

o Las Truchas average cost of $0.015/kWhr

o At 2,150 TPD operating level saved:

• $2.5M per year

• 23,500 tonnes of CO2

SAN DIMAS

Las Truchas Hydro Power Facility


o Full Project Scope considers doubling current hydro generation of Las Truchas and consists of construction of extra reservoir/dam (18M m3) and expansion of current power house c/w installation of second turbine/generator

o All current and future power needs (up to 3,000 TPD) of San Dimas power requirements covered with proposed Phase 2 expansion of Truchas

o Phase 2A – Expansion of current power house on-going: • Total estimated cost of $7M, $3.9M budgeted in 2014 • Will add nearly 50% to current hydro generation

o Potential Phase 2B – Construction of extra reservoir

• Pre-Feasibility study - Completion Q2 2014 • Would add another 50% to the current hydro generation • Capital estimate of ~$15M • Financing options available through external sources

SAN DIMAS

Las Truchas Expansion


o Civil works construction started

o Initial work focused on pads for transformer relocation

o Delivery dates to site:

• New Transformer: April 2014

• Turbine: May 2014

• Generator: April 2014

o Commissioning August 2014

o On budget @ $7.0M

SAN DIMAS

Truchas Hydro Power House Expansion

San Dimas Exploration Gabriel Voicu, V.P. Exploration


3 5 °

Upper volcanic group

Piaxtla intrusive

Arana diorite and intrusive andesite

Lower volcanic group

Fault

Geologic boundary

Vein

Strike and dip

Mill

Town site

0 1 2 3 4 5 Km

3 4 ° 3 5 °

10° 10

5°56

’

TAYOLTITA CONTRA ESTACA

76°

33°

35°

35°

25°

CARBONERAS

NORTH

(After Henshaw, 1953; Randalll,1970; Smith and Hall, 1974; Nemeth,1976; Clarke, 1982; Enriquez,1995).

A’

SAN DIMAS

Geological Setting


Favorable Horizon

Mineralization – Ore Bodies Extension of the Favorable Horizon

Potential

0 1 2

K I L O M E T E R S

SW NE 3,000 m.

2,000 m.

1,000 m.

3,000 m.

2,000 m.

1,000 m.

Source: San Dimas Geology Office

Intrusive

Faults

West Block 2014 EXPLORATION

San Antonio Mined 1987-2002

Central Block Mined 2002-Current

Tayoltita Block Mined 1975-Current

Arana Hanging Wall

Sinaloa Graben Mined 2012-Current

2014 EXPLORATION PROGRAM DRILLING FOR EXTENSIONS OF KNOWN VEINS

LONGITUDINAL CROSS SECTION

SAN DIMAS

District Wide Exploration Potential


SAN DIMAS

Structural Concept


0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

Initial 2003 2004 2005 2006 2007 2008 2009 2010 2011* 2012 2013 End

Ounc

es

San Dimas Reserve Replacement based on Au ounces (2003-2013)

Reserve Additions Production

Central Block Discovery Roberta, Robertita veins

Acquisition of Luismin by Wheaton River

Sinaloa Graben Discovery Acquisition of San Dimas by Primero

New Block Model Introduced

SAN DIMAS

Proven History of Reserve Replacement


CLASSIFICATION TONNAGE (MILLION TONNES) GOLD GRADE (G/T) SILVER GRADE

(G/ T) CONTAINED GOLD

(000 OUNCES) CONTAINED SILVER

(000 OUNCES)

Mineral Reserves Proven & Probable 4.893 5.5 315 870 49,479

Mineral Resources Measured & Indicated 4.282 7.2 419 997 57,713

Inferred 7,333 4.2 310 998 72,647 Notes to Mineral Reserve Statement: Cutoff grade of 2.7 grams per tonne (”g/t”) gold equivalent (“AuEq”) based on total operating cost of US$104.97/t. Metal prices assumed are gold US$1,250 per troy ounce and silver US$20 per troy ounce. Silver supply contract obligations have been referenced in determining overall vein reserve estimate viability. Processing recovery factors for gold and silver of 97% and 94% assumed. Exchange rate assumed is 13 pesos/US$1.00. The Mineral Reserve estimates were prepared under the supervision of Mr. Gabriel Voicu P.Geo., Vice President, Geology and Exploration, Primero and a QP for the purposes of National Instrument 43-101 (“NI 43-101”). Notes to Mineral Resource Statement: Mineral Resources are total and include those resources converted to Mineral Reserves. A 2.0g/t AuEq cutoff grade is applied and the gold equivalent is calculated at a gold price of US$1,300 per troy ounce and a silver price of US$20 per troy ounce. A constant bulk density of 2.7 tonnes/m3 has been used. The Mineral Resource estimates were prepared by Mr. Rodney Webster MAusIMM, MAIG and Mr. J. Morton Shannon P.Geo., both of AMC Mining Consultants (Canada) Ltd. and a QP for the purposes of NI 43-101.

Additional exploration potential was estimated at 6-10 million tonnes at grade ranges of 3-5 grams per tonne of gold and 200-400 grams per tonne of silver as of December 31, 2011. It should be noted that these targets are conceptual in nature. There has been insufficient exploration to define an associated Mineral Resource and it is uncertain if further exploration will result in the target being delineated as a Mineral Resource.

Mineral Resources and Mineral Reserves (DECEMBER 31, 2013, MINERAL RESOURCES INCLUDE MINERAL RESERVES)

SAN DIMAS

2013 Increased Reserves and Grade


Block

Tonnes

Grade (g/t) Ounces Mining Method Dilution

Gold Silver AuEq Gold % Silver Jack Leg Jumbo Long Hole

1 Robertita Central Block 906,752 6.8 324 11.8 196,947 23% 9,458,016 5% 75% 20% 75% 2 Victoria Sinaloa Graben 524,793 11.5 370 17.3 194,594 22% 6,235,001 18% 82% 0% 56% 3 Roberta Central Block 754,925 5.4 221 8.8 130,471 15% 5,361,330 7% 36% 57% 47% 4 Elia Sinaloa Graben 269,095 8.2 598 17.5 70,987 8% 5,170,783 0% 65% 35% 71% 5 Alexa Sinaloa Graben 304,234 5 257 9.0 49,402 6% 2,514,692 0% 0% 100% 21% 6 Marina 1 Central Block 331,249 4.5 290 9.0 48,324 6% 3,091,620 19% 0% 81% 36% 7 Marina 2 Central Block 122,199 5.5 348 10.9 21,737 2% 1,366,328 0% 0% 100% 66% 8 Santa Lucia Central Block 272,157 2 319 7.0 17,955 2% 2,795,439 27% 0% 73% 27% 9 San Enrique Central Block 134,096 4.1 220 7.5 17,866 2% 947,616 100% 0% 0% 41%

10 Castellana Central Block 201,927 2.5 286 6.9 16,357 2% 1,855,077 31% 0% 69% 49% 11 America Tayoltita 131,684 3.1 524 11.2 13,063 2% 2,219,269 100% 0% 0% 46%

12 Aranza Sinaloa Graben 118,820 3.4 322 8.4 12,948 1% 1,230,019 0% 0% 100% 43% 13 Tayoltita Tayoltita 139,581 2.7 214 6.0 12,220 1% 958,147 100% 0% 0% 37% 14 Celia Central Block 160,762 2.2 255 6.2 11,489 1% 1,319,379 77% 0% 23% 40% 15 Marisa Central Block 46,387 5.6 645 15.6 8,427 1% 962,196 100% 0% 0% 22% 16 Jael Central Block 73,783 3.5 261 7.6 8,389 1% 619,164 100% 0% 0% 38% 17 Noche Buena Tayoltita 94,308 2.5 212 5.7 7,449 1% 641,665 100% 0% 0% 87% 18 Gloria Central Block 55,681 4.1 243 7.9 7,378 1% 435,024 0% 0% 100% 155% 19 Gabriela Central Block 82,001 2.5 263 6.6 6,712 1% 693,047 100% 0% 0% 30%

20 Soledad Central Block 47,721 3.8 320 8.7 5,789 1% 491,403 100% 0% 0% 64% 21 Cristina Central Block 31,197 2.3 301 7.0 2,330 0% 301,702 100% 0% 0% 38% 22 Santa Gertrudis Tayoltita 29,068 1.9 302 6.5 1,750 0% 282,088 100% 0% 0% 76% 23 Pozolera Tayoltita 23,762 1.9 308 6.7 1,486 0% 235,290 100% 0% 0% 44% 24 El Oro Tayoltita 7,643 3.6 149 5.9 888 0% 36,603 100% 0% 0% 44% 25 Stockpile 29,442 5.1 272 9.3 4,813 1% 257,605

Total 4,893,266 5.5 315 10.4 869,770 100% 49,478,504 28% 32% 40% 50%

SAN DIMAS

Reserves by Area


Our goal is to replace depleted reserves by 100%.

Delineation Objectives: o Test the continuity of the economic oreshoots along strike and at depth

o Transfer Inferred Resources to Measured & Indicated Resources

o Investigate possible sub parallel veins to the main veins

o Improve the characterization of the geometry of the veins and grade variability

Exploration Objectives: o Discover new high-grade veins close to mine infrastructure

o Verify lateral and downdip extension of the known veins

o Increase the Inferred Resources

SAN DIMAS

Objectives


2

3 4

1

Ore Body

Proposed Drilling

Proposed Drilling

Old Hole

Proposed Drilling

Proposed Drilling

Ore Body

Stope

Stope

Test Drilling Delineation Drilling

Vein-continuity Exploration Drilling Exploration Drilling

Less Investment Required (money and time)

Long Term Impact

Short Term Impact

More Investment Required (money and time)

SAN DIMAS

Strategy R&R Development


o 2014 $15.7 million exploration program

o 22,500 hectare package

o 80,000 metres of drilling: 35,000 metres delineation

drilling

25,000 metres exploration drilling, plus 2,500 metres of exploration drifting

20,000 meters regional exploration drilling

o Targeting high-grade central corridor, close to existing infrastructure

SAN DIMAS

Focused Exploration


San Dimas Drilling Program

Item Meters CapEx

Delineation Drilling 35,000 meters

Mine & Regional Exploration Drilling

45,000 meters

Total Drilling 80,000 meters $8.9 million

Exploration Drifting 2,500 meters $5.9 million

Ventanas - $0.9 million

TOTAL $15.7 million

SAN DIMAS

2014 Exploration Program


Central Block 1. Robertita 2. Roberta 3. San Enrique 4. Marinas 5. Gloria 6. Soledad-Jael 7. Castellana 8. San Salvador-Gertrudis

Sinaloa Graben 9. Sistema Rosario 10. Aranza 11. Elia 12. Castellana-Sta. Eulalia 13. Marinas Proyección. 14. Victoria/Pillar 15. Alexa 16. San Jose- Trinidad

San Fernando North 19. Gloria-Goteras 20. Frapopan 21. Pozolera 22. Noche Buena

Tayoltita 23. Nivel 22 Independ-Arana 24. Nivel 24 Independ HW 25. Nivel 27-28

Santa Rita 26. San Alberto 27. Nancy 28. Marisa

West Block 17. Marshall-Franklin y Carmen 18. San Jose - Trinidad

SAN DIMAS

2014 Near Mine Exploration Targets


Elev.100 Elev.100

Elev.200 Elev.200

Elev.300 Elev.300

Elev.400 Elev.400

Elev.500 Elev.500

Elev.600 Elev.600

Elev.700 Elev.700

Elev.800

200 m 0 100

SW NE

RO_305

RO_304

RO_303

RO_250

RO13_314

DDH Au g/t Ag g/t TW m

RO_250 4.8 133 1.0

RO_303 34.4 55 1.2

RO_304 11.3 722 1.0

3.1 142 1.5

RO_305 2.6 356 1.1

RO13_314 5.7 13 2.3

Working Old Drilling 2014 Fault Limite Zona Favorable

Explanation Productive Andesite Portal Rhyolite

Socavon Rhyolite Buena Andesite

Piaxtla Intrusive

SAN DIMAS

2014 Roberta Targets


TARGETS ROBERTITA VEIN SW NE

700m

600m

500m

400m

300m

700m

600m

500m

400m

300m ROB13_274

ROB13_276

ROB13_293

ROB13_281

ROB13_284

ROB13_285

ROB13_277 ROB13_286

ROB13_290

ROB13_291

ROB13_287

ROB13_275 ROB13_282

Productive Andesite


Explanation

Portal Rhyolite


Piaxtla Intrusive

200 m 0 100


ROB13_274 4.3 293 0.5

3.8 142 0.4

3.4 271 0.4

ROB13_275 10.0 281 10.8

ROB13_276 1.9 102 1.9

ROB13_277 19.8 1383 1.3

ROB13_281 5.5 228 1.8

ROB13_282 12.5 467 3.2

14.7 597 1.3

ROB13_284 3.9 172 0.5

ROB13_285 4.1 361 1.7

ROB13_286 21.1 262 2.0

ROB13_287 100.8 732 2.5

ROB13_290 4.8 6 0.6

ROB13_291 6.1 174 0.4

ROB13_293 7.4 508 1.8

SAN DIMAS

2014 Robertita Targets


Victoria Orebody

NE

500 msnm

700 msnm

300 msnm

200 m 0 100

500 msnm

700 msnm

300 msnm

DDH 2013

DDH 2012 Pending

Not Significant

Planned


VIC13_282 5.7 142 1.1

VIC13_284 25.8 318 0.4

VIC13_287 8.7 507 0.7

VIC13_288 3.2 57 2.9

VIC13_289 81.7 4,536 7.2

VIC13_290 19.2 993 3.1

VIC13_291 85.0 2,716 9.1

VIC13_293 57.8 1,724 1.1

VIC13_294 20.8 1,043 11.4

VIC13_288

VIC13_293 VIC13_290

VIC13_287

VIC13_294 VIC13_289

VIC13_291

VIC13_284

VIC13_282

SAN DIMAS

2014 Victoria Targets


Elev.400 m Elev.400 m

Elev.800 m AL13-078

AL13-083

AL13-083

AL13-079

AL13-076

AL13-081 AL13-074

AL13-075

AL13-057

AL13-063

AL13-058

AL13-070

AL13-065

AL13-056

AL13-062

AL13-071(1) AL13-066

AL13-067

AL13-061 AL13-069

AL13-085

AL13-086 AL13-072

AL13-084 AL13-073

AL13-088

AL13-089

AL13-073

AL13-077 AL13-080

Elev.800 m

AL13-059

AL13-091

AL13-092

Proceso

AL13-090

SW NE

200 m 0 100

Productive Andesite


Explanation

Portal Rhyolite


Piaxtla Intrusive

SAN DIMAS

2014 Alexa Targets


0 1 2km

Tayoltita Mill

Trev

iño

Tunn

el

Arana Hanging

Wall Block Central Block

Tayoltita Block

West Block

Tunnels Proposed Tunnels Vein Fault River

EL CRISTO

TUNEL ESCONDIDO

TRINIDADSAN JOSE

LUZ Y REYES/PEREZ

ESPERANZA TESCALAMA

SAN VICENTE SAN JUAN

CAMICHIN VERDOSA

2014 DDH proposal targets

ORDER OF PRIORITY

1. Luz y Reyes 3,000 m 2. Hedionda 240 m 3. San Jose 1,200 m 4. Trinidad 900 m 5. El Cristo 2,100 m 6. Camichin 960 m 7. Veta Nueva 600 m 8. Verdosa 1,420 m 9. San Vicente 1,260 m 10. San Juan 1,500 m 11. Carmen/Sin Nombre 1,920 m 12. Santa Cruz/Agua Dulce 1,350 m 13. Coronado 1,280 m 14. Carmen Escobosa 1,040 m 15. San Rafael 420 m 16. Tescalama 320 m 17. Esperanza 420 m TOTAL 20,000 m

SAN DIMAS

2014 Regional Exploration Targets


Noche Buena mine

N

2’671,000 N

398,000 E

399,000 E

400,000 E

401,000 E

2’670,000 N

2’671,000 E

2’670,000 N

398,000 E

399,000 E

400,000 E

401,000 E

0 250 500

Escala Grafica Tunnels Proposed Tunnels Vein Fault River

SAN DIMAS

Regional Exploration 2014 LUZ Y REYES / PEREZ Vein


Sinaloa Fault

SW NE

?

1,100 msnm

900 msnm

DDH Pending Not Significant

Planned

DDH 2013 Significant

1,100 msnm

900 msnm

Looking NW

LYR13_003 LYR13_001

200 m 0 100


LYR13_001 2.3 351 0.6

LYR13_002 7.4 528 11.9

LYR13_003 5.6 445 0.8

LYR13_004 1.8 296 0.5

LYR13_005 5.4 803 0.7

LYR13_007 12.3 206 2.6

LYR13_008 1.0 230 0.4

LYR13_009 12.0 2,109 3.2

3.8 517 3.8

LYR13_008

LYR13_004

LYR13_002

LYR13_005

LYR13_009

LYR13_007

INTRUSIVE ANDESITE

LAS CUMBRES RHYOLITE PRODUCTIVE ANDESITE PORTAL RHYOLITE BUELNA ANDESITE SOCAVON RHYOLITE BOLAÑOS DIKE ARANA INTRUSIVE CAMICHIN INTRUSIVE PIAXTLA INTRUSIVE

LEGEND

Luz y Reyes/Perez: 6 DDH; 3,000m

• To continue exploring its extension inside favorable horizon towards NE and SW (600m) based on promising preliminary results from 2013 and prepare it for the Mine Exploration delineation program.

SAN DIMAS

2014 Regional Exploration Target – Luz Y Reyes/Perez


2014 VENTANAS DISTRICT PROGRAM o Not covered by Silver Purchase Agreement

o Ventanas property 3,300 ha located 29km (straight line) south of San Dimas

o 17 mines commencing 1757 and stopped in 1810. The mines have been discontinuously exploited between 1880 and 1973. 820m of tunnels, 1,320m of drifting and 9,282m in 36 DDH

o Released resources in Mala Noche vein (NI 43-101):

o Indicated: 155,000 tonnes @ 2.49g/t Au and 258g/t Ag o Inferred : 229,400 tonnes @ 2.31g/t Au and 412g/t Ag

o Underground and open pit targets

o DDH program commenced in November 2013 and continues in 2014

o Two veins will be drilled: Valenciana and Mala Noche; 12 holes(*); 2,000m(*)

o Systematic channel sampling in Valenciana vein totalizing 20 trenches (1,100m) and sampling of 13

trenches (700m).

o Rebuild and improve old camp in Ventanas, including core shack, access roads and Internet communication

o Total budget approximately $0.9 million

VENTANAS

Exploration Program


"El Alacrán"

Valenciana

"MALA NOCHE"

"VENTANAS"

"LA LIBERTAD"

NORTE

REGIONAL GEOLOGY VENTANAS-MALA NOCHE

IGNIMBRITAS

ANDESITAS

ALUVION

INTRUSIVO

NORTE

MINA LA CONCEPCION

MINA SAN CAYETANO

Pueblo de Villa Coronas (Ventanas)

Pueblo de Mala Noche

Mala Noche

California

La Prieta

109

VENTANAS


Black Fox Mine Renaud Adams, C.O.O.


Location Timmins, Ontario Ownership 100% (8% gold stream at $504/oz)

Metals Gold Mining Open pit & underground Capacity 2,200 TPD Mine Life Open Pit: ~3 years, U/G: ~7 years


CLASSIFICATION TONNAGE ( TONNES)

GOLD GRADE (G/T)

CONT. GOLD ( OUNCES)

Mineral Reserves

Proven & Probable 4,469,000 4.6 660,800

Mineral Resources (includes Mineral Reserves)

Measured & Indicated 4,942,149 5.2 822,542

Inferred 270,998 5.1 44,172

BLACK FOX

Another Opportunity to Unlock Value

Black Fox Gold Pour

Black Fox Mill


BLACK FOX

Proven Prospective District

Destor-Porcupine Fault Strike Length ~200km


BLACK FOX

Large ~2,000 Hectare Property

40 land parcels and 22 patented mining leases

BLACK FOX MINE


BLACK FOX

Property Layout

Established Infrastructure


BLACK FOX

Black Fox Mill

Capacity of 2,200 TPD


o Our technical team recognized an under-capitalized underground mine

o We have successfully turned San Dimas around from operating at ~1,500 TPD with variable, below reserve grade results to 2,500 TPD at reserve grade in 2 years

o Potential at depth (proven regional geology), laterally and district represents significant upside

BLACK FOX

Operations Acquisition Rationale

Challenge/Opportunity San Dimas Black Fox

Under-capitalized underground development Yes Yes

New block model necessary Yes No

New mining method necessary Yes No

Under-capitalized delineation drilling Yes Yes

Under-capitalized exploration drilling Yes Yes


MINE RESERVE/ RESOURCE DEPTH (m)

SHAFT/ RAMP DEPTH

(m)

RESERVE GRADE (g/t

Au)

RESOURCE GRADE (g/t

Au)

Holloway Mine 900 864 4.5 4.3

Doyon 1,040 1,040 n.a. 4.4

Holt Mine 1,200 1,075 4.7 4.3

Timmins West 1,200 1,200 5.2 5.5

Hoyle Pond 1,290 2,200 17.1 12.9

McIntyre 1,300 1,300 8.9 8.9

Lapa 1,600 1,400 5.9 5.2

Dome 1,665 1,665 4.4 4.3

Kirkland Lake 1,750 1,750 14.0 15.0

Hollinger 1,800 1,800 9.1 9.1

Westwood 2,650 2,650 9.9 11.1

LaRonde 3,200 2,860 5.0 4.6

Average 1,633 1,651 8.1 7.5

Black Fox 510 390 4.6 5.3

BLACK FOX

Open for Expansion at Depth

Black Fox Open-Pit

Note: Company estimates.


BLACK FOX

Black Fox Today


29th April, 2013 News Release


0.00

1.00

2.00

3.00

4.00

5.00

6.00

0

5,000

10,000

15,000

20,000

25,000

30,000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2E Q3E Q4E

2012 2013 2014

Mill Feed Grade Ounces produced

Actual ounces

Targeted Ounces

Feed Grade

BLACK FOX

Production Review

o Fewer ounces produced in Q4 2013 and Q1 2014 due to lower mill feed grade.


Mill Feed Grade

Underground Grade

Open Pit HG Grade

0

2

4

6

8

10


2012 2013 2014

g/t Au

BLACK FOX

Grade Review

o Underground mined grade has reduced in Q1 2014, likely due to lack of available stopes.

o Open-pit mined grade has reduced in Q4 2013 and Q1 2014 because of mining from upper benches of Phase 3 where grade is lower closer to surface.

o Overall grade has reduced Lower underground production (high grade), resulting in more open pit mill feed (low grade).


0

500

1,000

1,500

2,000

2,500


2012 2013 2014

Mill Throughput (tpd)

Total Throughput

UG tonnes

BLACK FOX

Underground Production Review

o High grade underground tonnes have been replaced with lower grade open pit tonnes, resulting in lower mill feed grades.

o Low mill throughput in Q2 2013 and Q1 2014 because of water issues.

Water issues at the mill


0

500

1,000

1,500

2,000

2,500

3,000


2012 2013 2014

Dev. metres/ ore tpd

Capital metres

Oper. metres

UG Ore tonnes

BLACK FOX

Underground Development Review

o Reduction in capital development (mid-long term) has resulted in a lack of available stopes. o Need to increase operating development (short term). o Ore production lags development because of the time required for definition drilling and stope preparation.


BLACK FOX

Underground Operating Cost Review

o Unit underground operating costs are higher because of lower ore production.

0

200

400

600

800

1,000

1,200

0

50

100

150

200

250

300


2012 2013 2014

Ore tpd UG Opex $/t

Targeted UG Opex

Actual UG Opex

UG Ore Tonnes


BLACK FOX

Underground Long Hole Proportion

0

50

100

150

200

250

0%

20%

40%

60%

80%

100%


2012 2013 2014

UG Opex $/t Proportion of tonnes

Development

MCAF / Shrinkage

Longhole


BLACK FOX

Overview • Health & Safety:

• Health and Safety is #1 – Black Fox currently has over 250 days without Lost Time Accident • Maintaining well trained personnel • Best Safety Practices in place

• Risks: • Mill Water Management Process (Currently mill at low throughput) • Available ore zones underground

• Environment: • Raise Tailings Dam (Phase 7 & 8) • Continue to clean and deepen Water Management Pond • Proceed with Phase 9 & 10 tailings design • Open Pit Waste dump failure and repairs

• Permits: • The 2,500 tpd Environmental Compliance Approval in place

• Community , Stakeholders: • IBA agreement with Wahgoshig First Nation • Local township of Matheson


Challenges:

• Underground development rate dropped off significantly in 2013

• Underground throughput impacted in Q4 2013 and Q1 2014 and expected Q2 2014

• Underground throughput decreased from 800 TPD in Q2 2013 to 350 TPD in Q1 2014

• Lack of short term drilling ahead

Opportunities:

• Mine history has proven that increasing development increases production

• Inferred resources close to infrastructure are ready to be converted to reserves

• Drill ready - exploration targets exist

BLACK FOX

Underground Challenges & Opportunities


Challenges:

• Water inflows increased in 2013 in Open-Pit Phase 3 West expansion • 12% increase water volume from 2011 to 2012 • 179 % increase from 2012 to 2013

• Water inflow effected Pit and U/G production in Q2 2013 • Ramp closed for 2 days • UG West ramp was lost for a total of two (2) weeks • Dewatering system - design presently under review

• Waste Rock Dump wall failure - remediation of East and North side complete. South side completed by June when dry

Opportunities:

• Opportunity to replace lower grade open-pit ounces with higher grade underground ounces

• Phase 3 open-pit push back nearly completed, higher grades available in short term

• Short term pumping system in place to mitigate water inflow, followed by a full dewatering system in 2014

BLACK FOX

Open-pit Challenges & Opportunities


WATER ISSUES

o March 2013 • Water Management Pond (“WMP”) depleted/frozen water (Extreme Cold weather) • March 2013 – added 1.5M gallons from outside source (River and Mine Shaft)

o May 2013 • Rapid spring melt caused severe inflows to WMP • Mill was shut down in May 2013 for 18 days due to severe inflow of spring run off

o March 2014 • WMP: depleted/frozen water. Mill did not operate at full capacity during March, now

using same water source as 2013

MITIGATION PLAN

o Additional excavation and raise of berms of WMP for extra water storage

o AMEC looking at WMP water balance & capacity required, raise of berms and deepening of WMP

BLACK FOX

2013 Water Challenges & Mitigation Plan


BLACK FOX

Mill Tailings & Water Management Pond (“WMP”)


Extra space available West of current tailings disposal


BLACK FOX

Black Fox 2014 Mine Plan



2014 (k$) Black Fox

UG Capital Development 7,569 OP Waste Stripping 3,351 Mill, Tailings, and Environment 5,277 Projects 11,362 Overhauls 1,860 Other 512 Sub-Total Black Fox 37,598 Exploration 7,667

Grey Fox Exploration (Flow-Through) 9,090 Studies and Engineering 1,291 Sub-Total Grey Fox 10,381

Total Capex 46,387

BLACK FOX

2014 Capital Expenditures


BLACK FOX

Operating Strategy Short Term o Operate the Open Pit and Underground at a rate of 2,400 tpd

• Underground target 1,000 tpd @ 5.8 g/t

• Open Pit High Grade target 1,200 tpd @ 3.0 g/t

• Open Pit Low Grade target 200 tpd @ 1.0 g/t

• Add two underground 50T trucks and one 6 yard scoop

o Aggressive Diamond Drilling Program • Exploration drift open on level 500 and drilling to test depth extension of mine

• Delineation of inferred resources (between levels 200 and 400), conversion into indicated category and accelerated definition drilling (West Zone) in order to open new mining sectors

• Surface exploration program to attempt to extend life of Open Pit

o Black Fox Crushing: • Temporary Contractor Crusher Installation Targeting end of March 2014

• May 2014 permanent “Contractor” crusher installed

• Crushing ore to 3/8” , hauled to mill and processed @ at a rate of 2,400

• Crushing at mill no longer required, freeing up space for future HPGR or equivalent


BLACK FOX

Operating Strategy Mid-Term o Continue ramp development below 520 and 540 level

o Complete Grey Fox Feasibility by end of Q4 2014

• Mill expansion requirements: Complete all studies for incorporation of Grey Fox onto Black Fox milling facilities including grinding power required and metallurgy (leaching only or leaching flotation scenario)

• Complete all mining studies: Open Pit vs Underground, mining methods and required infrastructure

o Proceed with 10M tonne tailings upgrade

o Advance Grey Fox: • Initiate exploration ramp

• Final design (end of Q3 2014)

Black Fox Exploration Gabriel Voicu, V.P. Exploration


BLACK FOX

Prolific Abitibi Greenstone Belt

One of the world’s largest Archean greenstone belts


BLACK FOX

Regional Geology (Hoxha and James, 1998)

Archean age, lode gold deposit


BLACK FOX

Typical Cross Section

Destor-Porcupine Fault


BLACK FOX

Black Fox Mine, 147 & Contact Zone Depositional Model

Destor-Porcupine Fault Archean Lode Gold Deposits Depositional Model

Producing / Past-Producing

Mines

Ross produced over 1 million ounces at a grade of 0.15 opt.

Note the change in ore body shape over a vertical range of 1 km as one moves from a

brittle to a ductile environment.

147&Contact Zone Brittle Deformation Depositional Model

Ross Mine Composite Level Plans Upper portion of Ross has depositional

characteristics similar to Brigus’ 147 Zone Ross Mine located 3 km south of 147 Zone

Black Fox Mine Ductile

Derformation


Contact and 147 Zone Location (Brittle Deformation Model)

Ross Lake fault

GREY FOX

Contact and 147 (Zones located within Regional Graben


MINE RESERVE/ RESOURCE DEPTH (m)

SHAFT/ RAMP DEPTH

(m)

RESERVE GRADE (g/t

Au)

RESOURCE GRADE (g/t

Au)

Holloway Mine 900 864 4.5 4.3

Doyon 1,040 1,040 n.a. 4.4

Holt Mine 1,200 1,075 4.7 4.3

Timmins West 1,200 1,200 5.2 5.5

Hoyle Pond 1,290 2,200 17.1 12.9

McIntyre 1,300 1,300 8.9 8.9

Lapa 1,600 1,400 5.9 5.2

Dome 1,665 1,665 4.4 4.3

Kirkland Lake 1,750 1,750 14.0 15.0

Hollinger 1,800 1,800 9.1 9.1

Westwood 2,650 2,650 9.9 11.1

LaRonde 3,200 2,860 5.0 4.6

Average 1,633 1,651 8.1 7.5

Black Fox 510 390 4.6 5.3

BLACK FOX

Open for Expansion at Depth

Black Fox Open-Pit

Note: Company estimates.


BLACK FOX

2013 Reserves & Resources

1. The average gold grade for Proven and Probable Reserves is adjusted for dilution while Measured and Indicated Resources is not. Contained metal in estimated reserves remains subject to metallurgical recovery losses. 2. Black Fox reserves and resources are based on US$1,150/oz Au for 88% of production and US$500/oz Au for gold sold through the gold stream agreement from the Black Fox Technical Report prepared by Tetra Tech dated January 2011. The Black Fox open pit reserves and resources are reported at a 0.88 gpt cutoff and the underground reserves and resources are reported at a 2.54 gpt cutoff. Estimated Black Fox reserves and resources are shown as at December 31, 2013, net of mining depletion from the January, 2011 independent Technical Report.

Estimated Gold Mineral Proven and Probable Reserves, as of December 31, 2013


GOLD GRADE (G/T)


Mineral Reserves

Proven & Probable 4,469,000 4.6 660,800



Inferred 270,998 5.1 44,172


o Several areas with high exploration potential: at surface (W and E extensions of the open pit) and underground (at depth, as well as extensions of the E, W, and Central zones)

o The exploration holes will be drilled from surface and underground

o The exploration development (drifting) will focus on level 9,500 (500 m below surface) to create new locations for drilling

o The exploration program is flexible depending on results

o The objectives are: • Increase the known resources at the Black Fox deposit

• Find new extensions of the known zones at Black Fox and discover new mineralized areas

• Re-assess the expansion of the open pit (phase 4)

• Re-assess the exploration potential at depth

• Transfer ounces from Inferred to Indicated category

BLACK FOX

2014 Exploration & Delineation Program


• Black Fox Underground • Drilling : 47,700m = $6,200k • Exploration 37,700m – 130 holes ($4,900k) • Delineation 10,000m – 40 holes ($1,300k)

• Black Fox Surface o Drilling : 7,650m = $1,000k o 25 Holes test down plunge of known mined out ore-shoots for east and east o 5 following down plunge of the north south structure further to the east.

• Underground Exploration Drifting o Drilling : 335m @ $3,700/m = $1,233k

Grand Total $8,433k

BLACK FOX

2014 Exploration Budget


Exploration drift 325mL

Barren area due to intruding dykes

Black Fox dips south

Level 235mL

LEVEL 500ml Exploration Drift, Total of 800m length in 2014/2015 X

645-01-W 40.71g/t 26.75m

645-34-W 18.09g/t 37.80m

12.88gpt / 11.3m

Longitudinal Section Looking North

3.40gpt / 15.4m Incl. 7.68gpt /

3.40m

15.02gpt / 3.3m

BLACK FOX

Exploration Drift


o Total Exploration Drifting (2014-15) 800m across o Total Exploration Drifting Cost $2.5milion o 2014 Only Exploration Drifting 335m along with three Drill Bays o 2014 Total Cost $1,233k o Approximately cost $3,700/meter o Completion Mid May Start of the first bay of DD Program

BLACK FOX

Exploration Drifting Program


Au concentrations, capped

LEVEL 500mL

WEST ZONE SHALLOW

WEST ZONE DEEP

CENTRE ZONE

Indicated + Inferred Resources

EAST /SOUTHEAST ZONE EAST ZONE

BLACK FOX

Exploration Potential


Surface West

Surface East

BLACK FOX

Surface Exploration


CERRO DEL GALLO INCREASES PRIMERO’SPRODUCTION BY 60%12 Location 4 km from Black Fox - Timmins, ON

Ownership 100% (No gold stream)

Metals Gold

Mining Open pit potential & Underground

Exploration 3 rigs on site

Permitting Currently underway

Mineral Resources and Mineral Reserves (July 3, 2013)

CLASSIFICATION TONNES (M)

CAPPED Au (g/t)

CONTAINED Au (oz)

Indicated Resources 4.3 3.7 507,400

Total Inferred Resources 1.5 4.7 228,600

GREY FOX

Promising Exploration Project

Grey Fox Aerial

Grey Fox Core


CERRO DEL GALLO INCREASES PRIMERO’SPRODUCTION BY 60%12

GREY FOX

Contact, 147 and Grey Fox South Zone Geology


GFS

147

GFS

CZ N

Potential Underground Only Mining Scenario Resource @ 2.84 gpt Cut-Off

Zone Category Tonnage Grade OuncesX 1000 gpt

147 Indicated 1,292 6.0 248,129 Inferred 394 5.1 64,346

1,686 5.8 312,475 CZ Indicated 623 6.0 119,595

Inferred 552 6.4 114,116 1,176 6.2 233,711

GFS Indicated 188 5.7 34,356 Inferred 224 4.8 34,407

412 5.2 68,763 Total All 3,275 5.9 614,949

Red: Indicated Resource Green: Inferred Resource Approximately 80% of current Resource drilled at 15m centres *NI 43-101 compliant independent Resource Statement July 30,

2013 completed by InnovExplo, Val-d’Or, Quebec Grade is calculated for all underground resource >2.84 gpt

GREY FOX

Contact, 147 and Grey Fox South Zone Block Model


GREY FOX

2014 Exploration Drilling Program Contact, 147 and Grey Fox South Zone Expansion and Definition Drilling $8 Million Budget = 60,000 metres

Indicated spacing is 20 to 25m drill centres Inferred spacing is 25 to 40m drill centres


o Three areas with high exploration potential: Grey Fox, Old Stock Mine and Pike River Property (between Black Fox and Grey Fox)

o Other geophysical and geochemical anomalies are defined on the property with potential to become interesting exploration targets

o All exploration holes will be drilled from the surface

o The exploration program is flexible depending on results

o The objectives are: • Increase the known resources at the Grey Fox deposit • Transfer Inferred to Indicated category • Find new extensions of the known zones at Grey Fox and discover new mineralized areas • Re-assess the exploration potential at the old Stock Mine and adjacent area that show

interesting geophysical anomalies • Assess the exploration potential between Black Fox and Grey Fox (Pike River) (4 km)

where only limited exploration has been done

BLACK FOX

Regional Exploration Program


Known Deposits

Grey Fox 147, Contact and GFS Zones • Drilling : 61,000m = $8.0M

• Expansion 37,000m • Delineation 22,000m • 2,000m Planned Condemnation Drilling Under Proposed Waste Water Pond

Black Fox Mill (Stock Mine) • Drilling : 7,700m = $1.0M

• 13 Holes test down plunge of known mined out ore-shoots • 5 Grassroots Exploration Drill Holes to test E3 IP and Mag Geophysical Target

Grassroots New Deposit Discovery Drilling

Pike River Property (Between Grey Fox and Black Fox Mine)

22 Drill Holes : 7,700m $1.0M

Grand Total $10.0M

GREY FOX

2014 Flow-Through Regional Exploration Program


CERRO DEL GALLO INCREASES PRIMERO’SPRODUCTION BY 60%12

GREY FOX

Contact, 147 and Grey Fox South Zone

GFZ 147

GFS

CZ

Grey Fox Gold Deposits Red: Indicated Resource Green: Inferred Resource

Black Fox Mine

Pike River Grassroots Exploration

Mine Site Exploration

Grey Fox Resource Expansion

and Definition

Cerro del Gallo Louis Toner, V.P. Projects


CERRO DEL GALLO INCREASES PRIMERO’SPRODUCTION BY 60%12 Location Guanajuato State

Ownership 100%

Metals Gold, silver & copper

Mining Open pit, heap leach, and/or conventional mill

Excellent Infrastructure: Active mining district, skilled local workforce, grid power, water, sealed roads, equipment suppliers and established transport routes

Supportive Community: District has produced 1.14 billion ounces of silver and 6.5 million ounces of gold over its 450 year mining history

Construction Decision: Contingent on project achieving a 15% IRR at $1,100/oz gold

CERRO DEL GALLO

Potential Near Term Production

Cerro del Gallo Deposit

Cerro del Gallo Exploration Office

Potential near-term 95,000 AuEq. oz


o Guanajuato is an historic mining district, with production dating back to 1558

o Major engineering facilities & workforce centres < 60min

o International airport < 1.5hrs from project

o Power, water, sealed roads

o Supportive community

Builds on established presence in Mexico

CERRO DEL GALLO

Mining Friendly Guanajuato

Cerro Del Gallo Project Gold-Silver-Copper Development Project Guanajuato, Mexico

Ventanas Property Exploration Property Durango, Mexico

San Dimas Mine Gold-Silver Mine Durango, Mexico

TSX:P I NYSE:PPP I 158 See final slide for footnotes.

Construction decision expected in Q3 2014

TECHNICAL DETAILS2

(At $1,341 per ounce of gold, $25.58 per ounce of silver, $7,582 per tonne of copper)

Production Start13

(Phase I Heap Leach)

End 2015

Proven and Probable Reserves13

(Phase I Heap Leach)

32.2 Mt @ 1.14 g/t AuEq or 1.2Moz

Measured and Indicated Resources13

(Phase I Heap Leach In-Pit Excluding Proven and Probable Reserves)

47.9 Mt @ 1.06 g/t AuEq or 1.6Moz

Production13

(Phase I Average Annual)

94,600 AuEq. Oz

Cash cost6,14, 15

(Co-Product, Excluding Royalties) $650-700 per ounce

Heap Leach Grades12 0.7g/t Au, 14.8g/t Ag, 0.08% Cu

Strip Ratio12

0.9:1

Phase I Mine Life 12 7.2 years

Capital Cost Estimate14

$165 million

2013 Capital Expenditures14

$7.5 million

2014E Capital Expenditures $12.9 million

CERRO DEL GALLO

DFS Economics


o Nominal Annual Dry Ore Throughput 4,500,000 t/a o Total HLP Material: 32.2 million t

Weathered Ore 13.6 million t Partially Oxidised Ore 18.6 million t Fresh Ores not required at this stage

o Total dump material: 29.4 million t o Total Ore Mined 61.6 million t o Average Yearly Production:

Gold: 65 thousand oz Silver: 1.3 million oz Copper: 885 tons

o Mine Life (Phase 1) 7.2 years

CERRO DEL GALLO

Design Criteria


o Crushing in three stages using a HPGR as a tertiary crusher o Agglomeration and stacking o Cyanide heap leaching o Copper precipitation and cyanide recovery via (SART) o Carbon in columns adsorption o Elution o Electrowinning and gold room refining o Carbon regeneration o Reagent mixing, storage and distribution o Truck Shop & maintenance facilities o Administration buildings

CERRO DEL GALLO

Scope


o DFS (2012): CAPEX: $165 M, Sustaining: $32M

o Company Target: CAPEX: $150M, Sustaining: $15M

o Company Target: OPEX: Reduce by $2 per ton

o Mining: Optimized Mining Strategy (high grades first/stockpiling)

o Key restrictions:

o No changes on design criteria from DFS (ore output, recovery)

o No impact on safety

CERRO DEL GALLO

Capital Reduction Objectives


CERRO DEL GALLO

Capital Reduction Opportunities Potential $20 million in capital savings from: 1. Cold stripping as an alternative/addition to SART

2. Optimize heap leach pad base design

3. Update capital cost for 115kV power line with improved definition

4. Update civil works costs

5. Defer waste stripping

6. Update fresh water design

7. Optimise conveyor designs ie. Reduce lengths

8. Outsource silos and feed equipment operation for cement/lime

9. Update cost for 13.8 kV powerline relocation

10. Reduce to a single stacker

11. Use pre-fab or modular facilities

12. Lease or buy used equipment and consider Chinese equipment

13. Contract drill/blasting

14. Optimize piping design

15. Consider owner managed construction


In 2013 Primero initiated a full review of its Cerro del Gallo – Phase 1 project in order to optimize the overall outcome of the May 2012 DFS:

• Land holdings increased from approximately 40% to 60%.

• Purchased 100% of the required process water rights.

• Permitting advanced:

• Preparation of the environmental impact assessment (MIA) and change in land use (ETJ) permits

• Ground water monitoring, geochemical analysis of the waste rock and search for ground water for the process (borefield analysis) by SRK Consulting.

• Geotechnical assessment and groundwater management by Golder Associates.

• Design optimization and cost reduction:

• Completion the Front End Engineering Design (FEED). Basic design focused on plant optimization, improved definition of primary power supply, water pipeline routing, detailed site survey, etc., as well as a cost reduction exercise and detailed capital cost estimate update by Sedgman S.A.

• Basic design of leach pads, solution ponds, waste dump and emergency ponds by Golder Associates .

CERRO DEL GALLO

2013 Review


Approximately $7.5 M of the proposed 2014 budget was work not spent and carried over from 2013, including:

o Land acquisition: Purchases of land went much slower than anticipated due to difficulties with land titles, slow negotiations, unavailability of land owners etc.

o Exploration: Rejection of permit application to construct new roads to access drilling sites has delayed the completion of the 2013 drilling program.

o Phase 2 development: Metallurgical laboratory work was delayed to Q1 2014.

o Stakeholders: Mapping started in Q4 2013 however bulk of activity will carry over into 2014.

CERRO DEL GALLO

2013 Budget Review


Cerro del Gallo Expenses 2014 (million)

Permitting, land, water rights, stakeholder relations and administration $8.7

Engineering $1.7

Exploration $2.5

Phase 2 Development $0

Total $12.9

CERRO DEL GALLO

2014 Budget Summary


The main objectives of the 2014 Cerro del Gallo capital expenditures are as follows:

o Permitting: Complete the permitting process by submitting the MIA and ETJ to the Mexican environmental authorities (SEMARNAT) and obtain the necessary permits to start construction by mid year 2014

o Land purchases and water rights: Purchase all remaining land not already acquired by Primero (20% outstanding). Water rights already secured.

o Engineering: Continue the engineering to a point where we will be ready to purchase all main equipment and to award civil works construction contract. Half of the 2014 engineering budget is assigned to the metallurgical program. Update 43-101.

o Exploration: Complete drilling program started in 2013, move to regional exploration

o Phase 2 development: On hold until phase 1 project is approved and proceeding

o Administration: Maintain existing administration in place

o Stakeholders: Continue stakeholder mapping, start stakeholder communications program and define appropriate stakeholder projects

o Construction decision: Targeting mid-2014 for a construction decision

CERRO DEL GALLO

2014 Objectives


Cross Section 1028NE (Az. 210°) 23

3160

0N

2331

800N

2332

000N

2332

200N

2886

00E

2887

00E

2888

00E

2889

00E

2200 m

2000 m

1800 m

2200 m

2000 m

Weak Oxidation Strong Oxidation

Au Domain Felsic Intrusive Faults Pit Design 1st Phase

Legend

Pit Design 2nd Phase

200 m

CERRO DEL GALLO

Alteration Model Review


CERRO DEL GALLO

Site Layout


SITE LAYOUT


CERRO DEL GALLO

1st Stage Heap Leach Flow Sheet


2013 2014 2015 2016 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Basic Engineering

Permitting/Land Acquisition

Site Survey

Leach Pad Design & Earth Works

Infill Drilling and MET Tests

Acid Generation Tests

SART Optimization

Procurement & Detailed

Engineering

Plant & Leach Pad Construction

Commissioning

Production

Phase II Feasibility Study

CERRO DEL GALLO

Cerro Del Gallo Development Plan

171

Cerro del Gallo Exploration Gabriel Voicu, V.P. Exploration


o The Cerro del Gallo copper-gold-silver deposit can be considered to be a member of a distinct subclass of “reduced” porphyry-style copper-gold mineralization (Rowins, 2000).

o Propylitic alteration boundaries are gradational and irregular, and more widespread than potassic alteration.

o This alteration pattern is consistent with many other porphyry copper-gold deposits throughout the world.

o Tellurium-bearing minerals are also common in porphyry copper-gold deposits, as they are at Cerro del Gallo.

CERRO DEL GALLO

Geology


Providencia Limestone

San Antón Volcaniclastics

Espiritu Santo Group

LEGEND

Vein

2 Km

Providencia Limestone

San Antón Volcaniclastics

Espiritu Santo Group

Cerro del Gallo

La Paz vein

CERRO DEL GALLO

Local Geology


o Grid of 50 m spaced sections oriented 030º/210º TN and 50 m spaced drill collars with predominantly 60º inclined drilling for diamond core and reverse circulation drill holes along section planes.

o Drilling has been completed over an area of approximately 1500 m in a north-south direction and 1400 m in an east-west direction centered on the peak of Cerro del Gallo.

o Drill holes have been drilled to a maximum depth of 700 m below surface, with the large majority of holes drilled to a depth of less than 300 m below surface due to the limited capabilities of the drilling equipment.

175

CERRO DEL GALLO

Resource Model


CERRO DEL GALLO

Resource Model Cont.


Legend

Au Domain

Cu Domain

Felsic intrusive contour

CERRO DEL GALLO

Gold & Copper Domain M&I Resources of 3.2Moz of Gold or 5.6Moz of Gold Equivalent 12,13,


Category M Tonnes Au Au Ag Ag Cu Cu Au Eq AuEq

(g/t) (M ozs) (g/t) (M ozs) (%) (M lbs) (g/t) (M oz) Proven 28.2 0.71 0.64 15.1 13.7 0.08 50.2 1.15 1.05 Probable 4.0 0.54 0.07 13.2 1.7 0.07 6.2 0.93 0.12 Proven & Probable 32.2 0.69 0.71 14.8 15.3 0.08 56.4 1.14 1.18


(g/t) (M ozs) (g/t) (M ozs) (%) (M lbs) (g/t) (M oz) Measured 39.9 0.61 0.78 13.8 17.71 0.10 88.8 1.07 1.37 Indicated 8.0 0.55 0.14 11.0 2.83 0.08 14.6 0.92 0.24 Measured & Indicated 47.9 0.60 0.92 13.3 20.55 0.1 103.4 1.06 1.64

Total Resources Within the Gold Domain2

Phase I Heap Leach In-Pit Proven and Probable Reserves3

In-Pit Resources (excluding Proven and Probable Reserves)4,5


(g/t) (M ozs) (g/t) (M ozs) (%) (M lbs) (g/t) (M oz) Measured 129 0.54 2.24 12.0 49.8 0.09 256.0 0.94 3.91 Indicated 80 0.38 0.98 8.0 20.6 0.08 141.1 0.69 1.77 Measured & Indicated 209 0.48 3.22 11.0 70.3 0.08 396.9 0.83 5.58 Inferred 20 0.3 0.19 7.0 4.5 0.09 39.7 0.59 0.38

1. “Technical Report First Stage Heap Leach Feasibility Study, Cerro del Gallo Gold Silver Project, Guanajuato, Mexico” June 2012 (“Feasibility Study”). Gold equivalent ounces calculated by Cerro Resources using gold, silver and copper prices of US$1,341/oz, US$25.58/oz and US$7,582/t respectively. 2. These resources are reported using internal cut-off grade of 0.2 g/tAu as per Feasibility Study, 2012 and Golder Associates Technical Report, 2008.

3. These reserves are reported using internal cut-off grades of 0.24 and 0.29 gAuEq/t for weathered and partially oxidized, respectively.

4. These resources are reported using internal cut-off grades of 0.24, 0.29, and 0.34 gAuEq/t for weathered, partially oxidized, and fresh material resp. 5. See note 7 in January 23, 2013 News Release “Primero achieves 2012 Guidance and Provides 2013 Outlook”.

CERRO DEL GALLO

Reserves and In-Pit Resources1


o San Antón property: 25,269 ha (12 concessions).

o Open pit project with historical epithermal veins exploited.

o 80% of the property almost unexplored.

o Potential of new open pit/underground projects in the district.

o New techniques (as Geophysical Aster survey) as exploration tools and re-interpretation of historic airborne magnetic survey.

o Secure and friendly mine zone with hundred years of mine activity (Guanajuato District).

o Good access and infrastructure

CERRO DEL GALLO

2014 Cerro del Gallo Exploration Program


o Analyze using the drilling, geochemical and geophysical data the possible presence of several types of ore deposits on the property

o Cover all the property with stream sediment sampling to define geochemical anomalies.

o Geological reconnaissance on the property.

o Soil sampling and focus on detailed geological mapping of new defined targets.

o Using the geological, geochemical and geophysical information, define drill targets (10,000m DDH).

CERRO DEL GALLO

2014 Cerro del Gallo Exploration Objectives


o The area is prospective for porphyry copper-gold/ IRGS, sedimentary/volcanogenic massive sulfides, skarn and low sulfidation epithermal vein systems.

o Carmen-Providencia low sulfidation epithermal vein system located 1.8km west of Cerro del Gallo. Several encouraging silver-gold intersections were reported over a strike length of 1 km. Early stage regional prospecting previously returned(*):

1.5m @ 3.40g/t Au and 590g/t Ag

4.6m @ 3.52g/t Au and 428g/t Ag

3.6m @ 1.57g/t Au and 359g/t Ag

4.6m @ 1.91g/t Au and 239g/t Ag

6.0m @ 1.70g/t Au and 243g/t Ag

3.1m @ 1.05g/t Au and 200g/t Ag

7.6m @ 1.51g/t Au and 168g/t Ag

(*)As reported by Cerro Resources in November 16, 2012 Investor Presentation

CERRO DEL GALLO


o Since Primero’s acquisition of the property in 2013, exploration resumed at Cerro del Gallo with much of the budget focused on infill & condemnation drilling, some low sulfidation epithermal vein system targets were drilled with significant results


CP13-027

CP13-028

CP13-031

o First exploration activity since 2008 o 2013: $2 million spent on exploration o 7,400 meter drill program for infill and

condemnation drilling & 2,500 meter in district exploration drilling

o 2014: $2.5 millions exploration budget o Only a very small portion of the entire

district has been explored

1 km

2013 district exploration results: 8.1m @ 3.64g/t Au & 116g/t Ag (CP13-027)

0.9m @ 1.18g/t Au & 309g/t Ag (CP13-028)

0.8m @ 3.85g/t Au & 1,031g/t Ag (CP13-031)

11 holes pending results

DDH Infill & Condem. DDH Exploration

Arenite Limestone Tuff Felsic Intrusive Vein

LEGEND

CERRO DEL GALLO



Conventional soil sampling o 1st priority: Carmen-Providencia, Ave de

Gracia, Espíritu Santo Hill.

o 2nd priority: El Sisote town, Tranquilino, La Paz.

o 3rd priority: San Luis Rey.

1 Km

1 1

1

2 2

3

3

La Paz vein

Soil sample program (grid spacing 100m x 100m)

1 Priority

Historic drill holes

2013 drill holes

2014 drill holes

Legend

183

CERRO DEL GALLO



CERRO DEL GALLO



CERRO DEL GALLO



CERRO DEL GALLO


Corporate Development David Sandison, V.P. Corporate Development


Corporate Development Objectives o Project(s) which support balanced objectives of becoming a low full-cost, mid-tier

producer based in the Americas

o Projects which improve and sustain the company’s ability to generate growing free cash flow

o Driven by investment return criteria

o Maintain a strong Balance Sheet which can support completion of opportunistic transactions quickly

o Reserves & resources already quantified to minimum PEA level with continuing upside

o Maximize due-diligence activity with own internal team & fill specialist gaps as needed


Corporate Development Objectives o Opportunities which increase corporate skill sets & future options for growth

o Opportunities which piggyback on existing operations and support concepts of “regional platforms”

o Opportunities which are within the company’s ability to appropriately finance with equity & debt

o Projects which also contain earlier stage development & exploration asset options which are undervalued

o Equally open to UG and Open-Pit development opportunities

o No untested or developmental technology issues


M&A Screening Guidelines

o Precious Metals (Gold and/or Silver) > 80% of Net Smelter Returns

o Projects at pre-feasibility or better

o Production timeline: In production to 5 years till production

o Annual production scale: minimum of 75,000oz AuEq for in-production assets & 100,000 oz AuEq. for development assets

o Exploration Upside: mandatory & high probability to expand R&R

o Mine-Life: minimum of 7 years for in-production assets & +10 years for development assets

o TACC Structure: market competitive

o Accretion Metrics: Positive NAV/share & long term cash flow/share using mid-term consensus pricing at time of transaction


Regional Focus

o Restricted to Americas in areas favorable to mining investment from investor and community license

o Jurisdictions within Americas where company or management has previous experience & knowledge

o In the event that the jurisdiction is new to the company – credible and experienced in country industry team in place required

o Avoid/very limited interest in remote locations with heavy infrastructure demands and social/political challenges

Appendices


Primero sells 50% of annual silver production above 3.5 million ounces at spot

o Remainder sold at ~$4 per ounce under silver purchase agreement

o Threshold commences August 6 to following August 5

o Threshold increases to 6.0 million ounces on August 6, 2014

o Expansion anticipated to generate meaningful silver spot sales post August 6, 2014

Recent Tax Ruling Created Positive Leverage to Silver

25%

75%

SILVER AS PERCENTAGE OF 2013E REVENUE Silver Gold

SAN DIMAS

Positive Leverage to Silver


CLASSIFICATION TONNAGE (MILLION TONNES) GOLD GRADE (G/T) SILVER GRADE

(G/ T) CONTAINED GOLD

(000 OUNCES) CONTAINED SILVER

(000 OUNCES)

Mineral Reserves Proven & Probable 4.893 5.5 315 870 49,479

Mineral Resources Measured & Indicated 4.282 7.2 419 997 57,713

Inferred 7,333 4.2 310 998 72,647

Notes to Mineral Reserve Statement: Cutoff grade of 2.7 grams per tonne (”g/t”) gold equivalent (“AuEq”) based on total operating cost of US$104.97/t. Metal prices assumed are gold US$1,250 per troy ounce and silver US$20 per troy ounce. Silver supply contract obligations have been referenced in determining overall vein reserve estimate viability. Processing recovery factors for gold and silver of 97% and 94% assumed. Exchange rate assumed is 13 pesos/US$1.00. The Mineral Reserve estimates were prepared under the supervision of Mr. Gabriel Voicu P.Geo., Vice President, Geology and Exploration, Primero and a QP for the purposes of National Instrument 43-101 (“NI 43-101”). Notes to Mineral Resource Statement: Mineral Resources are total and include those resources converted to Mineral Reserves. A 2.0g/t AuEq cutoff grade is applied and the gold equivalent is calculated at a gold price of US$1,300 per troy ounce and a silver price of US$20 per troy ounce. A constant bulk density of 2.7 tonnes/m3 has been used. The Mineral Resource estimates were prepared by Mr. Rodney Webster MAusIMM, MAIG and Mr. J. Morton Shannon P.Geo., both of AMC Mining Consultants (Canada) Ltd. and a QP for the purposes of NI 43-101.

Additional exploration potential was estimated at 6-10 million tonnes at grade ranges of 3-5 grams per tonne of gold and 200-400 grams per tonne of silver as of December 31, 2011. It should be noted that these targets are conceptual in nature. There has been insufficient exploration to define an associated Mineral Resource and it is uncertain if further exploration will result in the target being delineated as a Mineral Resource.

SAN DIMAS




(g/t) (M ozs) (g/t) (M ozs) (%) (M lbs) (g/t) (M oz) Proven 28.2 0.71 0.64 15.1 13.7 0.08 50.2 1.15 1.05 Probable 4.0 0.54 0.07 13.2 1.7 0.07 6.2 0.93 0.12 Proven & Probable 32.2 0.69 0.71 14.8 15.3 0.08 56.4 1.14 1.18


(g/t) (M ozs) (g/t) (M ozs) (%) (M lbs) (g/t) (M oz) Measured 39.9 0.61 0.78 13.8 17.71 0.10 88.8 1.07 1.37 Indicated 8.0 0.55 0.14 11.0 2.83 0.08 14.6 0.92 0.24 Measured & Indicated 47.9 0.60 0.92 13.3 20.55 0.1 103.4 1.06 1.64

Total Resources Within the Gold Domain2

Phase I Heap Leach In-Pit Proven and Probable Reserves3

In-Pit Resources (excluding Proven and Probable Reserves)4,5


(g/t) (M ozs) (g/t) (M ozs) (%) (M lbs) (g/t) (M oz) Measured 129 0.54 2.24 12.0 49.8 0.09 256.0 0.94 3.91 Indicated 80 0.38 0.98 8.0 20.6 0.08 141.1 0.69 1.77 Measured & Indicated 209 0.48 3.22 11.0 70.3 0.08 396.9 0.83 5.58 Inferred 20 0.3 0.19 7.0 4.5 0.09 39.7 0.59 0.38

1. “Technical Report First Stage Heap Leach Feasibility Study, Cerro del Gallo Gold Silver Project, Guanajuato, Mexico” June 2012 (“Feasibility Study”). Gold equivalent ounces calculated by Cerro Resources using gold, silver and copper prices of US$1,341/oz, US$25.58/oz and US$7,582/t respectively. 2. These resources are reported using internal cut-off grade of 0.2 g/tAu as per Feasibility Study, 2012 and Golder Associates Technical Report, 2008.

3. These reserves are reported using internal cut-off grades of 0.24 and 0.29 gAuEq/t for weathered and partially oxidized, respectively.

4. These resources are reported using internal cut-off grades of 0.24, 0.29, and 0.34 gAuEq/t for weathered, partially oxidized, and fresh material resp. 5. See note 7 in January 23, 2013 News Release “Primero achieves 2012 Guidance and Provides 2013 Outlook”.

CERRO DEL GALLO

Reserves and In-Pit Resources1


Notes: 1. The average gold grade for Proven and Probable Reserves is adjusted for dilution while Measured and Indicated Resources is not. Contained metal in

estimated reserves remains subject to metallurgical recovery losses. 2. Black Fox reserves and resources are based on US$1,150/oz Au for 88% of production and US$500/oz Au for gold sold through the gold stream

agreement from the NI 43-101 Technical Report prepared by Tetra Tech dated January 2011. The Black Fox open pit reserves and resources are reported at a 0.88 gpt cutoff and the underground reserves and resources are reported at a 2.54 gpt cutoff. Estimated Black Fox reserves and resources are shown as at December 31, 2012, net of mining depletion from the October 31, 2010 independent Technical Report.

3. A gold price of US$1,250/oz and an exchange rate of US$1.00=C$1.00 was utilized in the gold cut-off grade calculations of 2.63 gpt for potential underground at the Contact Zone and 0.65 gpt for potential open-pit 147 Zone mineral resources. Underground and open-pit mining costs, process costs and G&A costs were estimated using experience gained from Brigus' Black Fox mine. Process recovery was assumed at 95%.

4. Disclosure of "contained ounces" is permitted under Canadian Regulations; however, the SEC permits resources to be reported only as in place tonnage and grade.

BLACK FOX



GOLD GRADE (G/T)


Mineral Reserves

Proven & Probable 4,469,000 4.6 660,800



Inferred 270,998 5.1 44,172


CLASSIFICATION CUT-OFF GRADE (g/t Au) POTENTIAL MATERIAL

TONNES (MILLION TONNES)

CAPPED Au (g/t) CONTAINED GOLD (000 OUNCES)

Indicated Resources >2.84 Underground 1.3 6.2 255,000

>0.72 Open Pit 3.0 2.6 252,400

Total Indicated Resources 4.3 3.7 507,400 Inferred Resources

>2.84 Underground 1.0 5.6 184,800

>0.72 Open Pit 0.5 2.8 43,800

Total Inferred Resources 1.5 4.7 228,600

Notes: 1. The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred 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. 2. These Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. 3. While the results are presented undiluted and in situ, the reported mineral resources are considered to have reasonable prospects for economic extraction.

4. CIM definitions and guidelines were followed for Mineral Resources. 5. A gold price of US$1,400/oz and an exchange rate of US$1.00=C$1.01 was utilized in the gold cut-off grade calculations of 2.84 g/t for potential underground and 0.72 g/t for potential open-pit Mineral Resources. Underground and open-pit mining costs, process costs and G&A costs were estimated using experience gained from Brigus’ Black Fox mine.

6. The Indicated category is defined by combining various statistical criteria, such as a minimum of three drill holes within the search area, a maximum distance of 15m to the closest composite, and a maximum average distance of 25m to composites. Finally, a clipping boundary was interpreted to either upgrade or downgrade some of the resource based on confidence and geological continuity.

GREY FOX

Mineral Resources JULY 3, 2013


Joseph F. Conway | President & C.E.O. 1

o Former CEO, President and Director of IAMGOLD from 2003 to 2010

o Former President, CEO and Director of Repadre Capital from 1995 to 2003

Renaud Adams | C.O.O.

o Former SVP, American Operations for IAMGOLD o Former General Manager of Rosebel Gold Mine

2007 to 2010 o Former General Manager El Toqui Mine in Chile

and then the El Mochito Mine in Honduras

David Blaiklock | C.F.O.

o Former controller IntraWest o Previously controller for a number of public and

private companies in real estate development

David Sandison | VP, Corporate Development

o Former VP, Corporate Development of Clarity Capital ; Director, Corporate Development Xstrata Zinc Canada ; Director Business Development, Noranda/Falconbridge; Former EVP, Noranda Chile

Gabriel Voicu | VP, Geology and Exploration

o 25 Years of mining experience, formerly held senior technical and exploration positions with Cambior and IAMGOLD

Tamara Brown | VP, Investor Relations

o Former Director Investor Relations for IAMGOLD o Former partner of a Toronto based, boutique

investment bank and professional engineer in mining industry

H. Maura Lendon | VP, Chief General Counsel and Corporate Secretary

o Former Senior Vice President, Chief Legal Officer and Corporate Secretary of HudBay Minerals Inc.; Chief Counsel Canada, Chief Privacy Officer - Canada of AT&T

Executive Management

Louis Toner | VP, Project Development & Construction

o Over 30 Years of Engineering and Construction experience, formerly held Senior Project Management roles with BBA Inc. and Lafarge Canada Inc.



Board Committees: 1. Health, Safety and Environment 2. Human Resources 3. Governance and Nominating 4. Lead Director 5. Audit

Wade Nesmith | Chairman

o Founder of Primero o Founding and current director

of Silver Wheaton

Joseph Conway | Director see Executive Management

Grant Edey | Director 3,5

o President & CEO, Khan Resources Inc.

o Former Director of Breakwater Resources, former director of Queenstake Resources, Santa Cruz Gold

o Former CFO, IAMGOLD

Rohan Hazelton | Director 1,5

o VP, Strategy, Goldcorp o Formerly with Wheaton River

and Deloitte & Touche LLP

Timo Jauristo | Director 2

o EVP, Corporate Development, Goldcorp

o Former CEO of Zincore Metals Inc. and Southwestern Resources Corp.

Eduardo Luna | Director 1

o Former EVP & President, Mexico. Former Chairman and CEO of Silver Wheaton, Executive VP of Goldcorp and Luismin S.A. de C.V. (San Dimas) and President of Mexican Mining Chamber and the Silver Institute

Robert Quartermain | Director 2,3

o Founder and President & CEO, Pretivm Resources

o Former President, Silver Standard o Director of Vista Gold Corp.

and Canplats Resources

Michael Riley | Director 5

o Chartered accountant with more than 26 years of accounting experience

o Chair of Primero Audit Committee, Chair of Audit Committee of B.C. Lottery

Brad Marchant| Director 1

o Co-founder of Triton Mining Corporation

o Founder of BioteQ Environmental Technologies Inc.

Board of Directors

David Demers | Director2,3,4,5

o Founder, CEO and Director Westport Innovations

o Director of Cummins Westport and Juniper Engines


This presentation has been prepared in accordance with the requirements of Canadian provincial securities laws which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all mineral reserve and resource estimates included in this presentation have been prepared in accordance with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum classification systems. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ significantly from the requirements of the United States Securities and Exchange Commission (the “SEC”), and reserve and resource estimates disclosed in this presentation may not be comparable to similar information disclosed by U.S. companies. The mineral reserve estimates in this presentation have been calculated in accordance with NI 43-101, as required by Canadian securities regulatory authorities. For United States reporting purposes, SEC Industry Guide 7 under the United States Securities Exchange Act of 1934, as amended, as interpreted by Staff of the SEC, applies different standards in order to classify mineralization as a reserve. As a result, the definition of “probable reserves” used in NI 43-101 differs from the definition in the SEC Industry Guide 7. Under SEC standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Among other things, all necessary permits would be required to be in hand or issuance imminent in order to classify mineralized material as reserves under the SEC standards. Accordingly, mineral reserve estimates contained in this presentation may not qualify as “reserves” under SEC standards. In addition, this presentation uses the terms “indicated resources” and “inferred resources” to comply with the reporting standards in Canada. The Company advises United States investors that while those terms are recognized and required by Canadian regulations, the SEC does not recognize them. United States investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into mineral reserves. Further, “inferred resources” have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Therefore, United States investors are also cautioned not to assume that all or any part of the “inferred resources” exist. In accordance with Canadian securities laws, estimates of “inferred resources” cannot form the basis of feasibility or other economic studies. It cannot be assumed that all or any part of “indicated resources” or “inferred resources” will ever be upgraded to a higher category or are economically or legally mineable. In addition, disclosure of “contained ounces” is permitted disclosure under Canadian securities laws; however, the SEC only permits issuers to report mineralization as in place tonnage and grade without reference to unit measures. NI 43-101 also permits the inclusion of disclosure regarding the potential quantity and grade, expressed as ranges, of a target for further exploration provided that the disclosure (i) states with equal prominence that the potential quantity and grade is conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resources, and (ii) states the basis on which the disclosed potential quantity and grade has been determined. Disclosure regarding exploration potential has been included in this presentation. United States investors are cautioned that disclosure of such exploration potential is conceptual in nature by definition and there is no assurance that exploration will result in any category of NI 43-101 mineral resources being identified.

Notes to Investors Regarding the Use of Resources


1. “Gold equivalent ounces” include silver and copper production converted to a gold equivalent based on consensus estimated commodity prices; accounts for the San Dimas silver purchase agreement.

2. Assumes San Dimas operates at least at 2,500 tpd from Q1 2014; that Cerro Del Gallo begins production at the end of 2015, with full year production estimated at 95,000AuEq. oz in 2016 and Primero management estimates for Black Fox production, based on 2,200-2,300 tpd operation.

3. Estimated five-year annual average after-tax operating cash flow assuming consensus metals prices as of December 31, 2013, in dollars per ounce for gold and silver of 2014:1,350/22.13, 2015: 1,397/23.00, 2016 1,375/23.10, 2017: 1,350/23.00, 2018 and beyond: 1,300/22.40, includes tax reforms in Mexico commencing January 1, 2014.

4. Assumes San Dimas operates at least at 2,500 tpd from end of Q1 2014; and Primero management estimates for Black Fox production, based on 2,200-2,300 tpd operation.

5. 5. Includes Goldcorp 5 year, 6% note with annual principal payments of $5M plus 50% of Excess Free Cash Flow, with balloon payment of balance at end of 2015; and $50 Convertible Debentures assumed from Brigus, with a 6.5% coupon an effective conversion price of $14.00 and an expiry of March 2016 (the Company will be making an offer to purchase at par on May 16, 2014 according to the change of control provision in the indenture).

6. The Company is in the final stages of arranging a $75 million line of credit which it expects to close in or around April 2014. 7. Estimated industry average All-in Sustaining Cost of $1,272/oz in Q4 2013, TD Securities, February 5, 2014. 8. “Gold equivalent ounces” include revenue from silver converted to a gold equivalent based on estimated average realized commodity prices in 2014 of $1,200

per ounce of gold and $7.96 per ounce of silver ounce (calculated using the silver purchase agreement contract price of $4.16 per ounce and assuming excess silver beyond contract requirements is sold at an average silver price of $21 per ounce).

9. Silver production is subject to a silver purchase agreement. The silver purchase agreement dictates that until August 6, 2014 Primero will deliver to Silver Wheaton a per annum amount equal to the first 3.5 million ounces of silver produced at San Dimas and 50% of any excess at $4.16 per ounce (increasing by 1% per year). Thereafter Primero will deliver to Silver Wheaton a per annum amount equal to the first 6.0 million ounces of silver produced at San Dimas and 50% of any excess at $4.20 per ounce (increasing by 1% per year). The Company will receive silver spot prices only after the annual threshold amount has been delivered.

10. Cash cost and All-in Sustaining Costs are non-GAAP measures. Refer to the Company’s Year End 2013 MD&A for a reconciliation.

Footnotes

Tamara Brown Vice President, Investor Relations T 416 814 3168 [email protected]

Trading Symbols Common Shares TSX:P, NYSE:PPP Warrants TSX:P.WT

PRIMERO MINING CORP. 20 Queen Street West, Suite 2301 Toronto, ON M5H 3R3 T 416 814 3160 F 416 814 3170 TF 877 619 3160 www.primeromining.com

mailto:[email protected]

http://www.primeromining.com/

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