Primero q4 2014 presentation 2015 final

TSX P I NYSE PPP I

Fourth Quarter and Full-Year 2014 Results February 12, 2015

TSX P I NYSE PPP I

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

2

TSX P I NYSE PPP I

Joseph Conway | CEO 30 Years of experience Appointed CEO in June 2010 Former CEO, President & Director of IAMGOLD and Repadre Capital

Wendy Kaufman| Chief Financial Officer 20 Years of experience Appointed CFO in September 2014 Former VP, Finance and Treasurer of Inmet Mining Corporation

Ernest Mast | President & COO 25 Years of experience Appointed President and COO in February 2015 Former President & CEO – Minera Panama (Inmet), VP Operations – New Gold

Management Participants

3

TSX P I NYSE PPP I

Q4 2014 Highlights

o Met production and cost guidance

o Record production at San Dimas

o Black Fox optimization continues

o Record revenue

o Strong operating cash flow

o Earnings impacted by non-cash impairment charges against Black Fox and Cerro del Gallo

o San Dimas expansion to 3,000 TPD on track

o Exploration success continues

o Appointed Ernie Mast as President and Chief Operating Officer in Q1 2015

4

Recent core from Black Fox

TSX P I NYSE PPP I

Strong Financial Position

Exchanges TSX: P NYSE: PPP

Balance Sheet (December 31, 2014 – Pro Forma Convertible Debt Financing)

Cash

Line of Credit2

Total Liquidity

Convertible Debenture (6.5%, due Mar. 2016, US$14 conversion)

Convertible Debenture (5.75%, due Feb. 2020, US$6.55 conversion)

Line of Credit Draw Down2 (Due May 2017)

Total Debt1

$99 million

$35 million

~$134 million

$48 million

$75 million

$40 million

$163 million

Capital Structure

Common Shares Outstanding 3

Fully Diluted 4

Market Cap. At Feb. 6, 2015

162 million

192 million

C$735 million Source: 2015E-2016E Operating Cash Flow – Capital IQ consensus CFPS multiplied by current 162 million shares outstanding.

$134M

STRONG Liquidity

$163M1

PRUDENT Debt Level

December 31, 2014 – Pro Forma Convertible Debt Financing

Consensus Estimated Operating Cash Flow ($ millions)

5

$72 $74 $96

$144

$0

$50

$100

$150

$200

2013 2014 2015E 2016E

*See final slide for footnotes.

TSX P I NYSE PPP I

Non-cash impairment charges in 2014 of $209.0 million include:

Q3 2014:

o $99 million goodwill impairment related to the Black Fox complex because share price appreciation from the date of announcement to the close date resulted in a higher acquisition price than anticipated and the property could not substantiate such value.

Q4 2014:

o $75 million impairment to the Black Fox mining property due to the earlier than expected depletion of the open pit.

o $35 million impairment to the Cerro del Gallo development property as a result of the current economic conditions (gold price, taxes, IRR) and the subsequent decision to delay construction.

Impairment Overview

6

TSX P I NYSE PPP I

Financial Results

(US$ thousands, except per share amounts)

Q4 2014

Q4 2013 2014 2013

Revenues 71,171 47,737 274,612 200,326

Earnings from Mine Operations

18,537 13,745 52,663 76,004

Net income (loss) (109,964) (35,895) (224,384) (4,250)

EPS ($ per share)

(0.69) (0.31) (1.48) (0.04)

Adjusted net income5 (5,054) 1,570 5,365 38,668

Adjusted EPS5 ($ per share)

(0.03) 0.01 0.04 0.36

Operating cash flows6 before changes in working capital

18,209 14,038 73,658 72,396

CFPS6 ($ per share)

0.11 0.12 0.48 0.67 -

50

100

150

200

250

300

2013 2014

Revenues ($millions)

+37%


7

TSX P I NYSE PPP I

Increased Production by 57% in 2014

Operating Results Q4 2014

Q4 2013 2014 2013

Gold equivalent production7

(gold equivalent ounces) 62,209 34,371 225,054 143,114

Gold production (ounces)

56,140 29,097 189,943 111,983

Silver production7 (million ounces)

1.74 1.60 6.15 6.05

All-in Sustaining Costs8 ($ per gold ounce)

$1,196 $1,415 $1,222 $1,077

Cash cost8 ($ per AuEq ounce)

$701 $660 $687 $599

Cash cost8– by-product ($ per gold ounce)

$657 $550 $579 $389


-

50,000

100,000

150,000

200,000

250,000

2013 2014

+57%

Production (AuEq ounces)

8

TSX P I NYSE PPP I

San Dimas Operating Results

Q4 2014

Q4 2013 2014 2013

Mill Throughput9

(tonnes per day) 2,846 1,974 2,463 2,101

Gold equivalent production7

(gold equivalent ounces) 41,875 34,371 161,170 143,114

Gold production (ounces)

35,806 29,097 126,059 111,983

Silver production7 (million ounces)

1.74 1.60 6.15 6.05

Gold grade (grams per tonne)

4.49 5.17 4.63 4.67

Silver grade (grams per tonne)

224 292 232 258


$897 $1,151 $826 $858

Cash cost8 ($ per AuEq ounce)

$654 $660 $628 $599

Cash cost8– by-product ($ per gold ounce)

$576 $550 $448 $389

San Dimas Production (AuEq ounces)


10,000

30,000

50,000

70,000

90,000

110,000

130,000

150,000

170,000

2013 2014

+13%

9

TSX P I NYSE PPP I

Q4 2014

2014 (March 5 –

December 31)

Mill Throughput9

(tonnes per day) 2,403 2,306

Gold Production (gold ounces) 20,334 63,884

Gold Grade (grams per tonne )

3.00 3.00


$1,374 $1,428

Cash cost8 ($ per gold ounce)

$799 $837

Black Fox Production (Au ounces)

*Prior to Primero’s acquisition. See final slide for footnotes.

Black Fox Operating Results

-

5,000

10,000

15,000

20,000

25,000

Q12014*

Q22014

Q32014

Q42014

10

TSX P I NYSE PPP I 11

A Further 20% Production Growth in 2015

2014 Black Fox San Dimas Outlook 2015

Attributable gold equivalent production7 (gold equivalent ounces)

225,100 75,000-85,000 175,000-185,000 250,000-270,000

Gold Production (ounces) 190,000 75,000-85,000 145,000-155,000 220,000-240,000

Silver Production7 (million ounces) 6.15 6.5-7.5 6.5-7.5

Total cash costs8 (per gold equivalent ounce) $687 $820-$870 $590-$640 $650-$700

All-in Sustaining Costs8 (per gold ounce) $1,222 $1,075-$1,125 $840-$890 $1,000-$1,100

Capital Expenditures ($ millions) $80.5 $22.6 $41.4 $66.7

Exploration ($ millions) $34.3 $12.3 $6.4 $19.1


TSX P I NYSE PPP I

111

143 161

180 190

215 64

80

100

100

2012 2013 2014 2015E 2016E 2017E

Black Fox San Dimas 300-350

250-270

280-300

Targeted Production Growth Profile (AuEq koz) 7.10

12

Strategic Approach:

1. Strong balance sheet

2. Measured approach to growth

3. Disciplined cost management

4. Low-risk jurisdictions

5. Responsible mining practices

Operating in attractive mining jurisdictions with: Long mining history Stable Government Established permitting process

Located in areas with: Existing infrastructure Skilled local workforce Suppliers Community support

Established Organic Growth Profile

225


TSX P I NYSE PPP I

2014A OperatingEfficiencies

LowerSustaining

Capital

DecreasedG&A

2015E

$1,222

$1,050

$500

$600

$700

$800

$900

Disciplined Cost Management

13

2015 Cash Costs Guidance Range (US$/oz Au)*

*Cash costs are net of by-product credits. Based on available company disclosure and data from SNL Metals & Mining. See final slide for footnotes.

San Dimas: o Expansion to 2,500 TPD increased efficiencies of

scale o Increased long-hole mining reduced dilution by

30% o Expansion to 3,000 TPD expected to reduce costs

by a further ~$50/oz

Black Fox: o Mining optimization program commenced in 2014 o Contractors reduced o Initiated 24-hour open-pit mining o Training improves productivity and quality control

Corporate: o Rationalizing offices (closing Vancouver and

Mexico City offices) o Focused on reducing G&A

Primero 2015 AISC Guidance vs. 2014 Results (US$/oz Au)8

TSX P I NYSE PPP I

Experienced Board and Management

14

Joseph Conway | CEO 30 Years of Experience ► Appointed CEO in June 2010 ► Former CEO, President and Director of

IAMGOLD and Repadre Capital

Ernest Mast | President & COO 25 Years of Experience ► Appointed President & COO in Feb. 2015 ► Former President & CEO – Minera

Panama (Inmet), VP Ops. – New Gold.

Wade Nesmith | Chairman ► Founder of Primero ► Founding and current director of Silver

Wheaton

225+ Years of Combined Industry

Experience

Entrepreneurs

BOARD OF DIRECTORS

MANAGEMENT

David Demers | Director 2,3,4,5

► Founder, CEO and Director Westport Innovations

► Director of Cummins Westport and Juniper Engines

Grant Edey | Director 3,5

► President & CEO, Khan Resources ► Former Director of Breakwater Resources,

Queenstake Resources, Santa Cruz Gold, CFO, IAMGOLD

Rohan Hazelton | Director 1

► VP, Strategy, Goldcorp ► Formerly with Wheaton River and

Deloitte & Touche LLP

Proven Track Record of Asset Turnaround

Capital Markets Expertise

Disciplined Approach to Business Development

Eduardo Luna | Director 1

► Former Chairman and CEO of Silver Wheaton, Executive VP of Goldcorp and Luismin (San Dimas)

► Former President of Mexican Mining Chamber

Brad Marchant | Director 1

► Co-founder of Triton Mining Corporation ► Founder of BioteQ Environmental

Technologies Inc.

Robert Quartermain | Director 2,3

► Founder and President & CEO, Pretium Resources

► Former President of Silver Standard Resources

Michael Riley | Director 2,5

► Chartered accountant with more than 26 years of accounting experience

► Chair of Primero Audit Committee

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

TSX P I NYSE PPP I

1.9

1.5

1.1

0.7

0

0.5

1

1.5

2

2011 2012 2013 2014

Track Record of Delivering on Stakeholder Commitments

Primero Total Reportable Injury Frequency Rate (“TRIFR”) SHAREHOLDERS

Superior Value Creation

ENVIRONMENT

Certified “Clean Industry”

COMMUNITY

Awarded “Socially Responsible Company”

SAFETY Lowering Injury Frequency Rate

15

(100%)

(40%)

20%

80%

140%

Primero Mining Corp. S&P/TSX Global Gold Index

January 2012 to Present

Delivering Superior Returns to Primero Shareholders

TSX P I NYSE PPP I

o Commence expansion to 3,000 TPD

o Increase access to high-grade Victoria vein

o Implement 7 day, 12-hour shifts to optimize mine throughput

o Complete tunnels connecting Central Block to Sinaloa Graben, increasing efficiency and reducing costs

Location Mine Type Ownership

Durango, Mexico Underground, Gold & Silver

100% (silver stream)7

Proven & Probable Gold Reserves (koz) (4.9M tonnes at 5.5 g/t)

870

Measured & Indicated Gold Resources (koz) (Inclusive of Reserves) (4.3M tonnes at 7.2 g/t)

997

Inferred Gold Resources (koz) (7.3M tonnes at 4.2 g/t)

998

2015E Production7 (AuEq koz) 175-185

2015E Cash Costs8 ($/AuEq oz) $590-$640

2014 2015 2016

o 23% increase in gold reserve grade

o Mill expansion to 2,500 TPD completed in Q1

o Expanded top producing veins through successful exploration

o Discovered new high-grade veins

o Achieved record production of 161,000 AuEq oz

o Complete expansion to 3,000 TPD

o Increase mined grade to current gold reserve grade of 5.5 g/t

World Class Platform Asset

16

SAN DIMAS


TSX P I NYSE PPP I

-

500

1,000

1,500

2,000

2,500

3,000

3,500

Q3 2010 Q3 2012 Q3 2014 Q3 2016E


Expansion to 3,000 TPD SAN DIMAS

Construction Mill expansion to 3,000 TPD began in Q1 2015 and is expected to be completed by Q2 2016

Capital Cost Currently estimated at $26 million, including a 30% contingency After-tax IRR11 is expected to be 78% with a 12 month payback period12

Production An estimated increase by more than 30% over 2014 to approximately 215,000 gold equivalent ounces

Cash Cost Expected to drop by ~$50 per ounce from current levels

89%

GROWTH

San Dimas Mill Throughput (TPD)

17

TSX P I NYSE PPP I

2015 Mine Expansion Plan

18

SAN DIMAS

1,600

1,800

2,000

2,200

2,400

2,600

2,800

3,000

3,200

tonn

es p

er d

ay

Actual

Forecast

Mill Expansion

Base Production

Mine Production to 2,150 tpd


Mill Expansion


2011 2012 2013 2014 2015 2016

Current Nameplate Capacity

Expanded 3,000 TPD Capacity

TSX P I NYSE PPP I

Proven History of Reserve & Resource Growth

505

660

870

577

780

997

704

762

998

2011 2012 2013

P&P Reserves ( Au Koz)

M&I Resources (Au Koz)

Inferred Resources (Au Koz)

(M&I Resources Include Mineral Reserves)

See slides 33, 34, 35, & 36

Significant Exploration Upside with Low Finding Costs o Completed 80,000 metres of drilling 2014, 2014 reserves and

resources to be released in Q1 2015 o 2015: $6.4 million, 25,000 metres of drilling

SAN DIMAS

Low Finding Cost Per Ounce

247 311

$53.0

$34.7

2012 2013

P&P Reserves Discovered (Koz Au)P&P Discovery Cost(US$/oz Au)

19

TSX P I NYSE PPP I

Note: Based on public data, average depth of listed mines is 1,633 metres.

Established Jurisdiction with Proven Depth Potential Over 200 Million Ounces of Historical Production

BLACK FOX

20

TSX P I NYSE PPP I

o Continue building underground long-hole stope inventory

o Finalize mill and tailings optimization

o Continue in-fill drilling of central zone

o Goal of identifying resources to depth of 1,000 metres

2014 2015 2016

o Completed acquisition and integration of Black Fox Complex

o Commenced optimization program, focused on cost reduction

o Increased efforts on underground exploration and development

o Discovered high-grade intercepts at depths up to 800 metres

o Review the concept of sinking a shaft to access deep mineralization

o Complete detailed economic analysis to potentially include Grey Fox as part of long term development at the Black Fox Complex

Turnaround Opportunity to Create Value BLACK FOX

Location Mine Type

Ownership

Timmins, Ontario Open-Pit & Underground, Gold

100% (8% gold stream)7

Proven & Probable Gold Reserves (koz) (3.8M tonnes at 4.3 g/t)

538

Measured & Indicated Gold Resources (koz) (Inclusive of Reserves) (4.0M tonnes at 5.1 g/t)

653


168

2015E Production7 (AuEq koz) 75-85

2015E Cash Costs8 ($/AuEq oz) $820-$870

21 *See final slide for footnotes.

TSX P I NYSE PPP I

Focused on Reserve & Resource Development Lateral & Depth Expansion

BLACK FOX

22

TSX P I NYSE PPP I

Grey Fox

Promising Exploration Project GREY FOX

o Completed 76,000 metres of drilling in 2014.

o Planned another 50,000 metres in 2015.

o Positive exploration results announced to date from underground and open pit targets.

o Further results pending. Location Ownership

4 km from Black Fox, Ontario 100% (no stream)

Measured & Indicated Gold Resources (koz) (5.3M tonnes at 3.3 g/t)

558


219

TSX P I NYSE PPP I

Catalysts and News Flow

Q3 2014 San Dimas Operating at 2,500 TPD Increases annual production rate to 165,000AuEq oz

Q1 2015 Reserve and Resource Update Including 226,000 metres of 2014 drilling

Q1 2015 Black Fox Complex Exploration Update Drilling from 500 metre level exploration drift at depth

Q3 2014 San Dimas 3,000 TPD Decision Expansion decision announced

Q4 2015 Grey Fox Scoping Study

Q4 2014 San Dimas Exploration Update Extended top producing veins

24

2014 Q1 2015 2015

TSX P I NYSE PPP I

$650 - 700 /oz

TOTAL CASH COST8,13

Low Cost Production

250 – 270 koz

MEXICO & CANADA7,13

Producing in America’s Top Mining Jurisdictions

25

Positioned to Outperform DELIVERING SUPERIOR RETURNS

15 quarters

CONSECUTIVE

History of Positive Cash Flow From Operations

$134 million

CASH & AVAILABLE CREDIT2

Strong Liquidity

+225 years

INDUSTRY EXPERIENCE

Experienced Board and Management

+35 %

VS. TSX GLOBAL GOLD

Consistent Outperformer


(100%)

(40%)

20%

80%

140%

Primero Mining Corp. S&P/TSX Global Gold Index

January 2012 to Present

Delivering Superior Returns to Primero Shareholders

APPENDICES

TSX P I NYSE PPP I

Stock Performance & Significant Events

27

0

10

20

30

-80%

-60%

-40%

-20%

0%

20%

40%

60%

80%

8/13/2010 2/13/2011 8/13/2011 2/13/2012 8/13/2012 2/13/2013 8/13/2013 2/13/2014 8/13/2014

Vol

ume

(Mill

ions

)

P-T Volume

Primero Mining Corp.

S&P/TSX Global Gold Index

Primero IPO, Begins Trading on the TSX, and Finalizes San Dimas Acquisition

Primero Announces Brigus Gold Acquisition

Primero Added to S&P/TSX Composite Index Primero

Announces San Dimas Expansion Plan Phase 1

Primero Begins Trading on the NYSE Primero Announces

Acquisition of Cerro Del Gallo

Primero Announces APA Ruling

Spot Gold Hits 4-Year Low

TSX P I NYSE PPP I

Lower 2015 Capital Expenditures 2015 GUIDANCE

28

Capital Expenditures Estimated 2015 Costs

San Dimas Underground Development $15.2 million

San Dimas Sustaining Capital $10.8 million

San Dimas Projects $15.4 million

San Dimas Sub Total $41.4 million

Black Fox Underground Development $13.4 million

Black Fox Sustaining Capital $4.5 million

Black Fox Projects $3.4 million

Grey Fox Development Studies $1.3 million

Black Fox Sub Total $22.6 million

Cerro del Gallo Development $2.7 million

Total $66.7 million

2014 Capital Expenditure $80.5million Note: Figures may not add due to rounding.

TSX P I NYSE PPP I

Exploration Expenditures Estimated 2015 Costs

San Dimas Diamond Drilling $3.1 million

San Dimas Drifting $1.9 million

San Dimas Regional Diamond Drilling $0.9 million

Ventanas Regional Diamond Drilling *$0.5 million

San Dimas Sub Total $6.4 million

Black Fox Diamond Drilling $5.0 million

Grey Fox & Regional Exploration $7.3 million

Black Fox Complex Sub Total $12.3 million

Cerro del Gallo Geology Mapping $0.4 million

Total $19.1 million

2014 Exploration $34.3 million

Continuing to Invest in Exploration 2015 GUIDANCE

29

Note: Ventanas Regional Drilling is expected to be treated as an exploration expense. Figures may not add due to rounding.

TSX P I NYSE PPP I 30

Summary of Debt & Tradable Securities

Primero Warrants TSX: P.WT

Convertible Debentures TSX: P.DB.U

Revolving Line of Credit Facility

Convertible Debentures TSX:P.DB.V

Face Value n/a $48.1 million Drawn at Dec. 31, 2014: $40.0 million $75.0 million

Maturity / Expiry July 20, 2015 March 31, 2016 May 23, 2017 February 28, 2020

Interest Rate n/a 6.5% Floating Rate (see below) 5.75%

Payable n/a Semi-Annually Monthly Semi-Annually

Conversion / Strike C$8.00 US$14.00 n/a US$6.55

Additional Notes CUSIP: 74164W114 Provision for forced conversion if the market price of the Primero’s shares is at least 125% of the conversion price

CUSIP: 74164WAA4

The floating interest rate was approximately 4.75% per annum during the year ended December 31, 2014

Not redeemable prior to Feb. 2018

Provision for early redemption if the market price of the Primero’s shares is at least 125% of the conversion price

CUSIP: 74164WAB2

TSX P I NYSE PPP I

Silver Purchase Agreement

Primero sells 50% of annual silver production above 6.0 million ounces at spot o Remainder sold at ~$4.20 per ounce under silver

purchase agreement o Threshold commences August 6 to following

August 5 o Expansion anticipated to generate meaningful

silver spot sales post expansion to 3,000 TPD

Primero sells 8% of annual gold production at Black Fox at ~$509 per ounce o Primero streams 6.3% from the Black Fox

Extension which includes the Pike River Property o Gold is sold at $500 per ounce subject to

inflationary adjustment beginning in 2013, not to exceed 2% per annum

o The Grey Fox exploration property is not subject to any gold streaming agreements

SAN DIMAS BLACK FOX

Gold Streaming Agreement

16%

84%

Silver Gold

Silver as Percentage of 2014 Revenue

31

TSX P I NYSE PPP I

Focus 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 San Dimas is certified as “Clean Industry” by

PROFEPA (Mexican EPA) o We utilize sustainable green technologies where

possible - Primero’s own hydroelectric dam supplies the majority of San Dimas Mine’s power

COMMUNITY o We treat our local communities as our partners o We focus on understanding our local

communities goals and providing local opportunities

o We promote local education with awards for the local technical college in San Dimas

32

TSX P I NYSE PPP I

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

33

TSX P I NYSE PPP I

Notes to Black Fox Mineral Reserve estimate: 1. Mineral Reserves stated as at December 31, 2013. 2. Open pit cut-off grade of 1.0 g/t Au and underground cut-off grade of 3.4 g/t. 3. Gold price assumed is US$1,250 per troy ounce. 4. Processing gold recovery factor 94% assumed. 5. Harold Brisson, PhD, Eng. is the Qualified Person for the Black Fox Complex Mineral Resource estimates. Notes to Black Fox Mineral Resource estimate: 1. Mineral Reserves stated as at December 31, 2013. 2. Open pit cut-off grade of 0.9 g/t Au and underground cut-off grade of 3.0 g/t. 3. Gold price assumed is US$1,300 per troy ounce and exchange rate of US$1.00=C$1.10 was used in the gold cut-off grade calculations. 4. Detailed footnotes can be found in the NI 43-101 Technical Report titled “TECHNICAL REPORT ON THE MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES FOR

THE BLACK FOX COMPLEX”, dated June 30, 2014 and filed on www.sedar.com.

Classification Tonnage (Tonnes)

Gold Grade (G/T)

Cont. Gold (Ounces)

Proven & Probable Reserves Open Pit 1,468,500 3.7 173,900 Underground 1,663,900 6.3 339,100 Stockpile 716,200 1.1 24,700 Total 3,848,700 4.3 537,700 Measured & Indicated Resources, Including Reserves Open Pit 1,423,900 4.0 182,518 Underground 1,852,800 7.5 445,336 Stockpile 716,200 1.1 24,706 Total 3,992,800 5.1 652,560 Inferred Resources Open Pit 364,100 5.8 67,897 Underground 326,300 9.5 99,889 Total 690,400 7.6 167,786

Mineral Resources and Mineral Reserves (December 31, 2013, Mineral Resources include Mineral Reserves)

BLACK FOX

34

http://www.sedar.com/

TSX P I NYSE PPP I

Classification Cut-off Grade

(G/T Au) Potential Material

Tonnes (Million Tonnes)

CAPPED Au (G/T)

Contained Gold (Ounces)

Indicated Resources >3.0 Underground 1.394 5.4 243,041

>0.9 Open Pit 3.882 2.5 314,615

Total Indicated Resources 5.276 3.3 557,655

Inferred Resources

>3.0 Underground 1.065 5.1 175,511

>0.9 Open Pit 0.486 2.8 43,309

Total Inferred Resources 1.552 4.4 218,820

Notes to Grey Fox Mineral Resource estimate: 1. Mineral Reserves stated as at 31 December 2013. 2. Open pit cut-off grade of 0.9 g/t Au and underground cut-off grade of 3.0 g/t 3. Gold price assumed is US$1,300 per troy ounce and exchange rate of US$1.00=C$1.10 was used in the gold cut-off grade calculations. 4. Detailed footnotes can be found in the NI 43-101 Technical Report titled “TECHNICAL REPORT ON THE MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES FOR

THE BLACK FOX COMPLEX”, dated June 30, 2014 and filed on www.sedar.com. 5. Harold Brisson, PhD, Eng. is the Qualified Person for the Black Fox Complex Mineral Resource estimates.

Mineral Resources (December 31, 2013)

GREY FOX

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http://www.sedar.com/

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Category M Tonnes Au (g/t)

Au (M ozs)

Ag (g/t)

Ag (M ozs)

Cu (%)

Cu (M lbs)

AuEq (g/t)

AuEq (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


Au (M ozs)

Ag (g/t)

Ag (M ozs)

Cu (%)

Cu (M lbs)

AuEq (g/t)

AuEq (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


Au (M ozs)

Ag (g/t)

Ag (M ozs)

Cu (%)

Cu (M lbs)

AuEq (g/t)

AuEq (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

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Tamara Brown | VP, Investor Relations Former Director Investor Relations for IAMGOLD 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 Former Senior Vice President, Chief Legal Officer and Corporate

Secretary of HudBay Minerals Inc.; Chief Counsel Canada, Chief Privacy Officer - Canada of AT&T

David Sandison | VP, Corporate Development Former VP, Corporate Development of

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

Louis Toner | VP, Project Development & Construction Over 30 Years of Engineering and Construction experience,

formerly held Senior Project Management roles with BBA Inc. and Lafarge Canada Inc.

Gabriel Voicu | VP, Geology and Exploration 25 Years of mining experience, formerly held senior technical and

exploration positions with Cambior and IAMGOLD

James Mallory | VP, Corporate Responsibility Over 35 Years of mining experience Former VP, Vice-President, Operations & Social Responsibility at

South American Silver 13 Years of experience in Latin America

Joseph Conway | Chief Executive Officer 30 Years of experience Appointed President and CEO in June 2010 Former CEO, President & Director of IAMGOLD and Repadre

Capital

Wendy Kaufman | Chief Financial Officer 20 Years of experience Appointed CFO in September 2014 Former VP, Finance and Treasurer of Inmet Mining Corporation

Executive Management

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Ernest Mast | President & COO 25 Years of experience Appointed President & COO in Feb. 2015 Former President & CEO – Minera Panama (Inmet), VP Ops. –

New Gold.

Maria-Luisa Sinclair | VP, Human Resources 25 Years of international Human Resources experience in the

mining sector with particular expertise in Latin America. Held key human resources positions with Placer Dome, Pan

American Silver, Baja Mining, and Skye Resources.

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Robert Quartermain | Director 2,3

Founder and President & CEO, Pretivm Resources Former President and CEO of Silver Standard

Brad Marchant | Director 1

Co-founder of Triton Mining Corporation Founder of BioteQ Environmental Technologies Inc.

Michael Riley | Director 2,5

Chartered accountant with more than 26 years of accounting experience

Chair of Primero Audit Committee

Eduardo Luna | Director 1

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

Rohan Hazelton | Director 1

VP, Strategy, Goldcorp Formerly with Wheaton River and Deloitte & Touche

LLP

Grant Edey | Director 3,4,5

President & CEO, Khan Resources Inc. Former Director of Breakwater Resources, former

director of Queenstake Resources, Santa Cruz Gold Former CFO, IAMGOLD

David Demers | Director 2,3,4,5

Founder, CEO and Director Westport Innovations Director of Cummins Westport and

Juniper Engines

Wade Nesmith | Chairman Founder of Primero Founding and current director of Silver Wheaton

Board of Directors

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

Joseph Conway | Director see Executive Management

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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

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Footnotes

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1. $48.1 million senior unsecured convertible debenture (acquired from Brigus, with a 6.5% coupon an effective conversion price of US$14.00 and an

expiry of March 2016); US$75 million convertible, unsecured, subordinated debentures; and $40 million draw down from line of credit. Excludes capital leases.

2. The Company closed a $75 million line of credit on May 23, 2014 and has drawn down $40 million as of December 31, 2014. 3. During the year ended December 31, 2014, the Company issued 41,340,347 common shares as consideration for the acquisition of Brigus, 1,921,744

common shares upon the exercise of stock options; and 2,481,482 common shares pursuant to two flow through agreements. 4. Fully diluted shares include 20.8 million warrants with an exercise price of C$8.00 per share, expiring on July 20, 2015; and 9.3 million options with

an average exercise price of C$6.17. 5. Adjusted net income/earnings and adjusted net income/earnings per share are non-GAAP measures. Neither of these non-GAAP performance

measures has any standardized meaning and is therefore unlikely to be comparable to other measures presented by other issuers. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, the Company and certain investors use this information to evaluate the Company’s performance. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Refer to the Company’s 2014 MD&A for a reconciliation of adjusted net income/earnings to reported net income.

6. “Operating cash flow” is operating cash flow before working capital changes. This and operating cash flows before working capital changes per share (CFPS) are non-GAAP measures which the Company believes provides a better indicator of the Company’s ability to generate cash flow from its mining operations. See the Company’s 2014 MD&A for a reconciliation of operating cash flows to GAAP.

7. “Gold equivalent ounces” include silver ounces produced at San Dimas, and converted to a gold equivalent based on a ratio of the average commodity prices realized for each period. 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. Black Fox is subject to a gold purchase agreement under which Sandstorm is entitled to 8% of production at the Black Fox mine and 6.3% at the Black Fox Extension.

8. Cash costs and All-in Sustaining Costs are non-GAAP measures. Refer to the Company’s 2014 MD&A for a reconciliation to operating expenses. Note the calculation of all-in sustaining costs at San Dimas changed with the acquisition of a second producing asset and subsequently do not include corporate G&A.

9. Based on 365 days per year. 10. Assumes San Dimas operates at least at 3,000 TPD from end of Q2 2016; and Primero management estimates for Black Fox production, based on

2,200-2,300 TPD operation and underground throughput increasing to 1,000 TPD by the end of 2015. 11. Major assumptions include a flat gold price per ounce of $1,300, a flat silver price per ounce of $22. 12. The Company currently estimates that expanding the San Dimas mill to 3,000 TPD will require approximately $26.4 million of capital investment,

with approximately $6 million expenditure expected in 2014 and the remainder spread over the following eighteen months. As a result of the preliminary nature of the capital assessment a contingency factor of 30% has been included in the capital estimate.

13. Based on 2015 Guidance.

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Notes

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Notes

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Notes

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PRIMERO MINING CORP. 79 Wellington St. West, Suite 2100 Toronto, ON M5K 1H1 T 416 814 3160 TF 877 619 3160 www.primeromining.com

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

Fourth Quarter and Full-Year 2014 Results February 12, 2015

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