primero brigus acquisition presentation

Acquisition of Brigus Gold: Building a Strong Intermediate Producer December 16, 2013

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

Wade K. Dawe Brigus Chairman & Chief Executive Officer

Primero + Brigus Management Participants

3

Joseph F. Conway Primero President & Chief Executive Officer

PRIMERO + BRIGUS:

A New Mid-Tier Gold Producer o Creates a new Americas focused mid-tier gold producer

Diversified production base in prospective, proven historic mining districts Mining friendly jurisdictions with low geopolitical risk

o Critical production scale and superior growth profile Two mines producing a total of 250,000 to 270,000 gold equivalent ounces1 in 2014E Potentially increasing to roughly 400,000 ounces in 2017E2 with 2 development projects and M&I

resources of 4.6 million gold equivalent ounces3

Below industry average cash costs resulting in superior cash flow Significant exploration upside at all mines and projects

o Strong balance sheet and financial performance Sufficient capital to repay all debt and invest in organic growth Strong balance sheet and pro forma market capitalization of approximately $720 million will promote

liquidity, increased analytical following and access to capital Combined entity expected to generate approximately $760 million operating cash flow over the next 5

years2,3

o Creates compelling valuation re-rating opportunity

Creating Value Through Consolidation

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; and uses both Companies publically disclosed production estimates.

2. Assumes San Dimas operates at least at 2,500 tpd from Q1 2014; 100% ownership of Cerro Del Gallo and that it 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. Refer to slides 11, 34, 35, 36, 37 of this presentation. 4. Estimated five-year after-tax operating cash flow estimated at consensus metals prices (as shown in appendix) and a 63:1 gold:silver ratio and includes recent tax reforms in

Mexico

4

5

Transaction Summary

Proposed Transaction

o Acquisition of all of the outstanding common shares of Brigus via Plan of Arrangement o All outstanding options to purchase Brigus common shares will be exchanged for options to purchase

Primero common shares based upon the exchange ratio1 o Each outstanding warrant to purchase a Brigus common share will be exercisable to purchase 0.175 of

a Primero common share and 0.1 of a SpinCo common share1 o Total equity value of approximately C$220 million2

o Pro forma ownership of 73.4% Primero/ 26.6% Brigus2

Consideration

o 0.175 Primero shares per Brigus share, representing total consideration of C$0.91 per share2

o Represents a 45% premium over the December 13, 2013 closing price of C$0.63 and a 43% premium calculated on the 20-day volume weighted average price (VWAP) of each respective company2,3

o Brigus shareholders will also receive 90.1% of the common shares of newly incorporated SpinCo which will assume Brigus’ non-Ontario assets and will be capitalized with C$10 million

Other Terms

o Customary non-solicitation covenants, subject to normal fiduciary outs o Right to match o Reciprocal termination fee payable in certain circumstances o Unanimous support for the transaction and lockup agreements from the Board and Officers of Brigus

and a voting support agreement from Goldcorp

Conditions o Brigus shareholder vote (66 2/3% of voting shareholders) o Primero shareholder vote (majority of voting shareholders) o Customary regulatory and court approvals

Proposed Timing o Mailing of Primero management information circular and Brigus proxy circular as soon as pracitcal o Shareholder meetings: February 2014 o Closing: Late-February 2014

1. For further information efer to the Company’s News Release of December 16, 2013, “Primero to Acquire Brigus Gold and Create a Diversified, Americas Based Mid-tier Gold Producer”, available on the Company’s website.

2. As at December 13, 2013, equity value and pro forma ownership on a fully diluted in-the-money basis, before ascribing any value to SpinCo.

3. Volume weighted average prices based on TSX trading data only.

Benefits to Primero Shareholders Asset

Diversification

Accretive Cash Flow

Enhanced Growth

Increases Reserves

Leverages Technical Skills

o Adds a high quality producing gold mine in a proven and mining friendly jurisdiction

o Provides immediate accretion to cash flow

o Increases and diversifies production profile

o Significantly increases reserves and resources

o Leverages Primero’s underground mining technical strength

o Improves market presence and provides multiple re-rating opportunity

Re-Rating Opportunity

Delivers on strategy of growth and diversification 6

Benefits to Brigus Shareholders Attractive Premium

Exposure to Strong

Balance Sheet

Improved market

presence

Re-Rating Opportunity

Leverages Technical Skills

o Attractive premium of 45%, before ascribing any value to SpinCo, to the closing price on December 13, 2013

o Provides cash and cash flow to repay debt and fund growth

o Improved market presence and liquidity

o Provides opportunity to participate in multiple re-rating as the combination diversifies production and cash flows

o Leverages combined technical expertise in underground mining

o Ongoing participation in funded non-Ontario exploration assets

Participation in SpinCo

Transforms into a multi-mine producer 7

Pro Forma Capitalization

Source: Public market disclosure as at December 13, 2013; US/CAD exchange rate of 0.9447 assumed. 1. Based on closing prices as of December 13, 2013 on the TSX and share capital as of September 30, 2013, not adjusted for subsequent events. 2. Based on Balance sheet data as of September 30, 2013, not adjusted for SpinCo cash of approximately C$10 million or subsequent events. 3. Face amount of Brigus debt at Q3 2013 is $74.6 million, not including $20.3 million capital lease assumption - financial statements disclose debt of $82.9

million which is net of derivative liabilities.

8

As at December 13, 2013 Units Primero Brigus Pro Forma2

TSX Share Price (C$) $5.22 $0.63 n.a.

Shares Outstanding - Basic1 (mm) 115.7 232.1 158.0

Shares Outstanding - FDITM1 (mm) 116.9 241.6 159.2

Market Capitalization - Basic1 (US$ mm) $570 $138 $709

Market Capitalization - FDITM1 (US$ mm) $576 $144 $720

Cash and Cash Equivalents2 (US$ mm) $125.7 $21.1 $146.8

Total Debt2,3 (US$ mm) $32.2 $74.6 $106.8

Investments (US$ mm) $1.7 $1.0 $2.7

Enterprise Value1 (US$ mm) $481 $196 $678

9

Builds on Established Presence in Mexico

Provides entry to historic Ontario mining district

COMBINED OPERATING PORTFOLIO

Diversified, Stable, Mining Friendly Jurisdictions San Dimas Mine

(AT DECEMBER 31, 2012, MINERAL RESOURCES INCLUDE MINERAL RESERVES)

Au Reserves (Moz) 0.66

Au M&I Resources (Moz) 0.78

Au Inferred Resources (Moz) 0.76

Ag Reserves (Moz) 39.4

Ag M&I Resources (Moz) 46.9

Ag Inferred Resources (Moz) 64.6

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, 2012, MINERAL RESOURCES INCLUDE MINERAL RESERVES)



Inferred Resources (Moz) 0.06

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)

138 160 165 165

100

105 120 120

95

2013E 2014E 2015E 2016E

Cerro del Gallo

Black Fox

San Dimas

2016/17E

Significant Near-Term Production Growth

10

1 . Based on range of company guidance and estimates. “Attributable gold equivalent ounces” include attributable silver converted to a gold equivalent based on consensus estimated commodity prices and accounts for the San Dimas silver purchase agreement.

Estimated Production Profile1 (Attributable Thousand Gold Equivalent Ounces)

At Below Industry Average Cash Costs

Increases Reserves & Resources

11

1. Primero’s gold equivalent reserves and resources are adjusted for the silver purchase agreement and only attributable silver ounces to Primero are included. Approximately 21% of all silver reserves and resources for San Dimas are considered attributable. Black Fox reserves and resources were estimated using a gold price of $1,150/oz for 88% of production and $500/oz for the remaining gold production that is sold through the Goldstream Agreement.

2. Gold equivalency based on consensus long-term prices per ounce: Gold $1,300/oz, Silver $22.40/oz, Copper $2.97/lb. 3. M+I Resources include Reserves.

3

Robust Resource Base

0.80 0.90

1.20

1.00

2.30

0.77

0.93

0.51

0.23

Reserves M&I Resources Inferred Resources

Grey Fox

Black Fox

Cerro del Gallo

San Dimas

0.06

Pro Forma Reserves and Resources1,2,3 (Attributable Million Gold Equivalent Ounces)

Pipeline of Assets Drives Organic Growth

12

Production

Construction

Exploration

Development

San Dimas Black Fox

San Dimas Expansion to 2,500 TPD

Cerro del Gallo Grey Fox

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

Overview of Primero & Brigus Assets

Primero Asset Overview

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

Ventanas Property Exploration Property Durango, Mexico

San Dimas Mine Gold-Silver Mine Durango, Mexico

0 400 km

o Located in historical mining districts in Mexico with histories spanning hundreds of years

o With established infrastructure, skilled workforce and local suppliers

o Supported by local communities

Located in proven and low-risk jurisdictions 14

Steady Growth Ahead

PRODUCTION

San Dimas Platform

PHASE 1 EXPANSION

San Dimas 2,500 TPD

DEVELOPMENT

Cerro Del Gallo

PHASE 2 POTENTIAL EXPANSION

San Dimas 3,000 TPD

Significant organic growth 15

PRIMERO: SAN DIMAS

Proven Long Life Platform Asset

District Produced 11M oz Gold, 600M oz Silver 16

o Located on the prolific Sierra Madre trend - Impressive historical performance

- San Dimas has been mined for over 100 years with a proven track record of reserve replacement

o Increasing production to ~160 k AuEq oz in 2014

o Mill currently operating at ~2,200 tpd - Mill expanding to 2,500 tpd in Q1 2014

- Potential future expansion to 3,000 tpd

o Low operating costs - Expect cash costs to trend below $600/oz on a co-

product basis

o District wide exploration potential - Sinaloa Graben and West Block discoveries demonstrate

the potential for the system to provide wide higher-grade veins

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

Ownership: 100%1

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 double digit IRR at $1,100/oz gold

17

PRIMERO: CERRO DEL GALLO

Potential Near Term Production

1. Subject to agreement to acquire remaining 30.8% from Goldcorp closing.

BRIGUS:

Prospective, Mining Friendly Jurisdiction

18

BRIGUS:

Increasing Production & Lowering Costs

19

Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 0

5

10

15

20

25

30

Thou

sand

s Oun

ces

PRODUCTION GROWTH

$950

$760 $650 -700

CASH COSTS

2011 2012 2013E 2014E

Actual

Forecasted

BRIGUS: BLACK FOX

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

Metals Gold Mining Open pit & Underground Capacity 2,200 TPD Recovery 94% Mine Life Open Pit: ~3 years, U/G: ~7 years

Mineral Resources and Mineral Reserves (DECEMBER 31, 2012, MINERAL RESOURCES INCLUDE MINERAL RESERVES)

20

CLASSIFICATION TONNAGE (M TONNES)

GOLD GRADE (G/T)

CONT. GOLD (K OUNCES)

Mineral Reserves

Proven & Probable 5.2 4.6 764

Mineral Resources (includes Mineral Reserves)

Measured & Indicated 5.4 5.3 925

Inferred 0.5 3.9 60

BRIGUS: BLACK FOX

Open for Expansion at Depth

21

MINE RESERVE/RESOURCE DEPTH (m)

SHAFT/RAMP DEPTH (m)

Holloway Mine 900 864

Doyon 1,040 1,040

Holt Mine 1,200 1,075

Timmins West 1,200 1,200

Hoyle Pond 1,290 2,200

McIntyre 1,300 1,300

Lapa 1,600 1,400

Dome 1,665 1,665

Kirkland Lake 1,750 1,750

Hollinger 1,800 1,800

Westwood 2,650 2,650

LaRonde 3,200 2,860

Average 1,633 1,651

Black Fox 510 390

BRIGUS: BLACK FOX

Open for Expansion at Depth – 4 Rigs On Site

22

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 & Underground

Exploration: 3 rigs on site

Permitting: Currently underway

23

BRIGUS: GREY FOX

Promising Development Project

Mineral Resources and Mineral Reserves (July 3, 2013)

CLASSIFICATION CUT-OFF GRADE (g/t Au)

POTENTIAL MATERIAL

TONNES (M)

CAPPED Au (g/t)

CONTAINED Au (oz)

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

Creates Re-Valuation Opportunity

24

P/NAV1

1. Source: Bloomberg, Select Street Research

P/CF (2014E)2

2. Source: FactSet, Thomson Financial

0.9x 0.8x 0.8x 0.7x 0.7x

0.6x 0.6x

Alamos New Gold Primero AuRico B2Gold Argonaut Brigus

14.6x

10.8x

8.4x 7.4x 7.3x 7.0x

2.4x

Alamos Argonaut AuRico Primero B2Gold New Gold Brigus

25

EV/2014E Production1

(US$/oz Au Eq.)

1. Source: Bloomberg, BMO Capital Markets, Company Filings

(US$/Au Eq. oz)

EV/Resource Ounce2

2. Source: Bloomberg, Company Filings


$95 $93 $84

$71 $65

$49 $47

AuRico Alamos Primero New Gold B2Gold Brigus Argonaut

$5,746

$4,674 $4,133 $4,059

$3,422 $2,925

$1,957

Alamos Argonaut New Gold AuRico B2Gold Primero Brigus

26

2014E Gold Equivalent Production1

1. Based on Analyst Consensus

2014E Cash Flow2

2. Based on Analyst Consensus


709

405

272 238 182 165 154

New Gold B2Gold MergeCo AuRico Alamos Primero Argonaut

$356

$191

$133 $110 $104

$77 $73

New Gold B2Gold MergeCo AuRico Alamos Primero Argonaut

(US$millions)

(Thousand Au Eq.oz)

Next Steps for New Primero

27

Production

o Integrate personnel and operating philosophies

o Leverage underground technical expertise to optimize operating mine plans:

Black Fox: Accelerate production from underground, advance development in East Zone, increase exploration drifting and drilling laterally and at depth, define Central Zone, optimize costs

San Dimas: Deliver San Dimas expansion to 2,500 tpd in Q1 2014, provide update on potential expansion to 3,000 tpd mid-2014

o Optimize potential of development projects:

Ensure Cerro del Gallo will provide a double digit IRR down to $1,100/oz gold

Expand resource at Grey Fox through exploration

o Consolidate and reduce corporate G&A

January 2014 2013 Production & 2014 Guidance Plus update on Cerro del Gallo

Late February 2014 Close Brigus Transaction Creating a diversified, Americas based mid-tier producer

Q2 2014 Black Fox Underground at ~1,000 TPD Replacing lower-grade open pit ounces

Q2 2014 Exploration Updates Announce drilling results from San Dimas, Black Fox, Cerro del Gallo and Grey Fox

March 2014 Reserves Update Release 2013 Reserves and Resources Statement

Q1 2014 San Dimas at 2,500 TPD Expansion increases annual production capacity to 160,000AuEq.oz

Catalysts & News Flow

28

Q2 2014 San Dimas 3,000 TPD Decision Expansion decision announced

Transformational Combination

o Transforms Primero into a diversified mid-tier gold producer with portfolio of high-grade assets

o Strong financial position with superior cash flow generation

o Growth through two near-term development projects and significant exploration potential at all assets

Producing, profitable and growing 29

1. Assumes San Dimas operates at least at 2,500 tpd from Q1 2014; 100% ownership of Cerro Del Gallo and that it 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.

2. Estimated five-year average after-tax operating cash flow estimated at consensus metals prices and a 63:1 gold:silver ratio, includes recent tax reforms in Mexico.

$150M/yr1,2

SIGNIFICANT Annual Operating Cash Flow

180%1

GROWTH planned to ~400,000 AuEq.oz by 2017 YE1,2

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 each year

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

Silver Stream - Positive Leverage to Silver

31

Black Fox has a gold stream on 8% of annual production at $504/oz

o Sandstorm Resources Ltd. has a gold stream agreement to purchase 8% of the life of mine gold produced from Black Fox and 6.3% of the life of mine gold produced from the Black Fox extension (which includes a portion of the Pike River concessions) at US$504 per ounce of gold (subject to an inflationary adjustment not to exceed 2% per annum).


BLACK FOX

Gold Stream

32


Consensus Commodity Prices

33

Street Consensus 04Dec-13 2014E 2015E 2016E 2017E 2018+

Gold USD/oz 1,350 1,397. 1,375 1,350 1,300

Silver USD/oz 22.13 23.00 23.10 23.00 22.40

Copper USD/lb 3.25 3.18 3.24 3.08 2.97

SAN DIMAS


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

(G/ T) CONTAINED GOLD

(000 OUNCES) CONTAINED SILVER

(000 OUNCES)

Mineral Reserves

Probable 4.579 4.5 267 660 39,377

Mineral Resources

Indicated 3.748 6.5 389 780 46,877

Inferred 6.144 3.9 327 762 64,637 Notes to Mineral Reserve Statement: 1. Cutoff grade of 2.4 grams per tonne (”g/t”) gold equivalent (“AuEq”) based on total operating cost of US$104.73/t. Metal prices assumed are gold

US$1,400 per troy ounce and silver US$25 per troy ounce. Silver supply contract obligations have been referenced in determining overall vein reserve estimate viability.

2. Processing recovery factors for gold and silver of 97% and 94% assumed. 3. Exchange rate assumed is 13 pesos/US$1.00. 4. The Mineral Reserve estimates were prepared by Mr. Herbert A. Smith P.Eng. of AMC Mining Consultants (Canada) Ltd. and a QP for the purposes of

National Instrument 43-101 (“NI 43-101”).

Notes to Mineral Resource Statement: 1. Mineral Resources are total and include those resources converted to Mineral Reserves. 2. A 2.0g/t Au Eq cutoff grade is applied and the AuEq is calculated at a gold price of US$1,625 per troy ounce and a silver price of US$25 per troy ounce. 3. A constant bulk density of 2.7 tonnes/m3 has been used. 4. 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 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. 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.

34

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

CERRO DEL GALLO

Reserves and In-Pit Resources1

35

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”.

BLACK FOX


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.

36

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

(000 OUNCES)

Mineral Reserves

Proven & Probable 5.2 4.6 764 Mineral Resources

Measured & Indicated 5.4 5.3 925 Inferred 0.5 3.9 60

GREY FOX

Mineral Resources JULY 3, 2013

37

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.

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; Partner of a Toronto based, boutique investment bank; 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

38

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.

39 39

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

David Demers | Director2,3,4,5

o Founder, CEO and Director Westport Innovations

o Director of Cummins Westport and Juniper Engines

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

Board of Directors

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.

Notes to Investors Regarding the Use of Resources 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.

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

Trading Symbols Common Shares TSX:P, NYSE:PPP, ASX:PPM 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/