Black Fox Site Visit
June 19th, 2014
TSX:P I NYSE:PPP I 2
This presentation may contain “forward-looking” statements within the meaning of Canadian securities ...
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Safety
Underground, Surface and Mill Operations
Required PPE:
o Hard hat
o Safety vest
o Steel-toe bo...
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Agenda Items
Black Fox Mine
(AT DECEMBER 31, 2013, MINERAL RESOURCES
INCLUDE MINERAL RESERVES)
Au Res...
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Marc Bilodeau, V.P. Operations
Mike Mayhew, Mine Manager
Jim Montague, Mill Manager
Steve Gray, Chief...
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Focused on Corporate Responsibility
Focused on Responsible Mining
HEALTH AND SAFETY
o We understand t...
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Impact Benefits Agreement (IBA) in place since June 2011
The Black Fox mine has a long relationship w...
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Location Timmins, Ontario
Ownership 100% (8% gold stream at $504/oz1)
Metals Gold
Mining Open pit & u...
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BLACK FOX
Prospective, Mining Friendly Jurisdiction
Destor-Porcupine Fault has produced around 200Moz...
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BLACK FOX
Large ~2,000 Hectare Property
40 land parcels and 22 patented mining leases
BLACK FOX MINE
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BLACK FOX
Property Layout
Established Infrastructure
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MINE
RESERVE/
RESOURCE
DEPTH (m)
SHAFT/
RAMP DEPTH
(m)
RESERVE
GRADE (g/t
Au)
RESOURCE
GRADE (g/t
Au...
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BLACK FOX
Open for Expansion Laterally & at Depth
1. See News Release dated October 31, 2013
2. See ...
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BLACK FOX
Short Term Focus
Increase underground throughput
o Total 2014 budget of $48 million for 10...
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BLACK FOX
2014 Planned Mining Areas
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BLACK FOX
2014 Exploration Program
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BLACK FOX
2014 Planned Development
2014 short-term capitalized
drifting of 2,200m
Grey Fox Exploration
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CERRO DEL GALLO INCREASES PRIMERO’SPRODUCTION BY 60%12
Location 4 km from Black Fox - Timmins, ON
Ow...
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o Since acquiring the Black Fox Complex Primero has drilled 34 holes or 9,469 metres
o Raised Cdn$9 ...
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Known Deposits
• Grey Fox 147, Contact and GFS Zones
• Drilling : 61,000m = $8.0M CDN
o Expansion 37...
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CERRO DEL GALLO INCREASES PRIMERO’SPRODUCTION BY 60%12
GREY FOX
Contact, 147 and Grey Fox South Zone...
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BLACK FOX
Black Fox Mill
Capacity of 2,200 TPD
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BLACK FOX
Black Fox Mill
Capacity of 2,200 TPD
Appendices
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Notes:
1. The average gold grade for Proven and Probable Reserves is adjusted for dilution while Mea...
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CLASSIFICATION
CUT-OFF GRADE
(g/t Au)
POTENTIAL MATERIAL
TONNES
(MILLION
TONNES)
CAPPED Au (g/t)
CON...
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* Includes Cerro del Gallo. See final slide for footnotes.
Strong Outlook for 2014
Up to 70% increas...
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Black Fox Gold Stream Agreement
On November 9, 2010, the previous owner of the Black Fox
mine announ...
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Joseph F. Conway | C.E.O. 1
o Former CEO, President and Director of IAMGOLD
from 2003 to 2010
o Form...
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Board Committees:
1. Health, Safety and Environment
2. Human Resources
3. Governance and Nominating
...
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This presentation has been prepared in accordance with the requirements of Canadian provincial secur...
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1. Black Fox was subject to a gold purchase agreement which continues and was assumed by the Company...
Tamara Brown
Vice President, Investor Relations
T 416 814 3168
info@primeromining.com
Trading Symbols
Common Shares TSX:P,...
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Black fox site visit june 19

  1. 1. Black Fox Site Visit June 19th, 2014
  2. 2. 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
  3. 3. TSX:P I NYSE:PPP I 3 Safety Underground, Surface and Mill Operations Required PPE: o Hard hat o Safety vest o Steel-toe boots/shoes o Gloves o Hearing protection o Stay with the group at all times o Report any unsafe conditions o Buckle up safety belt o Use PPE where/when required o Follow instructions of your guide in an emergency
  4. 4. TSX:P I NYSE:PPP I 4 Agenda Items Black Fox Mine (AT DECEMBER 31, 2013, MINERAL RESOURCES INCLUDE MINERAL RESERVES) Au Reserves (Moz) 0.66 Au M&I Resources (Moz) 0.82 Inferred Resources (Moz) 0.04 o Meet & Greet with Senior Staff o Underground & Open Pit tour o Lunch and Exploration Presentation o Mill Tour Grey Fox (AT JULY 2, 2013) Au Indicated Resources (Moz) 0.51 Au Inferred Resources (Moz) 0.23
  5. 5. TSX:P I NYSE:PPP I 5 Marc Bilodeau, V.P. Operations Mike Mayhew, Mine Manager Jim Montague, Mill Manager Steve Gray, Chief Production Geologist Even Stavre, Chief Mine Exploration Geologist John Dixon, Exploration Manager – Northern Ontario Kaz Urbanski, Underground Superintendent Graham Reid, Health & Safety Supervisor Steve Poliquin, Surface General Field Manager Bill Hosken, Mine Planner John Viermaa, Maintenance Superintendent Roxana Johnston, Mine Financial Controller Black Fox Senior Management Team 368 56 Employees Contractors 2014 Black Fox Head Count 424
  6. 6. TSX:P I NYSE:PPP I 6 Focused on Corporate Responsibility 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 Black Fox has an impressive 368 days with no lost time accidents 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
  7. 7. TSX:P I NYSE:PPP I 7 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 Lunch today was provided by Wahgoshig First Nations
  8. 8. TSX:P I NYSE:PPP I 8 Location Timmins, Ontario Ownership 100% (8% gold stream at $504/oz1) Metals Gold Mining Open pit & underground Capacity 2,200 TPD Mine Life Open Pit: ~3 years, U/G: ~7 years Mineral Resources and Mineral Reserves (DECEMBER 31, 2013, MINERAL RESOURCES INCLUDE MINERAL RESERVES) 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 Note: Refer to Slide 26 for details.
  9. 9. TSX:P I NYSE:PPP I 9 BLACK FOX Prospective, Mining Friendly Jurisdiction Destor-Porcupine Fault has produced around 200Moz gold
  10. 10. TSX:P I NYSE:PPP I 10 BLACK FOX Large ~2,000 Hectare Property 40 land parcels and 22 patented mining leases BLACK FOX MINE
  11. 11. TSX:P I NYSE:PPP I 11 BLACK FOX Property Layout Established Infrastructure
  12. 12. TSX:P I NYSE:PPP I 12 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: Based on public data
  13. 13. TSX:P I NYSE:PPP I 13 BLACK FOX Open for Expansion Laterally & at Depth 1. See News Release dated October 31, 2013 2. See News Release dated October 16, 2013
  14. 14. TSX:P I NYSE:PPP I 14 BLACK FOX Short Term Focus Increase underground throughput o Total 2014 budget of $48 million for 10 months  45,350 metres of exploration drilling planned in 2014  Only 32,950 metres of exploration drilling completed at the Black Fox Mine from 2010 to 2013 o Increase underground throughput:  Increase delineation and definition drilling  Increase short term development drifting by 150%  Increase active long-hole stopes to 3 (from 1 currently)  Add new underground equipment to improve productivity o Open exploration drift at 520 level  Provides improved drilling access to 2013 high-grade intercepts o Increase open-pit grade:  Pre-stripping of third phase is now complete and grades expected to increase as benches get deeper - 500 1,000 1,500 2,000 2,500 Q1 2014 Q4 2014E Black Fox Throughput Target (TPD) Open Pit Open Pit U/G U/G
  15. 15. TSX:P I NYSE:PPP I 15 BLACK FOX 2014 Planned Mining Areas
  16. 16. TSX:P I NYSE:PPP I 16 BLACK FOX 2014 Exploration Program
  17. 17. TSX:P I NYSE:PPP I 17 BLACK FOX 2014 Planned Development 2014 short-term capitalized drifting of 2,200m
  18. 18. Grey Fox Exploration
  19. 19. TSX:P I NYSE:PPP I 19 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 6 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 CoreNote: Refer to Slide 27 for details.
  20. 20. TSX:P I NYSE:PPP I 20 o Since acquiring the Black Fox Complex Primero has drilled 34 holes or 9,469 metres o Raised Cdn$9 million in a flow-through financing for Grey Fox and Pike River drilling GREY FOX High Grade Gold Drilling Results Note: Refer to News Release dated May 8, 2014 “Primero Reports High Grade Gold Drilling Results at Grey Fox” Hole Zone From (m) To (m) Core Width (m) Gold Grade g/t Metal Factor grams X core width GF14-831 147 Zone 127.7 163.0 35.3 5.6 199.4 GF14-834 147 Zone 149.0 180.0 31.0 3.6 110.4 GF14-838 147 Zone 142.0 173.0 31.0 6.2 190.6 GF14-826 Grey Fox South 35.0 51.0 16.0 3.1 49.8 GF14-835 Grey Fox South 69.0 79.0 10.0 7.0 70.1
  21. 21. TSX:P I NYSE:PPP I 21 Known Deposits • Grey Fox 147, Contact and GFS Zones • Drilling : 61,000m = $8.0M CDN o Expansion 37,000m o Delineation 22,000m o 2,000m Planned Condemnation Drilling Under Proposed Waste Water Pond • Black Fox Mill (Stock Mine) • Drilling : 7,700m = $1.0M CDN o 13 Holes test down plunge of known mined out ore-shoots o 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 CDN • Grand Total $10.0M CDN GREY FOX 2014 Flow-Through Regional Exploration Program
  22. 22. TSX:P I NYSE:PPP I 22 CERRO DEL GALLO INCREASES PRIMERO’SPRODUCTION BY 60%12 GREY FOX Contact, 147 and Grey Fox South Zone GFZ147 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
  23. 23. TSX:P I NYSE:PPP I 23 BLACK FOX Black Fox Mill Capacity of 2,200 TPD
  24. 24. TSX:P I NYSE:PPP I 24 BLACK FOX Black Fox Mill Capacity of 2,200 TPD
  25. 25. Appendices
  26. 26. TSX:P I NYSE:PPP I 26 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. 5. Paul Daigle, P.Geo of Tetra Tech is the Qualified Person who updated the Black Fox Mine Mineral Resource estimates in the Black Fox Technical Report and Dan Sweeney, P.Eng., of Tetra Tech is the Qualified Person who reviewed the Black Fox Mineral Reserves estimates in the Black Fox Technical Report. BLACK FOX Mineral Resources and Mineral Reserves (DECEMBER 31, 2013, MINERAL RESOURCES INCLUDE MINERAL RESERVES) CLASSIFICATION TONNAGE ( TONNES) GOLD GRADE (G/T) CONT. GOLD ( OUNCES) Proven & Probable Reserves Open Pit 1,457,000 3.9 182,000 Underground 2,305,000 6.1 452,900 Stockpile 707,449 1.1 25,900 Total 4,469,000 4.6 660,800 Measured & Indicated Resources, Including Reserves Open Pit 1,838,500 4.3 252,383 Underground 2,396,200 7.1 544,259 Stockpile 707,449 1.1 25,900 Total 4,942,149 5.2 822,542 Inferred Resources Open Pit 105,180 4.0 13,672 Underground 165,808 5.7 30,500 Total 270,988 5.1 44,172
  27. 27. TSX:P I NYSE:PPP I 27 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$1.01 was utilized in the gold cut-off grade calculations of 2.84 g/t for potential underground and 0.72 g/t for potential open-pit Mineral Resources. Underground and open-pit mining costs, process costs and G&A costs were estimated using experience gained from Brigus’ Black Fox mine. 6. The Indicated category is defined by combining various statistical criteria, such as a minimum of three drill holes within the search area, a maximum distance of 15m to the closest composite, and a maximum average distance of 25m to composites. Finally, a clipping boundary was interpreted to either upgrade or downgrade some of the resource based on confidence and geological continuity. 7. The Independent and Qualified Persons for the Grey Foc Mineral Resource Estimate, as defined by NI 43-101, are Pierre-Luc Richard, MSc, PGeo and Carl Pelletier, BSc, PGeo. of InnovExplo Inc. GREY FOX Mineral Resources JULY 3, 2013
  28. 28. TSX:P I NYSE:PPP I 28 * Includes Cerro del Gallo. See final slide for footnotes. Strong Outlook for 2014 Up to 70% increase in production over 2013 Black Fox San Dimas Outlook 2014 Gold equivalent production4 (gold equivalent ounces) 70,000-80,000 155,000-165,000 225,000-245,000 Gold production (ounces) 70,000-80,000 115,000-125,000 185,000-205,000 Silver production5 (million ounces) - 6.25-6.50 6.25-6.50 All-in Sustaining Costs6 ($ per gold ounce) $1,300-$1,400 $725-$825 $1,100-$1,200 Cash cost6 ($ per gold equivalent ounce) $850-$900 $575-$600 $650-$700 Capital Expenditures ($ millions) $31.2 $38.3 $80.0* Exploration ($ millions) $16.8 $15.7 $35.0*
  29. 29. TSX:P I NYSE:PPP I 29 Black Fox Gold Stream Agreement On November 9, 2010, the previous owner of the Black Fox mine announced that it had entered into a gold stream agreement with Sandstorm Resources Ltd. pursuant to which Sandstorm agreed to purchase 12% of the gold production from the Black Fox mine beginning in January 2011 and 10% of future production from the Black Fox extension covering a portion of the adjoining Pike River property. Sandstorm made an upfront payment of $56.3 million and will also pay ongoing per ounce payments of $500 subject to an inflationary adjustment beginning in 2013, not to exceed 2% per annum. On November 5, 2012, the previous owner of the Black Fox mine elected to exercise the option and repurchased 4% of the Goldstream for $24.4 million. This reduced Sandstorm's portion of future production at Black Fox to 8% and the Black Fox Extension to 6.3%.
  30. 30. TSX:P I NYSE:PPP I 30 Joseph F. Conway | 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 | President & 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 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. James Mallory | VP, Corporate Responsibility o Over 35 Years of mining experience o Former VP, Vice-President, Operations & Social Responsibility at South American Silver o 13 Years of experience in Latin America Gabriel Voicu | VP, Geology and Exploration o 25 Years of mining experience, formerly held senior technical and exploration positions with Cambior and IAMGOLD
  31. 31. TSX:P I NYSE:PPP I 31 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 RohanHazelton| Director 1,5 o VP, Strategy, Goldcorp o Formerly with Wheaton River and Deloitte & Touche LLP 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 2,5 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 TSX:P I NYSE:PPP I 31
  32. 32. TSX:P I NYSE:PPP I 32 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
  33. 33. TSX:P I NYSE:PPP I 33 1. Black Fox was subject to a gold purchase agreement which continues and was assumed by the Company upon its acquisition of the mine. According to the gold purchase agreement, Sandstorm is entitled to 8% of production at the Black Fox mine and 6.3% at the Black Fox Extension. 2. Primero management estimates for Black Fox production, based on 2,300 – 2,300 tpd operation including underground throughput increasing to 1,000 tpd by end of Q4 2014. 3. Based on 365 days per year. 4. “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). 5. 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. 6. Cash costs and All-in Sustaining Costs are non-GAAP measures. Refer to the Company’s first quarter 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 does not include corporate G&A. 7. 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 including underground throughput increasing to 1,000 TPD by end of Q4 2014. Footnotes
  34. 34. Tamara Brown Vice President, Investor Relations T 416 814 3168 info@primeromining.com 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
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