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TSX P I NYSE PPP I
CORPORATE UPDATE • APRIL 2015
TSX P I NYSE PPP I
This presentation may contain “forward-looking” statements within the meaning of Canadian securities le...
TSX P I NYSE PPP I 3
Investment Opportunity
EMERGING MID-TIER GOLD PRODUCER
High-Grade Production with Organic Growth
Top ...
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
High-Grade P...
TSX P I NYSE PPP I
Top Mining Jurisdictions in the Americas
5
DIVERSIFIED, STABLE, MINING FRIENDLY JURISDICTIONS
Corporate...
TSX P I NYSE PPP I
Strong Financial Position
Exchanges
TSX: P
NYSE: PPP
Balance Sheet
(December 31, 2014 – Pro Forma Conve...
TSX P I NYSE PPP I
2014A Operating
Efficiencies
Lower
Sustaining
Capital
Decreased
G&A
2015E
$1,222
$1,050
$500
$600
$700
...
TSX P I NYSE PPP I
1.9
1.5
1.1
0.7
2011 2012 2013 2014
505
660
870
818
712
712
393
2011 2012 2013 2014
Black Fox
Cerro del...
TSX P I NYSE PPP I
Asset Overview
PIPELINE OF ORGANIC GROWTH
9
San Dimas
Platform
PRODUCTION
PRODUCTION
EXPANSION
Grey Fox...
TSX P I NYSE PPP I
World Class Platform Asset
10
SAN DIMAS
*See final slide for footnotes.
Mineral Resources and Mineral R...
TSX P I NYSE PPP I
1,600
1,800
2,000
2,200
2,400
2,600
2,800
3,000
3,200
tonnesperday
Actual
Forecast
Expansion Plan
11
SA...
TSX P I NYSE PPP I
Long History of Reserve Replacement
SAN DIMAS
0
100
200
300
400
500
600
700
800
900
1,000
Start 2003 20...
TSX P I NYSE PPP I
Note: Based on public data, average depth of listed mines is 1,633 metres.
Established Jurisdiction wit...
TSX P I NYSE PPP I
Turnaround Opportunity to Create Value
14
BLACK FOX
Location Timmins, Ontario
Ownership 100% (8% gold s...
TSX P I NYSE PPP I
Optimization Program
o Acquired and integrated of Black Fox Complex
o Commenced optimization program, f...
TSX P I NYSE PPP I
Focused on Reserve & Resource Development
Lateral & Depth Expansion
BLACK FOX
TSX P I NYSE PPP I
Grey Fox
o 50,000 metres of drilling
planned in 2015.
o Increased Measured and
Indicated Resources by 2...
TSX P I NYSE PPP I
Catalysts and News Flow
Q1 2015
Reserve and Resource
Update
Included discovery of
Jessica vein at San D...
TSX P I NYSE PPP I
$650-700/oz
TOTAL CASH COST2,3
Disciplined Cost Management
250–270koz
MEXICO & CANADA1,5
Producing in A...
APPENDICES
TSX P I NYSE PPP I
2014 Achievements and 2015 Objectives
Reduced All Injury Frequency Rate by
36%
Met guidance and increas...
TSX P I NYSE PPP I
2014 Financial Results
(US$ thousands, except per share
amounts)
2014 2013
Revenues 274,612 200,326
Ear...
TSX P I NYSE PPP I
2014 Consolidated Production
Operating Results 2014 2013
Gold equivalent production
1
(gold equivalent ...
TSX P I NYSE PPP I
2014 San Dimas Operating Results
2014 2013
Mill Throughput
13
(tonnes per day)
2,463 2,101
Gold equival...
TSX P I NYSE PPP I
Q4
2014
2014
(March 5 –
December 31)
Mill Throughput
13
(tonnes per day)
2,403 2,306
Gold Production
(g...
TSX P I NYSE PPP I
Lower 2015 Capital Expenditures
2015 GUIDANCE
26
Capital Expenditures Estimated 2015 Costs
San Dimas Un...
TSX P I NYSE PPP I
Exploration Expenditures Estimated 2015 Costs
San Dimas Diamond Drilling $3.1 million
San Dimas Driftin...
TSX P I NYSE PPP I 28
Sensitivity Table
*See final slide for footnotes.
Base Price
Change
Increments
Δ CFPS5,12
($/share)
...
TSX P I NYSE PPP I
2014 Operating Cost Breakdown
29
40%
18%
17%
7%
6%
5%
4% -5%
Labour Contractors
Materials & Consumables...
TSX P I NYSE PPP I
Stock Performance & Significant Events
30
0
10
20
30
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
8/13/2010 2...
TSX P I NYSE PPP I 31
Summary of Debt & Tradable Securities
Primero Warrants
TSX: P.WT
Convertible
Debentures
TSX: P.DB.U
...
TSX P I NYSE PPP I
Silver Purchase Agreement
Primero sells 50% of annual silver
production above 6.0 million ounces at spo...
TSX P I NYSE PPP I
Focus on Responsible Mining
HEALTH AND SAFETY
o We understand that our most important assets are
our pe...
TSX P I NYSE PPP I
District-Wide Exploration Potential
SAN DIMAS
SW NE
3,000 m.
2,000 m.
1,000 m.
Source: San Dimas Geolog...
TSX P I NYSE PPP I
Project Summary
Location Guanajuato State, Mexico
Ownership 100%
Metals Gold, silver, & copper
Mining O...
TSX P I NYSE PPP I
Mineral Reserves and Mineral Resources
36
(As at December 31, 2014)
SAN DIMAS
Classification
Tonnage Go...
TSX P I NYSE PPP I
Mineral Reserves and Mineral Resources
(As at December 31, 2014)
BLACK FOX
37
Notes to Black Fox Minera...
TSX P I NYSE PPP I
Mineral Resources
38
(As at December 31, 2014)
GREY FOX
Classification
Cut-off Grade Potential
Material...
TSX P I NYSE PPP I
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)
Prov...
TSX P I NYSE PPP I
Tamara Brown | VP, Investor Relations
 Former Director Investor Relations for IAMGOLD
 Former partner...
TSX P I NYSE PPP I
Robert Quartermain | Director 2,3
 Founder and President & CEO, Pretivm Resources
 Former President a...
TSX P I NYSE PPP I
This presentation has been prepared in accordance with the requirements of Canadian provincial securiti...
TSX P I NYSE PPP I
Footnotes
43
1. “Gold equivalent ounces” include silver ounces produced at San Dimas, and converted to ...
TSX P I NYSE PPP I
PRIMERO MINING CORP.
79 Wellington St. West, Suite 2100
Toronto, ON M5K 1H1
T 416 814 3160 TF 877 619 3...
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Corporate Presentation - April 2015

  1. 1. TSX P I NYSE PPP I CORPORATE UPDATE • APRIL 2015
  2. 2. 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
  3. 3. TSX P I NYSE PPP I 3 Investment Opportunity EMERGING MID-TIER GOLD PRODUCER High-Grade Production with Organic Growth Top Mining Jurisdictions in the Americas Strong Financial Position Disciplined Cost Management Proven Track Record Corporate Office (Toronto) Producing Mine Development Project Exploration Property Black Fox Grey Fox San Dimas Cerro Del Gallo Ventanas
  4. 4. 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 High-Grade Production with Organic Growth INCREASED PRODUCTION BY 57% IN 2014 300-350 250-270 280-300 Targeted Production Growth Profile (AuEq koz) 1,4 225 4 5 *See final slide for footnotes. Black Fox San Dimas Outlook 2015 Attributable production1 (gold equivalent ounces) 75,000- 85,000 175,000- 185,000 250,000- 270,000 Gold Production (ounces) 75,000- 85,000 145,000- 155,000 220,000- 240,000 Silver Production1 (million ounces) - 6.5-7.5 6.5-7.5 Total cash costs2,3 (per gold equivalent ounce) $820-$870 $590-$640 $650-$700 All-in Sustaining Costs2,3 (per gold ounce) $1,075-$1,125 $840-$890 $1,000-$1,100 Capital Expenditures ($ millions) $22.6 $41.4 $66.7 Exploration ($ millions) $12.3 $6.4 $19.1
  5. 5. TSX P I NYSE PPP I Top Mining Jurisdictions in the Americas 5 DIVERSIFIED, STABLE, MINING FRIENDLY JURISDICTIONS Corporate Office TORONTO, ONTARIO Producing Mine Development Project Exploration Property Black Fox Mine TIMMINS, ONTARIO Grey Fox Exploration Property TIMMINS, ONTARIO San Dimas Mine SINALOA-DURANGO BORDER Cerro Del Gallo Project GUANAJUATO Ventanas Exploration Property DURANGO 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 70% MEXICO 30% CANADA 2015E PRODUCTION BY REGION
  6. 6. 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 Credit7 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 Down7 (Due May 2017) Total Debt6 $99 million $35 million ~$134 million $48 million $75 million $40 million $163 million Capital Structure Common Shares Outstanding8 Fully Diluted9 Market Cap. At March 24, 2015 162 million 192 million C$740 million Source: 2015E-2017E Operating Cash Flow – Capital IQ consensus CFPS multiplied by current 162 million shares outstanding. $134MSTRONG Liquidity $163M6 PRUDENT Debt Level December 31, 2014 – Pro Forma Convertible Debt Financing Consensus Estimated Operating Cash Flow ($ millions) 6 *See final slide for footnotes. SUFFICIENT LIQUIDITY TO DELIVER ORGANIC GROWTH $72 $74 $93 $126 $142 $0 $50 $100 $150 2013 2014 2015E 2016E 2017E
  7. 7. TSX P I NYSE PPP I 2014A Operating Efficiencies Lower Sustaining Capital Decreased G&A 2015E $1,222 $1,050 $500 $600 $700 $800 $900 Disciplined Cost Management 7 2015 Cash Costs Guidance Range (US$/oz By-Product )* *Cash costs are net of by-product credits. Based on available company disclosure and data from SNL Metals & Mining. See final slide for footnotes. Corporate: o Rationalizing offices (closing Vancouver and Mexico City offices) o Focused on reducing G&A 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 ~$50/oz Black Fox: o Ongoing mining optimization program o Contractors reduced o Initiated 24-hour open-pit mining o Increasing long-hole stope inventory o Training to improve productivity and quality control Primero 2015 AISC Guidance vs. 2014 Results (US$/oz Au) 2,5 FOCUSED ON INCREASING PRODUCTIVITY TO REDUCE COSTS
  8. 8. TSX P I NYSE PPP I 1.9 1.5 1.1 0.7 2011 2012 2013 2014 505 660 870 818 712 712 393 2011 2012 2013 2014 Black Fox Cerro del Gallo San Dimas 102 111 143 161 180 64 80 2011 2012 2013 2014 2015E Black Fox San Dimas Proven Track Record 8 HISTORY OF DELIVERING RESULTS 155% GROWTH 281% GROWTH 1,582 225 250-270 1,923 Production (AuEq koz) 1,4 Gold Reserves (Au koz) Total Reportable Injury Frequency Rate 63% REDUCTION 5 *See final slide for footnotes.
  9. 9. TSX P I NYSE PPP I Asset Overview PIPELINE OF ORGANIC GROWTH 9 San Dimas Platform PRODUCTION PRODUCTION EXPANSION Grey Fox & CDG DEVELOPMENT Black Fox Optimization San Dimas 3,000 TPD
  10. 10. TSX P I NYSE PPP I World Class Platform Asset 10 SAN DIMAS *See final slide for footnotes. Mineral Resources and Mineral Reserves (DECEMBER 31, 2014, MINERAL RESOURCES INCLUDE MINERAL RESERVES) CLASSIFICATION TONNAGE (M TONNES) GOLD GRADE (G/T) CONT. GOLD (K OUNCES) Mineral Reserves Proven & Probable 4.5 5.7 818 Mineral Resources (includes Mineral Reserves) Measured & Indicated 4.6 6.6 970 Inferred 6.5 3.8 786 Location Sinaloa-Durango, Mexico Ownership 100% (silver stream1) Metals Gold & Silver Mining Underground Capacity 2,500 TPD Production1 175,000-185,000 AuEq oz Costs2,3 $590-$640/AuEq oz
  11. 11. TSX P I NYSE PPP I 1,600 1,800 2,000 2,200 2,400 2,600 2,800 3,000 3,200 tonnesperday Actual Forecast Expansion Plan 11 SAN DIMAS  Mill Expansion Base Production Mine Production to 2,150 tpd Mine Production to 2,500 tpd Mill Expansion Mine Production to 2,900 tpd 2011 2012 2013 2014 2015 2016 Current Nameplate Capacity Target 3,000 TPD Capacity  o Begin expansion to 3,000 TPD10 o Increase access to high-grade Victoria vein, and discovery of Jessica vein o Implement 7 day, 12-hour shifts to optimize mine throughput o Targeted production of 175,000 – 185,000 AuEq oz 2014 o Increased reserve grade by 23% o Expanded mill to 2,500 TPD o Discovered new high-grade veins and extension of top producing veins o Achieved record production of 161,000 AuEq oz o Complete expansion to 3,000 TPD o Increase mined grade towards current gold reserve grade of 5.7 g/t 2015 2016  San Dimas Expansion Plan *See final slide for footnotes.
  12. 12. TSX P I NYSE PPP I Long History of Reserve Replacement SAN DIMAS 0 100 200 300 400 500 600 700 800 900 1,000 Start 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Final Ounces(koz) San Dimas Reserve Replacement Based on Ounces Production Reserve Addition Primero
  13. 13. 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 BLACK FOX 13 Timmins Gold Camp - Over 200 Million Ounces of Historical Production
  14. 14. TSX P I NYSE PPP I Turnaround Opportunity to Create Value 14 BLACK FOX Location Timmins, Ontario Ownership 100% (8% gold stream1) Metals Gold Mining Open pit & underground Capacity 2,200 TPD Production1 75,000-85,000 oz Costs2,3 $820-$870/ oz Mineral Resources and Mineral Reserves (DECEMBER 31, 2014, MINERAL RESOURCES INCLUDE MINERAL RESERVES) CLASSIFICATION TONNAGE (M TONNES) GOLD GRADE (G/T) CONT. GOLD (K OUNCES) Mineral Reserves Proven & Probable 3.0 4.0 393 Mineral Resources (includes Mineral Reserves) Measured & Indicated 3.6 5.3 608 Inferred 0.3 8.3 68 *See final slide for footnotes.
  15. 15. TSX P I NYSE PPP I Optimization Program o Acquired and integrated of Black Fox Complex o Commenced optimization program, focused on cost reduction o Increased underground exploration and development o Discovered high-grade intercepts at depths up to 800 metres o Build underground long-hole stope inventory o Finalize mill and tailings optimization o Continue in-fill drilling of lower central and east zones o Goal of identifying resources to depth of 1,000 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 15 BLACK FOX 2014 2015 2016 Recent Black Fox Core
  16. 16. TSX P I NYSE PPP I Focused on Reserve & Resource Development Lateral & Depth Expansion BLACK FOX
  17. 17. TSX P I NYSE PPP I Grey Fox o 50,000 metres of drilling planned in 2015. o Increased Measured and Indicated Resources by 20% in 2014. o Internal scoping study planned for H2 2015. Location Ownership 4 km from Black Fox, Ontario 100% (no stream) Measured & Indicated Gold Resources (koz) (4.7M tonnes at 4.4 g/t) 668 Inferred Gold Resources (koz) (1.3M tonnes at 4.2 g/t) 174 Promising Exploration Project GREY FOX
  18. 18. TSX P I NYSE PPP I Catalysts and News Flow Q1 2015 Reserve and Resource Update Included discovery of Jessica vein at San Dimas Q1 2015 Black Fox Complex Exploration Update Drilling from 520 metre level exploration drift Q1 2016 Complete Grey Fox Scoping Study 18 Q1 2015 2016   2015 Q3 2015 Increase Black Fox Underground Production Complete ramp-up to 1,000 TPD production from the underground mine 2015 San Dimas Expansion In-Progress Continue to advance expansion to 3,000 TPD Q4 2015 Black Fox Exploration Exploration results from drilling to a depth of 1,000 metres 2016 San Dimas Expansion Complete Steady-state 3,000 TPD throughput achieved
  19. 19. TSX P I NYSE PPP I $650-700/oz TOTAL CASH COST2,3 Disciplined Cost Management 250–270koz MEXICO & CANADA1,5 Producing in America’s Top Mining Jurisdictions 19 Positioned to Outperform DELIVERING SUPERIOR RETURNS $134million CASH & AVAILABLE CREDIT7 Strong Financial Position +45% VS. TSX GLOBAL GOLD Proven Track Record *See final slide for footnotes. Primero Share Price Performance January 2012 to Present (100%) (40%) 20% 80% 140% Primero Mining Corp. S&P/TSX Global Gold Index Delivering Superior Returns to Primero Shareholders
  20. 20. APPENDICES
  21. 21. TSX P I NYSE PPP I 2014 Achievements and 2015 Objectives Reduced All Injury Frequency Rate by 36% Met guidance and increased production by 57% to a record 225,100 AuEq oz Diversified with acquisition of Black Fox operating mine Expanded San Dimas to 2,500 TPD and announced further expansion to 3,000 TPD Reinvested in asset expansion and optimization, resulting in all-in sustaining costs of $1,222/oz Maintained strong balance sheet 21 INCREASED PRODUCTION BY 57% Zero fatalities and reduce All Injury Frequency Rate by 15% Increase production ~20% to 250,000 to 270,000 AuEq oz Grow gold reserves Advance 3,000 TPD San Dimas expansion and operate Black Fox underground at 1,000 TPD Optimize operations to achieve $1,100/oz or below all-in sustaining costs Maintain strong balance sheet 2014 ACHIEVEMENTS 2015 OBJECTIVES
  22. 22. TSX P I NYSE PPP I 2014 Financial Results (US$ thousands, except per share amounts) 2014 2013 Revenues 274,612 200,326 Earnings from Mine Operations 52,663 76,004 Net income (loss) (224,384) (4,250) EPS ($ per share) (1.48) (0.04) Adjusted net income 11 5,365 38,668 Adjusted EPS 11 ($ per share) 0.04 0.36 Operating cash flows 12 before changes in working capital 73,658 72,396 CFPS 12 ($ per share) 0.48 0.67 - 50 100 150 200 250 300 2013 2014 Revenues ($millions) +37% *See final slide for footnotes. 22
  23. 23. TSX P I NYSE PPP I 2014 Consolidated Production Operating Results 2014 2013 Gold equivalent production 1 (gold equivalent ounces) 225,054 143,114 Gold production (ounces) 189,943 111,983 Silver production 1 (million ounces) 6.15 6.05 All-in Sustaining Costs 2 ($ per gold ounce) $1,222 $1,077 Cash cost 2 ($ per AuEq ounce) $687 $599 Cash cost 2 – by-product ($ per gold ounce) $579 $389 *See final slide for footnotes. - 50,000 100,000 150,000 200,000 250,000 2013 2014 +57% Production (AuEq ounces) 23
  24. 24. TSX P I NYSE PPP I 2014 San Dimas Operating Results 2014 2013 Mill Throughput 13 (tonnes per day) 2,463 2,101 Gold equivalent production 1 (gold equivalent ounces) 161,170 143,114 Gold production (ounces) 126,059 111,983 Silver production 1 (million ounces) 6.15 6.05 Gold grade (grams per tonne) 4.63 4.67 Silver grade (grams per tonne) 232 258 All-in Sustaining Costs 2 ($ per gold ounce) $826 $858 Cash cost 2 ($ per AuEq ounce) $628 $599 Cash cost 2 – by-product ($ per gold ounce) $448 $389 San Dimas Production (AuEq ounces) *See final slide for footnotes. 10,000 30,000 50,000 70,000 90,000 110,000 130,000 150,000 170,000 2013 2014 +13% 24
  25. 25. TSX P I NYSE PPP I Q4 2014 2014 (March 5 – December 31) Mill Throughput 13 (tonnes per day) 2,403 2,306 Gold Production (gold ounces) 20,334 63,884 Gold Grade (grams per tonne ) 3.00 3.00 All-in Sustaining Costs 2 ($ per gold ounce) $1,374 $1,428 Cash cost 2 ($ per gold ounce) $799 $837 Black Fox Production (Au ounces) *Prior to Primero’s acquisition. See final slide for footnotes. 2014 Black Fox Operating Results - 5,000 10,000 15,000 20,000 25,000 Q1 2014* Q2 2014 Q3 2014 Q4 2014 25
  26. 26. TSX P I NYSE PPP I Lower 2015 Capital Expenditures 2015 GUIDANCE 26 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.
  27. 27. 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 $34.3 million Continuing to Invest in Exploration 2015 GUIDANCE 27 Note: Ventanas Regional Drilling is expected to be treated as an exploration expense. Figures may not add due to rounding.
  28. 28. TSX P I NYSE PPP I 28 Sensitivity Table *See final slide for footnotes. Base Price Change Increments Δ CFPS5,12 ($/share) Δ AISC2,5 ($/oz Au) Δ FCF5 ($ millions) Gold Price ($/oz) $1,200 $100 $0.12 n/a $20 Silver Price ($/oz) $18.00 $3.00 $0.01 $7 $1 Canadian Dollar (Cdn$/US$) 1.10 10% $0.05 $40 $10 Mexican Peso (Mex$/US$) 13.00 10% $0.04 $35 $8
  29. 29. TSX P I NYSE PPP I 2014 Operating Cost Breakdown 29 40% 18% 17% 7% 6% 5% 4% -5% Labour Contractors Materials & Consumables Fuel & Lubricants Maintenance Power Freight, Refining, & Off-Site Other Adjustments ConsolidatedSan Dimas Black Fox 40% 17% 17% 3% 6% 2% 5% 10% 33% 17%13% 9% 6% 6% 2% -14%
  30. 30. TSX P I NYSE PPP I Stock Performance & Significant Events 30 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 2/13/2015 Volume(Millions) 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 IndexPrimero 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
  31. 31. TSX P I NYSE PPP I 31 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
  32. 32. 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 32
  33. 33. 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 33
  34. 34. TSX P I NYSE PPP I District-Wide Exploration Potential SAN DIMAS SW NE 3,000 m. 2,000 m. 1,000 m. Source: San Dimas Geology Office WEST BLOCK 2015 Exploration SAN ANTONIO Mined 1987-2002 CENTRAL BLOCK Mined 2002-Current TAYOLTITA BLOCK Mined 1975-Current ARANA HANGING WALL SINALOA GRABEN Mined 2012-Current 2015 EXPLORATION PROGRAM Drilling for Extensions of Known Veins Longitudinal Cross Section 3,000 m. 2,000 m. 1,000 m. Mineralization – Ore Bodies Extension of the Favorable Horizon Potential Intrusive Faults LEGEND Kilometers 0 1 2 34
  35. 35. TSX P I NYSE PPP I Project Summary Location Guanajuato State, Mexico Ownership 100% Metals Gold, silver, & copper Mining Open pit, heap leach and/or conventional mill Stage Feasibility Study published May 2012 on Heap Leach scenario Established 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 oz of silver and 6.5 million oz of gold over its 450 year mining history. Construction Decision: Contingent on the project achieving a 15% IRR at $1,100/oz gold Potential for an Additional 95,000 AuEq oz CERRO DEL GALLO First Stage Heap Leach DFS – Operational Data (May 2012)1 Avg LOM Gold Grade 0.69 g/t Avg LOM Annual Throughput 4.5 Mt Gold Equivalent Production 95 koz /yr Gold Production 68 koz /yr Silver Production 1,072 koz /yr Copper Production 1,113 t/year Estimated Cash Costs 2 ~$700/oz Proven & Probable Gold Reserves (32.2M tonnes at 0.7 g/t) 712koz Measured & Indicated Gold Resources (Exclusive of Reserves) (47.9M tonnes at 0.6 g/t) 923koz Mine Life (Stage 1) 7.2 years (1) “Technical Report First Stage Heap Leach Feasibility Study, Cerro del Gallo Gold Silver Project, Guanajuato, Mexico” June 2012 . Effective date May 11th 2012 (2) Cash cost is a non-IFRS measurement. Large Gold Domain Feasibility Study Results 35
  36. 36. TSX P I NYSE PPP I Mineral Reserves and Mineral Resources 36 (As at December 31, 2014) SAN DIMAS Classification Tonnage Gold Grade Silver Grade Contained Gold Contained Silver (million tonnes) (g/t) (g/t) (koz) (koz) Mineral Reserves Proven & Probable 4.470 5.7 352 818 50,510 Mineral Resources Measured & Indicated 4.554 6.6 415 970 60,704 Inferred 6.514 3.8 293 786 61,310 Notes to Mineral Reserve Statement: 1. Assumed gold price of US$1,200 per troy ounce and silver price of US$18 per troy ounce. 2. San Dimas cut-off grade of 2.94 g/t AuEq based on total operating cost of US$110.06/t. Metal supply contract obligations have been referenced in determining overall vein reserve estimate viability. 3. Assumed processing recovery factors at San Dimas for gold of 97% and silver of 94%. 4. Exchange rate assumed is 13 pesos/US$1.00. 5. The San Dimas Mineral Reserve estimate was prepared under the supervision of Mr. Clifford Lafleur, P.Eng., Director of Technical Services, Primero 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. Assumed gold price of US$1,200 per troy ounce and silver price of US$18 per troy ounce. 3. San Dimas cut-off grade of 2.0 g/t AuEq was applied. 4. At San Dimas a constant bulk density of 2.6 tonnes/m3 has been used. 5. The Mineral Resource estimates for San Dimas was prepared under the supervision of Mr. Harold Brisson PhD, Eng., Resource Manager of Primero and a QP for the purposes of NI 43-101.
  37. 37. TSX P I NYSE PPP I Mineral Reserves and Mineral Resources (As at December 31, 2014) BLACK FOX 37 Notes to Black Fox Mineral Reserve estimate: 1. Assumed gold price of US$1,200 per troy ounce. 2. Black Fox open-pit cut-off grade of 0.9 g/t and underground cut-off grade of 3.7 g/t. 3. Assumed processing recovery factors at Black Fox for gold of 94%. 4. Exchange rate assumed is CDN$1.10/US$1.00. 5. The Black Fox Mineral Reserve estimate was prepared under the supervision of Mr. Clifford Lafleur, P.Eng., Director of Technical Services, Primero and Mr. Karl Dessureault, P.Eng., Chief Mine Engineer Black Fox, Primero, and both a QP for the purposes of National Instrument 43-101 (“NI 43-101”). Notes to Black Fox Mineral Resource estimate: 1. Mineral Resources are total and include those resources converted to Mineral Reserves. 2. Assumed gold price of US$1,200 per troy ounce . 3. Black Fox open-pit cut-off grade of 0.9 g/t gold and underground cut-off grade of 3.4 g/t were applied. 4. The Mineral Resource estimates for Black Fox was prepared under the supervision of Mr. Harold Brisson PhD, Eng., Resource Manager of Primero and a QP for the purposes of NI 43-101. Classification Tonnage Gold Grade Contained Gold (million tonnes) (g/t) (koz) Mineral Reserves Proven & Probable 3.022 4.0 393 Mineral Resources Measured & Indicated 3.578 5.3 608 Inferred 0.255 8.3 68 Proven & Probable Reserves Open Pit 0.879 2.2 61 Underground 1.239 7.5 300 Stockpile 0.904 1.1 31 Total 3.022 4.0 393
  38. 38. TSX P I NYSE PPP I Mineral Resources 38 (As at December 31, 2014) GREY FOX Classification Cut-off Grade Potential Material Tonnage Capped Gold Grade Contained Gold (g/t Gold) (million tonnes) (g/t) (koz) Indicated Resources >0.9 Open Pit 2.966 3.6 345 >3.0 Underground 1.715 5.9 323 Total 4.681 4.4 668 Inferred Resources >0.9 Open Pit 0.280 2.9 26 >3.0 Underground 1.009 4.6 148 Total 1.289 4.2 174 Notes to Grey Fox Mineral Resource estimate: 1. Assumed gold price of US$1,200 per troy ounce. 2. Grey Fox open-pit cut-off grade of 0.9 g/t gold and underground cut-off grade of 3.0 g/t were applied. 3. The Mineral Resource estimate for Grey Fox was prepared by Mr. Rodney Webster MAusIMM, MAIG of AMC Mining Consultants (Canada) Ltd. and a QP for the purposes of National Instrument 43-101 (“NI 43-101”).
  39. 39. TSX P I NYSE PPP I 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 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) 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 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) 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 39
  40. 40. TSX P I NYSE PPP I 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 40 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.
  41. 41. TSX P I NYSE PPP I 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 41Board Committees: 1. Health, Safety and Environment 2. Human Resources 3. Governance and Nominating 4. Lead Director 5. Audit Joseph Conway | Director see Executive Management
  42. 42. TSX P I NYSE PPP I 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 42
  43. 43. TSX P I NYSE PPP I Footnotes 43 1. “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. 2. 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. 3. Major assumptions include a flat gold price per ounce of $1,200, a flat silver price per ounce of $18. 4. 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. 5. Based on 2015 Guidance. 6. $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. 7. The Company closed a $75 million line of credit on May 23, 2014 and has drawn down $40 million as of December 31, 2014. 8. 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. 9. 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. 10. 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. 11. 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. 12. “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. 13. Based on 365 days per year.
  44. 44. TSX P I NYSE PPP I 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 info@primeromining.com CORPORATE UPDATE • APRIL 2015

Corporate Presentation - April 2015

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