- The document discusses Primero Mining Corporation's corporate update for April 2015, including production and cost guidance for 2015. - Primero has high-grade gold production from its Black Fox and San Dimas mines, with an organic growth plan to increase production to 250,000-270,000 gold equivalent ounces in 2015. - At San Dimas, Primero plans to expand mining capacity to 3,000 tonnes per day to access new high-grade veins and reduce costs further.

1. TSX P I NYSE PPP I
CORPORATE UPDATE • APRIL 2015

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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. TSX P I NYSE PPP I
Focused on Reserve & Resource Development
Lateral & Depth Expansion
BLACK FOX

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. 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. 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. APPENDICES

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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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