- Corporate update from Primero Mining Corp providing production guidance and financial results for 2012 as well as outlining plans for 2013. - Production and cash flows increased significantly in 2012 with record revenues, operating cash flow, and annual production. Cash position also grew substantially. - Plans for 2013 include expanding the San Dimas mine to increase throughput and production, continuing exploration across the large land package, and acquiring the Cerro del Gallo project which will further diversify production and increase reserves. - The acquisition of Cerro del Gallo is expected to close in May 2013 and will add estimated annual production of around 95,000 gold equivalent ounces starting in 2014, doubling Primero's reserves and tripling its measured and

1. Corporate Update
April 2013

2. Cautionary Statement
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 (“NI43-101”)), 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$.
2

3. Who is Primero?
o Emerging Mid-Tier Gold Producer
o Solid Production Base with Growth
 Long-life, high-grade producing San Dimas mine
 Pending Cerro Del Gallo gold-silver project acquistion1
o Strong Financial Position
 Cash and cash flow to internally fund growth
 Capital available for additional opportunities
o Substantial Exploration Upside at Both Assets
o Experienced Management & Board
o Attractive Valuation
See Slide 26 for footnotes. 3

4. Primero Capital Structure
Exchanges TSX:P, NYSE:PPP
$139M Balance Sheet
Dec. 31, 2012
Cash $139 million
Strong Cash Balance Promissory note3 $40 million
Ownership
Goldcorp 32%
$120M 2 Management & insiders
Institutional & float
~2%
~66%
Significant Operating Cash Flow Capital Structure
At March 31, 2013
Shares outstanding 97 million
Fully Diluted4 126 million
$5M Repayment
per year3
Market Cap. ~C$630 million
Estimated Capital following Cerro Del Gallo Acquisition
close ~May 15, 2013
Conservative Level of Debt
Shares outstanding 115 million
Fully Diluted4 144 million
See Slide 26 for footnotes. Est. Market Cap. ~C$750 million4

5. Primero Strategy
GOAL
400,000 to 500,000 oz per year
Leader in per share growth
Americas low-risk regions only
Pipeline of growth projects
5

6. Building the Primero Pipeline
Cerro Del
San Dimas Gallo
San Dimas 3,000 TPD
San Dimas 2,500 TPD
Platform
6

7. Primero Production Growth Profile
Estimated Production Profile5,6 250
at 3,000 TPD
(Attributable 000 AuEq ounces)
Primero
San DimasCerro Del Gallo Gallo
Cerro Del
205
6
160
130
111
2012E 2013E 2014E 2015E
See Slide 26 for footnotes. 7

8. Delivering Results
Cash
(US$millions)
o 2012: Record Year for Primero: $150 +153%
 Record Revenues and Operating Cash Flow $100
 Record Annual Production
$50
 Excellent Cost Control
$-
o Grew Cash Position 30-Sep-10 31-Dec-12
Throughput
o Positive Tax Ruling (Quarterly Tonnes Per Day)
2,200 +29%
2,000
o Increased Gold and Silver Reserves 1,800
o Announced San Dimas Expansion 1,600
1,400
o Announced Cerro Del Gallo Acquisition 1,200
1,000
Q3 2010 Q4 2012
8

9. Primero Operating Results
Production
Q4 ‘12 Q4 ‘11 2012 2011 (AuEq ounces)
7
Mill Throughput 2,066 1,920 1,976 1,815 112,000
+8%
(tonnes per day)
Gold equivalent
8
production 26,310 23,115 111,132 102,224
(gold equivalent ounces) 102,000
Gold production 23,143 20,191 87,900 79,564
(ounces)
92,000
Silver production 1.32 1.20 5.13 4.60
(million ounces) 2011 2012
Gold grade By-Product Cash Costs
3.90 3.70 3.90 3.86 (per ounce)
(grams per tonne)
Silver grade 228 223 234 226 -5%
(grams per tonne)
350
9
Cash cost 677 719 636 640
($ per AuEq ounce) 300
9
Cash cost – by-product 535 580 366 384 250
($ per gold ounce)
Capital Expenditures 17.1 8.7 39.7 29.8 200
($ million)
2011 2012
See Slide 26 for footnotes. 9

10. Primero Financial Results
Earnings10
(US$ thousands, except Q4 ‘12 Q4 ‘11 2012 2011 Adjusted Earning ($ per share)
per share amounts)
$0.50 +41%
Revenues 43,597 35,645 182,939 156,542
$0.40
Income from Mine $0.30
17,471 13,286 79,389 65,090
Operations $0.20
Net income 1,245 31 ,216 49,553 49,644 $0.10
$-
EPS 0.01 0.35 0.54 0.56 2011 2012
($ per share)
Cash Flow
10
4,528 4,685 41,292 28,261 Op CF before changes in working capital ($ per share)
Adjusted net income
$1.00 +10%
Adjusted EPS 0.05 0.05 0.45 0.32
10
($ per share)
$0.90
Operating cash flows
before changes in working 17,775 14,602 88,808 77,591 $0.80
capital
$0.70
CFPS 0.19 0.17 0.97 0.88
($ per share) $0.60
2011 2012
See Slide 26 for footnotes. 10

11. SAN DIMAS
A Flagship Asset
DISTRICT PRODUCED 11M OUNCES OF GOLD AND 600M OUNCES OF SILVER
One of Mexico’s Most
Significant Precious
Metals Deposits
Guidance 2013E
8
Gold equivalent production
120,000-130,000
(gold equivalent ounces)
Gold production
90,000-100,000
(ounces)
11
Silver production
6.0-6.5
(million ounces)
11
Silver sales at spot
900-1,000
(thousand ounces)
9
Cash cost
$620-640
($ per gold equivalent ounce)
9
Cash cost – by-product
$280-300
($ per gold ounce)
Capital Expenditures ($ million) $42
Exploration ($ million) $15
See Slide 26 for footnotes. 11

12. SAN DIMAS
Rich History of Reserve Replacement
Increasing Reserves and Resources and Focusing on Controlling Dilution
Gold Reserves
(Thousand Ounces)
800
+31%
600
400
200
-
31-Dec-11 31-Dec-12
Indicated Gold Resources
(Thousand Ounces)
800
+35%
600
400
200
-
31-Dec-11 31-Dec-12
See Slide 26 for footnotes. 12

13. SAN DIMAS
Expansion to 2,500 TPD12
ATTRACTIVE IRR AND PAYBACK PERIOD
Total capital expenditure of ~$16.5 million
Expand milling capacity to 2,500 TPD
o Install third ball mill, already on-site
o Reconfigure crushers
o Install new tailings thickener and pumps
Expand mine throughput
o Develop Sinaloa Graben veins
o Connect Central Block to Sinaloa Graben
o New mining equipment
Future expansion to 3,000 TPD possible
o Dependent on exploration success Mill Expansion on-track for:
o Minimal capital and disruption to operation 2,500 TPD
CAPACITY IN Q1 2014
See Slide 26 for footnotes. 13

14. SAN DIMAS
Large 22,500 Hectare Land Package
Over 120 known veins
ARANA
HANGING
TAYOLTITA WALL
BLOCK
CENTRAL
BLOCK TAYOLTITA MINE
SINALOA Mined 1975 - 2002
GRABEN
Target
BLOCK
WEST CENTRAL BLOCK MINE
BLOCK Mined 2002 - Present
Target
SAN ANTONIO MINE
Mined 1987 - 2002
14

15. SAN DIMAS
District Wide Exploration Potential
Longitudinal Cross Section
West Block
2013 EXPLORATION
Sinaloa Graben Central Block Tayoltita Block Arana
San Antonio
Mined 1987-2002 Mined 2012-Current Mined 2002-Current Mined 1975-2002 Hanging Wall
SW NE
3,000 m. 3,000 m.
2,000 m. 2013 EXPLORATION PROGRAM 2,000 m.
DRILLING FOR EXTENSIONS OF KNOWN VEINS
1,000 m. 1,000 m.
Source: San Dimas Geology Office
0 1 2
Mineralization – Ore Bodies Extension of the Favorable Horizon Faults
Favorable Horizon Potential Intrusive K I L O M E T E R S
15

16. SAN DIMAS
2013: Focused Exploration & Development
Targeting Vein Extensions from Existing Mines
Development
o 6,500 metres development drifting
o Tunnels joining Sinaloa Graben and
Central Block being completed
o Lower level tunnel commenced,
expected to be completed in 18-24
months
Exploration
o $15.4 million exploration program
o 40,000 metres delineation drilling
o 34,000 metres exploration drilling,
plus 3,800 metres of exploration
drifting
o New district exploration program
initiated
0 1 2 km
16

17. SAN DIMAS
2012 Discoveries in 2013 Mine Plan
Significant Opportunity Close to Infrastructure
Located in Prolific Central Corridor Strategic Underground Drill Locations
o Discovered in Q1 2012, included in 2012 o Drilling from old El Pilar workings, Sinaloa Graben
year-end Reserves tunnel and east-west drift from Robertita
o Mining access within 12 months of discovery
17

18. Cerro Del Gallo Acquisition

19. PRIMERO AND CERRO DEL GALLO
A New Americas Gold Play
o Creates a diversified, high growth, competitive cost producer in Mexico with further
consolidation opportunities
o Strengthens growth profile and cash flows with estimated production of approximately 260,000
Au Eq. ounces by 201613
o Combined attributable proven and probable reserves of approximately 1.7 million Au Eq. ounces
and measured and indicated resources of 3.1 million Au Eq. ounces14
o Strong balance sheet with cash flow sufficient to fund development growth
New Primero Attributable Gold Equivalent Reserves and Resources1,13,14,15
Cerro Del Gallo Primero
2.3
1.0
1.2
0.8 0.9
P+P M+I Inferred
See Slide 26 for footnotes. 19

20. CERRO DEL GALLO
A Revaluation Opportunity
Transaction Details
o Cerro shareholders to receive 0.023 of a Primero share for each Cerro share and 80.01% in “Spinco”
o Transaction value of $125 million as at announcement date December 12, 2012
o Cerro Resources NL shareholder approval meeting April 30, 2013, transaction expected to close in
May 2013
Benefits to Cerro Resources Shareholders
o Attractive premium (77% premium to the spot closing price on day prior to announcement)
o Significantly improved market presence and liquidity
o Valuation re-rating opportunity as the combination diversifies production and cash flows
Benefits to Primero Shareholders
o Accretive to Primero on key metrics
o Leverages Primero’s regional expertise and solidifies position in Mexico, with further consolidation
opportunities
o Diversifies near term production with additional 95,000 AuEq. oz per year
o Doubles Reserves and Triples Measured and Indicated Resources6
o Valuation re-rating opportunity as the combination diversifies production and cash flows
See Slide 26 for footnotes. 20

21. CERRO DEL GALLO
~95,000 AuEq oz per year starting 201513
Technical Overview
o Open pit, heap leach gold-silver-
copper project
o Large resource base relative to
reserves
o Excellent local infrastructure in a
region known to actively support
mining
o Two phased development plan 13
o Phase I heap leach facility with SART metallurgical processing to recover silver and
copper
o Commercial Production of Phase I expected in 2015
o Potential future Phase II incorporates Carbon In Leach (CIL) and presents optimization
opportunity13
See Slide 26 for footnotes. 21

22. CERRO DEL GALLO
Large Gold Domain
Measured & Indicated Resources of 3.2Moz of Gold or 5.6Moz of Gold Equivalent 13,14,15
See Slide 26 for footnotes. 22

23. CERRO DEL GALLO
Exploration Upside Potential
Potential Exploration Targets
Early stage regional prospecting
previously returned16:
o 1.5m @ 590g/t Ag and 3.40g/t Au
o 4.6m @ 428g/t Ag and 3.52g/t Au
o 3.6m @ 359g/t Ag and 1.57g/t Au
o 4.6m @ 239g/t Ag and 1.91g/t Au
o 6.0m @ 243g/t Ag and 1.70g/t Au
o 3.1m @ 200g/t Ag and 1.05g/t Au
o 7.6m @ 168g/t Ag and 1.51g/t Au
See Slide 26 for footnotes. 23

24. CERRO DEL GALLO
Cerro Del Gallo Development Plan
2013 2014 2015
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Detailed
Engineering
Geotechnical
Permitting/Land
Acquisition
Earth Works
Mill Tests
Acid Generation
Tests
SART
Optimization
Plant & Mill
Construction
Estimated Transaction Closing
Production
Commissioning
Commercial
Production
Phase II
Feasibility Study 24
24

25. The Primero Opportunity
A Compelling Investment
o San Dimas: A Platform for Cash Generation
o Cerro Del Gallo Acquisition Scheduled to
Close in May 2013
o Cash Flow and Capital to Fund Additional
Growth
o Significant Exploration Potential at San Dimas
and Cerro Del Gallo
o Attractive Valuation on Key Metrics
25
19

26. Footnotes
1. Assuming proposed acquisition of Cerro Del Gallo closes in May 2013 as expected.
2. Estimated five-year average after-tax operating cash flow based on production profile discussed in the October 15, 2012 News Release
“Primero Announces Expansion of its San Dimas Mine”.
3. Goldcorp: 5 year, 6% note repaid $5M/yr with balloon payment at end of 2015. Principal prepayment equal to 50% of Excess Free Cash
Flow.
4. Fully diluted shares include 20.8 million warrants with an exercise price of Cdn$8 per share, expiring on July 20, 2015; and 7.8 million
options with an average exercise price of Cdn$5.65.
5. “Gold equivalent ounces” include silver and copper production converted to a gold equivalent based on consensus estimated
commodity prices ; accounts for the San Dimas silver purchase agreement; and uses Cerro Resources publically disclosed production
estimates delayed by 12 months.
6. Assumes 100% ownership of Cerro Del Gallo and that it begins production in mid-2015.
7. Based on 365 days per year.
8. “Gold equivalent ounces” include revenue from silver converted to a gold equivalent based on estimated average realized commodity
prices ($1,600 per ounce of gold and $9.41 per ounce of silver in full year 2012, consensus prices thereafter).
9. Cash cost is a non-GAAP measure. Refer to the fourth quarter 2012 MD&A for a reconciliation of cash costs.
10. Refer to fourth quarter 2012 MD&A for adjustments.
11. Silver production is subject to a silver purchase agreement. Refer to the fourth quarter 2012 MD&A for details.
12. See October 15, 2012 News Release “Primero Announces Expansion of its San Dimas Mine” for details.
13. Cerro Resources Phase I Definitive Feasibility Study as of May 2012.
14. As estimated by Cerro Resources using gold, silver and copper price of US$1,341/oz, US$25.58/oz and US$7,582/t (or $3.44/lb)
respectively. See Cerro Resources Phase I Definitive Feasibility Study as of May 2012.
15. See note 7 in January 23, 2012 News Release “ Primero achieves 2012 Guidance and Provides 2013 Outlook.
16. As reported by Cerro Resources in November 16,2012 Investor Presentation:
http://www.cerroresources.com/index.cfm/investor/presentations1/
26

27. Appendices

28. SAN DIMAS
Positive Created Positive Leverage to Silver
Recent Tax Ruling
Leverage to Silver
Primero sells 50% of annual silver production above 3.5 million ounces at spot
o Remainder sold at ~$4 per ounce under silver purchase agreement
o Threshold commences August 6 to following August 5
o Threshold increases to 6.0 million ounces on August 6, 2014
o Planned expansion anticipated to generate similar silver sales at spot as 2012 post
August 6, 2014
Silver as Percentage of 2013E Revenue
Silver Gold
25%
75%
28

29. Executive Management
Joseph F. Conway | President & C.E.O. 1 Tamara Brown | VP, Investor Relations
o Former CEO, President and Director of IAMGOLD o Former Director Investor Relations for IAMGOLD;
from 2003 to 2010 Partner of a Toronto based, boutique investment
bank; Professional engineer in mining industry
o Former President, CEO and Director of Repadre
Capital from 1995 to 2003
H. Maura Lendon | VP, Chief General Counsel and
Corporate Secretary
o Former Senior Vice President, Chief Legal Officer
Renaud Adams | C.O.O. and Corporate Secretary of HudBay Minerals Inc.;
Chief Counsel Canada, Chief Privacy Officer -
o Former SVP, American Operations for IAMGOLD Canada of AT&T
o Former General Manager of Rosebel Gold Mine
2007 to 2010
o Former General Manager El Toqui Mine in Chile Gabriel Voicu | VP, Geology and Exploration
and then the El Mochito Mine in Honduras
o 25 Years of mining experience, formerly held senior
technical and exploration positions with Cambior
and Iamgold
David Blaiklock | C.F.O.
o Former controller IntraWest David Sandison | VP, Corporate Development
o Previously controller for a number of public and
private companies in real estate development o Former VP, Corporate Development of
Clarity Capital ; Director, Corporate Development
Xstrata Zinc Canada ; Director Business Development,
Noranda/Falconbridge;;Former EVP, Noranda Chile
Board Committees: 1.Health, Safety and Environment
29

30. Board of Directors
Wade Nesmith | Chairman Rohan Hazelton | Director 1,5 Robert Quartermain | Director 2,3
o Founder of Primero o VP, Strategy, Goldcorp o Founder and President & CEO,
o Founding and current director o Formerly with Wheaton River Pretivm Resources
of Silver Wheaton and Deloitte & Touche LLP o Former President, Silver Standard
o Director of Vista Gold Corp.
and Canplats Resources
David Demers | Director2,3,4,5 Timo Jauristo | Director 2 Michael Riley | Director 5
o Founder, CEO and Director o EVP, Corporate Development, o Chartered accountant with more
Westport Innovations Goldcorp than 26 years of accounting
o Director of Cummins Westport o Former CEO of Zincore Metals experience
and Juniper Engines Inc. and Southwestern o Chair of Primero Audit Committee,
Resources Corp. Chair of Audit Committee of B.C.
Lottery Corporation and member of
the Audit Committee of Canalaska
Uranium Ltd.
Grant Edey | Director 3,5
Eduardo Luna | Director 1
Joseph Conway | Director1
o President & CEO, Khan see Executive Management
Resources Inc. o Former EVP & President,
Mexico. Former Chairman and
o Former Director of Breakwater
CEO of Silver Wheaton,
Resources, former director of
Executive VP of Goldcorp and Board Committees:
Queenstake Resources, Santa
Luismin S.A. de C.V. (San Dimas) 1.Health, Safety and Environment
Cruz Gold 2. Human Resources and Compensation
and President of Mexican
o Former CFO, IAMGOLD Mining Chamber and the Silver 3. Governance and Nominating
4. Lead Director 5. Audit
Institute
30

31. SAN DIMAS
Mineral Resources and Mineral Reserves
(DECEMBER 31, 2012, MINERAL RESOURCES INCLUDE MINERAL RESERVES)
Classification Tonnage Gold Grade (g/t) Silver Grade Contained Gold Contained Silver
(million tonnes) (g/ t) (000 ounces) (000 ounces)
Mineral Reserves
Probable 4.579 4.5 267 660 39,377
Mineral Resources
Indicated 3.748 6.5 389 780 46,877
Inferred 6.144 3.9 327 762 64,637
Notes to Mineral Reserve Statement:
1. Cutoff grade of 2.4 grams per tonne (”g/t”) gold equivalent (“AuEq”) based on total operating cost of US$104.73/t. Metal prices assumed are gold US$1,400
per troy ounce and silver US$25 per troy ounce. Silver supply contract obligations have been referenced in determining overall vein reserve estimate viability.
2. Processing recovery factors for gold and silver of 97% and 94% assumed.
3. Exchange rate assumed is 13 pesos/US$1.00.
4. The Mineral Reserve estimates were prepared by Mr. Herbert A. Smith P.Eng. of AMC Mining Consultants (Canada) Ltd. and a QP for the purposes of National
Instrument 43-101 (“NI 43-101”).
Notes to Mineral Resource Statement:
1. Mineral Resources are total and include those resources converted to Mineral Reserves.
2. A 2.0g/t Au Eq cutoff grade is applied and the AuEq is calculated at a gold price of US$1,625 per troy ounce and a silver price of US$25 per troy ounce.
3. A constant bulk density of 2.7 tonnes/m3 has been used.
4. The Mineral Resource estimates were prepared by Mr. Rodney Webster MAusIMM, MAIG and Mr. J. Morton Shannon P.Geo., both of AMC Mining
Consultants (Canada) Ltd. and a QP for the purposes of NI 43-101.
Additional exploration potential estimated at 6-10 million tonnes at grade ranges of 3-5 grams per tonne of gold and 200-400 grams per
tonne of silver.
It should be noted that these targets are conceptual in nature. There has been insufficient exploration to define an associated Mineral
Resource and it is uncertain if further exploration will result in the target being delineated as a Mineral Resource.
31

32. CERRO DEL GALLO
Cautionary Statement on Cerro Del Gallo
Cerro Resources NL (“Cerro”) has filed a technical report under National Instrument 43-101 - Standards of Disclosure for Mineral
Projects (“NI 43-101”) entitled “Technical Report, First Stage Heap Leach Feasibility Study, Cerro del Gallo Gold Silver Project,
Guanajuato, Mexico” (the “Technical Report”) with an effective date of May 11, 2012. Mr. Gabriel Voicu P.Geo, Vice President,
Geology and Exploration, Primero, who is a “qualified person” for the purposes of NI 43-101, has reviewed the Technical Report on
behalf of Primero. To the best of Primero’s knowledge, information and belief, there is no new material scientific or technical
information that would make the Technical Report inaccurate or misleading. Primero plans to file a technical report on the Cerro
Del Gallo project within 180 days of December 13, 2012 in accordance with the requirements of NI 43-101.
Cautionary Note to US Investors Regarding Mineral Reporting Standards:
Primero prepares its disclosure in accordance with the requirements of securities laws in effect in Canada, which differ from the
requirements of US securities laws. Terms relating to mineral resources and mineral reserves in this material change report and
other documents referenced herein are defined in accordance with NI 43-101 under the guidelines set out in the Canadian
Institute of Mining, Metallurgy, and Petroleum Standards on Mineral Resources and Mineral Reserves. The Securities and Exchange
Commission (the “SEC”) permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a
company can economically and legally extract or produce. Primero uses certain terms, such as, “measured mineral resources”,
“indicated mineral resources”, “inferred mineral resources” and “probable mineral reserves”, that the SEC does not recognize
(these terms may be used in this presentation and other documents referenced herein and are included in the public filings of
Primero which have been filed with securities commissions or similar authorities in Canada).
32

33. Notes to Investors Regarding the Use of Resources
This presentation has been prepared in accordance with the requirements of Canadian provincial securities laws which differ from the requirements of U.S.
securities laws. Unless otherwise indicated, all mineral reserve and resource estimates included in this presentation have been prepared in accordance
with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and
Petroleum classification systems. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure
an issuer makes of scientific and technical information concerning mineral projects. These standards differ significantly from the requirements of the United
States Securities and Exchange Commission (the “SEC”), and reserve and resource estimates disclosed in this presentation may not be comparable to similar
information disclosed by U.S. companies.
The mineral reserve estimates in this presentation have been calculated in accordance with NI 43-101, as required by Canadian securities regulatory
authorities. For United States reporting purposes, SEC Industry Guide 7 under the United States Securities Exchange Act of 1934, as amended, as
interpreted by Staff of the SEC, applies different standards in order to classify mineralization as a reserve. As a result, the definition of “probable reserves”
used in NI 43-101 differs from the definition in the SEC Industry Guide 7. Under SEC standards, mineralization may not be classified as a “reserve” unless
the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is
made. Among other things, all necessary permits would be required to be in hand or issuance imminent in order to classify mineralized material as reserves
under the SEC standards. Accordingly, mineral reserve estimates contained in this presentation may not qualify as “reserves” under SEC standards.
In addition, this presentation uses the terms “indicated resources” and “inferred resources” to comply with the reporting standards in Canada. The
Company advises United States investors that while those terms are recognized and required by Canadian regulations, the SEC does not recognize them.
United States investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into mineral
reserves. Further, “inferred resources” have a great amount of uncertainty as to their existence and as to whether they can be mined legally or
economically. Therefore, United States investors are also cautioned not to assume that all or any part of the “inferred resources” exist. In accordance with
Canadian securities laws, estimates of “inferred resources” cannot form the basis of feasibility or other economic studies. It cannot be assumed that all or
any part of “indicated resources” or “inferred resources” will ever be upgraded to a higher category or are economically or legally mineable. In addition,
disclosure of “contained ounces” is permitted disclosure under Canadian securities laws; however, the SEC only permits issuers to report mineralization as
in place tonnage and grade without reference to unit measures.
NI 43-101 also permits the inclusion of disclosure regarding the potential quantity and grade, expressed as ranges, of a target for further exploration
provided that the disclosure (i) states with equal prominence that the potential quantity and grade is conceptual in nature, that there has been insufficient
exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resources, and
(ii) states the basis on which the disclosed potential quantity and grade has been determined. Disclosure regarding exploration potential has been included
in this presentation. United States investors are cautioned that disclosure of such exploration potential is conceptual in nature by definition and there is no
assurance that exploration will result in any category of NI 43-101 mineral resources being identified.
33

34. Tamara Brown
Vice President, Investor Relations
PRIMERO MINING CORP.
T 416 814 3168
20 Queen Street West, Suite 2301
info@primeromining.com
Toronto, ON M5H 3R3
T 416 814 3160 F 416 814 3170 Trading Symbols
TF 877 619 3160 Common Shares TSX:P, NYSE:PPP
www.primeromining.com Warrants TSX:P.WT