This presentation provides an overview of Primero Mining Corp., an emerging mid-tier gold producer. Primero owns the San Dimas gold-silver mine in Mexico and is developing the Cerro del Gallo gold-silver-copper project, also in Mexico. The presentation highlights Primero's steady production growth profile, low costs, strong financial position, and expansion opportunities at San Dimas and Cerro del Gallo that are expected to double production to 250,000 gold equivalent ounces by 2016. Primero aims to continue measured growth while maintaining financial strength and operational discipline.

1. Scotiabank Global Banking and Markets
Mining Conference
December 3-4, 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 (“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$.
2

3. Investment Opportunity
o
o
o
o
Emerging mid-tier gold producer
with portfolio of long-life and highgrade assets
Track record of steady, dependable
growth
Low cost structure
100%
Planned Growth
250,000 AuEq.oz1,2
by 2016 YE
Strong cash flow and cash position
funding expansion, exploration and
new mine development
See final slide for footnotes.
Producing, profitable and growing
3

4. Our Focus
1.
Strong balance sheet
Measured growth
3.
Disciplined cost management
4.
San Dimas Expansion
San Dimas
160-200
Low-risk jurisdictions
5.
250-300
Cerro del Gallo
(Thousand Gold Equivalent Ounces)
2.
TARGETED GROWTH PROFILE1,2
Responsible mining
150-170
135-140
111
2012
2013E
2014E
2015E
2016E
See final slide for footnotes.
How we are building value in Primero
4

5. Strong Financial Position
$126M
STRONG Cash Balance
$90M
o
3
SIGNIFICANT After Tax Operating Cash Flow
$32M
Provides funding for:
Expansion of San Dimas
o
Reserve replacement
o
Development of Cerro
Del Gallo
4
CONSERVATIVE Debt Level
See final slide for footnotes.
Funds planned growth with no shareholder dilution
5

6. Asset Overview
o
o
o
Based in historical mining
districts with histories spanning
hundreds of years
With established infrastructure,
skilled workforce and local
suppliers
Supported by local communities
San Dimas Mine
Gold-Silver Mine
Durango, Mexico
0
400 km
Ventanas Property Cerro Del Gallo Project
Exploration Property
Durango, Mexico
Gold-Silver-Copper Project
Guanajuato, Mexico
Located in proven and low-risk jurisdictions
6

7. Flagship Asset – San Dimas
Location
Durango-Sinaloa State Border
Ownership 100%
Metals
Gold & Silver
Mining
Underground cut & fill/longhole
Acquired
Long History of Reserve
Replacement
2010 from Goldcorp
Mineral Resources and Mineral Reserves
(DECEMBER 31, 2012, MINERAL RESOURCES INCLUDE MINERAL RESERVES)
CLASSIFICATION
TONNAGE
(M TONNES)
GOLD
GRADE
(G/T)
SILVER
GRADE
(G/ T)
CONT.
GOLD
(K OUNCES)
CONT.
SILVER
(M OUNCES)
4.5
267
660
39.4
Mineral Reserves
Probable
4.6
Mineral Resources
Indicated
3.7
6.5
389
780
46.9
Inferred
6.1
3.9
327
762
64.6
District Produced 11M oz Gold, 600M oz Silver
7

8. Operating Results – Record Production
Q3 2013 Q3 2012
Mill Throughput
5
2,172
(tonnes per day)
Gold equivalent production
41,998
41,500
31,791
Gold grade
(grams per tonne)
Silver grade
(grams per tonne)
26,500
3.40
21,500
265
(million ounces)
1.14
5.08
Silver production
18,892
1.62
(ounces)
210
16,500
974
1,279
11,500
7
($ per gold ounce)
Cash cost
25,582
+64%
36,500
Gold production
All-in Sustaining Cash Costs
(AuEq ounces)
1,934
6
(gold equivalent ounces)
Production
7
($ per AuEq ounce)
516
699
7
Cash cost – by-product
($ per gold ounce)
See final slide for footnotes.
31,500
6,500
1,500
252
363
Q3 2012
Q3 2013
8

9. Financial Results
(US$ thousands, except per share
amounts)
Q3 2013 Q3 2012
Revenues
53,793
38,277
Earnings from Mine
Operations
22,960
13,087
Net income
10,080
11,586
0.09
Adjusted EPS 8
($ per share)
$0.10
0.12
EPS
($ per share)
8
Adjusted net income
+200%
$0.08
$0.06
$0.04
10,959
2,634
0.09
0.03
20,926
15,448
0.18
0.17
8
Adjusted EPS
($ per share)
Operating cash flows
before changes in working capital
CFPS
($ per share)
See final slide for footnotes.
$0.02
$Q3 2012
Q3 2013
9

10. Outlook for 2013 Revised Upward
Previous Outlook 2013 Revised Outlook 2013
Gold equivalent production
6
125,000-135,000
Silver production
9
(million ounces)
Silver sales at spot
9
(thousand ounces)
All-in Sustaining Cash Costs
7
($ per gold ounce)
Cash cost
7
($ per gold equivalent ounce)
7
Cash cost – by-product
($ per gold ounce)
See final slide for footnotes.
5.6-6.0
850-950
(ounces)
105,000-110,000
5.6-6.0
Gold production
135,000-140,000
95,000-105,000
(gold equivalent ounces)
999.046
$1,050-1,150
$1,050-1,150
$620-640
$620-640
$410-430
$410-430
10

11. Low Cost Structure
Controlling Unit Costs
($/tonne)
100
$99
$98
2011
2012
80
Results of strategic initiatives begun in 2012:
$108
60
40


Optimization program improves
throughput
Long-hole mining decreases dilution
20
0
Low All-In Sustaining Costs
($/ounce)

Training improves productivity and
quality control
YTD 2013
Estimated Industry
Average10
1,200
$1,134
1,000
800
$1,050$1,150
2012
2013 E
$968
600
400
200
See final slide for footnotes.
-
2011
Below industry average costs
11

12. Steady Growth Ahead
DEVELOPMENT
PHASE 2 POTENTIAL
EXPANSION
PHASE 1 EXPANSION
PRODUCTION
San Dimas
Platform
San Dimas
2,500 TPD
San Dimas
3,000 TPD
Cerro Del
Gallo
Targeting to double production by 2016 YE1,2
12

13. San Dimas Expansion11
ATTRACTIVE IRR AND PAYBACK PERIOD
o
o
o
On-track for 2,500 TPD in Q1
2014
Total capital expenditure of
~$16.5M
Continuing to assess future
expansion to 3,000 TPD decision by mid 2014
See final slide for footnotes.
Increasing capacity to 2,500 TPD
13

14. SAN DIMAS
Focused Exploration
o
o
o
o
o
$15.4 million exploration
program
22,500 hectare package
89,000 metres of drilling:
 48,000 metres delineation
drilling
 41,000 metres exploration
drilling, plus 2,000 metres of
exploration drifting
Completed 75,000 metres to
date at 30% lower costs than
2012
Increased drilling by 15,000
metres for same budget
0
1
Adding to 0.7M oz gold reserves
2 km
14

15. SAN DIMAS
New Mineralization Close to Infrastructure
New veins discovered in 2012 and mined in 2013
15

16. CERRO DEL GALLO
New Mine Development
CERRO Guanajuato State
Location: DEL GALLO INCREASES PRIMERO’SPRODUCTION BY 60%12
Ownership: 100% - Subject to agreement to acquire remaining 30.8% from Goldcorp closing
Metals:
Gold, silver & copper
Mining:
Open pit, heap leach, and/or conventional mill
Excellent Infrastructure: Active mining district, skilled local workforce, grid power, water, sealed
roads, equipment suppliers and established transport routes
Supportive Community: District has produced 1.14 billion ounces of silver and 6.5 million ounces of
gold over its 450 year mining history
See final slide for footnotes.
Diversifies near-term production & doubles reserves to 1.4 million Au Oz2,12
16

17. CERRO DEL GALLO
Solid Economics
TECHNICAL DETAILS
2,13
(At $1,341 per ounce of gold, $25.58 per ounce of silver, $7,582 per tonne of copper)
12
Production Start
End 2015
(Phase I Heap Leach)
Proven and Probable Reserves
12
32.2 Mt @ 1.14 g/t AuEq or 1.2Moz
(Phase I Heap Leach)
Measured and Indicated Resources
12
(Phase I Heap Leach In-Pit Excluding Proven and Probable Reserves)
12
Production
94,600 AuEq. Oz
(Phase I Average Annual)
13, 14
Cash cost
$650-700 per ounce
(Co-Product, Excluding Royalties)
Heap Leach Grades
Strip Ratio
47.9 Mt @ 1.06 g/t AuEq or 1.6Moz
15
0.7g/t Au, 14.8g/t Ag, 0.08% Cu
15
0.9:1
Phase I Mine Life
15
Capital Cost Estimate
7.2 years
13
2013E Capital Expenditures
$165 million
13
$15 million
See final slide for footnotes.
Construction decision expected in Q4 2013
17

18. CERRO DEL GALLO
Anticipated Production Profile
Cerro Del Gallo Phase I Heap Leach Near Term Production Profile2,13
(Gold equivalent calculated at $1,341 per ounce of gold, $25.58 per ounce of silver, $7,582 per tonne of copper)
120
100
99
Gold Equivalent Ounces (000s)
99
87
80
60
95
99
87
59
55
40
20
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
See final slide for footnotes.
Increases Production by 60%2
18

19. CERRO DEL GALLO
Preliminary Site Design
19

20. CERRO DEL GALLO
Large Gold Domain
See final slide for footnotes.
M&I Resources of 3.2Moz of Gold or 5.6Moz of Gold Equivalent 12,13
20

21. CERRO DEL GALLO
Exploration and Development Upside
o
o
o
o
o
2013 $4 million exploration
budget
High grade vein intersected
in first exploration activity
since 2008
12,000 metre drill program
for infill and condemnation
drilling
Known mineralization
outside the existing
development plan
Current Focus on
condemnation drilling,
permitting, land acquisition
and engineering update
First Exploration Activity Since 2008
21

22. Corporate Activity Focused on Low-Risk Jurisdictions
o
o
o
Further diversify asset base
Create a portfolio of early and advanced
stage projects
Focused on mining friendly regions of the
Americas with established infrastructure:
Grid Power, Water Access, Sealed Roads
 Skilled local workforce
 Local equipment suppliers

o
o
Targets of similar scale to San Dimas
Remain opportunistic by utilizing strong
balance sheet and cash flow
Selective acquisition criteria
Region of focus
22

23. Investment Opportunity
o
o
o
o
Emerging mid-tier gold producer
with portfolio of long-life and highgrade assets
Track record of steady, dependable
growth
Low cost structure
100%
Planned Growth
250,000 AuEq.oz2,3
by 2016 YE
Strong cash flow and cash position
funding expansion, exploration and
new mine development
See final slide for footnotes.
Producing, profitable and growing
23

24. Appendices

25. SAN DIMAS
Positive Created Positive LeverageSilver
Leverage to to Silver
Recent Tax Ruling
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 Expansion anticipated to generate meaningful silver spot sales post August 6, 2014
SILVER AS PERCENTAGE OF 2013E REVENUE
Silver
Gold
25%
75%
25

26. SAN DIMAS
District Wide Exploration Potential
West Block
2013 EXPLORATION
San Antonio
Mined 1987-2002
Sinaloa Graben
Mined 2012-Current
Central Block
Mined 2002-Current
Tayoltita Block
Mined 1975-Current
Arana
Hanging Wall
NE
SW
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
LONGITUDINAL CROSS SECTION
Mineralization – Ore Bodies
Favorable Horizon
Extension of the Favorable Horizon
Potential
Faults
Intrusive
0
1
2
K I L O M E T E R S
26

27. CERRO DEL GALLO
Cerro Del Gallo Development Plan
2013
Q3
Q4
2014
Q1
Q2
2015
Q3
Q4
Q1
Q2
2016
Q3
Q4
Q1
Q2
Basic Engineering
Permitting/Land
Acquisition
Site Survey
Leach Pad Design &
Earth Works
Infill Drilling and MET
Tests
Acid Generation Tests
SART Optimization
Procurement &
Detailed
Engineering
Plant & Leach Pad
Construction
Commissioning
Production
Phase II Feasibility
Study
27

28. SAN DIMAS
Mineral Resources and Mineral Reserves
(DECEMBER 31, 2012, MINERAL RESOURCES INCLUDE MINERAL RESERVES)
TONNAGE
(MILLION TONNES)
GOLD GRADE (G/T)
SILVER GRADE
(G/ T)
CONTAINED GOLD
(000 OUNCES)
CONTAINED SILVER
(000 OUNCES)
4.579
4.5
267
660
39,377
Indicated
3.748
6.5
389
780
46,877
Inferred
6.144
3.9
327
762
64,637
CLASSIFICATION
Mineral Reserves
Probable
Mineral Resources
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.
28

29. CERRO DEL GALLO
Reserves and In-Pit Resources1
Total Resources Within the Gold Domain2
Category
Measured
Indicated
Measured & Indicated
Inferred
M Tonnes
129
80
209
20
Au
(g/t)
0.54
0.38
0.48
0.3
Au
(M ozs)
2.24
0.98
3.22
0.19
Ag
(g/t)
12.0
8.0
11.0
7.0
Ag
(M ozs)
49.8
20.6
70.3
4.5
Cu
(%)
0.09
0.08
0.08
0.09
Cu
(M lbs)
256.0
141.1
396.9
39.7
Au Eq
(g/t)
0.94
0.69
0.83
0.59
AuEq
(M oz)
3.91
1.77
5.58
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.
Phase I Heap Leach In-Pit Proven and Probable Reserves3
Category
Proven
Probable
Proven & Probable
M Tonnes
28.2
4.0
32.2
Au
(g/t)
0.71
0.54
0.69
Au
(M ozs)
0.64
0.07
0.71
Ag
(g/t)
15.1
13.2
14.8
Ag
(M ozs)
13.7
1.7
15.3
Cu
(%)
0.08
0.07
0.08
Cu
(M lbs)
50.2
6.2
56.4
Au Eq
(g/t)
1.15
0.93
1.14
AuEq
(M oz)
1.05
0.12
1.18
Au Eq
(g/t)
1.07
0.92
1.06
AuEq
(M oz)
1.37
0.24
1.64
3. These reserves are reported using internal cut-off grades of 0.24 and 0.29 gAuEq/t for weathered and partially oxidized, respectively.
In-Pit Resources (excluding Proven and Probable Reserves)4,5
Category
Measured
Indicated
Measured & Indicated
M Tonnes
39.9
8.0
47.9
Au
(g/t)
0.61
0.55
0.60
Au
(M ozs)
0.78
0.14
0.92
Ag
(g/t)
13.8
11.0
13.3
Ag
(M ozs)
17.71
2.83
20.55
Cu
(%)
0.10
0.08
0.1
Cu
(M lbs)
88.8
14.6
103.4
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”.
29

30. Executive Management
Joseph F. Conway | President & C.E.O. 1
o
o
Former CEO, President and Director of IAMGOLD
from 2003 to 2010
Former President, CEO and Director of Repadre
Capital from 1995 to 2003
Renaud Adams | C.O.O.
o
o
o
Former SVP, American Operations for IAMGOLD
Former General Manager of Rosebel Gold Mine
2007 to 2010
Former General Manager El Toqui Mine in Chile
and then the El Mochito Mine in Honduras
David Blaiklock | C.F.O.
Former controller IntraWest
Previously controller for a number of public and
private companies in real estate development
o
o
Tamara Brown | VP, Investor Relations
o
Former Director Investor Relations for IAMGOLD;
Partner of a Toronto based, boutique investment
bank; Professional engineer in mining industry
H. Maura Lendon | VP, Chief General Counsel
and Corporate Secretary
Former Senior Vice President, Chief Legal Officer
and Corporate Secretary of HudBay Minerals Inc.;
Chief Counsel Canada, Chief Privacy Officer Canada of AT&T
o
Gabriel Voicu | VP, Geology and Exploration
25 Years of mining experience, formerly held
senior technical and exploration positions with
Cambior and IAMGOLD
o
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
o
Louis Toner | VP, Project Development &
Construction
o
Over 30 Years of Engineering and Construction
experience, formerly held Senior Project
Management roles with BBA Inc. and Lafarge
Canada Inc.
30

31. Board of Directors
Wade Nesmith | Chairman
o
o
Founder of Primero
Founding and current director
of Silver Wheaton
Joseph Conway | Director1
see Executive Management
o
o
Director2,3,4,5
o
o
o
Founder, CEO and Director
Westport Innovations
Director of Cummins Westport
and Juniper Engines
Grant Edey | Director 3,5
o
o
o
President & CEO, Khan
Resources Inc.
Former Director of Breakwater
Resources, former director of
Queenstake Resources, Santa
Cruz Gold
Former CFO, IAMGOLD
EVP, Corporate Development,
Goldcorp
Former CEO of Zincore Metals
Inc. and Southwestern
Resources Corp.
Eduardo Luna | Director 1
o
o
VP, Strategy, Goldcorp
Formerly with Wheaton River
and Deloitte & Touche LLP
Timo Jauristo | Director 2
o
David Demers |
Brad Marchant| Director 2,3
Rohan Hazelton | Director 1,5
Former EVP & President,
Mexico. Former Chairman and
CEO of Silver Wheaton,
Executive VP of Goldcorp and
Luismin S.A. de C.V. (San
Dimas) and President of
Mexican Mining Chamber and
the Silver Institute
Board Committees:
1.Health, Safety and Environment
2. Human Resources and Compensation
3. Governance and Nominating
4. Lead Director 5. Audit
o
Co-founder of Triton Mining
Corporation
Founder of BioteQ Environmental
Technologies Inc.
Robert Quartermain | Director 2,3
o
o
o
Founder and President & CEO,
Pretivm Resources
Former President, Silver Standard
Director of Vista Gold Corp.
and Canplats Resources
Michael Riley | Director 5
o
o
Chartered accountant with more
than 26 years of accounting
experience
Chair of Primero Audit Committee,
Chair of Audit Committee of B.C.
Lottery Corporation and member of
the Audit Committee of Canalaska
Uranium Ltd.
31

32. 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.
32

33. Footnotes
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
“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 18 months.
Assumes 100% ownership of Cerro Del Gallo and that it begins production at the end of 2015, with full year production estimated at
95,000AuEq. oz in 2016, anticipated production increase is over 2015 estimated production increase from San Dimas.
Estimated five-year annual average after-tax operating cash flow assuming San Dimas expansion to 2,500 tpd starting in Q1 2014
estimated at metals prices in dollars per ounce for gold and silver of 2013: 1,400/25.00, 2014:1,300/21.43, 2015 and beyond:
1,200/21.43, including recent tax reforms in Mexico.
Goldcorp: 5 year, 6% note with annual principal payments of $5M plus 50% of Excess Free Cash Flow, with balloon payment of
balance at end of 2015.
Based on 365 days per year.
“Gold equivalent ounces” include revenue from silver converted to a gold equivalent based on estimated average realized commodity
prices ($1,410 per ounce; an average silver price of $6.77 per ounce (calculated using the silver agreement contract price of $4.14 per
ounce and assuming excess silver beyond contract requirements is sold at an average silver price of $21.16 per ounce)).
Cash cost is a non-GAAP measure. Refer to the third quarter 2013 MD&A for a reconciliation of cash costs.
Refer to third quarter 2013 MD&A for adjustments.
Silver production is subject to a silver purchase agreement.
Refer to the third quarter 2013 MD&A for details.
Industry average based on all-in sustaining cost comparison published by TD Securities July 18, 2013.
See October 15, 2012 News Release “Primero Announces Expansion of its San Dimas Mine” for details.
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 filed on SEDAR by Primero on April 1, 2013.
Based on Cerro Resources Phase I Definitive Feasibility Study as of May 2012 and filed on SEDAR by Primero on April 1, 2013. and
preliminary capital expenditure estimates calculated internally by Primero as of May 2013.
The Cerro del Gallo mine is subject to a 4% Net Smelter Return (NSR) royalty.
Cerro Resources Phase I Definitive Feasibility Study as of May 2012 as filed on SEDAR by Primero on April 1, 2013.
33

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