bank of america merrill lynch – 21st annual canada...

Bank of America Merrill Lynch 21st Annual Canada Mining Conference September 10-11, 2015

TSX P | NYSE PPP | 2

This presentation may contain forward-looking statements within the meaning of Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to future events or the anticipated performance of the Company and reflect managements 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. Forward-looking information includes statements respecting currently ongoing matters which will continue and statements in the present or past tense which are not historical facts. 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 Companys 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 Companys annual information form and will be detailed from time to time in the Companys 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


135 % GROWTH IN 3 YEARS

Investment Highlights

250 koz 270 koz CANADA & MEXICO1,2

+200 years INDUSTRY EXPERIENCE

$115 million CASH & AVAILABLE CREDIT3

+45 % VS. INDEX SINCE 2012

Producing Gold in Americas Top Mining Jurisdictions

Superior Growth Profile from Assets in Production

Strong Financial Position

Experienced Board and Management

Track Record of Delivering Shareholder Value

EMERGING MID-TIER GOLD PRODUCER


Producing Gold in Americas Top Mining Jurisdictions

* Based on 2014 Behre Dolbear Report 2014 Ranking of Countries for Mining Investment.

LOW RISK PROFILE

70% MEXICO

30% CANADA

2015E PRODUCTION

BY REGION

Corporate Office TORONTO, ONTARIO

Producing Mine Development Project Exploration Property

Black Fox Mine TIMMINS, ONTARIO

Grey Fox Project TIMMINS, ONTARIO

San Dimas Mine SINALOA-DURANGO BORDER

Cerro Del Gallo Project GUANAJUATO

Ventanas Exploration Property DURANGO

Operating in two of the most attractive mining jurisdictions globally with:

Long mining history Stable Government Established permitting process

Located in areas with:

Existing infrastructure Skilled local workforce Suppliers Community support


Superior Growth Profile from Assets in Production ORGANIC GROWTH

143 161

180 190

215 64

80

100

100

2013 2014 2015E 2016E 2017E

Black Fox

San Dimas300-350

250-270

280-300

225

*Includes capital and exploration expenditures at Cerro del Gallo. See final slide for footnotes.

Guidance Black Fox San Dimas 2015E

Production1 (gold equivalent ounces)

75,000-85,000

175,000-185,000

250,000-270,000

All-in sustaining costs4,5 (per gold ounce)

$1,150-$1,200

$890- $940

$1,050-$1,150

Capital expenditures ($ millions)

$29 $41 $73*

Exploration ($ millions) $17 $13 $31*

Production Growth Profile (AuEq koz)1,6

2


Sufficient Liquidity to Fund Organic Growth STRONG FINANCIAL POSITION

Source: 2015E-2017E Operating Cash Flow Thomson One consensus CFPS multiplied by current 162 million shares outstanding.

*See final slide for footnotes.

Consensus Estimated Operating Cash Flow ($ millions)

$115M STRONG LIQUIDITY

$118M7 PRUDENT DEBT LEVEL

As at June 30, 2015

Exchanges TSX: P NYSE: PPP Balance Sheet (As at June 30, 2015)

Cash $40 million

Line of Credit3 $75 million

Total Liquidity $115 million

Convertible Debenture (6.5%, due Mar. 2016, US$14.00 conversion)

$47 million

Convertible Debenture (5.75%, due Feb. 2020, US$6.55 conversion)

$71 million

Line of Credit Draw Down3 (Due May 2017)

Nil

Total Debt7 $118 million

Capital Structure

Common Shares Outstanding 162 million

Fully Diluted8 173 million

Market Capitalization (At August 31, 2015)

C$615million

$72 $74 $86

$127 $139

2013 2014 2015E 2016E 2017E


MXN/oz CAD/oz USD/ozMXN

$19,624/oz +16.9%

CAD $1,521/oz

+8.5%

USD $1,140/oz

-11.0%

USD $1,281/oz

Strong Gold Price in Local Currencies STRONG FINANCIAL POSITION

Cash Conservation Mode

Partial and/or full closures of unprofitable operations

Focus on preservation of corporate capital

Additional workforce and G&A reductions

Preservation of Existing Operations

Reduce sustaining capital spending Reduce exploration expenditures at

mine sites

Reduce site G&A Reduce contractor workforce

Reduce Capital Outflows

Reduce low priority capital Reduce focus on exploration

outside of operations

Reduce corporate G&A

At US$1,000/oz Gold

At US$900/oz Gold

Strong Gold Price in Local Currencies (last 12 months)

At US$1,100/oz Gold

Also Flexible at Lower Gold Prices


Focused on Sustainability PRIMERO

HEALTH AND SAFETY 2014 Total Reportable Injury Frequency Rate

(TRIFR) declined by 36%

Black Fox won the First Aid Trophy in 2014 at the Ontario Mine District Competition in Timmins

Black Fox achieved 100% Green Day success in August 2015

ENVIRONMENT San Dimas is certified as Clean Industry by

PROFEPA (Mexican EPA)

San Dimas generates the majority of its power via a sustainable hydroelectric power facility

San Dimas operates a state-of-the-art dry stack tailings facility

COMMUNITY Primero built 3 recreational park facilities in the

town of Tayoltita in 2015

Primero, Wahgoshig First Nation and Northern College launched Underground Hard Rock Miner Core Certificate Program


Production Details

LOCATION Guanajuato State, Mexico

OWNERSHIP 100% (no stream)

METALS Gold, Silver, & Copper

MINING Open pit, Heap leach

STAGE May 2012 Feasibility Study on Phase 1 Heap Leach

Development Details

LOCATION 32km south of San Dimas, Durango, Mexico


METALS Gold & Silver

PROPERTY 3,470 hectares containing 17 old mine workings

STAGE Internal scoping study underway for 500 to 1,000 TPD ore feed for San Dimas mill

Exploration Details

LOCATION Sinaloa-Durango, Mexico

OWNERSHIP 100% (silver stream1)


MINING Underground

CAPACITY 2,500 TPD (nameplate)

2015E 180,000 AuEq oz1 $915 per oz4,5 all-in sustaining costs

San Dimas

Ventanas

Cerro del Gallo

Estimated approx.

95,000 AuEq oz1 24 months after a construction decision

MEXICAN ASSETS

Top Precious Metals Mining Districts



Strong Platform Asset SAN DIMAS


Mineral Reserves and Mineral Resources (December 31, 2014, Mineral Resources include Mineral Reserves)

Classification Tonnage (Mt)

Gold Grade (g/t)

Cont. Gold (koz)

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

Mazatlan

San Dimas Mine SINALOA-DURANGO BORDER

Ventanas Exploration Property DURANGO

LOCATION Sinaloa-Durango, Mexico

OWNERSHIP 100% (silver stream1)


MINING Underground

CAPACITY 2,500 TPD (nameplate)

PRODUCTION1,2 175,000-185,000 AuEq oz

CASH COSTS4,5 $590-$640/AuEq oz

Mexico


Proven History of Production Growth SAN DIMAS

Production Increasing by up to 20% in 2015

Mill expansion to 3,000 TPD ahead of schedule

Mill expansion capital reduced by $8.7 million

Grade increasing toward 5.7g/t reserve grade

Productivity Improvements

Moving from 5.5 day, 3x8-hour shifts to 7 day, 2x12-hour shifts

Increasing high performance development crews

Completed strategic tunnels to reduce haulage routes and lower costs

Optimization Programs

Increasing to 40% long-hole mining in 2015

Introduced tailings washing system to optimize recoveries

Expanded hydro-electric facility to 14 MW ($0.015 /kWh vs $0.12 /kWh from the grid)

102 111

143

161

180 190

215

80 88

112

126

150

2011 2012 2013 2014 2015E 2016E 2017E

AuEq Au


San Dimas Production & Projected Growth (koz)1,6

108% GROWTH (2011-2017E)

2


Significant Exploration Upside SAN DIMAS

Large Prospective Property 22,500 hectare property Over 120 known veins 90% of Reserves located within

6km of mill Entire property highly prospective Dielectric resonance test being conducted to

detect veins by identifying water flow

Jessica Vein Discovery Not included in 2014 Resource estimate,

currently being mined Open with drifting along 300 metres strike

and 30 metres dip averaging 10.0 g/t gold and 1,500 g/t silver

Located under volcanic capping

Victoria Vein Reserves of 168koz of gold at

9.1 g/t and 7.9Moz of silver at 428 g/t

Perez Vein Intercepts include 7.4 g/t gold and

528 g/t silver over 11.9 m


LOCATION 32 km south of San Dimas



MINING Underground

CAPACITY 500 to 1,000 TPD (potential)

Property totals 3,470 hectares containing 17 old mine workings

100% owned and NOT covered by the silver purchase agreement

Internal scoping study underway to assess 500 to 1,000 TPD of ore feed for the San Dimas mill

100% Owned Ounces Located Close to San Dimas SAN DIMAS - VENTANAS

Recent Channel Sample Highlights Mala Noche ore shoot: 2.8 g/t Au, 270 g/t Ag (6.8 g/t AuEq)

along 112 metres San Pedro ore shoot: 2.3 g/t Au, 274 g/t Ag (6.4 g/t AuEq)

along 140 metres

San Dimas Region


Production Details

LOCATION 3.5 km south of Black Fox, Ontario


METALS Gold

MINING Open pit & potential underground

STAGE Scoping study to be completed by Q1 2016

Development Details

LOCATION Between Grey Fox and Black Fox

OWNERSHIP 100% (6.3% gold stream on Pike River1)

METALS Gold

PROPERTY 1,750 hectares (total contiguous land package, including Black Fox and Grey Fox), covering 6.5 km strike length of the Destor-Porcupine Fault Zone

Exploration Details

LOCATION Timmins, Ontario

OWNERSHIP 100% (8% gold stream1)

METALS Gold

MINING Open Pit & Underground

CAPACITY 2,500 TPD

2015E 80,000 Au oz1 $1,175 per oz4,5 all-in sustaining costs

Black Fox

Pike River Property

Grey Fox

Multi-Million Ounce Gold District CANADIAN ASSETS



District Wide Proven Depth Potential BLACK FOX COMPLEX

Classification Property Tonnage (Mt)

Gold Grade (g/t)

Cont. Gold (koz)

Mineral Reserves Proven & Probable Black Fox 3.0 4.0 393

Mineral Resources (includes Mineral Reserves) Measured & Indicated Black Fox 3.6 5.3 608

Measured & Indicated Grey Fox 4.7 4.4 668

Inferred Black Fox 0.3 8.3 68

Inferred Grey Fox 1.3 4.2 174

LOCATION Timmins, Ontario OWNERSHIP 100% (8% gold stream1) METALS Gold MINING Open Pit & Underground CAPACITY 2,500 TPD PRODUCTION1,2 75,000-85,000 oz CASH COSTS4,5 $820-$870/ oz


Timmins, Ontario



Production Improvements Underway Throughput increased to 2,500TPD. Permits

received to operate mill at maximum 3,200 TPD. Open-pit to extend into early Q4 2015. Underground stope inventory ahead of schedule,

currently 22 stopes silled (top cut or bottom cut in place) and in inventory.

Underground throughput of 1,000 TPD achieved on short-term basis, but Q3 2015 average impacted by ground conditions.

Ramp to Deep Central Zone Commenced Construction is underway to the 640 metre level,

and progressing on-schedule. Initial gold production from the Deep Central

Zone to commence in early 2016.

Exploration Upside H1 2015 drilling expected to have already

replaced estimated full-year 2015 production. Total 2015 drilling of 134,000 metres. Grey Fox open-pit scoping study to be completed

by Q1 2016.

Productivity Enhancements Equipment utilization and availability project

commenced using Six Sigma methodology.

Established Mining Complex with Exploration Upside BLACK FOX COMPLEX

Mining Complex with Upside Opportunity

$1,771

$1,071

Q2 2014 Q2 2015

Declining All-In Sustaining Costs ($ per AuEq oz)

-40%


Higher Grade Opportunity from the Deep Central Zone BLACK FOX

Ramp Construction In Progress Initial mining of Deep Central

Zone planned for 2016 Mineralized material from ramp

development to offset costs

Deep Central Zone Estimated 160 koz at 8.5 g/t Remains open along strike and at

depth

Exploration at Depth New drill pads to target

mineralization below 800 m Drilling to 1,000 m in 2015.

Proven to 800 m depth


Open Land Package 66,700 metres of drilling planned in 2015 Potential to further increase resources by

testing for down-dip and strike extensions Environmental permitting for open pit mining

underway

Future Production for the Black Fox Complex GREY FOX

Growing Resources Through the Drill Bit

Long Section Looking West (September 2013 Resource Model; 2.5 g/t cut-off grade)

Long Section Looking West (December 2014 Resource Model; 3.0 g/t cut-off grade)

147 Zone Contact Zone

Grey = Indicated, Green = Inferred

Red = Indicated, Green = Inferred

147 Zone Contact Zone

Classification Tonnage (Mt)

Gold Grade (g/t)

Cont. Gold (koz)

Mineral Resources Measured & Indicated 4.7 4.4 668

Inferred 1.3 4.2 174


LOCATION 3.5 km south of Black Fox, Ontario

OWNERSHIP 100% (no stream) METALS Gold MINING Open pit &

Potential underground STAGE Scoping study in progress


Expected Catalysts and News Flow

Q1 2016 Release Grey Fox Scoping Study Grey Fox open-pit economics to be released.

2016 2015

Q3 2015 Advance Ramp Construction & Increase Mill Throughput at Black Fox Ongoing ramp activities to Deep Central Zone. Mill throughput to increase to 2,500 TPD.

Q3 2015 San Dimas Mine at 3,000 TPD Increase mine throughput to 3,000 TPD.

Q4 2015 Black Fox Exploration Exploration results from drilling to a depth of 1,000 metres.

Q2 2016 San Dimas Expansion Complete Steady-state 3,000 TPD throughput expected.

Q4 2015 San Dimas Mine Efficiency Improvements Start to see benefits of haulage loop.

*Refer to the Cautionary Statement regarding potentially forward-looking information.


Positioned to Outperform PROVEN TRACK RECORD

250 270 koz MEXICO & CANADA1,2

Primero Share Price Performance (January 2012 to Present)


Producing in Americas Top Mining Jurisdictions

Superior Growth Profile from Assets in Production

Strong Financial Position

Track Record of Delivering Shareholder Value

135% GROWTH IN 3 YEARS9

$115 million CASH & AVAILABLE CREDIT3

+45 % VS. TSX GLOBAL GOLD10

(100%)

(40%)

20%

80%

140%

Primero Mining Corp. S&P/TSX Global Gold Index

Delivering Superior Returns to Primero Shareholders

APPENDICES


Production To Increase By Up To 20% In 2015 2015 GUIDANCE

*Includes capital and exploration expenditures at Cerro del Gallo. See final slide for footnotes.

Guidance Black Fox

San Dimas

2015

Attributable production1 (gold equivalent ounces) 75,000-85,000 175,000-185,000 250,000-270,000

Gold production1 (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

All-in sustaining costs4,5 (per gold ounce) $1,150-$1,200 $890-$940 $1,050-$1,150

Total cash costs4,5 (per gold equivalent ounce) $820-$870 $590-$640 $650-$700

Capital expenditures ($ millions) $29 $41 $73*

Exploration ($ millions) $17 $13 $31*


Lower Capital Expenditures & Investment in Exploration 2015 GUIDANCE

Note: Figures may not add due to rounding.

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 $19.5 million

Black Fox Sustaining Capital $4.5 million

Black Fox Projects $3.4 million

Grey Fox Development Studies $1.3 million

Black Fox Complex Sub Total $28.7 million

Cerro del Gallo Development $2.7 million

Total $72.8 million

2014 Capital Expenditure $80.5 million

Exploration Expenditures Estimated 2015 Costs

San Dimas Diamond Drilling $6.9 million

San Dimas Drifting $4.5 million

San Dimas Regional Diamond Drilling $1.5 million

Ventanas Regional Diamond Drilling *$1.0 million

San Dimas Sub Total $13.9 million

Black Fox Diamond Drilling $9.7 million

Grey Fox & Regional Exploration $7.3 million

Black Fox Complex Sub Total $17.0 million

Cerro del Gallo Geology Mapping $0.7 million

Total $31.6 million

2014 Exploration $34.3 million


All-In Sustaining Costs Down 16% Q2 2015 RESULTS

Operating Results Q2 2015 Q2

2014

Gold equivalent production1 (gold equivalent ounces)

62,490 63,414

San Dimas 44,128 46,248

Black Fox 18,362 17,166

Gold production1 (ounces)

54,862 50,061

San Dimas 36,500 32,895

Black Fox 18,362 17,166

Silver production1 (million ounces)

2.15 1.49

All-in sustaining costs4 ($ per gold ounce)

$1,036 $1,228

San Dimas $822 $626

Black Fox $1,071 $1,771

Total cash cost4 ($ per AuEq ounce)

$654 $672

San Dimas $608 $551

Black Fox $762 $998 *See final slide for footnotes.

$1,228

$1,036

Q2 2014 Q2 2015

-16%

All-In Sustaining Costs ($ per AuEq oz)

Last 4Q Production Growth (2015 vs. 2014)

-25% -10%

-7% -6%

-1% -1%

0% 3% 4%

9% 16% 16% 16%

25% 36%

41%

TMMABXAGI

NEMELD

KNGD

CGLSGIMGBTO

AEMG

YRIP

SMF


Strong Q2 2015 Financial Results

(US$ thousands, except per share amounts)

Q2 2015

Q2 2014

Revenues 67,371 79,669

Earnings from mine operations 11,078 24,644

Net income (loss) (6,744) 5,118

EPS ($ per share)

(0.04) 0.03

Adjusted net income11 1,146 5,312

Adjusted EPS11 ($ per share)

0.01 0.03

Operating cash flows12 (before changes in working capital)

22,556 26,431

CFPS12 ($ per share)

0.14 0.17

$19

$23

Q1 2015 Q2 2015

+20%


Operating Cash Flows before changes in working capital (US$ millions)

Q2 2015 RESULTS


Sensitivity Table PRIMERO

Base Price Change Increments CFPS2,12

($/share) AISC2,5 ($/oz Au)

FCF2 ($ 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



2014 Operating Cost Breakdown PRIMERO

40%

18%

17%

7%

6%

5% 4% -5%

Labour ContractorsMaterials & Consumables Fuel & LubricantsMaintenance PowerFreight, Refining, & Off-Site Other Adjustments

40%

17%

17%

3%

6% 2%

5% 10%

33%

17% 13%

9%

6%

6% 2%

-14%

Consolidated San Dimas

Black Fox


PRIMERO

Stock Performance & Significant Events

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 8/13/2015

Vol

ume

(Mill

ions

)

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 Index Primero 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

Primero Closes US$75M Offering of Convertible Debentures


Convertible Debentures TSX: P.DB.U

Revolving Line of Credit Facility

Convertible Debentures TSX:P.DB.V

Face Value $48.1 million Drawn at Mar. 31, 2015: Nil $75.0 million

Maturity / Expiry March 31, 2016 May 23, 2017 February 28, 2020

Interest Rate 6.5% Floating Rate (see below) 5.75%

Payable Semi-Annually Monthly Semi-Annually

Conversion / Strike US$14.00 n/a US$6.55

Additional Notes Provision for forced conversion if the market price of the Primeros 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 Primeros shares is at least 125% of the conversion price

CUSIP: 74164WAB2

Summary of Debt & Tradable Securities PRIMERO


Primero sells 8% of annual gold production at Black Fox at ~$518 per ounce

Primero streams 6.3% from the Black Fox Extension which includes the Pike River Property

Gold is sold at $500 per ounce subject to inflationary adjustment beginning in 2013, not to exceed 2% per annum

The Grey Fox property is NOT subject to any gold streaming agreements

Silver Purchase Agreement SAN DIMAS BLACK FOX

Gold Streaming Agreement

16%

84%

Silver Gold

Silver as Percentage of 2014 Revenue

Primero sells 50% of annual silver production above 6.0 million ounces at spot

Remainder sold at ~$4.20 per ounce under silver purchase agreement

Threshold commences August 6 to following August 5

Expansion anticipated to generate meaningful silver spot sales post expansion to 3,000 TPD

Does NOT include the Ventanas property


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


Grey Fox Gold resources hosted

primarily in 3 zones: Contact, 147, & Grey Fox South

Mineralization consistent with Brittle Deformation emplacement

Bounded by the Destor-Porcupine and Gibson-Kelore faults

Contact Zone Gold mineralization traced

over 600 x 550 metres, and to a depth of 700 metres. Remains open to the north and at depth.

147 Zone Gold mineralization traced

over 700 x 500 metres, and to a depth of 500 metres.

Grey Fox South Gold mineralization traced

over 700 x 500 metres, and to a depth of 400 metres.

The Continuation of a Regional Play GREY FOX

Contact Zone

147 Variolitic Volcanic

Sedimentary Unit

Mafic Volcanic

Mafic Intrusive

Variolitic Volcanic

Mafic Volcanic

Ultramafic Volcanic

147 Zone

GF South

Contact Zone

Black Fox Mine

Grey Fox Project

Hislop Mine

1.3 km & Open to

the North


Depositional Model BLACK FOX COMPLEX

Colvine et al. (1988)

Troop (1985)

Archean Lode Gold Deposits Depositional Model

147 &Contact Zones Mineralization

predominantly in stockwork structures

Black Fox Mine Mineralization

predominantly in vein structures

Producing & Past-Producing Mines

Ross Mine Composite Level Plans

Upper Portion of the Ross Mine Shows Mineralization Characteristics Similar to the Grey Fox 147 Zone

Ross Mine is located 3 km south of the 147 Zone

Ross Mine produced over 1 million ounces at 4.7 g/t average grade.

Note the change in ore body shape over a vertical range of 1 km as one moves from a brittle to a ductile environment.


Potential for an Additional 95,000 AuEq oz CERRO DEL GALLO

(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.

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

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 Costs2 ~$700/oz

Proven & Probable Gold Reserves (32.2M tonnes at 0.7 g/t)

712 koz

Measured & Indicated Gold Resources (Exclusive of Reserves, 47.9M tonnes at 0.6 g/t)

923 koz

Mine Life (Stage 1) 7.2 years

Large Gold Domain


Mineral Reserves and Mineral Resources SAN DIMAS

(As at December 31, 2014)

Classification Tonnage (Mt) Gold Grade

(g/t) Silver Grade

(g/t)

Contained Gold (koz)

Contained Silver (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.


Classification Tonnage (Mt) Gold Grade

(g/t)


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

Mineral Reserves and Mineral Resources BLACK FOX


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.


Mineral Resources GREY FOX


Classification Cut-off Grade (g/t) Potential Material

Tonnage (Mt)

Capped Gold Grade

(g/t)


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).


Reserves and In-Pit Resources1 CERRO DEL GALLO

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 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

In-Pit Resources (excluding Proven and Probable Reserves)4,5 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

Category Tonnage (Mt) Gold Grade

(g/t)

Contained Gold

(Moz)

Silver Grade (g/t)

Contained Silver

(Moz)

Copper Grade

(%)

Contained Copper (Mlb)

AuEq Grade (g/t)

Contained AuEq (Moz)

Total Resources Within the Gold Domain2 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

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.


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 | 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

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.


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

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

Board Committees: 1. Health, Safety and Environment 2. Human Resources 3. Governance and Nominating 4. Lead Director 5. Audit

Joseph Conway | Chief Executive Officer, Director 30 Years of experience Appointed President and CEO in June 2010 Former CEO, President & Director of IAMGOLD and

Repadre Capital


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


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. Based on 2015 Guidance, refer to the Companys second quarter 2015 MD&A. 3. The Company closed a $75 million line of credit on May 23, 2014 and has drawn down nil as of June 30, 2015. 4. Cash costs and All-in Sustaining Costs are non-GAAP measures. Refer to the Companys second quarter 2015 MD&A for a reconciliation to operating

expenses. 5. Major assumptions include a flat gold price per ounce of $1,200, a flat silver price per ounce of $18. 6. 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. 7. As at June 30, 2015, US$47.0 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$70.5 million convertible, unsecured, subordinated debentures; and nil draw down from line of credit. Excludes capital leases.

8. Fully diluted shares include 10.5 million options with an average exercise price of Cdn$5.96. 9. Based on the expected production increase of gold equivalent ounces from 2011 to the mid-point of 2015 Guidance. 10. Relative performance versus the S&P/TSX Global Gold Index from January 1, 2012 to present. 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 Companys 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 Companys second quarter 2015 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 Companys ability to generate cash flow from its mining operations. See the Companys second quarter 2015 MD&A for a reconciliation of operating cash flows to GAAP.

Footnotes


Notes

Primero Mining Corp. 79 Wellington St. West, Suite 2100 Toronto, ON, M5K 1H1 T 416 814 3160 TF 877 619 3160 www.primeromining.com

Investor Relations Tamara Brown Vice President, Investor Relations T 416 814 3168 [email protected]

TSX: P | NYSE: PPP

Bank of America Merrill Lynch 21st Annual Canada Mining ConferenceCautionary StatementInvestment HighlightsProducing Gold in Americas Top Mining JurisdictionsSuperior Growth Profile from Assets in ProductionSufficient Liquidity to Fund Organic GrowthStrong Gold Price in Local CurrenciesFocused on SustainabilityTop Precious Metals Mining DistrictsStrong Platform AssetProven History of Production GrowthSignificant Exploration Upside100% Owned Ounces Located Close to San DimasMulti-Million Ounce Gold DistrictDistrict Wide Proven Depth PotentialEstablished Mining Complex with Exploration UpsideHigher Grade Opportunity from the Deep Central ZoneFuture Production for the Black Fox ComplexExpected Catalysts and News FlowPositioned to OutperformSlide Number 21Production To Increase By Up To 20% In 2015Lower Capital Expenditures & Investment in ExplorationAll-In Sustaining Costs Down 16%Strong Q2 2015 Financial ResultsSensitivity Table2014 Operating Cost BreakdownStock Performance & Significant EventsSummary of Debt & Tradable SecuritiesSilver Purchase AgreementDistrict-Wide Exploration PotentialThe Continuation of a Regional PlayDepositional ModelPotential for an Additional 95,000 AuEq ozMineral Reserves and Mineral ResourcesMineral Reserves and Mineral ResourcesMineral ResourcesReserves and In-Pit Resources1Executive ManagementBoard of DirectorsNotes to Investors Regarding the Use of ResourcesFootnotesNotesSlide Number 44

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