1. business and industrial
2. energy
3. coal

2015 PDAC CONVENTION
Booth #2501
March 1-4, 2015
TSX P I NYSE PPP I
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 forwardlooking 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 prefeasibility 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$.
TSX P I NYSE PPP I
2
Investment Opportunity
EMERGING MID-TIER GOLD PRODUCER
High-Grade Production with Organic Growth
Top Mining Jurisdictions in the Americas
Black Fox
Grey Fox
Corporate Office
(Toronto)
Strong Financial Position
San Dimas
Disciplined Cost Management
Ventanas
Proven Track Record
Cerro Del Gallo
Producing Mine
Development Project
Exploration Property
TSX P I NYSE PPP I
3
2014 Achievements and 2015 Objectives
INCREASED PRODUCTION BY 57%
2014 ACHIEVEMENTS
2015 OBJECTIVES
Reduced All Injury Frequency Rate by
36%
Zero fatalities and reduce All Injury
Frequency Rate by 15%
Met guidance and increased production
by 57% to a record 225,100 AuEq oz
Increase production ~20% to 250,000
to 270,000 AuEq oz
Diversified with acquisition of Black Fox
operating mine
Continue to grow gold reserves
Expanded San Dimas to 2,500 TPD and
announced further expansion to 3,000
TPD
Advance 3,000 TPD San Dimas
expansion and operate Black Fox
underground at 1,000 TPD
Reinvested in asset expansion and
optimization, resulting in all-in
sustaining costs of $1,222/oz
Optimize operations to achieve
$1,100/oz or below all-in sustaining
costs
Maintained strong balance sheet
Maintain strong balance sheet
TSX P I NYSE PPP I
4
High-Grade Production with Organic Growth
INCREASED PRODUCTION BY 57% IN 2014
Black Fox
Attributable
production1
(gold equivalent ounces)
Gold Production
(ounces)
Silver Production1
(million ounces)
Total cash costs2,3
(per gold equivalent
ounce)
All-in Sustaining
Costs2,3
(per gold ounce)
Capital Expenditures
($ millions)
Exploration
($ millions)
75,00085,000
San Dimas
175,000185,000
Outlook
2015
145,000155,000
220,000240,000
-
6.5-7.5
6.5-7.5
$590-$640
Black Fox
San Dimas
1,4
300-350
250,000270,000
75,00085,000
$820-$870
Targeted Production Growth Profile (AuEq koz)
280-300 100
250-270
225
100
80
64
215
180
$650-$700
190
161
143
$1,075-$1,125
$840-$890
$1,000-$1,100
$22.6
$41.4
$66.7
$12.3
$6.4
$19.1
111
2012
2013
2014
2015E5 2016E 2017E
*See final slide for footnotes.
TSX P I NYSE PPP I
5
Top Mining Jurisdictions in the Americas
DIVERSIFIED, STABLE, MINING FRIENDLY JURISDICTIONS
30%
CANADA
2015E
70%
PRODUCTION
BY
REGION
MEXICO
Operating in attractive mining jurisdictions with:



Long mining history
Stable Government
Established permitting process
Black Fox Mine
TIMMINS, ONTARIO
Grey Fox Exploration Property
TIMMINS, ONTARIO
San Dimas Mine
Ventanas Exploration Property
DURANGO
Located in areas with:




Existing infrastructure
Skilled local workforce
Suppliers
Community support
Corporate Office
TORONTO, ONTARIO
SINALOA-DURANGO BORDER
Producing Mine
Development Project
Cerro Del Gallo Project
GUANAJUATO
Exploration Property
TSX P I NYSE PPP I
6
Strong Financial Position
SUFFICIENT LIQUIDITY TO DELIVER ORGANIC GROWTH
December 31, 2014 – Pro Forma Convertible Debt Financing
$134M
Balance Sheet
(December 31, 2014 – Pro Forma Convertible Debt Financing)
STRONG Liquidity
$163M
6
Cash
$99 million
Line of Credit7
$35 million
Total Liquidity
~$134 million
Convertible Debenture
(6.5%, due Mar. 2016, US$14 conversion)
PRUDENT Debt Level
$75 million
Line of Credit Draw Down7
$40 million
(Due May 2017)
$150
Total Debt6
$128
$100
$72
$74
$96
$0
2013
2014
2015E
2016E
Source: 2015E-2016E Operating Cash Flow – Capital IQ consensus CFPS multiplied by
current 162 million shares outstanding.
$48 million
Convertible Debenture
(5.75%, due Feb. 2020, US$6.55 conversion)
Consensus Estimated Operating Cash Flow ($ millions)
$50
TSX: P
NYSE: PPP
Exchanges
$163 million
Capital Structure
Common Shares Outstanding 8
162 million
Fully Diluted 9
192 million
Market Cap. At Feb. 19, 2015
C$656 million
*See final slide for footnotes.
TSX P I NYSE PPP I
7
Disciplined Cost Management
FOCUSED ON INCREASING PRODUCTIVITY TO REDUCE COSTS
Corporate:
o Rationalizing offices (closing Vancouver and
Mexico City offices)
o Focused on reducing G&A
San Dimas:
o Expansion to 2,500 TPD increased
efficiencies of scale
o Increased long-hole mining reduced dilution
by 30%
o Expansion to 3,000 TPD expected to
reduce costs by a further ~$50/oz
Black Fox:
o Ongoing mining optimization program
o Contractors reduced
o Initiated 24-hour open-pit mining
o Increasing long-hole stope inventory
o Training to improve productivity and quality
control
2015 Cash Costs Guidance Range (US$/oz Au)*
$900
$800
$700
$600
$500
8
Primero 2015 AISC Guidance vs. 2014 Results (US$/oz Au)
$1,222
$1,050
2014A
Operating
Efficiencies
Lower
Sustaining
Capital
Decreased
G&A
2015E
*Cash costs are net of by-product credits. Based on available company disclosure and data
from SNL Metals & Mining. See final slide for footnotes.
TSX P I NYSE PPP I
8
Proven Track Record
HISTORY OF DELIVERING RESULTS
155% GROWTH
1,4
Production (AuEq koz)
320% GROWTH
63% REDUCTION
Gold Reserves (Au koz)
Total Reportable Injury Frequency Rate
Black Fox
Black Fox
San Dimas
Cerro del Gallo
250-270
225
San Dimas
2,120
80
1.9
538
64
1.5
1,582
180
712
161
712
1.1
143
102
111
0.7
870
870
2013E
2014E*
660
505
2011
2012
2013
*See final slide for footnotes.
2014
2015E
5
2011
2012
2011
2012
2013
2014
*Gold Reserves as of December 31, 2013.
TSX P I NYSE PPP I
9
Asset Overview
PIPELINE OF ORGANIC GROWTH
PRODUCTION
San Dimas
Platform
PRODUCTION
Black Fox
Optimization
EXPANSION
San Dimas
3,000 TPD
DEVELOPMENT
Grey Fox &
CDG
TSX P I NYSE PPP I 10
SAN DIMAS
World Class Platform Asset
Location
Sinaloa-Durango, Mexico
Ownership
100% (silver stream1)
Metals
Gold & Silver
Mining
Underground
Capacity
2,500 TPD
Production1
175,000-185,000 AuEq oz
Costs2,3
$590-$640/AuEq oz
Mineral Resources and Mineral Reserves
(DECEMBER 31, 2013, MINERAL RESOURCES INCLUDE MINERAL RESERVES)
CLASSIFICATION
TONNAGE
(M TONNES)
GOLD GRADE
(G/T)
CONT. GOLD
(K OUNCES)
4.9
5.5
870
Mineral Reserves
Proven & Probable
Mineral Resources
(includes Mineral Reserves)
Measured & Indicated
4.3
7.2
997
Inferred
7.3
4.2
998
*See final slide for footnotes.
TSX P I NYSE PPP I 11
SAN DIMAS
Expansion Plan
San Dimas Expansion Plan
3,200
3,000
Mill Expansion
Target 3,000 TPD Capacity
Mine Production to 2,900 tpd
tonnes per day
2,800
2,600
Current Nameplate Capacity
2,400
Mine Production to 2,500 tpd
Mill Expansion
2,200
Mine Production to 2,150 tpd
2,000
1,800
1,600

Base Production
2011
2012
2014


Actual
Forecast
2013
2014
2015
2015
2016
2016
o Increased reserve grade by 23%
o Begin expansion to 3,000 TPD10
o Complete expansion to 3,000 TPD
o Expanded mill to 2,500 TPD
o Increase access to high-grade
Victoria vein
o Increase mined grade to current
gold reserve grade of 5.5 g/t
o Discovered new high-grade veins
and extension of top producing
veins
o Implement 7 day, 12-hour shifts to
optimize mine throughput
o Achieved record production of
161,000 AuEq oz
TSX P I NYSE PPP I 12
*See final slide for footnotes.
SAN DIMAS
Significant Exploration Upside with Low Finding Costs
Low Finding Cost Per Ounce
P&P Reserves Discovered (Koz Au)
P&P Discovery Cost(US$/oz Au)
$53.0
$34.7
247
311
2012
2013
Proven History of Reserve & Resource Growth
(M&I Resources Include Mineral Reserves)
P&P Reserves ( Au Koz)
M&I Resources (Au Koz)
2011
2012
2013
See slides 36, 37, 38, & 39
TSX P I NYSE PPP I 13
998
997
870
762
780
660
704
577
Inferred Resources (Au Koz)
505
o Completed 80,000 metres of drilling 2014, 2014 reserves and
resources to be released in Q1 2015
o 1H 2015: $6.4 million, 25,000 metres of drilling
BLACK FOX
Established Jurisdiction with Proven Depth Potential
Over 200 Million Ounces of Historical Production
Note: Based on public data, average depth of listed mines is 1,633 metres.
TSX P I NYSE PPP I 14
BLACK FOX
Turnaround Opportunity to Create Value
Location
Timmins, Ontario
Ownership
100% (8% gold stream1)
Metals
Gold
Mining
Open pit & underground
Capacity
2,200 TPD
Production1
75,000-85,000 oz
Costs2,3
$820-$870/ oz
Mineral Resources and Mineral Reserves
(DECEMBER 31, 2013, MINERAL RESOURCES INCLUDE MINERAL RESERVES)
CLASSIFICATION
TONNAGE
(M TONNES)
GOLD GRADE
(G/T)
CONT. GOLD
(K OUNCES)
3.8
4.3
538
Mineral Reserves
Proven & Probable
Mineral Resources
(includes Mineral Reserves)
Measured & Indicated
4.0
5.1
653
Inferred
0.7
7.6
168
*See final slide for footnotes.
TSX P I NYSE PPP I 15
BLACK FOX
Optimization Program
2014
o Acquisition and integration of Black Fox Complex
o Commenced optimization program, focused on cost
reduction
o Increased underground exploration and development
o Discovered high-grade intercepts at depths up to 800
metres
2015
o
o
o
o
Build underground long-hole stope inventory
Finalize mill and tailings optimization
Continue in-fill drilling of lower central and east zones
Goal of identifying resources to depth of 1,000 metres
Recent Black Fox Core
2016
o Review the concept of sinking a shaft to access deep
mineralization
o Complete detailed economic analysis to potentially
include Grey Fox as part of long term development at
the Black Fox Complex
TSX P I NYSE PPP I 16
BLACK FOX
Focused on Reserve & Resource Development
Lateral & Depth Expansion
11
11
*See final slide for footnotes.
TSX P I NYSE PPP I
BLACK FOX
Metal Factor (grade x width)
TSX P I NYSE PPP I 18
GREY FOX
Promising Exploration Project
Grey Fox
o Completed 76,000 metres of
drilling in 2014.
o Planned another 50,000
metres in 2015.
o Positive exploration results
announced to date from
underground and open pit
targets.
Location
Ownership
4 km from Black Fox, Ontario
100% (no stream)
Measured & Indicated Gold Resources (koz)
558
Inferred Gold Resources (koz)
219
(5.3M tonnes at 3.3 g/t)
(1.6M tonnes at 4.4 g/t)
TSX P I NYSE PPP I
Catalysts and News Flow
REGULAR EXPLORATION UPDATES

Q3 2014
San Dimas 3,000 TPD
Decision
Expansion decision
announced

Q4 2014
San Dimas
Exploration Update
Extended top
producing veins
2014

Q3 2014
San Dimas Operating at
2,500 TPD
Increases annual
production rate to
165,000AuEq oz
Q1 2015
Reserve and Resource
Update
Including 226,000
metres of 2014 drilling
Q1 2015

Q1 2015
Black Fox Complex
Exploration Update
Drilling from 520 metre level
exploration drift at depth
2015
Q4 2015
Grey Fox Scoping
Study
TSX P I NYSE PPP I 20
Positioned to Outperform
DELIVERING SUPERIOR RETURNS
Producing in America’s Top Mining Jurisdictions
Disciplined Cost Management
Strong Financial Position
250 – 270 koz
MEXICO & CANADA1,5
$650 - 700 /oz
TOTAL CASH COST2,3
$134 million
CASH & AVAILABLE CREDIT7
+35 %
Proven Track Record
VS. TSX GLOBAL GOLD
Primero Share Price Performance January 2012 to Present
140%
80%
20%
Delivering Superior Returns to Primero Shareholders
Primero Mining Corp.
S&P/TSX Global Gold Index
(100%)
TSX P I NYSE PPP I 21
*See final slide for footnotes.
(40%)
APPENDICES
2015 Guidance
FURTHER 20% PRODUCTION GROWTH EXPECTED
2014
Attributable gold equivalent
production1
Black Fox
San Dimas
Outlook 2015
225,100
75,000-85,000
175,000-185,000
250,000-270,000
190,000
75,000-85,000
145,000-155,000
220,000-240,000
6.5-7.5
6.5-7.5
(gold equivalent ounces)
Gold Production
(ounces)
Silver Production1
(million ounces)
Total cash costs2,3
(per gold equivalent ounce)
All-in Sustaining Costs2,3
(per gold ounce)
Capital Expenditures
($ millions)
Exploration
($ millions)
6.15
$687
$820-$870
$590-$640
$650-$700
$1,222
$1,075-$1,125
$840-$890
$1,000-$1,100
$80.5
$22.6
$41.4
$66.7
$34.3
$12.3
$6.4
$19.1
*See final slide for footnotes.
TSX P I NYSE PPP I 23
2014 Financial Results
(US$ thousands, except per share
amounts)
2014
2013
Revenues
274,612
200,326
Earnings from Mine Operations
52,663
76,004
(224,384)
(4,250)
(1.48)
(0.04)
5,365
38,668
Net income (loss)
EPS
($ per share)
12
Adjusted net income
Adjusted EPS
0.04
($ per share)
13
before changes in working capital
13
CFPS
($ per share)
300
+37%
250
200
150
100
12
Operating cash flows
Revenues
($millions)
0.36
50
73,658
72,396
0.48
0.67
-
2013
2014
*See final slide for footnotes.
TSX P I NYSE PPP I 24
2014 Consolidated Production
Operating Results
2014
Gold equivalent production
(gold equivalent ounces)
Gold production
1
Silver production
(million ounces)
All-in Sustaining Costs
2
($ per gold ounce)
2
($ per AuEq ounce)
2
Cash cost – by-product
($ per gold ounce)
Production
(AuEq ounces)
250,000
225,054
+57%
143,114
200,000
(ounces)
Cash cost
1
2013
189,943
111,983
6.15
6.05
$1,222
$1,077
$687
$599
$579
$389
150,000
100,000
50,000
-
2013
2014
*See final slide for footnotes.
TSX P I NYSE PPP I 25
2014 San Dimas Operating Results
2014
Mill Throughput
14
2,463
(tonnes per day)
Gold equivalent production
(gold equivalent ounces)
Gold production
(ounces)
1
Silver production
(million ounces)
Gold grade
(grams per tonne)
Silver grade
All-in Sustaining Costs
2
($ per gold ounce)
2
($ per AuEq ounce)
2
Cash cost – by-product
($ per gold ounce)
1
2,101
161,170
143,114
126,059
111,983
6.15
6.05
4.63
4.67
232
(grams per tonne)
Cash cost
2013
$826
$628
$448
258
$858
$599
$389
San Dimas Production
(AuEq ounces)
+13%
170,000
150,000
130,000
110,000
90,000
70,000
50,000
30,000
10,000
2013
2014
*See final slide for footnotes.
TSX P I NYSE PPP I 26
2014 Black Fox Operating Results
Q4
2014
Mill Throughput
2014
(March 5 –
December 31)
Black Fox Production
(Au ounces)
25,000
14
2,403
(tonnes per day)
2,306
20,000
Gold Production
20,334
(gold ounces)
15,000
Gold Grade
(grams per tonne )
All-in Sustaining Costs
2
($ per gold ounce)
Cash cost
63,884
2
($ per gold ounce)
3.00
3.00
$1,374
$1,428
$799
$837
10,000
5,000
-
Q1
Q2
Q3
Q4
2014* 2014 2014 2014
*Prior to Primero’s acquisition. See final slide for footnotes.
TSX P I NYSE PPP I 27
2015 GUIDANCE
Lower 2015 Capital Expenditures
Capital Expenditures
Estimated 2015 Costs
San Dimas Underground Development
$15.2 million
San Dimas Sustaining Capital
$10.8 million
San Dimas Projects
$15.4 million
San Dimas Sub Total
$41.4 million
Black Fox Underground Development
$13.4 million
Black Fox Sustaining Capital
$4.5 million
Black Fox Projects
$3.4 million
Grey Fox Development Studies
$1.3 million
Black Fox Sub Total
Cerro del Gallo Development
Total
2014 Capital Expenditure
$22.6 million
$2.7 million
$66.7 million
$80.5million
Note: Figures may not add due to rounding.
TSX P I NYSE PPP I 28
2015 GUIDANCE
Continuing to Invest in Exploration
Exploration Expenditures
Estimated 2015 Costs
San Dimas Diamond Drilling
$3.1 million
San Dimas Drifting
$1.9 million
San Dimas Regional Diamond Drilling
$0.9 million
Ventanas Regional Diamond Drilling
*$0.5 million
San Dimas Sub Total
$6.4 million
Black Fox Diamond Drilling
$5.0 million
Grey Fox & Regional Exploration
$7.3 million
Black Fox Complex Sub Total
$12.3 million
Cerro del Gallo Geology Mapping
$0.4 million
Total
$19.1 million
2014 Exploration
$34.3 million
Note: Ventanas Regional Drilling is expected to be treated as an exploration expense. Figures may not add due to rounding.
TSX P I NYSE PPP I 29
Stock Performance & Significant Events
P-T Volume
Primero
Announces San
Dimas Expansion
Plan Phase 1
Primero Mining Corp.
60%
Primero Added
to S&P/TSX
Composite Index
S&P/TSX Global Gold Index
Primero
Announces
Brigus Gold
Acquisition
40%
Primero
Announces
APA Ruling
20%
30
20
Volume (Millions)
80%
0%
Primero
Begins
Trading on
the NYSE
-20%
Primero IPO,
Begins Trading
on the TSX, and
-40% Finalizes San
Dimas
Acquisition
Spot Gold
Hits 4Year Low
Primero Announces
Acquisition of Cerro
Del Gallo
10
-60%
0
-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
TSX P I NYSE PPP I 30
Summary of Debt & Tradable Securities
Primero Warrants
TSX: P.WT
Convertible
Debentures
TSX: P.DB.U
Revolving Line
of Credit Facility
Convertible
Debentures
TSX:P.DB.V
n/a
$48.1 million
Drawn at Dec. 31,
2014: $40.0 million
$75.0 million
July 20, 2015
March 31, 2016
May 23, 2017
February 28, 2020
Interest Rate
n/a
6.5%
Floating Rate (see
below)
5.75%
Payable
n/a
Semi-Annually
Monthly
Semi-Annually
C$8.00
US$14.00
n/a
US$6.55
 CUSIP: 74164W114
 Provision for forced
conversion if the
market price of the
Primero’s shares is at
least 125% of the
conversion price
 CUSIP: 74164WAA4
Face Value
Maturity / Expiry
Conversion / Strike
Additional Notes
 The floating
interest rate was
approximately
4.75% per annum
during the year
ended December
31, 2014
 Not redeemable
prior to Feb. 2018
 Provision for early
redemption if the
market price of the
Primero’s shares is
at least 125% of the
conversion price
 CUSIP: 74164WAB2
TSX P I NYSE PPP I 31
SAN DIMAS
Silver Purchase Agreement
BLACK FOX
Gold Streaming Agreement
Primero sells 50% of annual silver
production above 6.0 million ounces at spot
Primero sells 8% of annual gold production
at Black Fox at ~$509 per ounce
o Remainder sold at ~$4.20 per ounce under silver
purchase agreement
o Threshold commences August 6 to following
August 5
o Expansion anticipated to generate meaningful
silver spot sales post expansion to 3,000 TPD
o Primero streams 6.3% from the Black Fox
Extension which includes the Pike River Property
o Gold is sold at $500 per ounce subject to
inflationary adjustment beginning in 2013, not to
exceed 2% per annum
o The Grey Fox exploration property is not subject
to any gold streaming agreements
Silver as Percentage of
2014 Revenue
16%
84%
Silver
Gold
TSX P I NYSE PPP I 32
Focus on Responsible Mining
HEALTH AND SAFETY
o We understand that our most important assets are
our people and their safety is our number one
priority
o We maintain world-class health and safety policies
ENVIRONMENT
o San Dimas is certified as “Clean Industry” by
PROFEPA (Mexican EPA)
o We utilize sustainable green technologies where
possible - Primero’s own hydroelectric dam supplies
the majority of San Dimas Mine’s power
COMMUNITY
o We treat our local communities as our partners
o We focus on understanding our local communities
goals and providing local opportunities
o We promote local education with awards for the
local technical college in San Dimas
TSX P I NYSE PPP I 33
SAN DIMAS
District-Wide Exploration Potential
WEST BLOCK
2015 Exploration
SINALOA
GRABEN
SAN ANTONIO
Mined 1987-2002
CENTRAL BLOCK
Mined 2002-Current
Mined 2012-Current
TAYOLTITA BLOCK
Mined 1975-Current
ARANA
HANGING WALL
SW
NE
3,000 m.
3,000 m.
2015 EXPLORATION PROGRAM
Drilling for Extensions of Known Veins
2,000 m.
2,000 m.
1,000 m.
1,000 m.
Longitudinal Cross Section
Source: San Dimas Geology Office
0
LEGEND
1
2
Kilometers
Mineralization – Ore Bodies
Faults
Extension of the
Favorable Horizon
Intrusive
Potential
TSX P I NYSE PPP I 34
CERRO DEL GALLO
Large Gold Domain
Project Summary
Potential for an Additional 95,000 AuEq oz
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
(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.
Feasibility Study Results
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
95 koz /yr
Gold Equivalent Production
Gold Production
68 koz /yr
Silver Production
1,072 koz /yr
Copper Production
1,113 t/year
2
~$700/oz
Estimated Cash Costs
Proven & Probable Gold Reserves
710koz
Measured & Indicated Gold Resources
920koz
Inferred Gold Resources
190koz
(3.2M tonnes at 0.69 g/t)
(Exclusive of Reserves) (47.9M tonnes at 0.60 g/t)
(20M tonnes at 0.3 g/t)
Mine Life (Stage 1)
7.2 years
TSX P I NYSE PPP I 35
SAN DIMAS
Mineral Resources and Mineral Reserves
(December 31, 2013, Mineral Resources include Mineral Reserves)
Classification
Tonnage
(Million Tonnes)
Gold Grade (G/T)
Silver Grade
(G/T)
Contained Gold
(000 Ounces)
Contained Silver
(000 Ounces)
4.893
5.5
315
870
49,479
4.282
7.2
419
997
57,713
7,333
4.2
310
998
72,647
Mineral Reserves
Proven &
Probable
Mineral Resources
Measured &
Indicated
Inferred
Notes to Mineral Reserve Statement:
Cutoff grade of 2.7 grams per tonne (”g/t”) gold equivalent (“AuEq”) based on total operating cost of US$104.97/t. Metal prices assumed are gold US$1,250 per
troy ounce and silver US$20 per troy ounce. Silver supply contract obligations have been referenced in determining overall vein reserve estimate viability.
Processing recovery factors for gold and silver of 97% and 94% assumed.
Exchange rate assumed is 13 pesos/US$1.00.
The Mineral Reserve estimates were prepared under the supervision of Mr. Gabriel Voicu P.Geo., Vice President, Geology and Exploration, Primero and a QP for
the purposes of National Instrument 43-101 (“NI 43-101”).
Notes to Mineral Resource Statement:
Mineral Resources are total and include those resources converted to Mineral Reserves.
A 2.0g/t AuEq cutoff grade is applied and the gold equivalent is calculated at a gold price of US$1,300 per troy ounce and a silver price of US$20 per troy ounce.
A constant bulk density of 2.7 tonnes/m3 has been used.
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 was 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 as of
December 31, 2011. 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.
TSX P I NYSE PPP I 36
BLACK FOX
Mineral Resources and Mineral Reserves
(December 31, 2013, Mineral Resources include Mineral Reserves)
Tonnage
(Tonnes)
Gold Grade
(G/T)
Cont. Gold
(Ounces)
Open Pit
1,468,500
3.7
173,900
Underground
1,663,900
6.3
339,100
716,200
1.1
24,700
3,848,700
4.3
537,700
Open Pit
1,423,900
4.0
182,518
Underground
1,852,800
7.5
445,336
716,200
1.1
24,706
3,992,800
5.1
652,560
Open Pit
364,100
5.8
67,897
Underground
326,300
9.5
99,889
Total
690,400
7.6
167,786
Classification
Proven & Probable Reserves
Stockpile
Total
Measured & Indicated Resources, Including Reserves
Stockpile
Total
Inferred Resources
Notes to Black Fox Mineral Reserve estimate:
1.
Mineral Reserves stated as at December 31, 2013.
2.
Open pit cut-off grade of 1.0 g/t Au and underground cut-off grade of 3.4 g/t.
3.
Gold price assumed is US$1,250 per troy ounce.
4.
Processing gold recovery factor 94% assumed.
5.
Harold Brisson, PhD, Eng. is the Qualified Person for the Black Fox Complex Mineral Resource estimates.
Notes to Black Fox Mineral Resource estimate:
1.
Mineral Reserves stated as at December 31, 2013.
2. Open pit cut-off grade of 0.9 g/t Au and underground cut-off grade of 3.0 g/t.
3. Gold price assumed is US$1,300 per troy ounce and exchange rate of US$1.00=C$1.10 was used in the gold cut-off grade calculations.
4. Detailed footnotes can be found in the NI 43-101 Technical Report titled “TECHNICAL REPORT ON THE MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES FOR
THE BLACK FOX COMPLEX”, dated June 30, 2014 and filed on www.sedar.com.
TSX P I NYSE PPP I 37
GREY FOX
Mineral Resources
(December 31, 2013)
Classification
Cut-off
Grade
(G/T Au)
Potential Material
Tonnes
(Million
Tonnes)
CAPPED Au
(G/T)
Contained Gold
(Ounces)
Indicated Resources
>3.0
Underground
1.394
5.4
243,041
>0.9
Open Pit
3.882
2.5
314,615
5.276
3.3
557,655
Total Indicated Resources
Inferred Resources
Total Inferred Resources
>3.0
Underground
1.065
5.1
175,511
>0.9
Open Pit
0.486
2.8
43,309
1.552
4.4
218,820
Notes to Grey Fox Mineral Resource estimate:
1. Mineral Reserves stated as at 31 December 2013.
2. Open pit cut-off grade of 0.9 g/t Au and underground cut-off grade of 3.0 g/t
3. Gold price assumed is US$1,300 per troy ounce and exchange rate of US$1.00=C$1.10 was used in the gold cut-off grade calculations.
4. Detailed footnotes can be found in the NI 43-101 Technical Report titled “TECHNICAL REPORT ON THE MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES FOR
THE BLACK FOX COMPLEX”, dated June 30, 2014 and filed on www.sedar.com.
5. Harold Brisson, PhD, Eng. is the Qualified Person for the Black Fox Complex Mineral Resource estimates.
TSX P I NYSE PPP I 38
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
AuEq
(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
AuEq
(g/t)
1.15
0.93
1.14
AuEq
(M oz)
1.05
0.12
1.18
AuEq
(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”.
TSX P I NYSE PPP I 39
Executive Management
Joseph Conway | Chief Executive Officer
Ernest Mast | President & COO

30 Years of experience

25 Years of experience

Appointed President and CEO in June 2010

Appointed President & COO in Feb. 2015

Former CEO, President & Director of IAMGOLD and Repadre
Capital
Tamara Brown | VP, Investor Relations


Former Director Investor Relations for IAMGOLD

20 Years of experience

Appointed CFO in September 2014

Former VP, Finance and Treasurer of Inmet Mining Corporation
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
James Mallory | VP, Corporate Responsibility



Over 35 Years of mining experience
Former VP, Vice-President, Operations & Social Responsibility at
South American Silver
Former President & CEO – Minera Panama (Inmet), VP Ops. –
New Gold.
David Sandison | VP, Corporate Development

Former partner of a Toronto based, boutique investment bank and
professional engineer in mining industry
Wendy Kaufman | Chief Financial Officer


Former VP, Corporate Development of
Clarity Capital ; Director, Corporate Development
Xstrata Zinc Canada ; Director Business Development,
Noranda/Falconbridge; Former EVP, Noranda Chile
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.
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
13 Years of experience in Latin America
TSX P I NYSE PPP I 40
Board of Directors
Wade Nesmith | Chairman

Founder of Primero

Founding and current director of Silver Wheaton
David Demers | Director 2,3,4,5




Director of Cummins Westport and
Juniper Engines

President & CEO, Khan Resources Inc.
Former Director of Breakwater Resources, former
director of Queenstake Resources, Santa Cruz Gold

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
Michael Riley | Director 2,5

Chartered accountant with more than 26 years of
accounting experience
Chair of Primero Audit Committee
Brad Marchant | Director 1

Co-founder of Triton Mining Corporation

Founder of BioteQ Environmental Technologies Inc.
Former CFO, IAMGOLD
Rohan Hazelton | Director 1


Founder, CEO and Director Westport Innovations
Grant Edey | Director 3,4,5

Eduardo Luna | Director 1
VP, Strategy, Goldcorp
Formerly with Wheaton River and Deloitte & Touche
LLP
Robert Quartermain | Director 2,3

Founder and President & CEO, Pretivm Resources

Former President and CEO of Silver Standard
Joseph Conway | Director
see Executive Management
Board Committees:
1. Health, Safety and Environment 2. Human Resources 3. Governance and Nominating 4. Lead Director 5. Audit
TSX P I NYSE PPP I 41
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.
TSX P I NYSE PPP I 42
Footnotes
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
“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.
Cash costs and All-in Sustaining Costs are non-GAAP measures. Refer to the Company’s 2014 MD&A for a reconciliation to operating expenses.
Note the calculation of all-in sustaining costs at San Dimas changed with the acquisition of a second producing asset and subsequently do not
include corporate G&A.
Major assumptions include a flat gold price per ounce of $1,300, a flat silver price per ounce of $22.
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.
Based on 2015 Guidance.
$48.1 million senior unsecured convertible debenture (acquired from Brigus, with a 6.5% coupon an effective conversion price of US$14.00 and an
expiry of March 2016); US$75 million convertible, unsecured, subordinated debentures; and $40 million draw down from line of credit. Excludes
capital leases.
The Company closed a $75 million line of credit on May 23, 2014 and has drawn down $40 million as of December 31, 2014.
During the year ended December 31, 2014, the Company issued 41,340,347 common shares as consideration for the acquisition of Brigus, 1,921,744
common shares upon the exercise of stock options; and 2,481,482 common shares pursuant to two flow through agreements.
Fully diluted shares include 20.8 million warrants with an exercise price of C$8.00 per share, expiring on July 20, 2015; and 9.3 million options with
an average exercise price of C$6.17.
The Company currently estimates that expanding the San Dimas mill to 3,000 TPD will require approximately $26.4 million of capital investment,
with approximately $6 million expenditure expected in 2014 and the remainder spread over the following eighteen months. As a result of the
preliminary nature of the capital assessment a contingency factor of 30% has been included in the capital estimate.
Included in the December 31, 2013 Mineral Reserve and Mineral Resource Estimate. All assays are capped at 300 g/t gold, average gold grades over
core length widths.
Adjusted net income/earnings and adjusted net income/earnings per share are non-GAAP measures. Neither of these non-GAAP performance
measures has any standardized meaning and is therefore unlikely to be comparable to other measures presented by other issuers. The Company
believes that, in addition to conventional measures prepared in accordance with GAAP, the Company and certain investors use this information to
evaluate the Company’s performance. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with GAAP. Refer to the Company’s 2014 MD&A for a reconciliation of adjusted net
income/earnings to reported net income.
“Operating cash flow” is operating cash flow before working capital changes. This and operating cash flows before working capital changes per
share (CFPS) are non-GAAP measures which the Company believes provides a better indicator of the Company’s ability to generate cash flow from
its mining operations. See the Company’s 2014 MD&A for a reconciliation of operating cash flows to GAAP.
Based on 365 days per year.
TSX P I NYSE PPP I 43
PRIMERO MINING CORP.
79 Wellington St. West, Suite 2100
Toronto, ON M5K 1H1
T 416 814 3160 TF 877 619 3160
www.primeromining.com
Tamara Brown
Vice President, Investor Relations
T 416 814 3168
[email protected]
2015 PDAC CONVENTION
Booth #2501
March 1-4, 2015
TSX P I NYSE PPP I