Primero Second Quarter 2015 Results

August 5, 2015

Second Quarter 2015 Operating & Financial Results

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 management’s expectations or beliefs regarding such future events and anticipated performance. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, ”estimates”, ”forecasts”, ”intends”, ”anticipates” or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, ”could”, “would”, ”might”, or “will be taken”, “occur” or “be achieved”, or the negative of these words or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual performance of the Company to be materially different from any anticipated performance expressed or implied by the forward-looking statements. Such factors include various risks related to the Company’s operations, including, without limitation, fluctuations in spot and forward markets for gold, silver and other metals, fluctuations in currency markets, changes in national and local governments in Mexico and the speculative nature of mineral exploration and development, risks associated with obtaining necessary exploitation and environmental licenses and permits, and the presence of laws that may impose restrictions on mining. A complete list of risk factors are described in the Company’s annual information form and will be detailed from time to time in the Company’s continuous disclosure, all of which are, or will be available, for review on SEDAR at www.sedar.com.

This presentation uses the terms “measured resources”, “indicated resources” and “inferred resources”. The Company advises readers that although these terms are recognized and required by Canadian regulations (under National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”), the United States Securities and Exchange Commission does not recognize them. Readers are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted in to reserves. In addition, “inferred resources” have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, or economic studies, except for a Preliminary Assessment as defined under NI43-101. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable.

Although the Company has attempted to identify important factors that could cause actual performance to differ materially from that described in forward-looking statements, there may be other factors that cause its performance not to be as anticipated. The Company neither intends nor assumes any obligation to update these forward-looking statements or information to reflect changes in assumptions or circumstances other than required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those currently anticipated. Accordingly, readers should not place undue reliance on forward-looking statements.

Unless otherwise indicated, all dollar values herein are in US$.

Cautionary Statement


Management Participants

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

Ernest Mast | President & COO • 25 Years of experience • Appointed President & COO in Feb. 2015 • Former President & CEO – Minera Panama (Inmet), VP Ops. – New Gold.


10% GOLD PRODUCTION Increase over Q2 2014

Q2 2015 At a Glance

45% SILVER PRODUCTION Increase over Q2 2014

$22.6million

OPERATING CASH FLOW Before Changes in Working Capital1

$654 TOTAL CASH COST

Per Gold Equivalent Ounce2

Primero delivered strong results in Q2 2015. San Dimas delivered near-record production exceeding expectations, and Black Fox saw a 27%

increase in production versus Q1 2015 at 29% lower cash costs.

*See final slide for footnotes.


Strong Financial Position SUFFICIENT LIQUIDITY TO FUND ORGANIC GROWTH

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


Consensus Estimated Operating Cash Flow ($ millions)

$115M STRONG LIQUIDITY

$118M3 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 Credit4 $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 Down4 (Due May 2017)

Nil

Total Debt3 $118 million

Capital Structure

Common Shares Outstanding 162 million

Fully Diluted5 173 million

Market Capitalization (At July 31, 2015)

C$550 million

$72 $74 $86

$127 $139

2013 2014 2015E 2016E 2017E


Strong 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 income6 1,146 5,312

Adjusted EPS6 ($ per share)

0.01 0.03

Operating cash flows1 (before changes in working capital)

22,556 26,431

CFPS1 ($ per share)

0.14 0.17

$19

$23

Q1 2015 Q2 2015

+20%


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


Gold and Silver Production Increased 10% and 44%

Operating Results Q2 2015

Q2 2014

Gold equivalent production7

(gold equivalent ounces) 62,490 63,414

Gold production (ounces)

54,862 50,061

Silver production7 (million ounces)

2.15 1.49

All-in sustaining costs2 ($ per gold ounce)

$1,036 $1,228

Total cash cost2 ($ per AuEq ounce)

$654 $672

Total cash cost2– by-product ($ per gold ounce)

$579 $508


50

55

Q2 2014 Q2 2015

+10% Gold Production (Au koz)

1.5

2.2

Q2 2014 Q2 2015

+44% Silver Production (Ag Moz)


San Dimas Continues to Exceed Expectations

Q2 2015

Q2 2014

Mill throughput8

(tonnes per day) 2,816 2,405

Gold equivalent production7

(gold equivalent ounces) 44,128 46,248

Gold production 7 (ounces)

36,500 32,895

Silver production7 (million ounces)

2.15 1.49

Gold grade (grams per tonne)

4.60 4.97

Silver grade (grams per tonne)

275 230


$822 $626

Total cash cost2 ($ per AuEq ounce)

$608 $551

Total cash cost2– by-product ($ per gold ounce)

$487 $252

San Dimas Mill Throughput (TPD)

2,405

2,816

Q2 2014 Q2 2015


+17%


Black Fox Achieved Higher Production at Lower Costs

Q2 2015

Q2 2014

Mill throughput8

(tonnes per day) 2,441 2,307

Gold production7

(ounces) 18,362 17,166

Gold grade (grams per tonne)

2.65 2.69


$1,071 $1,771

Total cash cost2 ($ per gold ounce)

$762 $998

Black Fox AISC ($/oz Au)

$1,771

$1,071

Q2 2014 Q2 2015

-40%



Production To Increase By Up To 20% In 2015 HIGH-GRADE PRODUCTION WITH ORGANIC GROWTH

161 180

190

215 64

80

100

100

2014 2015E 2016E 2017E

Black FoxSan Dimas

300-350

250-270

280-300

225

11


Guidance Black Fox

San Dimas

2015

Attributable production7 (gold equivalent ounces)

75,000- 85,000

175,000-185,000

250,000-270,000

Gold production7

(ounces) 75,000- 85,000

145,000-155,000

220,000-240,000

Silver production7 (million ounces) - 6.5-7.5 6.5-7.5

All-in sustaining costs2,9 (per gold ounce)

$1,150-$1,200 $890-$940 $1,050-$1,150

Total cash costs2,9 (per gold equivalent ounce)

$820-$870 $590-$640 $650-$700

Capital expenditures ($ millions) $38 $54 $103

Targeted Production Growth Profile (AuEq koz)7,10


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 stream7)


MINING Underground

CAPACITY 2,500 TPD (nameplate)

2015E 180,000 AuEq oz7

$915 per oz2,9

all-in sustaining costs

San Dimas

Ventanas

Cerro del Gallo 95,000 AuEq oz7

24 months from a construction decision

MEXICO

Platform Asset with Exploration Pipeline



The Company’s Foundation 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 stream7)


MINING Underground

CAPACITY 2,500 TPD (nameplate)

PRODUCTION7,11 175,000-185,000 AuEq oz

CASH COSTS2,9 $590-$640/AuEq oz

Mexico


Expanding Production in 2015+ SAN DIMAS

Production Increasing by up to 20% in 2015

• Mill expansion to 3,000 TPD ahead of schedule

• Mill operating well above nameplate capacity

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

• Benefiting from expanded hydro-electric facility capacity to 14 MW ($0.015 /kWh vs $0.12 /kWh from the grid). Reducing costs during peak power consumption and operating 24-hours per day since early July.

Improving Productivity


Construction

• Mill expansion to 3,000 TPD began in Q1 2015 and is expected to be completed by April 2016

Capital Cost

• Currently estimated at $17.7 million, reduced from $26.4 million.

Production

• An estimated increase by more than 30% over 2014 to approximately 215,000 gold equivalent ounces

Cash Costs

• Expected to drop by ~$50 per ounce from 2014 levels

Expansion to 3,000 TPD SAN DIMAS

1,500

2,000

2,500

3,000

Actual

Forecast

Base Production

Mine at 2,150 TPD

Mill Expanded to 2,500 TPD

Mine at 2,500 TPD

Mill Expanded to 3,000 TPD

2011 2012 2013 2014 2015E 2016E

San Dimas Mill Throughput (TPD)



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

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 with Silver Wheaton

• 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 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 River7)

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 stream7)

METALS Gold

MINING Open pit & Underground

CAPACITY 2,200 TPD

2015E 80,000 Au oz7

$1,175 per oz2,9

all-in sustaining costs

Black Fox

Pike River Property

Grey Fox

Multi-Million Ounce Gold District CANADA



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 stream7)

METALS Gold MINING Open pit & Underground CAPACITY 2,200 TPD PRODUCTION7,11 75,000-85,000 oz

CASH COSTS2,9 $820-$870/ oz


Timmins, Ontario



Ramp to Deep Central Zone Approved • Construction is underway to the 640 metre level • Initial gold production from the Deep Central

Zone to commence in 2016 • Estimated to contain 160,000 ounces at ~8.5 g/t

and remains open along strike and down dip • Will provide access points for new drill pads to

drill below 800 metres depth

Exploration Upside • $4.7 million additional exploration spending

approved for the second half of 2015 • Includes 29,300 metres of drilling and 100

metres of drifting • H1 2015 drilling estimated to have already

replaced estimated full-year 2015 production

Beyond 2017 • Black Fox scoping study to assess potential for

raise-bore shaft • Grey Fox open-pit scoping study to be completed

by Q1 2016

Established Mining Complex with Exploration Upside BLACK FOX COMPLEX

Mining Complex with Upside Opportunity


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


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


METALS Gold MINING Open pit &

Potential underground STAGE Scoping study in progress


Expected Catalysts and News Flow

Q1 2015 Reserve and Resource Update Plus discovery of Jessica vein at San Dimas

Q1 2015 Black Fox Complex Exploration Update Drilling from 520 metre level exploration drift

Q1 2016 Release Grey Fox Scoping Study

2016 2015

Q3 2015 Increase Black Fox Underground Production Complete ramp-up to 1,000 TPD production from the underground mine

2015 San Dimas Expansion In-Progress Continue to advance expansion to 3,000 TPD

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

2016 San Dimas Expansion Complete Steady-state 3,000 TPD throughput achieved

http://cdn.hubcloud.com.au/wp-content/blogs.dir/10/files/sites/10/2014/03/Green-tick-to-go-on-the-Professionals-Christies-Beach-real-estate-blog1.png

http://cdn.hubcloud.com.au/wp-content/blogs.dir/10/files/sites/10/2014/03/Green-tick-to-go-on-the-Professionals-Christies-Beach-real-estate-blog1.png


Positioned to Outperform DELIVERING SUPERIOR RETURNS

250 – 270 koz MEXICO & CANADA7,11

Primero Share Price Performance (January 2012 to Present)


Producing in America’s Top Mining Jurisdictions

Disciplined Cost Management

Strong Financial Position

Proven Track Record

$650 – 700 /oz TOTAL CASH COST2,9

$115 million CASH & AVAILABLE CREDIT4

+60 % VS. TSX GLOBAL GOLD

(100%)

(40%)

20%

80%

140%

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

Delivering Superior Returns to Primero Shareholders

APPENDICES


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


Sensitivity Table PRIMERO

Base Price Change Increments

Δ CFPS1,11

($/share) Δ AISC2,11

($/oz Au) Δ FCF11

($ 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

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 Primero’s shares is at least 125% of the conversion price

CUSIP: 74164WAA4

The floating interest rate was approximately 4.75% per annum during the year ended December 31, 2014

Not redeemable prior to Feb. 2018

Provision for early redemption if the market price of the Primero’s shares is at least 125% of the conversion price

CUSIP: 74164WAB2

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


HEALTH AND SAFETY • We understand that our most important assets are our

people and their safety is our number one priority

• We maintain world-class health and safety policies

• In 2014 Black Fox won the “First Aid Trophy” in the Ontario Mine District Competition in Timmins

• In 2014 Total Reportable Injury Frequency Rate (TRIFR) declined by 36%

ENVIRONMENT • Environmental awareness campaigns continued in 2014

• San Dimas is certified as “Clean Industry” by PROFEPA (Mexican EPA)

• We utilize sustainable green technologies where possible - Primero’s own hydroelectric dam supplies the majority of San Dimas Mine’s power

COMMUNITY • 3 Recreational Facilities were built in the town of Tayoltita

by Primero and Silver Wheaton

• The Black Fox Mine maintains strong relationships with their communities and the Wahgoshig First Nation

• We treat our local communities as our partners

• We focus on understanding our local communities goals and providing local opportunities

Focus on Responsible Mining PRIMERO


Mineral Reserves and Mineral Resources SAN DIMAS

(As at December 31, 2014)


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.



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

Rohan Hazelton | Director 1

• VP, Strategy, Goldcorp • Formerly with Wheaton River and Deloitte & Touche

LLP

Grant Edey | Director 3,4,5

• President & CEO, Khan Resources Inc. • Former Director of Breakwater Resources, former

director of Queenstake Resources, Santa Cruz Gold • Former CFO, IAMGOLD

David Demers | Director 2,3,4,5

• Founder, CEO and Director Westport Innovations • Director of Cummins Westport and

Juniper Engines

Wade Nesmith | Chairman • Founder of Primero • Founding and current director of Silver Wheaton

Board of Directors

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

Joseph Conway | Director see Executive Management


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. “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 second quarter 2015 MD&A for a reconciliation of operating cash flows to GAAP.

2. Cash costs and All-in Sustaining Costs are non-GAAP measures. Refer to the Company’s second quarter 2015 MD&A for a reconciliation to operating expenses.

3. 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.

4. The Company closed a $75 million line of credit on May 23, 2014 and has drawn down nil as of June 30, 2015. 5. Fully diluted shares include 10.5 million options with an average exercise price of Cdn$5.96. 6. 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 second quarter 2015 MD&A for a reconciliation of adjusted net income/earnings to reported net income.

7. “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.

8. Based on 91 days in the second calendar quarter (April 1 to June 30). 9. Major assumptions include a flat gold price per ounce of $1,200, a flat silver price per ounce of $18. 10. 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. 11. Based on 2015 Guidance, refer to the Company’s second quarter 2015 MD&A.

Footnotes

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]

July 2015

Corporate Presentation

Documents

Primero Second Quarter 2015 Results