Focused on Production Focused on Growth
Acquisition of Cerro Del Gallo December 2012
TSX:P NYSE:PPP
TSX:P | NYSE:PPP
This presentation may contain “forward-looking” statements within the meaning of Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to future events or the anticipated performance of the Company and reflect management’s expectations or beliefs regarding such future events and anticipated performance. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, ”estimates”, ”forecasts”, ”intends”, ”anticipates” or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, ”could”, “would”, ”might”, or “will be taken”, “occur” or “be achieved”, or the negative of these words or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual performance of the Company to be materially different from any anticipated performance expressed or implied by the forward-looking statements. Such factors include various risks related to the Company’s operations, including, without limitation, fluctuations in spot and forward markets for gold, silver and other metals, fluctuations in currency markets, changes in national and local governments in Mexico and the speculative nature of mineral exploration and development, risks associated with obtaining necessary exploitation and environmental licenses and permits, and the presence of laws that may impose restrictions on mining. A complete list of risk factors are described in the Company’s annual information form and will be detailed from time to time in the Company’s continuous disclosure, all of which are, or will be available, for review on SEDAR at www.sedar.com. This presentation uses the terms “measured resources”, “indicated resources” and “inferred resources”. The Company advises readers that although these terms are recognized and required by Canadian regulations (under National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI43-101”)), the United States Securities and Exchange Commission does not recognize them. Readers are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted in to reserves. In addition, “inferred resources” have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, or economic studies, except for a Preliminary Assessment as defined under NI43-101. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable. Although the Company has attempted to identify important factors that could cause actual performance to differ materially from that described in forward-looking statements, there may be other factors that cause its performance not to be as anticipated. The Company neither intends nor assumes any obligation to update these forward-looking statements or information to reflect changes in assumptions or circumstances other than required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those currently anticipated. Accordingly, readers should not place undue reliance on forward-looking statements. Unless otherwise indicated, all dollar values herein are in US$.
Cautionary Statement
2
TSX:P | NYSE:PPP
The New Primero
3
Increases Production1 (Gold Equivalent Ounces) Solid Production Base:
Long-life, high-grade producing San Dimas mine
Combines with advanced stage Cerro Del Gallo gold-silver-copper project
Strong Financial Position
Internally funded development of Cerro Del Gallo
Capital available for additional opportunities
Large Reserve and Resource Base
1.7 million AuEq. oz P+P Reserves and over 3.1 million AuEq. oz M+I Resources3
Experienced management & board
Substantial exploration upside at both projects
1. Primero’s gold equivalent reserves and resources are adjusted for the Silver Purchase agreement. 2. Based on 100% ownership of Cerro Del Gallo. Gold Equivalency based on long-term consensus prices of Gold
$1,350/oz, Silver $23.25/oz, Copper $7,447/t. 3. M+I Resources include Reserves.
Doubles Reserves and Triples Resources2 (Million Gold Equivalent Ounces)
110 130
165 161 161
59 99
110 130
165
220
260
2012E 2013E 2014E 2015E 2016E
Primero Cerro Del Gallo
0.8 0.9
1.0
2.3
1.7
3.1
P+P M+I
Primero Cerro Del Gallo
3
TSX:P | NYSE:PPP
Transaction Rationale
4
Diversifies Primero from a single asset company to a multi-mine producer in Mexico
Delivers on Primero’s strategy of growth in low risk regions of the Americas
Strengthens growth profile and cash flows
Significantly increases reserves and resources
Utilizes Primero’s strong balance sheet and cash flows sufficient to fund Cerro Del Gallo development and additional opportunities
Additional exploration upside
Builds on position of regional strength in Mexico
Exceptional re-rating opportunity driven by compelling valuation, growth potential, transaction rationale and management track record
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Favourable Market Conditions
The natural exchange ratio between Primero and Cerro shares has moved in Primero’s favour since March 2012.
Implied Share Exchange Ratio1
5
1. Based on TSX and ASX trading data volume weighted average trading as of December 12, 2012. 2. Based on TSX and ASX closing share price performance as of December 12, 2012.
Relative Share Price Performance2
0.000
0.010
0.020
0.030
0.040
0.050
0.060
Dec 11 Jun 12
-50%
0%
50%
100%
150%
Dec 11 Jun 12 Dec 12
Primero
Cerro
Dec 12
TSX:P | NYSE:PPP
Focus on Low Risk Regions in the Americas
6
Corporate Offices
Cerro Del Gallo Project Gold-Silver-Copper Development Project Guanajuato, Mexico
Ventanas Property Exploration Property Durango, Mexico
San Dimas Mine Gold-Silver Mine Durango, Mexico
Politically stable
Long mining history
One of world’s largest metals producers
Excellent infrastructure
Experienced workforce
Builds on Established Presence in Mexico
TSX:P | NYSE:PPP
Attractive long-life, precious metals project:
Diversifies near term production with additional 95,000 AuEq. oz per year
Doubles Reserves and Triples Measured and Indicated Resources
Leverages Primero’s regional expertise and solidifies position in Mexico, with further consolidation opportunities
Accretive to Primero on key metrics
Attractive total acquisition costs
Asset diversification reduces risk and volatility in cash flow and earnings
Provides opportunity to participate in valuation re-rating as the combination diversifies production and cash flows
7
Enhanced Growth
Mexico Consolidation
Attractive Valuation
Asset Diversification
Re-Rating Opportunity
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Offer represents an implied premium of 62% to the 20 trading day VWAP as at December 12, 2012
Significantly improved market presence and liquidity
Immediate exposure to strong balance sheet and cash flow
Expected internally funded development of Cerro Del Gallo
Primero brings a management team with proven mine construction, operations and exploration expertise
Provides opportunity to participate in valuation re-rating as the combination diversifies production and cash flows
Ongoing 80.01% participation in funded non Cerro Del Gallo exploration assets
8
Attractive Premium
Financing CDG Development
Enhanced Operational
Expertise
Re-Rating Opportunity
Improved Market
Presence
Participation in Spinco
TSX:P | NYSE:PPP 9
Terms
Cerro shareholders to receive 0.023 of a Primero share for each Cerro share and 80.01% in “Spinco”
Friendly scheme of arrangement Cerro options to be rolled over into Primero options at a ratio of 0.023 of a Primero share
for each Cerro share with corresponding upward adjustment to exercise price Pro forma ownership: 85% Primero / 15% Cerro Resources
Consideration Offer
Implied share consideration of C$0.152 per Cerro share outstanding, as of December 12, 2012 close
Additional 80.01% of Spinco with non-Cerro Del Gallo assets plus approximately $4 million in cash
Implied total transaction size of C$119 million Offer, excluding value of Spinco exploration assets, implies a 62% premium over the 20
trading day VWAP for both companies and an 77% premium based on the closing price of Cerro Resources shares on December 12, 2012
Other Terms Exclusivity: No solicitation by Cerro and Primero has right to match 11% of Cerro Resources shares subject to support agreements
Conditions
Cerro Resources shareholder vote (75% approval by at least 50% of Cerro shareholders) Primero does not require a shareholder vote Customary regulatory and court approvals
Indicative Timetable
Cerro Resources Information Circular expected by late January 2013 Cerro Resources shareholder vote expected in April 2013 Closing expected in early May 2013
TSX:P | NYSE:PPP
Source: Public market disclosure as at December 12, 2012; AUD/CAD exchange rate of 0.9636 assumed. 1. Based on closing prices as of December 12, 2012 on the TSX and ASX and share capital as of September 30, 2012, adjusted for subsequent events. 2. Based on Balance sheet data as of September 30, 2012, not adjusted for Spinco cash of approximately $3 million.
10
As at December 12, 2012 Primero Cerro New Primero
Share Price (C$) $6.63 $0.092 $6.63
Shares Outstanding – Basic1 96.7 million 781.9 million 114.7 million
Shares Outstanding - FDITM1 105 million 783.1 million 122.9 million
Market Capitalization - Basic1 $641.1 million $69.9 million $760.4 million
Market Capitalization - FDITM1 $696.1 million $74.4 million $814.8million
Cash2 $133.1 million $3.7 million $136.8 million
Debt2 $45.0 million - $45.0 million
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Strong Production Growth
1 . “Gold equivalent ounces” include silver and copper production converted to a gold equivalent based on consensus estimated commodity prices ; accounts for the San Dimas silver purchase agreement; and uses Cerro Resources publically disclosed production estimates delayed by 12 months.
2. Assumes 100% ownership of Cerro Del Gallo.
11
Estimated Production Profile1,2 (Attributable 000 AuEq ounces)
Combined Production Expected to Increase to at least 260,000 AuEq. Oz in 2016
110
130
165 161 161
59
99
110
130
165
220
260
2012E 2013E 2014E 2015E 2016E
Primero Cerro Del Gallo58%
33%
TSX:P | NYSE:PPP
0.8 0.9
1.2
1.0 2.3
1.7
3.1
1.2
P+P M+I Inferred
Cerro Del Gallo Primero
12
New Primero Attributable Gold Equivalent Reserves and Resources1,2
1. Primero’s gold equivalent reserves and and resources are adjusted for the silver purchase agreement and only attributable silver ounces to Primero are included. 29% of all silver reserves and resources for San Dimas are considered attributable.
2. Based on 100% ownership of Cerro Del Gallo. Gold Equivalency based on long-term prices per ounce: Gold $1,350, Silver $23.25, Copper $7,447. 3. M+I Resources include Reserves.
+133%
+261%
(million gold equivalent ounces)
3
TSX:P | NYSE:PPP
(Thousand Gold Equivalent Ounces)
13
2015E Gold Equivalent Production1
1 . Based on available analyst estimates except Primero and Cerro Resources, which is based on Management estimates.
427
327
286
237 220
188
161 148 142
59
219
B2Gold Alamos AuRico Argonaut New Primero Lakeshore Primero Timmins Aurizon Cerro
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P/CF (2015E)1
1 . Based on available analyst estimates except Primero and Cerro Resources, which is based on Management estimates.
10.5x
8.6x
7.7x 7.3x
5.9x 5.8x
4.4x 4.2x
1.7x
1.1x
5.9x
AuRico Alamos Argonaut Aurizon Timmins B2Gold Primero New Primero Lakeshore Cerro
TSX:P | NYSE:PPP
(Million Gold Equivalent Ounces)
Gold Equivalent Reserves1
15
1 . Based on available analyst estimates except Primero and Cerro Resources, which is based on Management estimates.
5.12
3.92
3.17
2.38
1.73
1.33 1.22
0.98 0.83 0.75
2.12
AuRico B2Gold Aurizon Alamos New Primero Timmins Argonaut Cerro Lakeshore Primero
TSX:P | NYSE:PPP 16
Overview of Primero & Cerro Resources Assets
TSX:P | NYSE:PPP
Focus on Low Risk Regions in the Americas
17
Corporate Offices
Builds on Position of Regional Strength in Mexico
San Dimas Mine1,2,3
2012E Production: 110,000 AuEq.oz 2P Reserves: 770kAuEq.oz M&I Resources: 890kAuEq.oz Inferred Resources: 1,225kAuEq.oz
Ventanas Property
M&I Resources: 34kAuEq.oz Inferred Resources: 70kAuEq.oz
Cerro Del Gallo Project3
Est. Production Start: 2015E 2P Reserves: 980kAuEq.oz M&I Resources: 2,250kAuEq.oz
1. San Dimas’s gold equivalent reserves and resources are adjusted for the Silver Purchase agreement. 2. Gold Equivalency based on long-term prices per ounce: Gold $1,350, Silver $23.25, Copper $7,447. 3. Assumes 100% ownership of Cerro Del Gallo. M&I Resources include Reserves.
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San Dimas Mine, Durango
18
One of Mexico’s Most Significant Precious Metals Deposits
1. San Dimas’ gold equivalent reserves and resources are adjusted for the Silver Purchase agreement. Reserve and Resource gold equivalency based on long-term prices per ounce of Gold $1,350, Silver $23.25, Copper $7,447.
2. “Gold equivalent ounces” include revenue from silver converted to a gold equivalent based on realized or consensus estimate pricing ($1,600 per ounce of gold and $9.41 per ounce of silver in full year 2012, consensus prices thereafter).
3. Cash cost is a non-GAAP measure. Refer to the third quarter 2012 MD&A for a reconciliation of cash costs.
TYPE Underground, Cut and Fill/CIL
P+P Reserves1 770kAuEq.oz
M+I Resources1 (inclusive of P+P) 890kAuEq.oz
Inferred Resources1 1,225kAuEq.oz
9 month 2012 Production2 84,829 AuEq.oz
9 month 2012 Cash Cost3 $624/AuEq.oz
2012E Production2 110,000-120,000 AuEq.oz
2012 Cash Cost3 $610-$640/AuEq.oz
Highlights
$133 million in cash at September 30, 2012
Estimated $120 million per year in after-tax operating cash flow over next five years
Expansion announced to increase from current capacity of 2,100TPD to 2,500TPD
Potential further expansion to 3,000TPD possible
Discovered two new high-grade veins in 2012
Positive tax ruling, ensuring the mine can pay income taxes on realized revenue
TSX:P | NYSE:PPP 19 TSX:P | NYSE:PPP
San Dimas Reserves and Resources At June 30, 2012
Classification (MINERAL RESOURCES
INCLUDE MINERAL RESERVES)
Tonnage (million tonnes)
Gold Grade (g/t) Silver Grade (g/ t)
Contained Gold (000 ounces)
Contained Silver (000 ounces)
Mineral Reserves
Probable 3.785 4.8 290 584 34,700
Mineral Resources
Indicated 3.193 6.6 400 678 40,630
Inferred 6.865 4.0 300 866 67,500
Notes to Reserve Statement: 1. Cutoff grade of 2.52g/t gold equivalent (“AuEq”) based on total operating cost of US$98.5/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. 2. Processing recovery factors for gold and silver of 97% and 94% assumed. 3. Exchange rate assumed is 13 pesos/US$1.00. 4. The Mineral Reserve estimates were prepared by Mr. Herbert A. Smith P.Eng. of AMC Mining Consultants (Canada) Ltd. and a QP for the purposes of National
Instrument 43-101 (“NI 43-101”). Notes to Resource Statement: 1. Mineral Resources are total and include those resources converted to Mineral Reserves. 2. A 2g/t AuEq cutoff grade is applied and the AuEq is calculated at a gold price of US$1,400 per troy ounce and a silver price of US$25 per troy ounce. 3. A constant bulk density of 2.7 tonnes/m3 has been used. 4. The Mineral Resource estimates were prepared by Mr. Rodney Webster MAusIMM, MAIG and Mr. J. Morton Shannon P.Geo., both of AMC Mining Consultants
(Canada) Ltd. and a QP for the purposes of NI 43-101.
Additional exploration potential estimated at 6-10 million tonnes at grade ranges of 3-5 grams per tonne of gold and 200-400 grams per tonne of silver.
It should be noted that these targets are conceptual in nature. There has been insufficient exploration to define an associated Mineral Resource and it is uncertain if further exploration will result in the target being delineated as a Mineral Resource.
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Cerro Del Gallo Project, Guanajuato
20
1. Cerro Resources Phase I Definitive Feasibility Study as of May 2012 and Phase II Preliminary Economic Assessment as of May 2011. 2. Gold equivalent ounces estimated by Cerro Resources include revenue from silver and copper converted to a gold equivalent based three year historic prices of
Gold $1,341/oz, Silver $25.58/oz and Copper $7,582/tonne. 3. Cash cost is a non-GAAP measure as estimated by Cerro Resources and include costs for mining, processing, metal transport and refining and administration but
do not include capital costs or royalties (4%).
Overview
Open pit, heap leach gold-silver-copper project
Large resource base relative to reserves
Excellent local infrastructure in a region known to actively support mining
Two phased development plan with estimated 1.3 million ounces recovered over 15 year mine life1
Phase I heap leach facility with SART metallurgical processing to recover silver and copper
Commercial Production of Phase I expected in 2015
Future Phase II incorporates Carbon In Leach (CIL) and presents optimization opportunity
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Cerro Del Gallo
Cerro Resources Technical Details
21
1. 9 million tonnes of ‘fresh’ material expected to be mined during Phase I for processing in Phase II. The material has been treated as ‘waste’ material for purposes of calculating the Phase I LOM strip ratio.
2. Cash cost is a non-GAAP measure as estimated by Cerro Resources and include costs for mining, processing, metal transport and refining and administration but do not include capital costs or royalties (4%).
3. Gold equivalent ounces estimated by Cerro Resources include revenue from silver and copper converted to a gold equivalent based three year historic prices as of Definitive Feasibility Study of June 2012, of Gold $1,341/oz, Silver $25.58/oz and Copper $7,582/tonne.
4. Based from $154 million capital estimate from DFS, June 2012, the balance $83 million from the PEA, May 2011. 5. Gold equivalent ounces estimated by Cerro Resources include revenue from silver and copper converted to a gold equivalent based on two year historic prices as of
Preliminary Economic Assessment of April 2011, of Gold $1,571/oz and Silver $19.81/oz.
Phase I Heap Leach (Source: Cerro Resources Definitive Feasibility Study June 2012)
Heap Leach Grades 0.69 g/t Au, 14.8g/t Ag, 0.08% Cu
Strip Ratio1 0.91
Capital Costs $154 million
Operating Costs2 $514/AuEq.oz
Phase I Life of Mine (LOM) 7.2 years
Phase I Average Annual Production3 94,600 AuEq.oz
Permitting To be completed in 2013
Phase I + II Heap Leach and CIL (Source: Cerro Resources Preliminary Economic Assessment May 2011)
CIL Gold Grades 0.67 g/t Au, 14.2g/t Ag, 0.09% Cu
Strip Ratio 0.74
Capital Costs4 $237 million
Operating Costs $549/AuEq.oz
Phase I + II Life of Mine (LOM) 14.2 years
Phase I + II Average Annual Production5 90,000 AuEq.oz
Primero to complete its own optimization studies
TSX:P | NYSE:PPP
Cerro Del Gallo Large Gold Domain Resource
22
1. As estimated by Cerro Resources using gold, silver and copper price of US$1,341/oz, US$25.58/oz and US$7,582/t (or $3.44/lb) respectively. See Golder Associates Technical Report, 2008.
Cerro Del Gallo hosts a 209 million tonne gold domain measured and indicated resource containing 3.2 million ounces of gold or 5.58 million ounces of gold equivalent1
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CERRO DEL GALLO RESERVES AND IN-PIT RESOURCES1
23
1. 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 Golder Associates Technical Report, 2008.
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 respectively.
Category M Tonnes Au Au Ag Ag Cu Cu Au Eq* AuEq
(g/t) (M ozs) (g/t) (M ozs) (%) (M lbs) (g/t) (M oz)
Proven & Probable 32.2 0.69 0.71 14.8 15.3 0.08 56.4 1.11 1.15
Category M Tonnes Au Au Ag Ag Cu Cu Au Eq* AuEq
(g/t) (M ozs) (g/t) (M ozs) (%) (M lbs) (g/t) (M oz)
Measured & Indicated 47.9 0.60 0.92 13.3 20.5 0.10 103.4 1.03 1.58
3. These reserves are reported using internal cut-off grades of 0.24 and 0.29 gAuEq/t for weathered and partially oxidized, respectively.
Total Resources Within the Gold Domain - 20082
Phase I Heap Leach In-pit Proven and Probable Reserves – DFS June 20123
Phase II In-pit Resources (excluding P+P Reserves) – PEA May 20114
Category M Tonnes Au Au Ag Ag Cu Cu Au Eq* AuEq
(g/t) (M ozs) (g/t) (M ozs) (%) (M lbs) (g/t) (M oz)
Measured & Indicated 209.0 0.48 3.22 11.0 70.3 0.08 396.9 0.83 5.58
Inferred 20.0 0.30 0.19 7.0 4.5 0.09 39.7 0.59 0.38
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Cerro Del Gallo Development Plan
24
2013 2014 2015
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Detailed Engineering
Geotechnical
Permitting/Land Acquisition
Earth Works
Mill Tests
Acid Generation Tests
SART Optimization
Plant & Mill Construction
Production
Commissioning
Commercial Production
Phase II Feasibility Study
Esti
mat
ed T
ran
sact
ion
Clo
sin
g
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Cerro Del Gallo Exploration Upside Potential
Early stage regional prospecting previously returned1:
1.5m @ 590g/t Ag and 3.40g/t Au
4.6m @ 428g/t Ag and 3.52g/t Au
3.6m @ 359g/t Ag and 1.57g/t Au
4.6m @ 239g/t Ag and 1.91g/t Au
6.0m @ 243g/t Ag and 1.70g/t Au
3.1m @ 200g/t Ag and 1.05g/t Au
7.6m @ 168g/t Ag and 1.51g/t Au
25
Potential Exploration Targets
1. As reported by Cerro Resources.
TSX:P | NYSE:PPP
Transaction Summary
26
Creates a diversified, high growth, low cost producer in Mexico with further consolidation opportunities
Strengthens growth profile and cash flows with estimated production of 260,000 Au Eq. ounces by 2016
Combined attributable proven and probable reserves of approximately 1.7 million Au Eq. ounces and measured and indicated resources of 3.1 million Au Eq. ounces
Strong balance sheet with cash flows sufficient to fund development growth
Significant additional exploration upside
Solidifies and leverages Primero’s established presence in Mexico
Delivers on strategy of delivering value to shareholders through low risk exposure to precious metals in the Americas
Attractive acquisition metrics and accretive on key measures
Limited dilution of only 15% to Primero shareholders
Focused on Production Focused on Growth
TSX:P NYSE:PPP
Tamara Brown Vice President, Investor Relations T 416 814 3168 [email protected]
Trading Symbols Common Shares TSX:P, NYSE:PPP Warrants TSX:P.WT
PRIMERO MINING CORP. 20 Queen Street West, Suite 2301 Toronto, ON M5H 3R3 T 416 814 3160 F 416 814 3170 TF 877 619 3160 www.primeromining.com
TSX:P | NYSE:PPP 28
Appendices
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Executive Management
Joseph F. Conway | President & C.E.O. 1
Former CEO, President and Director of IAMGOLD from 2003 to 2010
Former President, CEO and Director of Repadre Capital from 1995 to 2003
Renaud Adams | C.O.O.
Former SVP, American Operations for IAMGOLD
Former General Manager of Rosebel Gold Mine 2007 to 2010
Former General Manager El Toqui Mine in Chile and then the El Mochito Mine in Honduras
David Blaiklock | C.F.O.
Former Controller IntraWest
Previously controller for a number of public and private companies in real estate development
David Sandison | VP Corporate Development
Former Director, Corporate Development Xstrata Zinc Canada
Former Director Business Development, Noranda/Falconbridge
Former EVP Noranda, Chile
Board Committees: 1.Health, Safety and Environment
Tamara Brown | VP Investor Relations
Former Director Investor Relations for IAMGOLD
Former Partner of a Toronto based, boutique investment bank; Professional engineer in mining industry
29
H. Maura Lendon | VP, Chief General Counsel and Corporate Secretary
Former Senior Vice President, Chief Legal Officer and Corporate Secretary of HudBay Minerals Inc.
Former Chief Counsel Canada, Chief Privacy Officer - Canada of AT&T
TSX:P | NYSE:PPP
Board of Directors
Board Committees: 1.Health, Safety and Environment 2. Human Resources and Compensation 3. Governance and Nominating 4. Lead Director 5. Audit
Wade Nesmith | Chairman
Founder of Primero
Founding and current director of Silver Wheaton, Chairman of Selwyn Resources
Joseph Conway | Director1
see Executive Management
David Demers | Director2,3,4,5
Founder, CEO and Director Westport Innovations
Director of Cummins Westport and Juniper Engines
Grant Edey | Director 3,5
Former Director of Breakwater Resources, former director of Queenstake Resources, Santa Cruz Gold
Former CFO, IAMGOLD
Rohan Hazelton | Director 1,5
VP, Strategy, Goldcorp
Formerly with Wheaton River and Deloitte & Touche LLP
Timo Jauristo | Director 2
EVP, Corporate Development, Goldcorp
Former CEO of Zincore Metals Inc. and Southwestern Resources Corp.
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
Robert Quartermain | Director 2,3
Founder and President & CEO, Pretivm Resources
Former President, Silver Standard
Director of Vista Gold Corp. and Canplats Resources
Michael Riley | Director 5
Chartered accountant with more than 26 years of accounting experience
Chair of Primero Audit Committee, Chair of Audit Committee of B.C. Lottery Corporation and member of the Audit Committee of Canalaska Uranium Ltd.
30
TSX:P | NYSE:PPP
Analyst Coverage
31
Firm Analyst
BMO Capital Markets David Haughton
Canaccord Genuity Steven Butler
Cantor Fitzgerald Rob Chang
Cormark Securities Richard Gray
GMP Securities Craig West
Mackie Research Barry Allen
Macquarie Michael Gray
RBC Capital Markets Dan Rollins
TD Newcrest Steven Green
Average Rating (at December 18, 2012)
Average Target Price (at December 18, 2012) C$9.68
TSX:P | NYSE:PPP
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
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Focused on Production Focused on Growth
TSX:P NYSE:PPP
Tamara Brown Vice President, Investor Relations T 416 814 3168 [email protected]
Trading Symbols Common Shares TSX:P, NYSE:PPP Warrants TSX:P.WT
PRIMERO MINING CORP. 20 Queen Street West, Suite 2301 Toronto, ON M5H 3R3 T 416 814 3160 F 416 814 3170 TF 877 619 3160 www.primeromining.com