Black fox site visit june 5

CIBC Black Fox Site VisitJune 5th, 2014

TSX:P I NYSE:PPP I 2

This presentation may contain “forward-looking” statements within the meaning of Canadian securities legislation and the United StatesPrivate Securities Litigation Reform Act of 1995. Forward-looking statements relate to future events or the anticipated performance of theCompany 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 orcomparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and otherfactors which may cause the actual performance of the Company to be materially different from any anticipated performance expressed orimplied by the forward-looking statements. Such factors include various risks related to the Company’s operations, including, withoutlimitation, fluctuations in spot and forward markets for gold, silver and other metals, fluctuations in currency markets, changes in nationaland local governments in Mexico and the speculative nature of mineral exploration and development, risks associated with obtainingnecessary exploitation and environmental licenses and permits, and the presence of laws that may impose restrictions on mining. Acomplete list of risk factors are described in the Company’s annual information form and will be detailed from time to time in theCompany’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 readersthat although these terms are recognized and required by Canadian regulations (under National Instrument 43-101 Standards ofDisclosure for Mineral Projects (“NI 43-101”), the United States Securities and Exchange Commission does not recognize them. Readersare cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted in to reserves. Inaddition, “inferred resources” have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot beassumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates ofinferred mineral resources may not form the basis of feasibility or pre-feasibility studies, or economic studies, except for a PreliminaryAssessment as defined under NI43-101. Investors are cautioned not to assume that part or all of an inferred resource exists, or iseconomically or legally mineable.

Although the Company has attempted to identify important factors that could cause actual performance to differ materially from thatdescribed in forward-looking statements, there may be other factors that cause its performance not to be as anticipated. The Companyneither intends nor assumes any obligation to update these forward-looking statements or information to reflect changes in assumptionsor circumstances other than required by applicable law. There can be no assurance that forward-looking statements will prove to beaccurate, as actual results and future events could differ materially from those currently anticipated. Accordingly, readers should notplace undue reliance on forward-looking statements.

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

Cautionary Statement


Safety

Underground, Surface and Mill OperationsRequired PPE:

o Hard hato Safety vesto Steel-toe boots/shoeso Gloveso Hearing protection

o Stay with the group at all times

o Report any unsafe conditions

o Buckle up safety belt

o Use PPE where/when required

o Follow instructions of your guide in an emergency


Agenda

Black Fox Mine(AT DECEMBER 31, 2013, MINERAL RESOURCES INCLUDE MINERAL RESERVES)

Au Reserves (Moz) 0.66

Au M&I Resources (Moz) 0.82

Inferred Resources (Moz) 0.04

o Meet & Greet with Senior Staff

o Underground & Open Pit tour

o Lunch and Exploration Presentation

o Core Shack

o Mill Tour

Grey Fox(AT JULY 2, 2013)

Au Indicated Resources (Moz) 0.51

Au Inferred Resources (Moz) 0.23


Marc Bilodeau, V.P. Operations

Mike Mayhew, Mine Manager

Jim Montague, Mill Manager

Steve Gray, Chief Production Geologist

Even Stavre, Chief Mine Exploration Geologist

John Dixon, Exploration Manager – Northern Ontario

Kaz Urbanski, Underground Superintendent

Graham Reid, Health & Safety Supervisor

Steve Poliquin, Surface General Field Manager

Bill Hosken, Mine Planner

Black Fox Senior Management Team

368

56

Employees Contractors

2014 Black Fox Head Count424


Focused on Corporate Responsibility

Focused on Responsible Mining

HEALTH AND SAFETYo We understand that our most important

assets are our people and their safety is our number one priority

o Black Fox has an impressive 368 days with no lost time accidents

ENVIRONMENTo We utilize sustainable green technologies

where possible

COMMUNITYo We treat our local communities as our

partnerso We focus on understanding our local

communities goals and providing local opportunities


Impact Benefits Agreement (IBA) in place since June 2011

The Black Fox mine has a long relationship with Wahgoshig and the current IBA provides them with the opportunity to optimize its direct and indirect business participation in the project by promoting and encouraging the use of WahgoshigBusinesses to supply goods and services for the project.

Both parties agree to work together to maximize the opportunities for WahgoshigBusinesses in the project and to promote and assist in the development of business skills.

BLACK FOX

Working together with Wahgoshig First Nations

Lunch today was provided by Wahgoshig First Nations


Location Timmins, OntarioOwnership 100% (8% gold stream at $504/oz1)

Metals GoldMining Open pit & undergroundCapacity 2,200 TPDMine Life Open Pit: ~3 years, U/G: ~7 years

Mineral Resources and Mineral Reserves(DECEMBER 31, 2013, MINERAL RESOURCES INCLUDE MINERAL RESERVES)

CLASSIFICATION TONNAGE( TONNES)

GOLD GRADE (G/T)

CONT. GOLD( OUNCES)

Mineral Reserves

Proven & Probable 4,469,000 4.6 660,800

Mineral Resources (includes Mineral Reserves)

Measured & Indicated 4,942,149 5.2 822,542

Inferred 270,998 5.1 44,172

BLACK FOX

Another Opportunity to Unlock Value

Black Fox Gold Pour

Black Fox MillNote: Refer to Slide 26 for details.


BLACK FOX

Prospective, Mining Friendly Jurisdiction

Destor-Porcupine Fault has produced around 200Moz gold


BLACK FOX

Large ~2,000 Hectare Property

40 land parcels and 22 patented mining leases

BLACK FOX MINE


BLACK FOX

Property Layout

Established Infrastructure


MINERESERVE/RESOURCEDEPTH (m)

SHAFT/RAMP DEPTH

(m)

RESERVE GRADE (g/t

Au)

RESOURCEGRADE (g/t

Au)

Holloway Mine 900 864 4.5 4.3

Doyon 1,040 1,040 n.a. 4.4

Holt Mine 1,200 1,075 4.7 4.3

Timmins West 1,200 1,200 5.2 5.5

Hoyle Pond 1,290 2,200 17.1 12.9

McIntyre 1,300 1,300 8.9 8.9

Lapa 1,600 1,400 5.9 5.2

Dome 1,665 1,665 4.4 4.3

Kirkland Lake 1,750 1,750 14.0 15.0

Hollinger 1,800 1,800 9.1 9.1

Westwood 2,650 2,650 9.9 11.1

LaRonde 3,200 2,860 5.0 4.6

Average 1,633 1,651 8.1 7.5

Black Fox 510 390 4.6 5.3

BLACK FOX

Open for Expansion at Depth

Black Fox Open-Pit

Note: Based on public data


BLACK FOX

Open for Expansion Laterally & at Depth

1. See News Release dated October 31, 2013 2. See News Release dated October 16, 2013


BLACK FOX

Short Term Focus

Increase underground throughput

o Total 2014 budget of $48 million for 10 months

o Increase underground throughput:

Increase delineation and definition drilling

Increase short term development drifting by 150%

Increase active long-hole stopes to 3 (from 1 currently)

Add new underground equipment to improve productivity

o Open exploration drift at 520 level

Provides improved drilling access to 2013 high-grade intercepts

o Increase open-pit grade:

Pre-stripping of third phase is now complete and grades expected to increase as benches get deeper

-

500

1,000

1,500

2,000

2,500

Q1 2014 Q4 2014E

Black Fox Throughput Target(TPD)

Open Pit

Open Pit

U/G

U/G


BLACK FOX

2014 Planned Mining Areas


BLACK FOX

2014 Exploration Program


BLACK FOX

2014 Planned Development

2014 short-term capitalized drifting of 2,200m

Grey Fox Exploration


CERRO DEL GALLO INCREASES PRIMERO’SPRODUCTION BY 60%12Location 4 km from Black Fox - Timmins, ON

Ownership 100% (No gold stream)

Metals Gold

Mining Open pit potential & Underground

Exploration 5 rigs on site

Permitting Currently underway

Mineral Resources and Mineral Reserves(July 3, 2013)

CLASSIFICATION TONNES(M)

CAPPED Au (g/t)

CONTAINEDAu (oz)

Indicated Resources 4.3 3.7 507,400

Total Inferred Resources 1.5 4.7 228,600

GREY FOX

Promising Exploration Project

Grey Fox Aerial

Grey Fox CoreNote: Refer to Slide 27 for details.


o Since acquiring the Black Fox Complex Primero has drilled 34 holes or 9,469 metres

o Raised Cdn$9 million in a flow-through financing for Grey Fox and Pike River drilling

GREY FOX

High Grade Gold Drilling Results

Note: Refer to News Release dated May 8, 2014 “Primero Reports High Grade Gold Drilling Results at Grey Fox”

Hole Zone From (m)

To (m)

Core Width

(m)

Gold Grade

g/t

Metal Factorgrams X core

width

GF14-831 147 Zone 127.7 163.0 35.3 5.6 199.4GF14-834 147 Zone 149.0 180.0 31.0 3.6 110.4GF14-838 147 Zone 142.0 173.0 31.0 6.2 190.6

GF14-826 Grey Fox South 35.0 51.0 16.0 3.1 49.8

GF14-835 Grey Fox South 69.0 79.0 10.0 7.0 70.1


Known Deposits

• Grey Fox 147, Contact and GFS Zones• Drilling : 61,000m = $8.0M CDN

o Expansion 37,000mo Delineation 22,000mo 2,000m Planned Condemnation Drilling Under Proposed Waste Water Pond

• Black Fox Mill (Stock Mine) • Drilling : 7,700m = $1.0M CDN

o 13 Holes test down plunge of known mined out ore-shootso 5 Grassroots Exploration Drill Holes to test E3 IP and Mag Geophysical Target

Grassroots New Deposit Discovery Drilling

• Pike River Property (Between Grey Fox and Black Fox Mine)

• 22 Drill Holes : 7,700m $1.0M CDN

• Grand Total $10.0M CDN

GREY FOX

2014 Flow-Through Regional Exploration Program


CERRO DEL GALLO INCREASES PRIMERO’SPRODUCTION BY 60%12

GREY FOX

Contact, 147 and Grey Fox South Zone

GFZ147

GFS

CZ

Grey Fox Gold DepositsRed: Indicated ResourceGreen: Inferred Resource

Black FoxMine

Pike River Grassroots Exploration

Mine Site Exploration

Grey FoxResource Expansion

and Definition


BLACK FOX

Black Fox Mill

Capacity of 2,200 TPD


BLACK FOX

Black Fox Mill

Capacity of 2,200 TPD

Appendices


Notes:1. The average gold grade for Proven and Probable Reserves is adjusted for dilution while Measured and Indicated Resources is not. Contained metal in estimated reserves remains subject to

metallurgical recovery losses.2. Black Fox reserves and resources are based on US$1,150/oz Au for 88% of production and US$500/oz Au for gold sold through the gold stream agreement from the NI 43-101 Technical

Report prepared by Tetra Tech dated January 2011. The Black Fox open pit reserves and resources are reported at a 0.88 gpt cutoff and the underground reserves and resources are reportedat a 2.54 gpt cutoff. Estimated Black Fox reserves and resources are shown as at December 31, 2012, net of mining depletion from the October 31, 2010 independent Technical Report.

3. A gold price of US$1,250/oz and an exchange rate of US$1.00=C$1.00 was utilized in the gold cut-off grade calculations of 2.63 gpt for potential underground at the Contact Zone and 0.65gpt for potential open-pit 147 Zone mineral resources. Underground and open-pit mining costs, process costs and G&A costs were estimated using experience gained from Brigus' Black Foxmine. Process recovery was assumed at 95%.

4. Disclosure of "contained ounces" is permitted under Canadian Regulations; however, the SEC permits resources to be reported only as in place tonnage and grade.5. Paul Daigle, P.Geo of Tetra Tech is the Qualified Person who updated the Black Fox Mine Mineral Resource estimates in the Black Fox Technical Report and Dan Sweeney, P.Eng., of Tetra

Tech is the Qualified Person who reviewed the Black Fox Mineral Reserves estimates in the Black Fox Technical Report.

BLACK FOX

Mineral Resources and Mineral Reserves(DECEMBER 31, 2013, MINERAL RESOURCES INCLUDE MINERAL RESERVES)

CLASSIFICATION TONNAGE( TONNES)

GOLD GRADE (G/T)

CONT. GOLD( OUNCES)

Proven & Probable ReservesOpen Pit 1,457,000 3.9 182,000

Underground 2,305,000 6.1 452,900Stockpile 707,449 1.1 25,900

Total 4,469,000 4.6 660,800

Measured & Indicated Resources, Including ReservesOpen Pit 1,838,500 4.3 252,383

Underground 2,396,200 7.1 544,259Stockpile 707,449 1.1 25,900

Total 4,942,149 5.2 822,542Inferred Resources

Open Pit 105,180 4.0 13,672Underground 165,808 5.7 30,500

Total 270,988 5.1 44,172


CLASSIFICATION CUT-OFF GRADE(g/t Au) POTENTIAL MATERIAL

TONNES(MILLIONTONNES)

CAPPED Au (g/t) CONTAINED GOLD(000 OUNCES)

Indicated Resources>2.84 Underground 1.3 6.2 255,000>0.72 Open Pit 3.0 2.6 252,400

Total Indicated Resources 4.3 3.7 507,400Inferred Resources

>2.84 Underground 1.0 5.6 184,800

>0.72 Open Pit 0.5 2.8 43,800

Total Inferred Resources 1.5 4.7 228,600

Notes:1. The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred resources as an Indicated or Measured mineral resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource category. 2. These Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. 3. While the results are presented undiluted and in situ, the reported mineral resources are considered to have reasonable prospects for economic extraction.

4. CIM definitions and guidelines were followed for Mineral Resources.5. A gold price of US$1,400/oz and an exchange rate of US$1.00=C$1.01 was utilized in the gold cut-off grade calculations of 2.84 g/t for potential underground and 0.72 g/t for potential open-pit Mineral Resources. Underground and open-pit mining costs, process costs and G&A costs were estimated using experience gained from Brigus’ Black Fox mine.

6. The Indicated category is defined by combining various statistical criteria, such as a minimum of three drill holes within the search area, a maximum distance of 15m to the closest composite, and a maximum average distance of 25m to composites. Finally, a clipping boundary was interpreted to either upgrade or downgrade some of the resource based on confidence and geological continuity. 7. The Independent and Qualified Persons for the Grey Foc Mineral Resource Estimate, as defined by NI 43-101, are Pierre-Luc Richard, MSc, PGeo and Carl Pelletier, BSc, PGeo. of InnovExplo Inc.

GREY FOX

Mineral ResourcesJULY 3, 2013


* Includes Cerro del Gallo. See final slide for footnotes.

Strong Outlook for 2014

Up to 70% increase in production over 2013

Black Fox San Dimas Outlook 2014

Gold equivalent production4

(gold equivalent ounces)70,000-80,000 155,000-165,000 225,000-245,000

Gold production (ounces)

70,000-80,000 115,000-125,000 185,000-205,000

Silver production5

(million ounces)- 6.25-6.50 6.25-6.50

All-in Sustaining Costs6

($ per gold ounce)$1,300-$1,400 $725-$825 $1,100-$1,200

Cash cost6

($ per gold equivalent ounce) $850-$900 $575-$600 $650-$700

Capital Expenditures($ millions)

$31.2 $38.3 $80.0*

Exploration($ millions)

$16.8 $15.7 $35.0*


Black Fox Gold Stream Agreement

On November 9, 2010, the previous owner of the Black Foxmine announced that it had entered into a gold streamagreement with Sandstorm Resources Ltd. pursuant to whichSandstorm agreed to purchase 12% of the gold production fromthe Black Fox mine beginning in January 2011 and 10% of futureproduction from the Black Fox extension covering a portion ofthe adjoining Pike River property. Sandstorm made an upfrontpayment of $56.3 million and will also pay ongoing per ouncepayments of $500 subject to an inflationary adjustmentbeginning in 2013, not to exceed 2% per annum.

On November 5, 2012, the previous owner of the Black Foxmine elected to exercise the option and repurchased 4% of theGoldstream for $24.4 million. This reduced Sandstorm's portionof future production at Black Fox to 8% and the Black FoxExtension to 6.3%.


Joseph F. Conway | C.E.O. 1

o Former CEO, President and Director of IAMGOLD from 2003 to 2010

o Former President, CEO and Director of Repadre Capital from 1995 to 2003

Renaud Adams | President & C.O.O.

o Former SVP, American Operations for IAMGOLDo Former General Manager of Rosebel Gold Mine

2007 to 2010o Former General Manager El Toqui Mine in Chile

and then the El Mochito Mine in Honduras

David Blaiklock | C.F.O.

o Former controller IntraWest o Previously controller for a number of public and

private companies in real estate development

David Sandison | VP, Corporate Development

o Former VP, Corporate Development of Clarity Capital ; Director, Corporate Development Xstrata Zinc Canada ; Director Business Development, Noranda/Falconbridge; Former EVP, Noranda Chile

Tamara Brown | VP, Investor Relations

o Former Director Investor Relations for IAMGOLDo Former partner of a Toronto based, boutique

investment bank and professional engineer in mining industry

H. Maura Lendon | VP, Chief General Counsel and Corporate Secretary

o Former Senior Vice President, Chief Legal Officer and Corporate Secretary of HudBay Minerals Inc.; Chief Counsel Canada, Chief Privacy Officer -Canada of AT&T

Executive Management

Louis Toner | VP, Project Development & Construction

o Over 30 Years of Engineering and Construction experience, formerly held Senior Project Management roles with BBA Inc. and Lafarge Canada Inc.

James Mallory | VP, Corporate Responsibility

o Over 35 Years of mining experience o Former VP, Vice-President, Operations & Social

Responsibility at South American Silvero 13 Years of experience in Latin America

Gabriel Voicu | VP, Geology and Exploration

o 25 Years of mining experience, formerly held senior technical and exploration positions with Cambior and IAMGOLD


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

Wade Nesmith | Chairman

o Founder of Primeroo Founding and current director

of Silver Wheaton

Joseph Conway | Directorsee Executive Management

Grant Edey | Director 3,5

o President & CEO, Khan Resources Inc.

o Former Director of Breakwater Resources, former director of Queenstake Resources, Santa Cruz Gold

o Former CFO, IAMGOLD

Rohan Hazelton | Director 1,5

o VP, Strategy, Goldcorpo Formerly with Wheaton River

and Deloitte & Touche LLP

Eduardo Luna | Director 1

o Former EVP & President, Mexico. Former Chairmanand 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

o Founder and President & CEO, Pretivm Resources

o Former President, Silver Standardo Director of Vista Gold Corp.

and Canplats Resources

Michael Riley | Director 2,5

o Chartered accountant with more than 26 years of accounting experience

o Chair of Primero Audit Committee, Chair of Audit Committee of B.C. Lottery

Brad Marchant| Director 1

o Co-founder of Triton Mining Corporation

o Founder of BioteQ Environmental Technologies Inc.

Board of Directors

David Demers | Director2,3,4,5

o Founder, CEO and Director Westport Innovations

o Director of Cummins Westport and Juniper Engines



This presentation has been prepared in accordance with the requirements of Canadian provincial securities laws which differ from the requirements ofU.S. securities laws. Unless otherwise indicated, all mineral reserve and resource estimates included in this presentation have been prepared inaccordance 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 forall public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ significantly from therequirements of the United States Securities and Exchange Commission (the “SEC”), and reserve and resource estimates disclosed in this presentationmay 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 regulatoryauthorities. For United States reporting purposes, SEC Industry Guide 7 under the United States Securities Exchange Act of 1934, as amended, asinterpreted by Staff of the SEC, applies different standards in order to classify mineralization as a reserve. As a result, the definition of “probablereserves” 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 thereserve determination is made. Among other things, all necessary permits would be required to be in hand or issuance imminent in order to classifymineralized 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. TheCompany 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 mineralreserves. Further, “inferred resources” have a great amount of uncertainty as to their existence and as to whether they can be mined legally oreconomically. Therefore, United States investors are also cautioned not to assume that all or any part of the “inferred resources” exist. In accordancewith Canadian securities laws, estimates of “inferred resources” cannot form the basis of feasibility or other economic studies. It cannot be assumed thatall or any part of “indicated resources” or “inferred resources” will ever be upgraded to a higher category or are economically or legally mineable. Inaddition, disclosure of “contained ounces” is permitted disclosure under Canadian securities laws; however, the SEC only permits issuers to reportmineralization 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 explorationprovided that the disclosure (i) states with equal prominence that the potential quantity and grade is conceptual in nature, that there has beeninsufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineralresources, and (ii) states the basis on which the disclosed potential quantity and grade has been determined. Disclosure regarding exploration potentialhas been included in this presentation. United States investors are cautioned that disclosure of such exploration potential is conceptual in nature bydefinition 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. Black Fox was subject to a gold purchase agreement which continues and was assumed by the Company upon its acquisition of the mine. According to the gold purchase agreement, Sandstorm is entitled to 8% of production at the Black Fox mine and 6.3% at the Black Fox Extension.

2. Primero management estimates for Black Fox production, based on 2,300 – 2,300 tpd operation including underground throughput increasing to 1,000 tpd by end of Q4 2014.

3. Based on 365 days per year.4. “Gold equivalent ounces” include revenue from silver converted to a gold equivalent based on estimated average realized commodity prices in 2014 of

$1,200 per ounce of gold and $7.96 per ounce of silver ounce (calculated using the silver purchase agreement contract price of $4.16 per ounce and assuming excess silver beyond contract requirements is sold at an average silver price of $21 per ounce).

5. 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.

6. Cash costs and All-in Sustaining Costs are non-GAAP measures. Refer to the Company’s first quarter 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 does not include corporate G&A.

7. Assumes San Dimas operates at least at 2,500 tpd from Q1 2014; that Cerro Del Gallo begins production at the end of 2015, with full year production estimated at 95,000AuEq. oz in 2016 and Primero management estimates for Black Fox production, based on 2,200-2,300 tpd operation including underground throughput increasing to 1,000 TPD by end of Q4 2014.

Footnotes

Tamara BrownVice President, Investor RelationsT 416 814 [email protected]

Trading SymbolsCommon Shares TSX:P, NYSE:PPPWarrants TSX:P.WT

PRIMERO MINING CORP.20 Queen Street West, Suite 2301Toronto, ON M5H 3R3T 416 814 3160 F 416 814 3170TF 877 619 3160www.primeromining.com

mailto:[email protected]

http://www.primeromining.com/