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$.

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Exchanges TSX:P

NYSE:PPP

BALANCE SHEET at Sept 30, 2011

Cash Promissory note1 Convertible note2

$107 million

$50 million

$60 million*

OWNERSHIP

Goldcorp Management & insiders Institutional & float

36% ~3%

~61%

CAPITAL STRUCTURE

Shares outstanding Fully Diluted Market Cap. At Nov. 1, 2011

88 million

117 million $250 million

1. Goldcorp: 5 year, 6% note repaid $5M/yr with balloon payment at end of 2015. 2. Goldcorp: 1 year, 3% note maturing August 6, 2012, convertible at any time at CDN$6 or on maturity at the greater of CDN$3.74 or 90% of

the 5 day VWAP before the maturity date. 3. Estimated 5 year average after-tax cash flow based on long term gold price of $1,200 and silver $24, see Jan 17, 2011 Press Release.

$107 million

$90 million3

$5 million

repayment per year

Solid Cash Balance

Strong Operating Cash Flow

Conservative Level Of Debt

*$30 million paid on October 19, 2011

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(US$ thousands, except per share amounts) Q3 2011 Q3 20101

Revenues 46,079 18,853

Earnings from Mine Operations 22,170 895

Net income (loss) 35,066 (35,630)

EPS ($ per share) 0.40 (0.68)

Adjusted net income (loss) 5,716 (12,210)

Adjusted EPS ($ per share) 0.06 (0.23)

Operating cash flows before changes in working capital

50,549 (27)

CFPS ($ per share) 0.57 -

$(0.20)

$(0.10)

$-

$0.10

Q4 2010 Q1 2011 Q2 2011 Q3 2011

Increasing Earnings Adjusted EPS ($ per share)

$(0.10)

$0.10

$0.30

$0.50

Q4 2010 Q1 2011 Q2 2011 Q3 2011

Increasing Cash Flow Op CF before changes in working capital ($ per share)

1. Primero acquired the San Dimas mine on August 6, 2010, operating it for 55 out of 92 days in Q3 2010.

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Q3 2011 Q3 2010

Mill Throughput (tonnes per day)

2,033 1,590

Gold equivalent production (gold equivalent ounces)

27,450 21,790

Gold production (ounces)

19,500 18,420

Silver production (million ounces)

1.10 1.01

Gold grade (grams per tonne)

3.35 4.03

Silver grade (grams per tonne)

195 227

Cash cost2

($ per gold equivalent ounce)

$641 $653

Cash cost2 – by-product

($ per gold ounce) $222 $552

1. Mining continued throughout a mill worker strike that caused 30 days of lost production, the mill was operated for only 61 days following the strike in Q2 2011. 2 .Cash cost is a non-GAAP measure. Refer to the second quarter 2011 MD&A for a reconciliation of cash costs to operating expenses.

$500

$600

Q3 2010 Q3 2011

Reducing Costs($ per AuEq ounce)

-

500

1,000

1,500

2,000

2,500

Q3 2010 Q3 2011

Increasing Throughput(tonnes per day)

28%

$12

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0.86 0.77

1.37

1.06 0.25

0.26

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

Q3 2011Q2 2011Q1 2011Q4 2010

Silver Sales (million ounces)

Silver sold at spot (million ounces)

Silver sold under contract (million ounces)

Sold 511,750 ounces of silver at spot in 2011 Reducing tax impact:

– Silver call options used to limit tax impact, purchased call options at $49/oz to cover 30% of expected sales under purchase agreement (to cover tax liability)

– Advance tax ruling commenced, seeking tax be based on realized revenue – Increase production and diversify asset base

APA filing is a “trigger event” and will be reflected in Q4 2011 financial statements

No provision to be recognized in balance sheet as it is based on three “should-level” opinions

A contingent liability will be disclosed in the financial statements (including $ value)

Sufficient cash to be retained in case of an unfavourable outcome

Ruling expected in 12-14 months

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Income Statement (US$ thousands)

YTD 30 Sept, 2011

Adjustments YTD (with APA)

30 Sept, 2011

Revenues 120,897 120,897

Earnings from Mine Operations 51,805 51,805

Foreign exchange gain 4,634 (599) 4,035

Income taxes current (22,476) 17,698 (4,778)

Income taxes deferred (2,264) (2,264)

Income taxes total (24,740) 17,698 (7,042)

Net Income for the period 31,069 17,099 48,168

Income Statement Changes:

Foreign Exchange Income

Income Taxes

Net Income

Balance Sheet Changes:

Accounts Receivable

Accounts Payable

Deficit

Cash Flow Statement:

Same except for Net Income difference as indicated in Income Statement

Balance Sheet (US$ thousands)

YTD 30 Sept, 2011

Adjustments YTD (with APA)

30 Sept, 2011

Cash and cash equivalents 107,227 107,227

Trade and other receivables 7,245 18,482 25,727

Total current assets 128,419 18,482 146,901

Trade and other payables 30,569 (6,174) 24,395

Total current liabilities 35,569 (6,174) 29,395

Total liabilities 153,760 (6,174) 147,586

Deficit (4,164) 24,656 20,492

Total equity 465,656 24,656 490,312

Total liabilities and equity 619,416 18,482 637,898

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INCREASE MINE DEVELOPMENT

Key to production growth

CONSISTENTLY OPERATE MILL AT DESIGN CAPACITY

Q3 2011:~2,033 tpd, Design: 2,100 tpd

EXPAND MILL TO 2,500 TPD BY 2013

Tertiary ball mill onsite, Leach capacity: 2,500 tpd

POTENTIAL EXPANSION BEYOND 2,500 tpd

Targeting review based on 2011 exploration and

development results

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At November 4, 2011 2011E Outlook1

Gold equivalent production (gold equivalent ounces)

100,000 - 110,000

Gold production (ounces)

80,000 - 85,000

Silver sales at spot (ounces)

500,000 – 525,000

Silver production (million ounces)

4.5 – 5.0

Cash cost2 – gold

equivalent ($ per gold equivalent ounce)

$610 - $630

Cash cost2 – by-product

($ per gold ounce) $340 - $360

Exploration drilling increasing:

37,000 metres diamond drilling completed

Increase in planned delineation drilling

Development Drifting on-track

Guidance revised due to:

Month long strike impacted production

Lower grades than expected

1. 2011 forecast assumes an average gold price of $1,575 per ounce; spot silver $40 per ounce, contract silver at $4.04 per ounce.

2. Cash cost is a non-GAAP measure.

Favorable Horizon

Mineralization – Ore Bodies Extension of the Favorable Horizon

Potential

SW NE

0 1 2

K I L O M E T E R S

West Block

San Antonio Mined 1987-2002

Central Block Mined 2002-Current

Tayoltita Block Mined 1975-2002

Arana Hanging Wall

3,000 m.

2,000 m.

1,000 m.

3,000 m.

2,000 m.

1,000 m.

Sinaloa Graben 2011 EXPLORATION

PRIORITY

Source: San Dimas Geology Office

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4.7 g/t average grade

1.5 m average width

6.81 g/t average grade

3 – 81

m average width

1. Average Sinaloa Graben grade reported in 2010 Reserve and Resource Statement 2. Indicative of exploration results to date

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