1. BMO 2014 Global Metals & Mining Conference
February 24-26, 2014

2. Cautionary Statement
This presentation may contain “forward-looking” statements within the meaning of Canadian securities legislation and the United States
Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to future events or the anticipated performance of the
Company and reflect management’s expectations or beliefs regarding such future events and anticipated performance. In certain cases,
forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”,
”estimates”, ”forecasts”, ”intends”, ”anticipates” or “believes”, or variations of such words and phrases or statements that certain actions,
events or results “may”, ”could”, “would”, ”might”, or “will be taken”, “occur” or “be achieved”, or the negative of these words or
comparable terminology. By their very nature 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$.
TSX:P I NYSE:PPP I 2

3. Investment Opportunity
o
Mid-tier gold producer
o
Portfolio of long-life, high-grade assets
180%
1,2
GROWTH planned to
~400,000 AuEq.oz
by 2016 YE1,2
o
Located in safe mining jurisdictions
o
Strong cash flow and balance sheet
o
Track record of steady growth
$150M
Low cost structure
SIGNIFICANT Annual
Operating Cash Flow
o
3,4
/yr
See final slide for footnotes.
Producing, profitable and growing
TSX:P I NYSE:PPP I 3

4. Our Focus
1.
Strong balance sheet
TARGETED GROWTH PROFILE 1,2
380-400
2. Measured growth
3. Disciplined cost management
95
Cerro del Gallo
San Dimas
Black Fox
240-260
4. Low-risk jurisdictions
120
120
160
165
165
2014E
2015E
2016E
90
5. Responsible mining
143
(Thousand Gold Equivalent Ounces)
280-290
111
2012
2013
See final slide for footnotes.
How we are building value in Primero
TSX:P I NYSE:PPP I 4

5. Strong Balance Sheet
$111M
Plus $75 million Line of Credit6
provides funding for:
STRONG Cash Balance
$150M
3,4
Combined
Company
5-Year
Average
After-Tax
Operating
Cash Flow
SIGNIFICANT Operating Cash Flow
$27M
5
o
Expansion of San Dimas
o
Reserve replacement
o
Repayment of Brigus debt
o
Development of Cerro Del Gallo
CONSERVATIVE Debt Level
See final slide for footnotes.
Growth plans funded with no shareholder dilution
TSX:P I NYSE:PPP I 5

6. Measured Growth
140% GROWTH
171% GROWTH
145% GROWTH
PRODUCTION1,4
GOLD RESERVES
(thousand AuEq ounces)
(thousand gold ounces)
250
Black Fox
250k
San Dimas
2,300
2,100
200
CASH BALANCE
(US$million)
140
Black Fox
Cerro del Gallo
San Dimas
$139
2,134
1,900
150
1,500
143k
80
1,300
102k
111k
$81
1,370
60
1,100
$58
900
50
$111
100
1,700
100
120
40
700
500
-
20
660
505
300
2011
2012
2013
2014E
0
2011
2012
2013E* 2014E*
31-Dec-10
31-Dec-11
31-Dec-12
31-Dec-13
*Gold Reserves as of December 31, 2012.
History of delivering results
TSX:P I NYSE:PPP I 6

7. Low Cost Structure
Reducing Cash Costs
($/gold equivalent ounce)
650
$640
Results of strategic initiatives begun in 2012:

Long-hole mining decreasing dilution

Training improving productivity and quality
control
600
$599
$575
-$600
2013
2014E
Optimization program improving throughput

$636
550
2011
2012
Low All-In Sustaining Costs
($/ounce)
Industry Average7
1,200
$1,134
1,000
$1,077
$950
-$1,050
$968
800
600
400
200
See final slide for footnotes.
Below industry average costs
-
2011
2012
2013
2014E
TSX:P I NYSE:PPP I 7

8. COMBINED OPERATING PORTFOLIO
Diversified, Stable, Mining Friendly Jurisdictions
Builds on Established Presence in Mexico
San Dimas Mine
(AT DECEMBER 31, 2012, MINERAL RESOURCES
INCLUDE MINERAL RESERVES)
Au Reserves (Moz)
Au M&I Resources (Moz)
0.78
Au Inferred Resources (Moz)
0.76
Ag Reserves (Moz)
39.4
Ag M&I Resources (Moz)
46.9
Ag Inferred Resources (Moz)
Black Fox Mine
0.66
64.6
(AT DECEMBER 31, 2012, MINERAL RESOURCES
INCLUDE MINERAL RESERVES)
Head Office
(Toronto)
Ventanas Property
(AT JANUARY 27 2009)
Ind. Resources (koz AuEq.)
34.0
Inferred Resources (koz AuEq.)
70.0
Au Reserves (Moz)
0.77
Au M&I Resources (Moz)
0.96
Inferred Resources (Moz)
0.06
Grey Fox
(AT JULY 2, 2013)
0.51
Au Inferred Resources (Moz)
Cerro del Gallo
Au Indicated Resources (Moz)
0.23
(AT DECEMBER 31, 2012, MINERAL RESOURCES
EXCLUDE MINERAL RESERVES)
Au Reserves (Moz)
0.71
Au M&I Resources (Moz)
0.92
Ag Reserves (Moz)
15.3
Ag M&I Resources (Moz)
20.6
Cu Reserves (M lbs)
56.4
Cu M&I Resources (M lbs)
103.4
Located in proven and low-risk jurisdictions
Producing Mine
Development Project
Exploration Property
TSX:P I NYSE:PPP I 8

9. Strong Outlook for 2014
2013
Outlook 2014
143,114
155,000-165,000
111,983
115,000-125,000
6.05
6.25-6.50
$1,077
$950-1,050
Cash cost10
$599
$575-600
Cash cost10– by-product
$389
$340-360
Capital Expenditures
$56.5
$48.7
Exploration
$15.4
$18.2
SAN DIMAS, VENTANAS & CERRO DEL GALLO
Gold equivalent production 8
(gold equivalent ounces)
Gold production
(ounces)
Silver production9
(million ounces)
All-in Sustaining Costs10
($ per gold ounce)
($ per gold equivalent ounce)
($ per gold ounce)
($ millions)
($ millions)
See final slide for footnotes.
Record 2013 production
TSX:P I NYSE:PPP I 9

10. PRIMERO & BRIGUS TRANSACTION:
A New Mid-Tier Gold Producer
o
Creates a new Americas focused mid-tier gold producer


o
Critical production scale and superior growth profile





o
Two mines producing a total of 240,000 to 260,000 gold equivalent ounces4 in 2014E
Potentially increasing to roughly 400,000 ounces in 2016E2
Combined M&I resources of 4.6 million gold equivalent ounces11
Below industry average cash costs resulting in superior cash flow
Significant exploration upside at all mines and projects
Strong balance sheet and financial performance



o
Diversified production base in prospective, proven historic mining districts
Mining friendly jurisdictions with low geopolitical risk
Sufficient capital to repay all debt and invest in organic growth
Strong balance sheet and enhanced proforma market capitalization will promote liquidity, increased
analytical following and access to capital
Combined entity expected to generate approximately $760 million operating cash flow over the next 5
years3,4
Creates compelling valuation re-rating opportunity
TSX:P I NYSE:PPP I 10

11. Proforma Capitalization
As at February 11, 2014
Units
Primero
Brigus
Proforma
TSX Share Price
(C$)
$7.28
$1.27
n.a.
13
(mm)
115.7
232.5
156.4
13
(mm)
123.7
250.7
167.6
13
(US$ mm)
$765
$268
$1,033
13
(US$ mm)
$817
$289
$1,107
(US$ mm)
$111
Estimated
Estimated
~$10.0
$121
Total Debt
(US$ mm)
$27.2
Estimated
Estimated
Investments
(US$ mm)
$1.0
Estimated
Estimated
13
(US$ mm)
$732
Estimated
Estimated
Shares Outstanding - Basic
Shares Outstanding - FDITM
Market Capitalization - Basic
Market Capitalization - FDITM
14
Cash and Cash Equivalents
14
Enterprise Value
~$75.0
$1.7
$352
$102.2
$2.6
$1,084
Source: Public market disclosure as at February 11, 2013; US/CAD exchange rate of 0.9076 assumed.
See final slide for footnotes.
Scheduled to close on March 5, 2014
TSX:P I NYSE:PPP I 11

12. Pipeline of Assets Drives Organic Growth
Production
San Dimas
Black Fox
Construction
San Dimas Expansion to 2,500 TPD
Development
Cerro del Gallo
Grey Fox
Potential San Dimas Expansion to 3,000 TPD
Exploration
Ventanas Property
Black Fox Mine at Depth
Black Fox Complex
San Dimas Regional
Balanced Pipeline of Growth
TSX:P I NYSE:PPP I 12

13. OVERVIEW
OF ASSETS

14. Primero: Steady Growth Ahead
PRODUCTION
San Dimas
Platform
PHASE 1 EXPANSION
San Dimas
2,500 TPD
Pipeline of organic growth
POTENTIAL PHASE 2
EXPANSION
San Dimas
3,000 TPD
DEVELOPMENT
Cerro del
Gallo
TSX:P I NYSE:PPP I 14

15. PRIMERO: SAN DIMAS
Proven Long Life Platform Asset
o
Located on the prolific Sierra Madre trend


o
Mill expanded to 2,500 tpd


o
Mill to operate at 2,500 tpd by end of Q1 2014
Potential future expansion to 3,000 tpd
Low operating costs

o
Impressive historical performance
San Dimas has been mined for over 100 years with a
proven track record of reserve replacement
San Dimas Scoop Tram
Expect cash costs to continue to trend below $600/oz
on a co-product basis
District wide exploration potential

Sinaloa Graben and West Block discoveries
demonstrate the potential for the system to provide
wide higher-grade veins
San Dimas Third Ball Mill Installed
District produced 11M oz gold, 600M oz silver
TSX:P I NYSE:PPP I 15

16. PRIMERO: SAN DIMAS
Focused Exploration
o
2014 $15.7 million
exploration program
o
22,500 hectare package
o
60,000 metres of drilling:


o
35,000 metres delineation
drilling
25,000 metres exploration
drilling, plus 2,500 metres of
exploration drifting
Targeting high-grade central
corridor, close to existing
infrastructure
Exploration success in 2013
TSX:P I NYSE:PPP I 16

17. PRIMERO: SAN DIMAS
New Mineralization Close to Infrastructure
Victoria Vein
High-grade Sinaloa Graben delivers results
TSX:P I NYSE:PPP I 17

18. PRIMERO: CERRO DEL GALLO
Potential Near Term Production
CERRO DEL GALLO INCREASES PRIMERO’SPRODUCTION BY 60%12
Location
Guanajuato State
Ownership 100%
Metals
Gold, silver & copper
Mining
Open pit, heap leach, and/or
conventional mill
Excellent Infrastructure: Active mining
district, skilled local workforce, grid power,
water, sealed roads, equipment suppliers and
established transport routes
Cerro del Gallo Deposit
Supportive Community: District has
produced 1.14 billion ounces of silver and 6.5
million ounces of gold over its 450 year
mining history
Construction Decision: Contingent on
project achieving a double digit IRR at
$1,100/oz gold
Cerro del Gallo Exploration Office
Potential near-term 95,000 AuEq. oz
TSX:P I NYSE:PPP I 18

19. PRIMERO: CERRO DEL GALLO
Exploration and Development Upside
o
o
o
o
High grade vein intersected in first
exploration activity since 2008
(Carmen-Providencia vein)
10,000 metre drill program for
infill, condemnation and
exploration drilling in 2014
Known mineralization outside the
existing development plan
Current Focus on condemnation
drilling, permitting, land
acquisition and engineering update
First exploration activity since 2008
TSX:P I NYSE:PPP I 19

20. BRIGUS:
Prospective, Mining Friendly Jurisdiction
Destor-Porcupine Fault
TSX:P I NYSE:PPP I 20

21. BRIGUS: BLACK FOX
Open for Expansion at Depth
Location
Ownership
Metals
Mining
Capacity
Mine Life
Timmins, Ontario
100% (8% gold stream at $504/oz)
Gold
Open pit & underground
2,200 TPD
Open Pit: ~3 years, U/G: ~7 years
Mineral Resources and Mineral Reserves
(DECEMBER 31, 2012, MINERAL RESOURCES INCLUDE MINERAL RESERVES)
Black Fox Gold Pour
TONNAGE
(M TONNES)
GOLD GRADE
(G/T)
CONT. GOLD
(K OUNCES)
5.2
CLASSIFICATION
4.6
764
Mineral Reserves
Proven & Probable
Mineral Resources
(includes Mineral Reserves)
Measured & Indicated
5.4
5.3
925
Inferred
0.5
3.9
60
Black Fox Mill
TSX:P I NYSE:PPP I 21

22. BRIGUS: BLACK FOX
Open for Expansion at Depth
RESERVE/RESOURCE
DEPTH (m)
SHAFT/RAMP DEPTH
(m)
Holloway Mine
900
864
Doyon
1,040
1,040
Holt Mine
1,200
1,075
Timmins West
1,200
1,200
Hoyle Pond
1,290
2,200
McIntyre
1,300
1,300
Lapa
1,600
1,400
Dome
1,665
1,665
Kirkland Lake
1,750
1,750
Hollinger
1,800
1,800
Westwood
2,650
2,650
LaRonde
3,200
2,860
Average
1,633
1,651
Black Fox
510
390
MINE
Black Fox Open-Pit
TSX:P I NYSE:PPP I 22

23. BRIGUS: BLACK FOX
Open for Expansion at Depth
TSX:P I NYSE:PPP I 23

24. BRIGUS: GREY FOX
Promising Exploration Project
CERRO
Location DEL GALLO INCREASES Timmins, ON
4 km from Black Fox - PRIMERO’SPRODUCTION BY 60%12
Ownership
100% (No gold stream)
Metals
Gold
Mining
Open pit & Underground
Exploration
3 rigs on site
Permitting
Currently underway
Mineral Resources and Mineral Reserves
(July 3, 2013)
Grey Fox Aerial
CLASSIFICATION
CUT-OFF
GRADE
(g/t Au)
POTENTIAL
MATERIAL
TONNES
(M)
CAPPED Au
(g/t)
CONTAINED
Au (oz)
Indicated Resources
>2.84
Underground
1.3
6.2
255,000
>0.72
Open Pit
3.0
2.6
252,400
4.3
3.7
507,400
Total Indicated Resources
Inferred Resources
>2.84
1.0
5.6
184,800
>0.72
Total Inferred Resources
Underground
Open Pit
0.5
2.8
43,800
1.5
4.7
228,600
Grey Fox Core
TSX:P I NYSE:PPP I 24

25. Catalysts & News Flow
February 27, 2014
Brigus Transaction
Shareholder Votes
Creating a diversified,
Americas based mid-tier
producer
March 2014
Reserves Update
Release 2013 Reserves
and Resources
Statement
Q1 2014
San Dimas expansion to
2,500 TPD completed
Expansion increases annual
production capacity to
160,000AuEq.oz
Q2/Q3 2014
Black Fox Underground
at ~1,000 TPD
Replacing lower-grade
open pit ounces
Q3 2014
San Dimas 3,000
TPD Decision
Potential expansion
decision
Q3 2014
Cerro del Gallo Update
Announce results of optimization
at Cerro del Gallo and potential
construction decision
TSX:P I NYSE:PPP I 25

26. Investment Opportunity
o
o
o
Brigus acquisition transforms
Primero into a diversified mid-tier
gold producer with portfolio of
high-grade assets
Strong financial position with
superior cash flow generation
Growth through two near-term
development projects and
significant exploration potential at
all assets
Producing, profitable and growing
180%
2
GROWTH planned to
~400,000 AuEq.oz
by 2016 YE1,2
$150M
3,4
/yr
SIGNIFICANT Annual
Operating Cash Flow
TSX:P I NYSE:PPP I 26

27. Appendices

28. Record 2013 San Dimas Operating Results
Q4 2013
Mill Throughput
(tonnes per day)
Gold equivalent production
1
2012
2,066
2,101
1,976
Production
(AuEq ounces)
160,000
(million ounces)
Gold grade
(grams per tonne)
Silver grade
(grams per tonne)
All-in Sustaining Costs
10
($ per gold ounce)
10
($ per AuEq ounce)
10
Cash cost – by-product
($ per gold ounce)
111,132
23,143
111,983
87,900
120,000
1.32
6.05
5.13
100,000
3.90
4.67
3.90
80,000
229
258
234
60,000
$1,415
$1,644
$1,077
$1,134
40,000
$660
$677
$599
$636
$550
$535
$389
$366
+29%
140,000
292
9
Silver production
143,114
5.17
(ounces)
26,310
1.60
Gold production
34,371
29,097
(gold equivalent ounces)
Cash cost
2013
1,974
15
Q4 2012
20,000
-
2012
2013
See final slide for footnotes.
TSX:P I NYSE:PPP I 28

29. Financial Results
Q4 2013
Q4
2012
2013
2012
Revenues
47,737
43,597
200,326
182,939
Earnings from Mine
Operations
13,745
17,471
76,004
79,389
(US$ thousands, except per
share amounts)
(35,895)
16
Adjusted net income
16
Adjusted EPS
($ per share)
Operating cash flows
+10%
200
49,553
0.01
(0.04)
0.54
1,570
4,528
38,668
41,292
0.05
0.36
0.45
160
140
120
17
before changes in working capital
($ per share)
(4,250)
0.01
($ per share)
1,245
(0.31)
EPS
17
($millions)
180
Net income
CFPS
Revenues
14,038
0.12
17,775
0.19
72,396
0.67
88,808
0.97
100
2012
2013
See final slide for footnotes.
TSX:P I NYSE:PPP I 29

30. SAN DIMAS
Positive Leverage to Silver
Recent Tax Ruling Created Positive Leverage to Silver
Primero sells 50% of annual silver production above 3.5 million ounces at
spot
o Remainder sold at ~$4 per ounce under silver purchase agreement
o Threshold commences August 6 to following August 5
o Threshold increases to 6.0 million ounces on August 6, 2014
o Expansion anticipated to generate meaningful silver spot sales post August 6,
2014
SILVER AS PERCENTAGE OF 2013E REVENUE
Silver
Gold
25%
75%
TSX:P I NYSE:PPP I 30

31. SAN DIMAS
District Wide Exploration Potential
West Block
2014 EXPLORATION
San Antonio
Mined 1987-2002
Sinaloa Graben
Mined 2012-Current
Central Block
Mined 2002-Current
Tayoltita Block
Mined 1975-Current
Arana
Hanging Wall
NE
SW
3,000 m.
3,000 m.
2,000 m.
2014 EXPLORATION PROGRAM
2,000 m.
DRILLING FOR EXTENSIONS OF KNOWN VEINS
1,000 m.
1,000 m.
Source: San Dimas Geology Office
LONGITUDINAL CROSS SECTION
Mineralization – Ore Bodies
Favorable Horizon
Extension of the Favorable Horizon
Potential
Faults
Intrusive
0
1
2
K I L O M E T E R S
TSX:P I NYSE:PPP I 31

32. SAN DIMAS
Mineral Resources and Mineral Reserves
(DECEMBER 31, 2012, MINERAL RESOURCES INCLUDE MINERAL RESERVES)
TONNAGE
(MILLION TONNES)
GOLD GRADE (G/T)
SILVER GRADE
(G/ T)
CONTAINED GOLD
(000 OUNCES)
CONTAINED SILVER
(000 OUNCES)
4.579
4.5
267
660
39,377
Indicated
3.748
6.5
389
780
46,877
Inferred
6.144
3.9
327
762
64,637
CLASSIFICATION
Mineral Reserves
Probable
Mineral Resources
Notes to Mineral Reserve Statement:
1.
Cutoff grade of 2.4 grams per tonne (”g/t”) gold equivalent (“AuEq”) based on total operating cost of US$104.73/t. Metal prices assumed are gold
US$1,400 per troy ounce and silver US$25 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 Mineral Resource Statement:
1.
Mineral Resources are total and include those resources converted to Mineral Reserves.
2.
A 2.0g/t Au Eq cutoff grade is applied and the AuEq is calculated at a gold price of US$1,625 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.
TSX:P I NYSE:PPP I 32

33. CERRO DEL GALLO
Reserves and In-Pit Resources1
Total Resources Within the Gold Domain2
Category
Measured
Indicated
Measured & Indicated
Inferred
M Tonnes
129
80
209
20
Au
(g/t)
0.54
0.38
0.48
0.3
Au
(M ozs)
2.24
0.98
3.22
0.19
Ag
(g/t)
12.0
8.0
11.0
7.0
Ag
(M ozs)
49.8
20.6
70.3
4.5
Cu
(%)
0.09
0.08
0.08
0.09
Cu
(M lbs)
256.0
141.1
396.9
39.7
Au Eq
(g/t)
0.94
0.69
0.83
0.59
AuEq
(M oz)
3.91
1.77
5.58
0.38
1. “Technical Report First Stage Heap Leach Feasibility Study, Cerro del Gallo Gold Silver Project, Guanajuato, Mexico” June 2012 (“Feasibility Study”). Gold equivalent
ounces calculated by Cerro Resources using gold, silver and copper prices of US$1,341/oz, US$25.58/oz and US$7,582/t respectively.
2. These resources are reported using internal cut-off grade of 0.2 g/tAu as per Feasibility Study, 2012 and Golder Associates Technical Report, 2008.
Phase I Heap Leach In-Pit Proven and Probable Reserves3
Category
Proven
Probable
Proven & Probable
M Tonnes
28.2
4.0
32.2
Au
(g/t)
0.71
0.54
0.69
Au
(M ozs)
0.64
0.07
0.71
Ag
(g/t)
15.1
13.2
14.8
Ag
(M ozs)
13.7
1.7
15.3
Cu
(%)
0.08
0.07
0.08
Cu
(M lbs)
50.2
6.2
56.4
Au Eq
(g/t)
1.15
0.93
1.14
AuEq
(M oz)
1.05
0.12
1.18
Au Eq
(g/t)
1.07
0.92
1.06
AuEq
(M oz)
1.37
0.24
1.64
3. These reserves are reported using internal cut-off grades of 0.24 and 0.29 gAuEq/t for weathered and partially oxidized, respectively.
In-Pit Resources (excluding Proven and Probable Reserves)4,5
Category
Measured
Indicated
Measured & Indicated
M Tonnes
39.9
8.0
47.9
Au
(g/t)
0.61
0.55
0.60
Au
(M ozs)
0.78
0.14
0.92
Ag
(g/t)
13.8
11.0
13.3
Ag
(M ozs)
17.71
2.83
20.55
Cu
(%)
0.10
0.08
0.1
Cu
(M lbs)
88.8
14.6
103.4
4. These resources are reported using internal cut-off grades of 0.24, 0.29, and 0.34 gAuEq/t for weathered, partially oxidized, and fresh material resp.
5. See note 7 in January 23, 2013 News Release “Primero achieves 2012 Guidance and Provides 2013 Outlook”.
TSX:P I NYSE:PPP I 33

34. BLACK FOX
Mineral Resources and Mineral Reserves
(DECEMBER 31, 2012, MINERAL RESOURCES INCLUDE MINERAL RESERVES)
TONNAGE
(MILLION TONNES)
GOLD GRADE (G/T)
CONTAINED GOLD
(000 OUNCES)
5.2
4.6
764
Measured & Indicated
5.4
5.3
925
Inferred
0.5
3.9
60
CLASSIFICATION
Mineral Reserves
Proven & Probable
Mineral Resources
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 reported at 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 0.65 gpt 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 Fox mine. 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.
TSX:P I NYSE:PPP I 34

35. GREY FOX
Mineral Resources
JULY 3, 2013
CLASSIFICATION
CUT-OFF GRADE
(g/t Au)
POTENTIAL MATERIAL
TONNES
(MILLION
TONNES)
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
4.3
3.7
507,400
Total Indicated Resources
Inferred Resources
>2.84
1.0
5.6
184,800
>0.72
Total Inferred Resources
Underground
Open Pit
0.5
2.8
43,800
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.
TSX:P I NYSE:PPP I 35

36. Executive Management
Joseph F. Conway | President & C.E.O. 1
o
o
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.
o
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.
o
o
Former controller IntraWest
Previously controller for a number of public and
private companies in real estate development
Tamara Brown | VP, Investor Relations
o
o
Former Director Investor Relations for IAMGOLD
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
Gabriel Voicu | VP, Geology and Exploration
o
25 Years of mining experience, formerly held
senior technical and exploration positions with
Cambior and IAMGOLD
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
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.
TSX:P I NYSE:PPP I 36

37. Board of Directors
Wade Nesmith | Chairman
o
o
Founder of Primero
Founding and current director
of Silver Wheaton
David Demers | Director2,3,4,5
o
o
Founder, CEO and Director
Westport Innovations
Director of Cummins
Westport and
Juniper Engines
Grant Edey | Director 3,5
o
o
o
President & CEO, Khan
Resources Inc.
Former Director of
Breakwater Resources,
former director of
Queenstake Resources,
Santa Cruz Gold
Former CFO, IAMGOLD
Joseph Conway | Director
see Executive Management
Rohan Hazelton | Director 1,5
o
o
VP, Strategy, Goldcorp
Formerly with Wheaton River
and Deloitte & Touche LLP
o
o
Timo Jauristo | Director 2
o
o
Co-founder of Triton Mining
Corporation
Founder of BioteQ Environmental
Technologies Inc.
Robert Quartermain | Director 2,3
EVP, Corporate
Development, Goldcorp
Former CEO of Zincore
Metals Inc. and
Southwestern
Resources Corp.
o
o
o
Eduardo Luna | Director 1
o
Brad Marchant| Director 1
Founder and President & CEO,
Pretivm Resources
Former President, Silver Standard
Director of Vista Gold Corp.
and Canplats Resources
Michael Riley | Director 5
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
Board Committees:
and the Silver Institute
o
o
Chartered accountant with more
than 26 years of accounting
experience
Chair of Primero Audit Committee,
Chair of Audit Committee of B.C.
Lottery
1. Health, Safety and Environment
2. Human Resources
3. Governance and Nominating
4. Lead Director 5. Audit
TSX:P I NYSE:PPP I 37

38. Notes to Investors Regarding the Use
of Resources
This presentation has been prepared in accordance with the requirements of Canadian provincial securities laws which differ from the requirements of
U.S. securities laws. Unless otherwise indicated, all mineral reserve and resource estimates included in this presentation have been prepared in
accordance with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining,
Metallurgy and Petroleum classification systems. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for
all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ significantly from the
requirements of the United States Securities and Exchange Commission (the “SEC”), and reserve and resource estimates disclosed in this presentation
may not be comparable to similar information disclosed by U.S. companies.
The mineral reserve estimates in this presentation have been calculated in accordance with NI 43-101, as required by Canadian securities regulatory
authorities. For United States reporting purposes, SEC Industry Guide 7 under the United States Securities Exchange Act of 1934, as amended, as
interpreted by Staff of the SEC, applies different standards in order to classify mineralization as a reserve. As a result, the definition of “probable
reserves” used in NI 43-101 differs from the definition in the SEC Industry Guide 7. Under SEC standards, mineralization may not be classified as a
“reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the
reserve determination is made. Among other things, all necessary permits would be required to be in hand or issuance imminent in order to classify
mineralized material as reserves under the SEC standards. Accordingly, mineral reserve estimates contained in this presentation may not qualify as
“reserves” under SEC standards.
In addition, this presentation uses the terms “indicated resources” and “inferred resources” to comply with the reporting standards in Canada. The
Company advises United States investors that while those terms are recognized and required by Canadian regulations, the SEC does not recognize them.
United States investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into mineral
reserves. Further, “inferred resources” have a great amount of uncertainty as to their existence and as to whether they can be mined legally or
economically. Therefore, United States investors are also cautioned not to assume that all or any part of the “inferred resources” exist. In accordance
with Canadian securities laws, estimates of “inferred resources” cannot form the basis of feasibility or other economic studies. It cannot be assumed that
all or any part of “indicated resources” or “inferred resources” will ever be upgraded to a higher category or are economically or legally mineable. In
addition, disclosure of “contained ounces” is permitted disclosure under Canadian securities laws; however, the SEC only permits issuers to report
mineralization as in place tonnage and grade without reference to unit measures.
NI 43-101 also permits the inclusion of disclosure regarding the potential quantity and grade, expressed as ranges, of a target for further exploration
provided that the disclosure (i) states with equal prominence that the potential quantity and grade is conceptual in nature, that there has been
insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral
resources, and (ii) states the basis on which the disclosed potential quantity and grade has been determined. Disclosure regarding exploration potential
has been included in this presentation. United States investors are cautioned that disclosure of such exploration potential is conceptual in nature by
definition and there is no assurance that exploration will result in any category of NI 43-101 mineral resources being identified.
TSX:P I NYSE:PPP I 38

39. Footnotes
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
“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.
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.
Estimated five-year annual average after-tax operating cash flow assuming consensus metals prices as of December 31, 2013, in dollars per ounce for gold and
silver of 2014:1,350/22.13, 2015: 1,397/23.00, 2016 1,375/23.10, 2017: 1,350/23.00, 2018 and beyond: 1,300/22.40, includes tax reforms in Mexico
commencing January 1, 2014.
Assumes San Dimas operates at least at 2,500 tpd from end of Q1 2014; and Primero management estimates for Black Fox production, based on 2,200-2,300
tpd operation.
Goldcorp: 5 year, 6% note with annual principal payments of $5M plus 50% of Excess Free Cash Flow, with balloon payment of balance at end of 2015.
The Company is in the final stages of arranging a $75 million line of credit, which it expects to close late in Q1 2014.
Estimated industry average All-in Sustaining Cost of $1,272/oz in Q4 2013, TD Securities, February 5, 2014.
“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).
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.
Cash cost and All-in Sustaining Costs are non-GAAP measures. Refer to the Company’s Year End 2013 MD&A for a reconciliation.
Refer to slides 32, 33, 34, 35 of this presentation.
Based on closing prices as of December 13, 2013 on the TSX and share capital as of September 30, 2013, not adjusted for subsequent events.
Based on Balance sheet data as of September 30, 2013, not adjusted for SpinCo cash of approximately C$10 million or subsequent events.
Face amount of Brigus debt at Q3 2013 is $74.6 million, not including $20.3 million capital lease assumption - financial statements disclose debt of $82.9
million which is net of derivative liabilities.
Based on 365 days per year. Note the San Dimas mill was shut down on December 22, 2013 as planned and as part of the expansion to 2,500 TPD.
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 2013 MD&A for a reconciliation of adjusted net income/earnings to reported net income.
“Operating cash flow” is operating cash flow before working capital changes. This and operating cash flows before working capital changes per share (CFPS)
are non-GAAP measures which the Company believes provides a better indicator of the Company’s ability to generate cash flow from its mining operations.
See the Company’s 2013 MD&A for a reconciliation of operating cash flows to GAAP.
TSX:P I NYSE:PPP I 39

40. 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
Tamara Brown
Vice President, Investor Relations
T 416 814 3168
info@primeromining.com
Trading Symbols
Common Shares TSX:P, NYSE:PPP
Warrants
TSX:P.WT