February 26 – March 1, 2017 Joseph Conway, Interim President & CEO PRIMERO MINING CORP.

2017 GLOBAL METALS & MINING CONFERENCE

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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. Forward-looking information includes statements respecting currently ongoing matters which will continue and statements in the present or past tense which are not historical facts. 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, and risks associated with the Company’s ability to defend the validity of the APA. 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 NI 43-101. 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$.

PRIMERO

Cautionary Statement

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EMERGING MID-TIER GOLD PRODUCER

Investment Highlights

PRODUCING GOLD IN

NORTH AMERICA High-grade gold producer located in mining friendly

jurisdictions in Canada and Mexico.

EXPLORATION & DEVELOPMENT

PIPELINE Large land positions in

proven world class gold districts.

PRIMERO VALUE

OPPORTUNITY Valuation disconnect,

trading at 0.2x P/NAV, or 2.4x P/2017E CFPS1.

CERRO DEL GALLO Guanajuato

LECHUGUILLA & VENTANAS Durango

SAN DIMAS MINE Durango-Sinaloa Border

CORPORATE OFFICE Toronto, Ontario

BLACK FOX MINE Timmins, Ontario

GREY FOX Timmins, Ontario

FROOME ZONE Timmins, Ontario

Producing Mine Development Project Exploration Property

ENHANCED MANAGEMENT

TEAM Strengthened

operations and financial team.

*See final slide for endnotes.

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PRIMERO

Enhanced Management Team

Kevin Jennings CHIEF FINANCIAL

OFFICER • Appointed CFO in Sep. 2016.

• Former CFO of Banro Corp., Sun Gold and African Barrick Gold; VP Corp. Dev. of Barrick Gold; Director, Business Optimization of Xstrata Nickel.

Damien Marantelli CHIEF OPERATING

OFFICER • Appointed COO in Oct. 2016.

• Former GM – Sentinel (First Quantum), MD – Las Cruces & Çayeli (First Quantum / Inmet), GM – Mt Keith (BHP Billiton / WMC Resources).

Joseph Conway INTERIM PRESIDENT &

CHIEF EXECUTIVE OFFICER2

• Currently Vice Chairman and was previously President and C.E.O. of Primero from June 2010 through January 2016.

• Former CEO, President & Director of IAMGOLD and Repadre Capital.

*See final slide for endnotes.

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Safety of our People is our First Priority RESPONSIBLE MINING

HEALTH AND SAFETY • Committed to a workplace free of

accidents.

• San Dimas reduced its TRIFR by 64% from 2010 to 2016.

• Black Fox reduced reportable incidents quarter-over-quarter in 2016.

ENVIRONMENTAL • San Dimas certified “Clean

Industry” PROFEPA (Mexican EPA).

• San Dimas utilizes sustainable hydroelectric power.

• San Dimas operates a state-of-the-art dry stack tailings facility.

• Black Fox reduced Green House Gas (GHG) emissions in 2015 by 26%.

SOCIAL RESPONSIBILITY • Awarded “Socially Responsible

Company” by CEMEFI (Mexican Centre for Philanthropy) for 5th consecutive year.

• Tayoltita hospital upgrade completed February 2016.

• Established, positive working relationship with Whagoshig First Nation in Canada.

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PRIMERO

Liquidity & Balance Sheet

TOTAL LIQUIDITY (As at December 31, 2016)

BALANCE SHEET (As at December 31, 2016)

($M)

Cash $20

Line of Credit3 $25

Total Liquidity $45

Convertible Debenture (5.75%, due Feb. 2020, US$6.55 conversion)

$75

Line of Credit Draw Down3 (Due May 2017)

$50

Total Debt4 $125

CAPITAL STRUCTURE (M)

Common Shares O/S 188

Fully Diluted Shares O/S5 205

Market Capitalization (at January 24, 2016)

C$170

CASH $20M

CREDIT3

$25M

$45M TOTAL

LIQUIDITY

*See final slide for endnotes.

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PRIMERO

Exploration & Development Pipeline

Black Fox Froome Low-Mag Trend

San Dimas Southern Concessions

(Outside SPA)

Cerro del Gallo

Grey Fox

Black Fox Froome Zone

Black Fox Deep Central Zone

San Dimas Near Mine Exploration

MINE EXPANSION DEVELOPMENT PROJECTS EXPLORATION

Cerro del Gallo Large-Scale San Anton Property

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SAN DIMAS DISTRICT

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Primero’s Platform Asset

LOCATION Sinaloa-Durango, Mexico

OWNERSHIP 100% (silver stream6)

METALS Gold & Silver

GEOLOGY +120 known epithermal veins, textbook model of low sulphidation epithermal precious metal vein swarms.

HISTORY +100 years mine production history, the district has produced +11 Moz Au and +620 Moz Ag.

MINING Underground long-hole and cut-and-fill

MILL CIRCUIT Conventional cyanidation and Merrill-Crowe process

MILL CAPACITY 2,500 TPD (nameplate)

GREEN POWER 14 MW hydroelectric power plant ($0.015 vs $0.11/kWh from grid)

TAILINGS State of the art, dry stack tailings

SAN DIMAS

*See final slide for footnotes. *See final slide for endnotes.

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DISTRICT SCALE POTENTIAL • Added 38,000 hectares

adjacent to San Dimas in 2016.

• Lechuguilla Southern Concessions not covered by San Dimas silver stream.

• High-grade veins already discovered, drilling commenced.

EXTENDING KNOWN VEINS • Victoria vein extended with

56.9 g/t gold and 3,367 g/t silver over 5.8 m true width (VIC17-412).

• Focused exploration close to infrastructure.

• Exploration spend directly corresponds with grade profile.

RE-SETTING SAN DIMAS • Working to reduce complexity

and increase profitability and sustainability.

• Operational focus on high-quality veins, during restart.

• Aligning workforce compensation with Company objectives.

SAN DIMAS

A World-Class Precious Metals District

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FOCUSED ON INCREASING LONG-TERM PROFITABILITY

• Reducing number of working faces.

• Maximizing resources in high-priority areas.

• Optimizing workforce.

• Detailed vein by vein mining plan.

HIGH-QUALITY VEINS HAVE ~49% OF GOLD RESERVES

• Roberta, Robertita, Victoria, Jessica, Sta. Gertrudis

• Combined reserves of 1.6 Mt at 5.0 g/t gold and 323 g/t silver.

• Exploration focused on finding extensions to these high-quality veins.

SAN DIMAS

Streamlining Operations

MILL

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FOCUS ON FINDING NEAR-MINE MINERALIZATION

• 2017 exploration budget is approximately double 2016 spending.

• Target to define mineralization: > On known favourable structures, > And near existing infrastructure.

DRILLING CONFIRMS HIGH-GRADE VICTORIA EXTENSION

• Recent results extended vein by 200 m to east of current workings.

• Consistent distribution of gold and silver in new ore-shoot.

• Highlights include:

> 56.9 g/t Au, 3,367 g/t Ag over 5.8 m TW (VIC17-412),

> 45.6 g/t Au, 2,147 g/t Ag over 3.4 m TW (VIC16-400),

> 28.9 g/t Au, 1,398 g/t Ag over 3.0 m TW (VIC16-403)

SAN DIMAS

High-Grade Vein Extensions

HOLE FROM (m)

TO (m)

CORE LENGTH

(m)

TRUE WIDTH

(m)

GOLD GRADE

(g/t)

SILVER GRADE

(g/t) VIC16-394 294.9 301.0 6.2 4.9 14.1 844 VIC16-395A 255.3 256.2 0.9 0.8 5.6 377 VIC16-396B 259.8 264.8 5.0 3.8 14.3 1,019 VIC16-397 273.3 275.2 1.9 1.6 8.9 518 VIC16-398 275.6 276.6 1.0 0.9 36.4 884 VIC16-400 272.0 275.7 3.7 3.4 45.6 2,147 VIC16-403 304.2 307.6 3.5 3.0 28.9 1,398 VIC17-408 288.5 290.1 1.6 1.6 47.7 929 VIC17-412 321.7 329.8 8.1 5.8 56.9 3,367

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SAN DIMAS

District Scale Exploration Upside

VENTANAS

SAN DIMAS

LECHUGUILLA

TAYOLTITA

Upper Volcanic Series Lower Volcanic Series Camichin Intrusive Piaxtla Intrusive

LECHUGUILLA CONCESSION OUTSIDE SILVER PURCHASE AGREEMENT

• Initial exploration of the greenfield concession is underway.

• Lechuguilla includes an un-explored geological “window”.

• Multiple vein outcroppings identified.

N

10 km

WORLD CLASS HIGH-GRADE VEIN SYSTEM

• Average distance between productive veins is 530 m over 11 km.

• Average yield of 265 oz/m interval between productive veins.

• Primero's total concession area is 68,628 hectares.

MINERALIZATION IDENTIFIED IN LECHUGUILLA

• Channel samples from the Causitas vein include highlights of 7.1 g/t AuEq over 4.5 m, including 10.9 g/t AuEq over 2.0 m.

• Surface mapping and sampling is ongoing. Diamond drilling underway.

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BLACK FOX COMPLEX

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BLACK FOX

Key Location In the Timmins Gold Camp

STRATEGIC LOCATION IN THE TIMMINS CAMP

• Black Fox is centrally located along prolific Porcupine-Destor Fault Zone.

> 450 km from Timmins, ON to Val d’Or, QC

> 110 Moz historic gold production

• Grey Fox located adjacent to Kirkland Lake’s Hislop mine.

SIGNIFICANT EXPLORATION POTENTIAL

• Current resources extend to approx. 800 m below surface.

> Average depth of mines in the region is beyond 1.2 km.

• Drilling at depth and to west of Deep Central Zone.

• Froome Zone discovery by Primero demonstrates potential for new exploration success.

ACTIVE CONSOLIDATION BY MAJORS IN THE REGION

• Recent acquisitions include: > Tahoe Resources – Lakeshore

Gold (Apr 2016)

> Kirkland Lake – St. Andrew Goldfields (Jan 2016)

> Goldcorp – Probe Mines (Mar 2015)

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DEEP CENTRAL ZONE PRODUCTION UNDERWAY

• Mining is now progressing on three levels (660, 680, 700 metre levels),

> 4 active working faces, > 800 TPD7 achieved in Q4

2016 at 5.2 g/t gold. KEY FOCUS IN 2017

• 80% of mined gold ounces to come from Deep Central Zone in 2017.

• Development ramping to reach 800 m level in Q2 2017.

MUST DELIVER POSITIVE CASH FLOW

• Mine plan shows improved grades, and positive cash flow at current gold prices.

• Corrective actions will be taken as necessary.

BLACK FOX

Operations Focused on the Deep Central Zone

*See final slide for endnotes.

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BLACK FOX

Multiple In-Mine Exploration Targets Identified & Prioritized

TESTING THE DEPTH POTENTIAL OF BLACK FOX

• 2017 drilling to extend the Deep Central Zone below 850 metre level (C2, W2).

• Holes being planned to test extent of mineralization up to 1,500 m depth.

> Average depth of mines in the region is beyond 1.2 km.

• Robust geological models prepared by Primero allow for effective targeting.

LOOKING TO ADD OUNCES TO THE WEST

• Secondary focus on extending the Central Zone to areas west of the DCZ (W1).

• Other in-mine target areas identified for further exploration,

> Far West (W4, W6), > Far East (E2), > A1 Footwall Zone (W8), > E5 Zone (E5).

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PRIMERO

Expected Near-Term Catalysts and News Flow

January 2017 February 2017 Q1 2017 Q2 2017 Ongoing Ongoing

EXPLORATION UPDATE

Upside potential defined by

investing in our key assets,

including depth potential at Black Fox.

Q4 & FY 2016 PRODUCTION

Achieved 2016 revised production

guidance with 176 koz AuEq6

produced in 2016.

CORPORATE G&A REDUCED

Reduced corporate head-count by 30%,

downsizing office space and

reducing directors’ expenses.

SAN DIMAS OPERATIONS

Reduce mine plan complexity. Gain better alignment with workforce. Achieve strike

resolution.

STRATEGIC REVIEW

Explore alternatives to

improve shareholder value

MEXICAN TAX

Ongoing dialogue with Mexican government

toward resolution.

*See final slide for endnotes.

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EMERGING MID-TIER GOLD PRODUCER

Investment Highlights

PRODUCING GOLD IN NORTH AMERICA

ENHANCED MANAGEMENT

TEAM

EXPLORATION & DEVELOPMENT

PIPELINE

PRIMERO VALUE OPORTUNITY

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PRIMERO

Stock Performance & Significant Events

0

10

20

30

-100%

-80%

-60%

-40%

-20%

0%

20%

40%

60%

80%

Vol

ume

(Mill

ions

)

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

Primero IPO, Begins Trading on the TSX, and Finalizes San Dimas Acquisition

Primero Announces Brigus Gold Acquisition

Primero Announces San Dimas Expansion Plan Phase 1

Primero Begins Trading on the NYSE Primero

Announces Acquisition of Cerro Del Gallo

Primero Announces APA Ruling

Primero Closes US$75M Offering of Convertible Debentures

Primero Receives Legal Claim Filed by Mexican Tax Authorities

Primero Notifies Mexico of an Investment Dispute Under NAFTA

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PRIMERO

Summary of Debt & Tradable Securities

REVOLVING LINE OF CREDIT FACILITY

CONVERTIBLE DEBENTURES

TSX:P.DB.V

PRIMERO WARRANTS TSX:P.WT.C

Face Value Drawn at September 30, 2016: $50 million $75.0 million n/a

Maturity / Expiry May 23, 2017 February 28, 2020 June 24, 2018

Interest Rate Floating Rate (see below) 5.75% n/a

Payable Monthly Semi-Annually n/a

Conversion / Strike

n/a US$6.55 C$3.35

Additional Notes • Expected floating interest rate of approximately 4.3% per annum in Q3 2016.

• Not redeemable prior to Feb. 2018

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

• CUSIP: 74164WAB2

• CUSIP: 74164W171

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SAN DIMAS

Silver Purchase Agreement

Primero sells 8% of annual gold production at Black Fox at ~$521 per ounce

• Primero streams 6.3% from Pike River property.

• Gold is sold at ~$524 per ounce subject to inflationary adjustment, not to exceed 2% per annum.

• The Grey Fox property is not subject to any gold streaming agreements.

Primero sells 50% of annual silver production above 6.0 million ounces at spot

• Remainder sold at ~$4.28 per ounce under silver purchase agreement.

• Threshold commences August 6 to following August 5.

• Does not include the Lechuguilla concession or Ventanas area.

BLACK FOX

15%

85%

Silver Gold

SILVER AS A PERCENTAGE OF 2015 REVENUE

Gold Purchase Agreement

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CERRO DEL GALLO

Potential for an Additional 95,000 oz/yr AuEq

LOCATION Guanajuato State, Mexico

OWNERSHIP 100%

METALS Gold, silver, & copper

MINING Open-pit, heap leach and/or conventional mill

STAGE Feasibility Study published May 2012 on Heap Leach scenario

Established Infrastructure: Active mining district, skilled local workforce, grid power, water, sealed roads, equipment suppliers and established transport routes.

Supportive Community: District has produced 1.14 billion oz of silver and 6.5 million oz of gold over its 450 year mining history.

Construction Decision: Contingent on the project achieving a 15% IRR at consensus long-term gold prices.

FIRST STAGE HEAP LEACH DFS OPERATIONAL DATA (MAY 2012)1

Avg LOM Gold Grade 0.69 g/t

Avg LOM Annual Throughput 4.5 Mt

Gold Equivalent Production 95 koz /yr Gold Production 68 koz /yr Silver Production 1,072 koz /yr Copper Production 1,113 t/year

Estimated Cash Costs2 ~$700/oz

Proven & Probable Gold Reserves (32.2M tonnes at 0.7 g/t) 712 koz

Measured & Indicated Gold Resources (Exclusive of Reserves, 47.9M tonnes at 0.6 g/t) 923 koz

Mine Life (Stage 1) 7.2 years

LARGE GOLD DOMAIN

1. “Technical Report First Stage Heap Leach Feasibility Study, Cerro del Gallo Gold Silver Project, Guanajuato, Mexico” June 2012 . Effective date May 11th 2012

2. Cash cost is a non-IFRS measurement.

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SAN DIMAS

Mineral Reserves and Mineral Resources (As at December 31, 2016)

CLASSIFICATION TONNAGE (Mt)

GOLD GRADE

(g/t)

SILVER GRADE

(g/t)

CONTAINED GOLD

(koz)

CONTAINED SILVER

(koz)

Mineral Reserves Proven & Probable 4.0 4.0 322 517 41,220

Mineral Resources

Measured & Indicated 5.0 5.2 387 832 61,879

Inferred 7.2 3.7 317 860 73,452

1. Mineral Resources are calculated inclusive of Mineral Reserves. 2. Figures may not add due to rounding. Notes to the San Dimas Mineral Reserve Statement: 1. Assumed gold price of US$1,200 per troy ounce and silver price of US$17 per troy ounce. 2. A two-pass cut-off grade was applied at San Dimas; first-pass of 3.22 g/t gold equivalent based total all-in costs of $118.00/t ($81/t direct costs and $37/t sustaining capital), and second-

pass of 2.22 g/t gold equivalent based on direct operating costs only. Metal supply contract obligations have been referenced in determining overall vein reserve estimate viability. 3. Assumed processing recovery factors at San Dimas for gold of 95% and silver of 92%. 4. Exchange rate assumed is MXN$18.00/US$1.00. 5. The Mineral Reserve estimates for San Dimas Mine set out in the table above have been reviewed and approved by Mr. Clifford Lafleur, P.Eng., Director of Technical Services, Primero and

Mr. Patrick McCann, P.Eng., Principal Engineer, Primero and a Qualified Person ("QP") for the purposes of National Instrument 43-101 (“NI 43-101”). 6. Mineral Reserves do not consider the silver purchase agreement which exists with Silver Wheaton Corp. such that the first 6.0 million ounces per annum of silver produced by the San

Dimas mine, plus 50% of the excess silver above this amount, must be sold to Silver Wheaton Caymans at the lesser of $4.28 per ounce (adjusted by 1% per year) and market prices. Notes to the San Dimas Mineral Resource Statement: 1. Mineral Resources are total and include those resources converted to Mineral Reserves 2. Assumed gold price of US$1,200 per troy ounce and silver price of US$17 per troy ounce. 3. San Dimas cut-off grade of 2.0 g/t gold equivalent was applied. 4. The Mineral Resource estimates for the San Dimas Mine set out in the table above have been reviewed and approved by Mr. Dave Laudrum, P.Geo., Senior Resource Manager, Primero and

a QP for the purposes of NI 43-101.

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BLACK FOX

Mineral Reserves and Mineral Resources (As at December 31, 2016)

CLASSIFICATION TONNAGE (Mt)

GOLD GRADE

(g/t)

CONTAINED GOLD

(koz)

Mineral Reserves Proven & Probable 0.8 4.1 111

Mineral Resources

Measured & Indicated 2.9 6.0 554

Inferred 0.3 6.9 57

Proven & Probable Reserves

Stockpile 0.4 1.2 15

Underground 0.4 6.8 96

Total P&P 0.8 4.1 111 1. Mineral Resources are calculated inclusive of Mineral Reserves. 2. Figures may not add due to rounding. Notes to Black Fox Mineral Reserve estimate: 1. Assumed gold price of US$1,200 per troy ounce. 2. A two-pass cut-off grade was applied at Black Fox underground; first-pass of 4.74 g/t gold based on total all-in costs of C$214.00/t (C$166/t direct costs and C$48/t sustaining capital),

and second-pass of 3.47 g/t gold based on direct operating costs only. 3. Assumed processing recovery factors at Black Fox for gold of 95%. 4. Exchange rate assumed is CDN$1.30/US$1.00. 5. The Mineral Reserve estimates for Black Fox Mine set out in the table above have been reviewed and approved by Mr. Clifford Lafleur, P.Eng., Director of Technical Services, Primero and

Mr. Patrick McCann, P.Eng., Principal Engineer, Primero and a QP for the purposes of NI 43-101. 6. A gold purchase agreement exists with Sandstorm Inc. such that 8% of the gold produced by the Black Fox mine must be sold to Sandstorm at the lesser of $500 per ounce of gold (subject

to an inflationary adjustment beginning in 2013, not to exceed 2% per year) and market prices. Notes to Black Fox Mineral Resource estimate: 1. Mineral Resources are total and include those resources converted to Mineral Reserves. 2. Assumed gold price of US$1,200 per troy ounce. 3. Black Fox open-pit cut-off grade of 0.9 g/t gold and underground cut-off grade of 3.4 g/t were applied. 4. The Mineral Resource estimates for the Black Fox Mine set out in the table above have been reviewed and approved by Mr. Dave Laudrum, P.Geo., Senior Resource Manager, Primero and a

QP for the purposes of NI 43-101.

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GREY FOX

Mineral Resources

Notes to Grey Fox Mineral Resource estimate: 1. Assumed gold price of US$1,200 per troy ounce. 2. Grey Fox open-pit cut-off grade of 0.9 g/t gold and underground cut-off grade of 3.0 g/t were applied. 3. The Mineral Resource estimate for Grey Fox was prepared by Mr. Rodney Webster MAusIMM, MAIG of AMC Mining Consultants (Canada) Ltd. and a QP for the purposes of National

Instrument 43-101 (“NI 43-101”).

CLASSIFICATION TONNAGE (Mt)

GOLD GRADE

(g/t)

CONTAINED GOLD

(koz)

Indicated Resources

>0.9 g/t Open Pit 3.0 3.6 345

>3.0 g/t Underground 1.7 5.9 323

Total Indicated 4.7 4.4 668

Inferred Resources

>0.9 g/t Open Pit 0.3 2.9 26

>3.0 g/t Underground 1.0 4.6 148

Total Inferred 1.3 4.2 174

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CERRO DEL GALLO

Reserves and In-Pit Resources1

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 Mineral Reserves3

Proven & Probable 32.2 0.69 0.71 14.8 15.3 0.08 56.4 1.14 1.18

In-Pit Resources (excluding Mineral Reserves)4,5

Measured & Indicated 47.9 0.60 0.92 13.3 20.55 0.1 103.4 1.06 1.64

CATEGORY TONNAGE

(Mt)

GOLD GRADE

(g/t)

CONTAINED GOLD (Moz)

SILVER GRADE

(g/t)

CONTAINED SILVER (Moz)

COPPER GRADE

(%)

CONTAINED COPPER

(Mlb)

AUEQ GRADE

(g/t)

CONTAINED AUEQ (Moz)

Total Resources Within the Gold Domain2

Measured & Indicated 209 0.48 3.22 11.0 70.3 0.08 396.9 0.83 5.58

Inferred 20 0.3 0.19 7.0 4.5 0.09 39.7 0.59 0.38

3. These reserves are reported using internal cut-off grades of 0.24 and 0.29 gAuEq/t for weathered and partially oxidized, respectively.

4. These resources are reported using internal cut-off grades of 0.24, 0.29, and 0.34 gAuEq/t for weathered, partially oxidized, and fresh material resp. 5. See note 7 in January 23, 2013 News Release “Primero achieves 2012 Guidance and Provides 2013 Outlook”.

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PRIMERO

Executive Management

H. Maura Lendon CHIEF GENERAL COUNSEL

& CORPORATE SECRETARY • Former Senior Vice President,

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

Louis Toner VP, PROJECT DEVELOPMENT

& CONSTRUCTION • Over 30 Years of Engineering

and Construction experience, formerly held Senior Project Management roles with BBA Inc. and Lafarge Canada Inc.

James Mallory VP, CORPORATE RESPONSIBILITY

• Former VP, Vice-President, Operations & Social Responsibility at South American Silver.

• Over 35 Years of mining experience with 13 Years of experience in Latin America.

Kevin Jennings CHIEF FINANCIAL OFFICER

• Appointed CFO in Sep. 2016. • Former CFO of Banro Corp., Sun

Gold and African Barrick Gold; VP Corp. Dev. of Barrick Gold; Director, Business Optimization of Xstrata Nickel.

Tamara Brown VP, CORPORATE DEVELOPMENT

• Former Director Investor Relations for IAMGOLD.

• Former partner of a Toronto based, boutique investment bank and professional engineer in mining industry.

Damien Marantelli CHIEF OPERATING OFFICER

• Appointed COO in Oct. 2016. • Former GM – Sentinel (First

Quantum), MD – Las Cruces & Çayeli (First Quantum / Inmet), GM – Mt Keith (BHP Billiton / WMC Resources).

Joseph Conway INTERIM PRESIDENT & CEO2

• Currently Vice Chairman and was previously President and C.E.O. of Primero from June 2010 through January 2016.

• Former CEO, President & Director of IAMGOLD and Repadre Capital.

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PRIMERO

Board of Directors

Michael Riley DIRECTOR 2,4

• Chartered accountant with more than 26 years of accounting experience.

• Chair of Primero Audit Committee.

Brad Marchant DIRECTOR 1,4

• Co-founder of Triton Mining Corporation.

• Founder of BioteQ Environmental Technologies Inc.

Robert Quartermain DIRECTOR 1,2,3

• Founder and President & CEO, Pretivm Resources.

• Former President and CEO of Silver Standard.

Patricia Fortier DIRECTOR 1,3

• Former Canadian diplomat. • Past Assistant Deputy

Minister in Global Affairs Canada, Canadian Ambassador to Peru & Bolivia, Ambassador to Dominican Republic.

David Demers DIRECTOR 2,3

• Founder, CEO and Director Westport Innovations.

• Director of Cummins Westport and Juniper Engines.

Wade Nesmith CHAIRMAN

• Founder of Primero. • Founding and former

director of Silver Wheaton.

BOARD COMMITTEES: 1. Corporate Responsibility 2. Human Resources 3. Governance and Nominating 4. Audit

Joseph Conway INTERIM PRESIDENT & CEO 1

• Currently Vice Chairman and was previously President and C.E.O. of Primero from June 2010 through January 2016.

• Former CEO, President & Director of IAMGOLD and Repadre Capital.

Grant Edey DIRECTOR 3,4

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

• Former CFO, IAMGOLD.

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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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1. As at February 23, 2017. Based on Analyst Consensus. Source: Thomson One. 2. Appointment effective March 6, 2017. 3. The Company closed a $75 million line of credit on May 23, 2014 and has drawn down $50.0 million as of December 31, 2016. 4. As at December 31, 2016, $75.0 million convertible, unsecured, subordinated debentures; and $50.0 million drawn down from line of credit.

Excludes capital leases. 5. Fully diluted shares include 6.2 million options outstanding at September 30, 2016 with an average exercise price of C$4.35 and 11.0 million warrants. 6. “Gold equivalent ounces” include silver ounces produced at San Dimas, and converted to a gold equivalent based on a ratio of the average commodity

prices realized for each period. Silver production is subject to a silver purchase agreement. Primero delivers 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 $4.28 per ounce (increasing by 1% per year). The Company will receive silver spot prices only after the annual threshold amount has been delivered. Black Fox is subject to a gold purchase agreement under which Sandstorm is entitled to 8% of production at the Black Fox mine and 6.3% at the Pike River property.

7. Based on 92 days in the fourth calendar quarter of 2016 (October 1 to December 31) and 366 days in calendar 2016.

Endnotes

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Notes

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PRIMERO MINING CORP. 79 Wellington Street West, Suite 2100 Toronto, ON, M5K 1H1 T (416) 814-3160 TF (877) 619-3160 www.primeromining.com TSX:P NYSE:PPP

INVESTOR RELATIONS Evan Young

Manager, Investor Relations T (416) 814-2694

info@primeromining.com