Primary Gold Limited

ASX Code: PGO, PGOOA

Level 2, 907 Canning Hwy, Mt Pleasant, WA, 6153

PO Box 1207, Canning Bridge Applecross, WA 6153

T +61 8 9364 9009

E info@primarygold.com.au

W www.primarygold.com.au

MT BUNDY GOLD PROJECT

NORTHERN TERRITORY

Recommencing Mining and Processing

Operations at Toms Gully

RIU Sydney Resources Round-Up

May 2015

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Statements and material contained in this Presentation, particularly those regarding possible or assumed future performance, production

levels or rates, resources or potential growth of Primary Gold Limited (PGO), industry growth or other trend projections are, or may be,

forward looking statements. Such statements relate to future events and expectations and, as such, involve known and unknown risks and

uncertainties. Although PGO believes that the expectations contained in any forward looking statements in this presentation are, as at the

date of this presentation, made on a reasonable basis, such statements are not guarantees of future performance and actual results and the

timing of such results may differ materially from those herein described. Factors which may impact on future performance and cause actual

results to differ materially from those contained in forward looking statements include, without limitation, changes in commodity prices,

exchange rates, PGO’s access to capital and general and market conditions.

This presentation may describe Measured, Indicated and/or Inferred Resources. Inferred Resources have a greater amount of uncertainty as

to their existence and greater uncertainty as to their economic feasibility. It cannot be assumed that all or any part of any Inferred Resource

will ever be upgraded to a higher category. Exploration is an inherently risky proposition and investors are advised that most exploration

projects fail to identify economic resources. The Company has at present not confirmed the economic viability of any resources at the project.

The company plans further drilling programs and studies with the objective of confirmation of any deposits and ultimately completing a

feasibility study to demonstrate the economics of the resources.

The information contained in this presentation is for informational purposes only and does not constitute an offer to issue, or arrange to issue,

securities or other financial products. The information contained in this presentation is not investment or financial product advice and is not

intended to be used as the basis for making an investment decision. The presentation has been prepared without taking into account the

investment objectives, financial situation or particular needs of any particular person.

No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information,

opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of PGO, their directors, employees or

agents, nor any other person accepts any liability, including, without limitation, any liability arising out of fault of negligence, for any loss

arising from the use of the information contained in this presentation. In particular, no representation or warranty, express or implied is given

as to the accuracy, completeness or correctness, likelihood of achievement or reasonableness or any forecasts, prospects or returns

contained in this presentation nor is any obligation assumed to update such information. Such forecasts, prospects or returns are by their

nature subject to significant uncertainties and contingencies.

Before making an investment decision, you should consider, with or without the assistance of a financial adviser, whether an investment is

appropriate in light of your particular investment needs, objectives and financial circumstances.

Disclaimer and Important Information

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Gold focused company with advanced assets in the Northern Territory, Australia

Advanced Mt Bundy Gold Project

Near-term cash potential at high-grade Toms Gully3

Grow Resources, Reserves and production profile

1 refer to ASX announcement 8 September 2014 2 refer to ASX announcement 27 August 2013

3 refer to ASX Announcement 30 January 2015

Primary Gold Limited

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1.43 million oz gold in Resources1

175,000 oz gold in Reserves2

250,000 tpa processing facility

+2k km2 prospective exploration Pine Creek Orogen

144,000 recovered oz @ C1 costs A$640-A$650/oz

Project cash flow A$47m-A$52m (@ A$1,550/oz)

Environmental Impact Statement/authorisations

High-grade drill targets at Toms Gully

Prospective new high-grade Toms Gully-style targets

Satellite deposits

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Primary Gold – Investment Summary

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Toms Gully Gold Mine

• high-grade

• low cost

• rapid start-up

• fast payback

Growth potential

Attractive investment

proposition

• potential re-rating

High-grade mining history (~9g/t)

low capital A$24m-A$27m

Low C1: A$640-A$650/oz, C3: A$985-A$995/oz (less once-off capital)

8 month “construction”, 22 month payback

Strong returns: A$47m-A$52 million

Toms Gully - significant potential for extension and repetitions of

high-grade shoots

Rustlers Roost - positive scoping study, not drilled since 2003,

geochem targets identified

Lack of regional exploration - multiple near-mine targets

A$4.01 EV/Measured + Indicated oz - compares favourably to

comparative peer avg. of ~A$45/oz

A$18.80/Reserve oz compared to ~A$195/oz avg. for producers

Catalysts – authorisations, funding, start-up

Spec Buy, valuation range A$0.049-A$0.138 (current A$0.013) -

Paterson Securities Limited, March 2015

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Corporate Overview

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ASX Codes PGO, PGOO

Ordinary shares 265.5 million

Options (listed and unlisted) 55 million

Market cap at $0.013 per

shareA$3.5 million

Cash (end of March Qtr,

2015)A$2.0 million

Directors and Senior Management

Dale Rogers Non-Exec Chairman

Clay Gordon Managing Director

Tim Manners Non-Exec Director

(Mark) Yumin Qiu Non-Exec Director

Philip Gray Non-Exec Director

Simon Durack Company Secretary

Shareholder Structure

Directors 10%

Hanking Australia Limited 19.5%

Crocodile Gold 4.4%

Number of shareholders 380

Top 20 shareholders 63%

Share Price Performance

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High-grade track record

Existing infrastructure

100%-owned

Granted 25 year mining tenure

Close to Darwin (~100km)

Positive feasibility study and near term production start-up

Why Toms Gully?

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Toms Gully Site 2008

Processing

Facility

Pit &

underground

access

Toms Gully Mill 2015

Outcropping quartz vein +9g/t

~ 115,000 oz at 8.2g/t Toms Gully (1988-2008)

High-grade Resource 315,000 oz at 8.9g/t

High-grade Reserve 175,000 oz at 6.9g/t

250,000 tpa processing plant

22kv to mine and mill

Pit, twin declines and development down to

next high-grade zone

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Progress to date

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Successful drilling completed at Toms Gully

Increased JORC Resources for Mt Bundy Project

Maiden Reserve Toms Gully

Positive Toms Gully Feasibility Study

Progressed exploration strategy

Significant intercepts include 1.25 metres at 15.0g/t,

0.6 metres at 9.3g/t and 1.05 metres at 7.6g/t4

Up 21% from July 2013 upgrade

Up 40% from the 2013 acquisition

775,000t @ 6.9g/t for 175,000 oz

Supports low capital start-up to low cost gold

production at Toms Gully5

Potential to increase of Toms Gully mine life beyond

current 3 years

Preliminary field investigations identifying new

areas prospective for high-grade mineralisation

4 Refer to ASX announcement 31 July 2014 5 Refer to ASX announcement 30 January 2015

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Toms Gully Feasibility Study

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Feasibility Study completed August 2013, updated November 20146

Outcomes support 3 year life, low op cost, low capital return to gold production based on production of 60,000 - 65,000 oz pa

Currently completing Environmental Impact Assessment, key step in final Authorisations. Due 2nd half 2015.

6 Refer to ASX announcement 30 January 2015

FINANCIALS 2014 Update

Max –ve Cash flow A$24m-A$27m

C1 costs A$640-$650/Oz

C2 costs A$735-A$745/Oz

C3 costs A$1,195-A$1,210/Oz

C3 (less once-off start-up

Capital)A$985-A$995/Oz

Gold price US$1,240 (A$1,550)

AUD-USD $0.80

Project Revenue A$220m-A$225m

Project Cash flow A$47m-A$52m

Cash flow +ve (from 1st

activity)12 months

Payback 22 months

Recovered ounces 144k Oz

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Toms Gully Resource

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Resource increased 125% to 315,000 oz at 8.9g/t

Strike continuous, siliceous, sulphide-rich, brecciated reef

Shoot-controlled, high tenor mineralisation (3 to 30g/t)

Shallow dipping, hence only ~300m depth at deepest

Drill-defined over 1.5km dip extent

Open all directions and potential repeat structure in

footwall

1.5km

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Toms Gully Resource Upside

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New exploration model, multiple targets,

excellent potential to delineate further high-

grade mineralisation

Challenge old paradigm and potential outside

fault corridor

Shoot extensions and repetitions

Support from geophysics and extisting drilling7

• 1m at 10g/t

• 0.5m at 8.1g/t

• 0.75m at 20.6g/t

• 0.9m at 5.4g/t

Also, potential at depth, repeat of high-grade

structures in foot-wall

• 1.8m at 4.4g/t incl.

• 0.35m at 14.2g/t

Multiple drill targets

7 Refer ASX announcement 14 November 2012

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Satellite Deposits

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Rustlers Roost

Quest 29

12km southwest of Toms Gully mill

Produced 110k oz, 0.97 million oz in Resource

(PGO 80% share)

2012 Scoping Study supports the potential for

large scale, low strip, open cut mining, mining

operation production costs below $A1,100/oz8

Early mining grades +18g/t

Assessing potential to provide high-grade feed

13km south of the Toms Gully mill

Produced 15k oz, 148k oz in Resource

Medium to high-grades, Cosmo Deeps/Zapopan-

style, plunging shoots

Drill defined over 3km strike, remains open all

directions

8 Refer ASX announcement 14 November 2012

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Exploration

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Numerous targets, significant potential within 15km radius of Toms

Gully Mill:

Extensions to existing resources e.g. recent high-grade rock

chips at Rustlers Roost, including 15.6g/t, 8.2g/t, 4.0g/t and

3.2g/t9

New discoveries - prospective area south of Toms Gully, recent

sampling exceeds maximum values that led to Toms Gully

discovery in 1980s

~10Moz Au Pine Creek Camp is compelling analogy for Mt Bundy

Key being same stratigraphic and structural framework

Significance being Pine Creek Camp hosts numerous examples of

high-grade mineralisation to target:

So in addition to 9g/t Toms Gully style targets…

12g/t Zapopan/Brocks Creek, Cosmo Deeps (3.5g/t), and

Maud Creek (3.5g/t)

Mt Bundy hosts the right stratigraphy and structure, yet remains

under-explored

9 refer to ASX Announcement 4 August 2014

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2015 - Objectives

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Complete EIA, final authorisation to

re-commence mining Toms Gully

Decision on project finance

Commence pre-development

activities (dewatering, mill

refurbishment)

Progress assessment of high-grade

targets proximal to Toms Gully

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Primary Gold – Investment Summary

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Toms Gully Gold Mine

• high-grade

• low cost

• rapid start-up

• fast payback

Growth potential

Attractive investment

proposition

• potential re-rating

High-grade mining history (~9g/t)

low capital A$24m-A$27m

Low C1: A$640-A$650/oz, C3: A$985-A$995/oz (less once-off capital)

8 month “construction”, 22 month payback

Strong returns: A$47m-A$52 million

Toms Gully - significant potential for extension and repetitions of

high-grade shoots

Rustlers Roost - positive scoping study, not drilled since 2003,

geochem targets identified

Lack of regional exploration - multiple near-mine targets

A$4.01 EV/Measured + Indicated oz - compares favourably to

comparative peer avg. of ~A$45/oz

A$18.80/Reserve oz compared to ~A$195/oz avg. for producers

Catalysts – authorisations, funding, start-up

Spec Buy, valuation range A$0.049-A$0.138 (current A$0.013) -

Paterson Securities Limited, March 2015

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Contacts

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CLAY GORDON JAMES TRANTER

Primary Gold Limited

Managing Director

+61 8 9364 9009

cgordon@primarygold.com.au

FTI Consulting

Senior Director, Investor Relations

+61 8 9485 8888

James.Tranter@fticonsulting.com

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PRIMARY GOLD MINERAL RESOURCES & ORE RESERVES, COMPETENT PERSON’S STATEMENTS:

The information in this market announcement is extracted from the reports entitled Toms Gully Resource Estimate, Rustlers Roost Resource Estimate, Quest 29 Resource Estimate all dated August 2014 and

announced 8 September 2014 and Toms Gully Ore Reserve Estimate Summary Report, August 2013, announced 27 August 2013. All reports are available to view on www.primarygold.com.au .

Primary Gold Limited confirms it is not aware of any new information or data that materially affects the information in the original market announcements relating to Toms Gully mineral resources and ore

reserves, that all material assumptions and technical parameters underpinning the Toms Gully mineral resource estimate continue to apply and have not materially changed. The company confirms that the form

and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

The information in this announcement that relates to exploration results are based on, and fairly represent, information and supporting documentation compiled and prepared by Mr Clay Gordon who is a

Member of The Australasian Institute of Mining and Metallurgy and Australian Institute of Geoscientists. Mr Gordon is a full-time employee and shareholder of Primary Gold Limited.

Mr Gordon has sufficient experience which is relevant to the styles of mineralisation and types of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in

the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.

Mr Gordon has provided prior written consent as to the form and context in which the Exploration Targets and the supporting information are presented in this market announcement.

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Indicated Inferred Total

Tonnes

(kt)Grade (g/t)

Au

(kOz)

Tonnes

(kt)Grade (g/t)

Au

(kOz)

Tonnes

(kt)

Grade

(g/t)

Au

(kOz)

Toms Gully 835 9.0 242 265 8.5 73 1,100 8.9 315

Rustlers Roost 23,875 0.8 629 12,985 0.8 338 36,860 0.8 968

Quest 29 2,190 1.4 98 1,205 1.3 50 3,395 1.4 148

Total 26,900 1.1 969 14,455 1.0 461 41,355 1.1 1,430

Proved Probable Total

Tonnes

(kt)Grade (g/t)

Au

(kOz)

Tonnes

(kt)Grade (g/t)

Au

(kOz)

Tonnes

(kt)

Grade

(g/t)

Au

(kOz)

Toms Gully 775 6.9 175 775 6.9 175

Resources, exploration & JORC StatementF

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