Investor Presentation

16 December 2013

MT BUNDY GOLD PROJECT

NORTHERN TERRITORY

Recommence Mining and Processing Operations

Toms Gully

ASX Code: PGO and PGOO

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– Company & Corporate Overview

– 2013: Delivering on Promises

– Toms Gully Mine & Mill

– Key Attributes

– Resource & Exploration Upside

– Feasibility Study

– Production Timetable

– Growth Strategy

• Advanced Projects

• Exploration Potential

Outline

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Toms Gully ore. TGD429 - 1.23m at 13.6g/t Au from 267.5m.

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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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A gold focus Company, assets located in Northern Territory,

Australia

ASX Listed March 2013 with 1M ounce Mt Bundy Gold Project

‒ Advanced projects: Toms Gully, Rustlers Roost & Quest gold Mines

‒ Large portfolio of under-explored, highly prospective exploration

terrain (2,600 km2)

Grown resources to 1.2M ounces, maiden ore reserves - 175k

ounces (refer to ASX announcement 3 July & 27 August 2013)

Toms Gully - Targeting first production 2014

‒ Feasibility Study completed - low capital, low total costs, rapid start-

up, fast payback

‒ Current reserve supports 3 year plan, Targeting 65,000 oz p.a.,

EBITDA $43M

‒ Project Finance in progress with CBA for up to 100% of working

capital ($19.2M)

Growth potential

‒ Toms Gully remains open, Rustlers Roost - JORC Resource 875k

oz Au (refer to ASX announcement 3 July 2013)

‒ Significant greenfields exploration potential

Strong and experienced Board, established gold credentials

Attractive valuation metrics:

‒ $6 EV/Measured + Indicated oz compared to peer avg. of $19/oz

‒ $39 EV/Reserve oz compared to $188/oz avg. for Producers

Introducing Primary Gold

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Corporate Overview

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ASX Codes PGO, PGOO

Ordinary shares 72 million

Options (listed and unlisted) 42 million

Market cap (undiluted) at

$0.11 per share≈ $7.9 million

Cash (end of Sept Qtr) ≈ $1.1 million

Directors and Senior Management

Dale Rogers Non-Exec Chairman

Clay Gordon Managing Director

Tim Manners Non-Exec Director

Mike Hendriks Non-Exec Director

Philip Gray Non-Exec Director

Simon Durack Company Secretary

Shareholder Structure

Directors 19%

Crocodile Gold 16%

Number of shareholders 763

Top 20 shareholders 64%

Share Price Performance

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Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13

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Price ($)Volume ('000)

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Dale Rogers

Non Executive

Chairman

Dale has a Bachelor of Engineering (Mining) and over 25 years’ experience in the mining industry, commencing in Kalgoorlie and Kambalda in

the 1980’s where he managed several underground mines for WMC before moving to the new project development of WMC’s Mt Keith

Operations during the pre-strip and the first year of ore production in the mid-1990’s. At the time, this was the largest contractor earthmoving

operation by volume in the Southern Hemisphere. He has developed and managed operations in Australia and overseas, including taking

Albidon Limited as Managing Director from a junior explorer with a market capitalisation of $40m in 2005 to a market capitalisation of almost

$1 billion in 2008. Mr Rogers is currently non executive Chairman of Phoenix Gold Limited.

Clay Gordon

Managing

Director

Clay has a Bachelor of Applied Science (Geology) and a Master of Science (Mineral Economics) and has over 25 years’ experience in the

resources industry in senior operational and management positions with various mining companies in a range of commodities, including

precious and base metals and industrial minerals. Clay founded and operated Mining Assets Pty Ltd (between 2004 and 2012), which is a

private consultancy involved in the assessment and marketing of mineral projects and was a founding Director of Phoenix Gold, resigning in

May 2013 in order to concentrate on PGO. Clay is a Member of the Australasian Institute of Mining and Metallurgy and the Australian Institute

of Geoscientists.

Tim Manners

Non Executive

Director

Tim has over 20 years’ experience in senior finance roles within the Australian and International resources sector. He is a Fellow of the

Institute of Chartered Accountants of Australia and a qualified Company Secretary. Mr Manners has significant experience in the fields of

accounting, taxation, treasury and financial risk management in companies spanning all stages of corporate growth, from exploration activities,

project development through to producing companies. Having obtained his professional qualifications with Ernst & Young, Mr Manners has

focussed his career in the resources industry with exposure to both base and precious metals businesses and bulk commodities. Mr Manners

has held Chief Financial Officer roles at both Western Areas NL , Perilya Ltd and Bathurst Resources Ltd and is currently CFO of gold explorer

and miner Phoenix Gold Limited.

Philip Gray

Non Executive

Director

Philip, a founding shareholder of Hydrotech, is an Investment Banker with over 35 years of international experience, with an emphasis on

Emerging Markets in Asia. In the course of his extensive career, he has been Chairman/Director of several listed operating entities on a

number of Exchanges, Chairman of several professional bodies, and has been involved with Australian Capital Markets for over 20 years, first

as Chairman of GT Management (Australia) and later on as Chairman of HSBC James Capel (Australia) Limited. He holds an MA in Marketing

and amongst his other qualifications; Philip is a Fellow of The Institute of Directors and a Member of The Society of Trust and Estate

Practitioners.

Mike Hendriks

Non Executive

Director

Mike is a Chartered Accountant and is a member of the Australian Institute of Company Directors. He started his career with Price

WaterhouseCoopers in 1979. Since then he has gained extensive experience in the financial services sector in various roles in the banking

and stockbroking industries. From 1998 to 2007 he was the national sales and distribution manager for ITC (now Elders Forestry). Mr

Hendriks is on the advisory board of a private WA company, Chrystal and Co Pty Ltd and is a non executive director of an unlisted UK

company Carlton Resources Plc.

Experienced Team

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Delivering on Key Promises

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Since listing, the focus has been on advancing the high-grade Toms Gully mine towards production:

‒ Successfully grown Resources

‒ Delivered a maiden ore Reserve

‒ Completed a Feasibility Study with assistance from independent industry experts

‒ Announced a robust business plan for recommencement of gold mining and milling operations

ObjectiveAt Listing

March 2013

Current Position

December 2013

Achievements

(over past 6 months)

Mineral

Resources0.514mt at 8.4g/t 140,000 oz 1.065mt at 9.0g/t for 310,000 oz

122% increase in Resources as announced

to ASX 3 July 2013. Significant potential for

further growth.

Ore Reserves - 775kt at 6.9g/t for 175,000 oz

Underpinning first 3 years of operations plan

with good growth potential ($3m included in

feasibility for infill & extension drilling).

Feasibility

study-

3 year ore reserve, targeting 65k

oz p.a., at low costs (C1 = A$672,

C3=A$905)

Rapid start-up & payback, robust margins at

Au A$1,374 generating A$43m EBITDA over

3 year plan. Extended 5 yr plan - $105m

Market Cap $14.4m (at $0.20 per share) $7.9m (at $0.11 per share)Recent recognition on back of Feasibility and

Bank mandate.

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Renison Consolidated

Mines Ltd

2005-Mar‘07

GBS

July-Sept ‘08

Croc. Gold

March-August ’10

Incl. Plant upgrade

& $2.5m diamond

drilling

Mt Bundy – History

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Toms Gully

open pit,

Rustlers

Roost pit &

heap leach

PGO

Delivers Toms

Gully Feasibility

August 2013

US$ Gold

Carpentaria, ‘88-91 Toms Gully Open pit, 105k oz at 9.3g/t $350-$450/Oz

RRMPL, ‘96-98 Rustlers Roost heap-leach 110k oz $300-$400/Oz

Renison, ‘99-03 Quest, heap-leach, ~ 10koz $300-$400/Oz

Renison, ‘07 Toms Gully UG, ~ 6koz < $700/Oz

GBS,’08 Toms Gully UG, ~ 4koz ~ $800/Oz

CRK, ‘10 Toms Gully UG < $1,100/Oz

Primary, August 2013 Toms Gully Feasibility announced ~ $1,400/Oz

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Toms Gully – History

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Company Issue Situation Solution

Carpentaria

Gold P/L (1991)Geotechnical

Following very successful open pit,

underground decline access commenced

but encountered difficult ground

associated with a known fault zone on

eastern side of orebody.

Decline has since been rehabilitated by

subsequent operators & is now useable.

Second decline access established within

areas of good ground conditions,

avoiding the fault zones.

Rension Cons.

Mines Ltd

(2007)

Flooding

Flood prevention strategy based on max.

monthly rainfall average, however, mine

received monthly quota in 24 hours.

Pumping capacity too small, mine floods

and is eventually sold.

Primary’s strategy based on max. 24

hour average, consequently pumping

capacity is 10 times that of Renison.

GBS &

Crocodile Gold,

(‘08-10)

Poor ore

grades

Decline was heading to higher grade ore,

but majority of mining situated in lower

grade zone. Mining method resulted in

excessive dilution (≈ 200%). Both

contribute to lower than planned grades.

Primary to specifically target higher grade

zones. Also use different mining method

to control dilution (split-face firing of ore &

waste separately).

All

Low

metallurgical

recovery

Historically recoveries as low as 75%.

Increases possible with fine grinding, but

not utilised by past operators. Similarly,

significant component of gravity gold, but

presently no gravity circuit.

Install fine grinding, gravity circuit,

intense leach reactor, additional floatation

and tankage, partial tails bypass.

Planned recoveries 89.6%, but test-work

shows potential for +92%.

Several episodes of underground mining, various technical challenges

Solutions built into PGO Feasibility Study

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Toms Gully (310k oz) estimated & reported by Cube Consulting in accordance with the 2012 Edition of

JORC Code.

‒ Estimation vetted by second independent geology/resource consultant, Quatitative Group.

Rustlers Roost (80% PGO) reported by Cube Consulting in accordance with the 2004 Edition of JORC

Code.

Targeting review of Rustlers Roost & introduction of Quest resource.

Maiden ore reserve estimated and reported by independent consultants, Golder Associates in accordance

with the 2012 Edition of JORC Code.

Primary Gold – Resources and

Reserves

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Tonnes Grade Au Tonnes Grade Au Tonnes Grade Au

(kt) (g/t) (kOz) (kt) (g/t) (kOz) (kt) (g/t) (kOz)

815 9.1 240 250 8.7 70 1,065 9.0 310

Tonnes Grade Au Tonnes Grade Au Tonnes Grade Au

(kt) (g/t) (kOz) (kt) (g/t) (kOz) (kt) (g/t) (kOz)

19,920 0.9 573 10,320 0.9 302 30,240 0.9 875

Tonnes Grade Au Tonnes Grade Au Tonnes Grade Au

(kt) (g/t) (kOz) (kt) (g/t) (kOz) (kt) (g/t) (kOz)

775 6.9 175 775 6.9 175

Mineral

Resources

Ore

Reserves

Toms Gully

(PGO 100%)

Proved Probable Total

Rustlers

Roost

(PGO 80%)

Indicated Inferred Total

Toms Gully

(PGO 100%)

Indicated Inferred Total

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Toms Gully Gold Mine and Mill

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100% owned Toms Gully within Mt Bundy

Gold Project

Located 100km from Darwin, capital city of

NT

Low operational & political risk

Access via sealed highway

22kv to mine & mill

Granted mining lease

High-grade production history

‒ 115k oz at 8.2 g/t (’88-’08)

High-grade Resource (310k oz at 9.0 g/t)

High-grade Ore Reserve (175k oz at 6.9g/t)

Significant infrastructure:

‒ 250k tpa processing plant (recently

refurbished)

‒ Open pit with 2 declines accessing

underground orebody

‒ Decline developed 1km down length of

underground orebody

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Toms Gully – Resource & Upside

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Dip extensive, shallow dipping, high-

grade quartz - sulphide vein

Up to 4m thick, gold grades 3 to 30g/t

Two priority targets:

‒ Target 1 Extending the resource

down dip - potential for 100k

ounces per 200m extension

‒ Target 2 Repeat structure -

potential for up to 300k ounces in

repeat structure

A$3M included in Feasibility budget:

Stage 1 Objective: test 240m

extension (2 years in resource) -

$1M

Tonnes Grade Au Tonnes Grade Au Tonnes Grade Au

(kt) (g/t) (kOz) (kt) (g/t) (kOz) (kt) (g/t) (kOz)

775 6.9 175 775 6.9 175

TotalProved Probable

Tonnes Grade Au Tonnes Grade Au Tonnes Grade Au

(kt) (g/t) (kOz) (kt) (g/t) (kOz) (kt) (g/t) (kOz)

815 9.1 240 250 8.7 70 1,065 9.0 310

TotalIndicated Inferred

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Exploration Target – Cautionary

Statements

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All references to Exploration Targets are made with the following clarifications & disclosures in

accordance with JORC 2012 clauses 17, 18, 19:

Potential quantities and grades are conceptual in nature, that there has been insufficient

exploration to estimate a Mineral Resource and that it is uncertain if further exploration will

result in the estimation of a Mineral Resource.

Targets are based on proposed exploration drilling programmes.

The Company intends to commence these proposed drilling programmes within 2 years.

Exploration activity will aim to test the validity of geological models.

Exploration Targets based on a geological model which incorporates:

‒ Style of mineralisation similar to existing Resource, i.e. structurally controlled, quartz vein

hosted, gold deposit.

‒ Approximations of tonnes and grade assumes grades, dimensions and orientation similar

to those estimated for Toms Gully Resource.

‒ Existing exploration data which indicates the potential for repetitions and extensions to the

Resource.

Minimal Exploration drilling activities completed to date :

‒ Target 1 located down dip of current Resource – only 2 drill holes, one of which intersected

anomalous gold mineralisation, the other drilled outside the target zone (see slide 10 for

drill details),

‒ Target 2 located in footwall of current Resource – only 3 drill holes, one intersected

anomalous gold mineralisation, one not deep enough, one not sampled (see slide 10 for

drill details).

See slide 30 for Competent Persons Statement .

Hole

NumberDrill Type Northing Easting RL Dip Azimuth Depth From To intersection Comment

Target 1 TGD321 diamond 3577.5 14168.8 1042.2 -90 360° 316.0m 285.15m 285.8m 0.65m @ 3.7g/t

TGD327 diamond 3134.7 14005.9 1068.6 -90 360° 340.1m N/A outside target zone

Target 2 TGDDH006 diamond 4051.1 14550.0 1054.9 -85 360° 840.0m 605.2m 607.0m 1.8m at 4.4g/t incl. 0.35 @ 14.2g/t

TGDDH007 diamond 4050.0 14399.0 1039.8 -85 358° 568.2m N/A not drilled to target zone

TGDDH027 diamond 4246.9 14550.9 1045.0 -85 358° 750.0m N/A target zone not sampled

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Toms Gully Feasibility Study

Aim: assess viability of recommencing

mining and gold processing at Toms Gully

Managed by PGO executives (geologist &

engineer), with major works completed by

independent expert consultants:

‒ Cube Consulting - resource estimate

‒ Quantitative Group - reviewed

resource

‒ Golder Associates - ore reserve

estimate

‒ Independent Metallurgical Operations -

testwork, processing flow sheet, capital

and operating cost estimates

‒ Como Engineering - mill refurbishment

plan and capital cost estimates

Feasibility Study outcomes and business

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Targeting 350,000 t at 6.9g/t & 65,000 recovered ounces gold

per annum

22 months to steady-state including start-up

A$19.2m working capital (incl. $2m contingency)

3 year ore reserve, open at depth

C1 Costs: A$672/oz

C3 Costs: A$1,095/oz

C3 less once-off capital costs: A$905/oz

Generating A$43 million EBITDA (at spot A$1,374/oz)

Cashflow positive – 10 months

Payback of start-up capital - 26 months

* Financials updated using current spot gold price (A$1,374)

compared to Feasibility (A$1,444).

Feasibility Study – Outcomes*

Note: Primary confirms that all the material

assumptions underpinning the production

target and/or forecast financial information

derived from a production target, in the

initial public report of 27 August 2013

continue to apply and have not materially

changed.

The potential quantity and grade of an

exploration target is conceptual in nature,

there has been insufficient exploration to

determine a mineral resource and there is

no certainty that further exploration work

will result in the determination of mineral

resources or that the production target itself

will be realised.

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Feasibility Study – Working Capital

Start-up Working Capital ($Am)

General 1.7

Electrical 1.0

Fixed plant 1.0

Contingency 2.0

Mill refurb & upgrade 5.0

Dewatering/mine refurb 6.0

Mine development to 1st ore 2.5

Total $19.2

250ktpa processing plant included in Mt Bundy acquisition

Replacement cost ≈A$20m

Original strategy (on listing) contemplated toll treatment &

mill refurbishment to be paid out of cashflow

MoU with Croc Gold

Current strategy includes upgrade to 350ktpa for 65koz p.a

A$19.2m start-up working capital, including $2m

contingency

‒ Dewatering & refurbishment of mine

‒ Mill upgrade (complete installation of tower mill,

install gravity circuit, intense leach reactor,

improvements

to floatation)

Mine and mill refurbishment and Stage 1 mill upgrade

completed

concurrently - months 1 to 8

Stage 2 mill upgrade to 350ktpa (≈A$4m)

‒ paid out of cashflow

‒ Months 17 to 20

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Utilises existing mine & mill infrastructure

Room and pillar, 85% recovery

Minimum ore criteria - 1.2m wide and + 6.5g/t

Dilution - 0.6m at 0.0g/t Au (approx. 45%)

2 x twin boom jumbos

Split-face (resue) firing

Ramping-up to 350ktpa over 18 month period

Ore Reserve 775kt, 5yr Feasibility total 1.4Mt

Feasibility Study – Mine PhysicalsF

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Current capacity 250ktpa

Pre-production refurbishment &

Stage 1 Upgrade (months 1-8)

‒ complete installation of

tower mill, add gravity &

intense leach reactor

(acacia)

‒ Increase recoveries from

85% to 88.6%

Stage 2 Up-grade 350kt & 65k

oz pa

‒ Completed months 17-20

‒ Increase capacity at primary

mill, floatation & leaching

‒ Recoveries increase to

89.6%

Steady state production - month

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Targeting 277k oz total over

initial 5 year life18

Feasibility Study – Mill PhysicalsF

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Feasibility Study – Financials

Extended 5 Year plan $/t $/oz

Mining 69.9 353

Processing 47.4 239

Maintenance 2.9 15

Admin 11.2 56

C1 131.4 663

Croc Gold Royalty1 1.7 9

Croc Gold Qrtly Payments2 0.8 5

NT Government Royalty3 8.9 46

C2 11.4 60

Sustaining Capital 8.9 45

Capital development - mine 24.5 124

C3 33.3 168

C3 Total Cash Costs $176/t $891/oz

Note 1: Croc Gold Royalty $10/oz capped at $2.5m

Note 2: Croc Gold Qtrly payments – 4 equal payments capped at $1.55m

Note 3: NT Government Royalty “profit” based, therefore moves with gold price

NT royalty “Profit” based, after:

‒ carried-forward losses,

‒ Mining studies/evaluations

‒ Capital deductions

‒ Allowance for corporate costs

‒ paid 6 monthly

**Feasibility: Study v Spot

Average price: $1,300 v $1,285

FX ($US/$A): $0.90 v $0.935

Financials (AUD)3 year Ore

Reserve

Extended 5

Year plan

Start-up working capital A$19.2m A$19.2m

C1 A$672/oz A$663/oz

C2 A$720/oz A$720/oz

C3 A$1,195/oz A$996/oz

C3 (less once-off start-up costs) A$905/oz A$891/oz

Gold price** US$1,285 US$1,285

AUD-USD exchange** 0.935 0.935

Revenue A$212m A$381m

EBITDA (after Bank repayment) A$43m A$105m

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Feasibility Study – Financials

Cashflow positive 10 months

Payback 26 months

Initial 3 year ore reserve, open at depth, aim to extend minimum of further 2 years

A$43m EBITDA 3 years (after Bank repayment), $105m EBITDA extended 5 year plan

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Feasibility Study – Project Finance

Working capital estimated at A$19.2m (includes A$2m contingency)

Potential to reduce working capital ≈ 25% to A$14m by deferring up to A$5m allocated for mill refurb

‒ Toll treatment MoU signed with Croc Gold providing option to use Union Reefs mill

‒ Opportunity to defer Stage 1 & 2 refurbishment & upgrade till cashflow positive

CBA mandated to provide PF package for up to 100% of working Capital ≈ A$17-$19m

‒ Indicative terms received

‒ Legal & ITE review in progress

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Toms Gully Gold Project Funding

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Company has mandated Commonwealth Bank (CBA) to provide Project finance (ASX announcement 31

October 2013). Requires an equity contribution, which includes this rights issue

A final CBA approval is likely to include a level of various general and mandated contingencies

Overall capital costs could potentially reduce by $5m as a result of the toll treatment MOU signed with

Crocodile Gold (ASX announcement 30 October 2013)

In context of corporate overheads, tenement management, extensional drilling the proposed rights issue

can move the Company forward over the next 12 to 18 months

Funding Required (A$m)

Project Feasibility Capital Costs $19

General Project contingency $1

Bank Debt servicing Reserve &

Bank contingency (indicative)$6

Extensional Drilling Programme $1

Corporate Overheads $1

Sub-total $28

Non-Project Corporate Overheads $1

Tenement

management/Extensional

Drilling Programme

$1

Sub-total $2

Total $30m

Proposed Source of Project Funding A($m)

CBA Project Loan Facility $19

New equity (current Rights Issue) $2.4

Release of environmental bonds $3

Equipment / Mining / Service Finance $5.7

Total $30m

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Current Resource 30Mt at 0.9g/t for 875k ounces

Large-scale mineralised system of close-spaced, strataform, quartz-sulphide veins.

2012 Scoping Study supports the potential for large-scale, low strip, open cut, mining operation likely production

costs below $A1,100/oz

Remains open at depth and along strike

Shallow drill intercepts illustrate further oxide potential: 36m at 1.27g/t (from 33m) in RRC260, and 24m at

1.24g/t (from 48m) in RRC262 (Refer to Appendix 2 of HTI announcement 14 November 2012 for full details)

Approximately 50 strike-km remains to be explored.

Last explored 2003

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Rustlers Roost Deposit (PGO 80%)F

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Resource Upside – New Discoveries

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Project contains all key attributes of Pine Creek-

style, quartz-hosted gold mineralisation:

‒ Favourable stratigraphic units

‒ Structural preparation, and

‒ Proximity to granite intrusions

History of success with basic mapping and

geochem techniques. E.g. first 11 samples of

outcropping Toms Gully quartz reef averaged

9.6g/t.

Large drill & geochemical databases ~ 60 targets

identified

‒ 2,700 drill holes; 180km drilling;

‒ Rock-chips: 2,691 values; 69 values above

5g/t. max 88.2g/t Au

‒ Soils: 42,696 values ; 2,200 values above

1.0g/t., max 159g/t Au

‒ Full details of sampling provided in Appendix

2 of HTI’s ASX announcement of 14

November 2012

Large anomalies to be followed-up at Rustlers

Roost & Quest supported by very high grade

rock chips (incl. 26.1g/t 16.4g/t, 5.2g/t, and

4.0g/t).

UNDER-EXPLORED USING MODERN

EXPLORATION TECHNIQUES

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Renounceable Rights Issue

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Two (2) for three (3) renounceable Rights Issue

5.0c per share, represents 16% increase on initial 60c investment

One (1) free option for every two (2) shares subscribed

Options 10.0c exercise price / 31 December 2015 expiry date / to be listed on ASX

Gross amount raised – up to circa $2.41 million

Net proceeds applied to the working capital required to run the Company for next 12 months,

implementation of development strategy for Toms Gully mine, including assessing and finalising its financing

solution.

Revised Capital Structure

Shares Options(i)

Existing Equity 72,276,014 21,546,382(ii)

2:3 Renounceable Rights Issue

(at $0.05 per share)48,184,009 24,092,004(iii)

Total 120,460,023 45,638,386

(i) Up to a further circa 10.8m options exercisable at 10.0c per share on or before 31 December 2013 will be offered to sub-

underwriters of the Rights Issue. There are also 20 million unlisted options exercisable at 20 cents per share on or before 1

March 2017 on issue.

(ii) Options (ASX:PGOO) exercisable at 20 cents per share on or before 31 March 2013.

(iii) Options exercisable at 10 cents per share on or before 31 December 2013.

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Rights Issue Timetable

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Event 2013/2014

Lodgement Date 16 December 2013

“Ex” Date and Rights Trading Commences 19 December 2013

Record Date 27 December 2013

Offer Opens 3 January 2014

Rights Trading Ends 10 January 2014

Closing Date 17 January 2014

Allotment of New Securities 28 January 2014

Trading Expected to Commence 29 January 2014

This timetable is indicative only and subject to change

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Primary Gold – Investment Summary

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Delivering on stated objectives

Targeting first production Sept Qtr 2014 – Toms Gully

‒ Low cost, rapid start-up, fast payback

‒ Ramping-up to 65k ounces p.a.

‒ C1 costs A$672/oz, C3 costs A$905/oz, spot Au A$1,374/oz (3 Ore Reserve)

‒ Project cash flow after Bank payback: A$43 million EBITDA 3 year plan, A$105 million EBITDA 5 year plan

‒ Project Finance in progress with CBA for up to 100% of working capital

Growth potential

‒ Toms Gully remains open down dip

‒ $3m allocated to follow priority targets

‒ Rustlers Roost – positive scoping study, not drilled since 2003, geochem targets identified

‒ Lack of regional exploration, multiple targets to follow-up

Strong and experienced Board, established credentials in gold sector

Attractive investment proposition:

‒ $6 EV/Measured + Indicated oz compared to peer avg. of $19/oz

‒ $39 EV/Reserve oz compared to $188/oz avg. for Producers

Payback: 26 Months

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Toms Gully (310k oz) estimated & reported by Cube Consulting in accordance with the 2012 Edition of

JORC Code.

‒ Estimation vetted by second independent geology/resource consultant, Quatitative Group.

Rustlers Roost (80% PGO) reported by Cube Consulting in accordance with the 2004 Edition of JORC

Code.

Maiden ore reserve estimated and reported by independent consultants, Golder Associates in accordance

with the 2012 Edition of JORC Code.

Primary Gold – Resources and

Reserves

28

Tonnes Grade Au Tonnes Grade Au Tonnes Grade Au

(kt) (g/t) (kOz) (kt) (g/t) (kOz) (kt) (g/t) (kOz)

815 9.1 240 250 8.7 70 1,065 9.0 310

Tonnes Grade Au Tonnes Grade Au Tonnes Grade Au

(kt) (g/t) (kOz) (kt) (g/t) (kOz) (kt) (g/t) (kOz)

19,920 0.9 573 10,320 0.9 302 30,240 0.9 875

Tonnes Grade Au Tonnes Grade Au Tonnes Grade Au

(kt) (g/t) (kOz) (kt) (g/t) (kOz) (kt) (g/t) (kOz)

775 6.9 175 775 6.9 175

Mineral

Resources

Ore

Reserves

Toms Gully

(PGO 100%)

Proved Probable Total

Rustlers

Roost

(PGO 80%)

Indicated Inferred Total

Toms Gully

(PGO 100%)

Indicated Inferred Total

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JORC Statements

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

Toms Gully - The information in this market announcement is extracted from the reports entitled July 2013 Toms Gully Resource Estimate, announced 3

July 2013 and Toms Gully Ore Reserve Estimate Summary Report, August 2013, announced 27 August 2013. Both 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 Toms Gully exploration targets and associated 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.

Rustlers Roost - Represents Primary Gold’s 80% interest. The information in this announcement that relates to the regional exploration results and

Rustlers Roost Mineral Resource is based on information reviewed and compiled by Mr Brian Fitzpatrick, who is a Member of The Australasian Institute

of Mining and Metallurgy with Chartered Professional accreditation. Mr Fitzpatrick is a full-time employee of Cube Consulting Pty Ltd and has sufficient

experience which is relevant to the styles of mineralisation and types of deposit under consideration and to the activity which he is undertaking to qualify

as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore

Reserves’. Mr Fitzpatrick consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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Contacts

CLAY GORDON SARAH JOSEPH

Primary Gold Limited

Managing Director

+61 8 9488 8874

cgordon@primarygold.com.au

FTI Consulting

+61 8 9485 8888

sarah.joseph@fticonsulting.com

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