The ‘New’ Americas Gold Play November 2010 TSX:P

TSX:P Cautionary Statement

2

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 preliminary prospectus and will be detailed from time to time in the Company’s interim and annual financial statements and management’s discussion and analysis of those statements, all of which are, or will be available, for review on SEDAR at www.sedar.com. This presentation uses the terms “measured resources”, “indicated resources” and “inferred resources”. The Company advises readers that although these terms are recognized and required by Canadian regulations (under National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI43-101”)), the United States Securities and Exchange Commission does not recognize them. Readers are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted in to reserves. In addition, “inferred resources” have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, or economic studies, except for a Preliminary Assessment as defined under NI43-101. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable. Although the Company has attempted to identify important factors that could cause actual performance to differ materially from that described in forward-looking statements, there may be other factors that cause its performance not to be as anticipated. The Company neither intends nor assumes any obligation to update these forward-looking statements or information to reflect changes in assumptions or circumstances other than required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those currently anticipated. Accordingly, readers should not place undue reliance on forward-looking statements. Unless otherwise indicated, all dollar values herein are in US$.

TSX:P Investment Highlights

3

San Dimas Gold-Silver Mine

DURANGO MEXICO

TSX:P 2010 Objectives

1

2

3

4

5

6

7

8

9

Q4

Q4

Q1

4

TSX:P

Strategy of Growth Acquisition Track Record

GROWTH

2010-2011: Optimization & resource expansion

2011-2012: Potential Latin American acquisitions

Leading mid-tier gold producer by 2013

LOW CASH COST

Below industry average cash costs

LOW RISK

Maintain balance sheet strength

Un-hedged gold

Americas pro-mining jurisdictions only

RESPONSIBILITY

Sustainable growth

Commitment to leading CSR programs

TARGETED GROWTH OBJECTIVE1

5 1. San Dimas production based on five year average, source NI 43-101 technical report

0

100

200

300

400

2010 2011 2012 2013

SAN DIMAS OPTIMIZATION

LATIN AMERICAN ACQUISITIONS

LEADING MID-TIER GOLD PRODUCER

SAN DIMAS (GOLD EQUIVALENT OUNCES)

EXPLORATION OPTIMIZATION

ACQUISITIONS

TSX:P Capital Structure

6

Exchange TSX:P

SHARE STRUCTURE

Shares outstanding Fully Diluted

88 million

117 million

OWNERSHIP

Management and insiders Goldcorp Institutional & float

3%

36% 61%

BALANCE SHEET

Cash Debt Convertible note

~$55 million $50 million1

$60 million2

(1) 5 year, 6% note repaid $5M/yr with balloon payment at end of year 5 (2) 1 year, rolling, 3% note convertible at CDN$6

Share Performance Since Acquisition Volume (M) Relative Change

-10%

-5%

0%

5%

10%

15%

20%

25%

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

August September October November

P-T Vol P-T Close TSX GOLD INDEX

TSX:P

Financial Strength Sufficient Capital to Fund Growth

7

After Tax Cumulative Cash Balance1,3 ($M)

1. Years are anniversary of Aug 6, 2010, Includes Silver Wheaton contract impact, resulting in an effective tax rate of approximately 55% 2. Includes interest expense on the Goldcorp promissory and convertables notes 3. Free cash flow includes interest expense on the Goldcorp secured promissory and convertible notes and principal repayment on the Goldcorp secured promissory note (principal on convertible note is paid through excess cash

from financing and exercise of warrants)

Cash flow engine to fund growth

~$70 million operating cash flow/yr

After Tax Operating Cash Flow1,2 ($M)

~$55 million cash

Robust operating margins

$9

00

Au

/

$1

5.0

0 A

g

$9

00

Au

/

$1

5.0

0 A

g

$9

00

Au

/

$1

5.0

0 A

g

$9

00

Au

/

$1

5.0

0 A

g

$9

00

Au

/

$1

5.0

0 A

g

$1

,22

0 A

u /

$1

7.5

0 A

g

$1

,22

0 A

u /

$1

7.5

0 A

g

$1

,22

0 A

u /

$1

7.5

0 A

g

$1

,22

0 A

u /

$1

7.5

0 A

g

$1

,22

0 A

u /

$1

7.5

0 A

g

$-

$50

$100

$150

$200

$250

$300

$350

YEAR1 YEAR2 YEAR3 YEAR4 YEAR5

Free Cash Flow Opening Cash

$-

$10

$20

$30

$40

$50

$60

$70

$80

$90

YEAR1 YEAR2 YEAR3 YEAR4 YEAR5

$900 Au / $15.00 Ag $1,220 Au / $17.50 Ag

Improved Cash Flow Amended Silver Agreement

Old Agreement

To 25 Years All silver sold at ~$4 for 25 years (19 years remaining)

Amended Agreement

First 4 years First 3.5 million oz Ag plus 50% of excess sold to SLW at ~$4

50% of Ag production above 3.5 million oz sold at spot

Year 5 to LOM First 6 million oz Ag plus 50% of excess sold to SLW at ~$4

50% of Ag production above 6 million oz sold at spot

5 YEAR AVERAGE ANNUAL:

Amended Agreement1

Goldcorp 2009

Production1

Gold (oz)

Gold Eq (Au Eq oz)

Spot Silver Exposure2 (oz)

107,000 157,000

1,800,000

113,000 113,000

0

Cash Cost1

Co-product (per Au Eq oz)

By-product (per oz)

$337

$60

$392 $287

1. Average annual production and cash cost for next 5 years, gold equivalent based on $900/oz gold and $15/oz silver 2. Attributable to Primero under amended silver purchase agreement and based on NI 43-101 report Source: NI 43-101 technical report and Goldcorp public reports

0

20

40

60

80

100

120

140

160

180

2010E 2011E 2012E 2013E 2014E

Gold Eq Additional Gold Eq Gold

8

Amendment Increased Gold Equivalent Ounces1

TSX:P

Operations

TSX:P

San Dimas Solid Platform with expansion & exploration potential

10 1. Average annual production and cash cost for next 5 years, gold equivalent based on $900/oz gold and $15/oz silver. Source: NI 43-101 technical report 2. Estimate, calculated using Goldcorp reported figures.

5 YEAR AVERAGE PRODUCTION1

157,000 gold equivalent ounces

107,000 ounces

7.1 million ounces

$337 per gold equivalent ounce

San Dimas Gold-Silver Mine

DURANGO MEXICO

Mazatlan Durango

2010E PRODUCTION

99,000-103,000 gold equivalent ounces

84,000-87,000 ounces

4.4-4.55 million ounces

$550-$570 per gold equivalent ounce

2009 PRODUCTION

GOLD EQ 133,900 ounces

GOLD 113,000 ounces

SILVER 5.1 million ounces

CASH COST $392 per gold equivalent ounce2

Ventanas Exploration Property

DURANGO MEXICO

SAN DIMAS Durango, Mexico

OWNERSHIP 100%

METALS Gold & Silver

MINING Underground, cut and fill

QUICK FACTS

Proven & Probable Reserves

Tonnes (millions) Grade (g/t) Silver (g/t) Gold (Moz) Silver (Moz)

5.6 4.8 339 0.9 60.9

Inferred Resources (exclusive of reserves)

Tonnes (millions) Grade (g/t) Silver (g/t) Gold (Moz) Silver (Moz)

15.2 3.3 317 1.6 154.6

RESERVES & RESOUCES (as at December 31, 2009)

TSX:P

Established Infrastructure Recent Investments

11

ESTABLISHED INFRASTRUCTURE

Mill capacity 2,100 tpd - expansion potential

Dry tailings filter plant, capacity 2,100 tpd

RECENT INVESTMENTS

New dry tailings pumping system

Tunnels connecting Central Block and Sinaloa

Graben:

Improved access

Hydro Plant:

Reduced cost from $0.11 to $0.015 per kWh

Approx. $5 million annual savings

TSX:P

Infrastructure Optimization Building for the Future

12

TAILINGS FILTER 3

Eliminates wet tailings

Allows process plant flexibility

WASTE ROCK IMPOUNDMENT

3 million m3 Capacity

Proper disposal for waste rock

San Luis bridge: safer, all seasons access

NEW SUB STATION

Additional 7 MW of capacity

Supports future growth

TSX:P Optimization & Expansion

13

INCREASE MINE DEVELOPMENT

Improved operational throughput

Exploration flexibility

OPERATE MILL AT DESIGN CAPACITY

Current:1,600-1,800 tpd, Design: 2,100 tpd

EXPAND MILL TO MATCH LEACHING CAPACITY

Mill: 2,100 tpd, Leach: 2,500 tpd

TSX:P

Growth

TSX:P

Historical Production (1990-present)

New High Grade Impact?

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

19

90

19

91

19

92

19

93

19

94

19

95

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

Au

gra

de

(g/

t)

Pro

du

ctio

n (

oz)

Production (oz) Au grade (g/t)

Central Block Discovery Additional high-grade discoveries

(Roberta, Robertita & Santa Lucia veins)

Acquisition of Luismin by Wheaton River

Sinaloa Graben Discovery

Subsequent Acquisition of San Dimas

by Primero

TSX:P

Proven 90% Resource Conversion Opportunity for Long Term Strategic Planning

16 1. NI 43-101 technical report

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

Initial 2003 2004 2005 2006 2007 2008 2009 End

Re

se

rve

s (

ou

nce

)

San Dimas Reserve Replacement based on Au ounces (2003-2009)1

Reserve Additions Production

TSX:P

Significant Exploration Upside Already Replaced 2010 Production

17

Estimated Proven & Probable Reserves1 Tonnes

Grade (g/t) Gold Silver

Gold (ounces)

Silver (million ounces)

Exploration Drilling 219,302 5.1 348 36,000 2.5

Exploration Drifting 199,948 7.2 439 47,000 2.8

Total New Reserves 419,250 6.1 391 83,000 5.3

More than 100 known veins in district

Drilling in late 2009 identified new high-grade veins in the Sinaloa Graben

Sinaloa Graben million ounce resource potential (only 27koz at Dec. 31, 2009)

2010 exploration budget of $13.5 million, 38,000 metres

Additional 83,000 ounces of gold & 5.3m ounces of silver already announced

Intercepts well above reserve grade

1. See Press Release issued on Sept. 20, 2010

TSX:P

Exploration Success Throughout New Reserves and Higher Grade

Central Block

EL ABRA

VERDOSA

CORONADO

S. ANTONIO

CANDELARIA

CULEBRA

BLENDITA

PATRICIA

5 HERMANOS

EL SOL

TAYOLTITA

Piaxtla River

GUADALUPE

EL CRISTO TUNNEL

ROSARIO SINALOA GRABEN TUNNEL

Santa Rita mine

SAN FRANCISCO

Tayoltita Block

LA VERDOSA RAMP

N

Mill

Tayoltita mine

Central Block mine

San Antonio mine

(Source: San Dimas Geological Office)

San Vicente Area

West Block

Pilar mine

Vein

Fault

Town

Mill

Tunnel done

0 1 2 km

Tunnel Budget 2010

Arana Hanging Wall

Ag-Au High Grade Trend

LEGEND

Proposed Tunnel

DDH Ag g/t Au g/t m MAR-9-17 514 8.86 2.45

DDH Ag g/t Au g/t m A-25-217(1) 778 7.9 0.80 HW-4G-01B 302 8.7 0.60

DDH Ag g/t Au g/t m RO-16-02 132 3.27 1.43 RO-20-05 514 4.23 1.27

DDH Ag g/t Au g/t m SOL-9-02 549 10.67 1.81

DDH Ag g/t Au g/t m RAMP7-129W 1,115 10.30 2.75

DDH Ag g/t Au g/t m TGS-S-22 958 6.81 8.56 TGS-S-15 403 8.08 7.52

18

TSX:P

One Prolific Vein Many More to Explore

19

Robertita-Nancy Vein

Drilling

35,887m (as at Sep 2010)

Historic Production

Tons k Au (koz) Ag (Moz)

487 177 11.0

Resources

Tons k Au (koz) Ag (Moz)

364 114 6.0

Reserves

Tons k Au (koz) Ag (Moz)

868 243 12.5

Diamond

Drill Holes

Mined Ore

Robertita-Nancy Vein Exploration

The Value Proposition

TSX:P Unlocking Value

21

2011E Gold Eq Production (000 oz)1 2011E Cash Cost ($/Au Eq oz)1,2 Market Capitalization ($B)1

1. Estimates based on BMO Capital Markets research (except for names noted with “*” which are based on company reports and street estimates); BMO prices: Gold Price: 2011: $1,350, 2012: $1,300, 2013: $1,150, 2014: $1,000, LT: $1,000; Silver Price: 2011: $23.00, 2012: $21.00, 2013: $17.75, 2014: $15.50, LT: $15.00.

2. Cash cost based on total cash cost per gold equivalent ounce Note: As of Nov 15, 2010

$0

.5

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

$4.0

Ne

w G

old

Ala

mo

s

Go

lde

n S

tar

La

ke

Sh

ore

Au

rizo

n

Ga

mm

on

No

rth

ga

te*

Kir

kla

nd

*

B2

Go

ld*

Min

efi

nd

ers

Jagu

ar*

Pri

me

ro

Ma

rke

t C

ap

ita

liza

tio

n (

US

$B

)

14

2

0

50

100

150

200

250

300

350

400

450

500

Ne

w G

old

Go

lde

n S

tar

Ga

mm

on

No

rth

ga

te*

Jagu

ar*

Ala

mo

s

Au

rizo

n

La

ke

Sh

ore

Pri

me

ro

Min

efi

nd

ers

B2

Go

ld*

Kir

kla

nd

*

20

11

Go

ld E

q P

rod

ucti

on

(0

00

oz)

$4

29

$0

$100

$200

$300

$400

$500

$600

$700

$800

Go

lde

n S

tar

Kir

kla

nd

*

Jagu

ar*

No

rth

ga

te*

Min

efi

nd

ers

B2

Go

ld*

Ne

w G

old

La

ke

Sh

ore

Ga

mm

on

Pri

me

ro

Au

rizo

n

Ala

mo

s

US

$/A

u E

q o

z

TSX:P P/NAV Multiples

P/NAV Multiples (0%, spot prices)1

22 1. Estimates based on BMO Capital Markets research (except for names noted with “*” which are based on company reports and street estimates); BMO prices: Gold Price: 2011: $1,350, 2012: $1,300, 2013: $1,150, 2014:

$1,000, LT: $1,000; Silver Price: 2011: $23.00, 2012: $21.00, 2013: $17.75, 2014: $15.50, LT: $15.00. Note: As of Nov 15, 2010

0.8

8x

Jr. Average: 0.89x

Inter. Average: 1.17x

-

0.2x

0.4x

0.6x

0.8x

1.0x

1.2x

1.4x

1.6x

1.8x

2.0x

Min

efi

nd

ers

La

ke

Sh

ore

B2

Go

ld*

Ga

mm

on

Ne

w G

old

Pri

me

ro

No

rth

ga

te*

Kir

kla

nd

*

Jagu

ar*

Au

rizo

n

Ala

mo

s

Go

lde

n S

tar

Ya

ma

na

IAM

GO

LD

Ra

nd

go

ld

Eld

ora

do

Agn

ico

Kin

ross

Go

ldco

rp

Ba

rric

k

Junior Intermediate Senior

TSX:P Cash Flow Multiples

Cash Flow Multiples (2011)1

23 1. Estimates based on BMO Capital Markets research (except for names noted with “*” which are based on company reports and street estimates); BMO prices: Gold Price: 2011: $1,350, 2012: $1,300, 2013: $1,150, 2014:

$1,000, LT: $1,000; Silver Price: 2011: $23.00, 2012: $21.00, 2013: $17.75, 2014: $15.50, LT: $15.00. Note: As of Nov 15, 2010

9.8

x Jr. Average: 11.2x

Inter. Average: 15.8x

-

5x

10x

15x

20x

25x

Ga

mm

on

Go

lde

n S

tar

Jagu

ar*

Au

rizo

n

No

rth

ga

te*

Min

efi

nd

ers

Pri

me

ro

La

ke

Sh

ore

B2

Go

ld*

Ne

w G

old

Ala

mo

s

Kir

kla

nd

*

Ya

ma

na

IAM

GO

LD

Agn

ico

-Ea

gle

Ra

nd

go

ld R

eso

urc

es

Eld

ora

do

Go

ld

Ba

rric

k G

old

Kin

ross G

old

Go

ldco

rp

Junior Intermediate Senior

TSX:P Why Primero Mining?

24

Established Mexican operations

157,000 gold equivalent ounces (2010-2014 average)

Significant cash flow

Market preferred geography

Proven management & board

Acquisition & operations track record

Long life, low cost production

P&P reserves of 860,000 oz Au and 61 M oz Ag

Total resources of 2.5 M oz Au and 216 M oz Ag

Industry low cash cost profile

Ideal growth platform

Well positioned to quickly become a leading mid-tier gold producer

Attractive valuation – re-rating opportunity

Potential re-rating as Primero trades at a discount to peers on all significant value metrics

Source: Production, cash cost and resource numbers from NI 43-101 technical report

APPENDICES

TSX:P Experienced Management

26

Wade Nesmith | Executive Chairman Founder of Mala Noche and CEO since incorporation

Former President of Westport Innovations (Europe)

Founding and current director of Silver Wheaton, Chairman of each of Geovic Mining and Selwyn Resources

Joseph F. Conway | President and C.E.O.

Former CEO, President and Director of IAMGOLD from 2003 to 2010 Grew IAMGOLD from a $50 million royalty company to a $6 billion intermediate gold producer with a sector leading growth profile

Eduardo Luna | 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 and the Silver Institute

Chairman of the Advisory Board of the Faculty of Mines at the University of Guanajuato and of the Mineral Resources Council in Mexico

TSX:P District Wide Upside – Long Section

Favorable Horizon

Mineralization – Ore Bodies Extension of the Favorable Horizon Potential

SW NE

0 1 2

K I L O M E T E R S

San Antonio West Block

Central Block Castellana and

Robertas

Tayoltita Block Arana Hanging Wall 3,000 m.

2,000 m.

1,000 m.

3,000 m.

2,000 m.

1,000 m.

Sinaloa Graben Block

Source: San Dimas Geology Office

2010 Priority

2010 Priority

27

Sinaloa Graben Tunnel: Julieta - Sinaloa Norte vein (San Salvador system)

28

San Luis Tunnel

Drifting Plan

Drilling Plan 2010

Drifting Plan 2010

Drifting Done

Sinaloa Graben Higher Grade and Wider Widths

SW NE

1,000 m

Sinaloa Mine (San Antonio Area)

Sinaloa Graben San Salvador ( Central Block )

San Luis Tunnel Elev

Santa Anita Tunnel

0 500 1000

M E T E R S

7-660 L Ag g/t Au g/t m 189 3.13 1.24

DDH TGS S-15 Sinaloa Norte intercept

Ag g/t Au g/t m 403 8.08 7.52

Proven Ore

Probable Ore

Probable Ore by Drilling

Explanation

DDH TGS-S-22 Sinaloa Norte Intercept Ag g/t Au g/t m 958 6.81 8.56m

0 m

500 m

0 m

500 m

1,000 m

DDH TGS 7-17 Julieta intercept

Ag g/t Au g/t m 481 3.73 2.22

Tayoltita Mine - San Luis Vein

29

SW NE

500 m

1000 m

San Luis

Shaft

San Luis

Ore body

Tayoltita

Tunnel

0 250 500

M E T E R S

Kpa

Kpr

Piaxtla

Intrusive

Diorite

Intrusive Level 25

Krs

Camichin

Rhyolite

(Source: San Dimas Geological Office

Arana Hanging Wall

Arana Hanging Wall High Grade, Narrower Widths

DDH A-25-217(1) Arana Hanging Wall Ag (g/t) Au (g/t) m 778 7.9 0.8

DDH HW-4G-01B Arana Hanging Wall Ag (g/t) Au (g/t) m 302 8.7 0.6

Historic Production

Tonnes (M) Gold (Moz) Silver (Moz)

1.8 0.680 37.6

PRIMERO MINING CORP. Richmond Adelaide Centre 120 Adelaide Street West, Suite 1202 Toronto, ON M5H 1T1 T 416 814 3160 F 416 814 3170 TF 877 619 3160 Email: info@primeromining.com

INVESTOR RELATIONS Tamara Brown Vice President, Investor Relations T 416 814 3168 tbrown@primeromining.com

The ‘New’ Americas Gold Play