Primero Mining Corp.

Primero Mining Corp. is a Canada-based precious metals producer with operations in Mexico and intentions to become a leading intermediate gold producer. The company offers exposure to unhedged, low cash cost gold production with a substantial resource base in a low political risk jurisdiction.

Expert Comments:

Joseph Fazzini, Dundee Capital Markets (3/19/15)
"We maintain our Buy rating given Primero Mining Corp.'s growth profile, defensive balance sheet and compelling valuation. . .we remain optimistic on San Dimas' resource growth potential. Demonstrating this potential is the Jessica vein discovery in the Central block. As the discovery was made late in December, it was not included in the 2014 resource and reserve update. . .assuming Primero can continue to deliver ongoing operational improvements, increased production and declining cash costs, we believe its stock should be able to regain its previous premium valuation."

Jeff Killeen, CIBC World Markets (3/19/15)
"Primero Mining Corp. has updated its mineral reserve and resource estimate across its portfolio of assets. . .by increasing the cut-off grade the company has seen its mineral reserve grades increase at both San Dimas and Black Fox; San Dimas increased 4% to 5.7 g/t gold and the Black Fox underground increased 19% to 7.5 g/t gold. . .2015 guidance for Black Fox all-in sustaining cost of $1,075–$1,125/oz would indicate that the asset will generate free cash flow despite the recent weakness in gold."

Canaccord Genuity's Morning Coffee (3/19/15)
"Underground grades increased by 4% to 5.7 g/t Au at Primero Mining Corp.'s San Dimas and 19% to 7.5 g/t Au at Black Fox, possibly enhancing economics. . .the proximity to existing infrastructure will likely allow for some contribution from this vein to 2015 production. A $19M exploration program is underway in 2015 (including 130,000m of drilling and 1,350m of exploration drifting)."

Dan Rollins, RBC Capital Markets (3/18/15)
"Primero Mining Corp.'s recent discovery of the Jessica vein continues to highlight the underlying exploration potential of San Dimas and ability for the company to quickly bring new discoveries into production. With a potential gold grade of ~10 g/t (undiluted) over an average width of ~1.4m, the Jessica vein could have a meaningful impact on reserves/resources."

Ovais Habib, Scotia Capital (3/18/15)
"On an apples-to-apples basis, Primero Mining Corp. did replace its reserves net of depletion for San Dimas and the Black Fox underground in 2014, and we note that underground grades increased at both mines. The company has also discovered the new Jessica vein. . .channel samples taken along 98m of exposed vein averaged 10.4 g/t Au and 1,606 g/t Ag across 1.4m."

Rob Chang, Cantor Fitzgerald (3/18/15)
"We are maintaining our Buy rating on Primero Mining Corp. . .2014 gold and silver resources increased by 1% and 4%, respectively to total 3.2 Moz Au and 82.5 Moz Ag. . .a new high-grade vein named 'Jessica' was discovered in the central block. Channel samples reveal 10.4 g/t Au and 1,606 g/t Ag over 1.4m along 98m of exposed vein."

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