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Primero Mining Corp.

TICKER: PPP:NYSE; P:TSX

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.


The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

Desjardins Capital Markets (12/15/14) "Overall, Primero Mining Corp.'s Black Fox has proved more challenging than originally thought, but the exploration work at depth continues to support a brighter future for the mine. For 2015, Primero will be focused on bringing more attention to San Dimas, the flagship mine, which is performing very well, and will work to communicate that Black Fox is a good asset in transition."

Michael Gray, Macquarie Equity Research (12/3/14) "We would be buyers of Primero Mining Corp. stock as we continue to like the company for its cornerstone San Dimas asset (71% of NAV) that continues to: 1) achieve low all-in sustaining costs ($749/oz in 2015), 2) expand toward 3 Ktpd and 3) grow via the drill bit. Primero is trading at an attractive 26% discount to peers on a P:NAV basis."

Dan Rollins, RBC Capital Markets (11/19/14) "Our positive outlook on Primero remains unchanged following Q3/14 results as San Dimas continues to deliver solid results. . .given our positive outlook regarding the company's flagship San Dimas mine, ability to refinance near-term debt and underlying exploration potential, we maintain our Outperform rating."

Ben Kramer-Miller, Seeking Alpha (11/17/14) "Primero Mining Corp. is having exploration success at its San Dimas project. The highlight is high-grade gold/silver mineralization at the Roberta vein. . .these high-grade results indicate that the overall resource at San Dimas can potentially be larger than current estimates. The average resource grade might be higher as well, which means more production with lower costs."

Rob Chang, Cantor Fitzgerald (11/14/14) "At San Dimas, Primero Mining Corp. has extended the known mineralization in one of the largest producing veins (Roberta) beyond a minor fault that was historically considered its limit; a new vein was also reported to have been discovered in the west block. Gaining a better understanding of the vein extensions eastward in the central block may eventually lead to an increase in the mine life at San Dimas."

more comments

Matthew Sheppard, Jacob Securities (11/13/14) "Primero Mining Corp. has added substantial value in its 2014 exploration program at San Dimas. The extension of the Roberta vein by 400 m and the potential for similar extension of the Robertita vein could add materially to future production from these large producers. Additionally, the extension of the Alexa vein by 225 m is promising given the vein's suitability for low-cost, long-hole mining."

Brian Szeto, PI Financial (11/13/14) "The latest drill results from Primero Mining Corp.'s San Dimas have resulted in the extension of four existing veins and the discovery of a new vein. . .overall, the drill results from San Dimas confirm our thesis that it is a long-life, high-grade asset that will be in operations for many more years to come, with the ability to replace reserves and resources year after year. . .we are maintaining our Buy recommendation."

Barry Allan, Mackie Research Capital (11/7/14) "Primero Mining Corp.'s San Dimas mine in Q3/14 actually was spot on with our forecast, as it was in Q2/14 and continued to perform well. . .the company has decided to expand the San Dimas mill to 3 Ktpd from 2.5 Ktpd, due to be completed by Q3/16. . .we are taking Primero back to a Buy."

Rob Chang, Cantor Fitzgerald (11/6/14) "Primero Mining Corp. announced Q3/14 financial results that met Cantor Fitzgerald and consensus adjusted earnings per share expectations. Revenues were also in-line with consensus. . .FY/14 total production guidance (220,000–240,000 Au eq oz) is still on track to be met. . .though all-in sustaining cash costs have increased relative to Q3/13, at $1,153/Au eq oz they are lower sequentially and remain slightly below the FY/14 guided range."

Brian Szeto, PI Financial (11/6/14) "Primero Mining Corp. announced its Q3/14 production and financial results. . .the company produced 51, 464 oz gold and 1.4 Moz silver compared to our expectations of 49,000 oz gold and 1.3 Moz silver. Consolidated cash costs came in at $689/oz Au eq, which were 6% lower than our expectations of $735/oz Au eq. . .adjusted financial results and production numbers were in-line with our expectations. . .since our target price represents a 47% return relative to the current share price of Primero shares, we are maintaining our Buy recommendation."

Joseph Fazzini, Dundee Capital Markets (11/5/14) "On 2015E price:cash flow, Primero Mining Corp. trades at 6.1x, below its peer average of 6.7x. . .assuming the company can continue to deliver ongoing operational improvements, with increased production and declining cash costs, we believe the stock should be able to regain its previous premium valuation."

Josh Wolfson, Dundee Capital Markets (10/21/14) "Primero Mining Corp.'s low debt levels and solid balance sheet keep the company on solid financial footing. However, free cash flow is expected to remain negative at spot prices in 2015 due to significant capital spending for the San Dimas expansion and Black Fox development. . .we believe investors will continue to focus on the Black Fox ramp-up as Primero works to increase underground development and ore production."

The Gold Report Interview with Jay Taylor (9/29/14) "Premier Gold Mines Ltd. is one of my favorites. The company has three great projects in Ontario and Nevada. It owns 100% of the Trans-Canada property in Ontario, and holds a 49% interest in the Rahill-Bonanza project, with Goldcorp holding 51%. Premier recently acquired a 100% interest in the Cove gold project in Nevada, having purchased Newmont's interest. I believe this is one of the best development companies out there, with not one but three potential company-making gold mining projects advancing toward production." More >

Ovais Habib, Scotia Capital (9/19/14) "We visited Primero Mining Corp.'s San Dimas mine in Mexico on September 18. . .overall, we were impressed with progress on optimization initiatives at San Dimas and do not foresee any major hurdles to the mine and mill reaching 3 Ktpd in Q1/16. Power, labor, working faces and the back end of the plant are already capable of supporting the higher rate, with the crushing circuit needing the most upgrading. . .we rate the company Sector Outperform with a CA$9/share one-year target price."

Brian Szeto, PI Financial (9/16/14) "Primero Mining Corp. provided new drill results from the high-grade Black Fox Deep zone where it has begun to show that it connects the 400m level (i.e., the bottom of the existing resource) to the 700m level. Highlights include: 1) 33.2 g/t Au over 4.8m, 2) 7.8 g/t Au over 26m and 3) 18.6 g/t Au over 6m."

Jeff Killeen, CIBC World Markets (9/16/14) "We expect shares of Primero Mining Corp. to trade at a premium to its intermediate peer group, as a result of the lower operational costs at the company's San Dimas mine in addition to further growth opportunities available at both of its assets. . .we expect that the operational turnaround of the Black Fox mine, in tandem with further optimization of the San Dimas mine, will drive the company's shares over the coming 12–18 months."

Rob Chang, Cantor Fitzgerald (9/16/14) "Following Primero Mining Corp.'s Black Fox operational review, FY/14 gold production guidance from that asset has decreased moderately from between 70–80 Koz to between 65–75 Koz. Our own estimate for Black Fox remains at 68,818 oz. . .despite the small decrease in production guidance, the review has provided added confidence that the optimization plan for Black Fox can be achieved and the underground throughput can be increased to the originally planned 1 Ktpd by mid-2015."

Dan Rollins, RBC Capital Markets (9/15/14) "Based on recent drilling, Primero Mining Corp. believes a high-grade corridor may exist at Black Fox from existing infrastructure down another 250m, with the potential to 'significantly impact 2015 production'. . .Grey Fox continues to show exploration upside. . .exploration results from Grey Fox continued to infill and expand the Contact zone and Grey Fox South."

Mike Parkin, Desjardins Securities (9/15/14) "Primero Mining Corp.'s management announced some drill results at Black Fox and Grey Fox; both assets showed some promising results. Black Fox's most promising hole was 7.8 g/t over 26m at a depth of ~230m."

Matthew Sheppard, Jacob Securities (9/15/14) "At Black Fox, Primero Mining Corp. continues to intercept high grades in the lower-central, lower-east and Tamarack zones. The company is drilling from its recently developed exploration drift on the 520 level and is focusing on the lower-central zone where it is expanding the known mineralization."

The Gold Report Interview with Jeff Killeen (9/10/14) "Every year we have a mine tour that goes across the Abitibi in northern Ontario and Québec. I visited a number of sites including Primero Mining Corp.'s recently acquired Black Fox gold mine. That's certainly a big part of Primero's story in 2014. It went from owning a single asset—the San Dimas mine in Mexico—to being a multi-asset company with Black Fox. Primero has some work to do at Black Fox in getting development meters completed and underground production back to mid-2013 levels. The larger part of the story—and what the market is really paying attention to—is the current drill program. The mine life at Black Fox is just over five years. Primero is drilling down dip from the main ore body at Black Fox with the goal of adding to the overall resource. Drill results released since Primero acquired the asset in 2014 suggest that the resource will grow, but the company will need to finish the current drilling campaign to get a better understanding of the resource growth potential at Black Fox.

At this point Primero is focused on Black Fox. Down the road there could be some opportunities for consolidation. St Andrew Goldfields, for instance, is one of Primero's neighbors. St Andrew has been working toward getting the Taylor mine up and running. Once that mine is in operation, St Andrew's mill would be east of Black Fox and Primero's Stock mill whereas Taylor is west. St Andrew would effectively be passing right by Primero's mill to travel to its mill. Do I think that there could be further consolidation in the district? It's possible but I don't think that is as likely. Developing working agreements between companies to improve efficiency is a more likely outcome in my mind." More >

Dan Rollins, Prima BioMed Ltd. (9/4/14) "The upcoming release of an operational review on Black Fox could indicate more time will be needed to bring the underground up to design levels. Although the near-term economics may be impacted, we expect Primero to reaffirm its positive outlook on the long-term potential of the recently acquired underground/open-pit operation. . .given ongoing exploration success and organic growth at San Dimas (~80% of operating NAV) as well as implied reduction in market value for Black Fox, we maintain our Outperform rating."

Dan Rollins, RBC Capital Markets (8/11/14) "San Dimas delivered another solid quarter and, with further expansion planned, additional production and cost gains are likely. . .ongoing and significant investment in underground development should provide the base to deliver QOQ improvements. . .operational consistency continued at San Dimas, with production and cash costs coming in as expected. . .with San Dimas continuing to deliver exploration success and active programs underway at both Black Fox and Grey Fox, we expect drill-bit success to contribute further value over the next couple of years."

Ovais Habib, Scotia Capital (8/7/14) "Primero Mining Corp. reported results for Q2/14 and announced the decision to proceed with the mill expansion to 3 Ktpd at San Dimas. . .it is expected to increase production at the mine to 215 Koz Au eq over the next five years and generate ~2 Moz/year in spot silver sales despite the higher 6 Moz threshold. Our San Dimas NPV increases 9.4% after model revisions for the higher throughput. . .we rate the company Sector Outperform."

Rob Chang, Cantor Fitzgerald (8/7/14) "Primero Mining Corp. has announced Q2/14 financial results that missed Cantor Fitzgerald and consensus expectations. However, the company also announced approval for the second phase expansion of its flagship San Dimas mine in Mexico to 3 Ktpd. . .San Dimas is an excellent performing mine that management expects to produce at a US$530/oz per Au eq oz or US$300/oz on a byproduct basis."

Brian Szeto, PI Financial (8/7/14) "Primero Mining Corp. announced its decision to move forward with an expansion to 3 Ktpd (from 2.5 Ktpd) at San Dimas, where it is expected to produce 215 Koz/year Au eq at an operating cash cost of US$530/oz Au Eq. . .the expansion demonstrates the true potential of the asset as a sizable operation with below-average costs. . .the company's solid asset base in Mexico and Canada, strong treasury, and growing production profile allows it to stand out relative to its peers. . .we maintain our Buy recommendation."

Mike Parkin, Desjardins Securities (8/7/14) "Primero Mining Corp. reported adjusted net earnings of US$1.1M or US$0.01/share in Q2/14, and ended the quarter with US$44M cash. . .the firm reported Q2/14 production of 50.1 Koz Au and 1.49 Moz Ag. . .the company announced that it will proceed with the expansion to 3 Ktpd at San Dimas, which it expects will lead to production of 210–220 Koz/year Au eq. . .the company plans to begin construction in Q1/15 and estimates a completion date of Q2/16 at an expected cost of US$26.4M."

Michael Gray, Macquarie Equity Research (8/7/14) "Today's 3.5% drop in Primero Mining Corp.'s share price presents a buying opportunity for: 1) San Dimas' consistent strong performance; 2) San Dimas' upcoming 3 Ktpd expansion; 3) Black Fox's expected performance improvement in H2/14 and 4) the 10% discount the company is trading at. . .we reiterate our Outperform recommendation and target of $10.25."

Joseph Fazzini, Dundee Capital Markets (8/6/14) "For Q2/14, we forecast earnings per share of $0.05 for Primero Mining Corp., in line with consensus. . .we expect quarterly production of 64.3 Koz Au eq. . .production in Q2 is expected to benefit from the company's recently completed expansion to 2.5 Ktpd at San Dimas and selling 50% of Ag production at spot prices in the quarter."

The Gold Report Interview with Doug Groh (8/4/14) "Primero Mining Corp. has been a good performer for us for the last couple of years. It has been successful at managing its mine in Mexico and expanding the operations there. We expect further expansion in the years ahead as this is a great ore deposit. Plus, Primero's acquisition last year of Brigus Gold Corp. added to its portfolio and gave it diversification. As it establishes itself and mines that ore deposit, we expect the company will find a lot of value opportunities. We anticipate good results from Primero in the year or two ahead." More >

Brian Szeto, PI Financial (7/31/14) "Primero Mining Corp. continues to optimize its 100%-owned Cerro del Gallo development-stage project to ensure that it will generate an after-tax internal rate of return of 15% under a conservative $1,100/oz gold price assumption. The current drill program aims to extend the current life of mine where it is targeting ounces at or near the existing deposit, and the metallurgical program is hoping to confirm and optimize the gold and silver recoveries, categorize the transition ore with increased detail and confirm leach pad stability and percolation."

Mike Parkin, Desjardins Securities (7/30/14) "Primero Mining Corp.'s Cerro Del Gallo project continues to advance despite delay in construction decision to early 2015. . .the company stated that it has delayed its construction decision on the project to allow for the 2014 drilling program to be completed and for metallurgical testing. . .still, Primero reported significant progress at the project, completing basic engineering studies and 70% of land acquisitions, as well as continuing metallurgical testing."

The Mining Report Interview with Jocelyn August (7/22/14) "We're looking at a construction decision at the Cerro del Gallo silver-gold project operated by Primero Mining Corp. in Mexico. That should occur between now and the end of August. . .we consider [a construction decision] a go/no go decision. That is definitely a larger mover, probably about 5.6–6%. That's obviously going to depend more on the size of the company and the project. But if Primero decides to proceed with construction, then commercial production is expected in 2015." More >

Rob Chang, Cantor Fitzgerald (7/10/14) "Primero Mining Corp. has announced new high-grade drill results at depth at its Black Fox mine and Grey Fox property. . .the announced drill results confirm and expand the known high-grade mineralization approximately 200m below the current mining level at the Black Fox mine. Given that surrounding mines in the region extend to an average of 1,600m below surface and the fact that the Black Fox mine is currently only at a depth of 500m, we believe there is significant upside potential."

Michael Gray, Macquarie Capital Markets (7/10/14) "Primero Mining Corp. reported updated reserves and resources statements today for its 100%-owned Black Fox and Grey Fox gold assets in Timmins, Ontario. At Black Fox, the updated Measured and Indicated resources are reported at 653 Koz Au; Grey Fox total Indicated and Inferred resources are reported at 776 Koz Au. . .we reiterate our Outperform recommendation and CA$10.25/share price target. We would be buying Primero Mining's shares ahead of the San Dimas 3Ktpd expansion decision as well as potential positive drill results from Black Fox at greater depth. The company is one of our top picks in 2014."

Morning Coffee (7/10/14) "Primero Mining Corp. released an updated reserve and resource estimate for the recently acquired Black Fox mine. . .total reserves (open-pit, underground and stockpiles) at Black Fox are estimated at 537.7 Koz Au grading 4.3 g/t, including an underground reserve estimate of 339.1 Koz Au grading 6.3 g/t. The overall resource (Measured, Indicated and Inferred, open-pit and underground) now stands at 820 Koz Au grading 5.45 g/t. . .results from the 2014 drill program (including some very attractive intercepts) continue to confirm and expand high-grade deeper mineralization at Black Fox."

Jeff Killeen, CIBC World Markets (7/10/14) "Primero Mining Corp. released an updated reserve and resource estimate for the Black Fox and Grey Fox properties. . .drilling at Grey Fox continues to extend mineralization, particularly within the Contact zone, and indicates the zone has greater width and grade continuity than previously estimated. . .the company offers investors near-term production growth upside, with a plant expansion at San Dimas to 2.5 Ktpd largely complete. . .with low cash costs, a strong balance sheet and a seasoned management team, Primero Mining continues to be a preferred name for investors. . .the company has become a multi-asset, multi-jurisdictional operator."

Mike Parkin, Desjardins Securities (7/9/14) "Drill results from Primero Mining Corp.'s Black Fox complex show high-grade mineralization at depth. . .management stated that other underground mines nearby extend to depths of 1,600m while the Black Fox mine has been developed only to 500m. . .the 2014 drill program will see 55,700m drilled at Black Fox and 76,400m drilled at Grey Fox. . .the addition of a second producing asset located In a low political-risk jurisdiction like Ontario should help to rerate the shares of Primero Mining to trade more in line with the midtier producer average. . .we are maintaining our Buy rating."

Barry Allan, Mackie Research Capital (7/9/14) "Of Primero Mining Corp.'s five new holes at Black Fox, two yielded very good results (31.8 g/t over 9.9m and 24.4 g/t over 14.7m), confirming that indeed there is an area of better mineralization at depth. . .we are optimistic that by year-end, drilling at Black Fox and Grey Fox will add to the resource base. The future is about blue sky potential being realized."

The Gold Report Interview with Chris Mancini (7/9/14) "I visited Primero Mining Corp.'s Black Fox. The big thing to take away from the Abitibi is that it is a mining region. There are families there who have been mining for generations. . .there's a lot of exploration potential at Black Fox at depth. That mine was undercapitalized when Brigus Gold owned it. Primero has a lot of underground development work to do to get production up to 1,000 tpd. Once it does, there is potential to go beyond that level. To go beyond 1000 tpd, Primero must first find more gold at depth and then develop underground. The company has the capital and it has committed to explore at depth to try to unlock that potential." More >

Brian Szeto, PI Financial (6/23/14) "We attended a site visit to Primero Mining Corp.'s recently acquired Black Fox mine located in Timmins, Ontario, on June 19, 2014. . .we are encouraged by the progress that we are seeing at the mine. Black Fox continues to be a turnaround story for the company, and management expects it will return to profitability in 2015."

Barry Allan, Mackie Research Capital (6/23/14) "We visited the deposits that Primero Mining Corp. recently purchased from Brigus Gold Corp. . .Primero's involvement with the project corrects the problem of restricted capital and by year-end we expect the potential of acquisition will be well known/identified. . .our eyes are focused on additional deep drilling that should be available early July; this will be key in gauging the future potential of the mine, which has a good possibility of being very significant."

Dan Rollins, RBC Capital Markets (6/20/14) "Primero Mining Corp. hosted a well-attended tour of its Black Fox mine in Ontario; the company appears to be successfully re-investing in the operation and remains confident in returning the underground to its potential by year-end. Beyond operational improvements, the company is also focusing on Black Fox's underlying exploration potential, as well as the nearby Grey Fox deposit, which if successful, is likely to drive further value. . .by focusing on increasing the level of underground development, Primero plans to drive operational efficiencies, gain flexibility and provide greater stability with respect to tonnes and grade delivered to the mill."

Joseph Fazzini, Dundee Capital Markets (6/20/14) "On June 19, we joined a group of sell-side analysts and buy-side investors on a tour of Primero Mining Corp.'s Black Fox mine. . .we were pleasantly surprised to see positive changes taking place. . .we've grown increasingly comfortable with the asset's ability to meaningfully contribute to the company's bottom line."

Mike Parkin, Desjardins Securities (6/20/14) "Our conviction that Primero Mining Corp.'s Black Fox mine acquisition was a good deal was strengthened on the back of the tour, and we continue to believe that management will be able to show significant progress at turning around the underground. . .we believe the addition of a second producing asset located in a jurisdiction with low political risk should help to rerate the shares of the company to trade more in line with the midtier producer average."

Rob Chang, Cantor Fitzgerald (6/20/14) "Primero Mining Corp.'s Black Fox mine has the potential for additional upside as reserves and resources are shallow relative to several nearby mines that have higher grades at depth. . .our target price increases to $9/share (from $8.65 previously). We are maintaining our Buy rating on the company."

Ovais Habib, Scotia Capital (5/26/14) "Primero Gold Corp. announced that it has closed the previously announced $75M revolving credit facility. . .we see the closing of the credit line as positive for the company, as it reinforces the balance sheet and provides financial flexibility for aggressively recapitalizing the Black Fox mine. . .we believe a good flow of upcoming catalysts, including the Black Fox mine tour on June 19, ongoing exploration results, Q2/14 operating results, and the decisions on Cerro del Gallo and the San Dimas mill expansion to 3 Ktpd (Q3/14E), should provide opportunities for Primero shares to continue to rerate, particularly as the Black Fox turnaround gains momentum."

Ovais Habib, Scotia Capital (5/16/14) "We believe a good flow of upcoming catalysts, including the Black Fox mine tour on June 19, ongoing exploration results, Q2/14 operating results, and the decisions on Cerro del Gallo and the San Dimas mill expansion to 3 Ktpd (Q3/14E), should provide opportunities for Primero Mining Corp. shares to continue to rerate, particularly as the Black Fox turnaround gains momentum. . .we rate the company Sector Outperform with a CA$9/share one-year target price."

Barry Allan, Mackie Research Capital (5/9/14) "Primero Mining Corp. released Q1/14 results Thursday morning with production of 39.8 Koz Au eq exceeding our 33.5 Koz Au eq forecast, largely as a result of better grades at San Dimas. . .clearly, the company has opened the door for additional upside potential through further exploration in both Canada and Mexico."

Brian Szeto, PI Financial (5/9/14) "Primero Mining Corp. maintained its 2014 guidance where it expects to produce 225–245 Koz Au eq (San Dimas: 155–165 Koz Au eq.; Black Fox: 70–80 Koz Au eq). . .the company expects progressively better quarterly results over the remainder of the year, which allow it to achieve its full-year guidance."

Jeff Killeen, CIBC World Markets (5/9/14) "Primero Mining Corp.'s Q1/14 production during the quarter of 32,278 oz gold and 1.5 Moz silver was in line with our estimate of ~32 Koz gold and ~1.45 Moz silver. . .the company's Q1/14 results mark another quarter of strong operational performance."

Michael Gray, Macquarie Capital Markets (5/8/14) "Primero Mining Corp. is successfully transitioning to a lower-risk, two mine asset base. . .we reiterate our Outperform recommendation and increase our target to $10.25 (was $9.25). We would be buying the company for its diversified geographic risk, strong management and high-grade/high-margin exploration upside at San Dimas and Black Fox."

Mike Parkin, Desjardins Securities (5/8/14) "Primero Mining Corp. reported throughput at the recently expanded San Dimas mine at 2,206 tpd in Q1/14, which was better than our estimate of 2 Ktpd. The company stated that, subsequent to quarter-end, San Dimas throughput exceeded the 2,500 tpd nameplate capacity. These results are encouraging compared with our Q2/14 throughput estimate of 2,350 tpd as the ramp-up continues to progress."

Joseph Fazzini, Dundee Capital Markets (5/6/14) "We expect Primero Mining Corp.'s production to slowly increase over the course of 2014 as the company increases underground development. . .given its steady operational track record, growing production and impressive cash cost profile, we believe Primero is deserving of a premium valuation."

Kevin MacLean, Sentry Investments (4/22/14) "During Q1/14, we added to the Sentry Precious Metals Growth Fund's position in Primero Mining Corp. . .the company is well operated with a strong management team and steadily rising gold production. We continue to believe that it offers a better risk/reward opportunity than many of its peers."

Brian Szeto, PI Financial (4/16/14) "Primero Mining Corp. produced 155–165 Koz Au eq in 2013, and with completion of the Black Fox mine acquisition in Q1/14, total global production is expected to grow to 225–245 Koz Au eq in 2014. . .the acquisition of Brigus Gold Corp. in March 2014 transformed the firm into a midtier producer. . .we are initiating coverage of Primero Mining with a Buy recommendation and a target price of CA$9.70/share. . .its solid asset base in Mexico and Canada, strong treasury, and growing production profile allows it to stand out relative to its peers."

Mike Parkin, Desjardins Securities (4/7/14) "We believe Primero Mining Corp.'s Black Fox mine will return to higher production and profitability levels later this year after the company invests some much-needed capital, unlike the former operator that had failed to do so. . .we believe the addition of a second producing asset located in a jurisdiction with low political risk should help to rerate Primero's shares to trade more in line with the midtier producer average."

Morning Coffee (4/4/14) "We expect that the planned investment in exploration/development by Primero Mining Corp. could drive reserve/resource growth and production/cost improvements, thereby unlocking further value over the next few years for the company's shareholders. . .management's proven track record with San Dimas should increase investor confidence in the team's ability to unlock value from the Black Fox complex."

Barry Allan, Mackie Research Capital (4/4/14) "Primero Mining Corp. has provided initial guidance for the Black Fox complex. . .underground throughput declined to a low of 350 tpd in Q1/14, largely due to continued water issues ranging from a lack of water in the winter to flooding of the site during the spring thaw. This is now being addressed, and once resolved, is expected to allow for underground throughput of 1 Ktpd by year-end and sustainable production of ~100 Koz/year beginning in 2015."

Jeff Killeen, CIBC World Markets (3/28/14) "We are reinstating coverage of Primero Mining Corp. following the secondary offering of 31,151,200 Primero common shares held by Goldcorp Inc. In our view, the closing of the Brigus Gold Corp. acquisition, positive reserve update at San Dimas and sale of Goldcorp's block warrant a rerating for the company's shares; our price target increases to $10 from $8."

The Gold Report Interview with Jeff Killeen (3/26/14) "TGR: Which other gold producers do you like?

JK: Primero Mining Corp. The company put out a revised resource and reserve estimate for San Dimas mine that showed increases in all categories for total ounces and grade. Its acquisition of Brigus Gold Corp. will help bring total production for the company into a new bracket. It remains one of the lower-cost producers in the space." More >

Adam Melnyk, Desjardins Securities (3/20/14) "We are maintaining our Buy rating on Primero Mining Corp. and increasing our target price to CA$10 (from CA$8.25). . .we believe the addition of a second producing asset located in a jurisdiction with low political risk should help to rerate the shares of the company to trade more in line with the midtier producer average."

The Gold Report Interview with Rick Rule (3/17/14) "Primero Mining Corp. outperformed production expectations and then announced an acquisition of a development project that allowed the market some visibility as to how it might grow going forward." More >

Rob Chang, Cantor Fitzgerald (3/13/14) "Primero Mining Inc. has announced this morning that it has successfully produced the annual threshold of 3.5 Moz silver for Silver Wheaton Corp. . .Primero has done so six weeks earlier than in 2013, further underscoring the quality of San Dimas and the operating team there."

Barry Allan, Mackie Research Capital (3/6/14) "Primero Mining Corp. released 2013 year-end reserves and resources for the San Dimas mine in Mexico, highlighting a 32% increase in reserves and a 28% increase in Measured and Indicated resources (inclusive of reserves) over year-end 2012. . .as a result of excellent exploration success, the company was actually able to increase reserves despite the implementation of a lower $1,250/oz gold price and lower $20/oz silver price, while also increasing the reserve gold grade by 23% and silver grade by 18%."

Rob Chang, Cantor Fitzgerald (3/6/14) "Reserve, resource and grade increases at Primero Mining Corp.'s San Dimas are positive and can lead toward justification of a further plant expansion to 3 Ktpd; today's results validate the further potential for the Victoria vein, which was discovered in 2012. Incorporating the new mineral estimates, we are increasing our target price to $9.10/share (or by 30%) and are raising our rating to Buy."

Mike Parkin, Desjardins Securities (3/5/14) "We view Primero Mining Corp.'s acquisition of Brigus Gold Corp. as being greatly accretive to our NAV and CFPS estimates. . .we believe this deal should help rerate the shares of the company to trade more in line with its peer group. We are increasing our target price on Primero to CA$8.25 (from CA$6.25). . .we are also upgrading the company to a Buy—Above Average risk rating (from Buy—Speculative)."

Joseph Fazzini, Dundee Capital Markets (3/5/14) "This morning, Primero Mining Corp. announced its updated resources and reserves for the company's flagship San Dimas project. . .in short, the update was positive as it demonstrated a significant increase in gold (+36%) and silver (+26%) reserves. We estimate that net of depletion, the new reserves add an additional ~2 years of mine life to San Dimas, assuming the current production rate."

Mike Parkin, Desjardins Securities (2/27/14) "Today during market hours, Primero Gold Corp. announced that both its shareholders and Brigus Gold Corp.'s shareholders have completed voting and approved the previously announced plan of arrangement, with Primero acquiring all of the outstanding shares of Brigus. . .the acquisition is expected to close on March 5, 2014. Primero will acquire Brigus' principal assets, including the currently producing Black Fox mine and mill together with the adjoining properties of Grey Fox and Pike River, all of which are located near Timmins, Ontario. . .we feel that the acquisition is accretive on both a cash flow per share and a NAV/share basis."

Michael Gray, Macquarie Equity Research (2/14/14) "Primero Mining Corp. was able to increase YOY revenues 9.5% from San Dimas to $200M despite a 16% decline in the realized gold price in 2013. . .the Brigus Gold acquisition [is] only a few weeks away [and] will transform the company. . .the Black Fox mine adds 106 Koz consolidated production in 2014 and 120 Koz in 2015, with a 13-year life of mine. . .we maintain our Outperform recommendation and increase our target to $8.10. . .we would be buying Primero ahead of the closing of the Brigus deal as Primero transforms into a two-mine company."

Jeff Killeen, CIBC World Markets (2/14/14) "Primero Mining Corp. reported Q4/13 adjusted earnings of $0.01 per share. . .Q4 production of 29,027 oz of gold (34,371 gold eq oz [GEO]) and cash costs of $550/oz (or $660/GEO) had been prereleased. During Q4, the company sold 32,157 oz of gold and 1.7 Moz of silver at an average realized price of $1,265/oz and $4.16/oz, respectively. . .with the San Dimas expansion near completion, capital spending in 2014 is set to fall to $48.7M (ex-Brigus) from $56.5M in 2013. . .in 2014, all eyes will be on the acquisition and integration of Brigus Gold."

Rob Chang, Cantor Fitzgerald (2/14/14) "Despite the overall positive results for the year, Primero Mining Corp.'s Q4/13 earnings miss may be a catalyst for some profit taking as the company's stock price has performed very well year to date. . .we are increasing our target price to $7/share (or by 3%)."

Mike Parkin, Desjardins Securities (2/13/14) "Primero Mining Corp. reported Q4/13 cash flow per share (before changes in working capital) of $0.12, which was in line with consensus of $0.11. . .in addition to its current cash position of $110.7M, the company will further bolster its liquidity by securing a $75M line of credit, which is expected to close later this quarter."

Rob Chang, Cantor Fitzgerald (2/12/14) "Primero Mining Corp. was successful at controlling costs, reducing total cash costs for FY13 to an expected $599/oz gold equivalent. This represents a figure 6% lower than that of 2012. . .we are reiterating our Buy rating."

Joseph Fazzini, Dundee Capital Markets (2/12/14) "Primero Mining Corp.'s low-cost operating structure should help free cash flow follow production higher and result in ~$28M of estimated free cash flow in 2014. . .given the company's operational track record, expanded production base and impressive cash cost profile, we expect Primero to garner a premium valuation in time."

Jordan Roy-Byrne, The Daily Gold (2/9/14) "Primero Mining Corp.'s expansion at San Dimas to 2.5 Ktpd, which the company announced in October 2012, remains on track for Q1/14. Primero is guiding for production of 160 Koz Au eq in 2014. . .I do believe that it has the financial strength ($147M in cash and ample ongoing cash flow) and technical expertise to achieve its goals and become one of the leading growth-oriented producers of the next cyclical bull market."

Rupert Hargreaves, The Motley Fool (2/3/14) "While some miners have been overspending and struggling with rising costs, others have remained prudent and profitable from the outset; Primero Mining Inc. is one such company. . .production costs were $974/oz in Q3/13, down 22% year-on-year. The company is also financially stable. . .with this robust financial position, Primero has made a swoop on Brigus Gold Corp., an equally profitable gold miner. . .[the acquisition], if conducted correctly, should be beneficial for shareholders long term."

Rob Chang, Cantor Fitzgerald (1/24/14) "Primero Mining Corp.'s FY/13 production figures have been announced with a total of 143,114 oz Au eq produced, representing a year-over-year increase of 29%. Production guidance for San Dimas has once again been tightened for FY/14; it is now guided to between 155–165 Koz Au eq (we are modeling at the midpoint of the range). Our new target price increases by 4.6% to $6.80/share."

Mike Parkin, Desjardins Securities (1/15/14) "By our estimates, Primero Mining Corp. has the potential to produce 8.7% more Au eg ounces this year versus a year ago at total cash costs that are up to 12.6% lower. . .the company is well positioned to generate good cash flow in the current metals price environment."

Mike Parkin, Desjardins Securities (1/14/14) "Primero Mining Corp. produced 143,114 oz Au eq in 2013 (111,983 oz gold and 6.05 Moz silver), beating the upper end of company guidance of 135–140 Koz Au eq. . .for 2014, Primero is guiding to production of 155–165 Koz Au eq."

Jordan Roy-Byrne, The Daily Gold (1/13/14) "Primero Gold Corp.'s acquisition was accretive and the company is one of our absolute favorites in terms of long-term fundamentals. It does not look like the stock will test its bottom."

Adam Melnyk, Desjardins Securities (1/9/14) "Primero Mining Corp. is currently guiding to production of 135–140 Koz gold equivalent at $620–640/gold equivalent ounce in 2013, which we believe the company achieved. . .if Primero is successful in acquiring Brigus Gold Corp. and the Black Fox gold mine (not in our base case estimates), we estimate it has the potential to produce over 350 Koz gold equivalent on an annual basis by year-end 2016."

Jordan Roy-Byrne, The Daily Gold (12/29/13) "Primero Mining Corp. has excellent long-term relative strength and technicals. . .we love it over the long term."

Mike Parkin, Desjardins Securities (12/20/13) "Yesterday after market close, Primero Mining Corp. announced that it has closed the deal to acquire the remaining 30.8% of the Cerro del Gallo project from a subsidiary of Goldcorp Inc. . .we believe the acquisition of the remaining interest is accretive."

Jordan Roy-Byrne, The Daily Gold (12/19/13) "Primero Mining Corp.'s rich and cash flowing San Dimas project and share price strength over the past 15 months have provided it an excellent foundation, which it leveraged to make two acquisitions to launch itself from junior producer to midtier producer status. . .the company has the financial strength ($147M in cash and ample ongoing cash flow) and technical expertise to achieve its goals and become one of the leading, growth-oriented producers of the next cyclical bull market."

Barry Allan, Mackie Research Capital (12/17/13) "Primero Mining Corp. announced a $220M equity offer (0.175 Primero = 1 Brigus) to acquire the operating assets of Brigus Gold Corp. The assets bought are a mine and mill in Timmins called Black Fox, a 0.77 Moz reserve that has the capacity to produce ~105 Koz/year. . .we remain a Buy."

Mike Parkin, Desjardins Securities (12/17/13) "Yesterday, Primero Mining Corp. announced that it had agreed to acquire all outstanding common shares of Brigus Gold Corp. through an all-share deal valued at $220M. . .this deal could potentially be a catalyst for a rerating in the shares of Primero as the company moves to become a multi-asset, low-cost producer. We maintain our Speculative Buy rating."

Jeff Killeen, CIBC World Markets (12/17/13) "Primero Mining Corp. has announced that it has entered into an arrangement to acquire Brigus Gold Corp. . .the acquisition transforms Primero into a multi-asset producer. . .the acquisition provides a meaningful increase to the company's production profile."

Rob Chang, Cantor Fitzgerald (12/17/13) "Primero Mining Corp.'s acquisition of Brigus Gold Corp. provides geographical diversification and makes Primero a two-asset producer, each at low cost. . .we reiterate our Buy recommendation."

Brian Szeto, Stonecap Securities (12/17/13) "Primero Mining Corp. announced the friendly acquisition of Brigus Gold Corp. . .we view the transaction favorably as it substantially increases Primero's production profile to 265 Koz Au eq annually from 150 Koz Au eq previously, which effectively elevates the company's status to that of an intermediate gold producer, as opposed to a junior gold producer. Assuming that Primero decides to move forward with the construction of its Cerro del Gallo project, the company has the potential to further expand its production profile to close to 375 Koz Au eq annually by 2016. All of Primero's production and development projects continue to reside in our most favored mining jurisdictions."

Jordan Roy-Byrne, The Daily Gold (12/15/13) "Primero Mining Corp. is one of our top five picks. . .the company could be one of the first stocks to break to new high all-time highs. . .the stock has been very strong. Primero's long-term chart is in great shape and the stock should pick up steam as it bottoms and rebounds."

Mike Parkin, Desjardins Securities (12/9/13) "By our estimates, Primero Mining Corp. has the potential to grow gold production by more than 60% to 171.8 Koz by 2017 through a successful expansion underway at the flagship San Dimas mine and development of the Cerro Del Gallo mine. The company currently holds a 69.2% interest in Cerro Del Gallo and is working to secure the remaining interest from Goldcorp before year‐end. . .Primero's AISC (Desjardins standard) profile should remain below US$1,100/oz over the next several years, making the company one of the lowest cost producers among its peer group."

Morning Coffee (12/5/13) "Primero Mining Inc. announced results of recent drilling at both its San Dimas mine and its Cerro del Gallo development project in Mexico, highlighted by the discovery of another new high-grade vein at San Dimas and the intersection of new mineralization at Cerro Del Gallo. Exploration highlights included: 1.) Discovery of another new high-grade vein in the West Block, including 7.4 g/t Au and 528 g/t Ag over 11.9m. . .and 2.) Discovery of a 'bonanza' area in the Victoria vein, including 85 g/t Au and 2,716 g/t Ag over 9.1m (VIC13_291) and 81.7 g/t Au and 4,536 g/t Ag over 7.2m (VIC13_289) and extending the known mineralization in the Victoria vein to the west."

Jordan Roy-Byrne, The Daily Gold (11/26/13) "We believe Primero Mining Corp. is one of the top five best long-term plays in the growth-oriented producer space. . .the company continues to report strong results from its San Dimas property. . .the stock continues to perform fabulously relative to the entire sector."

The Gold Report Interview with Sean Brodrick (11/12/13) "There are companies that can make it at the current price. Primero Mining Corp. has a great low-cost gold structure. It also continues to do exploration, when some companies have pulled back because they don't have the money for it. That's what I look for in an earnings report. If a company can't make it at $1,400/oz gold, it definitely won't make it at $1,100/oz gold. . .Primero is a great gold miner. Management knows what it is doing. The company has a really bright future. It also produces silver, though it sells most of that to Silver Wheaton." More >

Barry Allan, Mackie Research Capital (11/8/13) "Primero Mining Corp. reported strong Q3/13 results, with record production of 42 Koz Au eq beating our 35 Koz Au eq due to better gold grades (5.08 g/t versus our 4 g/t), achieved by mining high-grade pillars and a reduction in mining dilution, which resulted in cash costs of $516/oz, well below our $615/oz expectation. Adjusted earnings per share were $0.09/share with cash flow of $0.18/share, both well ahead of our $0.05/share and $0.12/share estimates, as well as consensus estimates. The company has increased production guidance yet again to 135– 140 Koz Au eq."

Brian Szeto, Stonecap Securities (11/7/13) "We view Primero Mining Corp.'s Q3/13 results positively as both the financial and production results came in better than expected; the company is likely the only company in the sector that has revised its guidance upward two consecutive quarters in a row this year. Ramp-up to 2,500 tpd is going well, and we continue to anticipate that Primero will commit to 3 Ktpd in H1/14; we maintain our Outperform rating."

Morning Coffee (11/7/13) "Shares of Primero Mining Corp. jumped after the precious metals producer reported Q3/13 results and increased 2013 production guidance. Highlights from the most recently completed quarter, ended Sept. 30, 2013, included: 1) Record production: Gold equivalent production increased by 64% over the same period last year and 2) Low cash costs and all-in sustaining costs: Cash costs dropped by 26% over the same period last year."

Michael Gray, Macquarie Capital Markets (11/6/13) "Primero Mining Corp. reported Q3/13 results. Its flagship San Dimas Au-Ag mine achieved record production of 42 Koz Au eq (Macq est. 37.5 Koz Au eq) at coproduct cash costs of $516/oz (Macq est. $483/oz). . .the company also signed a binding letter of intent with Goldcorp to acquire its 30.8% joint venture interest in the Cerro del Gallo Au-Ag-Cu development project in Mexico. . .we reiterate our Outperform recommendation; Primero is a top pick as a high-grade/high-margin producer with a core asset in Mexico."

Rob Chang, Cantor Fitzgerald (11/1/13) "Primero Mining Corp. is an undervalued gold producer with near-term growth catalysts. . .the company's recent Cerro del Gallo acquisition is expected to add an average of about 80 Koz gold annually beginning in 2016. We reiterate our Buy rating."

The Gold Report Interview with Marshall Berol (10/30/13) "We like Primero Mining Corp., which is making good progress at its San Dimas mine and Cerro del Gallo project in Mexico. It is producing cash flow, is growing and expanding and has a very accomplished, experienced management team. Despite recent questions about Mexico instituting a new tax and royalty structure, Mexico remains an attractive mining jurisdiction." More >

Jordan Roy-Byrne, The Daily Gold (10/7/13) "Primero Mining Corp. has all of the criteria we seek; it is cash flowing already, has significant capital and has multiple assets that can grow. It operates in a great jurisdiction. . .the stock has performed beautifully in relative terms as most companies have been crushed in this downturn."

Michael Gray, Macquarie Capital Markets (10/4/13) "Our broad takeaway [from the Precious Metals Summit in Beaver Creek] is that North American projects are likely easier to fund in this lower gold price environment. . .among our producing companies under coverage at the conference, Primero Mining Corp. best fits the definition. . .investments and funding will continue to focus on companies with assets in safe jurisdictions such as Canada, Mexico and the U.S. Our top producer picks at the conference [included] Primero." More >

Barry Allan, Mackie Research Capital (10/1/13) "We attended a site visit last week to Primero Mining Corp.'s San Dimas mine and the Cerro del Gallo project in Mexico. Overall we were pleased to see the progress being made on the mill ramp-up to 2,500 tpd at San Dimas as well as further optimization potential at Cerro del Gallo. . .expansion of the mill was 60% complete at the end of June, with a third ball mill now on site. . .the company is well positioned to expand the mill given tailings capacity, and 'only limited optimization' of the processing plant required."

Michael Gray, Macquarie Equity Research (10/1/13) "We visited Primero Mining Corp.'s 100%-owned San Dimas gold-silver mine and Primero's 69.2%-owned Cerro del Gallo project. . .we gained confidence that San Dimas will be expanded beyond the 2500 tpd it is designed to reach at year-end 2013. . .we were able to view long-hole mining at the Roberta and Alexa veins where stopes clearly showed bulk mining attributes of excellent ground conditions along with optimal steep vein orientations. . .the underground development costs at San Dimas are the lowest in our coverage universe. . .we reiterate our Outperform rating of Primero and have increased our target to $8.25 (was $7.25). . .the stock is one of our top picks as a defensive name."

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