#1Investor Presentation July 2020 THE PRIMERO#2Important notices and disclaimer PRIMERO + + + + This presentation and any oral presentation accompanying it has been prepared by Primero Group Ltd ABN 96 149 964 045 ("Primero" or "the Company"). Summary of information: The information in this presentation contains general and background information about Primero's activities current as at the date of the presentation and should not be considered to be comprehensive or to comprise all the information which a shareholder or potential investor in Primero may require in order to determine whether to deal in Primero shares. This presentation does not take into account the financial situation, investment objectives or particular needs of any person and nothing contained in the information in this presentation and the announcement to which it is attached constitutes investment, legal, tax or other advice. Readers or recipients of this presentation should, before making any decisions in relation to their investment or potential investment in Primero shares, consider the appropriateness of the information having regard to their own objectives and financial situation and seek their own professional advice. The information in this presentation is provided in summary form, has not been independently verified, and should not be considered to be comprehensive or complete. Primero is not responsible for providing updated information and assumes no responsibility to do so. This presentation should also be read in conjunction with Primero's other periodic and continuous disclosure announcements lodged with ASX which are available at www.asx.com.au including Primero's HY20 Financial Report lodged with the ASX on 25 February 2020, and Primero's FY19 Statutory Financial Report lodged with ASX on 27 September 2019. Risks: An investment in Primero is subject to known and unknown risks, some of which are beyond the control of Primero. Primero does not guarantee any particular rate of return, repayment or the performance of an investment in Primero nor does it guarantee any particular tax treatment. Furthermore, Primero's performance is subject to a range of risks that can impact performance and factors outside of the control of Primero (for example, the timing for commencement of projects or award of tenders, claims, disputes and proceedings). Risks related to both Order Book and Preferred Contractor Status ("Preferred") are subject to, amongst other things, timing, cancellation or delays and therefore are not sufficiently certain. Investors or potential investors are therefore cautioned on placing undue reliance on any forward-looking information. + + + Forward looking information: This presentation contains forecasts and other forward-looking information. Such forward looking information is not a guarantee of future performance and is subject to risks, uncertainties and assumptions which could cause actual results, timings or events to differ materially from the expectations described in such forward looking information. This forward-looking information does not constitute any representation as to future performance and should not be relied upon as financial advice of any nature. Any forward-looking information contained in this presentation is qualified by this cautionary statement. Before making an investment decision, investors should consider the risks and strategic objectives of Primero as set out in Primero's 2019 Statutory Financial Report. Non-IFRS Information: Primero's financial reporting complies with Australian Accounting Standards and International Financial Reporting Standards ("IFRS"). This presentation includes material that is not included in Primero's statutory financial report and contains non-IFRS measures that are no subject to audit. Disclaimer: Information in this presentation including, without limitation, any forward- looking statements or opinions (the "Information") may be subject to change without notice, does not purport to be complete or comprehensive, and has been obtained from, or based on, sources believed by Primero to be reliable. To the maximum extent permitted by law, Primero does not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of the Information or the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects or returns contained in, or implied by, the Information or any part of it and disclaim all responsibility and liability for the Information (including, without limitation, liability for negligence). The Information includes information derived from third party sources that has not been independently verified. Subject to any obligations under applicable laws, regulations or ASX listing rules, Primero disclaims any obligation or undertaking to release any updates or revisions to the Information to reflect any change in expectations or assumptions. Nothing contained in this presentation or the announcement to which it is attached is, or may be, relied upon as a promise or representation whether as to the past or the future. Statements made in this presentation are made only as at the date of this presentation. All amounts in this presentation are subject to rounding and all dollar values are in Australian dollars ($A), unless otherwise stated. 2#3Presentation agenda 01 02 -0 The team and business model A track record of delivery 03 The Primero of tomorrow PRIMERO 3#4The team and 01 business model PRIMERO#5Corporate snapshot PRIMERO BOARD OF DIRECTORS & & Cameron Henry Managing Director and CEO Mark Connelly Non-Executive Chairman & & Brett Grosvenor Executive Director, CDO CAPITAL STRUCTURE Share price (8 July 2020) A$0.30 Shares on issue 172.2 M Market capitalisation A$51.6 M Cash at bank (30 June 2020) A$15.0 M Board and management ownership SHARE PRICE PERFORMANCE $0.50 $0.40 $0.30 $0.20 Dean Ercegovic $0.10 Executive Director, COO $0.00 46% Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 PRIMERO 5#6Genuine depth Senior personnel with leading capability and bandwidth Cameron Henry Managing Director and CEO PRIMERO Mark Pensabene Executive General Manager (Projects) + 20 years' experience in engineering and construction + Predominantly worked for leading WA-based contractors within the resources, O&G and infrastructure sectors + Key client relationships with most major clients across these respective areas PRIMERO Brad Brown General Manager (Minerals) + 30 years' experience covering project delivery, manufacturing and operations, including minerals-related projects in local and international locations + Held executive level roles in engineering, project and business management on the client side + Extensive international experience and a strong understanding of project development life-cycle Brett Grosvenor Executive Director, CDO PRIMERO Dean Ercegovic Executive Director, COO Ryan McFarlane CFO + 30 years' experience covering project engineering, delivery, fabrication and operations + Worked across various sectors including commercial, rail, iron ore, O&G and Non-Process Infrastructure (NPI) + Held roles from site-based supervision to executive management in engineering, operations and project delivery Michael Douglas General Manager (NPI & Energy) PRIMERO David Moltoni General Manager (Engineering) + 25 years experience in design and engineering management and commissioning of minerals processing facilities and infrastructure Global exposure both living and operating in various locations. including Australia, Canada, Ghana, Armenia, Indonesia, Zambia, DRC, China and the USA + Multi-discipline experience managing large offshore business units and teams with a focus on technical excellence PRIMERO 6#7Our business model (spanish adjective) = First, to be 'primero' is to be number one. ACCOUNTABILITY EFFICIENCY INTEGRITY DRIVING PROJECTS FORWARD PRIMED FOR SAFETY TAKING OWNERSHIP WORKING SMARTER UPHOLDING PROMISES DESIGN CONSTRUCT OPERATE Mineral Processing Energy & Hydrocarbons WALL SAAAAAL Non Process Infrastructure MINERALS ENERGY 40 AVIL NPI PRIMERO 7#8How we work Leading HSE performance targeting zero harm Differentiated, client- focussed offering €IB Energetic team with pride and aspiration Primero DNA Services business with a culture of delivery and excellence Our key assets being our people PRIMERO Continual focus on strengthening capabilities, processes and people 8#9Superior returns for shareholders Why we exist A track record of delivery and 01 05 Mivi excellence 02 04 03 Strong Board and management ownership 8 Excellent shareholder alignment Delivery of strong, sustainable growth AA Unwavering focus on risk-weighted returns PRIMERO 9#1002 A track record of delivery PRIMERO#11A culture of safety Protecting our people 1,371,374 Total personnel hours worked 0 Lost Time Injuries (LTI) 1.49 Total Recordable Injury Frequency Rate (TRIFR) > 92% Staff retention rate Key FY20 safety and personnel statistics PRIMERO 11#12Global clients, projects and minerals diversity A broad base Number of clients Forecast FY20 revenue by underlying commodity exposure 49% 38% 6% 2% Nickel Lithium 4% 1% 105 53 Potash Power / O&G 1% Iron ore Gold FY19 Other FY20 Current projects composition by geography and key business Australia Americas Europe Asia ⚫ MINERALS NPI ENERGY 23 10 3 5 2 3 1 PRIMERO 12#13A Tier 1 client base Blue chip contract counterparties NPI Rio Tinto BHP NEWCREST MINING LIMITED MINERALS FMG ENERGY eDL N NORTHERN STAR RESOURCES LIMITED GALAXY thyssenkrupp igo VERMILION ENERGY APA Group О Santos PRIMERO 13#14Outstanding financial delivery A track record of performance Three-year compound growth in annual underlying EBITDA of +75% pa PRIMERO REVENUE (A$M) EBITDA (excl one-offs) (A$M) ~195 200 14 11.7 175 12 152 150 10 8.9 125 8 100 85 6 75 52 4 50 4.1 33 1.9 2.2 2 25 0 0 2016A 2017A 2018A 2019A 2020F 2016A 2017A 2018A 2019A 2020F 14#15A platform for continued delivery Sustained investment in capability Total Primero staffing level 800 700 600 500 400 300 200 100 0 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 15 PRIMERO#16The Primero of 03 tomorrow PRIMERO#17A robust base Conservative balance sheet + Strong cash position (A$15M) with very low gearing (A$6M debt) (30 June 2020) 30 + Excellent payment terms across all major contracts with Tier 1 clients 25 + Wartsila dispute resolution offers substantial cash upside potential Initial SOPA application adjudication decision saw A$16.9M awarded to Primero This initial SOPA application covered only 25% of total outstanding monies claimed by Primero under the contract Judicial review sought by Wartsila and heard; decision (and payment) pending 20 15 10 5 0 -5 A solid balance sheet (A$M) Cash Debt (incl lease liabilities) Net cash -10 31-Dec-18 30-Jun-19 31-Dec-19 30-Jun-20 PRIMERO 17#18PRIMERO Large contracted order book Strongly backed by Tier 1 clients + Major contracts commenced Rio Tinto (Koodadeiri, Mesa K) Fortescue Metals Group (CC WHIMS) Northern Star (Pogo) + Total committed orders of approx. A$230M for FY21 + Large volume of further EPC opportunities up for award over 1H FY21 + Broad range of key commodity and industry leverage + Forecast FY21 underlying EBITDA margin = 6-8% FY21 committed order book relative to reported FY19 and contracted FY20 revenue (A$M) 300 250 200 150 152 100 50 ~230 ~195 0 2019A 2020F 2021F 18#19The pipeline A strong outlook + Active and competitive business conditions in all key sectors + Qualified tender pipeline of approx. A$1,440M (excludes contracted orders) + Preferred contractor status for A$756M, with further opportunities pending + Capital programs of Pilbara majors generating considerable Minerals and NPI opportunities + Recent ECI wins deliver strong follow-on potential for large-scale EPC roles + Multiple commodity exposure - precious, ferrous, industrial and battery metals 300 250 200 150 100 50 0 Preferred contractor status (A$M) Preferred contractor status granted (A$756M) Preferred contractor decision pending (A$240M) (EPC) Contract 1 Contract 2 Contract 3 Contract 4 Contract 5 Contract 6 Contract 7 (EPC & O&M) (EPC & O&M) (EPC) (EPC) (EPC) (EPC) PRIMERO 19#20OPERATIONS I MAINTENANCE DELIVER Project life cycle capture Long-dated client partnership model + Early Contractor Involvement (ECI) a key future large contract(s) enabler + Building a highly successful model for early stage involvement and project integration + Greater alignment and lower final delivery risk; delivers follow-on EPC / O&M potential + Partner of choice given technical excellence and back-end execution horsepower + Recent ECI examples: FMG agrimin Fortescue - WHIMS project Mackay SOP Project HazerGroup Hydrogen Demonstration Plant PIEDMONT LITHIUM Piedmont Lithium Project TESTWORK ICONS DEFINE 11 DEVELOPMENT & DELIVERY CYCLE CONSTRUCT I COMMISSION DEVELOP ASSESS PING I FEASIBILIT PRIMERO 20#21Our value chain Core competencies FUNCTIONAL ACTIVITY AND ECONOMIC LEVERAGE DESIGN Feasibility and FEED Early Contractor Involvement (ECI) CONSTRUCT Engineer-Procure-Construct (EPC) OPERATE Operations and Maintenance (O&M) KEY INFRASTRUCTURE OWNERSHIP Build-Own-Operate (BOO) ON KEY DRIVERS AND COMPETITIVE ADVANTAGE FOOT ⚫ MINERALS NPI > ENERGY 22 • • • Strong technical and discipline-specific expertise Key enabler for future large EPC contract awards • Follow-on execution horsepower • Current phase of capital spend by Pilbara iron ore majors Further power generation and battery storage opportunities • Battery minerals expertise and North America minerals strategy Proven capability and track record of large-scale NPI delivery Growing track record of delivery on complex and highly technical projects ✓ 12 • • Established onshore and offshore O&G facility expertise 2 • Specialist EPC delivery delivers strong potential for O&M conversion Proven lithium operating pedigree and superior client outcomes ✓ 1 PROJECT OWNERSHIP 1 Principal Interest (Project Equity) • Clear market gap for BOO process plant solutions on smaller projects Leverage specialist process expertise and current junior funding hurdles NPI BOO opportunities • Leverage strong resource project evaluation, execution and operating skillsets into modest principal asset investment • Advanced exploration / pre-development / development into operation PRIMERO 21#22PRIMERO The project ownership model A natural extension + Strategy of building modest project equity positions in attractive pre-development assets + Leverage in core skill sets to enhance and realise value from principal positions via progression to development and/or sale + A staged and risk-weighted capital outlay framework + Key relationships with similarly highly skilled project partners + Strong alignment and natural follow-on opportunities Barton Gold equity interest Private Australian gold developer with strategic regional hub assets; 4,735km² tenements / rights in SA Primero staged principal investment over 12 months for current 7.3% shareholding Key assets (recently acquired): Tarcoola Gold Mine (100%) (on C&M) Tunkillia Gold Project 650ktpa plant, 240-person camp and airstrip Primary objective is extension and restart of Tarcoola; expedited production from small open pit start-up Multiple high-grade gold structures extending from open pit margins deliver immediate confidence Significant preferred contract partner opportunities 22#23The future Primero What is success? + A sustained culture of safety and excellence + Consistently superior returns to our shareholders + Global leadership in the sub-$150M capex EPC project delivery space + Further exposure to contract operational models (O&M, BOO) with 5-7 year life duration + Attractive project ownership exposures with clear value realisation pathways + + Further built-out capabilities, systems and processes to sustain strong growth levels Continued diversification across key sectors, further expansion in existing and new geographies PRIMERO 23#24FARIMERO