7th Mining The Territory Conference

10-12 September 2013

MT BUNDY GOLD PROJECT

NORTHERN TERRITORY

Clay Gordon

Managing Director

Recommence Mining and Processing Operations

Toms Gully

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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ASX Codes PGO, PGOO

Ordinary shares 72 million

Options (listed & unlisted) 42 million

Market cap (undiluted) at $0.15 ≈ $10.8 million

Cash (end of June Qtr) ≈ $1.7 million

Average daily volume ≈ 17K

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

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Shareholder Structure

Directors 19%

Crocodile Gold 16%

Number of shareholders 763

Top 20 shareholders 64%

Gold focus in Northern Territory, Australia

Listed March 2013

acquired Mt Bundy Gold Project

2,900 km2 under-explored tenure,

advanced projects, close to Darwin

Introducing Primary Gold

Attractive investment proposition:

$11 EV/Meas. + Indic. oz compared to peer avg. of $32/oz

$52 EV/Reserve oz compared to $382/oz avg. for Producers

Valuation of $0.40 to $0.76

Aim: self funded gold explorer and producer

Targeting first production 2014 - Toms Gully

Resources grown to 310k oz (refer to ASX announcement 3 July

2013)

Maiden Ore Reserve 175k oz Au (refer to ASX announcement 27

August 2013)

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

up, fast payback (refer to ASX announcement 27 August 2013)

Current reserve supports 3 year plan targeting 65,000 p.a. at C3

costs of A$935/oz (less once-off start-up capital)

Growth potential

Toms Gully remains open, Feasibility includes $3M for extension

drilling

Rustlers Roost - JORC Resource 875k oz Au (refer to ASX

announcement 3 July 2013)

Significant greenfields exploration potential

Introducing Primary Gold

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$1,400

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$1,800

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2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Gold Price

AUD USD

Renison Consolidated

Mines Ltd

2005-Mar„07

GBS

July-Sept „08

Croc. Gold

March-August ‟10

Incl. Plant upgrade

& $2.5m diamond

drilling

Toms Gully – History

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Acquisition by PGO

March 2013

PGO

Delivers Toms

Gully Feasibility

August 2013

Company Issue Situation Solution

Carpentaria Gold

P/L (1991) Geotechnical

Initial decline access encountered difficult ground

conditions (known fault zone) on eastern side of

orebody.

Decline since been rehabilitated, now useable.

Second decline within fault corridor, good ground

conditions.

Rension Cons.

Mines Ltd (2007) Flooding

Flood prevention strategy based on max. monthly

rainfall avg. Received monthly quota in single event.

Insufficient pumping capacity.

Primary‟s strategy based on max. 24hr avg,

consequently pumping capacity is 10 times that of

Renison.

GBS & Crocodile

Gold,

(„08-10)

Poor ore grades majority of mining within (relatively) lower grade zone

combined with dilution in excess of planned.

Primary to specifically target higher grade zones &

control dilution via split-face firing of ore & waste

separately.

Toms Gully Gold Mine & Mill

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100% owned Toms Gully within Mt

Bundy Gold Project

located 100km from Darwin

Access via sealed Arnhem Highway

22kv to mine & mill

Granted mining lease

High-grade production history

115k oz at 8.2 g/t (‟88-‟08)

Significant infrastructure:

250k tpa processing plant

Open pit with 2 declines accessing

underground orebody

Decline developed 1km down

length of underground orebody

South Alligator Group: shales & siltstones of Wildman Siltstone Formation

Shallow dipping, stratiform, high-grade quartz + sulphide vein

gold grades 3 to 30g/t, distinct grade zonation

Fault bounded, 300m strike, up to 4m thick, avg 1.8m, drilled to 1.5km down dip (250m vert.)

Toms Gully - Geology

On listing, Toms Gully resource

140k oz at 8.6g/t

Grown 122% this year to 310k oz

at 9.0 g/t

Significant potential to grow

resource & increase mine life

beyond current plan

A$3m allocated to extension & infill

drilling

Toms Gully – Resources & Reserves

Long-section, looking west

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Managed by PGO executives with

major works completed by well

regarded, independent expert

consultants:

Cube Consulting - resource

estimate

Quantitative Group - reviewed

resource

Golder Associates - ore reserve

estimate

Independent Metallurgical

Operations - testwork,

processing flow sheet, capital &

operating cost estimates

Como Engineering - mill

refurbishment plan and capital

cost estimates

Toms Gully Feasibility Study

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Utilises existing mine infrastructure (twin declines)

Combination air-leg & room & pillar (85% recovery)

Minimum ore criteria - 1.2m thickness & + 6.5g/t

Dilution - 0.6m at 0.0g/t Au (approx. 35% on avg. 1.8m)

2 x twin boom jumbos, multiple faces, split-face firing

Ramping-up from July 2014 to 30ktp mth (350ktpa) over 18 month period

Ore Reserve 775kt, 5yr Feasibility total 1.4Mt

Feasibility Study – mine physicals

Toms Gully – Resources & Reserves

Plan view -

proposed

mine layout

Current capacity 250ktpa

Pre-production refurbishment (mths 1-8)

complete installation of tower mill, add gravity &

intense leach leaching (acacia)

Increased recoveries to 88%

Up-grade 350kt & 65k oz pa

Completed months 17-20. Timed to pay out of

cashflow

Increase capacity at primary mill, improve

floatation & tankage

Recoveries increase to 89.6%

Steady state production - month 22

Targeting 277k oz recovered over initial 5 year life

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Feasibility Study – mill physicals

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Targeting 350,000t at 6.9g/t

22 months to steady-state including start-up

A$19m start-up costs (incl. $2m contingency)

5 year plan, with years 1-3 in ore reserve

Ramping up to 65,000 recovered ounces gold p.a

C1 Costs: A$663/oz

C3 Costs: A$1,042/oz (A$935/oz less start-up costs)

Generating A$143 million EBITDA (at spot A$1,555/oz)

Cashflow positive – 10 months

Payback of start-up capital - 23 months

Toms Gully Feasibility Study –

Outcomes

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 - Financials

Financials (AUD) Ore

Reserve

Feasibility

Study

Start-up costs A$19m A$19m

C1 A$673/oz A$663/oz

C2 A$773/oz A$767/oz

C3 A$1,145/oz A$1,052/oz

C3 (less once-off

start-up costs) A$954/oz A$935/oz

Gold price US$1,400 US$1,400

AUD-USD exchange 0.90 0.90

Revenue A$240m A$432m

EBITDA A$63m A$143m

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Toms Gully – Next 12 months

Transition to “miner” status

Dewatering: combination transfer, bore-

field, assisted evaporation & wet season

discharge

Regain access to mine - 1st ore production

Re-commission mill – 1st gold production

Cashflow positive

Preparing for:

mill upgrade, full production

Exploration (TG & MTB)

Feasibility Study – mine # 2

Mt Bundy - Resource Upside

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Project contains all key attributes of Pine Creek-style, quartz-hosted gold mineralisation:

Favourable stratigraphic units (Mount Bonnie, Burrell Creek, Koolpin).

Structural setting (anticlines and shear zones) and,

Proximity to granite intrusions (Mount Bundy, Mount Goyder intrusive).

History of success with basic

mapping and geochem techniques.

E.g. first 11 samples of outcropping

Toms Gully quartz reef averaged

9.6g/t.

Full details provided in Appendix 2

of PGO/HTI ASX announcement

of 14 November 2012

All Resources (TG, RR, Quest) have

strong surface expression.

Minimal Regional exploration since

1990‟s

Very large system deposit, drilled 1km x

400m x 250m deep.

Positive Scoping study – Bulk mining

scenario

Remains open at depth and along strike.

Shallow drill intercepts to west include

illustrate further oxide potential:

36m at 1.27g/t (from 33m) in RRC260,

and

24m at 1.24g/t (from 48m) in RRC262

Full details provided in Appendix 2 of

PGO/HTI ASX announcement of 14

November 2012

Approximately 50 strike-km remains to be

explored.

Last explored/drilled 2003

Rustlers Roost – Resource Upside

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Resource Upside – New Discoveries

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Large drill & geochemical surface databases - Mine the db!

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 PGO/HTI ASX announcement of 14 November 2012

~ 60 targets identified but, drilling and geochem is clustered around the known deposits…

Toms Gully – surprisingly poor coverage; Priority

Rustlers Roost

Several large (to 1.5km x 400m), 100ppb soil anomalies remain to be drill tested

Rock-chips include: 26.1g/t 16.4g/t, 5.2g/t, and 4.0g/t.

~ 50km strike remains untested

Quest

Several large (to 2km x 800m), +10ppb anomalies remain to be drill tested.

Rock-chips include: 7.2g/t (and 1,600g/t Ag), 3g/t, and 3.3g/t.

MAJORITY OF PROJECT REMAINS UN-EXPLORED USING MODERN EXPLORATION TECHNIQUES

Primary Gold – Investment Summary

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Delivering on promises

Targeting first production Sept Qtr 2014 – Toms Gully

Low cost, rapid start-up, fast payback

C1 costs A$663/oz, C3 costs A$935/oz

Ramping-up to 65k ounces p.a., 5 year mine life

project cash flow: A$40million EBITDA p.a., A$143million over 5 years

Growth potential

Toms Gully remains open down dip

A$3m allocated to follow priority targets

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

Lack of regional exploration, multiple targets to follow-up

Strong and experienced Board, established credentials in gold sector

Attractive investment proposition:

$11 EV/Measured + Indicated oz compared to peer avg. of $32/oz

$52 EV/Reserve oz compared to $382/oz (avg.) for Producers

Valuation of $0.40 to $0.76 (currently trading at $0.15)

JORC Resources and Reserves

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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 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 (80% PGO) - Represents Primary Gold‟s 80% interest. The information in this announcement that relates to the Rustlers Roost exploration results and 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.

Tonnes Grade Au Tonnes Grade Au Tonnes Grade Au

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

Toms Gully 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)

Rustlers Roost 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)

Toms Gully 775 6.9 175 775 6.9 175

Ore Reserves

Proved Probable Total

Mineral

Resources

Indicated Inferred Total

Mineral

Resources

Indicated Inferred Total

Contacts

Clay Gordon Sarah Geall

Primary Gold Limited

Managing Director

+61 8 9488 8874

cgordon@primarygold.com.au

FTI Consulting

+61 8 9485 8888

sarah.geall@fticonsulting.com

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