www.primarygold.com.auASX: PGO

PRIMARY GOLD LIMITED AGM PRESENTATION

November 2016

Powell ReefCoolgardie Gold Project

Quest 29 DepositMount Bundy Gold Project

Toms Gully Processing PlantMount Bundy Gold Project

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CAUTIONARY STATEMENT

Statements and material contained in this Presentation, particularly those regarding possible or assumed future performance, productionlevels 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 anduncertainties. Although PGO believes that the expectations contained in any forward looking statements in this presentation are, as at thedate of this presentation, made on a reasonable basis, such statements are not guarantees of future performance and actual results andthe timing of such results may differ materially from those herein described. Factors which may impact on future performance and causeactual results to differ materially from those contained in forward looking statements include, without limitation, changes in commodityprices, 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 uncertaintyas to their existence and greater uncertainty as to their economic feasibility. It cannot be assumed that all or any part of any InferredResource will ever be upgraded to a higher category. Exploration is an inherently risky proposition and investors are advised that mostexploration projects fail to identify economic resources. The Company has at present not confirmed the economic viability of anyresources at the project. The company plans further drilling programs and studies with the objective of confirmation of any deposits andultimately 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 toissue, securities or other financial products. The information contained in this presentation is not investment or financial product advice andis not intended to be used as the basis for making an investment decision. The presentation has been prepared without taking intoaccount 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 orimplied is given as to the accuracy, completeness or correctness, likelihood of achievement or reasonableness or any forecasts, prospectsor returns contained in this presentation nor is any obligation assumed to update such information. Such forecasts, prospects or returns areby 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 isappropriate in light of your particular investment needs, objectives and financial circumstances.

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PRIMARY GOLD: YEAR IN REVIEW

30 Nov 2015 30 Nov 2016 ChangeShare Price $0.016 $0.071 +344%Market Capitalisation $4.9M $32.1M +555%Cash & Deposits (30 Sep.) $1.2M $3.5M +191%Enterprise Value/oz $2.9/oz $24/oz +730%

KEY PERFORMANCE METRICS

3

HIGHLIGHTS & LOWLIGHTS Board restructure & $4M capital raising

Mount Bundy Gold Project: Upgraded strategy targeting all 1.25Moz Rustlers Roost resource upgrade Scoping Study underway

Coolgardie Gold Project: Strategic acquisition completed Initial drilling program underway Mine Optimisation Study underway

Delay in receipt of NT government heritage survey approvals for Mount Bundy 2016 drilling program

2017 Focus Areas for Growth

Drilling at Mount Bundy

Feasibility studies at Mount Bundy

First production at Coolgardie

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COMPANY SNAPSHOT

0

2,000

4,000

6,000

8,000

10,000

0

0.02

0.04

0.06

0.08

0.1

0.12

0.14

0.16

Volu

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('000

s)

Shar

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Volume Closing Price

ASX Code PGO

Ordinary Shares (post acquisition) 492M

Options ($0.03 - $0.20/share) 81M

Market Cap. (@ $0.071/share) A$32M

Cash (30 September 2016) A$3.5M

SHARE PRICE HISTORY

SHAREHOLDING STRUCTURE (POST ACQUISITION)

24%

8%68%

Board & Related PartiesMacphersons ResourcesOther Shareholders

CAPITAL STRUCTURE

New BoardEstablished

$4.0M CapitalRaising

New ExecutiveTeam & Strategy

Mount Bundy ProjectResource Update

Coolgardie Project Acquisition

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Coolgardie Drilling Commencement

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BOARD & MANAGEMENTPatrick WaltaExecutive Director• Metallurgist & Mineral Economist • Former Executive Director of Carbine Resources • Strong experience in mineral processing, project feasibility

development and gold operations

Marat AbzalovExecutive Director - Exploration

• Geologist with 30 years’ mining industry experience• Former Exploration Manager – New Opportunities at Rio Tinto • Wide ranging experience & skills in ore body exploration &

definition

Tony PatriziNon Executive Director

• Mechanical Engineer, >30 years’ industry experience• Current Executive Director GR Engineering, recognized as an industry leader in mineral processing plant EPC

Appointed June 2016

Appointed June 2016

Appointed March 2016

Garry MillsNon Executive Director

• Mining Engineer with 30 years’ operations experience• Current GM Operations Northern Star Resources Limited, strong experience in underground mining

Appointed March 2016

Evan CranstonNon Executive Director

• Principal of Konkera Corporate – boutique corporate advisory and company administration firm• Current Director of Carbine Resources, Clancy Resources, Boss Resources and Attila Resources

Appointed March 2016

Dale RogersNon Executive Chairman

• Mining Engineer with 25 years’ industry experience

Appointed 2013 Mark QiuNon Executive Director

• Geologist with 25 years’ industry experience

Appointed 2014

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COMPARISON TO ASX GOLD DEVELOPERS

$142 $139

$93

$62 $62$54

$34$24

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

$100

$110

$120

$130

$140

$150

Dacian Echo EasternGoldfields

Gold Road Gascoyne Capricorn Kin Mining Primary Gold

Enterprise Value / Resources (A$/oz)

Source: PCF Capital (November 2016)

Average $76/oz

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CLEAR STRATEGY FOR GROWTH

Coolgardie Gold Project Targeting cashflow from operations in 2017

Established resources on existing MLs

Very low cost development through contract

mining & toll treatment

Mount Bundy Gold Project Flagship asset with +100,000oz/yr potential

Targeting large scale bulk operations

Significant exploration upside across

1,500km2 tenement package

Leverage near term cashflow from Coolgardie operations to develop large scale bulk operations at Mount Bundy

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COOLGARDIE GOLD PROJECT

CurrentMineral

Resources

Toll Treatment Facilities

5km

3,000ha tenement package in the heart of the WA Goldfields

200,000oz gold resource base with strong exploration upside

Open pit, free milling ore within existing mineral resources

Primary board has extensive operations experience in the Coolgardie region

Simple pathway to production:

Site drilling programs UNDERWAY

Mine Optimisation Study UNDERWAY

Enviro. Approval Lodgement DUE Q1 2017

~30,000t trial milling parcel TARGET Q2 2017

Contract mining agreement TARGET H1 2017

Contact milling agreement TARGET H1 2017

Coolgardie

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PRODUCTION READY RESOURCES

3.81Mt at 1.6g/t for 200,600oz gold

>60% of resources JORC Measured & Indicated

Resources on approved MLs

Proven metallurgy (historical recoveries ~95%)

Historical production success 635,000t @ 2.9g/t (58,500oz)

No operations since 1989

Exposed gold reefs in existing pits grading up to 108g/t

Significant soil, magnetic and geological anomalies

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Coolgardie

7,000m Drilling Program Underway

2016 Drilling Program

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DRILLING HIGHLIGHTS

Initial drilling results at Tycho confirms thick shallow intersections within existing pit shell

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Coolgardie

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MOUNT BUNDY GOLD PROJECT Located in well endowed gold

producing region

Tenements 100km from Darwin (highways, power, water on site)

Current project mineral resources of 26.9Mt at 1.5g/t for 1.24Moz Au

Strong mineral resource upside via 1,500km2 tenement package

Project Development Plans:

Targeting resource growth via drilling programs through 2017

Scoping Study underway, further feasibility studies in 2017

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Mount Bundy

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CENTRALISED PROCESSING STRATEGY

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Mount Bundy

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RUSTLERS ROOST OPEN PIT

22.4Mt at 1.1g/t for 772,000oz gold Large open pit gold system along 1000m strike

Low strip ratio ore body (historical estimates of 2.2:1)

Existing resource open both along strike and down dip

Look-a-like deposit targets identified to the east & west

Significant brownfield resource expansion potential

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Mount Bundy

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TOMS GULLY UNDERGROUND

1.10Mt at 8.9g/t for 315,000oz gold 300m wide, shallow dipping gold reef

Remnant high grade resource untouched by historical production

Lateral gold reef extensions identified outside of mineralisation zone

Resource limited by drilling only, probable reef extensions along strike

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Mount Bundy

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TOMS GULLY UNDERGROUNDMount Bundy

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QUEST 29 & QUEST 30

Quest 29 3.40Mt at 1.4g/t for 148,000oz gold

Current resource oxide & transitional ore only (sulphide untested)

Av. drill depth <40m (2% drill holes >100m)

Deposit open in all directions

Quest 30 Mineralised strike over 8.0km

Identical geological setting to Quest 29

Rock chips up to 19.3g/t

Limited historical drilling (MLs only)16

Mount Bundy

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EXPLORATION FOR NEW DISCOVERIES

Rustlers North Target Toms Gully style prospect Stream sediments 48ppb

(TG discovery from 13bbp) Target never drill tested

Rustlers East Target Rustlers Roost style prospect Strong soil anomaly 170ppb Equivalent setting to Rustlers

Roost Open Pit

~60 gold targets identified for follow up exploration

Drilling Mount Bundy brownfield and greenfield targets planned throughout 2017 in conjunction with feasibility process

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Mount Bundy

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TARGETS FOR 2017

Drilling at both Mount Bundy and Coolgardie

Feasibility studies at Mount Bundy

First production from Coolgaride operations

Continue to improve value of Primary Gold against peers

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JORC & COMPETENT PERSON STATEMENTSMt BundyResources

Indicated Inferred TotalTonnes (kt) Grade (g/t) Au (kOz) Tonnes (kt) Grade (g/t) Au (kOz) Tonnes (kt) Grade (g/t) Au (kOz)

Toms Gully 835 9.0 242 265 8.5 73 1,100 8.9 315

Rustlers Roost* 14,420 1.1 505 7,960 1.0 266 22,380 1.1 772

Quest 29 2,190 1.4 98 1,205 1.3 50 3,395 1.4 148

Total 17,445 1.5 845 9,430 1.2 389 26,875 1.5 1,235

ReservesProved Probable Total

Tonnes (kt) Grade (g/t) Au (kOz) Tonnes (kt) Grade (g/t) Au (kOz) Tonnes (kt) Grade (g/t) Au (kOz)

Toms Gully 775 6.9 175 775 6.9 175

* PGO 80% Equity Ownership

CoolgardieResources

Measured Indicated Inferred TotalTonnes

(kt)Grade (g/t) Au (kOz) Tonnes

(kt)Grade (g/t) Au (kOz) Tonnes

(kt)Grade (g/t) Au (kOz) Tonnes

(kt)Grade (g/t) Au (kOz)

Macphersons 690 1.36 30.1 1,216 1.71 66.9 616 2.41 47.8 2,523 1.79 144.8

Tycho 600 1.44 27.8 640 1.22 25.2 1,240 1.33 53

Franks Find 48 1.84 2.8 48 1.84 2.8

Total 690 1.36 30.1 1,816 1.61 94.7 1,304 1.80 75.8 3,811 1.63 200.6

COMPETENT PERSON’S STATEMENTS: The information in this announcement that relates to Mt Bundy Mineral Resources is based on, and fairly represents, information and supportingdocumentation compiled and prepared by Mr Brian Fitzpatrick. Mr Fitzpatrick is a Member of The Australasian Institute of Mining and Metallurgy and a full-time employee of CubeConsulting Pty Ltd. Neither Cube nor Mr Fitzpatrick holds any interest in Primary Gold, its related parties, or in any of the mineral properties that are the subject of this report. Mr Fitzpatrickhas 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 CompetentPerson as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Fitzpatrick has provided prior writtenconsent as to the form and context in which the Exploration Results and Mineral Resources and the supporting information are presented in this market announcement. The informationin this market announcement that relates to Toms Gully Ore Reserves is extracted from the report entitled Toms Gully Ore Reserve Estimate Summary Report, August 2013 as announced27 August 2013. Both report and announcement are available to view on www.primarygold.com.au. Primary Gold Limited confirms it is not aware of any new information or data thatmaterially affects the information in the original market announcements relating to Toms Gully ore reserves, that all material assumptions and technical parameters underpinning theToms 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 findingsare presented have not been materially modified from the original market announcement

The information in this report that relates to Coolgardie mineral resources is based on information compiled by Mr Jeff Williams, who is a Competent Person according to the JORC 2012Code. Mr Williams is a Fellow of the Australasian Institute of Mining and Metallurgy. He has sufficient experience in estimation of resources of gold mineralisation, and has a strongexpertise in the all aspects of data collection, interpretation and geostatistical analysis to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code forReporting Exploration Results, Mineral Resources and Ore Reserves’. Mr Williams consents to the inclusion in the report of the matters based on the information in the form and context inwhich it appears. The information for was prepared and first disclosed in the ASX announcements by MacPhersons Resources Limited on 06 August 2012. All material assumptions andtechnical parameters underpinning the estimate continue to apply and have not materially changed since it was last reported.

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ContactPatrick WaltaExecutive DirectorT: +61 8 6143 6700

Primary Gold LimitedSuite 23, 513 Hay Street, Subiaco WA 6008

info@primarygold.com.auwww.primarygold.com.au

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