In my opinion, the next catalyst will be an official announcement on actual progress related to increasing mill volume at the mine. In previous presentations they have laid out their plan, including timelines. A presentation in Sept 2012 (from the Denver conference, I think) outlined the following:
Current throughput is 2050 tons per day (tbd)
1. Optimization - increase throughput to 2300tbd, estimated completion Q1 2013;
2a. Expansion - increase throughput to 2500 tbd, est completion Q1 2014, OR;
2b. Expansion - increase throughput to 3000tbd, est completion Q4 2014.
Option 2a was presented as a quicker and much cheaper alternative to 2b. My guess is that they do 2a, and use the increased revenues from expanded gold production to fund something something similar to 2b.
Also consider that Primero has been very up front about the potential to acquire new properties, if the finances are right (read: profitable mines, and at a good price), I believe that any announcement related to such a transaction would likely provide a small bounce (nothing like we are seeing from the tax ruling, however!).
As well, Primero is very cash-rich. I wouldn't be surprised if, after they expand to 250,000+ ounces/yr of gold production, they consider a dividend (this is just speculation based on their ties to Goldcorp, and G's preference for paying one).
All in all, I see numerous positive milestones on the horizon for Primero, and I intend to sit back and enjoy the ride! I especially appreciate the company's conservative strategy of funding future growth by cash from current operations: I have owned too many other mining companies that funded their expansions with highly dilutive share offerings.
Good luck to all longs,