building on a proven strategy
SEPTEMBER 2015
BANK OF AMERICA / MERRILL LYNCH
21ST ANNUAL CANADA MINING CONFERENCE
2
Forward-Looking Statements
This presentation contains “forward-looking statements”, within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities
legislation, concerning the business, operations and financial performance and condition of Goldcorp Inc. (“Goldcorp” or “the Company”). Forward-looking statements include, but
are not limited to, statements with respect to the future price of gold, silver, copper, lead and zinc, the estimation of mineral reserves and resources, the realization of mineral
reserve estimates, the timing and amount of estimated future production, costs of production, targeted cost reductions, the ability of the parties to satisfy the conditions of and to
complete the Project Corridor transaction (the "Transaction") with Teck Resources and the transaction with New Gold to acquire the remaining 30% of the El Morro Project (the
"New Gold Transaction"), the development of Project Corridor as a mine, capital expenditures, free cash flow, costs and timing of the development of new deposits, success of
exploration activities, permitting time lines, hedging practices, currency exchange rate fluctuations, requirements for additional capital, government regulation of mining operations,
environmental risks, unanticipated reclamation expenses, timing and possible outcome of pending litigation, title disputes or claims and limitations on insurance coverage.
Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”,
“scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, “believes” or variations of such words and phrases or statements that certain actions, events or
results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements are made based upon certain assumptions and other important
factors that, if untrue, could cause the actual results, performances or achievements of Goldcorp to be materially different from future results, performances or achievements
expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the
environment in which Goldcorp will operate in the future, including the price of gold, anticipated costs and ability to achieve goals. Certain important factors that could cause actual
results, performances or achievements to differ materially from those in the forward-looking statements include, among others, gold price volatility, discrepancies between actual
and estimated production, mineral reserves and mineral resources and metallurgical recoveries, the Transaction or the New Gold Transaction not being completed as planned,
mining operational and development risks, litigation risks, regulatory restrictions (including environmental regulatory restrictions and liability), activities by governmental authorities
(including changes in taxation), delays, suspension and technical challenges associated with capital projects, higher prices for fuel, steel, power, labour and other consumables,
currency fluctuations, the speculative nature of gold exploration, the global economic climate, dilution, share price volatility, competition, loss of key employees, additional funding
requirements and defective title to mineral claims or property. Although Goldcorp believes its expectations are based upon reasonable assumptions and has attempted to identify
important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or intended. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that
may cause the actual results, level of activity, performance or achievements of Goldcorp to be materially different from those expressed or implied by such forward-looking
statements, including but not limited to: risks related to international operations; risks related to joint venture operations; actual results of current exploration activities; actual results
of current reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of gold, silver, copper, lead and
zinc; possible variations in ore reserves, grade or recovery rates; the risk that the Transaction or the New Gold Transaction is not completed as planned; failure of plant, equipment
or processes to operate as anticipated; risks related to the integration of acquisitions; accidents, labour disputes; delays in obtaining governmental approvals or financing or in the
completion of development or construction activities and other risks of the mining industry, as well as those factors discussed in the section entitled “Description of the Business –
Risk Factors” in Goldcorp’s annual information form for the year ended December 31, 2014 available on SEDAR at www.sedar.com and the United States Securities and Exchange
Commission at www.sec.gov. Although Goldcorp has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-
looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be
accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-
looking statements. Goldcorp does not undertake to update any forward-looking statements that are included in this document, except in accordance with applicable securities laws.
All amounts are in US dollars, unless otherwise stated.
33
Goldcorp’s Key Attributes
PROVEN STRATEGY
Growing Production
Declining AISC
Reduced Capital Spend
Reserve Growth Potential
Organic Growth Opportunities
Record of Portfolio Management Success
Free Cash Flow in 2015
Long-Term Value
STRONG INVESTMENT-GRADE(1)
BALANCE SHEET
(1) Moody’s: Baa2; S&P: BBB-
44
Track Record of Growth
PROVEN STRATEGY
2012
2.4moz
2013
2.7moz
2014
2.87moz
2015E(1)
3.3-3.6moz
(1) See Appendix B for mine-by-mine guidance and Appendix E for non-GAAP disclosure
START-UP OF NEW MINES AND STRONG
PRODUCTION FROM CORNERSTONE MINES
55
Growing Revenues(1)
PROVEN STRATEGY
(1) Revenues on an attributable basis which include the Company’s share from Alumbrera and Pueblo Viejo and revenues associated with discontinued operations; net of TCRCs(2) See Appendix A for budget price assumptions (3) Gold price – Capital IQ (January 1, 2012 – September 2, 2015)
2012
$5.4B 2013
$4.7B2014
$4.5B
2015E
$5.1B–
$5.5B(2)
$1,000
$1,500
$2,000
Gold price(3)
US$/oz
66
Sustained, Long-Term Production
PROVEN STRATEGY
STRONG PRODUCTION, LOW COSTS EXPECTED
TO DRIVE INCREASING FREE CASH FLOW(1)
(1) See Appendix E for non-GAAP disclosure and GEO calculation
0.0
5.0
2014A 2015E 2016E 2017E 2018E 2019E
GE
O(1
)P
RO
DU
CT
ION
(MO
Z)
Gold GEO
77
Excellent Organic Growth Opportunities
PROVEN STRATEGY
STRONG PIPELINE TO DRIVE PRODUCTION
GROWTH
STUDY PHASE
Peñasquito
Metallurgical
Enhancement Project
(MEP)
Camino Rojo
Project Corridor
Los Filos
U/G expansion
Éléonore
Crown pillar
EXECUTION
Red Lake
Cochenour
Porcupine
Hollinger open pit
Hoyle Deep
CONCEPT &
EXPLORATION
Peñasquito
- Skarn
Red Lake
HG Young
Porcupine
TVZ
Borden Gold
Musselwhite
West Limb
PRODUCTION
Éléonore
Cerro Negro
Pueblo Viejo
Peñasquito
Los Filos
Red Lake & other
operating mines(1)
(1) Marlin, Porcupine, Musselwhite and Alumbrera
88
Focus on Cost Control Drives Declining Costs(1)
PROVEN STRATEGY
(1) Costs are all-in sustaining cost per gold ounce; see Appendix E for non-GAAP disclosure
NEW MINES, OPERATING FOR EXCELLENCE
PROGRAM DRIVE COST SAVINGS
2012
$884/oz
2013
$1,031/oz 2014
$949/oz 2015E
$850–
$900/oz
99
Major Capital Spend Completed
PROVEN STRATEGY
(1) Refer to Appendix E for non-GAAP disclosure
CAPITAL SPENDING DECREASES WITH
COMPLETION OF TWO NEW HIGH-QUALITY MINES
2012
$2.6B2013
$2.4B2014
$2.2B
2015E
$1.2–1.4B(Sustaining capex:
$875M–$1.025B)(1)
10
Second Quarter 2015
FINANCIAL DISCIPLINE
Q2 2015 Actual Q1 2015 Actual
Gold production(1) (oz) 908,000 724,800
All-in sustaining costs(1) ($/oz) $846 $885
Adjusted net earnings(1) $65M $12M
Adjusted operating cash flow(1) $358M $366M
Capital expenditures(1)(2) $237M $248M
Exploration expenditures(3) $45M $35M
Corporate administration(4) $38M $40M
Depreciation(1) ($/oz) $430 $444
Tax rate(1) 17% 66%
(1) See Appendix E for non-GAAP disclosure(2) Includes capitalized interest and exploration but excludes income tax credits(3) Includes capitalized exploration(4) Excludes share-based compensation expense of $15 million
11
Strong Balance Sheet Maintained
FINANCIAL DISCIPLINE
NET DEBT AS % OF MARKET CAP(2)(3)FLEXIBILITY TO FUND
GROWTH OPPORTUNITIES
$1.0BCash & Cash Equivalents
and Money Market Investments
$2.2BUndrawn Revolving
Credit Facility
$3.2B Liquidity(1)
22% 26%
44% 47% 51%
97%
107%
127%
Agnico Goldcorp Newmont Kinross Newcrest Yamana AngloGold Barrick
$10.4B$2.5B$1.7B$3.2B$1.0B$3.8B$2.8B$1.0B
(1) Based on financial information as of June 30, 2015(2) As of August 7, 2015; All amounts as reported in company financial statements. AngloGold and Newmont adjusted for Cripple Creek & Victor transaction
Goldcorp’s net debt position adjusted to include $296M of attributable Pueblo Viejo project debt. (3) See Appendix E for non-GAAP disclosure
1212
Gold Focused
FINANCIAL DISCIPLINE
(1) Adjusted Revenue for six months ended June 30, 2015(2) Source: Capital IQ (as of September 2, 2015)
80%
11%
5%2% 2%
Gold
Silver
Zinc
Lead
Copper
REVENUE BREAKDOWN(1)
Precious
Metal Revenue
91%
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15
Gold Price Copper Price
Gold: -4.6%
Copper: -17.2%
RELATIVE PERFORMANCE(2)
1313
Managing in a Volatile Gold Market
FINANCIAL DISCIPLINE
GOLD PRICE
+ $1,200
$1,100
CONTINGENCY PLANNING
Continue funding growth projects;
Reduce corporate G&A
Enhance liquidity - Tahoe share sale,
upsize revolver, reduce dividend
Defer capital projects; Slow spending at
growth projects and exploration
Reduce site/region G&A, production,
optimization
Review configuration/close higher cost
mines
Our ResponseGold Price?
< $1,000
1414
Disciplined Capital Allocation
FINANCIAL DISCIPLINE
CREATING
SHAREHOLDER VALUE
FUND EXISTING
CASH
REQUIREMENTS
INVEST IN
HIGH-RETURN
ORGANIC
GROWTH
SUSTAINABLE
DIVIDEND
FLEXIBILITY
FOR
SELECTIVE
M&A
1515
OSISKO SHARES (2011)
TAHOE RESOURCES ESCOBAL (2010 & 2015)
TERRANE METALS MT. MILLIGAN (2010)
SILVER WHEATON (2006 & 2008)
Unlocking Value
FINANCIAL DISCIPLINE
DIVESTED ASSETS
CONSISTENT TRACK RECORD OF
DIVESTING NON-CORE ASSETS
VALUE CREATION
WHARF MINE (2015)
MARIGOLD MINE (2014)
SAN DIMAS MINE (2010)
PEAK MINE (2007)
AMAPARI MINE (2007)
LA COIPA MINE (2007)
1616
Project Corridor(1)
FINANCIAL DISCIPLINE
Joint Venture 50/50 with Teck Resources to combine El Morro & Relincho projects
Common sense, ‘capital smart’ partnership
Significantly lower capital costs and improved capital efficiency
Improved returns over either standalone project
Significantly reduced environmental footprint
Enhanced community benefits
Longer mine life
EFFICIENT CAPITAL DEPLOYMENT
(1) The completion of the Project Corridor transaction is subject the satisfaction of a number of condition precedents, which Goldcorp expects to occur in Q4 2015
1717
Operating mines
Development projects
OUTSTANDING PORTFOLIO ANCHORED
BY YOUNG, LOW-COST MINES
Geographic Diversity in the Americas
2015E
GOLD
PRODUCTION
BY REGION(1)
29%MEXICO
13%DOMINICAN
REPUBLIC
15%ARGENTINA
5%GUATEMALA
38%CANADA/USA
(1) Based on 2015 guidance as per January 12, 2015 press release and Wharf divestiture on February 20, 2015
1818
Cerro Negro
NEW GROWTH DRIVER
(1) Year ended December 31, 2014; refer to Appendix F for further information
COMMERCIAL PRODUCTION ACHIEVED
JAN. 1, 2015
- 2014A: 152,100oz
- 2015E: 425,000 - 475,000oz
MINE PRODUCTION RATES INCREASING
- Additional u/g mobile equipment on-site
- Training programs
STRONG RAMP-UP CONTINUES
OUTSTANDING RESERVE GROWTH
POTENTIAL
- Resource confirmation drilling underway
- Reserves and resources(1)
- P&P gold reserves: 5.26moz
- M&I gold resources: 0.65moz
- Inferred gold resources: 0.32moz
1919
Éléonore
NEW GROWTH DRIVER
(1) Year ended December 31, 2014; refer to Appendix F for further information
COMMERCIAL PRODUCTION ACHIEVED
APRIL 1, 2015
- 2014A: 18,300oz
- 2015E Revised: 250,000 - 270,000oz
- Guidance updated to reflect additional
analysis of ore body folding and faulting
RAMPING UP QUEBEC’S NEWEST GOLD MINE
EXPLORATION FOCUS
- Reserve growth in the Lower Mine, four drills
focused on in-fill drilling
RESERVES AND RESOURCES(1)
- P&P gold reserves: 4.97moz
- M&I gold resources: 1.06mozs
- Inferred gold resources: 2.80moz
2020
Red Lake
CANADA
(1) Year ended December 31, 2014; refer to Appendix F for further information
GOLD PRODUCTION
- 2014A: 414,400oz; AISC $934/oz
- 2015E: 400,000 - 425,000oz
COCHENOUR
- Mill feed from first test stopes expected in
Q4 2015
- Drilling from underground with thirteen drills
INTEGRATION PLAN ADVANCING
EXPLORATION FOCUS
HG YOUNG DISCOVERY – $30M BUDGET
- Underground drilling underway from
rehabilitated Campbell headings
- Numerous high-grade intercepts
- Defining footprint dimensions
2121
Peñasquito
LATIN AMERICA
DELIVERING VALUE FROM MEXICO’S LARGEST GOLD MINE
GOLD PRODUCTION
- 2014A: 567,800oz; AISC $813/oz
- 2015E: 700,000 - 750,000oz
GEO PRODUCTION
- 2014A: 1.3moz
- 2015E: 1.5 - 1.6moz
METALLURGICAL ENHANCEMENT PROJECT
- Feasibility completion expected early 2016
NORTHERN WELL FIELD PROJECT
- Negotiations ongoing to secure surface rights
to complete the final connection of the pipeline
CAMINO ROJO
- Pre-feasibility completion expected late 2016
- Focus as satellite pit to Peñasquito
2222
Supply and Demand
WHY GOLD?
22
70
75
80
85
90
95
100
2003
2005
2007
2009
2011
2013
2015
2017
2019
2021
An
nu
al P
rod
uctio
n (
Mo
z)
(1) Source: SNL Metals Economics Group(2) Source: Consensus estimates. Includes CPM Group, GFMS, and Metals Focus(3) Source: World Gold Council
Peak
Discovery(1) Peak
Production(2)
3-Y
ear
runnin
g a
vg
Au d
iscovere
d (
Mo
z)
Gra
ssro
ots
+ 7
5%
of
late
-sta
ge
exp
lora
tio
n b
ud
ge
ts (
US
$M
)
Supply: Peak Gold Production Central Bank Buying(3)
Gold ETFs(3)
$0
$1,200
$2,400
$3,600
$4,800
$6,000
$7,200
0
25
50
75
100
125
150
1990
1993
1996
1999
2002
2005
2008
2011
-300
-250
-200
-150
-100
-50
0
50
100
150
200
250
Q1'05 Q1'06 Q1'07 Q1'08 Q1'09 Q1'10 Q1'11 Q1'12 Q1'13 Q1'14 Q1'15
Tonnes
Tonnes
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
2,600
2,800
3,000
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15
2323
Why Goldcorp?
FINANCIAL DISCIPLINE
Source: Capital IQ – gold price (January 1, 2008 – September 2, 2015)
Gold Price (US$)
Free Cash Flow
+HIGH-QUALITY
PRODUCTION
GROWTH
–CAPITAL &
OPERATING
COSTS
MANAGING IN A VOLATILE GOLD MARKET
2424
Goldcorp Advantage
SUPERIOR INVESTMENT PROPOSITION
Quality
GrowthGold Focus
ResponsibleMining
Practices
Safe, Profitable
Production
Peer-Leading
Balance Sheet
Low Political
Risk
2525
2015 Guidance
APPENDIX A
2015 Guidance(1) 2015 Updated
Guidance(2)
Gold production(3) (oz) 3.3–3.6M 3.3–3.6M
Cash costs(3) ($/oz)
All-in sustaining
By-product
Co-product
$875–$950
$500–$550
$625–$675
$850–$900
$500–$550
$625–$675
Capital expenditures(3) $1.2B–$1.4B $1.2B–$1.4B
Exploration expenditures(4) $170M $170M
Corporate administration(5) $185M $170M
Depreciation(3) ($/oz) $390 $425
Tax rate(3) 45%(6) 45%
(1) 2015 price assumptions: Au=$1,200/oz, Ag=$18.00/oz, Cu=$3.00/lb, Zn=$1.00/lb, Pb=$0.95/lb(2) Guidance updated July 30, 2015; price assumptions: Au=$1,200/oz, Ag=$17.00/oz, Cu=$2.75/lb, Zn=$1.00/lb, Pb=$0.80/lb(3) See Appendix E, note 1, 2 and 3 for non-GAAP disclosure (4) Includes capitalized exploration(5) Excludes stock-based compensation (6) Tax rate re-guided on April 30, 2015, previously overall guidance for 2015 was 35%
2626
Mine-by-Mine Guidance
APPENDIX B
(1) Wharf divested on February 20, 2015(2) Marigold mine was divested April 4, 2014
2014 Actual 2015E Guidance
Peñasquito 567,800 700,000 – 750,000
Cerro Negro 152,100 425,000 – 475,000
Pueblo Viejo (40.0%) 443,400 420,000 – 460,000
Red Lake 414,400 400,000 – 425,000
Éléonore 18,300 250,000 – 270,000
Porcupine 300,000 300,000 – 320,000
Los Filos 258,700 265,000 – 290,000
Musselwhite 278,300 250,000 – 270,000
Marlin 186,500 160,000 – 175,000
Alumbrera (37.5%) 120,100 75,000 – 85,000
Wharf(1) 72,100 11,400
El Sauzal 37,700 0
Marigold (66.67%)(2) 21,800 0
TOTAL 2,871,200 3,300,000 – 3,600,000
2727
2015 Sensitivities
APPENDIX C
Base PriceChange
IncrementsCFPS
($/share)
All-In Sustaining
Costs ($/oz) FCF ($mm)
Gold price ($/oz) $1,200 $100 $0.31 $3 $267
Silver price ($/oz) $18.00 $3.00 $0.08 $27 $70
Copper price ($/lb) $3.00 $0.50 $0.02 $7 $19
Zinc price ($/lb) $1.00 $0.10 $0.03 $11 $27
Lead price ($/lb) $0.95 $0.10 $0.01 $5 $12
Canadian dollar 1.14 10% $0.03 $17 $68
Mexican peso 14.00 10% $0.04 $14 $38
2828
2015 Operating Cost Breakdown
APPENDIX D
CONSOLIDATED CANADA/USA CSA
MEXICO
37%
18%4%
6%
8%
12%
1%
3%6%
4%
13%
17%
14%
9%8%
16%
3%
6%
5%
10%
24%
14%
8%
11%
10%
14%
1%
2%
9%
7%
24%
16%
9%9%
8%
14%
2%
4%
7%
7%
Labour ContractorsFuel Costs PowerMaintenance Parts ConsumablesTires ExplosivesSite Costs Others
2929
Notes
APPENDIX E
Note 1: The Company has included non-GAAP performance measures on an attributable (or Goldcorp’s share) basis throughout this presentation. Attributable performance
measures include the Company’s mining operations, including its discontinued operation, and projects, and the Company’s share of Alumbrera and Pueblo Viejo. The
Company believes that disclosing certain performance measures on an attributable basis is a more relevant measurement of the Company’s operating and economic
performance, and reflects the Company’s view of its core mining operations. The Company believes that, in addition to conventional measures prepared in accordance with
GAAP, the Company and certain investors use this information to evaluate the Company’s performance and ability to generate cash flow; however, these performance
measures do not have any standardized meaning. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for
measures of performance prepared in accordance with GAAP.
Note 2: The Company has included non-GAAP performance measures – total cash costs, by-product and co-product, per gold ounce, throughout this presentation. In the
gold mining industry, total cash costs is a common performance measure but does not have any standardized meaning. The Company follows the recommendations of the
Gold Institute Production Cost Standard. The Gold Institute, which ceased operations in 2002, was a non-regulatory body and represented a global group of suppliers of gold
and gold products. The production cost standard developed by the Gold Institute remains the generally accepted standard of reporting cash costs of production by gold mining
companies. In addition to conventional measures prepared in accordance with GAAP, the Company assesses this measure in a manner that isolates the impacts of gold
production volumes, the by-product credits, and operating costs fluctuations such that the non-controllable and controllable variability is independently addressed. The
Company uses total cash costs, by-product and co-product, per gold ounce, to monitor its operating performance internally, including operating cash costs, as well as in its
assessment of potential development projects and acquisition targets. The Company believes these measures provide investors and analysts with useful information about
the Company’s underlying cash costs of operations and the impact of by-product credits on the Company’s cost structure and is a relevant metric used to understand the
Company’s operating profitability and ability to generate cash flow. When deriving the production cash costs associated with an ounce of gold, the Company includes by-
product credits as the Company considers that the cost to produce the gold is reduced as a result of the by-product sales incidental to the gold production process, thereby
allowing the Company’s management and other stakeholders to assess the net costs of gold production. The Company and certain investors use this information to evaluate
the Company’s performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with GAAP. Total cash costs on a by-product basis are calculated by deducting Goldcorp’s share of by-
product silver, copper, lead and zinc sales revenues from Goldcorp’s share of production costs. Refer to page 35 of the Q1 2015 MD&A and page 38 of the Q2 2015 MD&A
for a reconciliation of total cash costs (by-product) per ounce for Q2 2015 to the unaudited condensed interim consolidated financial statements.
Total cash costs on a co-product basis are calculated by allocating Goldcorp’s share of production costs to each co-product based on the ratio of actual sales volumes
multiplied by budget metal prices, as compared to realized sales prices. The Company uses budget prices to eliminate price volatility and improve co-product cash cost
reporting comparability between periods. The budget metal prices used in the calculation of co-product total cash costs were as follows:
2015 2014 2013
Gold $ 1,200 $ 1,200 $ 1,600
Silver 18 20 30
Copper 3.00 3.00 3.50
Lead 0.95 1.00 0.90
Zinc 1.00 0.90 0.90
3030
Notes (continued)
APPENDIX E
If silver, lead and zinc for Peñasquito, silver for Marlin, Cerro Negro and Pueblo Viejo, and copper for Alumbrera were treated as co-products, Goldcorp's share of total
co-product cash costs, including discontinued operations, for the three months ended March 31, 2015, would be $670 per ounce of gold, $9.79 per ounce of silver, $2.36
per pound of copper, $0.80 per pound of zinc, and $0.81 per pound of lead (March 31, 2014 – $673 per ounce of gold, $10.58 per ounce of silver, $2.26 per pound of
copper, $0.73 per pound of zinc and $0.85 per pound of lead). Using actual realized sales prices, co-product total cash costs, including discontinued operations, would
be $683 per gold ounce for the three months ended March 31, 2015 (March 31, 2014 – $683). Refer to page 35 of the Q1 2015 MD&A for a reconciliation of total cash
costs to reported production costs. Goldcorp's share of total co-product cash costs, including discontinued operations, for the three months ended June 30, 2015, would
be $656 per ounce of gold, $8.24 per ounce of silver, $4.20 per pound of copper, $0.64 per pound of zinc, and $0.59 per pound of lead (June 30, 2014 – $643 per ounce
of gold, $9.85 per ounce of silver, $2.56 per pound of copper, $0.70 per pound of zinc and $0.92 per pound of lead). Using actual realized sales prices, co-product total
cash costs, including discontinued operations, would be $664 per gold ounce for the three months ended June 30, 2015 (June 30, 2014 – $649 per gold ounce). Refer
to page 38 of the Q2 2015 MD&A for a reconciliation of total cash costs to reported production costs.
Note 3: All-in sustaining costs and all-in costs are non-GAAP performance measures that the Company believes more fully define the total costs associated with
producing gold; however, these performance measures have no standardized meaning. Accordingly, it is intended to provide (in United States dollars, tabular amounts
in millions, except where noted) additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance
with GAAP. The Company reports these measures on a gold ounces sold basis. The Company's all-in sustaining and all-in cost definitions conform to the guidance note
released by the World Gold Council, which became effective January 1, 2014. The World Gold Council is a non-regulatory market development organization for the gold
industry whose members comprise global senior gold mining companies. Refer to page 36 of the Q1 2015 MD&A, page 39 of the Q2 2015 MD&A for a reconciliation of
all-in sustaining costs, page 57 of the 2014 Annual Report and page 57 of the 2013 Annual Report.
Note 4: Adjusted net earnings and adjusted net earnings per share are non-GAAP performance measures. The Company believes that, in addition to conventional
measures prepared in accordance with GAAP, the Company and certain investors use this information to evaluate the Company’s performance. Accordingly, it is
intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.
Refer to page 38 of the Q1 2015 MD&A and page 41 of the Q2 2015 MD&A for a reconciliation of adjusted net earnings to reported net earnings attributable to
shareholders of Goldcorp
Note 5: Adjusted operating cash flows and adjusted operating cash flows per share are non-GAAP performance measures which comprises Goldcorp’s share of
operating cash flows before working capital changes and which the Company believes provides additional information about the Company’s ability to generate cash
flows from its mining operations. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of
performance prepared in accordance with GAAP. Refer to page 39 of the Q1 2015 MD&A and page 42 of the Q2 2015 MD&A for a reconciliation of adjusted operating
cash flows to reported net cash provided by operating activities.
3131
Notes (continued)
APPENDIX E
Note 6: Free cash flows is a non-GAAP performance measure which the Company believes, in addition to conventional measures prepared in accordance with GAAP, the
Company and certain investors use to evaluate the Company's ability to generate cash flows. Accordingly, it is intended to provide additional information and should not be
considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP and it has no standardized meaning. Free cash flows are
calculated by deducting from net cash provided by operating activities, Goldcorp's share of expenditures on mining interests, deposits on mining interest expenditures and
capitalized interest paid, and adding Goldcorp's share of net cash provided by operating activities from Alumbrera and Pueblo Viejo. Refer to page 39 of the Q1 2015
MD&A and page 42 of the Q2 2015 MD&A for a reconciliation of free cash flows to net cash provided by operating activities.
Note 7: Net Debt/Market capitalization is a non-GAAP performance measure which the Company believes, in addition to conventional measures prepared in accordance
with GAAP, the Company and certain investors use to evaluate the Company's debt levels relative to its peers. Accordingly, it is intended to provide additional information
and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP and it has no standardized meaning. Net debt
is calculated, on an attributable basis to include the Company’s share of Alumbrera and Pueblo Viejo, by adding short term and long term debt less cash and cash
equivalents. Market capitalization is information retrieved from Capital IQ and uses the outstanding number of shares of a company multiplied by its share price as at a
certain time period. To reconcile Net Debt to a GAAP measure the debt of $296M from Pueblo Viejo is deducted.
Note 8: Sustaining capital expenditures are defined as those expenditures which do not increase annual gold ounce production at a mine site and excludes all
expenditures at the Company’s projects and certain expenditures at the Company’s operating sites which are deemed expansionary in nature.
Note 9: Gold equivalent ounces are calculated using the following assumptions: $1,300 per ounce of gold and by-product metal prices of $22.00 per ounce of silver, $3.00
per pound of copper, $0.90 per pound of lead and $0.90 per pound of zinc . By-product metals are converted to gold equivalent ounces by multiplying by-product metal
production with the associated by-product metal price and dividing it by the gold price.
Note 10: Adjusted income tax expense is a non-GAAP performance measure. The Company believes that, in addition to conventional measures prepared in accordance
with GAAP, the Company and certain investors use this information to evaluate the Company’s performance. Accordingly, it is intended to provide additional information
and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Below is the reconciliation of adjusted income
tax expense to reported income tax expense;
($ millions) Q2 2015 Q1 2015 Q4 2014 Q1 2014
Adjusted income tax expense $14 $53 $22 $19
Tax impact from impairment of mining interests - - (680) -
Foreign exchange on local currency tax values 22 125 103 116
Tax for Alumbrera and Pueblo Viejo (8) (32) (43) (45)
Tax impact of disposition of Tahoe and South Arturo 56 - - -
Tax impact of revisions in estimates on ARO & other 6 (17) (27) -
Income tax expense – as reported 90 129 (625) 90
3434
Reserves & Resources (continued)
APPENDIX F
Scientific and technical information contained in this presentation was reviewed and approved by Gil Lawson, P.Eng., Vice-President, Geology and Mine
Planning for Goldcorp, and a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
For additional information on the scientific and technical information contained herein, see Goldcorp’s annual information form dated March 13, 2015 filed
under Goldcorp’s profile on SEDAR at www.sedar.com
Goldcorp December 31, 2014 Mineral Reserve and Mineral Resource Reporting Notes:
1 All Mineral Reserves and Mineral Resources have been estimated in accordance with the CIM Definition Standards.
2 All Mineral Resources are reported exclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated
economic viability.
3 Mineral Reserves and Mineral Resources are reported as of December 31, 2014, with the following conditions or exceptions:
(i) Mineral Reserves and Mineral Resources for Pueblo Viejo are as per information provided by Barrick Gold Corporation.
(ii) Mineral Reserves and Mineral Resources for Dee are as per information provided by Barrick Gold Corporation.
(iii) Mineral Resources for San Nicolas are as per information provided by Teck Resources Limited (2012 Study).
4 Mineral Reserves are estimated using appropriate recovery rates and US$ commodity prices of $1,300 per ounce of gold, $22 per ounce of
silver, $3.00 per pound of copper, $0.90 per pound of lead, and $0.90 per pound of zinc, unless otherwise noted below:
(i) Alumbrera $1,332/oz gold and $3.17/lb copper
(ii) Pueblo Viejo, Dee $1,100/oz gold, $17/oz silver, $3.00/lb copper
5 Mineral Resources are estimated using US$ commodity prices of $1,500 per ounce of gold, $24 per ounce of silver, $3.50 per pound of copper,
$1.00 per pound of lead, and $1.00 per pound of zinc, unless otherwise noted below;
(i) Pueblo Viejo, Dee $1,400/oz gold, $19/oz silver, $3.50/lb copper
(ii) San Nicolas $1,275/oz gold, $22.50/oz silver, $2.75/lb copper, $1.00/lb zinc
(iii) Éléonore $1,300/oz gold
3535
Reserves & Resources (continued)
APPENDIX F
Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources:
These tables have been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United
States securities laws, and use terms that are not recognized by the United States Securities and Exchange Commission (“SEC”). The terms “Mineral Reserve”,
“Proven Mineral Reserve” and “Probable Mineral Reserve” are Canadian mining terms as defined in accordance with the Canadian Institute of Mining, Metallurgy
and Petroleum (“CIM”) — Definition Standards adopted by CIM Council on May 10, 2014 (the “CIM Definition Standards”) which were incorporated by reference in
the Canadian Securities Administrators’ NI 43-101 . These definitions differ from the definitions in SEC Industry Guide 7 (“Industry Guide 7”) under United States
securities laws. Under Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves or cash flow analysis to designate reserves
and the primary environmental analysis or report must be filed with the appropriate governmental authority.
In addition, the terms “Mineral Resource”, “Measured Mineral Resource”, “Indicated Mineral Resource” and “Inferred Mineral Resource” are defined in and
required to be disclosed by NI 43-101; however, these terms are not defined terms under Industry Guide 7 and are normally not permitted to be used in reports
and registration statements filed with the SEC. United States investors are cautioned not to assume that any part or all of mineral deposits in these categories will
ever be converted into reserves. “Inferred Mineral Resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic
and legal feasibility. A significant amount of exploration must be completed in order to determine whether an Inferred Mineral Resource may be upgraded to a
higher category. Under Canadian regulations, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, except in rare
cases. United States investors are cautioned not to assume that all or any part of an Inferred Mineral Resource exists or is economically or legally mineable.
Disclosure of “contained ounces” in a resource is permitted disclosure under Canadian regulations if such disclosure includes the grade or quality and the quantity
for each category of Mineral Resource and Mineral Reserve; however, the SEC normally only permits issuers to report mineralization that does not constitute
“reserves” by SEC standards as in place tonnage and grade without reference to unit measures.
Accordingly, information contained in this presentation containing descriptions of the Company’s mineral deposits may not be comparable to similar information
made public by United States companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and
regulations thereunder.