building on a proven strategy

Transcription

1 AUGUST 2015 building on a proven strategy C O R P O R AT E U P D AT E

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, 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, 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; 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 and the United States Securities and Exchange Commission at 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. 2 All amounts are in US dollars, unless otherwise stated.

3 F I N A N C I A L D I S C I P L I N E Second Quarter 2015 Q Actual Gold production (1) (oz) 908,000 All-in sustaining costs (1) $ / oz $846 Adjusted net earnings (1) $65M Adjusted operating cash flow (1) $358M Capital expenditures (1)(2) $237M Exploration expenditures (3) $45M Corporate administration (4) $38M Depreciation / oz (1) $430 Tax rate (1) 17% (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 3

4 P R O V E N S T R AT E G Y 2015 Deliverables Achieve zero fatalities Grow gold production to between 3.3 and 3.6 million (1) ounces Deliver free cash flow after dividends Replace/grow gold mineral reserves Company-wide Maintain investment grade balance sheet Achieve successful ramp ups at Cerro Negro and Éléonore Advance Concentrate Enrichment/Pyrite Leach feasibility study at Peñasquito Realize benefits of $175 million from the Operating for Excellence program Complete sale of Wharf; Probe acquisition (1) See Appendix B for mine-by-mine guidance and Appendix E for non-gaap disclosure 4

5 P R O V E N S T R AT E G Y Goldcorp s Key Attributes Growing Production Declining AISC Free Cash Flow in 2015 Reduced Capital Spend Reserve Growth Potential Organic Growth Opportunities Long Term Value (1) Moody s: Baa2; S&P: BBB- Record of Portfolio Management Success STRONG INVESTMENT GRADE (1) BALANCE SHEET 5

6 P R O V E N S T R AT E G Y Track Record of Growth Moz Moz Moz 2015E (1) Moz Start-up of new mines and strong production from cornerstone mines (1) See Appendix B for mine-by-mine guidance and Appendix E for non-gaap disclosure 6

7 P R O V E N S T R AT E G Y Growing Revenues 1 Gold price 3 US$/oz $2,000 $1, $5.4B 2013 $4.7B 2014 $4.5B 2015E $5.1B- $5.5B 2 $1,000 (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 TCRC s (2) See Appendix A for budget price assumptions (3) Gold price Capital IQ (January 1, 2012 August 6, 2015) 7

8 GEO (1) PRODUCTION (MOZ) P R O V E N S T R AT E G Y Sustained, Long-Term Production STRONG PRODUCTION, LOW-COSTS EXPECTED TO DRIVE INCREASING FREE CASH FLOW (1) A 2015E 2016E 2017E 2018E 2019E (1) See Appendix E for non-gaap disclosure and GEO calculation Gold GEO 8

9 P R O V E N S T R AT E G Y Focus on Cost Control Drives Declining Costs $884/oz 2013 $1,031/oz 2014 $949/oz 2015E $850- $900/oz New mines, Operating for Excellence program drive cost savings (1) Costs are all-in sustaining cost per gold ounce; see Appendix E for non-gaap disclosure 9

10 P R O V E N S T R AT E G Y Major Capital Spend Completed 2012 $2.6B 2013 $2.4B 2014 $2.2B 2015E $ B (Sustaining capex: $875M-$1.025B) (1) Capital spending decreases with completion of two new high quality mines (1) Refer to Appendix E for non-gaap disclosure 10

11 P R O V E N S T R AT E G Y Potential for Reserve Growth CERRO NEGRO Re-started drilling in Q ÉLÉONORE PEÑASQUITO COCHENOUR Deep drilling underway Metallurgical Enhancement Project Initial resources and reserves expected in 2015 BORDEN GOLD Acquired Q PROVEN AND PROBABLE MINERAL RESERVES (1) 49,580,000 gold ounces (1) Year ended December 31, 2014, refer to Appendix F for further information 11

12 P R O V E N S T R AT E G Y Excellent Organic Growth Opportunities CONCEPT & EXPLORATION PRODUCTION Éléonore (2014) Cerro Negro (2014) Pueblo Viejo (2012) Peñasquito (2010) EXECUTION Red Lake - Cochenour Porcupine - Hollinger Open Pit - Hoyle Deep STUDY PHASE Peñasquito - Metallurgical Enhancement Project (MEP) - Camino Rojo El Morro Los Filos - U/G expansion Éléonore - Crown pillar Peñasquito - Skarn Red Lake - HG Young Porcupine - TVZ Borden Gold Musselwhite - West Limb Los Filos (2008) Red Lake & Other operating mines (1) 12 (1) Marlin, Porcupine, Musselwhite and Alumbrera,

13 F I N A N C I A L D I S C I P L I N E Strong Balance Sheet Maintained FLEXIBILITY TO FUND GROWTH OPPORTUNITIES $1.0B Cash & Cash Equivalents and Money Market Investments NET DEBT AS % OF MARKET CAP (2,3) 107% 127% 97% $3.2B Liquidity (1) 44% 47% 51% 22% 26% $2.2B Undrawn Revolving Credit Facility $1.0B $2.8B $3.8B $1.0B $3.2B $1.7B $2.5B $10.4B Agnico Goldcorp Newmont Kinross Newcrest Yamana AngloGold Barrick 13 (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

14 F I N A N C I A L D I S C I P L I N E Disciplined Capital Allocation Fund Existing Cash Requirements Invest in High Return Organic Growth CREATING SHAREHOLDER VALUE Sustainable Dividend Flexibility for Selective M & A 14

15 F I N A N C I A L D I S C I P L I N E Unlocking Value CONSISTENT TRACK RECORD OF DIVESTING NON-CORE ASSETS DIVESTED ASSETS VALUE CREATION WHARF MINE (2015) MARIGOLD MINE (2014) SAN DIMAS MINE (2010) PEAK MINE (2007) AMAPARI MINE (2007) LA COIPA MINE (2007) OSISKO Shares (2011) TAHOE RESOURCES Escobal (2010 & 2015) TERRANE METALS Mt. Milligan (2010) SILVER WHEATON (2006 & 2008) 15

16 Geographic Diversity in the Americas O U T S TA N D I N G P O R T F O L I O A N C H O R E D B Y Y O U N G, L O W - C O S T M I N E S 13% DOMINICAN REPUBLIC 5% GUATEMALA 15% ARGENTINA 2015E GOLD PRODUCTION BY REGION (1) 38% CANADA/USA 29% MEXICO Operating mines Development projects 16 (1) Based on 2015 guidance as per January 12, 2015 press release and Wharf divestiture on Feb. 20, 2015

17 N E W G R O W T H D R I V E R Cerro Negro STRONG RAMP-UP CONTINUES COMMERCIAL PRODUCTION ACHIEVED JAN. 1, A: 152,100ozs E: 425, ,000ozs MINE PRODUCTION RATES INCREASING - Additional u/g mobile equipment on-site - Training programs OUTSTANDING RESERVE GROWTH POTENTIAL - Resource confirmation drilling underway - Reserve and resources (1) - P&P gold reserves: 5.26Mozs - M&I gold resources: 0.65Mozs - Inferred gold resources: 0.32Mozs 17 (1) Year ended December 31, 2014, refer to Appendix F for further information

18 N E W G R O W T H D R I V E R Éléonore RAMPING UP QUEBEC S NEWEST GOLD MINE COMMERCIAL PRODUCTION ACHIEVED ON APRIL 1, A: 18,300ozs E: 290, ,000ozs - Increased production expected in second half of 2015 with expansion from two horizons to four horizons EXPLORATION FOCUS - Reserve growth in the Lower Mine, four drills focused on in-fill drilling RESERVES AND RESOURCES (1) - P&P gold reserves: 4.97Mozs - M&I gold resources: 1.06Mozs - Inferred gold resources: 2.80Mozs 18 (1) Year ended December 31, 2014, refer to Appendix F for further information

19 C A N A D A Red Lake INTEGRATION PLAN ADVANCING GOLD PRODUCTION A: 414,400ozs; AISC: $934/oz E: 400, ,000ozs COCHENOUR - Mill feed from first test stopes expected in Q Drilling from underground with thirteen drills EXPLORATION FOCUS HG YOUNG DISCOVERY - $30M BUDGET - Underground drilling underway from rehabilitated Campbell headings - Numerous high grade intercepts - Defining footprint dimensions 19 * Drill intercepts are core widths

20 L AT I N A M E R I C A Peñasquito DELIVERING VALUE FROM MEXICO S LARGEST GOLD MINE GOLD PRODUCTION A: 567,800oz; AISC $813/oz E: 700, ,000oz GEO PRODUCTION A: 1.3Moz E: Moz 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 Focus as satellite pit to Peñasquito 20

21 YEAR RUNNING AVERAGE GOLD DISCOVERED (MOZ) GRASSROOTS + 75% OF LATE-STAGE EXPLORATION BUDGETS (US$M) ANNUAL PRODUCTION (MOZ) W H Y G O L D? Text line 1 Supply: Peak Gold Production T E X T L I N E Peak Discovery $7,200 $6, Peak Production 100 $4, $3, $2, $1, $ Source: SNL Metals Economics Group Source: Consensus estimates. Includes CPM Group, GFMS, and Metals Focus

22 F I N A N C I A L D I S C I P L I N E Why Goldcorp? MANAGING IN A VOLATILE GOLD MARKET CAPITAL & OPERATING COSTS Free Cash Flow Gold Price (US$) + HIGH-QUALITY PRODUCTION GROWTH 22 Source: Capital IQ gold price (January 1, 2008 August 6, 2015)

23 Goldcorp Advantage Quality Growth Gold Focus Responsible Mining Practices Safe, Profitable Production Peer-Leading Balance Sheet Low Political Risk SUPERIOR INVESTMENT PROPOSITION 23

24 2015 Guidance A P P E N D I X A 2014 Actual 2015 Guidance (1) 2015 Updated Guidance (2) Gold Production (3) (oz) 2.87M M M Cash costs (3) $ / oz All-in sustaining By-product Co-product $949 $542 $668 $875 - $950 $500 - $550 $625 - $675 $850 - $900 $500 - $550 $625 - $675 Capital expenditures (3) $2.2B $1.2B - $1.4B $1.2B - $1.4B Exploration expenditures (4) $152M $170M $170M Corporate administration (5) $175M $185M $170M Depreciation / oz (3) $336 $390 $425 Tax rate (3) 23% 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 reguided on April 30, 2015, previously overall guidance for 2015 was 35% 24

25 Mine by Mine Guidance A P P E N D I X B 2014 Actual 2015E Guidance Peñasquito 567, , ,000 Cerro Negro 152, , ,000 Pueblo Viejo (40.0%) 443, , ,000 Red Lake 414, , ,000 Éléonore 18, , ,000 Porcupine 300, , ,000 Los Filos 258, , ,000 Musselwhite 278, , ,000 Marlin 186, , ,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, (1) Wharf divested on February 20, 2015 (2) Marigold mine was divested April 4, 2014

26 2015 Sensitivities A P P E N D I X C Base Price Change Increments CFPS ($/share) All-In Sustaining Costs ($/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 % $0.03 $17 $68 Mexican Peso % $0.04 $14 $38 26

27 2015 Operating Cost Breakdown A P P E N D I X D 2% 4% CONSOLIDATED CANADA/USA CSA 7% 7% 24% 12% 4% 6% 3% 1% 37% 2% 1% 9% 7% 24% 14% 8% 14% 14% 8% 9% Labour Fuel Costs Maintenance Parts Tires 16% 9% Contractors Power Consumables Explosives 6% 4% 18% 5% 6% 3% 16% MEXICO 10% 10% 13% 17% 11% 8% Site Costs Others 8% 9% 14% 27

28 Notes A P P E N D I X 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 byproduct 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 byproduct silver, copper, lead and zinc sales revenues from Goldcorp s share of production costs. Refer to page 38 of the Q MD&A for a reconciliation of total cash costs (by-product) per ounce for Q 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: Gold $ 1,200 $ 1,200 $ 1,600 Silver Copper Lead Zinc

29 Notes A P P E N D I X E ( C O N T D ) 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 coproduct 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 Q 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, 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 38 of the Q2 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 41 of the Q 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 42 of the Q MD&A for a reconciliation of adjusted operating cash flows to reported net cash provided by operating activities. 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. 29

30 Notes A P P E N D I X E ( C O N T D ) 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. 30

31 Reserves & Resources A P P E N D I X F As of December 31, 2014 GOLD Tonnage Grade Contained Tonnage Grade Contained Tonnage Grade Contained mt g Au/t m oz mt g Au/t m oz mt g Au/t m oz Alumbrera 37.5% Camino Rojo 100.0% Cerro Blanco 100.0% Cerro Negro 100.0% Cochenour 100.0% * GOLDCORP MINERAL RESERVES PROVEN PROBABLE PROVEN & PROBABLE Dee 40.0% El Morro 70.0% El Sauzal 100.0% Eleonore 100.0% Los Filos 100.0% Marlin 100.0% Musselwhite 100.0% Noche Buena 100.0% Penasquito Heap Leach 100.0% Penasquito Mill 100.0% Porcupine 100.0% Pueblo Viejo 40.0% Red Lake 100.0% San Nicolas 21.0% Totals *Dee/South Arturo divested June 2,

32 Reserves & Resources A P P E N D I X F ( C O N T D ) As of December 31, 2014 GOLDCORP MINERAL RESOURCES Tonnage Grade Contained Tonnage Grade Contained Tonnage Grade Contained Tonnage Grade Contained GOLD mt g Au/t m oz mt g Au/t m oz mt g Au/t m oz mt g Au/t m oz Alumbrera 37.5% Camino Rojo 100.0% Cerro Blanco 100.0% Cerro Negro 100.0% Cochenour 100.0% * MEASURED & MEASURED INDICATED INFERRED INDICATED Dee 40.0% El Morro 70.0% El Sauzal 100.0% Eleonore 100.0% Los Filos 100.0% Marlin 100.0% Musselwhite 100.0% Noche Buena 100.0% Penasquito Heap Leach 100.0% Penasquito Mill 100.0% Porcupine 100.0% Pueblo Viejo 40.0% Red Lake 100.0% San Nicolas 21.0% Totals *Dee/South Arturo divested June 2, 2015

33 Reserves & Resources A P P E N D I X F ( C O N T D ) 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 Standards of Disclosure for Mineral Projects ( NI ). 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 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 standards of the Canadian Institute of Mining, Metallurgy and Petroleum and the disclosure requirements of NI , or the AusIMM JORC equivalent. 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). 5 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, $3.00/lb copper 6 Mineral Resources are estimated using US$ 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 33

34 Reserves & Resources A P P E N D I X F ( C O N T D ) 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 law, 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 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 ; 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. 34