together, creating sustainable value CORPORATE UPDATE June 2016

Transcription

1 together, creating sustainable value CORPORATE UPDATE June 2016

2 Forward-Looking Statements 2 This presentation contains forward-looking statements, within the meaning of Section 27A of the United States Securities Act of 1933, as amended, Section 21E of the United States Exchange Act of 1934, as amended, or the United States Private Securities Litigation Reform Act of 1995 and forward-looking information under the provisions of applicable Canadian securities legislation, concerning the business, operations and financial performance and condition of Goldcorp. 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 (as defined in slide 28) and Mineral Resources (as defined in slide 28) 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 acquisition of Kaminak Gold Corporation (The Kaminak Transaction ), the development of the Coffee project, 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 words such as plans, expects, is expected, budget, scheduled, estimates, forecasts, intends, anticipates, believes or variations of such words and phrases or statements that certain actions, events or results may, could, would, might or will, occur or be achieved or the negative connotation thereof. Forward-looking statements are necessarily based upon a number of 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 and other by-product metals, 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 and other by-product metals price volatility, discrepancies between actual and estimated production, mineral reserves and mineral resources and metallurgical recoveries, the Kaminak Transaction not being completed as planned, mining operational and development risks, litigation risks, regulatory restrictions (including environmental regulatory restrictions and liability), changes in national and local government legislation, taxation, controls or regulations and/or change in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic developments in Canada, the United States and other jurisdictions in which the Company does or may carry on business in the future, 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 important 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 including economic and political instability in foreign jurisdictions in which Goldcorp operates; risks related to current global financial conditions; risks related to joint venture operations; actual results of current exploration activities; actual results of current reclamation activities; environmental risks; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of gold and other by-product metals; possible variations in ore reserves, grade or recovery rates; the risk that the Kaminak Transaction is not completed as planned; failure of plant, equipment or processes to operate as anticipated; the benefits of the acquisition not being realized; 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 most recent annual information form available on SEDAR at and on EDGAR at Although Goldcorp has attempted to identify important factors that could cause actual results to differ materially from those contained in forwardlooking 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. Forward-looking statements are made as of the date hereof and, accordingly, are subject to change after such date. Except as otherwise indicated by Goldcorp, these statements do not reflect the potential impact of any non-recurring or other special items or of any dispositions, monetizations, mergers, acquisitions, other business combinations or other transactions that may be announced or that may occur after the date hereof. Forward-looking statements are provided for the purpose of providing information about management s current expectations and plans and allowing investors and others to get a better understanding of the Company s operating environment. Goldcorp does not intend or undertake to publicly update any forward-looking statements that are included in this document, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.

3 Gold Price (US$/oz) Real Interest Rate (5-year US TIPS) The World Has Changed Since Fed goes from hawkish to dovish in 2016 Economic growth lower than expected Tightening cycle delayed/aborted? Deteriorating global economic outlook Negative real and nominal rates Deflation Brexit China $2,000 $1,600 $1,200 $800 $400 $0 Gold Price vs Real Interest Rates % 4.00% 3.00% 2.00% 1.00% 0.00% -1.00% -2.00% -3.00% Gold Price 5-Year Real Interest Rate (US TIPS) Source: Bloomberg as of May 25, 2016

4 Reserves (million ounces) Million ounces Large Cap Gold Reserves and Production Falling 4 Gold Reserves Declined Over Past Three Years Production (2) Set to Decline % % A 2014A 2015A A 2016E 2017E 2018E Includes: Goldcorp, Barrick, Newmont, Newcrest, Agnico Eagle, Kinross, Yamana, AngloGold, Goldfields and Harmony Source: Company reports (2) production for AngloGold, Kinross, Newcrest, Goldfields and Harmony is assumed flat from 2016E for 2017E and 2018E

5 3-year running avg Au discovered (moz) Grassroots + 75% of late-stage exploration budgets (US$M) Annual production (moz) Supportive Supply Picture Peak Discovery $7,200 $6, Peak Production (2) 100 $4, $3, $2, $1, $ Global mine supply peaked in 2015; significant supply constraints ahead Source: SNL Metals Economics Group (2) Source: Consensus estimates. Includes CPM Group, GFMS, and Metals Focus

6 Blue Chip Gold Senior Focused on Large-Scale Camps and Low Political Risk 6 Clear Vision Gold production of 3 to 4 million ounces from 6 to 8 large-scale mining camps Economies of scale and geological prospectivity to drive low costs and NAV growth Coffee 1 and Corridor opportunities represent potential new large-scale camps Continued divestment of small assets reflects disciplined capital allocation and management focus on scale Coffee 1 YUKON, CANADA Red Lake ONTARIO, CANADA Peñasquito MEXICO Nueva Unión CHILE Éléonore QUÉBEC, CANADA Porcupine ONTARIO, CANADA Pueblo Viejo DOMINICAN REPUBLIC Acquisition of Kaminak Gold and its Coffee project expected to be completed by August 15, 2016 Existing operating camps Development projects within existing operating camps Potential new operating camps Other operations Cerro Negro ARGENTINA

7 Value Creation Principles 7 Growth in Net Asset Value Brownfield exploration and expansion Partnerships with juniors to cultivate pipeline Drive efficiencies in existing business Strong Balance Sheet Maintain investmentgrade rating Low leverage through the cycles Sustainable dividend Disciplined Capital Allocation Free cash flow to fund growth opportunities Hurdle rates set at a level that reflects risk and generates strong rates of return

8 Growth in NAV Through $250 Million in Annual Sustainable Efficiencies 8 8 Target to be Achieved by 2018 Through: Workforce reductions Decentralization Low risk, low capital intensity brownfield projects Potential to add ~$2B in NAV Desjardins research report, April 29, 2016

9 Robust Project Pipeline 9 Brownfield Expansion and Exploration Complemented by Junior Partnerships 2016 Q1 Q2 Q3 Q Q1 Q2 Q3 Q4 Peñasquito Pyrite Leach Project Musselwhite Materials Handling Project Red Lake HG Young Red Lake Cochenour Peñasquito Camino Rojo Oxide Project Porcupine Borden Feasibility study Feasibility study Concept study Advanced exploration Pre-feasibility study Pre-feasibility study Kaminak Coffee 1 TBD Nueva Unión El Morro & Relincho Trade-off studies Pre-feasibility study Acquisition of Kaminak Gold expected to be completed by August 15, 2016

10 $ Million High Liquidity, Low Debt Key to Driving Per Share Value Creation 10 Investment grade 1 balance sheet to internally finance pipeline 400 Annual Free Cash Flow (2,4) + ~$300M per $100/oz increase in gold price Current liquidity: $3.2 billion 200 ~$400M Net debt 2 to EBITDA: 1.4x 3 Projected net debt to EBITDA (2018): <1x E-2018E S&P: BBB+; Moody s: Baa3 (2) See Appendix E for footnotes (3) As of Dec. 31, 2015 (4) FCF estimate calculated using a current spot price ($1,235/oz Au) plus midpoint of 2016 gold production and AISC guidance and is before dividends and growth capital

11 Market Rewards Long-Term Value Creation % 10.0% 10.5% Compound Annual Growth Rate (2005 to Today) 5.0% -- (5.0%) (10.0%) 5.2% 2.4% 3.2% 10.0% 9.2% 1.2% 0.8% (0.4%) (1.0%) (1.7%) (3.4%) (4.8%) (6.3%) (3.2%) (3.6%) (8.5%) (7.5%) (3.7%) Gold Price Agnico Eagle Goldcorp Newcrest Newmont Barrick Yamana Gold Fields AngloGold Kinross NAVPS Share Price Source: Consensus NAVPS as of April 22, 2016, research compiled by BMO

12 Click Peñasquito edit Camp Master title style Core asset with organic growth potential Exiting high-grade portion of pit in 2016; continuous improvement underway Pyrite Leach Project Recovers gold now reporting to tailings Investment decision expected mid-2016 Camino Rojo Oxides Pre-feasibility study expected in the fourth quarter of 2016 Northern Well Field Project Construction resumed; completion expected late 2016 Ownership 100% Location Zacatecas, Mexico 2016E daily mill throughput 117,000tpd P&P gold reserves moz M&I gold resources moz Inferred gold resources 1 0.2moz Current mine life 12 years 2016E exploration budget $5M Refer to Appendix E for further information on the reserves and resources

13 Click Cerro to Negro edit Master Camp title style Core asset with low costs and strong production Successful ramp-up Large labour productivity opportunities Change in Argentine government drives reinvestment opportunities Opportunity to explore aggressively following improved political environment Vein extensions and new targets support strong potential to grow reserves Ownership 100% Location Santa Cruz, Argentina 2016E daily mill throughput 3,500tpd P&P gold reserves moz M&I gold resources moz Inferred gold resources 1 Current mine life 0.5moz 11 years 2016E exploration budget $16M Refer to Appendix E for further information on the reserves and resources

14 Click Éléonore to edit Camp Master title style Exceptional asset Long underground mine life Plant ramp-up progressing to design of 7,000tpd, potential upside Mine optimization underway Dilution upside Adjusting stope designs Significant new infrastructure in world-class region First mover advantage New camp with decades-long potential Ownership 100% Location Québec, Canada 2016E daily mill throughput 4,900tpd P&P gold reserves moz M&I gold resources moz Inferred gold resources moz Current mine life 12 years 2016E exploration budget $5M Refer to Appendix E for further information on the reserves and resources

15 Click Red Lake to edit Camp Master title style Potential for infrastructure rationalization and camp synergies Large, spread-out operation Five shafts and two mills HG Young and Cochenour deposits High-grade resources (1,2) Potential to sequence following depletion of High Grade Zone Intensive drilling and sampling program underway Ownership 100% Location Ontario, Canada 2016E daily mill throughput 1,900tpd P&P gold reserves moz M&I gold resources 2 Inferred gold resources 2 Current mine life 2.27moz 2.20moz 5 years HG Young deposit indicated mineral resource is 205,000 tonnes grading 19.08g/t and the inferred mineral resource is 787,000 tonnes grading 20.44g/t (2) Refer to Appendix E for further information on the reserves and resources 2016E exploration budget $45M

16 Click Porcupine to edit Camp Master title style Declining production focusing on margins Depleting low-grade stockpile and closure of Dome underground in 2016 Asset optimization to maximize NAV Hoyle Pond winze completed; will drive efficiency and productivity improvements Trade-off studies underway to optimize excess processing capacity Borden project Maiden gold proven mineral reserve of 860,000 ounces declared Dec. 31/15 Expected to enhance long-term economics of Porcupine New neighbours Potential to maximize value of camp Ownership 100% Location Ontario, Canada 2016E daily mill throughput 7,900tpd P&P gold reserves moz M&I gold resources moz Inferred gold resources moz Current mine life 12 years 2016E exploration budget $11M Refer to Appendix E for further information on the reserves and resources

17 Click Pueblo to Viejo edit Master title style Optimization efforts Improving efficiency and throughput ore blending Increasing autoclave availability Energy opportunities Quisqueya power station provides secure low-cost energy supply Option to add significant value by leveraging existing assets Ownership 40% Location Dominican Republic 2016E daily mill throughput 24,000tpd P&P gold reserves 1 M&I gold resources 1 Inferred gold resources 1 Current mine life 2016E exploration budget 5.97moz 5.15moz 0.10moz 18 years $0.2M Refer to Appendix E for further information on the reserves and resources

18 Click Strategic to edit Investment Master title in a style New Prospective Mining Camp Kaminak Overview Coffee deposit: a high-grade heap leach project in a top tier mining jurisdiction Large and underexplored land package of over 60,000 hectares Reserves and Resources: Indicated gold mineral resources 1 of 3.0Moz (63.7Mt at 1.45g/t) inclusive of total probable gold mineral reserves of 2.2Moz (46.4Mt at 1.45g/t) Inferred gold mineral resources 1 of 2.2Moz (52.4Mt at 1.31g/t) Easy access to local infrastructure 130kms south of Dawson City in the Yukon Low capital intensity, low technical risk Scaleable, simple truck, shovel and heap leach operation planned Expected to close by August 15, 2016 For more information on the reserves and resources refer to Kaminak s NI technical report which has been filed on SEDAR

19 Goldcorp Advantage 19 Focus on growing NAV per share Delivering Shareholder Value Decentralization and optimization targeted to deliver $250 million in sustainable annual efficiencies in 2018 Reinvest free cash flow into robust pipeline of projects, deleverage and pay sustainable dividend Leverage exploration dollars with small seed capital investments in junior companies

20 Appendix A: 2016 Guidance Actual 2016 Guidance Gold production (2) (oz) 3.46M M Cash costs (2) ($/oz) AISC By-product $894 $605 $850 $925 $500 $575 Capital (2,3) $1.3B $800 $900M Exploration (4) $162M $135M Corporate administration (5) $152M $150M Depreciation & depletion (2) ($/oz) $457 $390 $420 Effective tax rate (6) 36% 40 45% 2016 price assumptions: Au=$1,100/oz, Ag=$15.00oz, Cu=$2.53/lb, Zn=$0.80/lb, Pb=$0.80/lb (2) See Appendix D for non-gaap disclosure. (3) Capital expenditure is on an accrued basis and excludes capitalized interest; also excludes projects not yet approved (4) Includes capitalized exploration, 50% of exploration expense is expected to be expensed (5) Excludes share-based compensation expense of $68 million (6) The estimated effective tax rate is on net income exclusive of stock based compensation expense, the effects of foreign currency translation of deferred tax balances, impacts of foreign exchange fluctuation on tax losses and deductions and balances and other discrete events.

21 Appendix B: 2016 Sensitivities 21 Change Operating Cash All-In Sustaining Free Cash Base Price Increments Flow per Share Costs ($/oz) Flow ($M) Gold price ($/oz) $1,100 $100 $0.30 $2 $288 Silver price ($/oz) $15.00 $3.00 $0.09 $31 $94 Copper price ($/lb) $2.55 $0.50 $0.03 $12 $29 Zinc price ($/lb) $0.80 $0.10 $0.03 $12 $40 Lead price ($/lb) $0.80 $0.10 $0.01 $5 $16 Canadian dollar % $0.08 $31 $105 Mexican peso % $0.03 $16 $55 See Appendix D for footnotes

22 Appendix C: 2016 Production Costs 22 Consolidated Canada Latin Associates and America Joint Ventures 6% 4% 1% 17% 8% 25% 13% 10% 1% 3% 7% 2% 6% 3% 15% 40% 4% 2% 20% 6% 7% 9% 6% 19% 9% 18% 6% 3% 2% 11% 17% 8% 13% 18% 10% 12% 9% 7% 7% 16% Labour Contractors Fuel Costs Power Maintenance Parts Consumables Tires Explosives Site Costs Others

23 Appendix D: Footnotes 23 Note 1: The Company has included non-gaap performance measures on an attributable (or Goldcorp s share) basis in 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: All-in sustaining cost per gold ounce is a non-gaap performance measure that has been included in this presentation as the Company believes it more fully defines the total costs associated with producing gold. Refer to pages of the 2015 Annual MD&A and pages of the Q MD&A for a reconciliation of all-in sustaining costs. Note 3: Total cash costs: by-product, per gold ounce is a non-gaap performance measure that has been included in this presentation Refer to pages 44 & 45 of the 2015 Annual MD&A and pages of the Q MD&A for a reconciliation of total cash costs and all-in sustaining costs to reported production costs. Note 4: Free cash flow 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 cashflows. 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. 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, Pueblo Viejo and Project Corridor. Refer to page 51 of the 2015 Annual MD&A and page 31 of the Q MD&A for a reconciliation of free cash flows to reported net cash provided by operating activities. Note 5: Net Debt/EBITDA is a non-gaap performance measure. 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. EBITDA is calculated, on an attributable basis to include the Company s share of Alumbrera and Pueblo Viejo, as adjusted net (loss) earnings before taxes, depreciation and depletion, and finance costs.

24 Appendix E: Reserves and Resources 24 Gold GOLDCORP MINERAL RESERVES Proven Probable Proven and Probable As of December 31, 2015 Tonnage Grade Contained Tonnage Grade Contained Tonnage Grade Contained mt g/t m oz mt g/t m oz mt g/t m oz Alumbrera 37.5% Borden 100.0% Camino Rojo 100.0% Cerro Blanco 100.0% Cerro Negro 100.0% Cochenour 100.0% Dee 40.0% El Morro 50.0% El Sauzal 100.0% Éléonore 100.0% Los Filos 100.0% Marlin 100.0% Musselwhite 100.0% Noche Buena 100.0% Peñasquito Heap Leach 100.0% Peñasquito Mill 100.0% Porcupine 100.0% Pueblo Viejo 40.0% Red Lake 100.0% San Nicolas 21.0% Totals ,

25 Appendix E: Reserves and Resources (continued) 25 Gold GOLDCORP MINERAL RESOURCES Measured Indicated Measured & Indicated Inferred As of December 31, 2015 Tonnage Grade Contained Tonnage Grade Contained Tonnage Grade Contained Tonnage Grade Contained mt g/t m oz mt g/t m oz mt g/t m oz mt g/t m oz Alumbrera 37.5% Borden 100.0% Camino Rojo 100.0% Cerro Blanco 100.0% Cerro Negro 100.0% Cochenour 100.0% Dee 40.0% El Morro 50.0% El Sauzal 100.0% Éléonore 100.0% Los Filos 100.0% Marlin 100.0% Musselwhite 100.0% Noche Buena 100.0% Peñasquito Heap Leach 100.0% Peñasquito Mill 100.0% Porcupine 100.0% Pueblo Viejo 40.0% Red Lake 100.0% San Nicolas 21.0% Totals ,

26 Appendix E: Reserves and Resources (continued) 26 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 2015 mineral reserves and mineral resources ( MRMR ), refer to the MRMR tables that can be found at Goldcorp December 31, 2015 Mineral Reserve and Mineral Resource Reporting Notes: 1 All Mineral Reserves or Ore Reserves have been estimated in accordance with the CIM Definition Standards or the JORC Code. The JORC Code has been accepted for current disclosure rules in Canada under NI Subject to note 4 below, all Mineral Reserves, Ore Reserves and Mineral Resources set out in the tables above have been reviewed and approved by Gil Lawson, P.Eng., Vice President of Geology and Mine Planning, Goldcorp, who is a qualified person as defined under National Instrument. 2 All Mineral Resources are reported exclusive of Mineral Reserves. 3 Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. 4 Mineral Reserves and Mineral Resources are reported as of December 31, 2015, with the following conditions or exceptions: 1 Reserves and Resources for Pueblo Viejo are as per information provided by Barrick Gold Corporation. 2 Reserves and Resources for Relincho and San Nicolas are as per information provided by Teck Resources Limited. 3 Reserves and Resources for Alumbrera are as per information provided by Glencore plc. 5 Mineral Reserves are estimated using appropriate recovery rates and US$ commodity prices of $1,100 per ounce of gold, $16.50 per ounce of silver, $2.75 per pound of copper, $0.90 per pound of lead, and $0.95 per pound of zinc, unless otherwise noted below: 1 Alumbrera $1,095/oz gold, $2.54/lb copper 2 El Morro $1,200/oz gold 3 Pueblo Viejo $1,000/oz gold for the next five years, and a long-term gold price of $1,200/oz from 2021 onwards, $16.50/oz silver, $3.00/lb copper 4 Relincho $13.70/lb molybdenum, $2.80/lb copper 6 Mineral Resources are estimated using US$ commodity prices of $1,300 per ounce of gold, $19 per ounce of silver, $3.25 per pound of copper, $1.00 per pound of lead and $1.00 per pound of zinc, unless otherwise noted below: 1 Alumbrera $1,100/oz gold, $2.95/lb copper 2 El Morro $1,200/oz gold, $2.75/lb copper 3 Pueblo Viejo $1,300/oz gold, $17.50/oz silver, $3.25/lb copper 4 Relincho $13.70/lb molybdenum, $2.80/lb copper 5 San Nicolas $1,275/oz gold, $22.50/oz silver, $2.75/lb copper, $1.00/lb zinc

27 Appendix E: Reserves and Resources (continued) 27 Cautionary Note Regarding Reserves and Resources: Scientific and technical information contained in this news release was reviewed and approved by Gil Lawson, P.Eng., Vice-President, Geology and Mine Planning for Goldcorp, and a qualified person as defined by Canadian Securities Administrators National Instrument Standards of Disclosure for Mineral Projects ( NI ). All Mineral Reserves and Mineral Resources have been calculated in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum ( CIM ) and NI , or the AusIMM JORC equivalent. All Mineral Resources are reported exclusive of Mineral Reserves. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. Information of data verification performed on the mineral properties mentioned in this press release that are considered to be material mineral properties to the Company are contained in Goldcorp s most recent Annual Information Form and the current technical report for those properties, all available at Cautionary Note to United States investors concerning estimates of measured, indicated and inferred resources: This document has been prepared in accordance with the requirements of the Canadian securities laws which differ from the requirements of United States securities laws and uses 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 CIM Definition Standards adopted by CIM Council on May 10, 2014 (the CIM Definition Standards ) which were incorporated by reference in NI These definitions differ from the definitions in SEC Industry Guide 7 ( SEC Industry Guide 7 ) under United States securities laws. Under SEC 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 SEC 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 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.

28 28 Trading Symbols NYSE: GG; TSE: G Investor relations info@goldcorp.com