BANK OF AMERICA / MERRILL LYNCH
19TH ANNUAL CANADIAN MINING CONFERENCE
September 12, 2013
STRATEGY.
DISCIPLINE.
EXECUTION.
FORWARD LOOKING STATEMENTS
2
This presentation contains “forward-looking statements”, within the meaning of the United Sta...
KEY PRIORITIES
3
Financial Discipline
• Enhanced focus on core value – only SAFE production
• Mine planning and budgets – ...
OPERATING FOR EXCELLENCE
4
Valuation Creation Projects
Mine Name of Project Initiative
2013 FCF
Impact
(US$ MM)
Peñasquito...
CONSISTENT STRATEGIC FOCUS
5
Peer-Leading
Balance
Sheet
Responsible
Mining
Practices
Low
Political
Risk
TOGETHER
CREATING
...
PEER-LEADING BALANCE SHEET
6
Financial Flexibility
$3.4B
L I Q U I D I T Y
$1.4B
$2.0B
CASH &
EQUIVALENTS
(US$) as at Jun....
MANAGING IN VOLATILE GOLD MARKET
7
PRICE VOLATILITY
+ $1500 Continue strategy;
focus on financial discipline
$1400 Continu...
SECOND QUARTER 2013 HIGHLIGHTS
8
Strong Results in a Challenging Market
Q2 2013
G O L D P R O D U C T I O N ( m o z ) 646,...
2013 GUIDANCE
9
Financial Discipline Drives Cost Improvements
2013
Updated Guidance1
G O L D P R O D U C T I O N ( m o z )...
STRONG DIVIDEND TRACK RECORD
10
Dividend Remains Intact
0%
5%
24% 25%
27%
0%
5%
21% 21%
24%
KGC ABX NEM AUY GG
2013E 2014E...
CASH FLOW ALLOCATION PRIORITIES
11
Fund existing
70% growth
profile
Invest in high
return organic
growth
Flexibility
for s...
PRODUCTION GUIDANCE & CFPS GROWTH
12
Well Positioned for High Quality, Long Term Growth
2012A 2013E 2014E 2015E 2016E 2017...
FOCUS IN LOW-RISK JURISDICTIONS
13
Canada
38%
US
6%
Mexico
30%
Argentina
5%
Dominican Republic
14%
Guatemala
7%
2013E
GOLD...
RED LAKE, CANADA
14
Cornerstone Asset
• Gold production
 2013E: 475,000 – 510,000 oz
• Stable, low cost gold production
•...
PEÑASQUITO, MEXICO
15
Optimizing Mexico’s Largest Gold Producer
• Gold production
 2013E: 360,000 – 400,000 oz
• Water so...
PUEBLO VIEJO, DOMINICAN REPUBLIC
16
Key Driver of Gold Production Growth
• On track for ramp up to full
capacity H2’13
 2...
EXCEPTIONAL DEVELOPMENT PIPELINE
17
Growth in High Quality Ounces
CAMINO ROJO
(SULPHIDES)
PEÑASQUITO UG
CAMINO ROJO
(OXIDE...
CERRO NEGRO
18
Developing our Next Cornerstone Mine
• High grade vein systems
• Outstanding reserve growth
potential
• Def...
ÉLÉONORE
19
Pure Gold in a Safe Jurisdiction
• On track for first gold late-2014
• Exploration ramp extended over
3,350m
•...
COCHENOUR
20
Extending Production in a World Class Camp
• Development plan:
 225,000 – 250,000 oz Au / annually
 Initial...
WHY GOLD?
21
12 Consecutive Years of Gold Price Growth – Gold price
409%
Central bank
buying
Flat mine
supply
Stable
inves...
GOLDCORP ADVANTAGE
22
QUALITY GROWTH
COST MANAGEMENT
PEER-LEADING BALANCE SHEET
RESPONSIBLE MINING PRACTICES
LOW POLITICAL...
APPENDIX A - ALL-IN SUSTAINING CASH COSTS
23
Non-GAAP Measures Presented on Goldcorp Share Basis
OTHER
OPERATING COST
$565...
APPENDIX B - 2013 MINE-BY-MINE GUIDANCE
24
2013
Guidance
2012
Actual
R e d L a k e 475,000 - 510,000 507,700
P e ñ a s q u...
APPENDIX C - PEÑASQUITO: IMPAIRMENT OF MINING INTERESTS
25
Decline in Market Value Per In-Situ Ounce Primarily Driving
Imp...
APPENDIX D - 2013 SENSITIVITIES
26
Base Price
Change
Increments
CFPS
($/share)
By Product
Cash Costs
($/oz)
FCF
($mm)
Gold...
APPENDIX E - OPERATING COST BREAKDOWN
27
22%
16%
8%
11%
9%
15%
2%
5%
5%
7%
Labour Contractors Fuel Costs Power Maintenance...
APPENDIX F - GOLD MINERAL RESERVES
28
GOLDCORP MINERAL RESERVES
(as of December 31, 2012) PROVEN PROBABLE PROVEN & PROBABL...
ENDNOTES
29
1. The Company has included certain non-GAAP performance measures throughout this presentation. The Company be...
ENDNOTES
30
4. All Mineral Reserves and Mineral Resources have been estimated as at December 31, 2012 in accordance with t...
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Bank of America / Merrill Lynch

  1. 1. BANK OF AMERICA / MERRILL LYNCH 19TH ANNUAL CANADIAN MINING CONFERENCE September 12, 2013 STRATEGY. DISCIPLINE. EXECUTION.
  2. 2. FORWARD LOOKING STATEMENTS 2 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”). 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, capital expenditures, 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 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 the integration of acquisitions; 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; 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, 2012 available at www.sedar.com. 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 U.S. dollars, unless otherwise stated.
  3. 3. KEY PRIORITIES 3 Financial Discipline • Enhanced focus on core value – only SAFE production • Mine planning and budgets – focus on high margin ounces • Operating for Excellence – achieving operating cost reductions • Capital Management – disciplined review and investment
  4. 4. OPERATING FOR EXCELLENCE 4 Valuation Creation Projects Mine Name of Project Initiative 2013 FCF Impact (US$ MM) Peñasquito Mine through mill - Ultra high-intensity blasting to improve ore fragmentation - Positive impact on shovel, truck and crusher productivity $20.0 Éléonore Ramp unit cost reduction - Replacement of contractor with Goldcorp employees & changing from electronic to pyrotechnic detonators - Decrease unit cost for 2013 development by $500/meter (-7%). $4.6 Porcupine Energy optimization - Improved load shedding and compressed air efficiencies for optimal energy usage, includes government rebate $4.2 Marlin Au & Ag recovery - Gravimetric circuit was designed and commissioned to improve the Au & Ag recovery from the slag $1.2 Los Filos Crusher plant throughput - Reduced stacker relocation time with improved maintenance program has resulted in increased throughput by 8.1% vs. budget. Crusher expansion (under construction) to improve recovery from 57% (ROM) to 72% (Crusher). $2.4
  5. 5. CONSISTENT STRATEGIC FOCUS 5 Peer-Leading Balance Sheet Responsible Mining Practices Low Political Risk TOGETHER CREATING SUSTAINABLE VALUE Quality Growth Cost Management
  6. 6. PEER-LEADING BALANCE SHEET 6 Financial Flexibility $3.4B L I Q U I D I T Y $1.4B $2.0B CASH & EQUIVALENTS (US$) as at Jun. 30, 2013 AVAILABLE DEBT FACILITY - UNDRAWN STRONG INVESTMENT GRADE BALANCE SHEET1 1 Moody’s: Baa2; S&P: BBB+; Fitch: BBB. EXCELLENT LIQUIDITY
  7. 7. MANAGING IN VOLATILE GOLD MARKET 7 PRICE VOLATILITY + $1500 Continue strategy; focus on financial discipline $1400 Continue funding growth projects Reduce exploration, G&A CONTINGENCY PLANNING Defer capital projects at mines Slow spending at growth projects Reconfiguration/shutdown of higher cost mines Our ResponseGold Price <$1200
  8. 8. SECOND QUARTER 2013 HIGHLIGHTS 8 Strong Results in a Challenging Market Q2 2013 G O L D P R O D U C T I O N ( m o z ) 646,000 C A S H C O S T S (1) $ /o z A L L - I N S U S TA I N I N G BY - P R O D U C T C O - P R O D U C T $1,279 $646 $713 A D J U S T E D N E T E A R N I N G S (3) $117M A D J U S T E D O P E R AT I N G C A S H F LOW S (2) $388M A D J U S T E D E P S (3) $0.14 A D J U S T E D C A S H F LOW P E R S H A R E (2) $0.48 (1) (2) (3) See endnotes
  9. 9. 2013 GUIDANCE 9 Financial Discipline Drives Cost Improvements 2013 Updated Guidance1 G O L D P R O D U C T I O N ( m o z ) 2.55 - 2.80 C A S H C O S T S $ / o z A L L - I N S U S TA I N I N G B Y - P R O D U C T C O - P R O D U C T $1,000 - $1,100 $525 - $575 $700 - $750 C A P I TA L E X P E N D I T U R E S $2.6B E X P L O R AT I O N E X P E N D I T U R E S $200M C O R P O R AT E A D M I N I S T R AT I O N $164M D E P R E C I AT I O N / o z $335 TA X R AT E 29% 1 2013 updated price assumptions: Au=$1319/oz, Ag=$22.27/oz, Cu=$3.07/lb, Zn=$0.89/lb, Pb=$0.93/lb
  10. 10. STRONG DIVIDEND TRACK RECORD 10 Dividend Remains Intact 0% 5% 24% 25% 27% 0% 5% 21% 21% 24% KGC ABX NEM AUY GG 2013E 2014E Dividend as % of Operating Cash Flow1 0% 1 Source: Bloomberg consensus (as of Sept. 9, 2013) HIGHEST % OF OPERATING CASH FLOW RETURNED
  11. 11. CASH FLOW ALLOCATION PRIORITIES 11 Fund existing 70% growth profile Invest in high return organic growth Flexibility for selective M&A Regular dividend growth CREATING SHAREHOLDER VALUE
  12. 12. PRODUCTION GUIDANCE & CFPS GROWTH 12 Well Positioned for High Quality, Long Term Growth 2012A 2013E 2014E 2015E 2016E 2017E Gold Production (Moz) 2.4 2.55 - 2.8 3.2 - 3.5 3.5 - 3.8 3.8 - 4.0 4.0 - 4.2 $2.28 $2.70 $3.48 2013E 2014E 2015E Cash Flow / Share1 1 Source: Bloomberg cash flow per share estimates 2013E – 2015E (as of Sept. 9, 2013)
  13. 13. FOCUS IN LOW-RISK JURISDICTIONS 13 Canada 38% US 6% Mexico 30% Argentina 5% Dominican Republic 14% Guatemala 7% 2013E GOLD PRODUCTION ARGENTINA DOMINICAN REPUBLIC GUATEMALA CHILE Operating Mines Development Projects MEXICO USA CANADA
  14. 14. RED LAKE, CANADA 14 Cornerstone Asset • Gold production  2013E: 475,000 – 510,000 oz • Stable, low cost gold production • Singe de-stress slot for late-2013 at the 46/47 level • Positive exploration results  NXT Zone – test and extend  Focus on newly discovered structure off of 4699 ramp at the High Grade Zone
  15. 15. PEÑASQUITO, MEXICO 15 Optimizing Mexico’s Largest Gold Producer • Gold production  2013E: 360,000 – 400,000 oz • Water source identified; further studies on tailings efficiency and potential to source effluent water • Focus on efficiencies & cost reductions • Positioned for improved H2’13 • District potential opportunities
  16. 16. PUEBLO VIEJO, DOMINICAN REPUBLIC 16 Key Driver of Gold Production Growth • On track for ramp up to full capacity H2’13  2013E: 330,000 – 435,000 oz • Dual fuel power plant – to be commissioned in Q3’13 • Definitive Agreement reached – expected to be ratified shortly • Annual output 415,000 to 450,000 ounces per year in first five years • Life of mine +25 years
  17. 17. EXCEPTIONAL DEVELOPMENT PIPELINE 17 Growth in High Quality Ounces CAMINO ROJO (SULPHIDES) PEÑASQUITO UG CAMINO ROJO (OXIDES) (2016) EL MORRO AGUA RICA CERRO NEGRO (2013) ÉLÉONORE (2014) COCHENOUR (2015) PUEBLO VIEJO (2012) PEÑASQUITO (2010) LOS FILOS (2008) MARLIN (2006) RED LAKE & OTHER OPERATING MINES* SCOPING FEASIBILITY CONSTRUCTION PRODUCTION * PORCUPINE, MUSSELWHITE, EL SAUZAL, ALUMBRERA, MARIGOLD, WHARF
  18. 18. CERRO NEGRO 18 Developing our Next Cornerstone Mine • High grade vein systems • Outstanding reserve growth potential • Deferral of non-essential capital to 2015 • Status/progress at June 30  Engineering: 93% complete  EPCM: 60% complete • Development & construction advancing  Ore stockpile of ~90,000 tonnes
  19. 19. ÉLÉONORE 19 Pure Gold in a Safe Jurisdiction • On track for first gold late-2014 • Exploration ramp extended over 3,350m • Production shaft advanced to a depth of 383m • 4 drills conducting definition and exploration drilling • Development plan:  Upper/lower mine concept; 7ktpd  600,000 oz Au/annually1  Initial capital expenditure $1.75B1 Upon ramp-up to full capacity
  20. 20. COCHENOUR 20 Extending Production in a World Class Camp • Development plan:  225,000 – 250,000 oz Au / annually  Initial capital expenditure: $540M  First production 1H’15 • Shaft widening advancing • Haulage drift 76% complete • Two underground drills exploring from the haulage drift • Focusing on integrating Cochenour with the existing Red Lake operations
  21. 21. WHY GOLD? 21 12 Consecutive Years of Gold Price Growth – Gold price 409% Central bank buying Flat mine supply Stable investment demand Safe haven/ asset class Inflation hedge Currency protection Growing physical demand China factor Continued debasement of international currencies increase since 2000 2000 Sept. 9’13 Geopolitical instability Dec. 31, 2000 – Sept. 9 , 2013
  22. 22. GOLDCORP ADVANTAGE 22 QUALITY GROWTH COST MANAGEMENT PEER-LEADING BALANCE SHEET RESPONSIBLE MINING PRACTICES LOW POLITICAL RISK S U P E R I O R INVESTMENT PROPOSITION
  23. 23. APPENDIX A - ALL-IN SUSTAINING CASH COSTS 23 Non-GAAP Measures Presented on Goldcorp Share Basis OTHER OPERATING COST $565 SUSTAINING CAPEX (1) $433 G&A $111 $22 Q2 2013 TOTAL $1,279 per oz $13 OPERATING COST $645 SUSTAINING CAPEX (1) $495 G&A $101 $19 Q1 2013 TOTAL $1,144 per oz $19 EXPLORATION EXPLORATION 1 See endnote 6
  24. 24. APPENDIX B - 2013 MINE-BY-MINE GUIDANCE 24 2013 Guidance 2012 Actual R e d L a k e 475,000 - 510,000 507,700 P e ñ a s q u i t o 360,000 - 400,000 411,300 L o s F i l o s 340,000 - 350,000 340,400 P u e b l o V i e j o ( 4 0 . 0 % ) 330,000 - 435,000 44,700 P o r c u p i n e 270,000 - 280,000 262,800 M u s s e l w h i t e 250,000 - 260,000 239,200 M a r l i n 185,000 - 200,000 207,300 A l u m b r e r a ( 3 7 . 5 % ) 120,000 - 125,000 136,600 M a r i g o l d ( 6 6 . 7 % ) 95,000 - 100,000 96,300 E l S a u z a l 70,000 - 80,000 81,800 W h a r f 55,000 - 60,000 68,100 To t a l 2,550,000 – 2,800,000 2,396,200
  25. 25. APPENDIX C - PEÑASQUITO: IMPAIRMENT OF MINING INTERESTS 25 Decline in Market Value Per In-Situ Ounce Primarily Driving Impairment Charge Q2 Impairment Charge Impairment before tax 2,427 DIT (600) Impairment, net of tax 1,827 Q2 Carrying values Pre-Impairment Post Impairment ($million) Peñasquito Less Exploration Potential and Goodwill Exploration Potential Goodwill Peñasquito Less Exploration Potential Exploration Potential Goodwill Net Book Value 5,128 5,590 283 4,113 4,461 - Deferred Income Tax (DIT) (2,697) - (2,097) - 8,021 283 6,477 - Refer to note 6(a) of the financial statements
  26. 26. APPENDIX D - 2013 SENSITIVITIES 26 Base Price Change Increments CFPS ($/share) By Product Cash Costs ($/oz) FCF ($mm) Gold Price ($/oz) $1,600 $100 $0.25 $1 $205 Silver Price ($/oz) $30.00 $3.00 $0.06 $27 $52 Copper Price ($/lb) $3.50 $0.50 $0.04 $17 $32 Zinc Price ($/lb) $0.90 $0.10 $0.03 $11 $21 Lead Price ($/lb) $0.90 $0.10 $0.01 $5 $10 Canadian Dollars 1.00 10% $0.05 $19 $152 Mexican Peso 12.75 10% $0.04 $15 $39 Diesel ($/barrel) $100.00 10% $0.02 $9 $16 Electricity ($/kWh) $0.09 10% $0.02 $11 $20
  27. 27. APPENDIX E - OPERATING COST BREAKDOWN 27 22% 16% 8% 11% 9% 15% 2% 5% 5% 7% Labour Contractors Fuel Costs Power Maintenance Parts Consumables Tires Explosives Site Costs Others 38% 17% 6% 5% 8% 11% 2% 3% 6% 4% CANADA / USA MEXICO CSA 13% 18% 10% 11%10% 18% 3% 6% 4% 7% 17% 9% 8% 18%12% 15% 2% 4% 4% 11% CONSOLIDATED
  28. 28. APPENDIX F - GOLD MINERAL RESERVES 28 GOLDCORP MINERAL RESERVES (as of December 31, 2012) PROVEN PROBABLE PROVEN & PROBABLE Ownership Tonnage Grade Contained Tonnage Grade Contained Tonnage Grade Contained GOLD mt g Au/t m oz mt g Au/t m oz mt g Au/t m oz Alumbrera 37.5% 78.75 0.36 0.91 2.51 0.23 0.02 81.26 0.36 0.93 Camino Rojo 100.0% - - 66.76 0.76 1.63 66.76 0.76 1.63 Cerro Blanco 100.0% - - - - - - Cerro Negro 100.0% 0.04 11.08 0.01 18.87 9.43 5.72 18.91 9.43 5.74 Cochenour 100.0% - - - - - - Dee 40.0% - - 20.42 1.44 0.95 20.42 1.44 0.95 El Morro 70.0% 233.95 0.56 4.24 215.56 0.36 2.49 449.51 0.47 6.73 El Sauzal 100.0% 4.42 1.52 0.22 Eleonore 100.0% - - 12.48 7.56 3.03 12.48 7.56 3.03 Los Filos 100.0% 72.61 0.96 2.25 224.10 0.72 5.18 296.71 0.78 7.43 Marigold 66.7% 23.37 0.68 0.51 173.06 0.50 2.77 196.43 0.52 3.28 Marlin 100.0% 3.52 3.37 0.38 3.91 4.91 0.62 7.44 4.18 1.00 Musselwhite 100.0% 5.26 6.79 1.15 5.97 5.94 1.14 11.23 6.34 2.29 Noche Buena 100.0% - - - - - - Penasquito Heap Leach 100.0% 32.34 0.15 0.16 87.41 0.13 0.36 119.75 0.13 0.52 Penasquito Mill 100.0% 577.90 0.55 10.27 484.71 0.31 4.90 1,062.60 0.44 15.17 Porcupine 100.0% 27.79 1.57 1.40 80.98 1.13 2.94 108.78 1.24 4.35 Pueblo Viejo 40.0% 13.88 3.49 1.56 96.06 2.74 8.45 109.94 2.83 10.01 Red Lake 100.0% 2.00 11.85 0.76 8.49 9.04 2.47 10.48 9.57 3.23 San Nicolas 21.0% - - - - - - Wharf 100.0% 10.32 0.81 0.27 11.80 0.82 0.31 22.12 0.82 0.58 Totals 23.87 42.99 67.08 1. Mineral Reserves are estimated using appropriate recovery rates and US$ commodity prices of $1,350 per ounce of gold, $24 per ounce of silver, $3.00 per pound of copper, $0.80 per pound of lead, and $0.85 per pound of zinc, unless otherwise stated below: 1. Alumbrera $1,400/oz gold and $3.20/lb copper 2. Pueblo Viejo, Dee $1,500/oz gold, $28/oz silver, $3.00/lb copper
  29. 29. ENDNOTES 29 1. The Company has included certain non-GAAP performance measures throughout this presentation. 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 operating and economic performance; however, these non-GAAP performance measures do not have any standardized meaning. Accordingly, these performance measures are 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. The Company calculates its non-GAAP performance measures on an attributable basis. Attributable performance measures include the Company’s mining operations and projects, and the Company’s share from 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. By-product cash costs incorporate Goldcorp’s share of all production costs, adjusted for changes in estimates at the Company’s closed mines which are non-cash in nature, and include Goldcorp’s share of by-product credits, and treatment and refining charges included within revenue. Additionally, cash costs are adjusted for realized gains and losses arising on the Company’s commodity and foreign currency contracts which the Company enters into to mitigate the Company’s exposure to fluctuations in by-product metal prices, heating oil prices and foreign exchange rates, which may impact the Company’s operating costs. In addition to conventional measures, the Company uses total cash costs, by product and co-product, per gold ounce, to monitor its operating cash costs internally and believes these measure provide investors and analysts with useful information about the Company’s underlying cash costs of operating and the impact of by-product revenues on the Company’s cost structure. The Company reports total cash costs on a gold ounces sold basis. In the gold mining industry, this 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. The Company, in conjunction with an initiative undertaken within the gold mining industry, has adopted an all-in sustaining cost performance measure; however, this performance measure has no standardized meaning. Effective June 30, 2013, the Company has conformed its all-in sustaining definition to the measure as set out in the guidance note released by the World Gold Council on June 27, 2013 and which is expected to be effective from January 1, 2014. The comparative periods have been restated accordingly. All-in sustaining costs include total production cash costs incurred at the Company’s mining operations, which forms the basis of the Company’s by-product cash costs. Additionally, the Company includes sustaining capital expenditures, corporate administrative expense, exploration and evaluation costs, and reclamation cost accretion. The Company believes that this measure represents the total costs of producing gold from current operations, and provides the Company and other stakeholders of the Company with additional information of the Company’s operational performance and ability to generate cash flows. As the measure seeks to reflect the full cost of gold production from current operations, new project capital is not included. Certain other cash expenditures, including tax payments, dividends and financing costs are also not included. The Company reports this measure on a gold ounces sold basis. Production costs in 2013 are allocated to each co-product based on the ratio of actual sales volumes multiplied by budget metals prices of $1,600 per ounce of gold, $30 per ounce of silver, $3.50 per pound of copper, $0.90 per pound of lead and $0.90 per pound of zinc, rather than realized sales prices. 2. Adjusted operating cash flows and adjusted operating cash flow per share is a non-GAAP measure which the Company believes provides additional information about the Company’s ability to generate cash flows from its mining operations. 3. 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.
  30. 30. ENDNOTES 30 4. All Mineral Reserves and Mineral Resources have been estimated as at December 31, 2012 in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and National Instrument 43-101 (“NI 43-101”), or the AusIMM JORC equivalent. These estimates, as well as all other scientific and technical information relating to Goldcorp’s mineral properties contained herein, have been prepared by employees of Goldcorp, its joint venture partners or its joint venture operating companies, as applicable, and have been reviewed and approved by Maryse Belanger, P. Geo., Senior Vice-President, Technical Services of Goldcorp, a “qualified person” for the purposes of NI 43-101. These estimates incorporate current and/or expected mine plans and cost levels at each property. Varying cut-off grades have been used depending on the mine and type of ore. Goldcorp’s normal data verification procedures have been employed in connection with these estimates. For a breakdown of Mineral Reserves and Mineral Resources by category and for a more detailed description of the key assumptions, parameters and methods used in calculating Goldcorp’s Mineral Reserves and Mineral Resources, please refer to Goldcorp’s most recently filed Annual Information Form/ Form 40-F filed with Canadian provincial securities regulatory authorities and the U.S. Securities and Exchange Commission. 5. Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources: United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. “Inferred Mineral Resources” have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of Goldcorp’s Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or any part of an Inferred Mineral Resource exists, or is economically or legally mineable. 6. 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. Refer to page 42 of the Q2 2013 MD&A for a reconciliation of sustaining capital expenditures.

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