MAY 14, 2013BOA/ML Global Metals, Mining & Steel ConferenceSTRATEGY.DISCIPLINE.EXECUTION.
FORWARD LOOKING STATEMENTSThis presentation contains “forward-looking statements”, within the meaning of the United States Private Securities Litigation Reform Act of 1995and 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, leadand zinc, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated futureproduction, 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 miningoperations, environmental risks, unanticipated reclamation expenses, timing and possible outcome of pending litigation, title disputes or claims andlimitations 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 notanticipate”, “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 otherfactors that may cause the actual results, level of activity, performance or achievements of Goldcorp to be materially different from those expressedor implied by such forward-looking statements, including but not limited to: risks related to the integration of acquisitions; risks related tointernational operations; risks related to joint venture operations; actual results of current exploration activities; actual results of currentreclamation 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 asanticipated; accidents, labour disputes; delays in obtaining governmental approvals or financing or in the completion of development orconstruction 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 hasattempted 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 willprove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readersshould not place undue reliance on forward-looking statements. Goldcorp does not undertake to update any forward-looking statements that areincluded in this document, except in accordance with applicable securities laws.All amounts are in U.S. dollars, unless otherwise stated.2
CONSISTENT STRATEGIC FOCUSPeer-LeadingBalanceSheetResponsibleMiningPracticesLowPoliticalRiskTOGETHERCREATINGSUSTAINABLEVALUEQualityGrowthCostManagementS T R A T E G Y .3
FINANCIAL POSITIONEXCELLENT LIQUIDITYD I S C I P L I N E .$4.1BL I Q U I D I T Y$2.1B$2.0BCASH &EQUIVALENTS(US$) as at Mar. 31, 2013AVAILABLEDEBT FACILITY -UNDRAWN1 Moody’s: Baa2; S&P: BBB+; Fitch: BBB.INVESTMENTGRADEBALANCESHEET1Balance Sheet4
WHY GOLD?5432%Central bankbuyingFlat minesupplyStableinvestmentdemandSafe haven/asset class InflationhedgeCurrencyprotectionGrowingphysicaldemandChinafactorContinueddebasement ofinternationalcurrenciesincreasesince 2000Dec. 31, 2000 – Dec. 31, 201212 Consecutive Years of Gold Price Growth - Gold price (per ounce)2000 May 10’13
MANAGING VOLATILE GOLD PRICESPRICE VOLATILITY+ $1500 Continue strategy;focus on financial discipline$1400 Continue funding growth projectsReduce exploration, G&ACONTINGENCY PLANNINGDefer capital projects at minesSlow spending at growth projectsReconfiguration/shutdown ofhigher cost minesOur ResponseGold Price?<$12006D I S C I P L I N E .
CHALLENGES FACING THE GOLD INDUSTRYMissed guidanceRevamped planning andforecastingLack of growthPoor capital allocationdecisionsOperating cost escalationQuality growthOnly N.A. senior with YoY growthOperating for ExcellenceDisciplined M&A and divestituresNo writedownsGoldcorpIndustryD I S C I P L I N E .DELAYED FCF A CLEAR PATH TO FCF7
Q1 2013 HIGHLIGHTSQ1 2013G O L D P R O D U C T I O N ( m o z ) 614,600C A S H C O S T S (1) $ /o zA L L - I N S U S TA I N I N GBY - P R O D U C TC O - P R O D U C T$1,135$565$710A D J U S T E D N E T E A R N I N G S (3) $253MA D J U S T E D O P E R AT I N G C A S H F LOW S (2) $400MA D J U S T E D E P S (3) $0.31A D J U S T E D C A S H F LOW P E R S H A R E (2) $0.49STRONG RESULTS IN A CHALLENGING MARKET8D I S C I P L I N E .(1) (2) (3) See endnotes
2013 GUIDANCE20131GuidanceG O L D P R O D U C T I O N ( m o z ) 2.55 - 2.80C A S H C O S T S $ /o zA L L - I N S U S TA I N I N GBY - P R O D U C TC O - P R O D U C T$1,000 - $1,100$525 - $575$700 - $750C A P I TA L E X P E N D I T U R E S $2.8BE X P LO R AT I O N E X P E N D I T U R E S $225MC O R P O R AT E A D M I N I S T R AT I O N $180MD E P R EC I AT I O N / o z $335TA X R AT E 29%1 2013 price assumptions: Au=$1,600/oz, Ag=$30/oz, Cu=$3.50/lb, Zn=$0.90/lb, Pb=$0.90/lbD I S C I P L I N E .9
COMMITMENT TO COST CONTAINMENTOperating forExcellenceA GLOBAL INITIATIVED I S C I P L I N E .10
PER SHARE METRICS1 Cash flow before changes in working capital2 Adjusted earnings per share3 Reserves for gold onlyD I S C I P L I N E .$1.311.62$2.30$3.35$2.97$-$0.50$1.00$1.50$2.00$2.50$3.00$3.502008 2009 2010 2011 2012$0.56$0.80$1.43$2.22 $2.03$0.00$0.50$1.00$1.50$2.002008 2009 2010 2011 2012Cash flow / share1Earnings / share265.066.775.380.4 82.740.060.080.02008 2009 2010 2011 2012Reserves / share3(per 1000 shares)11
STRONG CASH FLOW GROWTH (13E – 15E)Source: Bloomberg consensus (as of May 8, 2013)Dollar figures are cash flow per share estimates 2013E – 2015E0%14% 18%33% 34%67%Kinross Barrick Newmont Yamana Agnico Goldcorp$2.59$3.52$4.332013E 2014E 2015E12D I S C I P L I N E .
RETURNING SHAREHOLDER VALUE$0.18 $0.21$0.41$0.54$0.602009 2010 2011 2012 2013EDividend ($ per share)Dividend up 233%since 2009Dividend ($ per share)11Dividend increases (annual):Oct. 27, 2010 - $0.36/share; Feb. 24, 2011 - $0.40/share; Dec. 5, 2011 - $0.54/share; Jan. 7, 2013 - $0.60/share2Source: Bloomberg consensus (as of May. 8, 2013)14%18% 17%25% 26%12%14% 15%17%21%KGC AUY ABX GG NEM2013E 2014EDividend as % of Operating Cash Flow2Significant return ofcapital to shareholders13D I S C I P L I N E .
ALLOCATION OF CASH FLOWFund existing70% growthprofileInvest in highreturn organicgrowthFlexibilityfor selectiveM&ARegulardividendgrowthCREATINGSHAREHOLDER VALUE14D I S C I P L I N E .
5 YEAR PRODUCTION GUIDANCE2012A 2013E 2014E 2015E 2016E 2017E2.42.55 - 2.83.2 - 3.53.5 - 3.83.8 - 4.04.0 - 4.2Gold production (Moz)Increasing Production~70%D I S C I P L I N E .15
LOW CAPITAL INTENSITY PROJECTS(as at Mar. 31, 2013)SPENT COMMITTED OUTSTANDING$3.4B$0.5 B$1.6BCapital Spending for Projects Contributingto 5-Year Growth ProfileLOW CAPITAL COST / OZ OF <$240* Contributing to 5-year growth: Pueblo Viejo, Cerro Negro, Éléonore, Cochenour and Camino RojoD I S C I P L I N E .16
FOCUS IN LOW RISK JURISDICTIONSCanada38%US6%Mexico30%Argentina5%Dominican Republic14%Guatemala7%2013EGOLDPRODUCTIONARGENTINADOMINICANREPUBLICGUATEMALACHILEOperating MinesDevelopment ProjectsMEXICOUSACANADAE X E C U T I O N .17
CANADARed LakeMusselwhitePorcupineÉléonoreCochenourRED LAKEGold production2013E: 475,000 - 510,000 ozRobust, low cost gold productionSingle de-stress slot for late-2013 atthe 46/47 levelCornerstone AssetStrong exploration potentialNXT Zone - test and extendFocus on newly discoveredstructure off of 4699 ramp at theHigh Grade ZoneE X E C U T I O N .18
MEXICOPEÑASQUITOGold production2013E: 360,000 - 400,000 ozLong term water & tailingsmanagement study underway –completion expected in Q2’13Mexico’s Largest Gold ProducerFocus on efficiencies & costreductionsLargest cash flow generator in 201222-year mine lifeDistrict potential opportunitiesPEÑASQUITOLos FilosEl SauzalE X E C U T I O N .19
PUEBLO VIEJONew Source of Gold ProductionDOMINICAN REPUBLICPuebloViejo1 Goldcorp interest 40%Commercial production declared2013E: 330,000 - 435,000 oz1Power plant to commenceoperations in 2013Announced Agreement in Principleon Amendments to SLAE X E C U T I O N .Annual output 415,000 to 450,000ounces per year1 in first five yearsLife of mine +25 years20
CERRO NEGRODeveloping our Next Cornerstone MineARGENTINAAlumbreraEl MorroCerroNegroE X E C U T I O N .Updated economics:525 koz Au annually (1st 5 years)Initial capital expenditure of$1.35BFirst production late-2013High grade vein systemOutstanding reserve growth potentialDevelopment & construction advancingCommenced initial stope productionfrom EurekaMariana Central and Mariana Norteramp development progressing 21
CANADAÉLÉONOREDevelopment plan:Upper/lower mine concept; 7 ktpd~ 600,000 oz Au / annuallyInitial capital expenditure: $1.75BFirst production late-2014Pure Gold in a Safe JurisdictionRed LakeMusselwhitePorcupineÉléonoreCochenourE X E C U T I O N .Gaumond exploration shaft inoperating modeExploration ramp extended over2,900m; 6 drills underwayProduction shaft sinkingcommenced; depth of 220m22
CANADARed LakeMusselwhitePorcupineÉléonoreCOCHENOURKey Growth Driver in Red Lake DistrictCochenourDevelopment plan:225,000 - 250,000 oz Au / annuallyInitial capital expenditure: $540MFirst production 1H’15Shaft widening advancingE X E C U T I O N .Haulage drift 71% completeExploration advancingTwo u/g drills targeting unexploredpotentialPlan to drill ore body at depth byyear-end23
ROBUST DEVELOPMENT PIPELINECAMINO ROJO(SULPHIDES)PEÑASQUITO UGEl MORRO U/GCAMINO ROJO(OXIDES) (2016)EL MORROAGUA RICACERRO BLANCOCERRO NEGRO (2013)ÉLÉONORE (2014)COCHENOUR (2015)PUEBLO VIEJO (2012)PEÑASQUITO (2010)LOS FILOS (2008)MARLIN (2006)RED LAKE & OTHEROPERATING MINES*SCOPINGFEASIBILITYCONSTRUCTIONPRODUCTIONGrowth in High Quality Ounces* PORCUPINE, MUSSELWHITE, EL SAUZAL, ALUMBRERA, MARIGOLD, WHARFE X E C U T I O N .24
GOLDCORP ADVANTAGEFOCUS ON QUALITY OUNCESCOST MANAGEMENTPEER-LEADING BALANCE SHEETRESPONSIBLE MINING PRACTICESLOW POLITICAL RISKS U P E R I O RINVESTMENT PROPOSITIONE X E C U T I O N .25
APPENDIX A - ALL-IN SUSTAINING CASH COSTSIMPROVED CASH COST DISCLOSURE(US$) as at Mar 31, 2013OTHEROPERATING COST$565SUSTAINING CAPEX$429G&A$111EXPLORATION$22TOTAL $1,135 per oz$8OTHER* Non-GAAP measure presented on Goldcorp share basis26
APPENDIX B - 2013 MINE BY MINE GUIDANCE2013Guidance2012ActualRe d L a ke 475,000 - 510,000 507,700P e ñ a s q u i t o 360,000 - 400,000 411,300L o s F i l o s 340,000 - 350,000 340,400P u e b l o V i e j o ( 4 0 . 0 % ) 330,000 - 435,000 44,700P o r c u p i n e 270,000 - 280,000 262,800M u s s e l w h i t e 250,000 - 260,000 239,200M a r l i n 185,000 - 200,000 207,300A l u m b r e ra ( 3 7 . 5 % ) 120,000 - 125,000 136,600M a r i g o l d ( 6 6 . 7 % ) 95,000 - 100,000 96,300E l S a u z a l 70,000 - 80,000 81,800W h a r f 55,000 - 60,000 68,100To t a l 2,550,000 – 2,800,000 2,396,20027
22%16%8%11%9%15%2%5%5%7%Labour Contractors Fuel Costs Power Maintenance Parts Consumables Tires Explosives Site Costs Others38%17%6%5%8%11%2%3%6%4%CANADA / USA MEXICO CSA13%18%10%11%10%18%3%6%4%7%17%9%8%18%12%15%2%4%4%11%APPENDIX D - OPERATING COSTS BREAKDOWNCONSOLIDATED29
APPENDIX E - GOLD MINERAL RESERVES1. Mineral Reserves are estimated using appropriate recovery rates and US$ commodity prices of $1,350 per ounce of gold, $24 per ounce ofsilver, $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 copper2. Pueblo Viejo, Dee $1,500/oz gold, $28/oz silver, $3.00/lb copperGOLDCORP MINERAL RESERVES(as of December 31, 2012) PROVEN PROBABLE PROVEN & PROBABLEOwnership Tonnage Grade Contained Tonnage Grade Contained Tonnage Grade ContainedGOLD mt g Au/t m oz mt g Au/t m oz mt g Au/t m ozAlumbrera 37.5% 78.75 0.36 0.91 2.51 0.23 0.02 81.26 0.36 0.93Camino Rojo 100.0% - - 66.76 0.76 1.63 66.76 0.76 1.63Cerro Blanco 100.0% - - - - - -Cerro Negro 100.0% 0.04 11.08 0.01 18.87 9.43 5.72 18.91 9.43 5.74Cochenour 100.0% - - - - - -Dee 40.0% - - 20.42 1.44 0.95 20.42 1.44 0.95El Morro 70.0% 233.95 0.56 4.24 215.56 0.36 2.49 449.51 0.47 6.73El Sauzal 100.0% 4.42 1.52 0.22Eleonore 100.0% - - 12.48 7.56 3.03 12.48 7.56 3.03Los Filos 100.0% 72.61 0.96 2.25 224.10 0.72 5.18 296.71 0.78 7.43Marigold 66.7% 23.37 0.68 0.51 173.06 0.50 2.77 196.43 0.52 3.28Marlin 100.0% 3.52 3.37 0.38 3.91 4.91 0.62 7.44 4.18 1.00Musselwhite 100.0% 5.26 6.79 1.15 5.97 5.94 1.14 11.23 6.34 2.29Noche Buena 100.0% - - - - - -Penasquito Heap Leach 100.0% 32.34 0.15 0.16 87.41 0.13 0.36 119.75 0.13 0.52Penasquito Mill 100.0% 577.90 0.55 10.27 484.71 0.31 4.90 1,062.60 0.44 15.17Porcupine 100.0% 27.79 1.57 1.40 80.98 1.13 2.94 108.78 1.24 4.35Pueblo Viejo 40.0% 13.88 3.49 1.56 96.06 2.74 8.45 109.94 2.83 10.01Red Lake 100.0% 2.00 11.85 0.76 8.49 9.04 2.47 10.48 9.57 3.23San Nicolas 21.0% - - - - - -Wharf 100.0% 10.32 0.81 0.27 11.80 0.82 0.31 22.12 0.82 0.58Totals 23.87 42.99 67.0830
Endnotes1. The Company has included non-GAAP performance measures, performance measures, total cash cost per gold ounce and all-in sustaining cash cost per gold ounce, throughout thispresentation. The Company reports both of these measures on a sales basis.Total cash cost per gold ounce in the gold mining industry is a common performance measure but does not have any standardized meaning, and is a non-GAAP measure. TheCompany follows the recommendations of the Gold Institute standard. All-in sustaining cash costs include by-product cash costs, sustaining capital, corporate general &administrative expenses and exploration expense.The Company believes that, in addition to conventional measures, prepared in accordance with GAAP, certain investors use this information to evaluate the Company’sperformance and ability to generate cash flow. Accordingly, they are intended to provide additional information and should not be considered in isolation or as a substitute formeasures of performance prepared in accordance with GAAP.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 ounceof 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 theCompany’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 inaccordance with GAAP, the Company and certain investors use this information to evaluate the Company’s performance. Accordingly, it is intended to provide additionalinformation and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.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 andPetroleum 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 toGoldcorp’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 categoryand for a more detailed description of the key assumptions, parameters and methods used in calculating Goldcorp’s Mineral Reserves and Mineral Resources, please refer toGoldcorp’s most recently filed Annual Information Form/ Form 40-F filed with Canadian provincial securities regulatory authorities and the U.S. Securities and ExchangeCommission.5. Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources: United States investors are advised that while such terms arerecognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. “Inferred Mineral Resources” have a greatamount 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 beupgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. United Statesinvestors 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 Statesinvestors are also cautioned not to assume that all or any part of an Inferred Mineral Resource exists, or is economically or legally mineable.31