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”). 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
production, production, expenditures, 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
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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
industry,
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, 2009 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,
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except in accordance with applicable securities laws.
2 2
3. SUSTAINABLE
PROSPERITY
GROWING: GROWTH LEADER
EFFICIENT: LOW-COST PRODUCER
STRONG: OUTSTANDING BALANCE SHEET
STABLE: LOW POLITICAL RISK
RESPONSIBLE: FOCUS ON ALL STAKEHOLDERS
3 3
4. INCREASING VALUE: EARNINGS AND CASHFLOW
$1,400M
$1,180M
$933M
$865M
$700M
$588M
$440M $397M
$0M
2 0 0 7 2 0 0 8 2 0 0 9
Adjusted Net Earnings Operating Cash Flow Before Changes In WC
4 4
7. EFFICIENT: LOW COST PRODUCER, LEADING GROWTH (10E - 12E)
+$600 GOLDFIELDS
ANGLO GOLD
OSTS/OUNCE*
*
$500
AGE CASH CO
KINROSS NEWMONT
BARRICK
GOLDCORP
AVERA
$400
0% +10% +20%
PRODUCTION GROWTH - NEXT 3 YEARS
Source: Based on industry analyst consensus
*Co-product cash costs
7 7
8. STRONG: OUTSTANDING BALANCE SHEET (AS OF MAR. 31, 2010)
Cash $392.6M
Convertible senior notes $862.5M
Available debt facility $1.05B
$
Average annual cash flow over next 5 years
A l h fl t ~$1.5B
$1 5B
Debt : Total capitalization < 0 08 : 1
0.08
Excellent liquidity
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8 8
9. DELIVERING SHAREHOLDER VALUE
Earnings/Share (1) Cash Flow/Share (2) Reserves/Share (3) Resources/Share (3)
(US$/share) (US$/share) (ounces/1,000 shares) (ounces/1,000 shares)
+196% +204% +253% +346%
183
99
$1.61
$0.80
$0.53
$0 53
$0.27
28
41
2004 2009 2004 2009 2004 2009 2004 2009
(1) Adjusted earnings per share (2009 reported earnings per share is $0.33 per share)
(2) Cash flow before changes in working capital
(3) Reserves and resources for gold and silver (silver converted at 55x ratio)
9 9
10. 2010 GUIDANCE – PRODUCTION GROWTH CONTINUES
2010 2009
Guidance1 Actual
Gold production (M oz) 2.60
2 60 2.42
2 42
Cash Costs $/oz
– by-product $350 $295
– co-product
d t $450 $391
Capital expenditures $1.56 B $1.4 B
Exploration expenditures $145M $92M
Corporate administration $95M $93M
Depreciation / oz
p $
$230 $
$213
(1) 2010 price assumptions: Au = $1000/oz, Ag = $16/oz, Cu = $2.75/lb, Zn = $0.80/lb, Pb = $0.80/lb, CAD = 1.05 and MXN = 13.00, Oil = $80/bbl
10
10
11. STABLE: LOW POLITICAL RISK PROFILE
Au
A reserves 2010E A
Au
(Moz) (oz)
CANADA
Red Lake 3.4 675,000
Porcupine 2.8
28 280,000
280 000
Musselwhite 2.1 260,000
UNITED STATES
Marigold (66.7%) 1.6 120,000
Wharf 0.2 65,000
MEXICO
Peñasquito 17.8 180,000
Los Filos 5.7
57 300,000
300 000
San Dimas 0.9 110,000
2.6 Moz El Sauzal 0.3
CENTRAL AND SOUTH AMERICA
155,000
2010E GOLD PRODUCTION Marlin 2.1 290,000
Alumbrera (37.5%) 1.5 165,000
FOCUS IN THE AMERICAS
11 11
12. PEÑASQUITO
One of the world’s
world s
largest new mines
g
12 12
13. PEÑASQUITO AT A GLANCE
17.8 million ounces gold (proven and probable) 1
22-year mine life
i lif
500,000 ounces gold - average annual production
, g g p 2
Very low life of mine cash costs
(1) See Endnote
(2) After reaching full design capacity
13 13
15. PEÑASQUITO - RAMPING UP PRODUCTION
THROUGHPUT
130,000 tonnes/day Q2/11
High-Pressure Grinding Rolls
100,000 tonnes/day Q4/10
SAG Line 2
50,000
50 000 tonnes/day Q3/10
SAG Line 1
Q2/09
15 15
17. NOCHE BUENA TARGET HIGHLIGHTS
In fill
In-fill drilling and feasibility study
Oxide and sulphide deposits
Test bulk and high grade underground resources
0.5 million Au ounces M&I; 18 million Ag ounces M&I
Exploration budget - $6.5 million
17 17
18. CAMINO ROJO PROJECT HIGHLIGHTS
3.4 million Au ounces M&I; 0.6 million Au ounces inferred
60.7 million Ag ounces M&I; 7.6 million Ag ounces inferred
Project Milestone
New exploration targets in a core district
Geophysical survey & data assessment underway
Synergies with Peñasquito & Noche Buena
18 18
20. RED LAKE AT A GLANCE
Decades of high-grade gold production
high grade
675,000
675 000 Ounces 2010 estimated annual production
“Fill the mills strategy
Fill mills”
District optimization plans advancing
20 20
21. COCHENOUR – A MAJOR GOLD DISCOVERY
Initial operation sized for 5 million ounces of gold
$71 million iinvestment in 2010 including internall feasibility study
t t i 2010, i l di i t f ibilit t d
Shaft rehabilitation (18’ dia)
5 km high speed tram (3 years construction)
Infrastructure
First production late 2014
p
U/G drilling underway
21 21
22. RED LAKE DISTRICT OPTIMIZATION
Reid Shaft #1 Shaft #3 Shaft Surface
McKenzie North Open Pit Potential
Zone Wilmar West
Mine Red Lake
DDH VG
13 L Marcus
Granodiorite Complex
Drift Bonanza
Wilmar East
Western Follansbee
2,500 ft -
Discovery Cochenour Breccia Zone Campbell
Mine Discovery Complex #2 Shaft 23 L
Inco Zones
Bruce
B 30 L
Channel 5,000 ft -
West Cochenour High Speed Tram
37 L
Bruce High
Channel Rahill‐Bonanza Deep Party Wall Zone Grade
Joint venture Campbell Zone
Goldcorp 100% Goldcorp 51% Goldcorp 100%
8 km
22
23. PUEBLO VIEJO: THE NEXT GROWTH DRIVER*
9.5 million ounces gold reserves
+25-year mine life
$485 million - capital budget 2010
Q4 2011 start-up
415,000 – 450,000 ounces average annual gold production*
*Goldcorp interest 40%
**During first full five years of operation
23 23
24. LOS FILOS HITS STRIDE
Mexico’s largest gold producer in 2010
Increasing production profile
CAP plant brings productivity enhancements
Successful exploration results
S f l
Gold reserve addition expected in 2010
24 24
26. SIXTH CONSECUTIVE YEAR OF RESERVE GROWTH
GOLD 2P RESERVES (Koz)1
48,800
46,300
43,400
39,700
14,700
5,226
2004 2005 2006 2007 2008 2009
Focus on replacing and growing reserves
(1) See Endnote
26 26
27. ÉLÉONORE: PURE GOLD IN SAFE JURISDICTION
Exploration shaft sinking underway
+16 year mine life commencing in 2015
330,000
330 000 oz Au*; cash costs < $400/oz
Au ;
Capex approximately $800M
Resource, +3 million Au ounces M&I; +6 million Au ounces inferred
Feasibility study by year end
*Initial yearly average production target
27 27
29. EL MORRO: EXPANDING INTO CHILE*
4.7 million ounces gold
4.0 billion pounds copper
Large, under-explored land position
Leverage Goldcorp’s large mine development expertise
Updating 2008 feasibility study
f ibilit t d
*Goldcorp interest 70%
29 29
30. 2010 CORPORATE PRIORITIES
Achieve commercial production at Peñasquito; Line 2: Q3; HPGR: Q4
Develop internal winze at the Porcupine Hoyle Pond U/G
Complete Cochenour scoping; drift construction & shaft enhancement
Construct exploration shaft; feasibility study at Éléonore
Accelerate Noche Buena development; internal feasibility study
Advance Camino Rojo and El Morro
Meet production and cost targets
30 30
32. MINE SUPPLY IS DECREASING
TOTAL MINE PRODUCTION
2700
2600
2500
Tonnes
2400
2300
2200
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010e 2011e 2012e
Source: GFMS for historical production
32 32
33. INVESTMENT DEMAND IS INCREASING
6% GOLD AS A PERCENTAGE OF FINANCIAL ASSETS
5%
4%
3%
2%
1%
0%
1969 1980 1981 19 85 2000 2001 2002 2003 2004 20 05 2006 2007 2008 2009e
Source: CPM Group (1968 includes CPM Group estimates of equities, deposits, bonds, as well as gold)
33 33
34. DELIVERING SUPERIOR RETURN OVER 5-YEAR PERIOD
350%
Goldcorp
300% +270%
250%
Gold Price
+193%
200%
150%
Philly Gold/Silver Index
+131%
131%
100%
50%
Peers(1)
+107%
0%
‐50% Dow Jones Index
+6%
‐100%
2005 2006 2007 2008 2009 2010
Goldcorp Gold Price Philadelphia Gold / Silver Index DOW Industrial Index Peers
(1) Peers include Barrick, Newmont, AngloGold, Kinross and Gold Fields.
(2) Source: Bloomberg data May 13/05 – May 13/10
34 34
35. A SUPERIOR INVESTMENT
PROPOSITION GROWTH LEADER
GROWTH LEADER
LOW‐COST PRODUCER
OUTSTANDING BALANCE SHEET
LOW POLITICAL RISK
RESPONSIBLE MINING
35 35
37. APPENDIX B - OPERATING COSTS BREAKDOWN
Consolidated
7%
5%
4% 24%
2%
15%
17%
10%
9% 7%
Labour Contractors Fuel Costs Power Maintenance Parts Consumables Tires Explosives Site Costs Others
Canada / USA
C d CA & SA Mexico
M i
5% 3% 15%
6%
13%
2% 15% 5%
1%
7%
10% 4%
38% 8% 3%
4%
2% 19%
8% 8%
17%
7%
20% 11% 10%
4%
10%
20% 13% 10%
37
37
38. ENDNOTES
1. Total cash costs are defined as cost of sales divided by ounces of gold and silver sold or pounds of copper sold. The calculation of total
cash costs per ounce of gold is net of by-product sales revenue (by product copper revenue for Alumbrera; by-product silver revenue for
Marlin at market silver prices; and by-product silver revenue for Luismin of $3.95 per silver ounce sold to Silver Wheaton). Goldcorp has
included a non-GAAP performance measure, total cash costs per gold ounce, throughout this presentation. Goldcorp reports total cash
costs on a sales basis In the gold mining industry this is a common performance measure but does not have any standardized
basis. industry,
meaning, and is a non-GAAP measure. Goldcorp follows the recommendations of the Gold Institute standard. Goldcorp believes that, in
addition to conventional measures, prepared in accordance with GAAP, certain investors use this information to evaluate Goldcorp’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
2. All Mineral Reserves and Mineral Resources have been calculated as at December 31, 2009 in accordance with the standards of the
Canadian Institute of Mining, Metallurgy and Petroleum and National Instrument 43-101, or the AusIMM JORC equivalent. Cautionary
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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. Calculations have been prepared by employees of Goldcorp, its joint
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venture partners or its joint venture operating companies, as applicable, under the supervision of Maryse Belanger, Director Technical
Services. Reserve calculations 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 contained in the reserves. Goldcorp’s normal data verification procedures have
been employed in connection with the calculations. For a breakdown of Reserves and Resources by category and for a more detailed
description of the key assumptions, parameters and methods used in calculating Goldcorp’s Reserves and Resources, see Goldcorp’s
Annual information Form/ Form 40-F on file with Canadian provincial securities regulatory authorities and the U.S. Securities and
Exchange Commission.
3. Goldcorp’s exploration programs are designed and conducted under the supervision of Charlie Ronkos, Vice President, Exploration of
Goldcorp. For information on geology, exploration activities generally, and drilling and analysis procedures on Goldcorp’s material
properties, see Goldcorp’s Annual Information Form/Form 40-F on file with Canadian provincial securities regulatory authorities and the
U.S. Securities and Exchange Commission.
38
