2014 denver gold forum
TRANSCRIPT
DENVER GOLD FORUM September 16, 2014
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, 2013 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.
Strategy to succeed
over the long-term
Proven Strategy CONSISTENT FOCUS
3
Quality
Growth
Safe,
Profitable
Production
Peer-
Leading
Balance
Sheet
Responsible
Mining
Practices
Gold
Focus
Low Political
Risk
Together, creating
sustainable value
Proven Strategy KEY PRIORITIES
4
Delivering new projects
on time and within capital
cost estimate
Operating for Excellence
achieving operating cost
reductions
Continued focus on execution
only SAFE production
Portfolio management
disciplined review and
investment
Financial
Discipline
Operational Update GOLD FOCUS IN LOW-RISK JURISDICTIONS
5
(1) Based on 2014 guidance as per January 8, 2014 press release, revised to exclude Marigold post Q1 2014
45%
31%
24%
Canada/US Mexico Central/South America
Operating mines
Development projects
2014E Gold Production(1)
By Region
Central and South America
CERRO NEGRO MINE
6
STRONG NEW CONTRIBUTOR TO GROWTH PROFILE
o First gold poured on July 25, 2014 • 2014E: 130,000 - 180,000ozs
• Commercial production expected
Q4 2014
o Initial capital estimate: $1.6 - $1.7B • Lowered by $100M
o Overall construction ~88%
o Outstanding reserve growth potential
• Reserve and resources(1)
• P&P reserves: 5.75Mozs
• M&I resources: 0.51Mozs
• Inferred resources: 0.82Mozs
(1) Year ended December 31, 2013
Canada
ÉLÉONORE PROJECT
7
FIRST GOLD EXPECTED IN LATE-2014
o Production/start-up • 2014E: 40,000 - 60,000ozs
• Commercial production expected
Q1 2015
• 575,000 - 625,000oz/annual(1)
o Construction • Overall progress 93%
• Initial capital $1.8-1.9B
o Exploration focus • In-fill and exploration drilling the lower
mine area
o Reserves and Resources(2) • P&P reserves: 4.03Mozs
• Inferred resources: 4.1Mozs
(1) Upon ramp up to full capacity expected in H1 2018
(2) Year ended December 31, 2013
RED LAKE MINE
8
o Gold production • H1 2014A: 184,500ozs
• 2014E: 440,000 - 480,000ozs
o New discovery - HG Young • Five drills from surface
• Numerous high grade intercepts
• Rehabilitating existing infrastructure
for underground access
o First development ore: Q4 2014
o Haulage drift at 96% completion
o Initial capital ~$496M
o Exploration focus • Drilling Bruce Channel from haulage
drift (currently seven drills, nine drills
by year-end)
Canada
INTEGRATION PLAN ADVANCING
COCHENOUR PROJECT
Scientific and technical information pertaining to Red Lake Gold Mines was reviewed and approved by Chris Osiowy, P.GEO, Manager of
Exploration and a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”)
Mexico
PEÑASQUITO MINE
9
BUILDING MOMENTUM AT MEXICO‘S LARGEST GOLD MINE
o Gold production • H1 2014A: 297,200ozs
• 2014E: 530,000 - 560,000ozs
o Northern Well Field project
construction commenced; completion
expected mid-year 2015
o Pre-feasibility studies advancing on
CEP and pyrite leach projects
o In-fill drilling continues on copper-gold
skarn
o Mine operating earnings of $131M in
Q2 2014
Mexico
CAMINO ROJO PROJECT
10
NEXT POTENTIAL GROWTH PROJECT
o Metallurgical test program ongoing
o Pre-feasibility study • Expected to commence by year-end
• Completion expected in Q1 2016
o Commenced geotechnical drill
program
o Regional synergies with Peñasquito
o 50km SW of mine
o Reserves and Resources(1) • P&P reserves: 1.6Mozs (oxide)
• M&I resources: 5.1Mozs
• Inferred resources: 4.9Mozs
(1) Year ended December 31, 2013
Central and South America
PUEBLO VIEJO MINE
11
MINE RAMP-UP PROGRESSING
o Gold production • H1 2014A: 213,300ozs
• 2014E: 405,000 - 420,000ozs
o Dual fuel power plant commenced
operations providing reliable, long
term power
o Autoclaves have achieved targeted
and sustainable run rates
12
Financial Discipline YEAR TO DATE 2014
(1) Includes capitalized exploration (2) Actual six months ended June 30, 2014
Q1 2014A Q2 2014A
Gold production (oz) 679,900 648,700
Cash costs $ / oz
All-in sustaining $840 $852
By-product $507 $470
Co-product $673 $643
Capital expenditures $480M $588M
Exploration expenditures(1) $30M $31M
Corporate administration $43M $42M
Depreciation / oz $295 $335
Tax rate 8% 24%
73%
14%
5% 2% 6%
Revenue by Metal(2)
Gold Silver Zinc Lead Copper
33%
22% 11%
9%
8%
8%
7% 2%
Earnings from Mine Operations(2)
Penasquito Pueblo Viejo Red LakeMusselwhite Porcupine AlumbreraLos Filos Wharf El SauzalMarlin
Financial Discipline ALL-IN SUSTAINING COSTS
0
200
400
600
800
1,000
1,200
1,400
Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 2013A 2014E
Sustaining capex Operating cost G&A Exploration Other
C O S T M A N A G E M E N T I N I T I AT I V E S & N E W L O W - C O S T M I N E S
D R I V E D E C R E A S I N G C O S T S
13
US$/oz
$1,031 $950 - $1,000
$1,227
$995
$810 $840 $852
14
(1) 2014 price assumptions: Au=$1,200/oz, Ag=$20.00/oz, Cu=$3.00/lb, Zn=$0.90/lb, Pb=$1.00/lb
(2) Revised to exclude Marigold post Q1 2014
(3) Includes capitalized exploration
Financial Discipline POSITIVE MOMENTUM THROUGH GROWTH AND LOWER COSTS
2013 Actual January 2014 Updated (2)
Gold production (oz) 2.67M 3.0M - 3.15M 2.95M - 3.10M
Cash costs $ / oz
All-in sustaining $1,031 $950 - $1,000 $950 - $1,000
By-product $553 $550 - $600 $550 - $600
Co-product $687 $650 - $700 $650 - $700
Capital expenditures $2.4B $2.3B - $2.5B $2.3B - $2.4B
Exploration expenditures (3) $156M $190M $190M
Corporate administration $165M $185M $185M
Depreciation / oz $314 $385 $350
Tax rate 36% 41% 26%
2014E Guidance (1)
15
L O N G - L I F E , L O W - C O S T M I N E S T O G E N E R AT E L O N G T E R M VA L U E
Gold production (Moz)
2.95 – 3.1
3.6 – 3.8 3.7 – 4.0
3.5 – 3.8 3.5 – 3.8
2.7
Revised to exclude Marigold post Q1 2014
0.0
5.5
2013A 2014E 2015E 2016E 2017E 2018E
Gold GEO
High Quality Growth
LEADING GROWTH PROFILE
Growth Pipeline CURRENT OPERATIONS & BUILDING FUTURE VALUE
16
CAMINO ROJO(2)
PEÑASQUITO SKARN
RED LAKE - HG YOUNG
PORCUPINE TVZ
MUSSELWHITE – WEST
LIMB
PEÑASQUITO
- Concentrate Enrichment
Process
- Pyrite Float
- Heap Leach
EL MORRO
LOS FILOS EXPANSION
- El Sauzal mill relocation - Bermejal underground
ÉLÉONORE
- Crown pillar
CERRO NEGRO
ÉLÉONORE
COCHENOUR
HOLLINGER OPEN PIT
HOYLE DEEP
PUEBLO VIEJO (2012)
PEÑASQUITO (2010)
LOS FILOS (2008)
RED LAKE & OTHER
OPERATING MINES(1)
CONCEPT &
ADVANCED
EXPLORATION PRE-FEASIBILITY
EXECUTION
PRODUCTION
(1) Marlin, Porcupine, Musselwhite, El Sauzal, Alumbrera, Wharf
(2) Will move into pre-feasibility in December 2014
Proven Strategy CASH FLOW ALLOCATION PRIORITIES
INVEST IN HIGH RETURN ORGANIC GROWTH
FLEXIBILITY FOR SELECTIVE M&A
REGULAR DIVIDEND GROWTH
FUND EXISTING GROWTH PROFILE
CREATING SHAREHOLDER
VALUE
17
Financial Discipline PEER-LEADING DIVIDEND PAYER
18
F I N A N C I A L D I S C I P L I N E S TA B L E D I V I D E N D
0.00
0.02
0.04
0.06
0.08
0.10
0.12
0.14
0.16
Q1'10 Q1'11 Q1'12 Q1'13 Q1'14
US$/share Dividend per Share(1) Percent Yield(2)
(1) Dividends declared each month (2) Source: Capital IQ (as of August 29, 2014)
0.0%
0.4%
0.8%
1.1%
1.8%
2.1%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
Kinross Newmont Agnico Barrick Yamana Goldcorp
C O N S I S T E N T T R A C K R E C O R D O F D I V E S T I N G N O N - C O R E A S S E T S
Proven Strategy
VALUE CREATION
19
Silver Wheaton
Terrane Metals
(Mt. Milligan Project)
Osisko - Shares
Tahoe Resources(2)
(Escobal Project)
Primero Mining
(San Dimas Mine) New Gold
(Peak & Amapari Mines)
Kinross (La Coipa Mine)
ESTIMATED GAIN ON ASSET DIVESTITURES(1)
(1) Estimated gain is pre-tax (2) Market value of 40% share of Tahoe Resources plus gain on sale of Escobal project
Financial Discipline STRONG BALANCE SHEET MAINTAINED
20
$2.4B L I Q U I D I T Y
$1.2B(1)
$2.0B
CASH & EQUIVALENTS
UNDRAWN REVOLVING
CREDIT FACILITY
I N V E S T M E N T G R A D E B A L A N C E S H E E T ( 3 )
NET DEBT AS A % OF
MARKET CAP (2)
(1) Cash & equivalents and revolving credit facility based on financial information as of June 30, 2014. (2) As of August 29, 2014; All amounts as reported in company financial statements and adjusted for subsequent transactions. Goldcorp’s net debt position adjusted to
include $375M of attributable Pueblo Viejo project debt and repayment of the $862M convertible debt. (3) Moody’s: Baa2; S&P: BBB+, Fitch: BBB
11% 13%
24%
30%
38%
45% 46% 48%
Goldcorp Agnico Yamana Kinross Newmont Newcrest AngloGold Barrick
$10.2B $3.2B $3.7B $5.1B $1.3B $1.8B $1.1B $2.4B
Peak Gold? FLAT MINE SUPPLY SHOULD DECLINE IN THE FUTURE
21
2.95 – 3.1
3.6 – 3.8
3.7 – 4.0 3.5 – 3.8
2.7
S TA B L E D E M A N D A N D F L AT T O L O W E R S U P P LY W I L L D R I V E
H I G H E R G O L D P R I C E S
Source: World Gold Council
0
200
400
600
800
1,000
1,200
1,400
Q1'04 Q1'06 Q1'08 Q1'10 Q1'12 Q1'14
Tonnes
Gold Demand vs 10-Year Average (14th consecutive quarter of Central Bank Net Buying)
Total Demand Average
0
200
400
600
800
1,000
1,200
1,400
Q1'04 Q1'06 Q1'08 Q1'10 Q1'12 Q1'14
Tonnes
Gold Supply
Total Supply
Why Goldcorp?
MANAGING IN A VOLATILE GOLD MARKET
Gold price (US$)
Higher gold
production
Lower operating
and capital costs
22
Capital / operating costs
High-quality production growth
Source: Capital IQ – gold price (January 1, 2008 – August 29, 2014)
N E W G O L D M I N E S T O D R I V E S H A R E H O L D E R VA L U E
GOLDCORP ADVANTAGE
Quality
Growth
Safe,
Profitable
Production
Peer-
Leading
Balance
Sheet
Responsible
Mining
Practices
Gold
Focused
Low
Political
Risk
23
SUPERIOR
INVESTMENT
PROPOSITION
Appendix A STRONG DIVIDEND TRACK RECORD
2014E 2015E
24 Source: Capital IQ (as of August 29, 2014)
Dividend as % of Operating Cash Flow
0%
3%
9% 9%
18%
33%
0%
2%
7% 8%
13%
23%
Kinross Newmont Barrick Agnico Yamana Goldcorp
Appendix B
AISC + INTEREST EXPENSE
25
$600
$700
$800
$900
$1,000
$1,100
$1,200
$1,300
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60% 65% 70% 75% 80% 85% 90% 95%
AIS
C +
In
tere
st(
$/o
z)
Cumulative Production (%)
$600
$700
$800
$900
$1,000
$1,100
$1,200
$1,300
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60% 65% 70% 75% 80% 85% 90% 95%
All
-In
Su
sta
inin
g C
os
t ($
/oz)
Cumulative Production (%)
Barr
ick
Go
ldco
rp
Kin
ross
An
glo
Go
ld
New
cre
st
New
mo
nt
Barr
ick
Go
ldco
rp
Kin
ross
An
glo
Go
ld
New
cre
st
New
mo
nt
2014 AISC ($/oz)
2014 AISC + Interest ($/oz)
Source: Company disclosure; based on the mid-point of guidance range. Interest Expense is 2014E consensus from Capital IQ.
A D J U S T I N G F O R I N T E R E S T E X P E N S E P U T S G O L D C O R P
I N T O T H E B O T T O M Q U A R T I L E F O R A I S C
2014E Guidance
Appendix C MINE-BY-MINE GUIDANCE
2013 Actual
26
Peñasquito 404,000 530,000 – 560,000
Red Lake 493,000 440,000 – 480,000
Pueblo Viejo (40.0%) 324,000 405,000 – 420,000
Los Filos 332,000 330,000 – 345,000
Porcupine 292,000 290,000 – 305,000
Musselwhite 255,000 230,000 – 240,000
Marlin 202,000 175,000 – 185,000
Cerro Negro 0 130,000 – 180,000
Alumbrera (37.5%) 118,000 125,000 – 130,000
El Sauzal 81,000 100,000 – 105,000
Marigold (66.7%) 108,000 21,800(1)
Wharf 56,000 60,000 – 65,000
Éléonore 0 40,000 – 60,000
Total 2,665,000 2,950,000 – 3,100,000(2)
(1) Actual production figure for Q1 2014; Marigold mine was divested April 4, 2014 (2) Mine-by-mine ranges reflect expectations at individual mines, but do not add up to corporate-wide guidance range total
Appendix D 2014 SENSITIVITIES
27
Base Price Change
Increments CFPS
($/share)
All-In Sustaining Costs ($/oz)
FCF ($mm)
Gold Price ($/oz) $1,200 $100 $0.27 $2 $228
Silver Price ($/oz) $20.00 $3.00 $0.07 $28 $56
Copper Price ($/lb) $3.00 $0.50 $0.04 $14 $30
Zinc Price ($/lb) $0.90 $0.10 $0.03 $11 $21
Lead Price ($/lb) $1.00 $0.10 $0.01 $5 $9
Canadian Dollars 1.05 10% $0.02 $19 $115
Mexican Peso 12.50 10% $0.03 $18 $40
Appendix E 2014 OPERATING COST BREAKDOWN
28
22%
15%
9% 10%
9%
14%
2%
4%
5% 8%
Labour Contractors Fuel Costs Power Maintenance Parts Consumables Tires Explosives Site Costs Others
38%
16% 6%
5%
8%
12%
2% 3%
5% 5%
CANADA / USA MEXICO CSA
13%
17%
12%
11% 8%
15%
3%
6%
4% 9%
19%
12%
8%
15% 11%
15%
1%
4%
6%
9%
CONSOLIDATED
Appendix F NOTES
29
Note 1: Free and adjusted operating cash flow, net asset value, and gold production and reserves are non-GAAP performance measures which Goldcorp
believes that, in addition to conventional measures prepared in accordance with GAAP, Goldcorp and certain investors use to evaluate Goldcorp's
ability to generate cash flows, its operating and economic performance and to provide measures which management uses internally to assess and
evaluate the overall performance of its business and those of acquisition candidates and to highlight trends in the overall business. Accordingly, the
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. 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 free cash
flows provided by operating activities from Alumbrera and Pueblo Viejo. Adjusted operating cash flows comprises Goldcorp’s share of operating cash
flows before working capital changes, dividends from associates and adjusted operating cash flows provided by Alumbrera and Pueblo Viejo. Net
asset value is estimated as the discounted future after-tax cash flows expected to be derived from a mine site, less an amount for costs to sell
estimated based on similar past transactions. When discounting estimated future after-tax cash flows, the Company uses its after-tax weighted
average costs of capital. Estimated cash flows are based on expected future production, metal selling prices, operating costs and non-expansionary
capital expenditures, excluding those cash flows arising from future enhancements of the asset.
Note 2: 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.
Appendix F (cont’d) NOTES
30
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 and should not be considered in isolation or as a substitute for
measures of performance prepared in accordance with GAAP. The Company follows the guidance note released by the World Gold Council, which
became effective January 1, 2014. The World Gold Council is a non-regulatory market development organization for the gold industry whose
members comprise global senior gold mining companies.
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.
Note 3: The terms “mineral reserve”, “proven mineral reserve” and “probable mineral reserve” defined in accordance with NI 43-101 differ from the definitions
in US SEC Industry Guide 7 (“SEC Industry Guide 7”) under the US Securities Act. Under SEC Industry Guide 7 standards, a “final” or “bankable”
feasibility study is required to report reserves, the three-year historical average price is used in any reserve 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 43-101; 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. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever
be converted into reserves.
Appendix G GOLDCORP GOLD MINERAL RESERVES1
31
1All Mineral Reserves and Mineral Resources have been estimated as of December 31, 2013 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. Mineral Reserves. 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 stated: Alumbrera , $1,300/oz gold and $2.95/lb copper; Pueblo Viejo and Dee,$1,100/oz gold, $21/oz silver, $3.00/lb copper.
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% 66.56 0.35 0.75 1.88 0.21 0.01 68.44 0.35 0.76
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% 0.00 2.82 0.00 13.68 1.53 0.67 13.68 1.53 0.67
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% 0.28 1.33 0.01 2.45 1.70 0.13 2.73 1.66 0.15
Éléonore 100.0% - - 19.30 6.49 4.03 19.30 6.49 4.03
Los Filos 100.0% 67.15 0.98 2.11 243.22 0.75 5.84 310.37 0.80 7.95
Marlin 100.0% 3.33 4.05 0.43 1.55 4.31 0.21 4.88 4.13 0.65
Musselwhite 100.0% 3.63 7.08 0.83 5.36 5.97 1.03 8.99 6.42 1.85
Noche Buena 100.0% - - - - - - - - -
Peñasquito Heap Leach 100.0% 41.97 0.42 0.56 41.49 0.33 0.44 83.46 0.37 1.00
Peñasquito Mill 100.0% 335.03 0.71 7.67 194.94 0.47 2.95 529.97 0.62 10.62
Porcupine 100.0% 15.29 2.02 1.00 50.31 1.26 2.03 65.60 1.44 3.03
Pueblo Viejo 40.0% 14.59 3.35 1.57 47.31 3.22 4.89 61.90 3.25 6.46
Red Lake 100.0% 1.70 12.34 0.67 6.29 9.17 1.88 7.99 9.94 2.55
San Nicolas 21.0% - - - - - - - - -
Wharf 100.0% 13.77 0.77 0.34 7.48 0.90 0.22 21.25 0.82 0.56
Totals 20.20 34.18 54.38
GOLD
(as of December 31, 2013)PROVEN PROBABLE PROVEN & PROBABLE