2012 Corporate Update January

8/3/2019 2012 Corporate Update January

1/33

C o r p o r a t e U p d a t eJ A N U A R Y 2 0 1 2


2/33

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 ofGoldcorp 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 andamount 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 additionalcapital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, timing and possibleoutcome of pending litigation, title disputes or claims and limitations on insurance coverage. Generally, these forward-looking statementscan 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 orstatements 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 ofactivity, performance or achievements of Goldcorp to be materially different from those expressed or implied by such forward-lookingstatements, including but not limited to: risks related to the integration of acquisitions; risks related to international operations; risks relatedto joint venture operations; actual results of current exploration activities; actual results of current reclamation activities; conclusions ofeconomic 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 andother risks of the mining industry, as well as those factors discussed in the section entitledDescription of the Business Risk Factors inGoldcorps annual information form for the year ended December 31, 2010 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 thatsuch statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in suchstatements. Accordingly, readers should not place undue reliance on forward-looking statements. Goldcorp does not undertake to updateany 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.

Forward Looking Statements

2


3/33

3

Growth Leader

Low Cost Producer

Outstanding BalanceSheet

Low Political Risk

Responsible Mining

SUSTAINABLE

PROSPERITY


4/33

163

305 295 274

209

540

563683

966 1,329

2007 2008 2009 2010 Q3'11 YTD

By-Product Cash Costs Cash Margin

$703

$868$978

$1,240

($ per Oz)REALIZED GOLD PRICE $1,538

Sector Leading Cash Margins

4


5/33

Strong Growth on a Per Share Basis

5

$1.22 $1.31

$1.61

$2.33 $2.32

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

2007 2008 2009 2010 Q3'11 YTD

Cash flow / Share1(US$ / share)

61.565.0 66.7

78.0

40.0

50.0

60.0

70.0

80.0

2007 2008 2009 2010

$0.62 $0.56

$0.80

$1.37$1.59

$0.00

$0.40

$0.80

$1.20

$1.60

2007 2008 2009 2010 Q3'11YTD

Reserves / Share3(per 1000 shares)

Earnings / Share2(US$ / share)

1 Cash flow before changes in working capital2 Adjusted earnings per share3 Reserves for gold only4 Includes Cerro Negro update March 2011

4


6/33

39,700

43,40046,300

48,800

62,250

2006 2007 2008 2009 2010*Gold proven & probable reserves (000s oz)

2012 Exploration Budget - $200M

2010* INCREASE OF 28%,17% ON A PER SHARE BASIS

Steady, Continuous Reserve Growth Success

6

* Includes Cerro Negro update March 2011


7/33

Gold production (oz) 2,600,000 2,514,700

Cash costs $/oz - By-Product $250 - $275 ~$220

- Co-Product $550 - $600 ~$530Capital expenditures $2.6B TBA

Exploration expenditures $200M TBA

Corporate administration $160M TBA

Depreciation /oz $325 TBA

Tax rate 30% TBA

20121

Guidance

2012 Guidance

7

1 2012 price assumptions: Au=$1600/oz, Ag=$34/oz, Cu=$3.50/lb, Zn=$0.90/lb, Pb=$0.90/lb

2011

Actual


8/33

Cash & cash equivalents ~$1.7B

Available debt facility undrawn $2.0B

Convertible senior notes due 2014 $862.5M

Forecast avg. annual operating $3.7B2

cash flow over next 5 years

Financial Position Excellent Liquidity

1 Moodys: Baa2; S&P: BBB+; Fitch: BBB2 Price assumptions 2012-2016: Au=$1600/oz, Ag=$34/oz, Cu=$3.50/lb, Zn=$0.90/lb, Pb=$0.90/lb

Investment Grade1 Balance Sheet

As at Dec. 31, 2011

8


9/33

19%17%

13%

11%10%

9%

15%

13%

11%

9%8%

6%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%20%

Newmont Goldcorp Yamana Newcrest Barrick Kinross

2011E 2012E

9

Source: Bloomberg consensusCompany reports

Dividend as % of Operating Cash Flow


10/33

Focus on Stable Jurisdictions

2012E Gold Production

OPERATING MINES

DEVELOPMENT PROJECTS

AMERICAS ORIENTATION

ARGENTINA

DOMINICANREPUBLIC

CANADA

CHILE

MEXICO

GUATEMALA

USA

10

Canada

46%

US

5%

Mexico

33%

Guatemala

8%

Argentina

5%

Dominican

Republic

3%


11/33

2011A 2012E 2013E 2014E 2015E 2016E

Current Operations New Projects

(Ounces)

Steady, Strong Growth Profile

11

2,514,700 2,600,000

3,200,000

3,800,0004,000,000 4,200,000


12/33

Scoping

Feasibility

Construction

Production

Red Lake & other operating mines

Marlin (2006)

Los Filos (2008)

Peasquito (2010)

Pueblo Viejo (2012)

Cerro Negro (2013)

Cochenour (2014)

lonore (2014)

El Morro (2017)

Camino Rojo (2014)

Noche Buena

Cerro Blanco

Agua Rica

Red Lake Bulk UG

Peasquito UG

A Robust Development Pipeline

12


13/33

High grade vein system Outstanding reserve growth

potential

Updated feasibility study results:

- 550 koz Au annually (1st 5 years)

-


14/33

Cerro Negro Advancing Construction

140,350 meters exploration drilling

in 2011 Eureka decline advanced to

1,620 meters

6 levels of development into Eureka

vein Construction & development

activities advancing: Approval of amended EIA received Plant construction underway Development of Mariana Central

and Mariana Norte veinscommenced

14


15/33

15

Cerro Negro Large Percentage of Veins Untested

San Marcos

Mariana Norte

Mariana Central

Mariana SurEureka

Buena Vista

El Retiro

Vein Zone

Bajo Negro

Sur Vein

4810000N

4805000N

5 kilometersAreas of vein tested

Pre-mineral rock within Bonanza elevation

Concession Boundary

Quartz vein

11.0m111.00 g/t Au238 g/t Ag

2.0m5.4 g/t Au3,244 g/t Ag

4.0m3.67 g/t Au3 g/t Ag

8.0m20.1 g/t Au265 g/t Ag

2400000E Fault

6.5m

150 g/t Au172 g/t Ag

1.5m92.6 g/t Au72 g/t Ag

2.0m41.12 g/t Au217 g/t Ag


16/33

lonore Pure Gold in a Safe Jurisdiction

Currently sinking exploration shaft 3.03M oz Au reserves

+0.48M oz Au M&I resources+4.17M oz Au inferred resources

Development plan:- Upper/lower mine concept; 7 ktpd- Mine life ~15 years- +600,000 oz Au

- Cash costs:


17/33

Exploration shaft over 640 metres

Exploration ramp extended over 830metres

Plant construction underway

Surface preparation for sinking ofsecond production shaft advancing

EPCM contract awarded Continued exploration success

lonore Progressing Towards Construction

17


18/33

5.9 million ounces of Au reserves1

4.3 billion pounds of Cu reserves1

Large, under-explored land position

Access infrastructure in progress

Feasibility study update completed 17-year mine life Capital cost ~ $3.9B First production: 2017 +210,000 oz Au2; +200Mlb Cu2

By-product cash costs: ($700)/oz

El Morro A World Class Project in Mining Friendly Chile

18

1Goldcorp interest 70%2 LOM average annual production (70% interest)


19/33

9.5 million ounces of Au reserves*

Life of mine +25 years

$350 million capital budget for 2012

First gold mid-2012

Average annual output 415,000 to450,000 ounces per year* in first fiveyears

Pueblo Viejo Next New Source of Gold Production

19

* Goldcorp interest 40%


20/33

Initial resource of 2.7M gold ounces Construction underway:

- Mine life ~20 years

- 250,000 - 275,000 ounces Auannually

- Cash costs < $350 per ounce

- Capex - $420M

- First production late 2014

Cochenour Key Growth Driver in Red Lake District

20


21/33

Shaft widening underway Haulage drift 36% complete

- 2 rigs actively drilling

- Exploration potential on untestedground

Surface exploration with 4 drill rigs

Installation of headframe surfaceinfrastructure completed andoperational

Cochenour Construction Progress

21


22/33

22

High Speed Drift

Rahill - Bonanza

Bruce Channel Discovery

WesternDiscovery

Zone

EastWest

Drift location at end of 2012 Current drif t location

Red Lake HSD Provides Exciting Exploration Opportunities


23/33

Red Lake New Opportunities at Worlds Richest Gold Mine

Robust, low cost gold production 2012 gold production forecast of

650,000 ounces

2012 exploration budget $38M- Focus on High Grade Zone

extension- Hanging Wall exploration

success

District optimization plansadvancing: Cochenour, bulk u/gmining

23


24/33

Peasquito Hitting Stride in 2012

2012 gold production forecast -

425,000 ozs at negative cash costs

Ramp up to full capacity on track forend of Q1 2012

Largest cash flow generator in 2012

Average annual production:- 500Koz Au; 204Kt Zn; 90.7Kt Pb;28Moz Ag

22-year mine life

24


25/33

Peasquito Advancing District Projects

25

Camino Rojo Over 77,000 meters drilled in 2011

Testing oxide & sulphide expansion

Feasibility study due H1 2012

Noche Buena

Resource expansion drillingcontinues

In-fill drilling on higher grademineralization trends


26/33

Delivering Superior Returns

Goldcorp+627%

Peers*+266%PhiladelphiaGold / SilverIndex+232%

Gold Price

+461%

Dow Industrials+22%

* Peers include Barrick, Newmont, Kinross and AgnicoSource: Bloomberg data Dec. 31/01 - Dec. 31/11

26

-30%

70%

170%

270%

370%

470%

570%

670%

770%

870%

2001 2003 2005 2007 2009 2011


27/33

Flat mine supply

- Inflation hedge- Currency protection- Safe haven/asset class

Why Gold?

Growing physical demand- Asia- Central bank buying

Growing investment demand

Gold Price Has Increased 12 Consecutive Years

27


28/33

28

Growth Leader Low Cost Producer

Outstanding Balance

Sheet

Low Political Risk

Responsible Mining

SUPERIOR

INVESTMENTPROPOSITION


29/33

Appendix A Metals Production (% of Revenues)

29

Price assumptions 2012-2016: Au=$1400/oz, Ag=$26/oz, Cu=$3.30/lb, Zn=$0.90/lb, Pb=$0.90/lb

86% 84% 87%88% 90% 91%

14% 16% 13%12% 10% 9%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2011E 2012E 2013E 2014E 2015E 2016E

Total Precious Metals Base Metals


30/33

-

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

GEO actual production

5.2 Moz

(Ounces)

GEO est. production

Appendix B Increasing GEO Production

30


31/33

CFPS($/share)

Appendix C 2012 Sensitivities

31

Base Price Change

Increments

CFPS

($/share)

By Product Cash

Costs ($/oz)

FCF

($mm)Gold Price ($/oz) $1,600 $100 $0.23 $186

Silver Price ($/oz) $34.00 $2.00 $0.06 $23 $41

Copper Price ($/lb) $3.50 $0.50 $0.04 $14 $25

Zinc Price ($/lb) $0.90 $0.10 $0.04 $15 $28

Lead Price ($/lb) $0.90 $0.10 $0.02 $8 $15

Canadian Dollars 1.00 10% $0.04 $17 $118

Mexican Peso 13.00 10% $0.04 $17 $40

Diesel ($/barrel) $95.00 10% $0.01 $7 $12

Electricity ($/kWh) $0.09 10% $0.02 $10 $17


32/33

Appendix D Operating Costs Breakdown

32

22%

14%

7%

10%

10%

15%

2%

5%

4%

11%

Consolidated

Labour Contractors Fuel Costs Power Maintenance Parts Consumables Tires Explosives Site Costs Others

38%

19%

5%

6%

9%

10%

1%2%

6%4%

Canada / USA12%

14%

8%

12%

9%

18%

2%

6%

4%

15%

Mexico

18%

8%

7%

14%

13%

16%

1%

6%

4%

13%

CSA


33/33

1. Goldcorp has included non-GAAP performance measures, total cash costs, by-product and co-product, per gold ounce, throughout thispresentation. 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 revenues for Alumbrera; by-product silver revenuesfor Marlin at market silver prices; by-product lead, zinc and 75% of the silver for Peasquito at market silver prices and 25% of the silver forPeasquito at $3.90 per silver ounce sold to Silver Wheaton). The Company reports total cash costs on a sales basis. In the gold miningindustry, this is a common performance measure but does not have any standardized meaning. The Company follows the recommendations ofthe Gold Institute Production Cost Standard. The Company believes that, in addition to conventional measures prepared in accordance withGAAP, certain investors use this information to evaluate the Companys performance and ability to generate cash flow. Accordingly, it isintended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared inaccordance with GAAP. Total cash costs on a by-product basis are calculated by deducting by-product copper, silver, lead and zinc salesrevenues from production cash costs.

Production costs in 2012 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, $34 per ounce of silver, $3.50 per pound of copper, $0.90 per pound of lead and $0.90 per pound of zinc, rather thanrealized sales prices.

2. All Mineral Reserves and Mineral Resources have been calculated as at December 31, 2010 in accordance with the standards of the CanadianInstitute of Mining, Metallurgy and Petroleum and National Instrument 43-101, or the AusIMM JORC equivalent. Cautionary Note to UnitedStates Investors Concerning Estimates of Measured, Indicated and Inferred Resources. United States investors are advised that while suchterms 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 beassumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates ofInferred Mineral Resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assumethat all or any part of Goldcorps Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investorsare also cautioned not to assume that all or any part of an Inferred Mineral Resource exists, or is economically or legally mineable. Calculationshave been prepared by employees of Goldcorp, its joint venture partners or its joint venture operating companies, as applicable, under thesupervision of Maryse Belanger, Director Technical Services. Reserve calculations incorporate current and/or expected mine plans and costlevels at each property. Varying cut-off grades have been used depending on the mine and type of ore contained in the reserves. Goldcorpsnormal 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 Goldcorps Reserves andResources, see Goldcorps Annual information Form/ Form 40-F on file with Canadian provincial securities regulatory authorities and the U.S.Securities and Exchange Commission.

3. Goldcorps exploration programs are designed and conducted under the supervision of Charlie Ronkos, Senior Vice-President, Exploration ofGoldcorp. For information on geology, exploration activities generally, and drilling and analysis procedures on Goldcorps material properties,see Goldcorps Annual Information Form/Form 40-F on file with Canadian provincial securities regulatory authorities and the U.S. Securities andExchange Commission.

Endnotes

33

2012 Corporate Update January

Documents

Transcript of 2012 Corporate Update January