2016 june - corporate presentation
TRANSCRIPT
together, creating sustainable value
CORPORATE UPDATE
June 2016
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TOGETHER, CREATING SUSTAINABLE VALUE | JUNE 2016
This presentation contains “forward-looking statements”, within the meaning of Section 27A of the United States Securities Act of 1933, as amended, Section 21E of the United States Exchange Act of 1934, as
amended, or the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” under the provisions of applicable Canadian securities legislation, concerning the business,
operations and financial performance and condition of 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 (as defined in slide 28) and Mineral Resources (as defined in slide 28) the realization of Mineral Reserve estimates, the timing and amount of estimated future production, costs of
production, targeted cost reductions, the ability of the parties to satisfy the conditions of and to complete the acquisition of Kaminak Gold Corporation (The “Kaminak Transaction”), the development of the Coffee
project, capital expenditures, free cash flow, 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 words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”,
“intends”, “anticipates”, “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will”, “occur” or “be achieved” or the negative
connotation thereof.
Forward-looking statements are necessarily based upon a number of factors that, if untrue, could cause the actual results, performances or achievements of Goldcorp to be materially different from future results,
performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the
environment in which Goldcorp will operate in the future, including the price of gold and other by-product metals, anticipated costs and ability to achieve goals. Certain important factors that could cause actual
results, performances or achievements to differ materially from those in the forward-looking statements include, among others, gold and other by-product metals price volatility, discrepancies between actual and
estimated production, mineral reserves and mineral resources and metallurgical recoveries, the Kaminak Transaction not being completed as planned, mining operational and development risks, litigation risks,
regulatory restrictions (including environmental regulatory restrictions and liability), changes in national and local government legislation, taxation, controls or regulations and/or change in the administration of
laws, policies and practices, expropriation or nationalization of property and political or economic developments in Canada, the United States and other jurisdictions in which the Company does or may carry on
business in the future, delays, suspension and technical challenges associated with capital projects, higher prices for fuel, steel, power, labour and other consumables, currency fluctuations, the speculative
nature of gold exploration, the global economic climate, dilution, share price volatility, competition, loss of key employees, additional funding requirements and defective title to mineral claims or property. Although
Goldcorp believes its expectations are based upon reasonable assumptions and has attempted to identify important factors that could cause actual actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended.
Forward-looking statements are subject to known and unknown risks, uncertainties and other important 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 international operations including economic and political instability in foreign
jurisdictions in which Goldcorp operates; risks related to current global financial conditions; risks related to joint venture operations; actual results of current exploration activities; actual results of current
reclamation activities; environmental risks; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of gold and other by-product metals; possible
variations in ore reserves, grade or recovery rates; the risk that the Kaminak Transaction is not completed as planned; failure of plant, equipment or processes to operate as anticipated; the benefits of the
acquisition not being realized; risks related to the integration of acquisitions; 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 most recent annual information form available on
SEDAR at www.sedar.com and on EDGAR at www.sec.gov. 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. Forward-looking statements are made as of the
date hereof and, accordingly, are subject to change after such date. Except as otherwise indicated by Goldcorp, these statements do not reflect the potential impact of any non-recurring or other special items or of
any dispositions, monetizations, mergers, acquisitions, other business combinations or other transactions that may be announced or that may occur after the date hereof. Forward-looking statements are provided
for the purpose of providing information about management’s current expectations and plans and allowing investors and others to get a better understanding of the Company’s operating environment. Goldcorp
does not intend or undertake to publicly update any forward-looking statements that are included in this document, whether as a result of new information, future events or otherwise, except in accordance with
applicable securities laws.
Forward-Looking Statements
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Fed goes from hawkish to dovish in 2016
• Economic growth lower than expected
• Tightening cycle delayed/aborted?
Deteriorating global economic outlook
• Negative real and nominal rates
• Deflation
• Brexit
• China
(1) Source: Bloomberg as of May 25, 2016
The World Has Changed Since 2015
-3.00%
-2.00%
-1.00%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
$0
$400
$800
$1,200
$1,600
$2,000
Real In
tere
st R
ate
(5
-year
US
TIP
S)
Gold
Price (
US
$/o
z)
Gold Price vs Real Interest Rates1
Gold Price 5-Year Real Interest Rate (US TIPS)
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20
22
24
26
28
30
32
2015A 2016E 2017E 2018E
Mill
ion o
unces
Gold Reserves(1) Declined Over Past Three Years
(1) Includes: Goldcorp, Barrick, Newmont, Newcrest, Agnico Eagle, Kinross, Yamana, AngloGold, Goldfields and Harmony
Source: Company reports(2) 2017–2018 production for AngloGold, Kinross, Newcrest, Goldfields and Harmony is assumed flat from 2016E for 2017E and 2018E
Production(1)(2) Set to Decline
8%
Large Cap Gold Reserves and Production Falling
460
470
480
490
500
510
520
530
540
550
560
2013A 2014A 2015A
Reserv
es (
mill
ion o
unces)
15%
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Peak
Discovery(1)
Peak
Production(2)
3-y
ear
runnin
g a
vg
Au d
iscovere
d (
moz)
Gra
ssro
ots
+ 7
5%
of
late
-sta
ge e
xplo
ration b
udgets
(U
S$M
)
(1) Source: SNL Metals Economics Group(2) Source: Consensus estimates. Includes CPM Group, GFMS, and Metals Focus
Annual pro
duction (
moz)
Supportive Supply Picture
Global mine supply peaked in 2015;
significant supply constraints ahead
70
75
80
85
90
95
100
2003 2006 2009 2012 2015 2018 2021 2024
$0
$1,200
$2,400
$3,600
$4,800
$6,000
$7,200
0
25
50
75
100
125
150
1990 1993 1996 1999 2002 2005 2008 2011
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Blue Chip Gold Senior Focused on Large-Scale Camps and Low Political Risk
Cerro NegroARGENTINA
PeñasquitoMEXICO
Red LakeONTARIO, CANADA Porcupine
ONTARIO, CANADA
ÉléonoreQUÉBEC, CANADA
Clear Vision
Gold production of 3 to 4 million ounces from 6
to 8 large-scale mining camps
• Economies of scale and geological
prospectivity to drive low costs and NAV
growth
• Coffee1 and Corridor opportunities
represent potential new large-scale camps
• Continued divestment of small assets
reflects disciplined capital allocation and
management focus on scale
Pueblo ViejoDOMINICAN REPUBLIC
Nueva UniónCHILE
Coffee1
YUKON, CANADA
(1) Acquisition of Kaminak Gold and its Coffee project expected to be completed by August 15, 2016
Existing operating camps
Development projects within
existing operating camps
Potential new operating camps
Other operations
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Value Creation Principles
Growth in Net
Asset Value
• Brownfield
exploration and
expansion
• Partnerships with
juniors to cultivate
pipeline
• Drive efficiencies
in existing
business
Strong
Balance Sheet
• Maintain
investment-
grade rating
• Low leverage
through the
cycles
• Sustainable
dividend
Disciplined
Capital
Allocation
• Free cash flow to
fund growth
opportunities
• Hurdle rates set
at a level that
reflects risk and
generates strong
rates of return
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8Growth in NAV Through $250 Million in Annual Sustainable Efficiencies 8
(1) Desjardins research report, April 29, 2016
Potential to add ~$2B in NAV
Target to be Achieved by 2018
Through:
• Workforce reductions
• Decentralization
• Low risk, low capital intensity
brownfield projects
(1)
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Brownfield Expansion and Exploration Complemented by Junior Partnerships
Robust Project Pipeline
2016
Q1 Q2 Q3 Q4
2017
Q1 Q2 Q3 Q4
Peñasquito – Pyrite Leach Project
Musselwhite – Materials Handling Project
Red Lake – HG Young
Red Lake – Cochenour
Peñasquito – Camino Rojo Oxide Project
Porcupine – Borden
Kaminak – Coffee1
Nueva Unión – El Morro & Relincho
Feasibility study
Feasibility study
Concept study
Pre-feasibility study
Pre-feasibility study
Advanced exploration
Trade-off studies Pre-feasibility study
TBD
(1) Acquisition of Kaminak Gold expected to be completed by August 15, 2016
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1010
Investment grade1
balance sheet to
internally finance
pipeline
Annual Free Cash Flow(2,4)
+ ~$300M per
$100/oz
increase in
gold price
0
200
400
2016E
$ M
illio
n ~$400M
High Liquidity, Low Debt Key to Driving Per Share Value Creation
(1) S&P: BBB+; Moody’s: Baa3 (2) See Appendix E for footnotes(3) As of Dec. 31, 2015(4) FCF estimate calculated using a current spot price ($1,235/oz Au) plus midpoint of 2016 gold production and AISC guidance and is before dividends and growth capital
2016E-2018E
Current liquidity: $3.2 billion
Net debt2 to EBITDA: 1.4x3
Projected net debt to EBITDA (2018): <1x
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(1) Source: Consensus NAVPS as of April 22, 2016, research compiled by BMO
Market Rewards Long-Term Value Creation
10.0% 9.2% 5.2% 2.4%
(0.4%) (1.0%) (1.7%) (3.4%) (4.8%) (6.3%)
10.5%
1.2% 0.8%
(3.2%) (3.6%)
3.2%
(8.5%) (7.5%) (3.7%)
(10.0%)
(5.0%)
--
5.0%
10.0%
15.0%
Gold Price Agnico Eagle Goldcorp Newcrest Newmont Barrick Yamana Gold Fields AngloGold Kinross
Compound Annual Growth Rate (2005 to Today)
NAVPS Share Price
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Click to edit Master title style 1212Peñasquito Camp
Ownership 100%
Location Zacatecas, Mexico
2016E daily mill throughput 117,000tpd
P&P gold reserves1 10.17moz
M&I gold resources1 2.46moz
Inferred gold resources1 0.2moz
Current mine life 12 years
2016E exploration budget $5M
Core asset with organic growth potential
• Exiting high-grade portion of pit in 2016; continuous
improvement underway
Pyrite Leach Project
• Recovers gold now reporting to tailings
• Investment decision expected mid-2016
Camino Rojo Oxides
• Pre-feasibility study expected in the fourth quarter of 2016
Northern Well Field Project
• Construction resumed; completion expected late 2016
(1) Refer to Appendix E for further information on the reserves and resources
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Click to edit Master title style 1313Cerro Negro Camp
Ownership 100%
Location Santa Cruz, Argentina
2016E daily mill throughput 3,500tpd
P&P gold reserves1 4.66moz
M&I gold resources1 1.28moz
Inferred gold resources1 0.5moz
Current mine life 11 years
2016E exploration budget $16M
(1) Refer to Appendix E for further information on the reserves and resources
Core asset with low costs and strong production
• Successful ramp-up
• Large labour productivity opportunities
Change in Argentine government drives reinvestment
opportunities
• Opportunity to explore aggressively following improved
political environment
• Vein extensions and new targets support strong potential to
grow reserves
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Click to edit Master title style 14
Exceptional asset
• Long underground mine life
• Plant ramp-up progressing to design of 7,000tpd, potential
upside
Mine optimization underway
• Dilution upside
• Adjusting stope designs
Significant new infrastructure in world-class region
• First mover advantage
• New camp with decades-long potential
14Éléonore Camp
Ownership 100%
Location Québec, Canada
2016E daily mill throughput 4,900tpd
P&P gold reserves1 5.35moz
M&I gold resources1 0.81moz
Inferred gold resources1 2.28moz
Current mine life 12 years
2016E exploration budget $5M
(1) Refer to Appendix E for further information on the reserves and resources
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Click to edit Master title style 15
Potential for infrastructure rationalization and
camp synergies
• Large, spread-out operation
• Five shafts and two mills
HG Young and Cochenour deposits
• High-grade resources(1,2)
• Potential to sequence following depletion of High Grade Zone
• Intensive drilling and sampling program underway
15Red Lake Camp
Ownership 100%
Location Ontario, Canada
2016E daily mill throughput 1,900tpd
P&P gold reserves2 2.08moz
M&I gold resources2 2.27moz
Inferred gold resources2 2.20moz
Current mine life 5 years
2016E exploration budget $45M(1) HG Young deposit indicated mineral resource is 205,000 tonnes grading 19.08g/t and the inferred mineral resource is 787,000 tonnes grading 20.44g/t(2) Refer to Appendix E for further information on the reserves and resources
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Click to edit Master title style 1616Porcupine Camp
Ownership 100%
Location Ontario, Canada
2016E daily mill throughput 7,900tpd
P&P gold reserves1 2.13moz
M&I gold resources1 4.59moz
Inferred gold resources1 1.64moz
Current mine life 12 years
2016E exploration budget $11M
(1) Refer to Appendix E for further information on the reserves and resources
Declining production focusing on margins
• Depleting low-grade stockpile and closure of Dome
underground in 2016
Asset optimization to maximize NAV
• Hoyle Pond winze completed; will drive efficiency and
productivity improvements
• Trade-off studies underway to optimize excess processing
capacity
Borden project
• Maiden gold proven mineral reserve of 860,000 ounces
declared Dec. 31/15
• Expected to enhance long-term economics of Porcupine
New neighbours
• Potential to maximize value of camp
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Click to edit Master title style 1717Pueblo Viejo
Ownership 40%
Location Dominican Republic
2016E daily mill throughput 24,000tpd
P&P gold reserves1 5.97moz
M&I gold resources1 5.15moz
Inferred gold resources1 0.10moz
Current mine life 18 years
2016E exploration budget $0.2M
(1) Refer to Appendix E for further information on the reserves and resources
Optimization efforts
• Improving efficiency and throughput ore blending
• Increasing autoclave availability
Energy opportunities
• Quisqueya power station provides secure low-cost
energy supply
• Option to add significant value by leveraging existing assets
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TOGETHER, CREATING SUSTAINABLE VALUE | JUNE 2016
18Click to edit Master title styleStrategic Investment in a New Prospective Mining Camp 18
Kaminak Overview
• Coffee deposit: a high-grade heap leach project in a top tier mining jurisdiction
• Large and underexplored land package of over 60,000 hectares
• Reserves and Resources:
• Indicated gold mineral resources1 of 3.0Moz (63.7Mt at 1.45g/t) inclusive of total probable gold
mineral reserves of 2.2Moz (46.4Mt at 1.45g/t)
• Inferred gold mineral resources1 of 2.2Moz (52.4Mt at 1.31g/t)
• Easy access to local infrastructure – 130kms south of Dawson City in the Yukon
• Low capital intensity, low technical risk
• Scaleable, simple truck, shovel and heap leach operation planned
• Expected to close by August 15, 2016
(1) For more information on the reserves and resources refer to Kaminak’s NI 43-101 technical report which has been filed on SEDAR
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TOGETHER, CREATING SUSTAINABLE VALUE | JUNE 2016
19Goldcorp Advantage
Delivering Shareholder Value
• Focus on growing NAV per share
• Decentralization and optimization targeted
to deliver $250 million in sustainable annual
efficiencies in 2018
• Reinvest free cash flow into robust pipeline
of projects, deleverage and pay sustainable
dividend
• Leverage exploration dollars with small
seed capital investments in junior
companies
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TOGETHER, CREATING SUSTAINABLE VALUE | JUNE 2016
2015 Actual 2016 Guidance(1)
Gold production(2) (oz) 3.46M 2.8–3.1M
Cash costs(2) ($/oz)
AISC
By-product
$894
$605
$850–$925
$500–$575
Capital(2,3) $1.3B $800–$900M
Exploration(4) $162M $135M
Corporate administration(5) $152M $150M
Depreciation & depletion(2) ($/oz) $457 $390–$420
Effective tax rate(6) 36% 40–45%
(1) 2016 price assumptions: Au=$1,100/oz, Ag=$15.00oz, Cu=$2.53/lb, Zn=$0.80/lb, Pb=$0.80/lb(2) See Appendix D for non-GAAP disclosure. (3) Capital expenditure is on an accrued basis and excludes capitalized interest; also excludes projects not yet approved(4) Includes capitalized exploration, 50% of exploration expense is expected to be expensed(5) Excludes share-based compensation expense of $68 million(6) The estimated effective tax rate is on net income exclusive of stock based compensation expense, the effects of foreign currency translation of deferred tax balances, impacts of foreign exchange fluctuation on tax losses and deductions
and balances and other discrete events.
Appendix A: 2016 Guidance
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TOGETHER, CREATING SUSTAINABLE VALUE | JUNE 2016
Base Price
Change
Increments
Operating Cash
Flow per Share(1)
All-In Sustaining
Costs ($/oz)(1)
Free Cash
Flow(1) ($M)
Gold price ($/oz) $1,100 $100 $0.30 $2 $288
Silver price ($/oz) $15.00 $3.00 $0.09 $31 $94
Copper price ($/lb) $2.55 $0.50 $0.03 $12 $29
Zinc price ($/lb) $0.80 $0.10 $0.03 $12 $40
Lead price ($/lb) $0.80 $0.10 $0.01 $5 $16
Canadian dollar 1.30 10% $0.08 $31 $105
Mexican peso 16.00 10% $0.03 $16 $55
(1) See Appendix D for footnotes
Appendix B: 2016 Sensitivities
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25%
16%
7%7%
9%
17%
1%
4%
6%
8%
Labour Contractors Fuel CostsPower Maintenance Parts ConsumablesTires Explosives Site CostsOthers
Latin
America
40%
15%3%6%
10%
13%
1%3%
7% 2%19%
18%
9%
6%7%
20%
2%
4%
6%
9%18%
12%
10%
13%
17%
11%
2%
3%
6%8%
Consolidated Canada Associates and
Joint Ventures
Appendix C: 2016 Production Costs
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Note 1: The Company has included non-GAAP performance measures on an attributable (or Goldcorp’s share) basis in this presentation. Attributable performance measures include the
Company’s mining operations, including its discontinued operation, and projects, and the Company’s share of 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. 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 and ability to generate cash flow; however, these performance measures do not have any standardized meaning. 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.
Note 2: All-in sustaining cost per gold ounce is a non-GAAP performance measure that has been included in this presentation as the Company believes it more fully defines the total costs
associated with producing gold. Refer to pages 46-47 of the 2015 Annual MD&A and pages 29-30 of the Q1 2016 MD&A for a reconciliation of all-in sustaining costs.
Note 3: Total cash costs: by-product, per gold ounce is a non-GAAP performance measure that has been included in this presentation Refer to pages 44 & 45 of the 2015 Annual MD&A and
pages 27-28 of the Q1 2016 MD&A for a reconciliation of total cash costs and all-in sustaining costs to reported production costs.
Note 4: Free cash flow is a non-GAAP performance measure which the Company believes, in addition to conventional measures prepared in accordance with GAAP, the Company and
certain investors use to evaluate the Company's ability to generate cashflows. 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. 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 net cash provided by operating activities from
Alumbrera, Pueblo Viejo and Project Corridor. Refer to page 51 of the 2015 Annual MD&A and page 31 of the Q1 2016 MD&A for a reconciliation of free cash flows to reported net cash
provided by operating activities.
Note 5: Net Debt/EBITDA is a non-GAAP performance measure. 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 and it has no standardized meaning. Net debt is calculated, on an attributable basis to include the Company’s share of
Alumbrera and Pueblo Viejo, by adding short term and long term debt less cash and cash equivalents. EBITDA is calculated, on an attributable basis to include the Company’s share of
Alumbrera and Pueblo Viejo, as adjusted net (loss) earnings before taxes, depreciation and depletion, and finance costs.
Appendix D: Footnotes
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Tonnage Grade Contained Tonnage Grade Contained Tonnage Grade Contained
mt g/t m oz mt g/t m oz mt g/t m oz
Alumbrera 37.5% 10.69 0.35 0.12 0.26 0.31 0.00 10.95 0.35 0.12
Borden 100.0% - - - 4.17 6.38 0.86 4.17 6.38 0.86
Camino Rojo 100.0% - - - 66.13 0.76 1.62 66.13 0.76 1.62
Cerro Blanco 100.0% - - - - - - - - -
Cerro Negro 100.0% 5.02 10.58 1.71 10.00 9.17 2.95 15.02 9.64 4.66
Cochenour 100.0% - - - - - - - - -
Dee 40.0% - - - 0.00 0.00 0.00 0.00 0.00 0.00
El Morro 50.0% 160.91 0.56 2.91 138.62 0.35 1.55 299.53 0.46 4.46
El Sauzal 100.0% - - - - - - - - -
Éléonore 100.0% 4.17 6.49 0.87 24.15 5.76 4.48 28.32 5.87 5.35
Los Filos 100.0% 20.01 0.94 0.60 20.49 1.30 0.85 40.50 1.12 1.46
Marlin 100.0% 0.65 5.34 0.11 0.16 3.98 0.02 0.81 5.07 0.13
Musselwhite 100.0% 2.87 7.20 0.67 5.00 6.57 1.06 7.88 6.80 1.72
Noche Buena 100.0% - - - - - - - - -
Peñasquito Heap Leach 100.0% 16.32 0.45 0.24 5.46 0.37 0.07 21.78 0.43 0.30
Peñasquito Mill 100.0% 398.28 0.58 7.48 188.40 0.39 2.39 586.68 0.52 9.87
Porcupine 100.0% 8.38 2.58 0.69 35.43 1.26 1.44 43.82 1.51 2.13
Pueblo Viejo 40.0% 37.02 2.97 3.53 25.57 2.97 2.44 62.58 2.97 5.97
Red Lake 100.0% 1.24 12.84 0.51 5.86 8.31 1.57 7.10 9.10 2.08
San Nicolas 21.0% - - - - - - - - -
Totals 665.55 0.91 19.44 529.71 1.25 21.28 1,195.27 1.06 40.73
Proven and Probable
Gold
GOLDCORP MINERAL RESERVES
Proven Probable
As of December 31, 2015
Appendix E: Reserves and Resources
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TOGETHER, CREATING SUSTAINABLE VALUE | JUNE 2016
Tonnage Grade Contained Tonnage Grade Contained Tonnage Grade Contained Tonnage Grade Contained
mt g/t m oz mt g/t m oz mt g/t m oz mt g/t m oz
Alumbrera 37.5% 51.19 0.34 0.55 18.11 0.39 0.23 69.30 0.35 0.78 22.50 0.33 0.24
Borden 100.0% - - - 2.61 5.81 0.49 2.61 5.81 0.49 2.09 5.49 0.37
Camino Rojo 100.0% - - - 234.24 1.00 7.53 234.24 1.00 7.53 17.38 0.84 0.47
Cerro Blanco 100.0% - - - 2.05 12.69 0.84 2.05 12.69 0.84 0.75 9.34 0.23
Cerro Negro 100.0% 1.35 4.99 0.22 5.53 5.97 1.06 6.88 5.78 1.28 2.17 7.19 0.50
Cochenour 100.0% - - - - - - - - - 4.16 16.36 2.19
Dee 40.0% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
El Morro 50.0% 9.90 0.53 0.17 36.28 0.38 0.44 46.18 0.41 0.61 339.03 0.30 3.23
El Sauzal 100.0% - - - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Éléonore 100.0% 0.94 6.84 0.21 3.65 5.14 0.60 4.58 5.49 0.81 9.97 7.11 2.28
Los Filos 100.0% 81.57 0.88 2.31 276.31 0.83 7.34 357.88 0.84 9.65 141.04 0.80 3.62
Marlin 100.0% 0.27 4.25 0.04 0.22 4.28 0.03 0.49 4.26 0.07 0.06 5.93 0.01
Musselwhite 100.0% 0.23 5.76 0.04 1.60 6.04 0.31 1.83 6.00 0.35 5.93 5.82 1.11
Noche Buena 100.0% - - - 52.88 0.37 0.63 52.88 0.37 0.63 4.30 0.22 0.03
Peñasquito Heap Leach 100.0% 12.60 0.18 0.07 34.95 0.16 0.18 47.54 0.17 0.26 0.57 0.31 0.01
Peñasquito Mill 100.0% 94.47 0.28 0.86 150.86 0.28 1.34 245.33 0.28 2.20 19.49 0.30 0.19
Porcupine 100.0% 21.80 1.38 0.97 81.20 1.39 3.62 103.00 1.39 4.59 13.85 3.69 1.64
Pueblo Viejo 40.0% 4.49 2.51 0.36 60.76 2.45 4.79 65.25 2.46 5.15 1.56 1.96 0.10
Red Lake 100.0% 1.24 21.88 0.87 2.48 17.60 1.40 3.71 19.02 2.27 3.45 19.86 2.20
San Nicolas 21.0% - - - 19.26 0.46 0.28 19.26 0.46 0.28 2.28 0.26 0.02
Totals 280.03 0.74 6.67 982.98 0.98 31.11 1,263.01 0.93 37.78 590.55 0.97 18.42
GOLDCORP MINERAL RESOURCES
Measured Indicated Measured & Indicated Inferred
Gold
As of December 31, 2015
Appendix E: Reserves and Resources (continued)
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Scientific and technical information contained in this presentation was reviewed and approved by Gil Lawson, P.Eng., Vice-President, Geology and Mine Planning for Goldcorp, and a “qualified person”
as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”)
For additional information on the 2015 mineral reserves and mineral resources (“MRMR”), refer to the MRMR tables that can be found at www.goldcorp.com
Goldcorp December 31, 2015 Mineral Reserve and Mineral Resource Reporting Notes:
1 All Mineral Reserves or Ore Reserves have been estimated in accordance with the CIM Definition Standards or the JORC Code. The JORC Code has been accepted for current disclosure rules in
Canada under NI 43-101. Subject to note 4 below, all Mineral Reserves, Ore Reserves and Mineral Resources set out in the tables above have been reviewed and approved by Gil Lawson, P.Eng.,
Vice President of Geology and Mine Planning, Goldcorp, who is a qualified person as defined under National Instrument.
2 All Mineral Resources are reported exclusive of Mineral Reserves.
3 Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.
4 Mineral Reserves and Mineral Resources are reported as of December 31, 2015, with the following conditions or exceptions:
1 Reserves and Resources for Pueblo Viejo are as per information provided by Barrick Gold Corporation.
2 Reserves and Resources for Relincho and San Nicolas are as per information provided by Teck Resources Limited.
3 Reserves and Resources for Alumbrera are as per information provided by Glencore plc.
5 Mineral Reserves are estimated using appropriate recovery rates and US$ commodity prices of $1,100 per ounce of gold, $16.50 per ounce of silver, $2.75 per pound of copper, $0.90 per pound of
lead, and $0.95 per pound of zinc, unless otherwise noted below:
1 Alumbrera $1,095/oz gold, $2.54/lb copper
2 El Morro $1,200/oz gold
3 Pueblo Viejo $1,000/oz gold for the next five years, and a long-term gold price of $1,200/oz from 2021 onwards, $16.50/oz silver, $3.00/lb copper
4 Relincho $13.70/lb molybdenum, $2.80/lb copper
6 Mineral Resources are estimated using US$ commodity prices of $1,300 per ounce of gold, $19 per ounce of silver, $3.25 per pound of copper, $1.00 per pound of lead and $1.00 per pound of
zinc, unless otherwise noted below:
1 Alumbrera $1,100/oz gold, $2.95/lb copper
2 El Morro $1,200/oz gold, $2.75/lb copper
3 Pueblo Viejo $1,300/oz gold, $17.50/oz silver, $3.25/lb copper
4 Relincho $13.70/lb molybdenum, $2.80/lb copper
5 San Nicolas $1,275/oz gold, $22.50/oz silver, $2.75/lb copper, $1.00/lb zinc
Appendix E: Reserves and Resources (continued)
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Cautionary Note Regarding Reserves and Resources:
Scientific and technical information contained in this news release was reviewed and approved by Gil Lawson, P.Eng., Vice-President, Geology and Mine Planning for
Goldcorp, and a “qualified person” as defined by Canadian Securities Administrators’ National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-
101”). All Mineral Reserves and Mineral Resources have been calculated in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum
(“CIM”) and NI 43-101, or the AusIMM JORC equivalent. All Mineral Resources are reported exclusive of Mineral Reserves. Mineral Resources which are not Mineral
Reserves do not have demonstrated economic viability. Information of data verification performed on the mineral properties mentioned in this press release that are
considered to be material mineral properties to the Company are contained in Goldcorp’s most recent Annual Information Form and the current technical report for those
properties, all available at www.sedar.com.
Cautionary Note to United States investors concerning estimates of measured, indicated and inferred resources: This document has been prepared in accordance with the
requirements of the Canadian securities laws which differ from the requirements of United States securities laws and uses terms that are not recognized by the United
States Securities and Exchange Commission (“SEC”). The terms “Mineral Reserve”, “Proven Mineral Reserve” and “Probable Mineral Reserve” are Canadian mining terms
as defined in accordance with the CIM Definition Standards adopted by CIM Council on May 10, 2014 (the “CIM Definition Standards”) which were incorporated by reference
in NI 43-101. These definitions differ from the definitions in SEC Industry Guide 7 (“SEC Industry Guide 7”) under United States securities laws. Under SEC Industry Guide 7
standards, a “final” or “bankable” feasibility study is required to report reserves 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. United States investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into
reserves. “Inferred Mineral Resources” have a great amount of uncertainty as to their existence and their economic and legal feasibility. A significant amount of exploration
must be completed in order to determine whether an Inferred Mineral Resource may be upgraded to a higher category. Under Canadian regulations, estimates of Inferred
Mineral Resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. United States investors are cautioned not to assume that all or any
part of an Inferred Mineral Resource exists or is economically or legally mineable. Disclosure of “contained ounces” in a resource is permitted disclosure under Canadian
regulations if such disclosure includes the grade or quality and the quantity for each category of Mineral Resource and Mineral Reserve; however, the SEC normally only
permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in place tonnage and grade without reference to unit measures.
Accordingly, information contained in this presentation containing descriptions of the Company’s mineral deposits may not be comparable to similar information made public
by United States companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder.
Appendix E: Reserves and Resources (continued)
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