cerro negro mine tour...of mineral reserves and resources, the realization of mineral reserve...

Cerro Negro

Mine Tour

FEBRUARY 26-27, 2015

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, 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.

2

http://www.sedar.com





3

The Golden Guide is PPE

“With everyone in our company using our Golden Guide to plan each task, job, or day - we will achieve a step change in our overall safety performance.” George Burns, COO

• Golden Guide will be mandatory

PPE from 1st April 2015.

• Take the time to fill out your pledge

and include a photograph of your

loved ones.

• Everyone is responsible for their

own safety, as well as the safety of

others, which means really being

engaged in the field every day,

speaking up when things aren't

right, and looking out for our co-

workers.

Goldcorp Participants

George Burns – EVP & COO

Lindsay Hall – EVP & CFO

Charlie Ronkos – SVP, Exploration

Jeff Wilhoit – VP, Investor Relations

Lynette Gould – Director, Investor Relations

Edgardo Lopez – Director, Finance, Central/South America

Xavier Ochoa – Mine General Manager, Cerro Negro

Jon Graham – Operations Manager, Cerro Negro

Andy Tripp – Technical Services Manager, Cerro Negro

Gassaway Brown – Sr. Corporate Geologist, Exploration, Latin America

Steve Long – Mining Manager, Cerro Negro

Ruben Zevallos – Processing Manager, Cerro Negro 4

Proven Strategy W I T H A C O N S I S T E N T F O C U S

CREATING SUSTAINABLE VALUE

Quality

Growth Gold Focus

Responsible Mining

Practices

Safe,

Profitable

Production

Peer-Leading

Balance

Sheet

Low Political

Risk

TOGETHER

5

2014 Achievements P R O V E N S T R AT E G Y

6

Achieved zero fatalities

Increased gold production to a record of 2.87 million ounces

Delivered two new high quality, low-cost mines

Reduced all-in sustaining costs to $949/oz

Realized benefits of $280 million from the Operating for Excellence program

Divested non-core assets

Maintained investment grade balance sheet

2015 Deliverables P R O V E N S T R AT E G Y

Achieve zero fatalities

Deliver free cash flow after dividends

Grow gold production to between 3.3 and 3.6 million ounces

Achieve successful ramp ups at Cerro Negro and Éléonore

Advance Concentrate Enrichment/Pyrite Leach feasibility study at Peñasquito

Replace/grow mine reserves Company-wide

Realize benefits of $175 million from the Operating for Excellence program

Maintain investment grade balance sheet

Complete sale of Wharf; Probe acquisition

7

(1) 2015 price assumptions: Au=$1,200/oz, Ag=$18.00/oz, Cu=$3.00/lb, Zn=$1.00/lb, Pb=$0.95/lb. (2) Includes capitalized exploration

2014 Actual 2015 Guidance(1)

Gold Production (oz) 2.87M 3.3 - 3.6M

Cash costs $ / oz

All-in sustaining

By-product

Co-product

$949

$542

$668

$875 - $950

$500 - $550

$625 - $675

Capital expenditures(2) $2.2B $1.2B - $1.4B

Exploration expenditures(2) $152M $170M

Corporate administration $175M $185M

Depreciation / oz $336 $390

Tax rate 23% 35%

8

Positive Momentum F I N A N C I A L D I S C I P L I N E

Sustained High Quality Production F I N A N C I A L D I S C I P L I N E

STRONG PRODUCTION , LOW-COSTS TO DRIVE INCREASING FREE CASH FLOW

9

0.0

5.0

2014A 2015E 2016E 2017E 2018E 2019E

GO

LD

PR

OD

UC

TIO

N

(MO

Z)

Gold GEO

Strong Balance Sheet Maintained F I N A N C I A L D I S C I P L I N E

$1.74B

Liquidity(1)

$0.54B Cash & Cash

Equivalents

$1.2B Undrawn Revolving Credit Facility

NET DEBT AS % OF MARKET CAP(2)

10

PROVIDES FLEXIBILITY TO FUND GROWTH OPPORTUNITIES

(1) As of December 31, 2014

(2) As of February 19, 2015; All amounts as reported in company financial statements and adjusted for subsequent transactions. Goldcorp’s

net debt position adjusted to include $355M of attributable Pueblo Viejo project debt and reduced by $105 mm due to sale of Wharf.

18% 19%

33% 35%

40% 43%

67% 67%

Agnico Goldcorp Kinross Newmont Newcrest Yamana AngloGold Barrick

$10.0B $3.1B $1.6B $3.4B $4.2B $1.0B $3.3B $1.2B

Operating mines

Development projects

11

(1) Based on 2015 guidance as per January 12, 2015 press release and Wharf divestiture on Feb. 20, 2015

2015E

GOLD

PRODUCTION

BY REGION(1)

33% CENTRAL/SOUTH

AMERICA 38% CANADA/USA

29% MEXICO

Geographic Diversity in the Americas U N R I VA L E D P O R T F O L I O A N C H O R E D B Y Y O U N G , L O W - C O S T M I N E S

Cerro Negro A N E W C O N T R I B U T O R T O G O L D C O R P ’ S P R O D U C T I O N G R O W T H

12

Table of Contents C E R R O N E G R O M I N E

LOCATION / OVERVIEW

OPERATION RAMP UP

DRILLING

BUILDING PARTNERSHIPS

KEY TAKEAWAYS

13

Text line 1 T E X T L I N E 2

14

Operating mines

Development projects

Location C E R R O N E G R O M I N E


15

Integrated Complex C E R R O N E G R O M I N E

• 5 high grade underground mines (Eureka, Mariana Central, Mariana Norte,

San Marcos, Bajo Negro)

• 1 open pit - Vein Zone

• 1 CCD+Merrill-Crowe mill

Cerro Negro Mine at a Glance N E W G R O W T H D R I V E R

HIGH GRADE VEIN SYSTEM

OUTSTANDING RESERVE GROWTH

POTENTIAL

• Reserve and resources (1)

- P&P reserves: 5.26Mozs

- M&I resources: 0.65Mozs

- Inferred resources: 0.32Mozs

• Mine life: 15 years

• All veins remain open for expansion

(1) Year ended December 31, 2014

16

COMMERCIAL PRODUCTION ACHIEVED

JAN. 1, 2015

• 2014A: 152,100ozs - Ore Processing from:

- High grade development stockpiles

from Eureka & Mariana Central

- High grade ore production from

Eureka

• 2015E: 425,000 - 475,000ozs

INITIAL CONSTRUCTION COMPLETED

• Permanent power achieved Feb. 2, 2015

17

Achieving Milestones C E R R O N E G R O M I N E

July 15, 2014

Plant Startup

Dec. 31, 2013

285kt Stockpile

July 25, 2014

First Gold

Jan. 1, 2015

Commercial

Production

Feb. 2, 2015

Permanent

Power

2015 Budget & Deliverables C E R R O N E G R O M I N E

18

Continued development & production ramp up at Mariana Central

Operating on permanent power

Drilling at Bajo Negro, Vein Zone and Marianas Complex

Expanded training program for new & existing workforce (w/Redpath Mining)

Optimize manpower to leverage Mariana Central ramp-up

Construction of Marianas Mines’ surface complex & upgraded infrastructure

Complete mine ramp-up (Eureka – Q3, Mariana Central – Q4)

Operating for Excellence Initiatives C E R R O N E G R O M I N E

- Optimize shift schedule

- Mechanized ground support cycle reduction

- Sprinkler road dust suppression system

- Mine water inflow reduction through

dewatering wells

- Ag recovery increase through lead nitrate

addition and optimized use of cyanide.

19

- Reduction of fresh water consumption for

process use

- Increased recycling

- Integration of treated sewage streams

into water balance

- Supply chain logistics and warehouse

facility management streamlining

- Alternative sourcing = local providers

development / OEM-imported parts

substitution / parts & component rebuilding


20

Fully Mechanized Underground Mining C E R R O N E G R O M I N E

• Overhand Long Hole Stoping with Rock Backfill

• Mining in Horizons along veins


21

2015 Production C E R R O N E G R O M I N E

2015 Recovered Ounces by Vein

Eureka 125,000 - 150,000

Mariana Central 250,000 - 275,000

Eureka & Mariana Stockpiles 50,000

Total 425,000 – 475,000

0

500

1,000

1,500

2,000

2,500

3,000

3,500

To

nn

es

per

Day o

f O

re M

ined

Dateline

Total Mine Capacity Realized

Eureka & Mariana Central 30-day lagging average


22

Daily Mine Production Ramp Up C E R R O N E G R O M I N E

Eureka

Stoping

Started

Mariana

Stoping

Started

Mining

Takeover

from

Contractor

0

500

1,000

1,500

2,000

2,500

3,000

To

nn

es

per

Day o

f O

re M

ined

Dateline

Eureka

Eureka 30-day lagging average


23


First

Stope

Initiated

Mining

Takeover

from

Contractor


24


0

200

400

600

800

1,000

1,200

1,400

To

nn

es

per

Day o

f O

re M

ined

Dateline

Mariana Central

Mariana Central 30-day lagging average

First

Stope

Initiated

Mining

Takeover

from

Contractor


25

Text line 1 Processing Flow Sheet C E R R O N E G R O

GRINDING CRUSHING

LEACHING GRAVITY

‘CCD’

Counter Current

Decantation

MERRILL

CROWE TAILS

Overall gold recovery of 92% & silver at 71% in Q4, 2014

DORE


26

Mill Throughput C E R R O N E G R O M I N E

Actual to Date

Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-151

Total Throughput (t) 7,555 23,683 58,904 94,602 96,477 100,088 81,547 65,412

Average daily throughput

(t/d) 503 764 1,963 3,052 3,216 3,229 2,631 3,115

Peak throughput (t/d) 819 1,869 3,343 4,102 4,180 4,350 3,847 3,459

(1) As of February 21, 2015


27

Mill Throughput C E R R O N E G R O M I N E

Q1 - Entering Stabilization Stage

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

Jul-2014 Aug-2014 Sep-2014 Oct-2014 Nov-2014 Dec-2014 Jan-2015 Feb-2015

Mill Throughput Performance1

2015 Budget Planned Milling Rate (tonnes per day milled)

Average daily throughput (tonnes per day milled)

Maximum Throughput Reached During Month (tonnes per day milled)

Nameplate Mill Capacity (tonnes per day milled)

(1) As of February 21, 2015


28

Strong Recoveries C E R R O N E G R O M I N E


29

Fresh Water Consumption C E R R O N E G R O M I N E

-

0.10

0.20

0.30

0.40

0.50

0.60

0.70

9/1/2014 10/1/2014 11/1/2014 12/1/2014 1/1/2015 2/1/2015

Spe

cifi

c W

ate

r C

on

sum

pti

on

(

Cu

bic

me

ters

pe

r to

nn

e m

ille

d)

Milling Water Consumption

Total (Plan) Water Consumption

Actual Fresh Water Consumption

Substantial Reduction in Water Footprint & Water Costs

Water Reuse

Paid for groundwater

T E X T L I N E 2

30

Eureka Backfill Plant

Mariana Central Portal

Eureka Mine Complex

Eureka ore Stockpile

Text line 1 T E X T L I N E 2 Surface Mine Facilities C E R R O N E G R O M I N E

Core Drilling

Text line 1

MINING PHOTOS

Ramp Development

Eureka Backfilled Stope Eureka Stope – Top View

Eureka Stope – Bottom View

Mariana Central – First Stope

Top View

Mariana Central – First Stope

Bottom View

Text line 1 T E X T L I N E 2 Underground Mines C E R R O N E G R O M I N E

31

T E X T L I N E 2

32

Vein Zone Camp & Mill Tailings Facility

Text line 1 T E X T L I N E 2 Process Facilities C E R R O N E G R O M I N E

33

Life of Mine Plan


34

Multi-Mine Sequence M I N E P L A N

35

Drilling


36

2.07 2.07

4.26 4.54

5.74 5.74 5.26

0.38

2.66

0.38 0.55

0.51 0.51

0.65

0.57

0.72 0.72

1.04

0.82 0.82

0.32

0

1

2

3

4

5

6

7

8

Dec2010

Feb2011

Mar2011

Dec2011

Dec2012

Dec2013

Dec2014

Millio

n O

zs

Gold

Reserves Resources Inferred

20.5 20.5

36.16 38.78

49.36 49.36 43.63 2.83

18.74

2.83 3.11

3.78 3.78

5.59

3.23

4.69 4.68

5.15

5.87 5.87

1.86

0

10

20

30

40

50

60

70

Dec2010

Feb2011

Mar2011

Dec2011

Dec2012

Dec2013

Dec2014

Millio

n O

zs

Silver

Reserves Resources Inferred

(1) Refer to Appendix A for further information on Gold and Silver Mineral Reserve and Resources

Reserve & Resources D R I L L I N G

Nn


37

(1) Based on 2015 guidance as per January 13, 2015 press release

West Belt

East Belt

New Shoots and Vein Extensions

37


38


Eureka Vein System

As of December 31, 2014

38

Au 2.98 10.52 1.01 0.87 6.33 0.18 0.26 8.99 0.07

Ag 2.98 170.95 16.36 0.87 91.74 2.57 0.26 98.41 0.81

Ounces

(moz)

Tonnes

(mt)(g/t)

Ounces

(moz)

2P Reserves M+I Resrources Inf. Resources

Tonnes

(mt)(g/t)

Ounces

(moz)

Tonnes

(mt)(g/t)


39


Bajo Negro Vein System


39

Au 1.95 8.83 0.55 0.35 5.97 0.07 0.28 7.09 0.06

Ag 1.95 26.23 1.64 0.35 20.35 0.23 0.28 21.72 0.19

Ounces

(moz)

Tonnes

(mt)(g/t)

Ounces

(moz)

Tonnes

(mt)(g/t)

Ounces

(moz)

Tonnes

(mt)(g/t)


?

?

1

40


Vein Zone

40 Au 2.7 4.22 0.37 0.78 1.62 0.04 0.32 1.84 0.02

Ag 2.7 8.69 0.76 0.78 3.68 0.09 0.32 3.82 0.04

(g/t)Ounces

(moz)

Tonnes

(mt)(g/t)

Ounces

(moz)

Tonnes

(mt)(g/t)

Ounces

(moz)

Tonnes

(mt)



?

?

41

Community & Partnerships

Integrating into the Community C O M M U N I T Y & PA R T N E R S H I P S

42

Active development of local suppliers & business partners

Local workforce training

Multi-year Perito Moreno County Sustainable Development Plan

US$1.5M commitment for development of a school complex

Voluntary collaboration agreements

Perito Moreno County – 1% of earnings committed to a trust fund to

finance infrastructure, educational programs and social development.

Santa Cruz Province – sliding scale (1% down to 0.25% of revenues)

trust fund for public health improvement and development

Key Takeaways

43

BUILDING A CORNERSTONE MINE

Strong

production

profile

Significant

exploration

potential

Initial capital

spend

completed

Growing

community

partnerships

TOGETHER

cerro negro mine tour...of mineral reserves and resources, the realization of mineral reserve...

Documents