AGM 2014 Presentation

Annual Shareholders Meeting

May 1, 2014

2

FORWARD LOOKING STATEMENTS

This presentation contains “forward-looking statements”, within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable

Canadian securities legislation, concerning the business, operations and financial performance and condition of Goldcorp Inc. (“Goldcorp”). Forward-looking

statements include, but are not limited to, statements with respect to the future price of gold, silver, copper, lead and zinc, the estimation of mineral reserves and

resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and

timing of the development of new deposits, 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.

AGENDA

• Strategic Overview

• 2013 and Q1 2014 Review

• Creating Sustainable Value

2013 Highlights

SOLID FINISH TO THE YEAR

• Adjusted revenues totaled $4.7B

• Record gold production of 2.7 million ounces

• All-in sustaining costs of $1,031 per gold ounce

• Adjusted operating cash flow of $1.6B, or $1.97/share

• Adjusted net earnings of $634 million, or $0.78/share

• Dividends paid totaled $486 million, maintained at $0.60/share annually

($0.05/share monthly)

• Proven and probable gold reserves totaled 54 million

4

Proven Strategy

CONSISTENT FOCUS

Quality

Growth

Safe,

Profitable

Production

Peer-

Leading

Balance

Sheet

Responsible

Mining

Practices

Gold

Focused

Together,

creating

sustainable

value

Low Political

Risk

Strategy to succeed

in a volatile market

5

Proven Strategy

KEY PRIORITIES

6

FINANCIAL

DISCIPLINE

Continued focus on execution – only SAFE production

Mine planning and budgets – focus on high margin ounces

Operating for Excellence – achieving operating cost reductions

Portfolio Management – disciplined review and investment

Operational Update

FOCUS IN LOW-RISK JURISDICTIONS

35%

33%

14%

9%

6% 3%

Dominican

Republic

Canada

Chile

Mexico

Guatemala

US

Argentina

2014E Gold Production1

Operating mines

Development projects

Canada

Mexico

Dominican Republic

Argentina

Guatemala

US

7 (1) Based on 2014 guidance as per January 8, 2014 press release, revised to exclude Marigold post Q1 2014

Proven Strategy

HIGH QUALITY GROWTH FROM NEW PROJECTS IN 2014

8

Cerro Negro

- First gold mid-year 2014

- Commercial production Q4 2014

- Detailed engineering completed,

total EPCM ~84%

- High voltage power line and substation

expected completion early May, approval

end of May

- Ore stockpile contains ~410,000 tonnes

at an average grade of 9.84g/t Au and

183.4g/t Ag

Éléonore

- First gold late-2014

- Commercial production Q1 2015

- Production drilling commenced

- Production shaft reached a depth

of 735 metres

- Ore stockpile on surface contains

~25,104 tonnes at an average grade of

3.9 g/t Au

- Exploration drilling focus on conversion of

resources to reserves

Cochenour

- First development ore late-2014

- Haulage drift advanced to 90% completion

- Shaft reached final depth of 1,116 metres

- Focus on integration with Red Lake

- Exploration continues with four drills on site,

results consistent with expectations

Proven Strategy

GOLDCORP’S FUTURE

9

Gold production (Moz)

0.0

5.5

2013A 2014E 2015E 2016E 2017E 2018E

Gold ounces GEO

2.95 – 3.1

3.6 – 3.8 3.7 – 4.0

3.5 – 3.8 3.5 – 3.8

2.7

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

Revised to exclude Marigold post Q1 2014

Proven Strategy

FREE CASH FLOW

10

US$/M

F O R E C A S T F R E E C A S H F L O W P O S I T I V E I N 2 0 1 4

2014 price assumptions: Au=$1,200/oz, Ag=$20.00/oz, Cu=$3.00/lb, Zn=$0.90/lb, Pb=$1.00/lb

FCF excludes dividends

Revised to exclude Marigold post Q1 2014

-600

-500

-400

-300

-200

-100

0

100

200

Q1'14A Q2'14E Q3'14E Q4'14E

Proven Strategy

CASH FLOW ALLOCATION PRIORITIES

11

+

Fund existing

growth profile

Invest in high return

organic growth

Flexibility for

selective M&A

Regular dividend

growth

+

+

Creating

shareholder

value

AGENDA




Financial Discipline

FIRST QUARTER 2014

13

Q1 2014 Actual

Gold production (oz) 679,900

Cash costs $ / oz

All-in sustaining $840

By-product $507

Co-product $673

Capital expenditures $480M

Exploration expenditures(3) $30M

Corporate administration $42M

Depreciation / oz $295

Tax rate 8%


POSITIVE MOMENTUM THROUGH GROWTH AND LOWER COSTS

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

2013 Actual January 2014Updated for Marigold

disposition (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 - $2.5B

Exploration expenditures(3) $156M $190M $190M

Corporate administration $165M $185M $185M

Depreciation / oz $314 $385 $350

Tax rate 36% 41% 26%

2014E Guidance (1)


ALL-IN SUSTAINING COSTS

15

US$/oz

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

0

200

400

600

800

1,000

1,200

1,400

Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 2013A 2014E

Sustaining capex Operating cost G&A Exploration Other

$1,031 $950 - $1,000

$1,134 $1,227

$995

$810 $840


STRONG BALANCE SHEET MAINTAINED

16

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

$2.4B L I Q U I D I T Y

$1.0B(1)

$1.4B(1)

CASH & EQUIVALENTS

UNDRAWN REVOLVING

CREDIT FACILITY

Net Debt in $B and as a % of Market Cap.(2)

(1) Cash & equivalents and revolving credit facility based on financial information as of March 31, 2014. Revolving credit facil ity of $2B of which $600M has been drawn.

(2) As of April 30, 2014; All amounts as reported in company financial statements and adjusted for subsequent transactions. Goldcorp’s net debt position adjusted to

include $393M of attributable Pueblo Viejo project debt

12%

22% 22%

30%

42% 43%

50% 51%

Goldcorp PF Agnico PFYamana

Kinross AngloGold Newmont Barrick Newcrest

$3.8B $10.1B $5.3B $3.1B $1.4B $1.4B $1.3B $2.3B


STRONG BALANCE SHEET MAINTAINED

17

H I G H E S T % O F O P E R AT I N G C A S H F L O W A M O N G P E E R S ( 1 )

(1) See Appendix A

Source: Bloomberg - gold price data (Jan. 1, 2005 – April 30, 2014)

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

US

$/s

hare

U

S$/o

unce

Gold Price Dividend per share

AGENDA




Safety Update

SAFE ENOUGH FOR OUR FAMILIES

19

• October 30th 2013, Day of Remembrance

• March 2014: Cerro Negro Project surpasses

3 million hours without a Lost Time Injury

• Fighting Fatalities training

Environmental Stewardship

OUR PLANET. OUR CHOICES. OUR LEGACY.

20

• Sustainability Excellence Management System

Framework and Standards

• Water Stewardship Strategy

• Progress on Energy Efficiency Goals:

• Red Lake Gas Line

• On Demand Ventilation System at Éléonore

Commitment to Communities

OUR PLANET. OUR CHOICES. OUR LEGACY

21

• Two New Collaboration Agreements with First Nations

• Lac Seul (Red Lake)

• Mishkeegogamang (Musselwhite)

• Advanced Local Sourcing of goods and services:

• 94% local, regional or in-country

GOLDCORP ADVANTAGE

Quality

Growth

Safe,

Profitable

Production

Peer-

Leading

Balance

Sheet

Responsible

Mining

Practices

Gold

Focused

Low

Political

Risk

SUPERIOR

INVESTMENT

PROPOSITION

22

Appendix A

STRONG DIVIDEND TRACK RECORD

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Dividend as % of Operating Cash Flow

2014E 2015E

0%

3%

8%

11%

16%

32%

0% 2%

7%

10%

13%

23%

Kinross Newmont Barrick Agnico Yamana Goldcorp

AGM 2014 Presentation

Business

Transcript of AGM 2014 Presentation