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C o r p o r a t e U p d a t eN O V E M B E R 2 0 1 1
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, 2010 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.
Forward Looking Statements
2
3
• Growth Leader
• Low Cost Producer
• Outstanding Balance
Sheet
• Low Political Risk
• Responsible Mining
SUSTAINABLEPROSPERITY
Execution
Shareholder
Return
Disciplined
Portfolio
Management
Sustainable
Prosperity
• Growing gold
production
• Low-cost producer
• Accelerating cash flow
and earnings
• Funding growth without
dilution
• Organic reserve growth
• Active dividend policy
• Environmental
stewardship
• Human rights
• Safety
• Continued gold focus
• Low country risk
• Disciplined M&A
strategy
Proven Strategy
4
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 11 Consecutive Years
5
163305 295 274
209
540
563683
966
1,329
2007 2008 2009 2010 2011 YTD
By-Product Cash Costs Cash Margin
$703
$868
$978
$1,240
($ per Oz)
REALIZED GOLD PRICE $1,538
Sector Leading Cash Margins
6
Strong Growth on a Per Share Basis
7
$1.22 $1.31
$1.61
$2.33 $2.32
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
2007 2008 2009 2010 2011 YTD
Cash flow / Share1
(US$ / share)
61.5 65.0 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
$1.60
2007 2008 2009 2010 2011 YTD
Reserves / Share3
(per 1000 shares)
Earnings / Share2
(US$ / share)
1 Cash flow before changes in working capital2 Adjusted earnings per share3 Reserves for gold only4 Includes Cerro Negro update March 2011
4
39,700
43,400
46,30048,800
62,250
2006 2007 2008 2009 2010*
Gold proven & probable reserves (000’s oz)
2011 Exploration Budget - $225M
2010* INCREASE OF 28%,
17% ON A PER SHARE BASIS
Steady, Continous Reserve Growth Success
8
* Includes Cerro Negro update March 2011
Revenues $1,308M $885M
Gold production 592,100 588,600
Cash costs $/oz - By-Product $258 $260
- Co-Product $551 $435
Adjusted net earnings $459M $244M
Operating cash flows1 $681M $457M
Q32011 Q32010
Q3 2011 Highlights
9
1 Cash flow before changes in working capital
Gold Price Revenues Operating Cash Flow
Adjusted Earnings
112%
78%
55%
30%
• Leverage in operating costs
• No holding costs
• Pays dividend
• Organic growth
% increase 2011 YTD compared to 2010 YTD
Goldcorp Leverage Relative to Physical Gold
10
Gold production (M oz) 2.65 - 2.75 2.50 - 2.55
Cash costs $/oz - By-Product $280 - $320 $180 - $220
- Co-Product $475 - $500 $500 - $550
Capital expenditures $1.5B $1.5B(+$290M at Pueblo Viejo) (+$490M at Pueblo Viejo)
Exploration expenditures $170M $225M
Tax rate 30% 27%
20111 20112 Updated
Guidance Guidance
Updated Guidance
11
1 2011 price assumptions: Au=$1250/oz, Ag=$20/oz, Cu=$3.25/lb, Zn=$0.90/lb, Pb=$0.90/lb2 2011 price assumptions: Au=$1450/oz, Ag=$30/oz, Cu=$4.10/lb, Zn=$1.02/lb, Pb=$1.14/lb
Cash & cash equivalents $1.5B
Available debt facility – undrawn $1.5B
Convertible senior notes – due 2014 $862.5M
Forecast avg. annual cash flow over $2.5B2
next 5 years
Net cash (debt) $614M
Financial Position – Excellent Liquidity
1 Moody’s: Baa2; S&P: BBB+; Fitch: BBB
2 Price assumptions 2011-2015: Au=$1250/oz, Ag=$20/oz, Cu=$3.25/lb, Zn=$0.90/lb, Pb=$0.90/lb
Investment Grade1 Balance Sheet
As at Sept. 30, 2011
12
Focus on Stable Jurisdictions
Canada 46%
US6%
Mexico27%
Guatemala16%
Argentina5%
2011E Gold Production
OPERATING MINES
DEVELOPMENT PROJECTS
AMERICAS ORIENTATION
ARGENTINA
DOMINICAN REPUBLIC
CANADA
CHILE
MEXICO
GUATEMALA
USA
13
0
1,000,000
2,000,000
3,000,000
4,000,000
2011E 2012E 2013E 2014E 2015E
Current Operations New Projects
(Ounces)
Steady, Strong Growth Profile
14
4.0 Moz
Scoping
Feasibility
Construction
Production
Red Lake & other operating mines
Marlin (2006)
Los Filos (2008)
Peñasquito (2010)
Pueblo Viejo (2012)
Cerro Negro (2013)
Cochenour (2014)
Éléonore (2014)
Camino Rojo (2014)
El Morro
Noche Buena
Cerro Blanco
Agua Rica
Red Lake Bulk UG
Peñasquito UG
A Robust Development Pipeline
15
• High grade vein system
• Outstanding reserve growth
potential
Updated feasibility study results:
- 550 koz Au annually (1st 5 years)
- <$200 /oz cash costs* (1st 5 years)
- Initial capital $750M
- First production 2013
Cerro Negro – Advancing a World Class Project
16
Cerro Negro – Advancing Construction
• 96,858 meters exploration drilling
year to date
• Eureka decline advanced to
1,432 meters
• 3 levels of development into Eureka
vein
• Construction & development
activities advancing:
• Submitted amended EIA
• Expansion of the Eureka camp
underway
17
18
Cerro Negro – Large Percentage of Veins Untested
San Marcos
Mariana Norte
Mariana CentralMariana Sur
Eureka
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
11.0m
111.00 g/t Au
238 g/t Ag
2.0m
5.4 g/t Au
3,244 g/t Ag
4.0m
3.67 g/t Au
3 g/t Ag
8.0m
20.1 g/t Au
265 g/t Ag
2400000E Fault
6.5m
150 g/t Au
172 g/t Ag
1.5m
92.6 g/t Au
72 g/t Ag
2.0m
41.12 g/t Au
217 g/t Ag
Éléonore – 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: <$400/oz
- Capex - $1.4B
• Cree agreement complete
19
• Permit approval expected in Q4 2011
• Exploration shaft over 500 metres
• Exploration ramp extended over 500
meters
• Construction camp development
underway
• EPCM contract awarded
• Continued exploration success
Éléonore – Progressing Towards Construction
20
• 5.7 million ounces of Au reserves*
• 4.3 billion pounds of Cu reserves*
• Large, under-explored land position
• Permit received Q1 2011, access
infrastructure in progress
• Feasibility study update completed;
internal review underway
• Capital cost ~ $3.9B
• First production: 5-6 years from
project approval date
El Morro – A World Class Project in Mining Friendly Chile
21
* Goldcorp interest 70%
• 9.5 million ounces of Au reserves*
• Life of mine +25 years
• $490 million capital budget for 2011
• First gold mid-2012
• Annual output 415,000 to 450,000
ounces per year1 in first five years
Pueblo Viejo – Next New Source of Gold Production
22
* Goldcorp interest 40%
• Initial resource of 2.7M gold ounces
• Construction underway:
- Mine life ~20 years
- 250,000 - 275,000 ounces Au
annually
- Cash costs < $350 per ounce
- Capex - $420M
- First production late 2014
Cochenour – Key Growth Driver in Red Lake District
23
• Shaft widening underway
• Haulage drift 35% complete
- 2 rigs actively drilling
- Exploration potential on untested
ground
• Surface exploration with 4 drill rigs
• Installation of headframe surface
infrastructure underway
Cochenour – Construction Progress
24
Red Lake – Haulage Drift Exploration Potential
25
Haulage Drift
Rahill - Bonanza
Bruce Channel Discovery
Western
Discovery
Zone
East
Drift location
at end of 2011Current drift
location
Red Lake – New Opportunities at World’s Richest Gold Mine
• Robust, low cost gold production
• 2011 gold production forecast of
665,000 ounces
• 2011 exploration budget $36M
- High Grade Zone continues at
depth
- Hanging Wall exploration
success
• District optimization plans
advancing: Cochenour, bulk u/g
mining
26
Peñasquito
• 2011 gold production forecast -
250,000 ozs at negative cash costs
• Tremendous cash flow generator in
2011 and beyond
• Average annual production:
- 500Koz Au; 204Kt Zn; 90.7Kt Pb;
28Moz Ag
• 22-year mine life
27
Peñasquito – Operating Refinements in 2011
• Supplementary feed to HPGR
circuit on track for completion by
Y/E 2011
• Tailings dam raise completion
expected ahead of schedule
• Ore body grades and recoveries
exceed expectations
28
Peñasquito – Advancing District Projects
29
Camino Rojo
• 54,402 meters drilled in 2011
• Testing oxide & sulphide
expansion
• Feasibility study due H1 2012
Noche Buena
• Resource expansion drilling
continues
• In-fill drilling on higher grade
mineralization trends
Delivering Superior Returns
Goldcorp
+767%
Peers*
+317%
Philadelphia
Gold / Silver
Index
+283%
Gold Price
+525%
Dow Industrials
+32%
* Peers include Barrick, Newmont, Kinross and Agnico
Source: Bloomberg data Oct. 27/01 – Oct. 27/11
30
-40%
160%
360%
560%
760%
960%
2001 2003 2005 2007 2009 2011
31
• Growth Leader
• Low Cost Producer
• Outstanding Balance
Sheet
• Low Political Risk
• Responsible Mining
SUPERIOR INVESTMENT PROPOSITION
Appendix A – Metals Production (% of Revenues)
32
87% 86% 87% 88% 88%
13% 14% 13% 12% 12%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2011 YTD 2012E 2013E 2014E 2015E
Total Precious Metals Base Metals
-
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
GEO actual production
5.6 Moz
(Ounces)
GEO est. production
Appendix B – Increasing GEO Production
33
Silver Price ($/oz)
Gold Price ($/oz)
Copper Price ($/lb)
Zinc Price ($/lb)
Base Price
$1250
$3.25
$0.90
Lead Price ($/lb)
1.03
$20.00
Canadian Dollars
$85.00
Mexican Peso
Diesel ($/barrel)
12.50
$0.90
$100
$0.50
$0.10
10%
$1.00
10%
10%
$0.10
$0.25
$0.02
$0.03
$0.04
$0.02
$0.01
$0.02
$0.02
$12
$14
$20
$10
$2
$11
$7
$196M
$17M
$26M
$100M
$18M
$8M
$24M
$13M
Change Increments
CFPS($/share)
By Product Cash Costs ($/oz)
FCF ($mm)
Electricity ($/kWh) $0.08 10% $0.02 $3 $17M
Appendix C – 2011 Sensitivities
34
Canada / USA
Consolidated
Mexico CSA
22%
14%
6%
12%9%
16%
2%
4%
4%11%
Labour Contractors Fuel Costs Power Maintenance Parts Consumables Tires Explosives Site Costs Others
40%
16%4%
7%
9%
11%
2%2%
5% 4% 10%
15%
7%
17%6%
20%
2%
5%
4%
14% 17%
7%
8%
11%
14%
18%
2%3%
4%
16%
Appendix D – Operating Costs Breakdown
35
Appendix E - Peñasquito
36
New Secondary
Crusher
Reverse 5th
Feeder
New Screen
Deck
PEBBLE
CRUSHERS
SCREENS &
MAGNETS
HPGR
SAG 1
SAG 2
Additional throughput direct to HPGR circuit
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 calculationof 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 Peñasquito at market silver prices and 25% of the silver forPeñasquito 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 Company’s 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.
Commencing in 2011, production costs are allocated to each co-product based on the ratio of actual sales volumes multiplied by budget metalsprices of $1,250 per ounce of gold, $20 per ounce of silver, $3.25 per pound of copper, $0.90 per pound of lead and $0.90 per pound of zinc,rather than realized 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 Goldcorp’s 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. Goldcorp’snormal data verification procedures have been employed in connection with the calculations. For a breakdown of Reserves and Resources bycategory and for a more detailed description of the key assumptions, parameters and methods used in calculating Goldcorp’s Reserves andResources, see Goldcorp’s Annual information Form/ Form 40-F on file with Canadian provincial securities regulatory authorities and the U.S.Securities and Exchange Commission.
3. Goldcorp’s 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 Goldcorp’s material properties,see Goldcorp’s Annual Information Form/Form 40-F on file with Canadian provincial securities regulatory authorities and the U.S. Securities andExchange Commission.
Endnotes
37