Exhibit
99.2








(in United States dollars, tabular amounts in millions, except where
noted)


M ANAGEMENT ’ S D ISCUSSION  AND A NALYSIS


OF F INANCIAL C ONDITION  AND R ESULTS  OF O PERATIONS


F OR T HE Y EAR E NDED D ECEMBER 31,
2014


This Management’s Discussion and Analysis (“MD&A”)
should be read in conjunction with the consolidated financial statements of Goldcorp Inc. (“Goldcorp” or “the Company”) for the year ended  December 31, 2014 and related notes thereto which have
been prepared in accordance with International Financial Reporting Standards (“GAAP” or “IFRS”) as issued by the International Accounting Standards Board (“IASB”). This MD&A contains “forward-looking
statements” that are subject to risk factors set out in a cautionary note contained herein. All figures are in United States (“US”) dollars unless otherwise noted. References to C$ are to Canadian dollars. This MD&A has been
prepared as of February 18, 2015 .


2015 DEVELOPMENTS


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|- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | On January 30, 2015, the Company announced it had signed a Collaboration
Agreement with the Wabauskang First Nations. The agreement paves the way for long-term economic benefits for the northwestern Ontario First Nations and provides a framework for strengthened collaboration in the development and operations of the Red
Lake Gold Mines. With the signing of the agreement, the Company now has collaboration agreements in place with all the First Nations which assert Aboriginal and treaty rights in the vicinity of the Company's active operations in Canada.

|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | On January 19, 2015, the Company and Probe Mines Limited ("Probe") announced an
agreement whereby the Company will acquire, through a friendly plan of arrangement, all the outstanding shares of Probe for total consideration of approximately C$526 million. Probe's principal asset is the 100%-owned Borden Gold project in Ontario,
160 kilometres west of the Company's Porcupine mine. Under the terms of the offer, each common share of Probe not owned by the Company will be exchanged for 0.1755 common shares of the Company. The Company currently owns 15.7 million shares and 2.8
million warrants of Probe, representing a 19.9% partially-diluted ownership interest, of which 7.3 million shares and 2.8 million warrants were purchased from Agnico Eagle Mines Limited on January 27, 2015 and February 2, 2015 for cash consideration
of C$45 million. The offer is subject to customary conditions, including the acceptance by Probe shareholders owning a minimum of 66.67% of the outstanding common shares of Probe on a fully diluted basis. The offer is not subject to the Company's
shareholders' approval. The transaction is expected to close by the end of March 2015.

|  |                                                                                                                                                                                                                                                                                                                                                                                                                 
|- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | On January 12, 2015, the Company announced that it had entered into a definitive
stock purchase agreement whereby it will sell its 100% interest in Wharf in Lead, South Dakota to Coeur Mining, Inc. Under the terms of the agreement, the Company will receive total consideration of $105 million in cash, subject to certain closing
adjustments. The transaction is expected to close on February 20, 2015.

|  |                                                                      
|- | ---------------------------------------------------------------------
|• | Cerro Negro declared commercial production effective January 1,
2015.

2014 HIGHLIGHTS


|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | On November 24, 2014, the Company announced that it had signed a Resource
Development Agreement ("RDA") with four First Nations communities, including the Mattagami First Nation, Wahgoshig First Nation, Matachewan First Nation, and Flying Post First Nation. The agreement establishes a framework for continued consultation
on current and future operations in the Timmins area, including defining long-term benefits for the First Nations.

|  |                                                                                                            
|- | -----------------------------------------------------------------------------------------------------------
|• | Cerro Negro and Éléonore achieved first gold production on July 25,
2014 and October 1, 2014, respectively.

|  |                                                                                                                                                                                                                                                                              
|- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | On June 9, 2014, the Company completed an issuance of $1.0 billion of senior
unsecured notes and received net proceeds of $988 million. A portion of these proceeds were used to repay, upon maturity on August 1, 2014, the Company's $863 million convertible senior notes.

|  |                                                                                                                                                                                                                                                                                                                               
|- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | On April 4, 2014, the Company and its joint venture partner, Barrick Gold
Corporation ("Barrick"), completed the sale of their respective interests in the Marigold mine to Silver Standard Resources Inc. Total consideration received was $267 million in cash, after closing adjustments (Goldcorp's share – $184
million).

|  |                                                                                                                                                                                                                                                                                                         
|- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | On March 26, 2014, the Company completed the sale of 31,151,200 common shares of
Primero Mining Corp. ("Primero") to a syndicate of underwriters for $201 million (C$224 million), recognizing a gain of $18 million, net of selling costs of $8 million. Goldcorp no longer owns any shares of Primero.

|  |                                                                                                                                                                                                  
|- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | On March 3, 2014, the Company secured a letter of credit in the amount of $36.3
million (C$40.1 million) to cover 100% of the closure obligation related to the Éléonore mine in northern Quebec.

GOLDCORP  | 1


---



---

(in United States dollars, tabular amounts in millions, except where
noted)


|  |                                                                                                                                                                                                                                                                                                                                                                                                                        
|- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | On January 8, 2014, the Company filed a National Instrument 43-101 updated
technical report for Peñasquito. The new life-of-mine plan resulted in a 13 year mine life that positively impacts the five-year production profile and increased cash flows over the life of the mine. In addition, on March 28, 2014 the Company
filed updated National Instrument 43-101 technical reports for Éléonore and Pueblo Viejo.

|  |                                        
|- | ---------------------------------------
|• | Key consolidated financial information:

|  |                                                                                                                                                                                                                                                                                                                                                                              
|- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|◦ | A net loss attributable to shareholders of Goldcorp, including discontinued
operations, of$(2,396) million, or$(2.94)per share, for the fourth quarter and$(2,161) million, or$(2.66)per share, for2014, compared with a net loss, including discontinued operations, of $(1,089) million, or$(1.34)per share, and$(2,709) million, or$(3.34)per share, respectively, in2013.

|  |                                                                                                                                                                                        
|- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|◦ | Operating cash flows, including discontinued operations, of$274 millionfor the fourth quarter and$1,014 millionfor2014, compared with$307 millionand$955
million, respectively, in2013.

|  |                                                                    
|- | -------------------------------------------------------------------
|◦ | Dividends paid of$488 millionin2014, compared to$486 millionin2013.

|  |                             
|- | ----------------------------
|◦ | $1.7 billionof
liquidity.(1)

|  |                                                                                                                                                                                        
|- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|◦ | At December 31, 2014, the Company recognized an impairment charge of $2,300 million, net of tax,
principally in respect of the Company's exploration potential at its Cerro Negro mine.

|  |                             
|- | ----------------------------
|• | Key performance measures:(2)

|  |                                                                                                                                                                                      
|- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|◦ | Goldcorp’s share of gold production increased to890,900ounces for the fourth quarter and2,871,200ounces for2014, compared with768,900ounces and2,666,600ounces, respectively, in2013.

|  |                                                                                                                                                                                                                                                                                                                                                                                                 
|- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|◦ | Total cash costs of$589per gold ounce for the fourth quarter and$542per gold ounce for2014, net of by-product silver, copper, lead and zinc credits, compared with$467and$553per gold ounce, respectively, in2013. On a co-product basis, cash costs of$669per gold ounce for the fourth quarter and$668per gold ounce for2014, compared with$645and$687per gold ounce, respectively, in2013.(3)

|  |                                                                                                                                                                                                                                                                                                                                      
|- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|◦ | All-in sustaining costs of$1,035per gold ounce for the fourth quarter and$949per gold ounce for2014, compared with$810and$1,031per gold ounce, respectively, in2013. All-in costs of$1,544per gold ounce for the fourth quarter and$1,499per gold ounce for2014, compared with$1,336and$1,575per gold ounce, respectively, in2013.(4)

|  |                                                                                                                                                                                                                                  
|- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|◦ | Adjusted net earnings of$55 million, or$0.07per share, for the fourth quarter and$498 million, or$0.61per share, for2014, compared with$74
million, or$0.09per share, and$634 million, or$0.78per share,
respectively, in2013.(5)

|  |                                                                                                                                                                                    
|- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|◦ | Goldcorp’s share of adjusted operating cash flows of$337 millionfor the fourth quarter and$1,393 millionfor2014, compared to$439 millionand$1,601 million, respectively, in2013.(6)

|  |                                                                                                                                                                                       
|- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|◦ | Goldcorp’s share of negative free cash flows of$(241) millionfor the fourth quarter and$(1,003) millionfor2014, compared to$(351) millionand$(1,375) million, respectively, in2013.(7)

|    |                                                                                                                                                                                                 
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | AtDecember 31, 2014, the Company held$482 millionof cash and cash equivalents, $53 millionof money market investments, and had$1.2 billionundrawn on its $2.0 billion revolving credit facility.

|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(2) | The Company has included non-GAAP performance measures on an attributable (or Goldcorp’s
share) basis throughout this document. Attributable performance measures include the Company’s mining operations, including its discontinued operations, 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.

|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(3) | The Company has included non-GAAP performance measures – total cash costs, by-product and
co-product, per gold ounce, throughout this document. In the gold mining industry, total cash costs is a common performance measure but does not have any standardized meaning. The Company follows the recommendations of the Gold Institute Production
Cost Standard. The Gold Institute, which ceased operations in 2002, was a non-regulatory body and represented a global group of suppliers of gold and gold products. The production cost standard developed by the Gold Institute remains the generally
accepted standard of reporting cash costs of production by gold mining companies. In addition to conventional measures prepared in accordance with GAAP, the Company assesses this measure in a manner that isolates the impacts of gold production
volumes, the by-product credits, and operating costs fluctuations such that the non-controllable and controllable variability is independently addressed. The Company uses total cash costs, by-product and co-product, per gold ounce, to monitor its
operating performance

GOLDCORP  | 2


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---

(in United States dollars, tabular amounts in millions, except where
noted)


internally, including operating cash costs, as well as in its assessment of potential development projects and acquisition targets. The Company believes these measures provide investors and analysts
with useful information about the Company’s underlying cash costs of operations and the impact of by-product credits on the Company’s cost structure and is a relevant metric used to understand the Company’s operating profitability
and ability to generate cash flow. When deriving the production cash costs associated with an ounce of gold, the Company includes by-product credits as the Company considers that the cost to produce the gold is reduced as a result of the by-product
sales incidental to the gold production process, thereby allowing the Company’s management and other stakeholders to assess the net costs of gold production. The Company and certain investors use this information to evaluate the
Company’s performance and ability to generate cash flow. 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.
Total cash costs on a by-product basis are calculated by deducting Goldcorp’s share of by-product silver, copper, lead and zinc sales revenues from Goldcorp’s share of production
costs.


Total cash costs on a co-product basis are calculated by allocating Goldcorp‘s share of
production costs to each co-product based on the ratio of actual sales volumes multiplied by budget metal prices, as compared to realized sales prices. The Company uses budget prices to eliminate price volatility and improve co-product cash cost
reporting comparability between periods. The budget metal prices used in the calculation of co-product total cash costs were as follows:


2014


2013

2012Gold
$
1,200

$
1,600

$
1,600Silver
20

30

34Copper
3.00

3.50

3.50Lead
1.00

0.90

0.90Zinc
0.90

0.90


0.90


If silver, lead and zinc for Peñasquito, silver for Marlin and Pueblo Viejo, and copper for Alumbrera were treated as co-products, Goldcorp's share of total co-product cash costs, including
discontinued operations, for the year ended December 31, 2014 , would be $668 per ounce of gold, $10.88 per ounce of silver, $2.23 per pound of copper, $0.78 per pound of zinc, and $0.95 per pound of lead ( 2013  – $687 per ounce of gold, $13.26 per ounce of silver, $2.00 per pound of copper, $0.70 per pound of zinc, and $0.78 per pound of
lead).


Using actual realized sales prices, co-product total cash costs,
including discontinued operations, would be $676 per gold ounce for the year ended December 31, 2014 ( 2013 – $692). Refer to page 43 for a reconciliation of total cash costs to reported production costs.


|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(4) | All-in sustaining costs and all-in costs are non-GAAP performance measures that the Company
believes more fully define the total costs associated with producing gold; however, these performance measures have no 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. The Company reports these measures on a gold ounces sold basis. Effective June 2013, the Company conformed its all-in sustaining and all-in cost definitions to the
guidance note released by the World Gold Council, which became effective January 1, 2014. The World Gold Council is a non-regulatory market development organization for the gold industry whose members comprise global senior gold mining companies.
Refer to page46for a reconciliation of all-in sustaining costs.

|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(5) | Adjusted net earnings and adjusted net earnings per share are non-GAAP performance measures. 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. 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. Refer to page48for a reconciliation of adjusted net earnings to reported net loss attributable to shareholders of Goldcorp.

|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(6) | Adjusted operating cash flows is a non-GAAP performance measure which comprise Goldcorp’s
share of operating cash flows before working capital changes and which the Company believes provides additional information about the Company’s ability to generate cash flows from its mining operations. 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. Refer to page50for a reconciliation of adjusted operating cash flows before working capital changes to reported net cash provided by operating activities.

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|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(7) | Free cash flows 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 cash flows. 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 and Pueblo Viejo. Refer to page50for a reconciliation of free cash flows to reported net cash provided by operating
activities.

GOLDCORP  | 3


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---

(in United States dollars, tabular amounts in
millions, except where noted)


OVERVIEW


Goldcorp is a leading
gold producer engaged in the operation, exploration, development, and acquisition of precious metal properties in Canada, the United States, Mexico, and Central and South America. The Company’s current sources of operating cash flows are
primarily from the sale of gold, silver, copper, lead, and zinc.


Goldcorp is one of the
world’s fastest growing senior gold producers. Goldcorp’s strategy is to provide its shareholders with superior returns from high quality assets. Goldcorp has a strong balance sheet. Its low-cost gold production is located in safe
jurisdictions in the Americas and remains 100% unhedged.


Goldcorp is listed on the New York Stock Exchange (symbol:
GG) and the Toronto Stock Exchange (symbol: G).


At December 31, 2014 , the Company’s principal producing mining properties were comprised of the
Red Lake, Porcupine and Musselwhite gold mines in Canada; the Peñasquito gold/silver/lead/zinc mine and the Los Filos and El Sauzal gold mines in Mexico; the Marlin gold/silver mine in Guatemala; the Wharf gold mine in the United States; the
Alumbrera gold/copper mine ( 37.5% interest) in Argentina; and the Pueblo Viejo
gold/silver/copper mine ( 40% interest) in the Dominican Republic. The Company also
owns a 39.3% equity interest in Tahoe Resources Inc. ("Tahoe"),
which owns and operates the Escobal silver mine in Guatemala . The Wharf gold mine was classified as a
discontinued operation during the year ended December 31,
2014.


The Company’s significant development projects at December 31, 2014 were comprised of the Cerro Negro gold project in Argentina, which declared commercial production effective January 1, 2015; the Éléonore and Cochenour gold projects in Canada; the El
Morro gold/copper project ( 70.0% interest) in Chile; and the Camino Rojo gold/silver
project in Mexico.


The Company realized an average gold price of $1,264 per ounce in 2014, a 9% decrease compared to $1,385 per ounce in 2013. The average realized gold price of $1,203 per
ounce for the fourth quarter of 2014 decreased 5% compared to $1,266 per ounce for the third quarter of 2014. The
declining realized average gold price through 2014 was a reflection of the challenges faced by the global commodities market during the year resulting in the gold price fluctuating from a high of $1,392 per ounce in the first quarter of 2014 to a
low of $1,132 per ounce in the fourth quarter of 2014. The downward pressure was primarily attributable to an improving economic climate in the United States resulting in the United States Federal Reserve ending its quantitative easing program and
signaling an increase in domestic interest rates. In response to ongoing economic weakness outside of the United States, most notably in Japan and Europe and signals that the economy in China was slowing down, the gold price rebounded in late 2014
from its low to close at $1,206 per ounce. In addition, the physical market for gold remained strong during 2014, most notably in China and India, continuing the trend started in 2011 where the demand for physical gold shifted from the West to the
East.





The Company achieved record gold production in 2014, with  2,871,200  ounces, an 8% increase compared to  2,666,600  ounces in 2013, despite production challenges at Los Filos during the second quarter of 2014 due to the suspension of operations while a negotiated settlement with the
Carrizalillo Ejido was being reached and the Pit Wall instability at El Sauzal during the third quarter of 2014 resulting in the accelerated closure of the mine effective January 1, 2015. Peñasquito contributed a 41% increase in gold production
compared to 2013 as a result of  continued mining in higher grade ore benches at the bottom of
Phase 4 supplemented by the processing of high grade stockpiles during 2014 . Production at Pueblo Viejo also increased by 118,200 ounces (Goldcorp's share) with
the  completion of autoclave modifications in the second half of 2013 resulting in less downtime and the achievement of
name plate autoclave capacity during the third quarter of 2014 resulting in a 52% increase in tonnes processed. At Musselwhite gold production increased 9% from
2013 as a result of  mining higher grade material from the Lynx Zone and the C-Block of the PQ Deeps, coupled with
improved dilution and ore control . Finally, Cerro Negro and  Éléonore contributed  152,100 and 18,300 pre-commissioning ou nces, respectively, during 2014 which are not reflected in consolidated gold
sales.





Production costs increased by 7% compared to 2013 primarily due to revisions in estimates at the Company's inactive and closed mines resulting in increases in
reclamation and closure costs and a reduction of the carrying values of the low-grade stockpile at Peñasquito and the heap leach ore inventory at Los Filos, respectively, to net realizable value during 2014. Cost management and production
efficiencies continued to be a focus for 2014 where benefits realized from supply chain and Operating for Excellence ("O4E") initiatives have contributed to ongoing cash flow
improvements.





Gold production for the fourth quarter of 2014 was  890,900  ounces, a 37% increase compared to the third quarter of 2014. Increased production was seen at Red Lake where  mining in newly developed areas in the Upper Red Lake and Footwall Zones, combined with operational
improvement initiatives and long hole mining in the High Grade Zone, resulted in 14% higher tonnes and 3% higher grades. Porcupine increased production 22% to 90,400 ounces in the fourth quarter of 2014 as a result of ore development on numerous higher grade VAZ veins in the Hoyle Pond underground operation which increased grades by 27% from the prior
quarter. The Company's share of Alumbrera's gold production increased 83% from prior quarter following the resolution of the geotechnical event in the third quarter of 2014 that resulted in the suspension of mining operations from the end of August
until resolved on October 4, 2014. Cerro Negro and Éléonore contributed 133,100 ounces and 18,300 ounces, respectively, during the fourth quarter of 2014.





GOLDCORP  | 4


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---

(in United States dollars, tabular amounts in
millions, except where noted)


Production costs for the fourth quarter of 2014 increased by 13% compared to the third quarter of 2014 primarily due to revisions in estimates at the Company's inactive and closed mines resulting
in a $56 million increase in reclamation and closure costs and lower capitalized stripping costs at Peñasquito during the fourth quarter of 2014.





All-in sustaining costs of $949 per ounce for 2014 decreased 8% compared to $1,031 per ounce in 2013. The decrease in all-in sustaining costs was primarily driven by record gold sales volumes achieved during 2014, a continued focused on operating and capital cost management,
higher by-product sales credits, and favourable foreign exchange movements, partially offset by an increase in production costs.





At Red Lake, exploration drilling from surface during 2014
focused on the HG Young discovery with up to five diamond drills resulting in numerous high grade intercepts and extension of the strike length. HG Young can be developed from the Campbell Complex infrastructure to the south and rehabilitation on
the 14 Level at the Campbell Complex was completed during 2014. This rehabilitation will provide access for exploration development and diamond drilling from underground beginning in early
2015.





Permitting delays experienced in the first quarter of 2014 due to unanticipated additional regulatory requirements related to the interconnection with the existing well fields, securing surface land
access rights, and additional permitting requirements by the environmental authority deferred start-up of construction of the Northern Well Field ("NWF") project at Peñasquito to mid-year 2014. Following receipt of initial permits and
finalizing the remaining construction contracts, construction on the NWF project ramped up to full activity levels in the fourth quarter of 2014, with completion anticipated around mid-year 2015. Activities to address the additional regulatory
requirements related to the interconnection to the existing well field continue as planned. Contingency plans remain in place for fresh water supply to Peñasquito until the NWF is operational.





During 2014, Peñasquito progressed with the pre-feasibility studies on two projects to assess the potential for producing saleable copper concentrate at Peñasquito, the Concentrate
Enrichment Project ("CEP"), and to assess the viability of leaching a pyrite concentrate from the zinc flotation tailings ("Pyrite Leach"). Successful implementation of one or both of these new process improvements has the potential to significantly
improve the overall economics and life of mine of Peñasquito, through the addition of another saleable product with the CEP, and increasing gold and silver recoveries from Pyrite Leach. A US Patent for the CEP was filed during the first quarter
of 2014. The pre-feasibility studies were essentially complete at the end of 2014 and the projects are expected to be integrated as they enter the feasibility
study phase which is anticipated by the end of the first quarter of 2015. The feasibility study is expected to be complete in early
2016 .





Overall Engineering, Procurement, and Construction Management ("EPCM") was completed at Cerro Negro in the fourth quarter of 2014 resulting in commercial production being declared on January 1,
2015. Following the transition from contractor development mining to in-house mining and development at Cerro Negro, which was completed in the second quarter of 2014, mine development productivity significantly improved through the remainder of
2014 resulting in 8,316 metres of underground development in 2014, an 8% increase compared to 2013. Production mining at Eureka continued through 2014, while production mining at Mariana Central is expected to commence in the first quarter of 2015.
Exploration activity, focused on surface resource confirmation drilling intended to support future development at Bajo Negro and Vein Zone, resumed in the fourth quarter of 2014 following suspension in the third quarter of
2013.





As a result of the restrictions on importation of goods and services and limitations on the exchange of Argentine pesos into US dollars, coupled with the continuing inflationary environment in the
country, the operations at Cerro Negro have been negatively impacted. Additionally, the market valuations of future exploration potential have declined. As a result, through the Company's annual goodwill impairment testing and life of mine planning
processes an after-tax asset impairment of $2,300 million was recognized in the fourth quarter of 2014 against the carrying value of Cerro Negro of which $975 million and $1,325 million were applied to goodwill and mining interests,
respectively.





At Éléonore, ore feed was first introduced at the process plant on September 22, 2014, first gold was produced on October 1, 2014, and EPCM service contracts were complete in the fourth
quarter of 2014. Commercial production is expected late in the first quarter of 2015.





On October 7, 2014, the Supreme Court of Chile issued a final ruling revoking the decision of the Court of Appeals thereby invalidating the Environmental Assessment Resolution issued in October 2013
to Goldcorp-El Morro. In November 2014, Goldcorp-El Morro elected to withdraw the Environmental Impact Study and the environmental authority subsequently issued Exempted Resolution N° 271 closing the environmental assessment process. The
Company has commenced new studies to determine an optimal development plan for El Morro that meets the Company's investment return criteria. The Company remains committed to continued productive interaction and engagement with the adjacent
communities and regional authorities.


GOLDCORP  | 5


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---

(in United States dollars, tabular amounts in
millions, except where noted)


CORPORATE DEVELOPMENTS


Acquisition of Probe Mines Limited:


On January 19, 2015, the Company and Probe announced an agreement whereby the Company will acquire, through a friendly plan of arrangement, all the outstanding shares of Probe for total consideration
of approximately C$526 million. Probe's principal asset is the 100%-owned Borden Gold project in Ontario, 160 kilometres west of the Company's Porcupine mine. Under the terms of the offer, each common share of Probe not owned by the Company will be
exchanged for 0.1755 common shares of the Company. The Company currently owns 15.7 million shares and 2.8 million warrants of Probe, representing a 19.9% partially-diluted ownership interest, of which 7.3 million shares and 2.8 million warrants were
purchased from Agnico Eagle Mines Limited on January 27, 2015 and February 2, 2015 for cash consideration of C$45 million. The offer is subject to customary conditions, including the acceptance by Probe shareholders owning a minimum of 66.67% of the
outstanding common shares of Probe on a fully diluted basis. The offer is not subject to the Company's shareholders' approval. The transaction is expected to close by the end of March
2015.


Executive
Appointments:


On January 14, 2015, the Company announced the appointment of Brent Bergeron as
Executive Vice President, Corporate Affairs and Sustainability. Since joining the Company in 2010 as Vice President, Corporate Affairs and, since 2012, as Senior Vice President, Corporate Affairs, he has successfully established and cultivated key
relationships with government and community leaders in the Company's operating jurisdictions. In this capacity, he has also overseen important changes to the Company's approach to government relations, corporate social responsibility as well as to
stakeholder engagement and communications. The Company also announced that Russell Ball, Executive Vice President, Capital Projects will oversee the Company's corporate development function.


Sale of
Wharf:


On January 12, 2015, the Company announced that it had entered into a definitive stock
purchase agreement whereby it will sell its 100% interest in the Wharf mine in Lead, South Dakota to Coeur Mining, Inc. Under the terms of the agreement, the Company will receive total consideration of $105 million in cash, subject to certain
closing adjustments. The transaction is expected to close on February 20,
2015.


Issuance of $1.0 Billion
Notes:


On June 9, 2014, the Company issued $1.0 billion of senior unsecured notes (the "1.0
Billion Notes"), consisting of $550 million aggregate principal amount of 3.625% notes due June 9, 2021 and $450 million aggregate principal amount of 5.45% notes due June 9, 2044. The Company received total proceeds of $988 million from the
issuance, net of transaction costs. The Company used the proceeds primarily for repayment of its $863 million convertible senior notes which matured on August 1, 2014.


Sale of Marigold:


On April 4, 2014, the Company and its joint venture partner, Barrick, completed the sale of
their respective interests in the Marigold mine ("Marigold") to Silver Standard Resources Inc. Total consideration received was $267 million in cash, after closing adjustments (Goldcorp's share – $184 million).


Sale of Primero:


On March 26, 2014, the Company completed the sale of 31,151,200 common shares of Primero to a
syndicate of underwriters for $201 million (C$224 million), recognizing a gain of $18 million, net of selling costs of $8 million. Goldcorp no longer owns any shares of Primero.























GOLDCORP  | 6


---



---

(in United States dollars, tabular amounts in
millions, except where noted)


SUMMARIZED ANNUAL FINANCIAL RESULTS  (2)(3) Consolidated financial information
2014

2013


2012Revenues(1)(2)(3)
$
3,436

$
3,609

$
4,660(Loss) earnings from operations and
associates(2)
$
(2,527
)
$
(2,282
)
$
2,025(Loss) earnings from continuing operations(3)
$
(2,168
)
$
(2,657
)
$
1,695Net earnings (loss) from discontinued
operations(3)
$
9

$
(52
)
$
54Net (loss)
earnings
$
(2,159
)
$
(2,709
)
$
1,749Net (loss) earnings
attributable to shareholders of Goldcorp
$
(2,161
)
$
(2,709
)
$
1,749Net (loss) earnings from continuing
operations per share(3)– Basic
$
(2.67
)
$
(3.27
)
$
2.09– Diluted
$
(2.67
)
$
(3.27
)
$
1.89Net (loss) earnings per
share– Basic
$
(2.66
)
$
(3.34
)
$
2.16– Diluted
$
(2.66
)
$
(3.34
)
$
1.95Cash flows from operating activities of
continuing operations(1)(2)(3)
$
982

$
886

$
1,900Cash flows from operating activities
including discontinued operations(1)(2)(3)
$
1,014

$
955

$
1,960Dividends
paid
$
488

$
486

$
438Cash and cash equivalents(2)
$
482

$
625

$
757Total
assets
$
27,866

$
29,564

$
30,979Non-current liabilities
$
9,235

$
7,773

$
6,982


Key
performance measures(4)
2014

2013


2012Gold produced(ounces)(3)
2,777,300

2,502,900

2,299,900Gold sold(ounces)(1)(3)
2,580,800

2,434,000

2,244,600Silver produced(ounces)
36,807,500

30,326,100

30,470,500Copper produced(thousands of pounds)
84,800

90,600

112,200Lead produced(thousands of pounds)
152,300

159,100

153,700Zinc produced(thousands of pounds)
329,700

279,300

324,200Average realized gold
price(per ounce)
$
1,264

$
1,385

$
1,672Average London spot gold
price(per ounce)
$
1,266

$
1,410

$
1,669Total cash costs– by-product(per gold ounce)(5)
$
531

$
529

$
279Total cash costs– co-product(per gold ounce)(6)
$
661

$
672

$
632All-in sustaining costs(per gold ounce)
$
949

$
1,008

$
867Adjusted net
earnings
$
468

$
600

$
1,588Adjusted operating cash
flow
$
1,362

$
1,527

$
2,334Including discontinued operations(3)Gold produced(ounces)
2,871,200

2,666,600

2,396,200Gold sold(ounces)(1)
2,672,800

2,597,200

2,340,600Total cash costs– by-product (per gold ounce)(5)
$
542

$
553

$
300Total cash costs– co-product (per gold ounce)(6)
$
668

$
687

$
638All-in sustaining costs(per gold ounce)
$
949

$
1,031

$
884Adjusted net
earnings
$
498

$
634

$
1,642Adjusted operating cash flow
$
1,393

$
1,601

$
2,409


|    |                                                                                                                                                                                                                
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Excludes pre-commissioning sales ounces from Cerro Negro, Éléonore, and Pueblo Viejo,
prior to January 1, 2013, as costs incurred, net of proceeds from sales, were credited against capitalized project costs.

GOLDCORP  | 7


---



---

(in United States dollars, tabular amounts in
millions, except where noted)


|    |                                                                                                                                                                                                                                                                                                                                                                                                                            
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(2) | Effective January 1, 2013, the Company's 37.5% interest in Alumbrera was required to be accounted
for as an investment in associate and accounted for using the equity method. The Company has restated the 2012 comparative period to remove Alumbrera's revenues, cash flows from operating activities, and cash and cash equivalents, and to include the
effect of Alumbrera on earnings from operations and associates.

|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(3) | In accordance with the requirements of IFRS 5–Non-current assets held for sale and
discontinued operations,the Company's 100% interest in Wharf was classified as a discontinued operation for the year ended December 31, 2014, accordingly the 2013 comparative
information for Wharf has been re-presented however the 2012 comparative information has not been re-presented. The Company's 66.7% interest in Marigold was classified as a discontinued operation for the years ended December 31, 2014 and 2013,
accordingly, the 2012 comparative information for Marigold has been re-presented.

|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(4) | The Company has included the Company’s share of the applicable production, sales and
financial information of Alumbrera and Pueblo Viejo in the non-GAAP performance measures noted above. The Company believes that disclosing certain performance measures including Alumbrera and Pueblo Viejo is a more relevant measurement of the
Company’s operating and economic performance, and reflects the Company’s view of its core mining operations.

|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(5) | Total cash costs per gold ounce on a by-product basis is calculated net of Goldcorp’s share
of by-product sales revenues (by-product copper sales revenues for Alumbrera; by-product silver sales revenues for Marlin and Pueblo Viejo; by-product lead and zinc sales revenues and 75% of silver sales revenues for Peñasquito at market silver
prices, and 25% of silver sales revenues for Peñasquito at $4.05 per silver ounce (2013 – $4.02 per silver ounce) sold to Silver Wheaton).

|    |                                                                                                                                                                                                                                                                                                                                     
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(6) | Total cash costs per gold ounce on a co-product basis is calculated by allocating Goldcorp’s
share of production costs to each co-product (Alumbrera (copper); Marlin (silver); Pueblo Viejo (silver); Peñasquito (silver, lead and zinc)) based on the ratio of actual sales volumes multiplied by budget metal prices (see page3).

GOLDCORP  | 8


---



---

(in United States dollars, tabular amounts in
millions, except where noted)


REVIEW OF ANNUAL FINANCIAL RESULTS


The net loss attributable to shareholders of Goldcorp for the year ended December 31, 2014 was $ (2,161) million , or $(2.66) per share, compared to a net loss attributable to shareholders of Goldcorp of $(2,709) million , or $(3.34) per share, for the year ended December 31, 2013 . Compared to the year ended December 31, 2013 , the net loss attributable to shareholders of Goldcorp for the year ended December 31, 2014 was impacted by the following factors:


|  |                                                                                                                                                                                                                                                                                                                                                                                                                                          
|- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | Revenuesdecreasedby$173 million, or5%, primarily due to a$241 milliondecrease in gold revenues and a$13 milliondecrease in silver
revenues, partially offset by an$85 millionincrease in zinc revenues, net of refining charges. The decrease in revenues
is primarily a result of the decrease in gold and silver commodity prices during theyear ended December 31, 2014, partially
offset by higher sales volumes for silver and zinc;

|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | Production costsincreasedby$140 million, or7%, primarily due to revisions in estimates at the Company's inactive and closed mines during theyear ended December 31, 2014resulting in a $72 million increase in reclamation and closure costs compared with a $25 million
reduction during theyear ended December 31, 2013; a $41 million and $31 million reduction of the carrying values of the
low-grade stockpile at Peñasquito and the heap leach ore inventory at Los Filos, respectively, to net realizable value during theyear ended December 31, 2014; and increased water use payments in Peñasquito in the first quarter of 2014; partially offset by increased capitalized stripping costs at Peñasquito during theyear ended December 31, 2014; and favourable foreign exchange movements which decreased production costs by $70 million from prior
year;

|  |                                                                                                                                                                                                                                                                                                                                                                     
|- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | Depreciation and depletionincreasedby$123 million, or20%, due to higher overall sales volumes; new assets put into service;
and a $14 million and $10 million reduction of the carrying values of the low-grade stockpile at Peñasquito and the heap leach ore inventory at Los Filos, respectively, to net realizable value during theyear ended December 31, 2014;

|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | The Company’s share of net earnings of associates of$156 millionwas comprised of net earnings of$91 millionfrom Pueblo Viejo; net earnings of$35 millionfrom the Company's
investments in Tahoe and Primero as a result of the commencement of commercial production at Tahoe, effective January 1, 2014; and net earnings of$30 millionfrom Alumbrera. The Company’s share of netlossesand
impairments of associates of $395 millionfor theyear
ended December 31, 2013was comprised of a net loss of$295 millionfrom Alumbrera primarily due to a $276 million
impairment expense recognized in respect of the Company's investment; a net loss of$66 millionfrom Pueblo Viejo
primarily due to the $183 million cumulative tax expense recognized as a result of the renegotiated Special Lease Agreement ("SLA") with the government of the Dominican Republic; and a net loss of$34 millionfrom the Company's equity investments in Primero and Tahoe, primarily due to an impairment expense of $19 million
recognized in respect of the Company's investment in Primero;

|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | An impairment of mining interests and goodwill of$2,999 million($2,313 million, net of tax), comprised of an impairment expense of$2,980 millionand$19 million($2,300 million and $13 million, net of tax) recognized against the carrying amount of the Cerro Negro project and the El Sauzal mine, respectively, during theyear ended December 31, 2014. An impairment of mining interests and goodwill of$2,646 million($2,020 million, net of tax) was recognized during theyear ended December 31, 2013, comprised of an impairment expense of $2,427 million ($1,827 million, net of tax) recognized
against the carrying amount of the Peñasquito mine, $131 million ($131 million, net of tax) recognized against the carrying amount of the Cerro Blanco project, $59 million ($42 million, net of tax) recognized against the carrying amount of
certain of the Company's Mexican exploration projects, and $29 million ($20 million, net of tax) recognized against the carrying amount of the El Sauzal mine;

|  |                                                                                                                                                                                                                                                                                                
|- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | Corporate administration, excluding share-based compensation expense, was $175 million, an$11 millionincrease compared to theyear ended December 31, 2013. Share-based
compensation expense of $72 millionfor theyear ended
December 31, 2014was comparable to theyear ended December 31, 2013;

|  |                                                                                                                                                                                                                                                                                                                                                                          
|- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | A $17 milliongain on securities primarily due to the sale of certain available-for-sale equity and marketable securities during theyear ended
December 31, 2014. A $32 millionloss on securities was
recognized during theyear ended December 31, 2013representing an impairment expense on certain of the Company's
available-for-sale equity and marketable securities;

|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | A$40 millionlosson derivatives for theyear ended December 31, 2014comprised of a loss on foreign currency, heating oil, copper, lead, and zinc contracts. During 2014, the
Company repaid the $863 million convertible senior notes (the "Convertible Notes") upon maturity and delivered the remaining ounces of silver under the contract to sell 1.5 million ounces of silver to Silver Wheaton at a fixed price over each of the
four years ended August 5, 2014 (the "Silver Wheaton silver contract"). For theyear ended December 31, 2013, an$83 milliongainon derivatives was comprised of a$57 millionunrealizedgainon the conversion feature of the Convertible Notes; a$17
millionnetgainon the Silver Wheaton silver contract;
and a$9 millionnetgainon foreign currency, heating oil, copper, lead, and zinc contracts;

GOLDCORP  | 9


---



---

(in United States dollars, tabular amounts in
millions, except where noted)


|  |                                                                                                                                                                                                                                                                                                                                                                                    
|- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | An$18 millionnet gain on disposition of mining interests for theyear ended December 31, 2014as the Company sold its equity interest in Primero on March 26, 2014. An$11 millionloss ($8 million, net of tax) on disposition of mining interests during theyear ended December 31, 2013arose on the Company's sale of its 30.8% interest in the Cerro del Gallo property to Primero;

|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | Otherexpensesof$27 millionfor theyear ended December 31, 2014was comprised primarily of $22 million of net foreign exchange losses arising on value added tax
receivables denominated in Mexican and Argentine pesos, and cash and cash equivalents denominated in Canadian dollars. Other expenses of$57 millionfor theyear ended December 31, 2013was comprised primarily of $43
million of net foreign exchange losses arising on value added tax receivables denominated in Mexican and Argentine pesos, and cash and cash equivalents denominated in Canadian dollars. The decrease in net foreign exchange losses compared to the
prior year was a result of the weakening Mexican and Argentine peso and the Canadian dollar during theyear ended December 31, 2014;

|  |                                                                                                                                                               
|- | --------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | Income taxrecoveryfor theyear ended December 31, 2014totaled$440 million(year ended December 31, 2013– income tax expense of$309 million) and was impacted
by:

|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | An $272 million foreign exchange loss on the translation of deferred income tax assets and
liabilities arising primarily from the Placer Dome and Glamis acquisitions in 2006 and the Camino Rojo and Cerro Negro acquisitions in 2010, compared to a $133 million foreign exchange loss for theyear ended December 31, 2013. The foreign exchange related deferred income tax impacts resulted from the weakening Canadian dollar and
Argentine and Mexican peso during the years ended December 31, 2014 and 2013;

|  |                                                                                                                                                                                                                                                                          
|- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | During theyear ended December 31,
2014a deferred income tax recovery of $686 million arising on the impairment of mining interests and goodwill was recognized compared to a $626 million deferred income tax recovery
recognized during theyear ended December 31, 2013;

|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | A decrease in the effective tax rate for theyear ended December 31, 2014from 18% to negative 6%, after adjusting income taxes for the above noted items, the non-deductible
share-based compensation expense, the impairment of mining interests and goodwill from loss before taxes, and the deferred tax impacts of the Mexican tax law changes and electing to pay Guatemalan taxes on net income rather than gross revenues
during theyear ended December 31, 2013. Theyear ended
December 31, 2014was favourably impacted by higher income from associates primarily due to the impact of the renegotiated SLA and the impairments recognized in respect of Alumbrera
and Primero during theyear ended December 31, 2013, the gain on sale of Primero during theyear ended December 31, 2014not being subject to tax, and higher tax deductible foreign exchange losses on US dollar debt in
Argentina. These favourable impacts were partially offset by non-taxable realized and mark-to-market gains on the conversion feature of the Convertible Notes and the Silver Wheaton silver contract of $74 million during theyear ended December 31, 2013; and

|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | Net earnings from discontinued operations of $9 millionfor theyear ended December 31, 2014due to net earnings of $24 million from Wharf and net earnings of $6 million from the Company's 66.7% share of Marigold, both of which were classified as discontinued operations during theyear ended December 31, 2014, partially offset by the $21 million net loss recognized on the sale of the Company's 66.7%
share of Marigold. The Company had a net loss of $52 millionfor theyear ended December 31, 2013as a result of an $86 million, net of tax, impairment expense on the Company's 66.7% share of Marigold,
partially offset by $34 million of net earnings from Wharf and the Company's 66.7% share of Marigold.

Adjusted net earnings amounted to $498 million , or $0.61 per share (1) , for the year ended December 31, 2014 , compared to $634 million , or $0.78 per share, for the year ended December 31, 2013 . Compared to the year ended December 31, 2013 , adjusted net earnings was
primarily impacted by higher production costs, depreciation and depletion, and lower gold and silver commodity prices during the year ended December 31, 2014 , partially offset by a lower effective income tax rate.


Total cash costs (by-product) decreased to $542 per gold
ounce (2) , for the year ended December 31, 2014 , compared to $553 per gold ounce for the year ended December 31, 2013 . The decrease in
cash costs was primarily due to higher by-product sales credits and an increase in volume of gold sales, partially offset by an increase in production costs.


|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Adjusted net earnings and adjusted net earnings per share are non-GAAP performance measures. 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. 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. Refer to page48for a reconciliation of adjusted net earnings to reported net loss attributable to shareholders of Goldcorp.

|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(2) | The Company has included non-GAAP performance measures – total cash costs, by-product and
co-product, per gold ounce, throughout this document. In the gold mining industry, total cash costs is a common performance measure but does not have any standardized meaning. The Company follows the recommendations of the Gold Institute Production
Cost Standard. 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.
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. Total cash costs on a by-product basis are calculated by
deducting Goldcorp’s share of by-product silver, copper, lead and zinc sales revenues from Goldcorp’s share of production costs. Refer to page43for a reconciliation of total cash costs to reported production costs.

GOLDCORP  | 10


---



---

(in United States dollars, tabular amounts in
millions, except where noted)


QUARTERLY FINANCIAL REVIEW  (2) 2014Consolidated financial information
Q1

Q2

Q3

Q4

TotalRevenues(1)(2)
$

878

$

884

$

839

$

835

$
3,436Earnings (loss) from operations and
associates
$
201

$
207

$
53

$
(2,988
)
$
(2,527
)Net earnings (loss) from continuing
operations(2)
$
89

$
194

$
(48
)
$
(2,403
)
$
(2,168
)Net earnings (loss) from discontinued
operations(2)
$
9

$
(11
)
$
4

$
7

$
9Net earnings
(loss)
$
98

$
183

$
(44
)
$
(2,396
)
$
(2,159
)Net earnings (loss)
attributable to shareholders of Goldcorp
$
98

$
181

$
(44
)
$
(2,396
)
$
(2,161
)Net earnings (loss) from continuing
operations per share(2)– Basic
$
0.11

$
0.24

$
(0.06
)
$
(2.95
)
$
(2.67
)– Diluted
$
0.11

$
0.24

$
(0.06
)
$
(2.95
)
$
(2.67
)Net earnings (loss) per
share– Basic
$
0.12

$
0.22

$
(0.05
)
$
(2.94
)
$
(2.66
)– Diluted
$
0.12

$
0.22

$
(0.05
)
$
(2.94
)
$
(2.66
)Cash flows from operating activities of
continuing operations(1)(2)
$
263

$
266

$
188

$
265

$
982Cash flows from operating activities
including discontinued
operations(1)(2)
$
273

$
275

$
192

$
274

$
1,014Dividends
paid
$
122

$
122

$
122

$
122

$
488Cash and cash equivalents
$
1,001

$
1,220

$
376

$
482

$
482Total
assets
$
30,175

$
30,618

$
30,218

$
27,866

$
27,866Non-current liabilities
$
7,747

$
8,762

$
8,868

$
9,235

$
9,235


2014Key
performance measures(3)
Q1

Q2

Q3

Q4

TotalGold produced(ounces)(2)
643,100

633,700

635,500

865,000

2,777,300Gold sold(ounces)(1)(2)
648,700

624,000

627,000

681,100

2,580,800Silver produced(ounces)
9,581,400

8,984,000

7,815,800

10,426,300

36,807,500Copper produced(thousands of pounds)
21,500

19,300

16,800

27,200

84,800Lead produced(thousands of pounds)
49,500

38,600

37,000

27,200

152,300Zinc produced(thousands of pounds)
87,900

91,900

81,000

68,900

329,700Average realized gold
price(per ounce)
$
1,297

$
1,296

$
1,265

$
1,203

$
1,264Average London spot gold
price(per ounce)
$
1,294

$
1,289

$
1,282

$
1,201

$
1,266Total cash costs– by-product (per gold ounce)(4)
$
482

$
464

$
590

$
582

$
531Total cash costs– co-product (per gold ounce)(5)
$
655

$
641

$
678

$
665

$
661All-in sustaining
costs(per gold ounce)
$
827

$
853

$
1,067

$
1,043

$
949Adjusted net
earnings
$
200

$
154

$
66

$
48

$
468Adjusted operating
cash flow
$
272

$
369

$
392

$
329

$
1,362Including discontinued operations(2)Gold produced(ounces)
679,900

648,700

651,700

890,900

2,871,200Gold sold(ounces)(1)
684,000

639,500

641,400

707,900

2,672,800Total cash costs– by-product (per gold ounce)(4)
$
507

$
470

$
597

$
589

$
542Total cash costs– co-product (per gold ounce)(5)
$
673

$
643

$
682

$
669

$
668All-in sustaining costs(per gold ounce)
$
840

$
852

$
1,066

$
1,035

$
949Adjusted net
earnings
$
209

$
164

$
70

$
55

$
498Adjusted operating cash flow
$
281

$
376

$
399

$
337

$
1,393


GOLDCORP  | 11


---



---

(in United States dollars, tabular amounts in
millions, except where
noted)


2013Consolidated
financial information
Q1


Q2


Q3


Q4


TotalRevenues(1)(2)
$
946

$
836

$
871

$
956

$
3,609Earnings (loss) from operations and
associates
$
300

$
(2,451
)
$
(7
)
$
(124
)
$
(2,282
)Net earnings (loss) from continuing operations(2)
$
293

$
(1,946
)
$
(3
)
$
(1,001
)
$
(2,657
)Net earnings (loss) from discontinued operations(2)
$
16

$
12

$
8

$
(88
)
$
(52
)Net earnings (loss)
$
309

$
(1,934
)
$
5

$
(1,089
)
$
(2,709
)Net earnings (loss) attributable to
shareholders of Goldcorp
$
309

$
(1,934
)
$
5

$
(1,089
)
$
(2,709
)Net earnings (loss) from continuing operations per
share(2)– Basic
$
0.36

$
(2.40
)
$
—

$
(1.23
)
$
(3.27
)– Diluted
$
0.32

$
(2.40
)
$
—

$
(1.23
)
$
(3.27
)Net earnings (loss) per
share– Basic
$
0.38

$
(2.38
)
$
0.01

$
(1.34
)
$
(3.34
)– Diluted
$
0.33

$
(2.38
)
$
—

$
(1.34
)
$
(3.34
)Cash flows from operating activities of continuing
operations(1)(2)
$
268

$
66

$
256

$
296

$
886Cash flows from operating activities including discontinued
operations(1)(2)
$
294

$
80

$
274

$
307

$
955Dividends paid
$
122

$
121

$
122

$
121

$
486Cash and cash equivalents
$
1,463

$
899

$
972

$
625

$
625Total assets
$
32,632

$
30,029

$
29,933

$
29,564

$
29,564Non-current
liabilities
$
8,323

$
7,808

$
6,995

$
7,773

$
7,773


2013Key performance measures(3)
Q1


Q2


Q3


Q4


TotalGold produced (ounces)(2)
570,400


607,300


595,200


730,000


2,502,900Gold sold (ounces)(1)(2)
552,200

586,100

608,500

687,200

2,434,000Silver produced (ounces)
5,633,400

7,180,000

7,744,600

9,768,100

30,326,100Copper produced (thousands of
pounds)
18,800

21,600

21,400

28,800

90,600Lead produced (thousands of
pounds)
29,100

35,400

41,000

53,600

159,100Zinc produced (thousands of
pounds)
52,000

70,100

76,300

80,900

279,300Average realized gold price (per
ounce)
$
1,622

$
1,357

$
1,341

$
1,254

$
1,385Average London spot gold price (per
ounce)
$
1,631

$
1,414

$
1,327

$
1,272

$
1,410Total cash costs – by-product (per
gold ounce)(4)
$
543

$
631

$
523

$
437

$
529Total cash costs – co-product (per
gold ounce)(5)
$
698

$
699

$
688

$
625

$
672All-in sustaining costs (per gold
ounce)
$
1,113

$
1,208

$
969

$
784

$
1,008Adjusted net
earnings
$
237

$
105

$
182

$
76

$
600Adjusted operating cash
flow
$
369

$
372

$
358

$
428

$
1,527Including discontinued operations(2)Gold produced
(ounces)
614,600

646,000

637,100

768,900

2,666,600Gold sold (ounces)(1)
595,100

624,300

652,100

725,700

2,597,200Total cash costs – by-product (per
gold ounce)(4)
$
565

$
646

$
551

$
467

$
553Total cash costs – co-product (per
gold ounce)(5)
$
710

$
713

$
706

$
645

$
687All-in sustaining costs (per gold
ounce)
$
1,134

$
1,227

$
995

$
810

$
1,031Adjusted net
earnings
$
253

$
117

$
190

$
74

$
634Adjusted operating cash flow
$
400

$
388

$
374

$
439

$
1,601


|    |                                                                                                                                                                      
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Excludes pre-commissioning sales ounces from Cerro Negro and
Éléonore as costs incurred, net of proceeds from sales, were credited against capitalized project costs.

GOLDCORP  | 12


---



---

(in United States dollars, tabular amounts in
millions, except where noted)


|    |                                                                                                                                                                                                                                                                                                                  
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(2) | The Company's 100% interest in Wharf and 66.7% interest in Marigold are classified as discontinued
operations for the year ended December 31, 2014. The comparative information has been re-presented in accordance with the requirements of IFRS 5–Non-current assets held for sale and discontinued operations.

|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(3) | The Company has included the Company’s share of the applicable production, sales and
financial information of Alumbrera and Pueblo Viejo in the non-GAAP performance measures noted above. The Company believes that disclosing certain performance measures including Alumbrera and Pueblo Viejo is a more relevant measurement of the
Company’s operating and economic performance, and reflects the Company’s view of its core mining operations.

|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(4) | Total cash costs per gold ounce on a by-product basis is calculated net of Goldcorp’s share
of by-product sales revenues (by-product copper sales revenues for Alumbrera; by-product silver sales revenues for Marlin and Pueblo Viejo; by-product lead and zinc sales revenues and 75% of silver sales revenues for Peñasquito at market silver
prices, and 25% of silver sales revenues for Peñasquito at $4.05 per silver ounce (2013 – $4.02 per silver ounce) sold to Silver Wheaton).

|    |                                                                                                                                                                                                                                                                                                                                     
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(5) | Total cash costs per gold ounce on a co-product basis is calculated by allocating Goldcorp’s
share of production costs to each co-product (Alumbrera (copper); Marlin (silver); Pueblo Viejo (silver); Peñasquito (silver, lead and zinc)) based on the ratio of actual sales volumes multiplied by budget metal prices (see page3).

GOLDCORP  | 13


---



---

(in United States dollars, tabular amounts in
millions, except where noted)


REVIEW OF QUARTERLY FINANCIAL
RESULTS  – Three
months ended December 31, 2014 compared to the three months ended September 30,
2014


The net
loss attributable to shareholders of Goldcorp for the fourth quarter of 2014 was $ (2,396) million , or $(2.94) per share, compared to a net loss attributable to
shareholders of Goldcorp of $ (44) million , or $(0.05) per share, for the third quarter of 2014 . Compared to the prior quarter, the net loss attributable to shareholders of Goldcorp for the three
months ended December 31, 2014 was impacted by the following factors:


|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | Revenuesdecreasedby$4
million, primarily due to a $22 milliondecrease in lead
and zinc revenues, net of refining charges, at Peñasquito and a $19 milliondecrease in silver revenues, partially
offset by a $36 millionincrease in gold revenues. The decrease in revenues resulted primarily from the decline in
commodity prices during the fourth quarter of 2014 and lower sales volumes for silver and lead, partially offset by higher sales volumes for gold compared to the third quarter of 2014;

|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | Production costsincreasedby$66 million, or13%, due to revisions in estimates at the Company's inactive and closed mines during the fourth quarter of 2014 resulting in a $56 million
increase in reclamation and closure costs; a $31 million reduction of the carrying value of the heap leach ore inventory at Los Filos to net realizable value recognized during the fourth quarter of 2014; higher consumable and site costs; and lower
capitalized stripping costs at Peñasquito during the fourth quarter of 2014; partially offset a $41 million reduction of the carrying value of the low-grade stockpile at Peñasquito to net realizable value recognized during the third
quarter of 2014; and favourable foreign exchange movements;

|  |                                                                                              
|- | ---------------------------------------------------------------------------------------------
|• | Depreciation and depletionincreasedby$24 million, or13%, due to higher overall sales
volumes;

|  |                                                                                                                                                                                                                                                                                                
|- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | The Company’s share of net earnings of associates increased by $10 millionfrom the prior quarter primarily due to a $20 million increase in the Company's share of net earnings of Alumbrera,
partially offset by a $5 million decrease in the Company's share of net earnings of Pueblo Viejo;

|  |                                                                                                                                                                                                                                                                                                                                                                        
|- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | An impairment of mining interests and goodwill of$2,980 million($2,300 million, net of tax) was recognized against the carrying amount of the Cerro Negro project in the fourth
quarter of 2014. An impairment of mining interests of$19 million($13 million, net of tax) was recognized against the
carrying amount of the El Sauzal mine in thethird quarter of
2014;

|  |                                                                                                                                                                                                                                                                                                                                                
|- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | Corporate administration, excluding share-based compensation expense, was $46 million, which was comparable to the prior quarter. Share-based compensation expense of $13 millionfor thefourth quarterof2014decreased by $6 million compared to the prior quarter due
to a decrease in the fair value of the Company's performance share units;

|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | A$34 millionlosson derivatives in thefourth quarterof2014comprised of a loss on foreign currency, heating oil, copper, lead, and zinc contracts. A$14 millionnetlosson derivatives in thethird quarter of 2014comprised of a$14 millionnetlosson foreign currency, heating oil, copper, lead, and zinc contracts; and a$1 millionrealizedlosson the Silver Wheaton silver contract which was
settled during the third quarter of 2014; partially offset by a$1 milliongainon the conversion feature of the Convertible Notes which was repaid upon maturity during the third quarter of 2014;

|  |                                                                                                                                                                                 
|- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | Finance costsdecreasedby$6 millionfrom the prior quarter primarily due to an increase
in interest expense eligible for capitalization to the Company's development projects; and

|  |                                                                                                                                                                             
|- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | Income taxrecoveryfor thethree months ended December 31, 2014totaled$625 million(three months ended September 30, 2014– income taxexpenseof$83 million) and was impacted by:

|  |                                                                                                                                                                                                                                                                                                               
|- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | A $105 million foreign exchange loss on the translation of deferred income tax assets and
liabilities primarily from the Placer Dome and Glamis acquisitions in 2006 and the Camino Rojo and Cerro Negro acquisitions in 2010, compared to an $85 million foreign exchange loss for the third quarter of 2014;

|  |                                                                                                                                         
|- | ----------------------------------------------------------------------------------------------------------------------------------------
|• | During thefourth quarterof2014a deferred income tax recovery of $680 million arising on
the impairment of mining interests and goodwill;

|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | After adjusting for the above noted items, the non-deductible share-based compensation expense,
and the impairment of mining interests and goodwill from loss before taxes, the income tax recovery for the fourth quarter of 2014 was primarily a result of a higher tax benefit of inflationary adjustments in Mexico for the fourth quarter of 2014,
partially offset by lower tax deductible foreign exchange losses on US dollar denominated debt in Argentina.

Adjusted net earnings amounted to $55 million , or $0.07 per share (1) , for the three months ended December 31, 2014 , compared to $70 million , or $0.09 per share, for the third quarter of 2014 . Compared to the prior quarter, adjusted net earnings was impacted by lower silver, lead and zinc revenues as a result of a decline in commodity prices during the fourth quarter of 2014 and lower
sales volumes for silver and lead and higher depreciation and depletion, partially offset by higher gold revenues as a result of higher gold sales volumes and lower production
costs.


GOLDCORP  | 14


---



---

(in United States dollars, tabular amounts in
millions, except where
noted)


Total cash costs (by-product) were $589 per gold ounce (2) , in the fourth quarter of 2014 , as compared to $597 per gold ounce in the prior quarter. The decrease
in cash costs per ounce was primarily due to higher gold sales volume, partially offset by lower by-product sales credits.


|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Adjusted net earnings and adjusted net earnings per share are non-GAAP performance measures. 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. 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. Refer to page48for a reconciliation of adjusted net earnings to reported net loss attributable to shareholders of Goldcorp.

|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(2) | The Company has included non-GAAP performance measures – total cash costs, by-product and
co-product, per gold ounce, throughout this document. In the gold mining industry, total cash costs is a common performance measure but does not have any standardized meaning. The Company follows the recommendations of the Gold Institute Production
Cost Standard. 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.
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. Total cash costs on a by-product basis are calculated by
deducting Goldcorp’s share of by-product silver, copper, lead and zinc sales revenues from Goldcorp’s share of production costs. Refer to page43for a reconciliation of total cash costs to reported production
costs.




GOLDCORP  | 15


---



---

(in United States dollars, tabular amounts in
millions, except where noted)


RESULTS OF OPERATIONS  (1)


Year ended December
31  Revenues

Gold
produced(ounces)

Goldsold(ounces)

Averagerealizedgold price(per ounce)

Total
 cashcosts – by-product(per goldounce)(2)

All-in
sustaining
costs(per goldounce)(3)Red Lake
2014
$
529

414,400

418,300

$
1,262

$
569

$
9342013
$
684

493,000

487,300

$
1,400

$
531

$
880Porcupine
2014
379

300,000

299,400

1,262

647

9062013
407

291,900

292,000

1,390

717

1,034Musselwhite

2014
354

278,300

279,200

1,265

629

8112013
353

256,300

253,700

1,390

760

1,088Peñasquito
2014
1,432

567,800

561,700

1,266

388

8132013
1,148

403,800

389,700

1,335

440

914Los Filos
2014
326

258,700

257,500

1,265

796

9932013
457

332,400

325,900

1,396

623

1,002El Sauzal
2014
49

37,700


37,200


1,289

1,440

1,6662013
113

80,600

80,800

1,379

853

915Marlin
2014
367

186,500

183,800

1,262

384

8622013
447

202,200

204,600

1,393

195

628Alumbrera(1)
2014
386

120,100

113,300

1,248

145

6092013
388

117,500

103,600

1,365

(148
)
565Pueblo
Viejo(1)
2014
575

443,400

430,400

1,268

462

6082013
431

325,200

296,400

1,397

534

750Cerro Negro(5)
2014
—

152,100

—

—

—

—2013
—

—

—

—

—

—Éléonore(5)
2014
—

18,300


—

—

—

—2013
—

—

—

—

—

—Other(3)
2014
—

—

—

—

—

1112013
—

—

—

—

—

107Total – continuing
operations
2014
$
4,397

2,777,300

2,580,800

$
1,264

$
531

$
9492013
$
4,428

2,502,900

2,434,000

$
1,385

$
529

$
1,008Wharf(4)
2014
94

72,100


70,100


1,254

770

8702013
78

56,200

55,500

1,383

924

1,165Marigold(4)
2014
28

21,800


21,900


1,289

1,117

1,2072013
151

107,500

107,700

1,404

914

1,503Total – including
discontinued operations
2014
$
4,519

2,871,200

2,672,800

$
1,264

$
542

$
9492013
$
4,657

2,666,600

2,597,200

$
1,385

$
553

$
1,031


|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | The Company has included certain non-GAAP performance measures including the Company’s share
of the applicable production, sales and financial information of Alumbrera and Pueblo Viejo, throughout this document; however, these performance measures do not have any standardized meaning. The Company believes that disclosing certain performance
measures including Alumbrera and Pueblo Viejo presents a more relevant measurement of the Company’s operating and economic performance, and reflects the Company’s view of its core mining operations.

|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(2) | Total cash costs per gold ounce on a by-product basis is calculated net of Goldcorp’s share
of by-product sales revenues (by-product copper sales revenues for Alumbrera; by-product silver sales revenues for Marlin and Pueblo Viejo; and by-product lead and zinc sales revenues and 75% of silver sales revenues for Peñasquito at market
silver prices, and 25% of silver sales revenues for Peñasquito at $4.05 per silver ounce (2013 – $4.02 per silver ounce) sold to Silver Wheaton).

|    |                                                                                                                                                                                                                                                                                                                                                
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(3) | For the purpose of calculating all-in sustaining costs, the Company includes corporate
administration expense, capital expenditures incurred at the Company's regional and head office corporate offices and regional office exploration expense as corporate all-in sustaining costs in the "Other" category. These costs are not allocated to

GOLDCORP  | 16


---



---

(in United States dollars, tabular amounts in
millions, except where
noted)


the individual mine sites as the Company measures its operations' performance on all-in sustaining costs directly incurred at the mine site. All-in sustaining costs for Other is calculated using total
corporate expenditures and the Company's consolidated gold sales ounces.


|    |                                                                                                                                                                                                                                                                                                                        
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(4) | The Company's 100% interest in Wharf and 66.7% interest in Marigold are classified as discontinued
operations for the year ended December 31, 2014. The 2013 comparative information has been re-presented in accordance with the requirements of IFRS 5 –Non-current
assets held for sale and discontinued operations.

|    |                                                                                                                                                                                                                                      
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(5) | Gold produced represents pre-commercial production ounces from Cerro Negro and Éléonore.
However, revenues and gold sold are excluded as costs incurred, net of proceeds from sales, were credited against capitalized project costs.




Three
 months ended December 31  Revenues

Gold
produced(ounces)

Goldsold(ounces)

Averagerealizedgold price(per ounce)

Total
 cashcosts – by-product(per goldounce)(2)

All-in
 sustaining costs(per goldounce)(3)Red Lake
2014
$
156

130,300

128,700

$
1,208

$
493

$
8092013
$
151

128,000

121,400

$
1,243

$
500

$
822Porcupine
2014
116

90,400


95,700


1,210

591

8572013
107

78,900

84,300

1,265

671

907Musselwhite

2014
98

73,100


81,100


1,208

619

7792013
99

74,600

78,200

1,270

675

883Peñasquito
2014
285

141,100

126,100

1,184

728

1,4722013
348

141,700

135,700

1,222

102

473Los Filos
2014
76

65,900


63,400


1,203

1,194

1,3692013
113

94,000

88,800

1,263

637

860El Sauzal(6)
2014
1

900


100


1,099

—

—2013
27

21,300

21,200

1,269

850

880Marlin
2014
103

52,300


53,800


1,208

273

7032013
111

52,800

54,700

1,260

159

515Alumbrera(1)
2014
94

41,700


33,900


1,189

(282
)
892013
95

34,000

24,900

1,249

(558
)
37Pueblo
Viejo(1)
2014
126

117,900

98,300


1,215

477

6302013
103

104,700

78,000

1,278

592

688Cerro Negro(5)
2014
—

133,100

—

—

—

—2013
—

—

—

—

—

—Éléonore(5)
2014
—

18,300


—

—

—

—2013
—

—

—

—

—

—Other(3)
2014
—

—

—

—

—

1112013
—

—

—

—

—

72Total – continuing
operations
2014
$
1,055

865,000

681,100

$
1,203

$
582

$
1,0432013
$
1,154

730,000

687,200

$
1,254

$
437

$
785Wharf(4)
2014
32

25,900


26,800


1,195

772

8322013
14

10,800

10,600

1,266

1,092

1,411Marigold(4)
2014
—

—

—

—

—

—2013
35

28,100

27,900

1,258

969

1,216Total – including
discontinued operations
2014
$
1,087

890,900

707,900

$
1,203

$
589

$
1,0352013
$
1,203

768,900

725,700

$
1,254

$
467

$
810


|    |                                                                                                                                                                                                                                                                                                                        
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | The Company has included certain non-GAAP performance measures including the Company’s share
of the applicable production, sales and financial information of Alumbrera and Pueblo Viejo, throughout this document; however, these performance measures do not have any standardized meaning. The Company believes that

GOLDCORP  | 17


---



---

(in United States dollars, tabular amounts in millions, except where
noted)


disclosing certain performance measures including Alumbrera and Pueblo Viejo presents a more relevant measurement of the Company’s operating and economic performance, and reflects the
Company’s view of its core mining operations.


|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(2) | Total cash costs per gold ounce on a by-product basis is calculated net of Goldcorp’s share
of by-product sales revenues (by-product copper sales revenues for Alumbrera; by-product silver sales revenues for Marlin and Pueblo Viejo; and by-product lead and zinc sales revenues and 75% of silver sales revenues for Peñasquito at market
silver prices, and 25% of silver sales revenues for Peñasquito at $4.05 per silver ounce (2013 – $4.02 per silver ounce) sold to Silver Wheaton).

|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(3) | For the purpose of calculating all-in sustaining costs, the Company includes corporate
administration expense, capital expenditures incurred at the Company's regional and head office corporate offices and regional office exploration expense as corporate all-in sustaining costs in the "Other" category. These costs are not allocated to
the individual mine sites as the Company measures its operations' performance on all-in sustaining costs directly incurred at the mine site. All-in sustaining costs for Other is calculated using total corporate expenditures and the Company's
consolidated gold sales ounces.

|    |                                                                                                                                                                                                                                                                                                                        
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(4) | The Company's 100% interest in Wharf and 66.7% interest in Marigold are classified as discontinued
operations for the year ended December 31, 2014. The 2013 comparative information has been re-presented in accordance with the requirements of IFRS 5 –Non-current
assets held for sale and discontinued operations.

|    |                                                                                                                                                                                                        
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(5) | Gold produced represents pre-commercial production ounces from Cerro Negro and Éléonore.
However, sales and sales related revenues are excluded as they are credited against capitalized project costs.

|    |                                                                                                                                                                                                                                                                                                                                                                                                                   
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(6) | As a result of attempts to continue mining activities at El Sauzal during the fourth quarter of
2014 following the identification of the pit wall instability in the third quarter of 2014, incidental costs were incurred and gold ounces produced. While these costs have been included in the 2014 annual all-in sustaining and by-product cash costs,
the fourth quarter impacts are not separately
disclosed.







GOLDCORP  | 18


---



---

(in United States dollars, tabular amounts in
millions, except where noted)


OPERATIONAL REVIEW


Red Lake
mines, Canada Operating Data
Q1


Q2


Q3

Q4

Total2014

Total2013Tonnes of ore milled(1)
175,100


157,700


164,400


186,900


684,100

786,900Average mill head grade
(grams/tonne)
16.66

18.77

20.80

21.52

19.47

20.33Average recovery rate
95
%
96
%
97
%
96
%
96
%

95
%Gold (ounces)– Produced(1)
95,000

89,500

99,600

130,300

414,400

493,000– Sold
101,200

89,800

98,600

128,700

418,300

487,300Average realized gold price (per
ounce)
$
1,294

$
1,300

$
1,265

$
1,208

$
1,262

$
1,400Total cash costs – by-product (per
ounce)
$
625

$
656

$
533

$
493

$
569

$
531All-in sustaining costs (per
ounce)
$
954

$
1,066

$
955

$
809

$
934

$
880Mining cost per tonne
$
223.17

$
245.61

$
219.09

$
195.29

$
220.00

$
233.36Milling cost per tonne
$
48.73

$
51.38

$
46.97

$
44.21

$
47.69

$
47.37Financial DataRevenues
$
131

$
117

$
125

$
156

$
529

$
684Depreciation and depletion
$
27

$
26

$
28

$
35

$
116

$
107Earnings from operations
$
40

$
31

$
41

$
56

$
168

$
309Expenditures on mining interests(2)
$
54

$
56

$
65

$
58

$
233

$
233


|    |                                                                                                                                                                                 
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Included in tonnes of ore milled and gold ounces produced for the fourth quarter of 2014 are 900
tonnes and 200 ounces, respectively, from the Company's Cochenour gold project.

|    |                                                                                                                        
|--- | -----------------------------------------------------------------------------------------------------------------------
|(2) | Expenditures on mining interests includes expenditures incurred at the Company's Cochenour gold
project of $76
million.




Gold production for 2014 of 414,400 ounces was 78,600 ounces, or 16%, lower than 2013 due to 13% lower mill throughput and 4% lower grade. Tonnes were lower than anticipated due to lower
production from remnant pillar mining and the focus on maximizing cash flow through mining higher margin ounces at the Campbell Complex. In addition, fewer tonnes were obtained from the High Grade Zone as a result of lower stope availability due to
issues with long hole drilling, seismicity, and ground conditions which caused sequencing issues and delayed production in the Foot Wall Zone. The lower grades were attributable to back filling delays, which deferred the mining of higher grade
material in the Upper Red Lake Zone.





All-in sustaining costs for 2014 were $934 per ounce and include by-product cash costs of $569 per ounce, which were $54 per ounce and $38 per ounce higher compared to 2013, respectively. The 6%
increase in all-in sustaining costs (inclusive of the by-product cash cost impacts) was due to lower gold production ($146 per ounce) and higher exploration expenditures ($13 per ounce), partially offset by a weaker Canadian dollar ($60 per ounce),
lower sustaining capital expenditures ($32 per ounce), and lower operating costs ($13 per ounce). The increase in exploration expenditures was attributable to an increase in exploration activity at HG Young during 2014 where five drills are
currently on site. The decreases in operating costs and sustaining capital expenditures were attributable to a decrease in employee and long hole drilling contractor costs due to continued O4E initiatives ($6 million) and less costs being incurred
in 2014 on the borehole hoist project, respectively.





Gold production for the fourth quarter of 2014 was 30,700 ounces, or 31%, higher than the third quarter of 2014 due to 14% higher mill throughput and 3% higher grades. The higher tonnage was provided
by the newly developed mining areas in the Upper Red Lake and Footwall Zones combined with operational improvement initiatives and long hole mining in the High Grade Zone. Higher grades were provided by the Sulphide, Upper Red Lake, and Campbell
Zones as a result of mine sequencing and improved dilution
control.





All-in sustaining costs for the fourth quarter of 2014, including by-product cash costs, were $146 per ounce and $40 per ounce lower than the third quarter of 2014, respectively. The 15% decrease
in all-in sustaining costs (inclusive of the by-product cash cost impacts) was due to higher gold production ($225 per ounce), a weaker Canadian dollar ($17 per ounce), and lower sustaining capital expenditures ($12 per ounce), partially offset by
higher operating costs ($92 per ounce) and higher exploration expenditures ($16 per ounce). The increase in operating costs was attributable to an increase in employee and contractor costs ($6 million), consumables and maintenance parts ($3
million), site costs due to a one time health care donation in the fourth quarter of 2014 ($2 million), and energy costs ($1 million). The increase in exploration expenditures was attributable to an increase in exploration activity at HG Young
during the fourth quarter of 2014.





Red Lake gold mines’ proven and probable gold reserves totaled 2.06 million ounces at December 31, 2014, compared to 2.55 million ounces at December 31, 2013, due primarily to mining depletion.
During 2014, drilling continued at the High Grade Zone. In addition, exploration drilling


GOLDCORP  | 19


---



---

(in United States dollars, tabular amounts in
millions, except where noted)


from surface focused on the HG Young discovery resulting in numerous high grade intercepts and extension of the strike length. HG Young can be developed from the Campbell Complex infrastructure to the
south and rehabilitation on the 14 Level at the Campbell Complex has now been completed. This rehabilitation will provide access for exploration development and diamond drilling from underground beginning in early 2015. Exploration
continued on the NXT Zone, R Zone, Footwall Zone, and the PLM Zone throughout 2014 where numerous significant results have been returned.





On January 30, 2015, the Company announced it had signed a
Collaboration Agreement with the Wabauskang First Nations which paves the way for long-term economic benefits for the northwestern Ontario First Nations and provides a framework for strengthened collaboration in the development and operations of the
Red Lake Gold
Mines.











GOLDCORP  | 20


---



---

(in United States dollars, tabular amounts in
millions, except where noted)


Porcupine mines, Canada Operating Data
Q1


Q2


Q3


Q4


Total2014

Total2013Tonnes of ore milled
867,700


1,081,400

1,123,600

1,094,100

4,166,800

4,231,700Hoyle Pond underground
(tonnes)
71,000

55,200

73,300

122,000

321,500

349,000Hoyle Pond underground
(grams/tonne)
16.30

16.82

13.84

15.86

15.47

13.86Dome underground (tonnes)
103,500

125,500

111,800

120,500

461,300

475,100Dome underground
(grams/tonnes)
5.44

4.96

4.05

4.36

4.48

4.36Hollinger Open Pit (tonnes)
—

25,700

93,800

59,000

178,500

—Hollinger Open Pit
(grams/tonnes)
—

1.15

1.26

1.22

1.31

—Stockpile (tonnes)
693,200

875,000

844,700

792,600

3,205,500

3,407,600Stockpile (grams/tonne)
0.77

0.99

1.07

0.77

0.81

0.81Average mill head grade
(grams/tonne)
2.60

2.19

2.22

2.82

2.45

2.28Average recovery rate
93
%
93
%
92
%
91
%
92
%

94
%Gold (ounces)– Produced
66,500

68,800

74,300

90,400

300,000

291,900– Sold
65,700

69,600

68,400

95,700

299,400

292,000Average realized gold price (per
ounce)
$
1,287

$
1,302

$
1,272

$
1,210

$
1,262

$
1,390Total cash costs – by-product (per
ounce)
$
701

$
658

$
663

$
591

$
647

$
717All-in sustaining costs (per
ounce)
$
945

$
895

$
946

$
857

$
906

$
1,034Mining cost per tonne
$
127.65

$
121.54

$
119.89

$
93.96

$
114.03

$
120.54Milling cost per tonne
$
8.76

$
7.44

$
8.72

$
7.31

$
8.03

$
8.83Financial DataRevenues
$
85

$
91

$
87

$
116

$
379

$
407Depreciation and depletion
$
13

$
12

$
11

$
18

$
54

$
56Earnings from operations(1)
$
27

$
21

$
31

$
13

$
92

$
163Expenditures on mining
interests
$
19

$
18

$
19

$
24

$
80

$
96


|    |                                                                                                                                                                                                                                                                                                                                                                                 
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Earnings from operations for the three months ended December 31, 2014 and June 30, 2014 were
impacted by an increase in non-cash provisions related to the revision in estimates in the reclamation and closure cost obligations for the Porcupine mines' closed sites of $28 million and $11 million, respectively (year ended December 31, 2013
– a reduction of $25 million).




Porcupine consists of four mining operations, Hoyle Pond, Dome, Stockpile, and Hollinger, all which feed the Dome processing facility. Hollinger open pit commenced pre-stripping activities during the
second quarter of 2014.


Gold production for 2014 of 300,000 ounces was 8,100 ounces, or 3%,
higher than 2013 due to 7% higher grades, partially offset by 2% lower tonnage. The Hoyle Pond underground operation experienced 12% higher grades as the mine focused on the high grade VAZ ore, partially offset by 8% lower tonnes due to the shutdown
of the #1 Winze for repairs during the first and second quarters of 2014. These repairs were completed on July 19, 2014. The Dome underground operation provided tonnage and grades that were comparable to 2013. As a result of its pre-stripping
activities, Hollinger open pit provided 178,500 tonnes of ore to the mill in 2014 and with the introduction of the higher grade feed from Hollinger, the Surface Stockpile tonnes processed decreased 6% from
2013.


All-in sustaining costs for 2014 were $906 per ounce and include by-product cash costs of $647 per ounce, which
were $128 per ounce and $70 per ounce lower compared to 2013, respectively. The 12% decrease in all-in sustaining costs (inclusive of the by-product cash cost impacts) was due to a weaker Canadian dollar ($55 per ounce), lower sustaining capital
expenditures ($47 per ounce), higher gold production ($25 per ounce), and lower operating costs ($13 per ounce), partially offset by higher reclamation accretion expenses ($12 per ounce). The decrease in operating costs was primarily due to lower
employee costs resulting from lower overall manpower levels during 2014 ($11 million), partially offset by higher contractor costs for development work at the underground operations ($5 million) and higher power costs ($2 million). The decrease in
sustaining capital expenditures was primarily the result of timing of underground projects ($13
million).





Gold production for the fourth quarter of 2014 was 16,100 ounces, or 22%, higher than the third quarter of 2014 due to 27% higher grades, partially offset by 3% lower tonnage. Grades were higher than
prior quarter primarily due to ore development on numerous higher grade VAZ veins in the Hoyle Pond underground operation.


GOLDCORP  | 21


---



---

(in United States dollars, tabular amounts in
millions, except where noted)


All-in sustaining costs for the fourth quarter of 2014, including by-product cash costs, were $89 per ounce and $72 per ounce lower than the third quarter of 2014, respectively. The 9% decrease in
all-in sustaining costs (inclusive of the by-product cash cost impacts) was due to higher gold production ($269) and a weaker Canadian dollar ($17 per ounce), partially offset by higher operating costs ($124 per ounce) and higher sustaining capital
expenditures ($73 per ounce). The increase in operating costs was primarily due to an increase in the performance incentive program which increased labour costs ($2 million), an increase in consumables ($4 million), an increase in mine development
contractors ($2 million), and costs associated with the RDA entered into during the fourth quarter of 2014 ($1 million). The RDA, signed on November 24, 2014 with four First Nations communities, established a framework for continued consultation and
collaboration on current and future operations in the Timmins area, including long-term benefits for the First Nations. The increase in sustaining capital expenditures was primarily due to increased component replacements and overhauls ($3
million).





Underground exploration in 2014 was focused on expanding current ore zones at Hoyle Pond,
such as the high grade S veins and UP Splay Zones, and confirming and testing extensions of the TVZ Zone. Underground drilling was successful in expanding the 3766 Zone at Dome.  Surface exploration continued to focus on the
extension of the volcanic and sedimentary belt east of the Hoyle Pond mine as well as testing targets in the Night Hawk Lake area.


During 2014, work at the Hoyle Deep Project continued to focus on sinking the #2 Winze shaft and advancing the lateral development to complete the 1600 metre level shaft station, the 1670 metre level
loading pocket, and continued advancement of the 1705 metre level decline to access the 1740 metre shaft bottom. Shaft sinking advanced a total of 520 metres during 2014 through the 1670 metre level and supporting lateral development advanced a
total of 1,305 metres in 2014. Expenditures relating to the Hoyle Deep Project for 2014 totaled $31 million.


At
the Hollinger open pit, over-burden and rock pre-stripping activities continued. A total of 2,168,000 tonnes of material was placed on the Control Berm during 2014 which is targeted for completion in the second quarter of 2015, a requirement for
mining operations to commence 24 hours per
day.





Porcupine mines contained 2.98 million ounces of proven and probable gold reserves at December 31, 2014 compared to 3.01 million ounces at December 31, 2013.























GOLDCORP  | 22


---



---

(in United States dollars, tabular amounts in
millions, except where noted)


Musselwhite mine, Canada Operating Data
Q1


Q2


Q3


Q4


Total2014

Total2013Tonnes of ore milled
332,200


313,400


263,600


312,000


1,221,200

1,391,800Average mill head grade
(grams/tonne)
7.30

7.12

7.67

7.46

7.38

5.92Average recovery rate
96
%
96
%
96
%
96
%
96
%

96
%Gold (ounces)– Produced
74,900

67,800

62,500

73,100

278,300

256,300– Sold
68,800

67,000

62,300

81,100

279,200

253,700Average realized gold price (per
ounce)
$
1,281

$
1,292

$
1,292

$
1,208

$
1,265

$
1,390Total cash costs – by-product (per
ounce)
$
643

$
605

$
654

$
619

$
629

$
760All-in sustaining costs (per
ounce)
$
787

$
794

$
897

$
779

$
811

$
1,088Mining cost per tonne
$
85.34

$
71.41

$
82.17

$
71.91

$
77.61

$
77.67Milling cost per tonne
$
15.69

$
15.25

$
16.01

$
15.25

$
15.53

$
13.90Financial DataRevenues
$
88

$
87

$
81

$
98

$
354

$
353Depreciation and depletion
$
14

$
15

$
14

$
20

$
63

$
53Earnings from operations
$
29

$
30

$
23

$
29

$
111

$
101Expenditures on mining
interests
$
9

$
12

$
11

$
12

$
44

$
75


Gold production for 2014 of 278,300 ounces was 22,000 ounces, or 9%, higher than 2013 due to 25% higher grades, partially offset by 12% lower mill throughput. Higher grades were realized as a
result of mining higher grade material from the Lynx Zone and the C-Block of the PQ Deeps, coupled with improved dilution and ore control which increased grades above expectations. Mill throughput was lower primarily due to more stringent ore
control practices focused on delivering better quality ore to the mill and a planned maintenance shutdown during the third quarter of 2014 to perform plant and conveyor maintenance and to upgrade electrical
infrastructure.


All-in sustaining costs for 2014 were $811 per ounce and include by-product cash
costs of $629 per ounce, which were $277 per ounce and $131 per ounce lower compared to 2013, respectively. The 25% decrease in all-in sustaining costs (inclusive of the by-product cash cost impacts) was due to lower sustaining capital expenditures
($103 per ounce), higher gold production ($100 per ounce), a weaker Canadian dollar ($51 per ounce), and lower operating costs ($23 per ounce). The decrease in operating costs was primarily due to decreased contractor usage for raise development ($7
million), while the decrease in sustaining capital expenditures was primarily due to a decrease in construction projects and capital development, as planned ($29 million).


Gold production for the fourth quarter of 2014 was 10,600 ounces, or 17%, higher than the third
quarter of 2014 due to 18% higher mill throughput, partially offset by 3% lower grades. The higher mill throughput was due to the 14-day planned maintenance shutdown during the third quarter of 2014. Mining in the fourth quarter of 2014 continued to
focus in the higher grade areas of the Lynx Zone and PQ Deeps with a slight decrease in grade, as planned.


All-in sustaining costs for the fourth quarter of 2014, including by-product cash costs, were $118 per ounce and $35 per ounce lower than the third quarter of 2014, respectively. The 13% decrease in
all-in sustaining costs (inclusive of the by-product cash cost impacts) was due to higher gold production ($210 per ounce), lower sustaining capital expenditures ($18 per ounce), and a weaker Canadian dollar ($14 per ounce), partially offset by
higher operating costs ($124 per ounce). The increase in operating costs was primarily due to increased labour associated with mine development ($4 million), increased maintenance parts, explosives, and site costs, as planned ($3 million), increased
contractor costs ($2 million), and increased propane and power usage due to colder weather conditions in the fourth quarter of 2014 ($2 million).


The 2014 exploration program focused on drilling of the West Limb target to define an inferred resource and determine whether further exploration was warranted. Results by mid-year 2014 were positive
enough to trigger the start of an access drift toward the West Limb to establish a drilling platform closer to the mineralized zones. Extensional drilling on the C-Block of the PQ Deeps succeeded in extending the reserve by 150 metres to the
north.


Musselwhite mine contained 1.66 million ounces of proven and probable gold reserves at
December 31, 2014, compared to 1.85 million ounces at December 31, 2013, due to mining depletion partially offset by increased reserves in the PQ
Deeps.





GOLDCORP  | 23


---



---

(in United States dollars, tabular amounts in
millions, except where noted)


Peñasquito mines, Mexico Operating Data
Q1

Q2

Q3

Q4

Total2014

Total2013Tonnes of ore mined –
sulphide
10,025,400

10,280,100

8,437,600

9,172,400

37,915,500

50,612,200Tonnes of ore mined –
oxide
1,121,200

135,700

272,100

844,000

2,373,000

10,471,500Tonnes of waste removed
33,628,000

40,595,300

38,173,700

32,778,100

145,175,100

120,194,200Tonnes of total material
moved
44,774,600

51,011,100

46,883,400

42,794,500

185,463,600

181,277,900Ratio of waste to ore
3.0

3.9

4.4

3.3

3.6


2.0Average head gradeGold (grams/tonne)
0.59

0.78

0.59

0.65

0.65


0.45Silver (grams/tonne)
32.92

30.08

23.21

21.61

26.78


23.95Lead
0.33
%
0.24
%
0.23
%
0.19
%
0.25

%

0.27
%Zinc
0.63
%
0.59
%
0.52
%
0.52
%
0.56

%

0.53
%Sulphide OreTonnes of ore milled
9,220,400

10,050,000

10,446,900

10,195,800

39,913,100

38,762,400Average recovery rateGold
72
%
74
%
71
%
66
%
70

%

66
%Silver
81
%
82
%
81
%
75
%
79

%

77
%Lead
79
%
77
%
75
%
67
%
74

%

73
%Zinc
80
%
82
%
79
%
78
%
80

%

73
%Concentrates Produced – Payable Metal
ProducedGold (ounces)
115,500

159,400

124,000

132,300

531,200

341,500Silver (ounces)
7,055,100

6,758,700

5,413,300

5,648,400

24,875,500

20,763,300Lead (thousands of pounds)
49,500

38,600

37,000

27,200

152,300

159,100Zinc (thousands of pounds)
87,900

91,900

81,000

68,900

329,700

279,300Lead Concentrate (DMT)
47,100

41,400

36,600

29,100

154,200

155,100Zinc Concentrate (DMT)
85,200

90,900

78,200

73,700

328,000

267,300Oxide OreTonnes of ore processed
1,202,900

135,700

563,100

1,151,300

3,053,000

10,471,500ProducedGold (ounces)
14,300

8,000

5,500

8,800

36,600


62,300Silver (ounces)
341,200

248,100

156,000

186,300

931,600

1,684,100Sulphide & Oxide Ores
– Payable Metal ProducedGold (ounces)
129,800

167,400

129,500

141,100

567,800

403,800Silver (ounces)
7,396,300

7,006,800

5,569,300

5,834,700

25,807,100

22,447,400Lead (thousands of pounds)
49,500

38,600

37,000

27,200

152,300

159,100Zinc (thousands of pounds)
87,900

91,900

81,000

68,900

329,700

279,300Gold Equivalent Ounces(1)
350,100

376,300

305,400

306,400

1,338,200

1,073,000


GOLDCORP  | 24


---



---

(in United States dollars, tabular amounts in
millions, except where
noted)


Q1


Q2


Q3


Q4


Total2014

Total2013Sulphide and Oxide Ores
– Payable Metal SoldGold (ounces)
120,700

170,900

144,000

126,100

561,700

389,700Silver (ounces)
7,118,400

7,863,400

6,439,300

5,210,700

26,631,800

21,663,900Lead (thousands of pounds)
45,300

43,200

41,400

29,400

159,300

147,900Zinc (thousands of pounds)
90,100

77,000

85,400

84,000

336,500

256,000Average realized
pricesGold (per ounce)
$
1,333

$
1,305

$
1,236

$
1,184

$
1,266

$
1,335Silver (per ounce)(2)
$
16.73

$
16.28

$
14.70

$
13.12

$
15.40

$
17.97Lead (per pound)
$
0.91

$
0.97

$
0.98

$
0.83

$
0.93

$
0.97Zinc (per pound)
$
0.90

$
1.00

$
1.07

$
0.99

$
0.99

$
0.87Total Cash Costs – by-product(per ounce)(4)(7)
$
179

$
124

$
579

$
728

$
388

$
440Total Cash Costs – co-product(per ounce of gold)(4)(7)
$
707

$
610

$
819

$
820

$
731

$
870All-in sustaining costs(per ounce)(7)
$
371

$
362

$
1,142

$
1,472

$
813

$
914Mining cost per
tonne
$
2.22

$
2.21

$
2.49

$
2.82

$
2.42

$
2.21Milling cost per
tonne
$
7.99

$
7.05

$
6.22

$
5.92

$
6.76

$
7.48General and administrative
cost per tonne milled
$
2.36

$
2.38

$
2.64

$
2.55

$
2.49

$
2.34Off-site cost per tonne sold (lead)(5)
$
644

$
842

$
753

$
769

$
744

$
673Off-site cost per tonne sold (zinc)(5)
$
352

$
372

$
384

$
351

$
358

$
343Financial DataRevenues(2)
$
362

$
424

$
361

$
285

$
1,432

$
1,148Depreciation and depletion(8)
$
56

$
69

$
78

$
67

$
270

$
163Earnings (loss) from operations(2)(3)
$
80

$
131

$
15

$
(8
)
$
218

$
(2,270
)Expenditures on mining interests(6)
$
19

$
56

$
87

$
164

$
326

$
233


|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Gold equivalent ounces are calculated using the following assumptions: $1,300 per ounce of gold;
by-product metal prices of $22.00 per ounce of silver; $3.00 per pound copper; $0.90 per pound of zinc; and $0.90 per pound of lead (2013 – $1,350; $24.00; $3.00; $0.85; and $0.80 respectively). By-product metals are converted to gold
equivalent ounces by multiplying by-product metal production with the associated by-product metal price and dividing it by the gold price.

|    |                                                                                                                                                           
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------
|(2) | Includes 25% of silver ounces sold to Silver Wheaton at $4.05 per ounce (2013 – $4.02 ounce).
The remaining 75% of silver ounces are sold at market rates.

|    |                                                                                                                                                                                                                                                                                                                                              
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(3) | During the year ended December 31, 2013, the Company recorded impairment charges of $2,427 million
before tax ($1,827 million after tax) related to Peñasquito as a result of the change in the metal pricing environment related to in-situ exploration ounces, in combination with the changes to the LOM plan and the Mexican mining duty.

|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(4) | The calculation of total cash costs per ounce of gold is net of by-product silver, lead and zinc
sales revenues. If silver, lead and zinc were treated as co-products, total cash costs for the year endedDecember 31,
2014would be$731per ounce of gold,$10.87per ounce of silver,$0.95per pound of lead and$0.78per pound of zinc (2013 –$870,$13.98,$0.78, and$0.70, respectively). Production costs are allocated to each co-product based on the ratio of actual sales volumes multiplied by budget metal prices (see page3). The actual and budget silver price for Peñasquito takes into consideration that 25% of silver ounces are sold to Silver Wheaton at
$4.05 per ounce (2013 – $4.02 ounce) with the remaining 75% of silver ounces sold at market rates. Using actual realized sales prices, the co-product total cash costs for the year endedDecember 31, 2014would be $752 per ounce of gold, $10.28 per ounce of silver, $0.90 per pound of lead, and $0.81 per pound of zinc
(2013 – $851, $12.67, $0.91, and $0.76, respectively).

|    |                                                                                                     
|--- | ----------------------------------------------------------------------------------------------------
|(5) | Off-site costs consist primarily of transportation, warehousing, and treatment and refining
charges.

|    |                                                                                                           
|--- | ----------------------------------------------------------------------------------------------------------
|(6) | Expenditures on mining interests includes expenditures incurred at the Company's Camino Rojo gold
project.

|    |                                                                                                                                                                                                                                                                                                                                                                                        
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(7) | Includes a $41 million cash reduction of the carrying value of the low-grade stockpile to net
realizable value in the third quarter of 2014. Excluding the impact of the carrying value reduction, total cash costs – by-product were $292 per ounce, total cash costs – co-product were $694 per ounce, and all-in sustaining costs were
$854 per ounce for the third quarter of 2014.

|    |                                                                                                                                                                             
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(8) | Depreciation and depletion in the third quarter of 2014 includes a $14 million reduction of the
carrying value of the low-grade stockpile inventory to net realizable
value.




Gold production for 2014 of 567,800 ounces was 164,000 ounces, or 41%, higher than 2013 due to 44% higher gold ore grades, 6% higher metallurgical recoveries, and 3% higher mill throughput for
sulphide production, partially offset by 41% lower oxide gold production, as expected.


GOLDCORP  | 25


---



---

(in United States dollars, tabular amounts in
millions, except where noted)


Higher ore grades resulted from continued mining in higher grade ore benches at the bottom of Phase 4 supplemented by the processing of high grade stockpiles during 2014. Higher metallurgical
recoveries were the result of plant operational improvements in the efficiency of the flotation cells operation. A mill throughput rate of 109,400 tonnes per day was achieved during 2014 as a result of improved ore fragmentation and the improved
operation of the Augmented Feed Circuit and the High Pressure Grinding Roll. Waste removal was 21% higher in 2014 than 2013 as stripping activities increased in preparation for mining ore from Phase 5C and 5D of the
Pit.





All-in sustaining costs for 2014 were $813 per ounce and include by-product cash costs of $388 per ounce, which were $101 per ounce and $52 per ounce lower compared to 2013, respectively. During the
third quarter of 2014, the carrying value of the low-grade stockpile was reduced by $41 million to net realizable value due to improvements to the mine plan that defers processing of low-grade stockpiles to the end of the mine life and also
recognizes lower anticipated recoveries from those stockpiles. Excluding the impact of the low-grade stockpile carrying value reduction, all-in sustaining costs were $740 per ounce and include by-product cash costs of $315 per ounce, which were $174
per ounce and $125 per ounce lower compared to 2013, respectively. The 19% decrease in all-in sustaining costs (inclusive of the by-product cash cost impacts) was due to higher gold production ($879 per ounce), partially offset by lower by-product
credit sales ($364 per ounce), higher operating costs ($239 per ounce), and higher sustaining capital expenditures ($102 per ounce). The increase in operating costs resulted primarily from employee and contractor headcount increases to support
ongoing mine development ($30 million), increased community payments ($25 million), increased water use payments due to the one-time historical water use payments in the first quarter of 2014 ($18 million), increased fuel costs ($12 million),
increased explosives costs ($9 million), increased transportation costs ($9 million), and increased royalties due to the new royalty of 0.5% of gross income derived from the sale of gold and silver, effective January 1, 2014 ($5 million). The
increase in sustaining capital expenditures resulted primarily from an increase in capitalized stripping activities during 2014 ($68 million) and investment in mine equipment, partially offset by the completion of certain major construction projects
in 2013.





Gold production for the fourth quarter of 2014 was 11,600 ounces, or 9%, higher than the third quarter of 2014 due to 10% higher gold ore grades and 60% higher oxide production, partially offset
by 7% lower metallurgical recoveries and 2% lower mill throughput for sulphide production. Higher ore grades were primarily a result of Phase 4 high grade ore and the first sustained ore occurrences in Phase 5C. The increase in oxide gold production
was due to higher oxide tonnes being leached on the pad. Metallurgical recoveries were impacted by the introduction of transitional material from Phase 5C, as planned, and lower lead ores processed during the fourth quarter of
2014.





All-in sustaining costs for the fourth quarter of 2014, including by-product cash costs, were $330 per ounce and $149 per ounce higher, than the third quarter of 2014, respectively. Excluding the
impact of the low-grade stockpile carrying value reduction in the third quarter of 2014, all-in sustaining costs, including by-product cash costs, were $618 per ounce and $436 per ounce higher than the third quarter of 2014. The 72% increase in
all-in sustaining costs (inclusive of the by-product cash cost impacts) was due to lower gold sales due to timing of concentrate shipments ($349 per ounce), lower by-product credit sales ($164 per ounce), higher sustaining capital expenditures ($120
per ounce), and higher operating costs ($41 per ounce), partially offset by a weaker Mexican peso ($56 per ounce). The increase in sustaining capital expenditures was primarily attributable to an increase in expenditures associated with the NWF
project ($16 million), tailings storage facilities expenditures ($4 million), and mobile equipment purchases during the fourth quarter of 2014 which will result in a decrease in contractor costs in 2015 ($5 million).





The provisional pricing impact of lower realized gold, silver, lead, and zinc prices during the fourth quarter of 2014 was negative $3 million, which primarily related to gold sales from the third
quarter of 2014 that settled in the fourth quarter of
2014.





Permitting delays experienced in the first quarter of 2014 due to unanticipated additional regulatory requirements related to the interconnection with the existing well fields, securing surface land
access rights, and additional permitting requirements by the environmental authority deferred start-up of construction of the NWF project to mid-year 2014. Following receipt of initial permits and finalizing the remaining construction contracts,
construction on the NWF project ramped up to full activity levels in the fourth quarter of 2014, with completion anticipated around mid-year 2015. Activities to address the additional regulatory requirements related to the interconnection to the
existing well field continue as planned. Contingency plans remain in place for fresh water supply to Peñasquito until the NWF is operational. Studies for the long-term tailings facility continued during 2014, with three viable options being
evaluated. In addition, studies are underway to evaluate extending the existing tailings facility's life beyond 2018.





Waste Rock Overland Conveyor System construction was completed during 2014. The transfer chutes redesign, modifications to the sizer, and improved waste material selection is expected to increase
production from the current 6,500 tonnes per hour to approximately 8,000 tonnes per hour.





During 2014, Peñasquito progressed with the pre-feasibility studies on two projects to assess the potential for producing saleable copper concentrate at Peñasquito,
the CEP, and to assess the viability of leaching a pyrite concentrate from the zinc flotation tailings ("Pyrite Leach"). Successful implementation of one or both of these new process improvements has the potential to significantly improve the
overall economics and life of mine of Peñasquito, through addition of another saleable product with the CEP, and increasing gold and silver recoveries from Pyrite Leach. A US Patent for the CEP was filed during the first quarter of 2014. The
pre-feasibility studies were essentially complete at the end of


GOLDCORP  | 26


---



---

(in United States dollars, tabular amounts in
millions, except where noted)


2014 and the projects are expected to be integrated as they enter the feasibility study phase which is anticipated by the end of the first quarter of 2015. The feasibility
study is expected to be complete in early
2016.





The 2014 drilling program ended with a total of 23,058 metres drilled, with 1,185 metres drilled during the fourth quarter of 2014. The exploration program continues to define the intersection of the
copper-gold sulphide rich skarn ore body and porphyry deposit located below and adjacent to the diatreme ore body and is focused on a 200 metre spaced in-fill program. Exploration activities during 2014 focused on the in-fill of the vertical and
horizontal size and extension of the skarn deposit where intersections show continuity of a significant sized body of copper and gold.





Peñasquito’s open pit operations
contained 10.54 million ounces of proven and probable gold reserves at December 31, 2014 compared to 11.62 million ounces at December 31, 2013, principally due to mining depletion and lower grades in the Peñasco
pit.


In 2005, prior to construction of the Peñasquito Mine, an agreement was negotiated with the Cerro Gordo
Ejido for the use of 600 hectares (approximately 1,483 acres) of surface land located within the confines of the proposed Peñasquito Mine site. These lands now include 60% of the mine pit area, a portion of the waste rock facilities and
explosive magazine storage area. The terms of the agreement were based on comparable surface valuations in the region as well as on similar agreements at the Peñasquito Mine and other Mexican mining operations. In 2009, the Cerro Gordo Ejido
commenced an action against Minera Peñasquito in Mexico’s agrarian courts challenging the land use agreement. Following a series of legal proceedings, the agrarian courts ruled on June 18, 2013, that the land use agreement was null and
ordered the land to be returned to the Cerro Gordo Ejido for payment of 2.4 million
pesos.  Constitutional claims are currently proceeding in the First District Court of Zacatecas by the
Cedros and Mazapil Ejidos and a local transportation union. The State of Zacatecas has filed its own constitutional claim against the agrarian court’s ruling.





Federal criminal charges were filed against the agrarian judge
who presided at the trial of first instance which started in 2009 and several members of a prior Cerro Gordo Ejido leadership committee who originally approved the land use agreement. The Attorney General has issued an “assurance
measure” protecting the status of the disputed lands pending conclusion of the related criminal investigation. With the assurance measure, Minera Peñasquito has sole custody of the disputed lands. Goldcorp has filed with the office of the
SEDATU the required documents to expropriate the disputed lands. In addition, Goldcorp will continue to employ all legal means at its disposal to ensure continuity of operations and to protect Goldcorp’s mineral concession rights consistent
with Mexican law. Operations at the Peñasquito Mine have not been impacted. However, in the event the constitutional claims by the State of Zacatecas, Ejido Cedros, Ejido Mazapil and transportation union are ultimately rejected, and the
assurance measure is removed, Ejido Cerro Gordo would, absent any other intervening event, be entitled to possession of the disputed lands. Should this occur, Peñasquito Mine operations would be adversely impacted, and in such circumstances,
the ultimate resolution of this matter is not determinable at this time. Settlement discussions facilitated by the Mexican federal government commenced in June 2014 and progress continues towards a mutually beneficial resolution of the
dispute.














GOLDCORP  | 27


---



---

(in United States dollars, tabular amounts in
millions, except where noted)


Los Filos mine, Mexico Operating Data
Q1

Q2


Q3


Q4


Total2014

Total2013Tonnes of ore mined
6,877,700

3,472,600

5,727,700

7,184,100

23,262,100

27,682,200Tonnes of waste removed
10,156,600

6,608,800

10,910,200

9,685,000

37,360,600

45,805,200Ratio of waste to ore
1.5

1.9

1.9

1.4

1.6

1.7Tonnes of ore processed
6,834,300

3,480,200

5,722,600

7,227,200

23,264,300

28,113,300Average grade processed
(grams/tonne)
0.72

0.75

0.73

0.53

0.67

0.70Average recovery rate(1)
49
%
49
%
49
%
49
%
49
%

49
%Gold (ounces)– Produced
80,000

48,700

64,100

65,900

258,700

332,400– Sold
81,900

45,700

66,500

63,400

257,500

325,900Average realized gold price (per
ounce)
$
1,289

$
1,280

$
1,281

$
1,203

$
1,265

$
1,396Total cash costs – by-product (per
ounce)
$
638

$
778

$
623

$
1,194

$
796

$
623All-in sustaining costs (per
ounce)
$
805

$
1,077

$
808

$
1,369

$
993

$
1,002Open-pit mining cost per
tonne
$
1.67

$
1.65

$
1.78

$
1.78

$
1.73

$
1.73Processing cost per tonne
leached
$
2.15

$
2.37

$
2.51

$
2.30

$
2.32

$
2.42Financial DataRevenues
$
106

$
58

$
86

$
76

$
326

$
457Depreciation and depletion(3)
$
16

$
12

$
13

$
22

$
63

$
62Earnings (loss) from operations(2)
$
37

$
10

$
30

$
(20
)
$
57

$
189Expenditures for mining
interests
$
16

$
11

$
11

$
13

$
51

$
112


|    |                                                                                                                                                                  
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Recovery is reported on a cumulative basis to reflect the cumulative recovery of ore on the leach
pad, and does not reflect the true recovery expected over time.

|    |                                                                                                                                                                                                                                                                                                                                           
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(2) | Includes a $31 million cash reduction of the carrying value of the heap leach ore inventory to net
realizable value in the fourth quarter of 2014. Excluding the impact of the carrying value reduction, total cash costs – by-product were $708 per ounce and all-in sustaining costs were $883 per ounce for the fourth quarter of 2014.

|    |                                                                                                                                                                         
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(3) | Depreciation and depletion in the fourth quarter of 2014 includes a $10 million reduction of the
carrying value of the heap leach ore inventory to net realizable
value.




Gold production for 2014 of 258,700 ounces was 73,700 ounces, or 22%, lower than 2013 as a result of 17% lower ore processed and 4% lower grades. Ore processed was lower primarily due to the
suspension of process operations in the second quarter of 2014 while a negotiated settlement with the Carrizalillo Ejido was being reached and a decrease in ore mined due to longer hauling distances as a result of ore placement on heap leach pad two
beginning in 2014. The lower grades were primarily attributable to mining at new phases of the El Bermejal and Los Filos pits, as planned, with grades expected to increase as mining deepens into the new
phases.


All-in sustaining costs for 2014 were $993 per ounce and include by-product cash costs of
$796 per ounce, which were $9 per ounce lower and $173 per ounce higher compared to 2013, respectively. During the fourth quarter of 2014, the carrying value of the heap leach ore inventory was reduced by $31 million to net realizable value due to a
comprehensive evaluation of the ore previously stacked on the heap leach pad. Review of the recovery model indicated that there are areas of the heap leach pad which have underperformed, likely due to a combination of inadequate operating
parameters, resulting in a reduction in estimated recoverable ounces. Excluding the impact of the heap leach ore carrying value reduction, all-in sustaining costs for 2014 were $873 per ounce and include by-product cash costs of $676 per ounce,
which were $129 per ounce lower and $53 per ounce higher than 2013. The 13% decrease in all-in sustaining costs (inclusive of the by-product cash cost impacts) was due to lower sustaining capital expenditures ($281 per ounce), lower operating costs
($111 per ounce), and a weaker Mexican peso ($5 per ounce), partially offset by lower gold production ($268 per ounce). The decrease in operating costs was primarily attributable to a decrease in reagents consumption ($8 million), labour ($7
million), maintenance costs ($6 million) and fuel costs ($3 million). The decrease in sustaining capital expenditures was primarily attributable to additional expenditures incurred in 2013 on the heap leach pad construction ($18 million), mining
concession acquisitions ($16 million), and mining equipment ($15 million).


Gold production for
the fourth quarter of 2014 was 1,800 ounces, or 3%, higher than the third quarter of 2014, as a result of 26% higher ore processed and 5% higher on solution processed through the ADR plant with the commissioning of the sixth train in November 2014,
partially offset by 27% lower grades. The lower grades were due to increased mining at new phases of the El Bermejal and Los Filos pits during the fourth quarter of 2014.


GOLDCORP  | 28


---



---

(in United States dollars, tabular amounts in
millions, except where
noted)


All-in sustaining costs for the fourth quarter of 2014, including by-product cash costs, were $561 per ounce and $571 per ounce higher than the third quarter of 2014, respectively. Excluding the
impact of the heap leach ore carrying value reduction in the fourth quarter of 2014, all-in sustaining costs, including by-product cash costs, were $75 per ounce and $85 per ounce higher than the third quarter of 2014, respectively. The 9% increase
in all-in sustaining costs (inclusive of the by-product cash cost impacts) was due to higher operating costs ($57 per ounce) and lower gold sales ($40 per ounce), partially offset by lower sustaining capital expenditures ($17 per ounce) and a weaker
Mexican peso ($5 per ounce). The increase in operating costs was primarily attributable to an increase in cyanide consumption and site costs ($3
million).


Construction of the next stage of the heap leach pad commenced during the third quarter
of 2014 and is expected to be completed mid-2015.


In May 2014, Los Filos successfully renewed its
five year occupation agreements with the Mezcala and Carrizalillo communities located adjacent to the operation. These agreements outline the Company’s social, infrastructure, environmental and labour commitments that benefit the Mezcala
and Carrizalillo communities and secure access to all surface rights required for the mine’s long term plan.


Los Filos mine contained 6.77 million ounces in proven and probable gold reserves at December 31, 2014 compared to 7.95 million ounces at December 31, 2013, principally due to mining depletion and a
change in cut-off with respect to sulphide
ore.














GOLDCORP  | 29


---



---

(in United States dollars, tabular amounts in
millions, except where noted)


El Sauzal mine, Mexico Operating Data
Q1


Q2


Q3


Q4


Total2014

Total2013Tonnes of ore mined
572,900


476,400


163,100


59,000


1,271,400

2,247,000Tonnes of waste removed
3,062,300

3,343,700

2,584,000

600,600

9,590,600

12,738,800Ratio of waste to ore
5.3

7.0

15.8

10.2

7.5

5.7Tonnes of ore milled
493,300

453,700

169,700

44,400

1,161,100

1,930,800Average mill head grade
(grams/tonne)
1.16

1.21

1.20

0.67

1.17

1.40Average recovery rate
82
%
88
%
91
%
86
%
86
%

92
%Gold (ounces)– Produced
15,100

15,600

6,100

900

37,700

80,600– Sold
12,900

14,500

9,700

100

37,200

80,800Average realized gold price (per
ounce)
$
1,277

$
1,291

$
1,307

$
1,099

$
1,289

$
1,379Total cash costs – by-product (per ounce)(1)
$
994

$
1,011

$
2,004

$
—

$
1,440

$
853All-in sustaining costs (per ounce)(1)
$
1,168

$
1,234

$
2,198

$
—

$
1,666

$
915Mining cost per tonne
$
1.81

$
1.56

$
2.51

$
3.83

$
2.02

$
1.95Milling cost per tonne
$
10.75

$
13.16

$
23.31

$
60.90

$
15.44

$
12.87Financial DataRevenues
$
17

$
19

$
12

$
1

$
49

$
113Depreciation and depletion
$
4

$
4

$
4

$
1

$
13

$
32Loss from operations(1)(2)(3)
$
(1
)
$
(1
)
$
(30
)
$
(25
)
$
(57
)
$
(22
)Expenditures on mining
interests
$
—

$
—

$
—

$
—

$
—

$
1


|    |                                                                                                                                                                                                                                                                                                                
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | As a result of attempts to continue mining activities during the fourth quarter of 2014, incidental
costs were incurred and gold ounces produced. While these costs have been included in the 2014 annual all-in sustaining and by-product cash costs, the fourth quarter impacts are not separately disclosed.

|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(2) | During the third quarter of 2014, the Company recorded impairment charges of $19 million before tax
($13 million after tax) related to El Sauzal as a result of a decrease in recoverable ounces and associated cash flows over the remaining life of mine due to the instability conditions of the Trini Pit. During the fourth quarter of 2013, the Company
recorded impairment charges of $29 million before tax ($20 million after tax) related to El Sauzal as a result of changes in metal price assumptions and the increase in estimated reclamation costs as it approached the end of its mine life.

|    |                                                                                                                                                                                                                                                 
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(3) | Loss from operations for the three months ended December 31, 2014 was impacted by an increase in
non-cash provisions related to the revision in estimates in the reclamation and closure cost obligations for the El Sauzal mine of $18 million.

During the third quarter of 2014, as a safety precaution, mining operations in
the last phase of the mine, the Trini pit, were suspended to address movement in the highwall slope. A geotechnical team, including third party experts, assessed the potential impact of the instability on the operations and concluded that the Trini
Pit could no longer be safely mined as intended. Effective January 1, 2015 reclamation activities have commenced, six months earlier than anticipated, with the closure plan expected to take two years.


El Sauzal commenced the remediation process in June 2014 as part of the activities required to
support the closure of the El Sauzal mine. The significant closure activities during 2014 included contouring of the dry-stacked tailings facility, sloping of overburden dumps and re-vegetation. Engineering designs continue on water management,
diversion channels, and final dumps.


Gold production for 2014 of 37,700 ounces was 42,900
ounces, or 53%, lower than 2013 due to 40% lower ore milled, 16% lower grades, and 8% lower recoveries. The lower tonnes was due to the suspension of mine operations at the end of August 2014. The lower recoveries were attributable to the presence
of silica encapsulation of gold in the ore produced.


All-in sustaining costs for 2014 were $1,666
per ounce and include by-product cash costs of $1,440 per ounce, which were $751 per ounce and $587 per ounce higher compared to 2013, respectively. The 82% increase in all-in sustaining costs (inclusive of the by-product cash cost impacts) was due
to lower gold production ($641 per ounce) and higher reclamation accretion expenses ($124 per ounce), partially offset a weaker Mexican peso ($14 per ounce).





GOLDCORP  | 30


---



---

(in United States dollars, tabular amounts in
millions, except where noted)


Marlin mine, Guatemala Operating Data
Q1


Q2


Q3


Q4


Total2014

Total2013Tonnes of ore milled
472,700


485,400


485,000


490,800


1,933,900

1,941,900Average mill head grade
(grams/tonne)– Gold
3.15

2.88

2.98

3.41

3.11

3.33– Silver
132

109

113

151

126

121Average recovery rate– Gold
97
%
97
%
97
%
96
%
97
%

96
%– Silver
94
%
94
%
91
%
92
%
93
%

92
%Produced (ounces)– Gold
45,300

43,500

45,400

52,300

186,500

202,200– Silver
1,836,000

1,584,400

1,658,000

2,216,700

7,295,100

7,045,100– Gold Equivalent Ounces(1)
76,400

70,300

73,500

89,800

310,000

327,400Sold (ounces)– Gold
41,900

43,600

44,500

53,800

183,800

204,600– Silver
1,699,900

1,579,600

1,626,500

2,301,200

7,207,200

7,081,000Average realized price (per
ounce)– Gold
$
1,300

$
1,291

$
1,264

$
1,208

$
1,262

$
1,393– Silver
$
20.62

$
19.78

$
18.64

$
16.60

$
18.71

$
22.82Total cash costs – by-product (per ounce)(2)
$
277

$
525

$
478

$
273

$
384

$
195Total cash costs – co-product (per ounce)(2)
$
658

$
770

$
716

$
569

$
670

$
613All-in sustaining costs (per
ounce)
$
809

$
981

$
985

$
703

$
862

$
628Mining cost per tonne
$
70.64

$
75.39

$
80.60

$
69.88

$
73.99

$
65.19Milling cost per tonne
$
27.66

$
25.24

$
26.33

$
25.60

$
26.20

$
27.20Financial DataRevenues
$
89

$
88

$
87

$
103

$
367

$
447Depreciation and depletion
$
35

$
36

$
38

$
48

$
157

$
142Earnings (loss) from
operations
$
5

$
(7
)
$
(3
)
$
(1
)
$
(6
)
$
94Expenditures on mining
interests
$
16

$
22

$
19

$
21

$
78

$
65


|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Gold equivalent ounces are calculated using the following assumptions: $1,300 per ounce of gold;
by-product metal prices of $22.00 per ounce of silver; $3.00 per pound of copper; $0.90 per pound zinc; and $0.90 per pound of lead (2013 – $1,350; $24.00; $3.00; $0.85; and $0.80, respectively). By-product metals are converted to gold
equivalent ounces by multiplying by-product metal production with the associated by-product metal price and dividing it by the gold price.

|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(2) | The calculation of total cash costs per ounce of gold is net of by-product silver sales revenues.
If silver were treated as a co-product, average total cash costs at Marlin for the year endedDecember 31, 2014would
be$670per ounce of gold and$11.39per ounce of silver (2013 –$593and$11.33, respectively). Production costs are allocated to each co-product based on the ratio of actual sales volumes multiplied by budget
metal prices (see page3). Using actual realized sales prices, the co-product total cash costs for the year endedDecember 31, 2014would be $701 per ounce of gold and $10.62 per ounce of silver (2013 – $624 and $10.44,
respectively).




Gold production for 2014 of 186,500 ounces was 15,700 ounces, or 8%, lower than 2013. Silver production of 7,295,100 ounces, was 250,000 ounces, or 4%, higher than 2013. The decrease in gold
production was primarily due to 7% lower ore grades, partially offset by 1% higher recoveries. The increase in silver production was due to 4% higher ore grades and 1% higher recoveries. The gold and silver grades were consistent with the mine plan
that included processing the remaining lower grade material from stockpiles. Recoveries for both gold and silver increased from 2013 due to ongoing O4E initiatives. With underground mining commencing in the Cochis area in December 2013 and continued
advancement deeper underground during 2014, mining cost per tonne have increased. Further, exploration is underway to potentially extend the current mine life. During 2014, exploration expenditures were $16 million, of which $10 million was expensed
and $6 million was capitalized.


All-in sustaining costs for 2014 were $862 per ounce and include
by-product cash costs of $384 per ounce, which were $234 per ounce and $189 per ounce higher compared to 2013, respectively. The 37% increase in all-in sustaining costs (inclusive of the by-product cash cost impacts) was due to lower gold production
($160 per ounce), lower by-product silver sales credits ($56 per ounce), and higher operating costs ($18 per ounce). The increase in operating costs was primarily attributable to an increase in labour and contractor costs resulting from increased
contract hauling ($4 million).


GOLDCORP  | 31


---



---

(in United States dollars, tabular amounts in
millions, except where
noted)


Gold and silver production for the fourth quarter of 2014 was 6,900 ounces, or 15%, and 558,700 ounces, or 34%, higher than the third quarter of 2014, respectively. The higher gold production was
primarily attributable to 14% higher ore grades and higher tonnes milled, partially offset by lower recoveries, as planned. Silver production was higher due to 34% higher grades, higher recoveries and higher tonnes milled, as planned.


All-in sustaining costs for the fourth quarter of 2014, including by-product cash costs, were
$282 per ounce and $205 per ounce lower than the third quarter of 2014, respectively. The 29% decrease in all-in sustaining costs (inclusive of the by-product cash cost impacts) was due to higher gold production ($284 per ounce) and higher
by-product silver sales credits ($29 per ounce), partially offset by higher operating costs ($25 per ounce) and higher reclamation accretion expenses ($6 per ounce). The increase in operating costs was due to increased consumable, labour, and
contractor costs, partially offset by a decrease in maintenance costs ($1 million).


Marlin mine
contained 0.31 million ounces of proven and probable gold reserves at December 31, 2014, compared to 0.65 million ounces at December 31, 2013, due primarily to mining depletion and a higher cut-off grade due to higher
costs.





























GOLDCORP  | 32


---



---

(in United States dollars, tabular amounts in
millions, except where noted)


Alumbrera mine, Argentina (Goldcorp’s interest – 37.5%) Operating Data
Q1


Q2


Q3


Q4


Total2014

Total2013Tonnes of ore mined
1,409,200

1,455,100

884,500


2,600,000

6,348,800

9,544,100Tonnes of waste removed
4,504,600

4,568,200

3,466,500

3,370,900

15,910,200

20,682,600Ratio of waste to ore
3.2

3.1

3.9

1.3

2.5

2.2Tonnes of ore milled
3,324,400

3,492,300

2,964,100

3,526,200

13,307,000

14,014,000Average mill head grade– Gold (grams/tonne)
0.42

0.34

0.34

0.47

0.39

0.37– Copper
0.39
%
0.33
%
0.32
%
0.39
%
0.36
%

0.37
%Average recovery rate– Gold
67
%
65
%
70
%
77
%
70
%

70
%– Copper
77
%
74
%
79
%
90
%
80
%

79
%Produced– Gold (ounces)
30,300

25,300

22,800

41,700

120,100

117,500– Copper (thousands of
pounds)
21,500

19,300

16,800

27,200

84,800

90,600– Gold Equivalent Ounces(1)
79,900

69,700

61,600

104,600

315,800

318,900Sold– Gold (ounces)
40,500

17,300

21,600

33,900

113,300

103,600– Copper (thousands of
pounds)
32,100

13,000

18,600

20,200

83,900

78,000Average realized price– Gold (per ounce)
$
1,293

$
1,287

$
1,223

$
1,189

$
1,248

$
1,365– Copper (per pound)
$
3.09

$
3.39

$
2.98

$
2.82

$
3.05

$
3.15Total cash costs – by-product (per ounce)(2)
$
106

$
238

$
819

$
(282
)
$
145

$
(148
)Total cash costs – co-product (per ounce)(2)
$
784

$
910

$
1,006

$
512

$
781

$
849All-in sustaining costs (per gold
ounce)
$
433

$
1,050

$
1,404

$
89

$
609

$
565Mining cost per tonne
$
3.53

$
3.45

$
4.36

$
3.76

$
3.73

$
2.99Milling cost per tonne
$
5.72

$
6.07

$
7.28

$
5.69

$
6.15

$
6.31Financial
Data(3)Revenues
$
146

$
67

$
79

$
94

$
386

$
388Depreciation and depletion
$
7

$
7

$
7

$
18

$
39

$
108Earnings (loss) from operations(4)
$
41

$
10

$
2

$
32

$
85

$
(350
)Expenditures on mining interests
$
9

$
10

$
20

$
11

$
50

$
71


|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Gold equivalent ounces are calculated using the following assumptions: $1,300 per ounce of gold;
by-product metal prices of $22.00 per ounce of silver; $3.00 per pound of copper; $0.90 per pound of zinc; and $0.90 per pound of lead (2013 – $1,350; $24.00; $3.00; $0.85; and $0.80, respectively). By-product metals are converted to gold
equivalent ounces by multiplying by-product metal production with the associated by-product metal price and dividing it by the gold price.

|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(2) | The calculation of total cash costs per ounce of gold is net of by-product copper sales revenue. If
copper were treated as a co-product, total cash costs for the year endedDecember 31, 2014would be$781per ounce of gold and$2.23per pound of copper (2013 –$809and$2.00, respectively). Production costs are allocated to each co-product based on the ratio of actual sales volumes multiplied by budget
metal prices (see page3). Using actual realized sales prices, the co-product total cash costs for the year endedDecember 31, 2014would be $800 per ounce of gold and $2.24 per pound for copper (2013 – $794 and $2.07,
respectively).

|    |                                                                                                                                                                                                                                                                                                                                                                                                                                      
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(3) | The Company’s 37.5% interest in Alumbrera is classified as an investment in associate and is
accounted for using the equity method with the Company’s share of net earnings and net assets separately disclosed in the Consolidated Statements ofLossand Consolidated Balance Sheets, respectively. The financial data disclosed in the table represents the financial data of Alumbrera on a proportionate rather than equity
basis.

|    |                                                                                                                                                                                      
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(4) | During the year ended December 31, 2013, the Company recognized an impairment expense of $276
million before tax ($276 million, after tax) in respect of its investment in Alumbrera.




For the year ended December 31, 2014, the Company's equity
earnings from Alumbrera were $30 million (year ended December 31, 2013 – equity loss of $295 million). The Company
received $108 million of dividends from Alumbrera during the year ended December 31, 2014 (year ended December 31, 2013
– $108 million).





GOLDCORP  | 33


---



---

(in United States dollars, tabular amounts in
millions, except where
noted)


Goldcorp’s share of Alumbrera’s gold and copper production for 2014 of 120,100 ounces and 84.8 million pounds was 2,600 ounces, or 2%, higher and 5.8 million pounds, or 6%, lower,
respectively, than 2013. Gold production was comparable to the prior year as higher head grades from Phase 11 were offset by 5% lower tonnes milled. Lower copper production was due to 3% lower head grades and lower ore tonnes milled, partially
offset by higher recoveries. Total material mined was 26% lower than 2013 primarily due to a geotechnical event in mid-August 2014 preventing access to the bottom pit and resulting in the suspension of mining activities for the remainder of the
third quarter of 2014. One ramp was restored at the end of September 2014, re-establishing access to higher grade ore at the bottom of the pit. By October 4, 2014, access to the second ramp was also restored and full mine operations recommenced.
Copper grades were lower than 2013 due to processing lower grade ore from the stockpile to supplement ore feed to mill during the third quarter of 2014.


All-in sustaining costs for 2014 were $609 per ounce and include by-product cash costs of $145
per ounce, which were $44 per ounce and $293 per ounce higher compared to 2013, respectively. The 8% increase in all-in sustaining costs (inclusive of the by-product cash cost impacts) was due to higher operating costs ($1,081 per ounce), lower
by-product copper sales credits ($219 per ounce), and higher reclamation accretion expenses ($80 per ounce), partially offset by a weaker Argentine Peso as a result of the devaluation in the first quarter of 2014 ($798 per ounce), higher gold
production ($270 per ounce), and lower sustaining capital expenditures ($268 per ounce). The increase in operating costs was primarily attributable to the impact of in country inflation during 2014 which resulted in significant increases to labour,
contractor, fuel, power, and consumables costs compared to 2013. The decrease in sustaining capital expenditures was primarily due to a decrease in capitalized stripping in 2014 ($30
million).


Goldcorp’s share of Alumbrera’s gold and copper production in the fourth
quarter of 2014 was 18,900 ounces, or 83%, and 10.4 million pounds, or 62%, respectively, higher than the third quarter of 2014. Gold and copper production was higher due to higher head grades, ore tonnes milled, and recoveries. Total material mined
was 37% higher than the third quarter of 2014 due to the geotechnical event in mid-August 2014 preventing access to the pit. Tonnes milled, recoveries, and grades were higher than prior quarter due to processing higher grade ore from Phase 11, which
has better grindability and metallurgical recoveries.


All-in sustaining costs for the fourth
quarter of 2014, including by-product cash costs, were $1,315 per ounce and $1,101 per ounce lower than the third quarter of 2014, respectively. The 94% decrease in all-in sustaining costs (inclusive of the by-product cash cost impacts) was due to
higher gold production ($1,509 per ounce), lower operating costs ($752 per ounce), and a weaker Argentine Peso ($24 per ounce), partially offset by lower by-product copper sales credits ($970 per ounce). The decrease in operating costs was primarily
attributable to a decrease in maintenance costs ($8 million), YMAD royalties due to a $35 million decrease in dividends paid during the fourth quarter of 2014 ($7 million), power and fuel costs ($7 million), and labour and contractor costs ($4
million).


The provisional pricing impact of lower realized copper prices during the fourth
quarter of 2014 was a negative $2 million.


In July 2014, Alumbrera terminated its option to
acquire Yamana Gold Inc.'s 100% interest in the Agua Rica project in Argentina.


Goldcorp's share
of Alumbrera mine's proven and probable gold reserves at December 31, 2014 was 0.55 million ounces, compared to 0.76 million ounces at December 31, 2013, due primarily to mining depletion and mine design re-optimization. No exploration is currently
carried out at
Alumbrera.





























GOLDCORP  | 34


---



---

(in United States dollars, tabular amounts in
millions, except where noted)


Pueblo Viejo mine, Dominican Republic (Goldcorp’s interest – 40%) Operating Data
Q1


Q2


Q3


Q4


Total2014

Total2013Tonnes of ore mined
2,541,800

2,008,600

1,599,700

955,600


7,105,700

4,492,000Tonnes of waste removed
867,000

1,492,000

2,002,900

2,568,800

6,930,700

1,635,700Ratio of waste to ore
0.34

0.74

1.25

2.69

0.98

0.36Tonnes of ore processed
653,900

650,200

655,600

725,200

2,684,900

1,771,700Average grade (grams/tonne)– Gold
5.52

5.47

5.72

5.42

5.53

6.14– Silver
29.0

28.6

33.9

35.0

31.7

42.4Average recovery rate– Gold
92
%
94
%
93
%
93
%
93
%

93
%– Silver
58
%
66
%
49
%
55
%
57
%

37
%Produced– Gold (ounces)
106,200

107,100

112,200

117,900

443,400

325,200– Silver (ounces)
349,100

392,800

354,800

445,100

1,541,800

833,600– Gold Equivalent Ounces(1)
112,100

113,700

118,200

125,500

469,500

340,000Sold– Gold (ounces)
115,100

105,600

111,400

98,300

430,400

296,400– Silver (ounces)
379,400

365,100

388,600

375,600

1,508,700

715,800Average realized price– Gold (per ounce)
$
1,287

$
1,286

$
1,280

$
1,215

$
1,268

$
1,397– Silver (per ounce)
$
20.65

$
19.50

$
20.12

$
16.74

$
19.26

$
23.87Total cash costs – by-product (per ounce)(2)
$
493

$
438

$
438

$
477

$
462

$
534Total cash costs – co-product (per ounce)(2)
$
532

$
478

$
481

$
509

$
500

$
549All-in sustaining costs (per gold ounce)
$
628

$
618

$
559

$
630

$
608

$
750Mining cost per tonne
$
2.64

$
2.38

$
3.55

$
3.01

$
2.90

$
4.41Milling cost per tonne
$
55.41

$
56.23

$
61.68

$
59.80

$
58.32

$
77.76Financial
Data(3)Revenues
$
156

$
143

$
150

$
126

$
575

$
431Depreciation and depletion
$
25

$
28

$
29

$
24

$
106

$
51Earnings from operations
$
66

$
71

$
60

$
45

$
242

$
205Expenditures on mining
interests
$
12

$
16

$
12

$
14

$
54

$
98


|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Gold equivalent ounces are calculated using the following assumptions: $1,300 per ounce of gold;
by-product metal prices of $22.00 per ounce of silver; $3.00 per pound of copper; $0.90 per pound of zinc; and $0.90 per pound of lead (2013 – $1,350; $24.00; $3.00; $0.85; and $0.80, respectively). By-product metals are converted to gold
equivalent ounces by multiplying by-product metal production with the associated by-product metal price and dividing it by the gold price.

|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(2) | The calculation of total cash costs per ounce of gold is net of by-product silver sales revenue. If
silver were treated as a co-product, total cash costs for the year endedDecember 31, 2014would be$500per ounce of gold and$8.30per ounce of silver (2013 –$566and$10.62, respectively). Production costs are allocated to each co-product based on the ratio of actual sales volumes multiplied by budget
metal prices (see page3). Using actual realized sales prices, the co-product total cash costs for the year endedDecember 31, 2014would be $503 per ounce of gold and $7.60 per ounce of silver (2013 – $568 and $9.71,
respectively).

|    |                                                                                                                                                                                                                                                                                                                                                                                                                                          
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(3) | The Company’s 40% interest in Pueblo Viejo is classified as an investment in associate and is
accounted for using the equity method with the Company’s share of net earnings and net assets separately disclosed in the Consolidated Statements ofLossand Consolidated Balance Sheets, respectively. The financial data disclosed in the table represents the financial data of Pueblo Viejo on a proportionate rather than equity
basis.

For the year ended December 31, 2014, the Company's equity earnings from Pueblo Viejo were $91 million (year ended December 31, 2013 – equity loss of $66 million). The increase in equity earnings was
primarily a result of the $183 million charge recognized during the year ended December 31, 2013 as a result of the amendments to the Special Lease Agreement with the Dominican Republic reached in the third quarter of 2014.





GOLDCORP  | 35


---



---

(in United States dollars, tabular amounts in
millions, except where noted)


Pueblo Viejo achieved record gold and silver production in 2014. Goldcorp's share of Pueblo Viejo's gold and silver production for 2014 of 443,400 ounces and 1,541,800 ounces was 118,200 ounces, or
36%, and 708,200 ounces, or 85%, respectively, higher than 2013. Gold production was higher due to 52% higher tonnes processed partially offset by 10% lower gold head grades. Silver production was higher due to higher tonnes processed and 54% higher
silver recoveries, partially offset by 25% lower silver head grades. Tonnes processed were higher due to completion of the autoclave modifications in the second half of 2013 that provided less downtime and the autoclaves reaching name plate capacity
during the third quarter of 2014. Head grades for both gold and silver were lower due to depletion of the high grade stockpile and processing of the lower grade sulfur stockpile built up during construction, which is consistent with the mine plan.
The higher silver recoveries resulted from modifications to the heat exchangers in autoclaves 150 and 250 that increased lime boil temperatures.





All-in sustaining costs for 2014 were $608 per ounce and
include by-product cash costs of $462 per ounce, which were $142 per ounce and $72 per ounce lower compared to 2013, respectively. The 19% decrease in all-in sustaining costs (inclusive of the by-product cash cost impacts) was due to higher gold
production ($252 per ounce), lower sustaining capital expenditures ($20 per ounce), and higher by-product silver sales credits ($11 per ounce), partially offset by higher operating costs ($122 per ounce) and higher reclamation accretion expenses
($19 per ounce). The increase in operating costs was primarily attributable to higher maintenance costs as a result of the autoclave and mill work performed during 2014 ($13 million), consumable costs ($13 million), labour and contractor costs ($13
million), and site and fuel costs ($11
million).





Goldcorp ́s share of Pueblo Viejo ́s gold and silver production for the fourth quarter of 2014 was 5,700 ounces, or 5%, and 90,300 ounces, or 25%, respectively, higher than the third quarter
of 2014. Gold production was higher due to 11% higher tonnes processed, partially offset by 5% lower gold head grades. Silver production was higher due to 12% higher recoveries, 3% higher head grades, and higher tonnes processed. Silver recoveries
were higher in the fourth quarter of 2014 following completion of the repairs to the lime boil tanks that were off line during the third quarter of 2014 due to scaling issues.





All-in sustaining costs for the fourth quarter of 2014, including by-product cash costs, were $71 per ounce and $39 per ounce higher than the third quarter of 2014, respectively. The 13% increase in
all-in sustaining costs (inclusive of the by-product cash cost impacts) was due to lower gold sales volume ($85 per ounce), higher sustaining capital expenditures ($27 per ounce), and lower by-product silver sales credits ($6 per ounce), partially
offset by lower operating costs ($35 per ounce) and lower reclamation accretion expenses ($12 per ounce).





In October 2014, Pueblo Viejo Dominicana Corporation ("PVDC") received a copy of an action filed in an administrative court in the Dominican Republic by Rafael Guillen Beltre (the
“Petitioner”), who claims to be affiliated with the Dominican Christian Peace Organization. The Government of the Dominican Republic has also been notified of the action. The action alleges that environmental contamination in the
vicinity of the Pueblo Viejo mine has caused illness and affected water quality in violation of the Petitioner’s fundamental rights under the Dominican Constitution and other laws. The primary relief sought in the action, which is styled as an
“Amparo” remedy, is the suspension of operations at the Pueblo Viejo mine as well as other mining projects in the area until an investigation into the alleged environmental contamination has been completed by the relevant governmental
authorities. On November 24, 2014, the Administrative Court granted PVDC's motion to remand the matter to a trial court in the Municipality of Cotuí ("Trial Court") on procedural grounds. On January 27, 2015, the Trial Court granted PVDC's
motion to suspend action pending receipt of the litigation file from the Administrative Court. No amounts have been recorded for any potential liability or asset impairment arising from this matter, as PVDC cannot reasonably predict any potential
losses.





Goldcorp's share of proven and probable gold reserves at Pueblo Viejo mine at December 31, 2014 were 6.21 million ounces, compared to 6.46 million ounces at December 31,
2013.
































GOLDCORP  | 36


---



---

(in United States dollars, tabular amounts in
millions, except where noted)


PROJECTS REVIEW


Cerro Negro
Project, Argentina


The Cerro Negro project is a high grade vein system located
in the Province of Santa Cruz, Argentina. The land position comprises 215 square kilometres with numerous discoveries of high grade gold and silver veins. As of December 31, 2014, Cerro Negro contained 5.26 million ounces of proven and probable
gold reserves compared to 5.74 million ounce at December 31, 2013, due to higher cut-off grades resulting from higher costs.


Following first gold on July 25, 2014, commercial production of Cerro Negro was declared on January 1, 2015 at an initial capital cost of approximately $1.7 billion. Ore feed was introduced at the
process plant on July 15, 2014 resulting in 2014 gold production of 152,100 ounces with the mill successfully operating for extended periods of time at the designed rate of 4,000 tonnes per day. Gold production is expected to be between 425,000 and
475,000 ounces in 2015.


Infrastructure and
Construction


Overall EPCM was completed during 2014, with construction continuing on certain
facilities and infrastructure not considered critical to the achievement of commercial production. Key activities in 2014 included:


|  |                                              
|- | ---------------------------------------------
|• | Construction of processing facility complete;

|  |                                                                                                                                                                                                                                         
|- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | Construction of the high voltage power line and the ET Aike Substation, which connects the Cerro
Negro Substation to the national grid, completed, and commissioning by Transpa, the Argentine power transportation authority, complete;

|  |                                                                                                                                                                                                                                        
|- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | Construction of the Cerro Negro Substation complete. Energization of the Cerro Negro and ET Aike
Substations and permanent power from the national grid achieved on February 2, 2015, following completion of commissioning by Transpa;

|  |                                                                                                            
|- | -----------------------------------------------------------------------------------------------------------
|• | Completion of commissioning of the tailings line, tailings storage facility, and water recovery
system; and

|  |                                                                                                                 
|- | ----------------------------------------------------------------------------------------------------------------
|• | The 18 km haul road and the Primary Crusher Station and Delivery System were turned over to the
operations team.

Ore
Processing


With ore processing commencing on July 15, 2014 and first gold produced on July 25,
2014, Cerro Negro achieved production of 152,100 ounces of gold during 2014. Tonnes processed consisted of ore available from the stockpiles built during development and production mining at Eureka.


Processing Data
Q3

Q4

Total 2014Tonnes of ore milled
84,900

290,300

375,200Average mill head grade
(grams/tonne)– Gold
12.48

15.15

14.54– Silver
272.5

288.7

285.0Average recovery rate– Gold
88
%
92
%
91

%– Silver
55
%
71
%
67

%Produced (ounces)(1)– Gold
19,000

133,100

152,100– Silver
233,700

1,929,800

2,163,500Sold (ounces)(1)– Gold
—

36,900

36,900– Silver
—

495,100

495,100Average realized price (per
ounce)– Gold
—

1,204

1,204– Silver
—

16.33

16.33Financial DataSales revenues credited to mining interests(1)
—

53

53


GOLDCORP  | 37


---



---

(in United States dollars, tabular amounts in
millions, except where noted)


|    |                                                                                                                                                                                      
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Production represents pre-commerical production ounces with costs incurred, net of proceeds from
sales during the fourth quarter of 2014, credited against capitalized project costs.

Mine Development


In January
2014, the underground mine began transitioning from contractor development mining to in-house mining and development. Although this transition temporarily reduced development metres, once completed in the second quarter of 2014, productivity
improved significantly through the remainder of 2014.


Production mining at Eureka continued
through 2014, while production mining at Mariana Central is expected to commence in the first quarter of 2015 from the first high grade stopes. The small surface mining operation started in the fourth quarter of 2013 as a supplement to underground
ore production continued during 2014 with surface diamond drilling expanding the potential for this surface mining to continue to provide mill ore tonnes. Total mined tonnes, grades, and inventory levels of all ore stockpiles were as
follows:


Three Months
EndedCerro Negro Production andSurface Stockpile
December
312014

September
302014

June 30
2014

March
312014

December
312013

CumulativeProjectto date

Tonnes of ore milled at December 31, 2014

Surface Stockpile at December 31, 2014Tonnes
156,000

93,100

121,900

125,200

127,500

781,100

375,200

405,900Average grade
(grams/tonne)– Gold
8.12

9.28

7.39

8.27

8.24

9.05


14.54


5.31– Silver
146.5

168.7

105.1

132.7

146.7

162.0

285.0

84.3


Total underground development at Eureka and Mariana Central during 2014 was 8,316 metres, 8% higher compared to 7,702 metres in 2013 as a result of the transition from contractor development
mining to in-house mining and development. At Mariana Norte, development remained suspended during 2014 due to mine sequencing and labour availability. A training program for new miners is underway and development is expected to resume in late 2015.
Development activity during 2014 was as follows:


Three Months
EndedDevelopment Area(Metres)
December
312014

September
302014

June
302014

March
312014

December
312013

CumulativeProjectto dateEureka
1,422

1,194

1,355

626

966

16,714Mariana Central
1,054

1,137

1,053

475

684

6,289Mariana
Norte
—

—

—

—

9

1,224Total
2,476

2,331

2,408

1,101

1,659

24,227





Exploration


Exploration
activity was suspended in the third quarter of 2013 and remained suspended through the third quarter of 2014. Surface resource confirmation drilling, intended to support future development at Bajo Negro and Vein Zone, resumed in the fourth quarter
of 2014.


Capital
Expenditures


As a result of the restrictions on importation of goods and services and limitations
on the exchange of Argentine pesos into US dollars, coupled with the continuing inflationary environment in the country, the operations at Cerro Negro have been negatively impacted. Additionally, the market valuations of future exploration potential
have declined. As a result, through the Company's annual goodwill impairment testing and life of mine planning processes an after-tax asset impairment of $2,300 million was recognized in the fourth quarter of 2014 against the carrying value of Cerro
Negro of which $975 million and $1,325 million were applied to goodwill and mining interests, respectively.


At December 31, 2014, total project expenditures and future commitments were $1,670 million, excluding exploration, of which $1,650 million is spent and $20 million is committed. Capital expenditures,
including deposits on mining interests and net of capitalized interest, for the three months ended December 31, 2014 were $106 million (twelve months ended December 31, 2014 – $538
million).





GOLDCORP  | 38


---



---

(in United States dollars, tabular amounts in
millions, except where noted)


Éléonore Project, Canada


The Éléonore project is located in the northeast corner of the Opinaca Reservoir in the James Bay region of Quebec, Canada. The Éléonore deposit is a major
gold discovery in a relatively unexplored area, located in the core of what Goldcorp believes to be a promising new gold district. Proven and probable gold reserves at Éléonore at December 31, 2014 were 4.98 million ounces compared to
4.03 million ounces at December 31, 2013. The 2014 exploration program ended successfully with the transfer of 0.98 million ounces to reserves from inferred resources. Gold production from Éléonore, following ramp up to full production
(currently expected to be the first half of 2018), is expected to be between 500,000 and 600,000 ounces per year.


Ore feed was introduced at the process plant on September 22, 2014 and first gold was produced from the gravity circuit on October 1, 2014. Commercial production is now expected late in the first
quarter of 2015 due to design issues during ramp-up. The initial project capital estimate at Éléonore has been revised to a range between $2.0 billion and $2.1 billion from $1.9 billion primarily due to the delay of commercial production
by approximately three months to late in the first quarter of 2015.


Engineering
and Construction


Overall EPCM surface construction was completed in October 2014 resulting in the
completion of the EPCM service contracts in the fourth quarter of 2014. Certain activities pertaining to technical site support on remaining construction and completion of corrective work on deficiencies identified will occur in 2015. Key activities
in 2014 included:


|  |                                                
|- | -----------------------------------------------
|• | Completed construction of the processing plant;

|  |                                                                    
|- | -------------------------------------------------------------------
|• | Completed the tailings management facility and the pumping
station;

|  |                                                                                         
|- | ----------------------------------------------------------------------------------------
|• | Completed construction of administration building, garage, warehouse, and site services;

|  |                                                                                                                       
|- | ----------------------------------------------------------------------------------------------------------------------
|• | Completed commissioning of the Industrial Water Treatment Plant to its design capacity of 26,000
cubic metres per day;

|  |                                                          
|- | ---------------------------------------------------------
|• | Completed construction of the 25 kV electrical lines; and

|  |                                                                                                                                                                        
|- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | Resumed construction of the permanent cafeteria and commenced construction of the services and
recreational infrastructure for completion in the first quarter of 2015.

Exploration


Exploration
activities during 2014 focused on the transfer from resources to reserves in the lower portion of the deposit (below 650 metres) and exploring lateral extension at that depth. A total of 79,697 metres of diamond drilling was completed in 2014, all
from underground.


Exploration drilling from underground will continue in 2015 targeting the
center of the lower mine and the Southern portion of the ore body to transfer resources to reserves.


Mine Development


Mine
development is on track to support commercial production. Key activities during 2014 included:


|  |                                                  
|- | -------------------------------------------------
|• | Production shaft reached a depth of 1,106 metres:

|  |                                                
|- | -----------------------------------------------
|• | Exploration ramp reached a depth of 865 metres;

|  |                                                     
|- | ----------------------------------------------------
|• | Production of ore from two main production horizons;

|  |                                                
|- | -----------------------------------------------
|• | Ore stockpile on surface of 337,000 tonnes; and

|  |                                                                     
|- | --------------------------------------------------------------------
|• | Project to date completed over 25 kilometres of lateral
development.

Ore
Processing


With ore processing commencing on September 22, 2014 and first gold produced from the
gravity circuit on October 1, 2014, 18,300 ounces were produced during the fourth quarter of 2014 from 169,800 tonnes milled at an average grade and recovery of 4.20 grams/tonne and 88%, respectively. Gold production for the fourth quarter of 2014
represents pre-commerical production ounces with costs incurred, net of proceeds from the sale of the 18,300 ounces, credited against capitalized project costs. Production was lower than anticipated during the fourth quarter of 2014 due to ramp-up
issues with the tailings filter press system. Resolution of these minor design and operating issues with the tailings filter press system are expected in the first quarter of 2015.


GOLDCORP  | 39


---



---

(in United States dollars, tabular amounts in
millions, except where
noted)


Capital Expenditures


As of
December 31, 2014, total project expenditures since January 1, 2011, net of investment tax credits and capitalized interest, were $1,994 million, $1,976 million of which was spent and $18 million of which was committed. Capital expenditures and
capitalized exploration, excluding capitalized interest and investment tax credits, during the three months ended December 31, 2014, amounted to $162 million and $3 million, respectively ($687 million and $13 million, respectively, for the year
ended December 31,
2014).





Cochenour Project, Canada


The Cochenour Project combines the existing workings of the historic Cochenour mine with the Bruce Channel gold discovery. The Cochenour/Bruce Channel deposit is located down dip
from the historic Cochenour mine. The initial capital cost of Cochenour remains unchanged at $496 million. Following successful exploration and assessment of the zone, Goldcorp is targeting gold production to be between 225,000 and 250,000 ounces
per year. Based on drilling in 2014, inferred resources have increased 0.2 million ounces from 3.25 million ounces at December 31, 2013 to 3.45 million ounces as of December 31, 2014.


Exploration


Exploration and delineation drilling continued to ramp up with eleven drills on site resulting in 76,883 metres drilled during 2014 with a focus on pre-production drilling to optimize the
placement of capital development. Results to date are consistent with expectations. In 2015, drilling will commence in the upper level and accelerate into the deeper portions of the Cochenour
deposit.


Mine
Development


The shaft development was completed during the first quarter of 2014. As at December
31, 2014, development of the decline to the 3990-foot level was 59% complete. The permanent fresh air fan and heater house construction was substantially completed and pre-commissioning was successfully conducted in December
2014.


Development of the haulage drift, which will connect Red Lake’s underground mine with
Cochenour, was completed during the third quarter of 2014. Development of the main Incline Ramp (5320L Ramp) commenced during 2014 and is 100% complete to the next sublevel. The Egress Raise development is 100% complete which established the first
connection between the Campbell and Cochenour mines. The integration team continues to work on several short-term studies including geotechnical assessments, backfill, and material handling studies, focusing on infrastructure rationalization and
placement. The project remains on track to commence test stoping in the third quarter of 2015, concurrent with intensive exploration drilling.


Capital Expenditures


At
December 31, 2014, total project expenditures since January 1, 2011, excluding investment tax credits, are $414 million, $409 million of which is spent and $5 million of which is committed. Capital expenditures excluding investment tax credits,
during the three months ended December 31, 2014 amounted to $26 million (twelve months ended December 31, 2014 – $104 million). Total project expenditures have been included in total expenditures on mining interests in Red
Lake.





El Morro Project, Chile (Goldcorp’s interest – 70%)


El Morro is a gold/copper project in northern Chile. El Morro contained 6.24 million ounces (Goldcorp’s share) of proven and probable gold reserves at December 31,
2014. Located in the Atacama region of Chile approximately 80 kilometres east of the city of Vallenar and at an altitude of 4,000 metres, El Morro comprises a large, 36-square kilometre land package with significant potential for organic growth
through further exploration. Two principal zones of gold-copper mineralization have been identified to date – the El Morro and La Fortuna zones – and the Company has identified several additional targets as part of its regional exploration
efforts.


In October 2013, the environmental authority of the Atacama Region
approved the Environmental Impact Study (“EIS”) submitted by Goldcorp-El Morro. The decision resulted in a new Environmental Assessment Resolution issued in October 2013 (“RCA
232”).


RCA 232 was challenged before the Court of Appeals of Copiapo by
Comunidad Agrícola Los Huasco Altinos (“CAHA”), other Diaguita indigenous communities, and several farmers from the Huasco valley. On April 28, 2014, the Court of Appeals issued a ruling rejecting all actions. The ruling was
appealed by CAHA and the other Diaguita communities to the Supreme Court. On October 7, 2014, the Supreme Court issued a final ruling revoking the decision of the Court of Appeals thereby invaliding RCA 232.


On November 12, 2014, Goldcorp-El Morro elected to withdraw the EIS and on
November 26, 2014, the environmental authority issued Exempted Resolution N° 271 closing the environmental assessment process. The Company has commenced new studies to determine an optimal development plan for El Morro that meets the Company's
investment return criteria. The Company remains committed to continued productive interaction and engagement with the adjacent communities and regional authorities.


GOLDCORP  | 40


---



---

(in United States dollars, tabular amounts in millions, except where
noted)


At December 31, 2014, total project expenditures were $249 million. Capital expenditures, excluding capitalized interest, during the three months ended December 31, 2014 were $7 million (twelve
months ended December 31, 2014 – $18
million).





Camino Rojo Project, Mexico


The Camino Rojo project is located approximately 50 kilometres southeast of Goldcorp’s Peñasquito mine with a 3,389 square kilometre land position. At December 31, 2014,
gold mineral reserves consist of 1.85 million ounces of oxide material, indicated gold mineral resources consists of 6.20 million ounces and inferred gold mineral resources consists of 2.17 million
ounces.


Drilling continued during the fourth quarter of 2014 to enhance and expand the resource
with approximately 94,000 metres of drilling completed at December 17, 2014. Metallurgical testing of sulphide, transition, and oxide zones continues, and waste rock drainage studies for waste material are in process. The pit stability
geotechnical program that commenced in June 2014 and the evaluation of other exploration targets continued during the fourth quarter of 2014.


The Company completed a Concept Study in December 2014 and will continue metallurgical testing and pre-feasibility level engineering in 2015. The ongoing pre-feasibility study work will focus on
evaluating the project as a supplemental ore source to the existing Peñasquito facility, in addition to a small, stand-alone oxide heap leach plant. This approach has the potential to generate the highest rate of return given the significantly
lower capital costs versus building a separate processing facility at Camino Rojo. The pre-feasibility study is expected to be completed in 2016.





At December 30, 2014, total project
expenditures were $145 million. Capital expenditures, excluding capitalized interest, during the three months ended December 30, 2014 amounted to $32 million (twelve months ended December 30, 2014 – $61
million).





DISCONTINUED
OPERATION


Wharf mine, United
States Operating Data
Q1


Q2


Q3


Q4


Total2014

Total2013Tonnes of ore mined
751,100


1,015,800

1,105,600

929,000


3,801,500

2,115,100Tonnes of ore processed
751,100

975,000

1,082,900

1,002,600

3,811,600

3,158,400Average grade processed
(grams/tonne)
0.82

0.72

0.73

0.82

0.77

0.72Average recovery rate
80
%
80
%
80
%
80
%
80
%

80
%Gold (ounces)– Produced
15,000

15,000

16,200

25,900

72,100

56,200– Sold
13,400

15,500

14,400

26,800

70,100

55,500Average realized gold price (per
ounce)
$
1,285

$
1,298

$
1,291

$
1,195

$
1,254

$
1,383Total cash costs – by-product (per ounce)(1)
$
751

$
711

$
845

$
772

$
770

$
924All-in sustaining costs (per
ounce)
$
856

$
804

$
1,028

$
832

$
870

$
1,165Mining cost per tonne
$
2.98

$
2.97

$
2.93

$
6.66

$
3.50

$
3.19Processing cost per tonne
$
1.76

$
1.33

$
1.57

$
2.12

$
1.69

$
1.78Financial
 DataRevenues
$
20

$
22

$
20

$
32

$
94

$
78Depreciation and depletion
$
1

$
1

$
1

$
2

$
5

$
4Earnings from operations
$
6

$
9

$
5

$
8

$
28

$
22Expenditures on mining
interests
$
1

$
1

$
1

$
1

$
4

$
11


|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | The calculation of total cash costs per ounce of gold is net of by-product silver sales revenues of
$6 million for the year ended December 31, 2014 (year ended December 31, 2013 – $1 million). If silver were treated as a co-product, average total cash costs at Wharf for the year endedDecember 31, 2014would be $800 per ounce of gold and $13.26 per ounce of silver. Production costs are allocated to each co-product
based on the ratio of actual sales volumes multiplied by budget metal prices (see page3). Using actual realized sales prices,
the co-product total cash costs for the year endedDecember 31, 2014would be $803 per ounce gold and $12.65 per ounce
of
silver.




GOLDCORP  | 41


---



---

(in United States dollars, tabular amounts in millions, except where
noted)


Gold production for 2014 of 72,100 ounces was 15,900 ounces, or 28%, higher than 2013 as a result of 21% higher tonnes processed due to O4E initiatives at the crusher plant and 7% higher grades in
2014. Grades and ore tonnes mined were in line with the mine plan as production was sourced from expansion into the Golden Reward Harmony pit and the American Eagle pit during
2014.


All-in sustaining costs for 2014 were $870 per ounce and include by-product cash costs of
$770 per ounce, which were $295 per ounce and $154 per ounce lower compared to 2013, respectively. The 25% decrease in all-in sustaining costs (inclusive of the by-product cash cost impacts) was due to higher gold production ($247 per ounce), lower
sustaining capital expenditure ($95 per ounce), and higher by-product silver sales credits ($68 per ounce), partially offset by higher operating costs ($115 per ounce). The increase in operating costs was primarily attributable to labour and
contractor costs associated with an increase in equipment requirements for mining the Golden Reward Harmony pit ($4 million) and an increase in consumables costs ($1 million). The decrease in sustaining capital expenditures was primarily
attributable to the construction of the highway relocation project completed in 2013.


Gold
production for the fourth quarter of 2014 was 9,700 ounces, or 60%, higher than the third quarter of 2014. The 12% higher grades, partially offset by 7% lower tonnes processed were in accordance with plan and supported by the draw down of the heap
leach pads during the fourth quarter of 2014.


All-in sustaining costs for the fourth quarter of
2014, including by-product cash costs, were $196 per ounce and $73 per ounce lower than the third quarter of 2014, respectively. The 19% decrease in all-in sustaining costs (inclusive of the by-product cash cost impacts) was due to higher gold
production ($358 per ounce) and lower sustaining capital expenditures ($41 per ounce), partially offset by higher operating costs ($112 per ounce) and lower by-product silver sales credits ($91 per ounce). The increase in operating costs was
primarily attributable to higher contractor costs associated with the operation of portable crushers ($2 million) and higher consumables costs ($1 million). The decrease in sustaining capital expenditures was primarily attributable to the completion
of the water treatment plant during the third quarter of 2014 which is used to reduce nitrates in the process cycle.


On January 12, 2015, the Company announced that it had entered into a definitive stock purchase agreement whereby it will sell its 100% interest in Wharf in Lead, South Dakota to Coeur Mining, Inc.
Under the terms of the agreement, the Company will receive total consideration of $105 million in cash, subject to certain closing adjustments. The transaction is expected to close on February 20, 2015. The sale of Wharf reflects the Company's
ongoing strategy to focus on a portfolio of core assets. At December 31, 2014, the sale of Wharf was considered highly probable, therefore, Wharf met the asset held for sale and discontinued operation criteria. Accordingly, the results of Wharf have
been presented as a discontinued operation.





GOLDCORP  | 42


---



---

(in United States dollars, tabular amounts in
millions, except where noted)


NON-GAAP FINANCIAL PERFORMANCE MEASURES


The Company has included certain non-GAAP performance measures throughout this document. These performance measures are employed by the Company to measure its operating and economic performance
internally and to assist in business decision-making as well as providing key performance information to senior management. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, certain investors and other
stakeholders also use this information to evaluate the Company’s operating and economic performance; however, these non-GAAP performance measures do not have any standardized meaning. Accordingly, these performance measures are 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. The Company’s primary business is gold production and its future development and current
operations focus are on maximizing returns from gold production, with other metal production being incidental to the gold production process. As a result, the Company's non-GAAP performance measures are disclosed on a per gold ounce
basis.


The Company calculates its non-GAAP performance measures on an attributable basis.
Attributable performance measures include the Company’s mining operations 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.





TOTAL CASH COSTS (BY-PRODUCT) PER GOLD OUNCE


By-product cash costs incorporate Goldcorp’s share of all production costs, adjusted for changes in estimates in reclamation and closure costs at the Company’s closed mines which are
non-cash in nature, and include Goldcorp’s share of by-product credits, and treatment and refining charges included within revenue. Additionally, cash costs are adjusted for realized gains and losses arising on the Company’s commodity
and foreign currency contracts which the Company enters into to mitigate its exposure to fluctuations in by-product metal prices, heating oil prices and foreign exchange rates, which may impact the Company’s operating costs.


In addition to conventional measures, the Company assesses this per ounce measure
in a manner that isolates the impacts of gold production volumes, the by-product credits, and operating costs fluctuations such that the non-controllable and controllable variability is independently addressed. The Company uses total cash costs, by
product and co-product, per gold ounce, to monitor its operating performance internally, including operating cash costs, as well as in its assessment of potential development projects and acquisition targets. The Company believes these measures
provide investors and analysts with useful information about the Company’s underlying cash costs of operations and the impact of by-product credits on the Company’s cost structure and is a relevant metric used to understand the
Company’s operating profitability and ability to generate cash flow. When deriving the production costs associated with an ounce of gold, the Company includes by-product credits as the Company considers that the cost to produce the gold is
reduced as a result of the by-product sales incidental to the gold production process, thereby allowing the Company’s management and other stakeholders to assess the net costs of gold
production.


The Company reports total cash costs on a gold ounces sold basis. In the gold mining
industry, this is a common performance measure but does not have any standardized meaning. The Company follows the recommendations of the Gold Institute Production Cost Standard. The Gold Institute, which ceased operations in 2002, was a
non-regulatory body and represented a global group of suppliers of gold and gold products. The production cost standard developed by the Gold Institute remains the generally accepted standard of reporting cash costs of production by gold mining
companies.


GOLDCORP  | 43


---



---

(in United States dollars, tabular amounts in millions, except where
noted)


The following table provides a reconciliation of total cash costs (by-product) per ounce to the consolidated financial
statements:


Year ended December 31
2014

2013Continuing
operationsProduction costs per consolidated financial statements(1)
$
2,079

$
1,939Non-cash reclamation and closure cost
obligations
(72
)
25Treatment and refining charges on concentrate
sales
179

135Realized losses (gains) on foreign currency,
heating oil and commodity contracts
9

(23
)Other
(2
)
(5
)Consolidated total cash costs
2,193

2,071Alumbrera and
Pueblo Viejo total cash costs
515

431Goldcorp’s share of
total cash costs
2,708

2,502Goldcorp's
share of by-product silver, copper, lead and zinc sales
(1,338
)
(1,215
)Goldcorp’s
 share of total cash costs (by-product)
$
1,370

$
1,287Divided by ounces of Goldcorp’s share of
gold sold
2,580,800

2,434,000Goldcorp’s share of total cash costs (by-product) per gold ounce(2)
$
531

$
529Including discontinued
operationsGoldcorp's share of total cash costs
(by-product) from continuing operations
$
1,370

$
1,287Total cash costs –
Wharf
54

52Total cash
costs – Marigold
24

98Goldcorp's share of total cash costs (by-product) including discontinued operations
$
1,448

$
1,437Divided by ounces of Goldcorp's share of gold
sold
2,672,800

2,597,200Goldcorp’s share of total cash costs (by-product) per gold ounce(2)
$
542

$
553





Three months ended
December 31 2014

September 30
2014

December 31
2013Continuing
operationsProduction costs per consolidated financial statements(1)
$
582

$
516

$
470Non-cash reclamation and closure cost
obligations
(56
)
—

25Treatment and refining charges on concentrate
sales
40

46

42Realized losses (gains) on foreign currency,
heating oil and commodity contracts
8

(1
)
(2
)Other
1

2


(1

)Consolidated total cash costs
575

563


534Alumbrera and
Pueblo Viejo total cash costs
103

133


107Goldcorp’s share of
total cash costs
678

696


641Goldcorp's
share of by-product silver, copper, lead and zinc sales
(282
)
(326

)
(341

)Goldcorp’s
 share of total cash costs (by-product)
$
396

$
370


$
300Divided by ounces of Goldcorp’s share of
gold sold
681,100

627,000

687,200Goldcorp’s share of total cash costs (by-product) per gold ounce(2)
$
582

$
590


$
437Including discontinued
operationsGoldcorp's share of total cash costs
(by-product) from continuing operations
$
396

$
370

$
300Total cash costs –
Wharf
21

13

12Total cash
costs – Marigold
—

—

27Goldcorp's share of total cash costs (by-product) including discontinued operations
$
417

$
383


$
339Divided by ounces of Goldcorp's share of gold
sold
707,900

641,400

725,700Goldcorp’s share of total cash costs (by-product) per gold ounce(2)
$
589

$
597


$
467





GOLDCORP  | 44


---



---

(in United States dollars, tabular amounts in millions, except where
noted)


|    |                                                                                                                                                                                                                                                                                        
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | $13 millionand$60 millionin royalties are included in production costs for the three months andyear endedDecember 31, 2014, respectively (year endedDecember 31, 2013–$52 million;three months ended September 30, 2014– $17 million; three months
endedDecember 31, 2013–$15 million).

|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(2) | If silver, lead and zinc for Peñasquito, silver for Marlin and Pueblo Viejo, and copper for
Alumbrera were treated as co-products, Goldcorp's share of total co-product cash costs from continuing operations for theyear endedDecember 31, 2014, would be$661per ounce of gold,$10.88per ounce of silver,$2.23per pound of copper,$0.78per pound of zinc, and$0.95per pound of lead (2013–$672per ounce of gold,$13.26per ounce of silver,$2.00per pound of copper,$0.70per pound of zinc, and$0.78per pound of lead). Goldcorp's share of total co-product cash costs including discontinued operations for theyear endedDecember 31, 2014, would be$668per ounce of gold,$10.88per ounce of silver,$2.23per pound of copper,$0.78per pound of zinc, and$0.95per pound of lead (2013–$687per ounce of gold,$13.26per ounce of silver,$2.00per pound of copper,$0.70per pound of zinc, and$0.78per pound of lead).




NON-GAAP
 MEASURE – ALL-IN SUSTAINING COSTS PER GOLD OUNCE


All-in sustaining costs include total
production cash costs incurred at the Company’s mining operations, which forms the basis of the Company’s by-product cash costs. Additionally, the Company includes sustaining capital expenditures, corporate administrative expense,
exploration and evaluation costs, and reclamation cost accretion and amortization. The measure seeks to reflect the full cost of gold production from current operations, therefore new project capital is not included. Certain other cash expenditures,
including tax payments, dividends and financing costs are also not included.


The Company
believes that this measure represents the total costs of producing gold from current operations, and provides the Company and other stakeholders of the Company with additional information of the Company’s operational performance and ability to
generate cash flows. All-in sustaining costs, as a key performance measure, allows the Company to assess its ability to support capital expenditures to sustain future production from the generation of operating cash flows. This information provides
management with the ability to more actively manage capital programs and to make more prudent capital investment
decisions.


The Company reports
all-in sustaining costs on a gold ounces sold basis. This performance measure was adopted as a result of an initiative undertaken within the gold mining industry; however, this performance measure has no standardized meaning and should not be
considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The Company follows the guidance note released by the World Gold Council, which became effective January 1, 2014. The World Gold Council is a
non-regulatory market development organization for the gold industry whose members comprise global senior gold mining companies.


The following table provides a reconciliation of all-in sustaining costs per ounce to the consolidated financial statements:


Year ended December 31
2014

2013Continuing
operationsTotal cash costs (by-product)
$
1,370

$
1,287Corporate administration
247

236Exploration and evaluation
costs
41

45Reclamation cost accretion and
amortization
60

29Sustaining
capital expenditures
731

856All-in
sustaining costs
2,449

2,453Divided by ounces of Goldcorp's share of gold sold
2,580,800

2,434,000All-in
 sustaining costs per gold ounce
$
949

$
1,008Including
 discontinued operationsAll-in sustaining costs from continuing
operations
$
2,449

2,453All-in sustaining costs –
Wharf
61

64All-in sustaining costs –
Marigold
26

162All-in sustaining costs – including discontinued operations
2,536

2,679Divided by ounces of Goldcorp's share of gold
sold
2,672,800

2,597,200All-in sustaining costs per gold ounce – including discontinued operations
$
949

$
1,031


GOLDCORP  | 45


---



---

(in United States dollars, tabular amounts in millions, except where
noted)


Three months ended
December 31 2014

September 30
2014

December 31
2013Continuing
operationsTotal cash costs (by-product)
$
396

$
370

$
300Corporate administration
59

63

47Exploration and evaluation
costs
12

12

11Reclamation cost accretion and
amortization
13

15

9Sustaining capital
expenditures
230

209

176Other
—

—

(4

)All-in
sustaining costs
$
710

$
669


$
539Divided by ounces of Goldcorp's share of gold sold
681,100

627,000

687,200All-in
 sustaining costs per gold ounce
$
1,043

$
1,067

$
784Including
 discontinued operationsAll-in sustaining costs from continuing
operations
$
710

$
669

$
539All-in sustaining costs –
Wharf
23

15

15All-in sustaining costs –
Marigold
—

—

34All-in sustaining costs – including discontinued operations
733

684

588Divided by ounces of Goldcorp's share of gold
sold
707,900

641,400

725,700All-in sustaining costs per gold ounce – including discontinued operations
$
1,035

$
1,066

$
810


Sustaining capital expenditures are defined as those expenditures which do not increase annual gold ounce production at a mine site and excludes all expenditures at the Company’s projects
and certain expenditures at the Company’s operating sites which are deemed expansionary in nature. This definition includes, but is not limited to, capitalized stripping costs at open pit mines and underground mine development. The following
table reconciles sustaining capital expenditures to the Company’s total capital expenditures for continuing operations:


Year ended December 31
2014

2013Expenditures on mining interests and deposits
per consolidated financial statements
$
2,021

$
2,177Expenditures on
mining interests by Alumbrera and Pueblo Viejo(1)
105

119Goldcorp’s share
 of expenditures on mining interests and deposits
$
2,126

$
2,296Sustaining capital
expenditures
$
731

$
856Project capital
expenditures
1,395

1,440$
2,126

$
2,296


Three months ended
December 31 2014

September 30
2014

December 31
2013Expenditures on mining interests and deposits
per consolidated financial statements
$
507

$
498

$
585Expenditures on
mining interests by Alumbrera and Pueblo Viejo(1)
26

32


—Goldcorp’s share
 of expenditures on mining interests and deposits
$
533

$
530


$
585Sustaining capital
expenditures
$
230

$
209

$
176Project capital
expenditures
303

321


409$
533

$
530


$
585


|    |                                                                                                                                                                                                                                                
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Expenditures on mining interests by Alumbrera and Pueblo Viejo represent mining interest
expenditures, net of additional funding investments, which are included in expenditures on mining interests per the consolidated financial
statements.










GOLDCORP  | 46


---



---

(in United States dollars, tabular amounts in
millions, except where noted)


NON-GAAP MEASURE – ADJUSTED NET EARNINGS


Adjusted net earnings excludes gains/losses and other costs incurred for acquisitions and disposals of mining interests, impairment charges, unrealized and non-cash realized gains/losses on financial
instruments, foreign exchange impacts on deferred income tax and foreign exchange arising on working capital at certain of the Company’s capital projects, as well as significant non-cash, non-recurring items. The Company also excludes the net
earnings (losses) from the Company’s equity investments in Primero and Tahoe. The Company excludes these items from net loss to provide a measure which allows the Company and investors to evaluate the operating results of the underlying core
operations of the Company and its ability to generate liquidity through operating cash flow to fund working capital requirements, future capital expenditures and service outstanding debt. The Company’s adjusted net earnings does include the
Company’s equity share of net earnings from Alumbrera and Pueblo Viejo as the Company considers these operations to comprise part of the Company’s core mining portfolio and to be significant contributors to the Company’s financial
results.


The following table provides a reconciliation of adjusted net earnings to the consolidated financial
statements:


Year ended December 31
2014

2013Continuing
 operationsNet loss from continuing
operations attributable to shareholders of Goldcorp Inc.
$
(2,170
)
$
(2,657
)Revisions in estimates and liabilities incurred
on reclamation and closure cost obligations at the Company's inactive and closed sites, net of tax
50

(17
)Share of net (earnings) losses of associates,
net of tax
(26
)
29Pueblo Viejo SLA amendment
—

157Impairment of mining interests, net of
tax
2,313

2,315(Gains) losses on available-for-sale
securities, net of tax
(15
)
28Losses (gains) on derivatives, net of
tax
26

(60
)(Gain) loss on disposition of mining interests,
net of tax
(18
)
8Unrealized losses on foreign exchange
translation of deferred income tax assets and liabilities
272

133Initial recognition impact of Mexican mining
tax reform
—

504Foreign exchange losses on capital
projects
29

51Deferred income tax impact on Guatemalan tax
election and other
7

109Total adjusted net earnings
$
468

$
600Weighted
average shares outstanding (000’s)
813,206

812,040Adjusted
 net earnings from continuing operations per share
$
0.58

$
0.74Including discontinued
operationsTotal adjusted net earnings from continuing
operations
$
468

$
600Net earnings (loss) from discontinued
operation attributable to shareholders of Goldcorp Inc.
9

(52
)Loss on disposition, net of tax –
Marigold
21

—Impairment, net
of tax – Marigold
—

86Total
 adjusted net earnings including discontinued operations
$
498

$
634Weighted
average shares outstanding (000’s)
813,206

812,040Adjusted
 net earnings per share including discontinued operations
$
0.61

$
0.78


GOLDCORP  | 47


---



---

(in United States dollars, tabular amounts in
millions, except where
noted)


Three months ended
December 31 2014

September 30
2014

December 31
2013Continuing
 operationsNet loss from continuing
operations attributable to shareholders of Goldcorp Inc.
$
(2,403
)
$
(48
)
$
(1,001
)Revisions in estimates and liabilities incurred
on reclamation and closure cost obligations at the Company's inactive and closed sites, net of tax
39

—

(17
)Share of net (earnings) losses of associates,
net of tax
(6
)
(3
)
18Pueblo Viejo SLA Amendment
—

—

(4
)Impairment of mining interests, net of
tax
2,300

13

357(Gains) losses on available-for-sale
securities, net of tax
(7
)
(5
)
13Losses on derivatives, net of
tax
19

14

—Gain on disposition of mining interests, net of
tax
—

—

8Initial recognition impact of Mexican mining
tax reform
—

—

504Unrealized losses on foreign exchange
translation of deferred income tax assets and liabilities
105

85

67Foreign exchange (gains) losses on capital
projects
(2
)
6

17Deferred income tax impact on Guatemalan tax
election and other
3

4

114Total adjusted net earnings
$
48

$
66


$
76Weighted
average shares outstanding (000’s)
813,792

813,572

812,217Adjusted
 net earnings from continuing operations per share
$
0.06

$
0.08


$
0.09Including discontinued
operationsTotal adjusted net earnings from continuing
operations
$
48

$
66

$
76Net earnings (loss) from discontinued
operations attributable to shareholders of Goldcorp Inc.
7

4

(88
)Impairment, net
of tax – Marigold
—

—

86Total adjusted net earnings including discontinued operations
$
55

$
70

$
74Weighted
average shares outstanding (000’s)
813,792

813,572

812,217Adjusted
 net earnings per share including discontinued operations
$
0.07

$
0.09


$
0.09








GOLDCORP  | 48


---



---

(in United States dollars, tabular amounts in
millions, except where noted)


ADJUSTED OPERATING CASH FLOWS AND FREE CASH FLOWS


Adjusted operating cash flows comprises Goldcorp’s share of operating cash flows before working capital changes. Free cash flows comprises Goldcorp’s share of net cash provided by
operating activities and includes the Company’s share of expenditures on mining interests and deposits on mining interests expenditures. 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 operate without reliance on additional external funding or use of available
cash.


The following table provides a reconciliation of Goldcorp’s share of adjusted operating cash flows to net
cash provided by operating activities per the consolidated financial
statements:


Year ended December 31
2014

2013Net cash provided by operating
activities of continuing operations
$
982

$
886Change in working capital
206

513Dividends from associates
(108
)
(108
)Adjusted
operating cash flows provided by Alumbrera and Pueblo Viejo
282

236Goldcorp’s share of adjusted operating cash flows
$
1,362

$
1,527Including discontinued
operationsAdjusted operating cash flows –
Wharf
29

24Adjusted operating cash flows –
Marigold
2

50Goldcorp’s share of adjusted operating cash flows including discontinued operations
$
1,393

$
1,601


Three months ended
December 31 2014

September 30
2014

December 31
2013Net cash provided by operating
activities of continuing operations
$
265

$
188

$
296Change in working capital
(6
)
186

70Dividends from associates
(1
)
(38
)
(37
)Adjusted
operating cash flows provided by Alumbrera and Pueblo Viejo
71

56


99Goldcorp’s share of adjusted operating cash flows
$
329

$
392


$
428Including discontinued
operationsAdjusted operating cash flows –
Wharf
8

7

4Adjusted operating cash flows –
Marigold
—

—

7Goldcorp’s share of adjusted operating cash flows including discontinued operations
$
337

$
399


$
439


GOLDCORP  | 49


---



---

(in United States dollars, tabular amounts in
millions, except where noted)


The following table provides a reconciliation of Goldcorp’s share of free cash flows to net cash provided by operating activities per the consolidated financial
statements:


Year ended December 31
2014

2013Net cash provided by operating
activities of continuing operations
$
982

$
886Dividends from associates
(108
)
(108
)Expenditures on mining
interests
(1,882
)
(1,982
)Deposits on mining interests
expenditures
(139
)
(195
)Interest
paid
(101
)
(23

)Consolidated free cash flows
(1,248
)
(1,422

)Free cash flows
provided by Alumbrera and Pueblo Viejo
220

51Goldcorp’s
 share of free cash flows
$
(1,028
)
$
(1,371
)Including discontinued
operationsFree cash flows – Wharf
25

9Free cash flows –
Marigold
—

(13

)Goldcorp’s share of free cash flows including discontinued operations
$
(1,003
)
$
(1,375
)


Three months ended
December 31 2014

September 30
2014

December 31
2013Net cash provided by operating
activities of continuing operations
$
265

$
188

$
296Dividends from associates
(1
)
(38
)
(37
)Expenditures on mining
interests
(473
)
(448
)
(553
)Deposits on mining interests
expenditures
(34
)
(50
)
(32
)Interest
paid
(33
)
(40

)
—Consolidated free cash flows
(276
)
(388

)
(326

)Free cash flows
provided (used) by Alumbrera and Pueblo Viejo
27

31


(28

)Goldcorp’s
 share of free cash flows
$
(249
)
$
(357

)
$
(354

)Including discontinued
operationsFree cash flows – Wharf
8

2

(4
)Free cash flows –
Marigold
—

—

7Goldcorp’s share of free cash flows including discontinued operations
$
(241
)
$
(355

)
$
(351

)





GOLDCORP  | 50


---



---

(in United States dollars, tabular amounts in
millions, except where noted)


COMMITMENTS





In the normal course of business, the Company enters into contracts that give rise to commitments for future minimum payments. The following table summarizes the remaining contractual maturities
of the Company’s financial liabilities and operating and capital
commitments:


At
December 31, 2014
At December 31, 2013Within 1 year

2 to 3 years

4 to 5 years

Over 5 years

Total

TotalAccounts payable and accrued
liabilities(1)
$
1,016

$
—

$
—

$
—

$
1,016

$
829Current and non-current derivative liabilities(2)
48

1

—

—

49

56Debt repayments (principal portion)
154

970

500

2,000

3,624

2,565Interest payments on debt
178

202

168

761

1,309

417Capital expenditure commitments(3)
318

34

—

—

352

522Reclamation and closure cost obligations(4)
66

48

84

1,629

1,827

1,847Minimum rental and lease
payments
11

8

10

45

74

40Other
166

32

11

46

255

124$
1,957

$
1,295

$
773

$
4,481

$
8,506

$
6,400





|    |                                                                                                  
|--- | -------------------------------------------------------------------------------------------------
|(1) | Excludes accrued interest on the Company's debt which is disclosed separately in the above
table.

|    |                                                      
|--- | -----------------------------------------------------
|(2) | Excludes conversion feature of the Convertible Notes.

|    |                                                                                                                                                                                                                                                                                                                                        
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(3) | Contractual commitments are defined as agreements that are enforceable and legally binding. Certain
of the contractual commitments may contain cancellation clauses; however, the Company discloses the contractual maturities of the Company's operating and capital commitments based on management's intent to fulfill the
contract.

|    |                                                                                                                                                                                                                                                                                                                                 
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(4) | The Company's reclamation and closure cost obligations were$695 millionat December 31, 2014, an increase of $166 million from prior year primarily due to a$202 millionrevision in estimates and obligations incurred at the Company's continuing operations of which $130 million was capitalized
and $72 million was expensed.

At December 31, 2014 , the Company had letters of credit outstanding, surety bonds and secured deposits, including amounts related to
discontinued operations, in the amount of $460
million ( December 31, 2013 – $430
million).


In addition, certain of the mining properties in which the Company has interests are
subject to royalty arrangements based on their net smelter returns (NSRs), modified NSRs, net profits interest ("NPI") and/or net earnings. Royalties are expensed at the time of sale of gold and other metals. For the year ended December 31, 2014 , royalties included in production costs amounted to $60 million (2013 – $52 million). At December 31, 2014 , the significant royalty arrangements of the Company were as
follows:


Producing
mining properties:Musselwhite
1 – 5% of NPIPeñasquito
2% of NSR and 0.5% of gross income on sale
of gold and silver(1)Los Filos
0.5% of gross income on sale of gold and
silver(1)El Sauzal
0.5% of gross income on sale of gold and
silver(1)Marlin(2)
5% of NSRMarigold(3)
5 – 10% of NSRAlumbrera
3% of modified NSR plus 20% YMAD
royaltyPueblo
Viejo
3.2% of
NSRDevelopment
projects:Éléonore
2.2 – 3.5% of
NSRCerro Negro
3 – 4% of modified NSR and 1% of net
earningsEl
Morro
2% of
NSR


|    |                           
|--- | --------------------------
|(1) | Effective January 1, 2014.

|    |                                                                                                                                                                                            
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(2) | On November 28, 2014, the Guatemalan government passed legislation increasing the royalties paid on
the production of precious metals in Guatemala to 10% of NSR effective January 1,
2015.

GOLDCORP  | 51


---



---

(in United States dollars, tabular amounts in
millions, except where noted)


|    |                                                                                                                                                                                                                                
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(3) | Marigold was classified as a discontinued operation during the year ended December 31, 2014. As a
result, the royalty expense for the years ended December 31, 2014 and 2013 exclude the royalty expenses incurred at Marigold.




FINANCIAL
 INSTRUMENTS RISK EXPOSURE


The Company manages its exposure to financial risks, including credit
risk, liquidity risk, currency risk, interest rate risk and price risk, in accordance with its Financial Risk Management Policy. The Company’s Board of Directors oversees management’s risk management practices by setting trading
parameters and reporting requirements. The Financial Risk Management Policy provides a framework for the Company to manage the risks it is exposed to in various markets and to protect itself against adverse price movements. All transactions
undertaken are to support the Company’s ongoing business. The Company does not acquire or issue derivative financial instruments for trading or speculative
purposes.


The following describes the types of risks that the Company is exposed to, and its
objectives and policies for managing those risk exposures:


|    |            
|--- | -----------
|(i) | Credit
risk

Credit risk is the risk that the counterparty to a financial instrument
will cause a financial loss for the Company by failing to discharge its obligations. Credit risk is primarily associated with trade receivables; however, it also arises on cash and cash equivalents, money market investments, derivative assets and
other receivables. To mitigate exposure to credit risk on financial assets, the Company has established policies to limit the concentration of credit risk, to ensure counterparties demonstrate minimum acceptable credit worthiness and to ensure
liquidity of available funds.


The Company closely monitors its financial assets and does not have
any significant concentration of credit risk. The Company sells its products exclusively to large international financial institutions and other organizations with strong credit ratings. The historical level of customer defaults is negligible and,
as a result, the credit risk associated with trade receivables at December 31, 2014 is considered to be negligible.
The Company invests its cash and cash equivalents and money market investments in highly-rated corporations and government issuances in accordance with its Short-term Investment Policy and the credit risk associated with its investments is
considered to be low. Foreign currency, heating oil and commodity contracts are entered into with large international financial institutions with strong credit ratings.


The Company’s maximum exposure to credit risk is as
follows:


At December 31 2014

At
December 31 2013Cash and cash equivalents
$
482

$
625Accounts receivable arising from sales of
metal concentrates
187

254Other current and non-current
receivables
62

60Money market investments
53

—Current and non-current derivative asset
17

42Current and non-current notes
receivable
—

28Accrued interest
receivable
49

24$
850

$
1,033


|     |               
|---- | --------------
|(ii) | Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in
meeting obligations associated with financial liabilities. The Company has in place a rigorous planning, budgeting and forecasting process to help determine the funds required to support the Company’s normal operating requirements on an
ongoing basis, its expansionary plans and its dividend distributions. The Company ensures that sufficient committed loan facilities exist to meet its short-term business requirements, taking into account its anticipated cash flows from operations
and its holdings of cash and cash equivalents and money market investments.


During the year ended December 31, 2014 , the Company generated operating cash flows from continuing operations, one of the Company's main
sources of liquidity, of $ 982 million ( 2013 – $ 886 million ). At December 31, 2014 , Goldcorp held cash and cash equivalents of $ 482
million ( December 31, 2013 – $ 625 million ) and money market investments of $53 million ( December 31, 2013 – $nil). At December 31, 2014 , the Company had working capital of $691 million
( December 31, 2013 – $341 million), $26 million of which represents the Company's net assets held for sale
( December 31, 2013 – $183 million), which the Company defines as current assets less current liabilities.


In addition to operating cash flows from continuing operations, the Company enters into capital
transactions to fund its expansionary plans and development projects. During the year ended December 31, 2014 , the
Company issued the $1.0 billion Notes, which were partially used to


GOLDCORP  | 52


---



---

(in United States dollars, tabular amounts in millions, except where
noted)


repay the Convertible Notes, which matured on August 1, 2014. In addition, in October 2014, the Company, through its wholly-owned subsidiary, Oroplata S.A., entered into a 15-month 1.6 billion
Argentine Peso loan facility and a 27-month 425 million Argentine Peso loan facility, both with third parties in Argentina. The facilities bear interest at Badlar, the average interest rate paid on short term deposits over 1 million pesos, plus a
floating margin including 3.5%.


During the year ended December 31, 2014 , the Company extended, under the same terms and conditions, the terms of the $2.0 billion revolving credit facility
to July 18, 2019 and the 469 million Argentine peso credit facility to June 11, 2015. At December 31, 2014 , the undrawn
balance of the $2.0 billion revolving credit facility was $1.16 billion.


At December 31, 2014 , the Company continued to guarantee its portion of the $1.035 billion (Goldcorp’s share – $414 million)
in project financing for Pueblo Viejo. During the year ended December 31, 2014 , $102 million ( 2013 – $45 million) was repaid (Goldcorp's share – $41 million ( 2013 – $18 million)) resulting in an outstanding balance of the credit facility of $888 million (Goldcorp's share – $355
million) at December 31, 2014 . On February 17, 2015, Pueblo Viejo achieved certain operational and technical milestones
required for the credit facility to become non-recourse to the Company and Barrick. As a result, the guarantees provided by the Company and Barrick, in proportion to their ownership interest in Pueblo Viejo, were terminated as of February 17,
2015.


In the opinion of management, the working capital at December 31, 2014 , together with the future cash flows from operations and available funding facilities is sufficient to support the
Company’s commitments. At December 31, 2014 , the Company had $1,695 million ( December 31, 2013 – $2,625 million) of readily available liquidity, which included its cash and cash equivalents, money
market investments and the undrawn portion of the $2.0 billion revolving credit facility. At December 31, 2014, the Company's capital commitments over the next twelve months amounted to
$ 318 million . The Company’s total planned capital expenditures for 2015 are $1.2 to $1.4 billion. Significant capital
expenditures in 2015 include approximately $236 million at Cerro Negro, $219 million at Peñasquito, $114 million at Éléonore, $119 million at Red Lake, and $95 million at
Cochenour.


For the periods beyond 2015, the Company’s cash flows from operations and
available funding under the Company’s loan and credit facilities are expected to sufficiently support further expansions and growth. Éléonore and Cerro Negro will be the main driver of the Company’s gold production growth
expected in the next five years, with significant contributions from Peñasquito, Red Lake, and Pueblo Viejo.


|      |            
|----- | -----------
|(iii) | Market risk

Currency
risk





Currency risk is the risk that the fair values or future cash flows of the Company’s financial instruments will fluctuate because of changes in foreign exchange rates. Exchange rate fluctuations
may affect the costs that the Company incurs in its operations. Gold, silver, copper, lead and zinc are sold in US dollars and the Company’s costs are incurred principally in US dollars, Canadian dollars, Mexican pesos, Argentinean pesos,
Guatemalan quetzals and Chilean pesos. The depreciation of foreign currencies against the US dollar can decrease the cost of metal production and capital expenditures in US dollar terms. The Company also holds cash and cash equivalents that are
denominated in foreign currencies which are subject to currency risk. Accounts receivable and other current and non-current assets denominated in foreign currencies relate to goods and services taxes, income taxes, value-added taxes and insurance
receivables. The Company is further exposed to currency risk through non-monetary assets and liabilities of entities whose taxable profit or tax loss are denominated in foreign currencies. Changes in exchange rates give rise to temporary differences
resulting in a deferred tax liability or asset with the resulting deferred tax charged or credited to income tax expense. At December 31, 2014 , the Company had $4.9 billion of deferred income tax liabilities, of which $4.5 billion arose primarily from the acquisitions of Placer Dome Inc.’s assets and Glamis in 2006, and Camino Rojo
and Cerro Negro in 2010 and which are denominated in foreign currencies.


GOLDCORP  | 53


---



---

(in United States dollars, tabular amounts in millions, except where
noted)


The Company is exposed to currency risk through the following financial assets and liabilities, income taxes receivables (payables) and deferred income tax assets and liabilities denominated in
foreign currencies:


At December 31, 2014
Cash and cash equivalents
Accounts receivable and other current and non-current assets
Accounts payable and accrued liabilities and non-current liabilities
Income taxes receivable (payable), current and non-current
Deferred income tax liabilitiesCanadian dollar
$
14

$
49

$
(357
)
$
26

$
(979
)Mexican peso
23

150

(222
)
108

(2,858
)Argentine peso
1

222

(393
)
(3
)
(574
)Guatemalan quetzal
1

6

(36
)
6

(107
)Chilean peso
1

11

(8
)
—

—$
40

$
438

$
(1,016
)
$
137

$
(4,518
)At December 31, 2013Canadian
dollar
$
13

$
75

$
(328
)
$
18

$
(954
)Mexican
peso
25

134

(180
)
138

(2,860
)Argentine
peso
18

165

(162
)
2

(1,237
)Guatemalan
quetzal
3

7

(41
)
(3
)
(103
)Chilean
peso
3

12

(6
)
—

—$
62


$
393


$
(717

)
$
155


$
(5,154
)


During the  year ended December 31, 2014 , the Company recognized a net foreign
exchange  loss of $22 million ( 2013 – $43 million ). Based on the Company’s net exposures (other
than those relating to taxes) at  December 31, 2014 , a 10%  depreciation or appreciation of applicable foreign
currencies against the US dollar would have resulted in an approximate  $43 million  increase or decrease in the Company’s after-tax net loss, respectively.


During the  year ended December 31, 2014 , the Company recognized a net foreign exchange  loss of $288 million  in income tax expense on income taxes receivable/(payable) and deferred taxes ( 2013 – $135 million ). Based on the Company’s net exposures
relating to taxes at  December 31, 2014 , a 10%  depreciation or appreciation of applicable foreign currencies
against the US dollar would have resulted in an approximate  $243 million  decrease or increase in the Company’s after-tax net loss,
respectively.





During the year ended December 31, 2014, and in accordance with its Financial Risk Management Policy, the Company entered into Canadian dollar and Mexican peso forward and option contracts to
purchase and sell the respective foreign currencies at pre-determined US dollar amounts. These contracts were entered into to normalize operating, corporate and capital expenses incurred by the Company’s foreign operations as expressed in US
dollar terms.


Interest rate risk





Interest rate risk is the risk that the
fair values and future cash flows of the Company's financial instruments will fluctuate because of changes in market interest rates. The Company is exposed to interest rate cash flow risk primarily on its outstanding debt subject to floating rates
of interest, its share of the Pueblo Viejo project financing, its cash and cash equivalents, and interest-bearing receivables. The Company is exposed to interest rate fair value risk primarily on its debt subject to fix rates of interest. The
Company monitors its exposure to interest rates and is comfortable with its exposures given its mix of fixed-and floating-rate debt, with 70% of total debt at December 31,
2014 subject to fixed rates, and the relatively low rate on its US dollar debt which comprised 92% of total debt at December 31, 2014 . The weighted-average interest rate paid by the Company during the year ended December 31, 2014 on its US dollar and Argentine peso debt subject to floating rates of interest was 1.4% and 26.5%,
respectively ( 2013 – nil and 18.9%, respectively). The average interest rate earned by the Company during the year
ended December 31, 2014 on its cash and cash equivalents was 0.15% ( 2013 – 0.18%). A 10% increase or decrease in the interest earned from financial institutions on deposits held would result in a
nominal increase or decrease in the Company’s after-tax net loss.


There has been no
significant change in the Company’s exposure to interest rate risk, with the exception of the increase in the Company's exposure to Badlar, the average interest rate paid on short-term deposits over 1 million Argentine pesos, associated with
the 1.6 billion Argentine peso and 425 million Argentine peso facilities entered into during the year ended December 31, 2014 . There has been no change to its objectives and policies for managing these risks during the year ended December 31, 2014 .


GOLDCORP  | 54


---



---

(in United States dollars, tabular amounts in millions, except where
noted)


Price risk





Price risk is the risk that the fair value or future cash flows of the Company’s financial instruments will fluctuate because of changes in market prices. During the year ended December 31, 2014 the Company updated its Financial Risk Management Policy to allow for hedging of metal sales volumes beyond the
current term of twenty-seven months to thirty-six months. There has been no significant change to the Company’s exposure to price risk during the year ended December 31,
2014 .


The Company has a policy not
to hedge gold sales. In accordance with the Company’s Financial Risk Management Policy, the Company may hedge up to 50%, 30%, and 10% of its by-product base metal sales volume over the next twelve months, subsequent thirteen to twenty-four
months, and subsequent twenty-five to thirty-six months, respectively, to manage its exposure to fluctuations in base metal prices.


The costs relating to the Company’s production, development and exploration activities vary depending on the market prices of certain mining consumables including diesel fuel and electricity. A
10% increase or decrease in diesel fuel market prices would result in an $18 million decrease or increase in the Company’s after-tax net loss. As and when it is determined to be favourable, the Company will execute hedges on its exposure to
diesel fuel prices in Canada. At December 31, 2014 , the Company has entered into heating oil contracts to manage its
exposure to fuel prices. Electricity is regionally priced in Ontario and Quebec, Canada and Mexico and semi-regulated by the provincial and federal governments, respectively. The regulation of electricity prices reduces the risk of price fluctuation
and the Company therefore does not contemplate entering into contracts to hedge against such
risk.


The Company holds certain investments in available-for-sale equity securities which are
measured at fair value, being the closing share price of each equity security, at the balance sheet date. The Company is exposed to changes in share prices which would result in gains and losses being recognized in other comprehensive income.





CAPITAL
RESOURCES





The capital of the Company consists of items included in shareholders’ equity and debt, net of cash and cash equivalents and money market investments as
follows:


At December 31 2014

At December 31
2013Shareholders’
 equity
$
16,960

$
19,545Debt
3,592

2,50720,552

22,052Less: Cash and cash
equivalents
(482
)
(625
)Money market investments
(53
)
—$
20,017

$
21,427





The Company manages its capital
structure and makes adjustments in light of changes in its economic environment and the risk characteristics of the Company’s assets. To effectively manage the entity’s capital requirements, the Company has in place a rigorous planning,
budgeting and forecasting process to help determine the funds required to ensure the Company has the appropriate liquidity to meet its operating and growth objectives. The Company ensures that there are sufficient committed loan facilities to meet
its short-term business requirements, taking into account its anticipated cash flows from operations and its holdings of cash and cash equivalents and money market
investments.


At December 31,
2014 , the Company expects its capital resources and projected future cash flows from operations to support its normal operating requirements on an ongoing basis, and planned development
and exploration of its mineral properties and other expansionary plans. At December 31, 2014 , there was no externally
imposed capital requirement to which the Company is subject and with which the Company has not complied.


During the year ended December 31, 2014 , the Company invested a total
of $2,103 million in mining interests, including discontinued operations, of which 66% related to capital projects, including $687 million at Éléonore, $524 million at Cerro Negro, and $76 million at Cochenour. The remaining 44% was
related to capital expenditures at the Company’s operating sites, primarily $259 million at Peñasquito, $157 million at Red Lake, $80 million at Porcupine, $78 million at Marlin, $51 million at Los Filos, and $44 million at
Musselwhite.


As at February 18, 2015 , there were 814 million common shares of the Company issued and outstanding and 16 million stock
options outstanding which are exchangeable into common shares at exercise prices ranging between C$19.23 per share to C$48.72 per share.


Dividends which were declared and paid during the year ended December 31, 2014 totalled $488 million (2013
– $486 million).


GOLDCORP  | 55


---



---

(in United States dollars, tabular amounts in millions, except where
noted)





OTHER
 RISKS AND UNCERTAINTIES


Foreign
Operations


In 2014, the majority of the Company’s foreign operations were conducted in
Mexico, Guatemala, Argentina, the Dominican Republic, Chile and the United States, and as such the Company’s operations are exposed to various levels of political, economic and other risks and uncertainties. These risks and uncertainties vary
from country to country and include, but are not limited to, terrorism; hostage taking; military repression; expropriation; extreme fluctuations in currency exchange rates; high rates of inflation; labour unrest; the risks of war or civil unrest;
renegotiation or nullification of existing concessions, licenses, permits and contracts; ability of governments to unilaterally alter agreements; government imposed supply laws, including laws establishing, among other things, profit margins,
production quotas, maximum and minimum price levels and the ability to confiscate merchandise in certain circumstances; surface land access issues; illegal mining; changes in taxation policies; restrictions on foreign exchange and repatriation; and
changing political conditions, currency controls and governmental regulations that favour or require the awarding of contracts to local contractors or require foreign contractors to employ citizens of, or purchase supplies from, a particular
jurisdiction.


Changes, if any, in mining or investment policies or shifts in political attitude
in Canada, Mexico, Guatemala, Argentina, the Dominican Republic, Chile and the United States may adversely affect the Company’s operations or profitability. Operations may be affected in varying degrees by government regulations with respect
to, but not limited to, restrictions on production, price controls, export controls, import restrictions, such as restrictions applicable to, among other things, equipment, services and supplies, currency remittance, income taxes, expropriation of
property, foreign investment, maintenance of claims, environmental legislation, land use, surface land access, land claims of local people, water use and mine safety.


Failure to comply strictly with applicable laws, regulations and local practices relating to
mineral right applications and tenure, environmental requirements, land and water use, could result in loss, reduction or expropriation of entitlements, or the imposition of additional local or foreign parties as joint venture partners with carried
or other interests. The occurrence of these various factors and uncertainties related to the economic and political risks of operating in foreign jurisdictions cannot be accurately predicted and could have a material adverse effect on the
Company’s operations or profitability. In addition to internal controls, systems and processes, the Company mitigates these risks by building positive, sustainable relationships with local communities, vendors, and local, regional, and federal
governments, maintaining ongoing and transparent communication with stakeholders, a commitment to sustainability, and best practices in corporate governance.


Government Regulation


The mining, processing, development and mineral exploration activities of the Company are subject to various laws governing prospecting, development, production, taxes, labour standards and
occupational health, mine safety, toxic substances, land use, water use, land claims of local people and other matters. No assurance can be given that new rules and regulations will not be enacted or that existing rules and regulations will not be
applied in a manner which could have an adverse effect on the Company’s financial position and results of operations.


Mexico


|   |                  
|-- | -----------------
|i. | Ejido Land
Claims

Article 27 of the Mexican Constitution and subsequent legislation
established the “ejido” and communal landholding as forms of land tenure in Mexico. There are 22 ejido communities in the vicinity of the Company’s Mexican mining operations and ejido lands cover all of the lands used by the
Company for its current mining operations at its Peñasquito, Los Filos and El Sauzal mines. The Company enters into temporary occupation agreements ranging from five to 30 years with the ejido communities which allow the Company to use the
surface of the lands for its mining operations. In Mexico, mining rights that are covered under a concession do not include direct ownership or possession rights over the surface, or surface access, and at any particular time the Company may be
involved in negotiations with various ejido communities to enter into new temporary occupation agreements or amend existing agreements. Failure to reach agreement may cause delays to operations and projects, and on occasion, lead to legal
disputes.


Argentina


|   |                                  
|-- | ---------------------------------
|i. | Province of Santa Cruz,
Argentina

Issued in 2013, Law 3318 created a new form of tax in Argentina's
Province of Santa Cruz for mining companies. The tax is levied on 1% of the value of mine reserves reported in feasibility studies and financial statements inclusive of variations resulting from ongoing exploitation. Regulations issued in the third
quarter of 2013 require that the tax is calculated on “measured” reserves and the Company has interpreted this to mean “proven” reserves. The Province has disputed the Company's interpretation but has not provided further
clarification on the definition of "measured" reserves, and the outcome is not clear at this time. The Company filed a legal claim disputing the constitutionality of the tax with the National Supreme Court of Argentina which has accepted
jurisdiction of the matter. The Company continues to pay the required tax installments under protest for the years ended December 31, 2014 and 2013.


GOLDCORP  | 56


---



---

(in United States dollars, tabular amounts in millions, except where
noted)


|    |                              
|--- | -----------------------------
|ii. | Argentine 10% Withholding
Tax

On September 23, 2013, Argentina’s federal Income Tax Statute was amended to include a
10% income tax withholding on dividend distributions by Argentine corporations and branch profit distributions by foreign corporations. It is the Company's position that the withholding tax violates tax stability rights provided to mining projects
by Mining Investment Law No. 24,196 (“MIL”). Mining projects subject to MIL would generally pay the new withholding tax under protest and request a refund or tax credit for the excess of the overall tax burden. The Company believes that
both Alumbrera and Oroplata S.A. are subject to the MIL, and accordingly should be entitled to a refund or tax credit for withholding taxes paid under the new law. Alumbrera has agreed to pay the withholding tax on dividends paid in 2014 and to be
paid in 2015 under protest and the Company has accrued $19 million included in net (loss) earnings of associates for earned but undistributed profits with regards to its 37.5% interest in
Alumbrera.





|     |                    
|---- | -------------------
|iii. | Government
Controls

The Argentine government has continued to use price, foreign exchange, and
import controls in response to unfavourable domestic economic trends (e.g. lower growth rates, higher inflation rates and capital flight). In particular, the government has implemented and tightened control over capital flows and foreign exchange,
including informal restrictions on dividend, interest, and service payments abroad and limitations on the ability of individuals and businesses to convert Argentine pesos into US dollars or other hard currencies. These measures, which are intended
to curtail the outflow of hard currency and protect Argentina’s international currency reserves, may adversely affect the Company’s ability to convert dividends paid by current operations or revenues generated by future operations into
hard currency and to distribute those revenues to offshore shareholders. Maintaining operating revenues in Argentine pesos could also expose the Company to the risks of peso devaluation and high domestic inflation.


On September 17, 2014, the Argentine government enacted a law which seeks to
protect consumers, stem job losses and ensure a steady supply of goods. The new law gives the government broad discretionary powers to control the economy and business decisions of private enterprise. The scope of the legislation is wide and
covers all “economic activities” involving goods and services which may satisfy the welfare of the Argentines. It is possible that the new law could extend to the mining
industry.


Environmental
Regulation


The Company’s operations are subject to environmental regulation in the various
jurisdictions in which it operates. These regulations mandate, among other things, the maintenance of air and water quality standards and land reclamation. They also set out limitations on the generation, transportation, storage and disposal of
solid and hazardous waste. Environmental legislation is evolving in a manner which will likely require stricter standards and enforcement, increased fines and penalties for non-compliance, more stringent environmental assessments of proposed
projects and a heightened degree of responsibility for companies and their officers, directors and employees. There is no assurance that future changes in environmental regulation, if any, will not adversely affect the Company’s financial
position and results of operations.


Government approvals and permits are currently, and may in the
future be, required in connection with the Company’s operations. To the extent such approvals are required and not obtained, the Company may be curtailed or prohibited from continuing its mining operations or from proceeding with planned
exploration or development of mineral properties.


Cost
risk


The Company is exposed to industry wide cost pressures on capital and operating expenditures.
The increasing costs seen in the Company’s global operations increases the risk relating to the profitability of its operations and the economic returns on its exploration and development stage projects. The Company continues to enter into
certain hedging strategies to mitigate certain currency and fuel cost exposures and continues to implement cost management strategies to mitigate this
risk.


Other
Risks


For further information regarding the Company’s operational risks, please refer to the
section entitled “Description of the Business – Risk Factors” in the Annual Information Form for the year ended December 31, 2013, available at
www.sedar.com and to the Company’s Annual Information Form for the year ended December 31, 2014 to be filed on SEDAR.





BASIS
 OF PREPARATION


The Company’s consolidated financial statements have been prepared in
accordance with IFRS as issued by the IASB, effective as of December 31, 2014 . IFRS comprises IFRSs, International
Accounting Standards (“IASs”), and interpretations issued by the IFRS Interpretations Committee (“IFRICs”) and the former Standing Interpretations Committee (“SICs”). The Company’s significant accounting
policies are described in note 3 of the Company's consolidated financial statements for the year ended December 31, 2014 .





GOLDCORP  | 57


---



---

(in United States dollars, tabular amounts in
millions, except where
noted)


CRITICAL JUDGEMENTS AND
ESTIMATES


The Company’s management makes judgements in its process of applying the
Company’s accounting policies in the preparation of its consolidated financial statements. In addition, the preparation of the financial data requires that the Company’s management make assumptions and estimates of the impacts of
uncertain future events on the carrying amounts of the Company’s assets and liabilities at the end of the reporting period, and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those
estimates as the estimation process is inherently uncertain. Estimates are reviewed on an ongoing basis based on historical experience and other factors that are considered to be relevant under the circumstances. Revisions to estimates and the
resulting impacts on the carrying amounts of the Company’s assets and liabilities are accounted for prospectively.


Management has made the following critical judgements and estimates:


Critical Judgments in Applying Accounting Policies


The critical judgements that the Company’s management has made in the process of applying the Company’s accounting policies, apart from those involving estimations, that have the most
significant effect on the amounts recognized in the Company’s consolidated financial statements are as follows:


|    |                                        
|--- | ---------------------------------------
|(a) | Operating levels intended by management




Prior to a mine being capable of operating at levels intended by management, costs incurred are capitalized as part of the costs of the related mining properties and proceeds from mineral sales
are offset against costs capitalized. Depletion of capitalized costs for mining properties begins when the mine is capable of operating at levels intended by management. Management considers several factors in determining when a mining property is
capable of operating at levels intended by management.





The Company determined that the Cerro Negro mine was capable of operating at levels intended by management effective January 1, 2015. The Company determined that the Pueblo Viejo mine, in which
the Company holds a 40% equity interest, was capable of operating at levels intended by management effective January 1, 2013.





|    |                                                                                                                     
|--- | --------------------------------------------------------------------------------------------------------------------
|(b) | Economic recoverability and probability of future economic benefits of
exploration, evaluation and development costs




Management has determined that exploratory drilling, evaluation, development and related costs incurred which have been capitalized are economically recoverable. Management uses several criteria
in its assessments of economic recoverability and probability of future economic benefit including geologic and metallurgic information, history of conversion of mineral deposits to proven and probable reserves, scoping and feasibility studies,
accessible facilities, existing permits and life of mine plans.





|    |                    
|--- | -------------------
|(c) | Functional currency




The functional currency for each of the Company’s subsidiaries and investments in associates, is the currency of the primary economic environment in which the entity operates. The Company
has determined the functional currency of each entity is the US dollar. Determination of functional currency may involve certain judgements to determine the primary economic environment and the Company reconsiders the functional currency of its
entities if there is a change in events and conditions which determined the primary economic
environment.





|    |                    
|--- | -------------------
|(d) | Asset held for
sale




The Company applies judgment to determine whether an asset or disposal group is available for immediate sale in its present condition and that its sale is highly probable and therefore should be
classified as held for sale at the balance sheet date. Conditions that support a highly probable sale include the following: an appropriate level of management is committed to a plan to sell the asset or disposal group, an active program to locate a
buyer and complete the plan has been initiated, the asset or disposal group has been actively marketed for sale at a price that is reasonable in relation to its current fair value, and the sale of the asset or disposal group is expected to qualify
for recognition as a completed sale within one year from the date of classification as held for sale. At December 31, 2014 and 2013, the Company concluded that the assets and liabilities of Wharf and Marigold, respectively, met the criteria for
classification as held for sale. Accordingly, the group of assets and liabilities were presented separately under current assets and current liabilities, respectively, and measured at the lower of its carrying amount and fair value less costs of
disposal ("FVLCD"), Wharf being carrying amount and Marigold being FVLCD. The assets of Wharf and Marigold ceased to be depreciated while they were classified as held for sale.








GOLDCORP  | 58


---



---

(in United States dollars, tabular amounts in
millions, except where
noted)


Key Sources of Estimation Uncertainty


The significant assumptions about the future and other major sources of estimation uncertainty as at the end of the reporting period that have a significant risk of resulting in a material adjustment
to the carrying amounts of the Company’s assets and liabilities are as follows:


|    |                                            
|--- | -------------------------------------------
|(a) | Impairment of mining interests and goodwill




The Company considers both external and internal sources of information in assessing whether there are any indications that mining interests and goodwill are impaired. External sources of
information the Company considers include changes in the market, economic and legal environment in which the Company operates that are not within its control and affect the recoverable amount of mining interests and goodwill. Internal sources of
information the Company considers include the manner in which mining properties and plant and equipment are being used or are expected to be used and indications of economic performance of the assets. In assessing whether there is objective evidence
that the Company’s mining interests represented by its investments in associates are impaired, the Company’s management considers observable data including the carrying amounts of the investees’ net assets as compared to their
market
capitalization.





In determining the recoverable amounts of the Company’s mining interests and goodwill, the Company makes estimates of the discounted future after-tax cash flows expected to be derived from the
Company’s mining properties, costs to sell the mining properties and the appropriate discount rate. The projected cash flows are significantly affected by changes in assumptions related to metal selling prices, future capital expenditures,
changes in the amount of recoverable reserves, resources, and exploration potential, production cost estimates, discount rates and exchange rates.





Continued access to the estimated recoverable
reserves, resources and exploration potential of the Company’s mining interests and goodwill is a key assumption in determining their recoverable amounts. The ability to maintain existing or obtain necessary mining concessions, surface rights
title, and water concessions is integral to the access of the reserves, resources and exploration potential. A mining concession gives its holder the right to carry out mining activities in the area covered by that concession and take ownership of
any minerals found, but it does not always grant surface access rights. In some jurisdictions surface access rights must be separately negotiated with the owner of the surface lands and in the event of a dispute or failed negotiations,
administrative legal process may be available. In other jurisdictions, surface access rights may be granted along with mining rights. Water concessions provides its holder the right to specified levels of water usage and are granted based on water
availability in the source
area.





Reductions in metal price forecasts, increases in estimated future costs of production, increases in estimated future capital expenditures, reductions in the amount of recoverable reserves, resources,
and exploration potential, and/or the impact of adverse current economic conditions can result in a write-down of the carrying amounts of the Company’s mining interests and/or goodwill.





During the year ended December 31, 2014 , the Company recognized
an impairment expense of $2,313 million, net of tax, ( 2013 – $2,401 million, including discontinued operation), and $2,999 million before tax ( 2013 – $3,073 million before tax including discontinued operation), in respect of the carrying amounts of certain mining interests. The $2,999 million ( 2013 – $3,073 million) of impairment expense recognized included $975 million ( 2013 – $283 million) of impairment charges for goodwill.





At December 31, 2014 , the carrying amounts of the Company’s mining interests and goodwill were $24,545 million and $479 million , respectively ( December 31, 2013 – $25,138 million and $1,454 million , respectively).





|    |                                                    
|--- | ---------------------------------------------------
|(b) | Heap leach ore inventories and mine operating
costs




In determining mine operating costs recognized in the Consolidated Statements of Loss , the Company’s management makes estimates of quantities of ore stacked on leach pads and in process and the recoverable gold in this material to determine the average costs of finished goods
sold during the period. Changes in these estimates can result in a change in mine operating costs of future periods and carrying amounts of inventories. At December 31, 2014 , the carrying amounts of inventories amounted to $1,021
million ( December 31, 2013 – $868 million ).





|    |                                              
|--- | ---------------------------------------------
|(c) | Heap leach ore inventory net realizable value




In determining the net realizable value of work-in-process, heap leach ore, and stockpiled ore, the Company estimates future metal selling prices, production forecasts, realized grades and
recoveries, timing of processing, and future costs to convert the inventories into saleable form. Reductions in metal price forecasts, increases in estimated future costs to convert, reductions in the amount of recoverable ounces, and a delay in
timing of processing can result in a write-down of the carrying amounts of the Company’s work-in-process, heap leach ore, and stockpiled ore inventory. During the year ended December 31, 2014, the Company recognized an impairment expense of
$96 million on its non-current stockpiled ore and heap leach as a result of the carrying amount of certain inventory exceeding net realizable value


GOLDCORP  | 59


---



---

(in United States dollars, tabular amounts in
millions, except where
noted)


(2013 – $nil). Of the $96 million of impairment, $72 million and $24 million was recorded as production costs and depreciation and depletion in the Consolidated Statements of Loss , respectively.





|    |                             
|--- | ----------------------------
|(d) | Estimated recoverable ounces




The carrying amounts of the Company’s mining properties are depleted based on recoverable ounces contained in proven and probable reserves and a portion of resources. The Company includes
a portion of resources where it is considered probable that those resources will be economically extracted. Changes to estimates of recoverable ounces and depletable costs including changes resulting from revisions to the Company’s mine plans
and changes in metal price forecasts can result in a change to future depletion rates.





|    |                         
|--- | ------------------------
|(e) | Deferred stripping costs




In determining whether stripping costs incurred during the production phase of a mining property relate to reserves and resources that will be mined in a future period and therefore should be
capitalized, the Company makes estimates of the stripping activity over the life of the component of reserves and resources which have been made accessible. Changes in estimated strip ratios can result in a change to the future capitalization of
stripping costs incurred. At December 31, 2014 , the carrying amount of stripping costs capitalized and included in
mining properties was $109 million ( December 31, 2013 – $42 million).





|    |             
|--- | ------------
|(f) | Income taxes




In assessing the probability of realizing income tax assets recognized, management makes estimates related to expectations of future taxable income, applicable tax opportunities, expected timing
of reversals of existing temporary differences and the likelihood that tax positions taken will be sustained upon examination by applicable tax authorities. In making its assessments, management gives additional weight to positive and negative
evidence that can be objectively verified. Estimates of future taxable income are based on forecasted cash flows from operations and the application of existing tax laws in each jurisdiction. Forecasted cash flows from operations are based on life
of mine projections internally developed and reviewed by management. Weight is attached to tax planning opportunities that are within the Company’s control, and are feasible and implementable without significant obstacles. The likelihood that
tax positions taken will be sustained upon examination by applicable tax authorities is assessed based on individual facts and circumstances of the relevant tax position evaluated in light of all available evidence. Where applicable tax laws and
regulations are either unclear or subject to ongoing varying interpretations, it is reasonably possible that changes in these estimates can occur that materially affect the amounts of income tax assets recognized. At the end of each reporting
period, the Company reassesses unrecognized income tax assets.





|    |                                        
|--- | ---------------------------------------
|(g) | Estimated reclamation and closure costs




The Company’s provision for reclamation and closure cost obligations represents management’s best estimate of the present value of the future cash outflows required to settle the
liability which reflects estimates of future costs, inflation, movements in foreign exchange rates, assumptions of risks associated with the future cash outflows and assumptions of probabilities of alternative estimates of future cash outflows, and
the applicable risk-free interest rates for discounting those future cash outflows. Significant judgements and estimates are required in forming assumptions of future activities, future cash outflows and the timing of those cash outflows. These
assumptions are formed based on environmental and regulatory requirements or the Company’s environmental policies which may give rise to constructive obligations. The Company’s assumptions are reviewed at the end of each reporting period
and adjusted to reflect management’s current best estimate and changes in any of the above factors can result in a change to the provision recognized by the Company. At December 31, 2014 , the Company’s total provision for reclamation and closure cost obligations was $695 million ( December 31, 2013 – $529 million ). The undiscounted value of these obligations is $1,827 million ( December 31, 2013 – $1,847 million ) (note 24 ).





For the purpose of calculating the present
value of the provision for reclamation and closure cost obligations, the Company discounts the estimated future cash outflows using the risk-free interest rate applicable to the future cash outflows, which is the appropriate US Treasury risk-free
rate which reflects the reclamation lifecycle estimated for all sites, including operating and inactive mines and development projects. For those sites with a greater than 100-year reclamation lifecycle, a long-term risk-free rate is applied.





For the year ended December 31, 2014 , the Company applied a
30-year risk-free rate of 3% (2013 – 4% ) to all sites with the exception of those sites with a reclamation lifecycle of greater than 100 years where a 5.0% (2013 – 5.9% ) risk-free rate was applied, which resulted in a
weighted average discount rate of 4.2% ( 2013 – 5.3% ).





Changes to reclamation and closure cost
obligations are recorded with a corresponding change to the carrying amounts of the related mining properties (for operating mines and development projects) and as production costs (for inactive and closed mines) for the period. Adjustments to the
carrying amounts of related mining properties can result in a change to future depletion expense.








GOLDCORP  | 60


---



---

(in United States dollars, tabular amounts in
millions, except where
noted)





|    |              
|--- | -------------
|(h) | Contingencies




Due to the size, complexity and nature of the Company’s operations, various legal and tax matters are outstanding from time to time. While the outcome of these matters is uncertain, based
upon the information currently available, the Company does not believe that these matters in aggregate will have a material adverse effect on its consolidated financial position or results of operations. In the event that management’s estimate
of the future resolution of these matters changes, the Company will recognize the effects of the changes in its consolidated financial statements on the date such changes
occur.





|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(i) | In 2005, prior to construction of the Peñasquito Mine, an agreement was negotiated with the
Cerro Gordo Ejido for the use of 600 hectares (approximately 1,483 acres) of surface land located within the confines of the proposed Peñasquito Mine site. These lands now include 60% of the mine pit area, a portion of the waste rock facilities
and explosive magazine storage area. The terms of the agreement were based on comparable surface valuations in the region as well as on similar agreements at the Peñasquito Mine and other Mexican mining operations. In 2009, the Cerro Gordo
Ejido commenced an action against Minera Peñasquito in Mexico’s agrarian courts challenging the land use agreement. Following a series of legal proceedings, the agrarian courts ruled on June 18, 2013, that the land use agreement was null
and ordered the land to be returned to the Cerro Gordo Ejido for payment of 2.4 million pesos. Constitutional claims are currently proceeding in the First District Court of Zacatecas by the Cedros and Mazapil Ejidos and a local transportation union.
The State of Zacatecas has filed its own constitutional claim against the agrarian court’s ruling.

Federal criminal charges were filed against the agrarian judge who presided at the trial of first instance which started in 2009 and several members of a prior Cerro Gordo Ejido leadership committee
who originally approved the land use agreement. The Attorney General has issued an “assurance measure” protecting the status of the disputed lands pending conclusion of the related criminal investigation. With the assurance measure,
Minera Peñasquito has sole custody of the disputed lands. The Company has filed with the office of the SEDATU the required documents to expropriate the disputed lands. In addition, the Company will continue to employ all legal means at its
disposal to ensure continuity of operations and to protect the Company’s mineral concession rights consistent with Mexican law. Operations at the Peñasquito Mine have not been impacted. However, in the event constitutional claims by the
State of Zacatecas, Ejido Cedros, Ejido Mazapil and transportation union are ultimately rejected, and the assurance measure is removed, Ejido Cerro Gordo would, absent any other intervening event, be entitled to possession of the disputed lands.
Should this occur, Peñasquito Mine operations would be adversely impacted, and in such circumstances, the ultimate resolution of this matter is not determinable at this time. Settlement discussions facilitated by the Mexican federal government
commenced in June 2014 and progress continues towards a mutually beneficial resolution of the dispute.


|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(ii) | In 2012, the Mexican government amended the Federal labour law regarding subcontracting
arrangements to prevent using service companies to avoid labour and tax obligations. The Company currently operates in Mexico using these subcontracting arrangements as is the common practice. The amendments also provided clarification on
certain regulatory requirements associated with an employer’s obligation to compensate employees with appropriate statutory profit sharing within Mexico. The Company has determined that it is probable that no additional obligation for
statutory profit sharing payments is required to be recorded in the Company’s consolidated financial statements as at and for the years ended December 31, 2014, other than what is presently
recorded.




CHANGES IN ACCOUNTING POLICIES


Application of new and revised accounting standards


The Company has applied the following new interpretation and amendments to existing IFRSs in its consolidated financial statements:


Levies imposed by
governments


IFRIC 21 – Levies (“IFRIC 21”), an interpretation of IAS 37 – Provisions, Contingent Liabilities and Contingent Assets ("IAS 37"), clarifies that the obligating event, as
defined by IAS 37, that gives rise to a liability to pay a levy is the activity described in the relevant legislation that triggers the payment of the levy. The Company has applied IFRIC 21 on a retrospective basis in compliance with the
transitional requirements of IFRIC 21. The application of IFRIC 21 did not result in any adjustments to the Company's consolidated financial statements.


GOLDCORP  | 61


---



---

(in United States dollars, tabular amounts in millions, except where
noted)


Other
Amendments





The IASB made certain amendments to the following IFRSs effective January 1, 2014:


• IFRS 10 – Consolidated Financial Statements;


• IFRS 12 – Disclosure of Interests in Other Entities;


• IAS 27 – Separate Financial Statements;


• IAS 32 – Financial Instruments: Presentation;


• IAS 36 – Impairment of Assets; and


• IAS 39 – Financial Instruments: Recognition and
Measurement.


The amendments did not have an impact on the
Company's consolidated financial statements.





CHANGES IN ACCOUNTING STANDARDS NOT YET
EFFECTIVE


Revenue
recognition


In May 2014, the IASB issued IFRS 15 – Revenue from Contracts with Customers ("IFRS 15") which supersedes IAS 11 – Construction Contracts; IAS 18 – Revenue; IFRIC 13 – Customer Loyalty Programmes; IFRIC 15 – Agreements for the Construction of Real Estate; IFRIC 18 – Transfers of Assets from Customers; and SIC 31 – Revenue – Barter Transactions
involving Advertising Services . IFRS 15 establishes a single five-step model framework for determining the nature, amount, timing and uncertainty of revenue and cash flows arising from a
contract with a customer. The standard is effective for annual periods beginning on or after January 1, 2017, with early adoption permitted. The Company is currently evaluating the impact the final standard is expected to have on its consolidated
financial statements.


Financial
instruments


In July 2014, the IASB issued the final version of IFRS 9 – Financial Instruments ("IFRS 9") to replace IAS 39 – Financial Instruments: Recognition and Measurement . IFRS 9 provides a revised model for recognition and measurement of
financial instruments and a single, forward-looking 'expected loss' impairment model. IFRS 9 also includes a substantially reformed approach to hedge accounting. The standard is effective for annual periods beginning on or after January 1, 2018,
with early adoption permitted. The Company is currently evaluating the impact the final standard is expected to have on its consolidated financial statements.


Annual improvements


In December 2013, the IASB issued the Annual Improvements 2010-2012 and 2011-2013 cycles, effective for annual periods beginning on or after July 1, 2014. In September 2014, the IASB issued the Annual
Improvements 2012-2014 cycle, effective for annual periods beginning on or after July 1, 2016. These Annual Improvements made necessary but non-urgent amendments to existing IFRSs. These amendments are not expected to have a significant impact on
the Company's consolidated financial statements.





OUTLOOK
UPDATE


For 2015, the Company expects to produce between 3.3 and 3.6 million ounces of gold and estimates that all-in
sustaining costs will be between $875 and $950 per ounce. Cash costs are expected to decrease from 2014 levels primarily due to the contribution of the two low-cost mines entering commercial production in the first quarter of 2015, Cerro Negro and
Éléonore, and continued efforts to enhance productivity and cost efficiencies through the Company’s O4E program.





Assumptions used to forecast total cash costs for 2015 include:
$18.00 per ounce of silver; $3.00 per pound of copper; $1.00 per pound of zinc; $0.95 per pound of lead; and the Canadian dollar and Mexican peso at 1.14 and 14.00, respectively, to the US
dollar.





Capital expenditures for 2015 are forecasted to decrease approximately 40% from 2014, to between $1.2 and $1.4 billion. Significant capital expenditures in 2015 include approximately $236 million at
Cerro Negro, $219 million at Peñasquito, $114 million at Éléonore and $95 million at Cochenour. Exploration expenditures in 2015 are expected to amount to approximately $170 million, of which approximately one third is expected to be
expensed. The Company’s primary focus will remain on the replacement of reserves mined during 2015 and on extending existing gold zones at each of its mines and projects. Corporate administration expense, excluding share-based compensation, is
forecast at $185 million for 2015. Depreciation, depletion, and amortization expense is expected to be approximately $390 per gold ounce sold. The Company expects its overall effective tax rate to be approximately 35% in
2015.





CONTROLS AND PROCEDURES


Disclosure Controls and Procedures


The Company’s management, with the participation of its President and Chief Executive Officer and Executive Vice President and Chief Financial Officer, has evaluated the effectiveness of the
Company’s disclosure controls and procedures. Based upon the results of that evaluation, the Company’s President and Chief Executive Officer and Executive Vice President and Chief Financial Officer have concluded that, as of the end of
the period covered by this report, the Company’s disclosure controls and procedures were effective to provide reasonable assurance that the information required to be disclosed by the Company in reports it files is recorded, processed,
summarized and reported, within the appropriate time periods and is accumulated and communicated to management, including the President and Chief Executive Officer and Executive Vice President and Chief Financial Officer, as appropriate to allow
timely decisions regarding required disclosure.


Internal Control Over Financial
Reporting


The Company’s management, with the participation of its President and Chief
Executive Officer and Executive Vice President and Chief Financial Officer, is responsible for establishing and maintaining adequate internal control over financial reporting. Under the supervision of the President and Chief Executive Officer and
Executive Vice President and Chief Financial Officer, the Company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with IFRS. The Company’s internal control over financial reporting includes policies and procedures that:


|  |                                                                                                                                                            
|- | -----------------------------------------------------------------------------------------------------------------------------------------------------------
|• | pertain to the maintenance of records that accurately and fairly reflect, in reasonable detail,
the transactions and dispositions of assets of the Company;

|  |                                                                                                                                                                                                                                                                                               
|- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | provide reasonable assurance that transactions are recorded as necessary to permit preparation of
financial statements in accordance with IFRS and that the Company’s receipts and expenditures are made only in accordance with authorizations of management and the Company’s Directors; and

|  |                                                                                                                                                                                                                                     
|- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of the Company’s assets that could have a material effect on the Company’s consolidated financial
statements.

There has been no change in the Company’s internal control
over financial reporting during the year ended  December 31, 2014 that has materially affected, or is reasonably likely to materially affect,
the Company’s internal control over financial reporting.


Limitations of
Controls and Procedures


The Company’s management, including the President and Chief
Executive Officer and Executive Vice President and Chief Financial Officer, believes that any disclosure controls and procedures or internal control over financial reporting, no matter how well conceived and operated, can provide only reasonable,
not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs.
Because of the inherent limitations in all control systems, they cannot provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been prevented or detected. These inherent limitations include the
realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by
unauthorized override of the control. The design of any control system also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals
under all potential future conditions. Accordingly, because of the inherent limitations in a cost effective control system, misstatements due to error or fraud may occur and not be
detected.





GOLDCORP  | 62


---



---

(in United States dollars, tabular amounts in
millions, except where noted)


GOLDCORP
INC.


GOLD AND SILVER RESERVES AND RESOURCES SUMMARY
TABLE


As of December 31,
2014


Reserves
Contained Gold (Moz)
Contained Silver (Moz)Proven
18.7
440.5Probable
30.9
348.1Proven & Probable
49.6
788.5ResourcesMeasured
6.0
136.1Indicated
30.2
474.0Measured & Indicated
36.2
610.1Inferred
24.0
85.7





GOLDCORP INCPROVEN AND PROBABLE RESERVES(1)(4)(5)As of December 31,
2014Based on attributable ouncesGOLD
Mt
Au g/t
MozPeñasquito Mill
Mexico
546.98
0.55
9.70Los Filos
Mexico
247.19
0.85
6.77El Morro (70.0%)
Chile
419.34
0.46
6.24Pueblo Viejo (40.0%)
Dominican Republic
58.35
3.31
6.21Cerro Negro
Argentina
16.87
9.70
5.26Éléonore
Canada
24.57
6.30
4.97Porcupine
Canada
57.94
1.60
2.98Red Lake
Canada
6.42
9.96
2.06Camino Rojo
Mexico
84.52
0.68
1.85Musselwhite
Canada
7.61
6.79
1.66Peñasquito Heap Leach
Mexico
89.74
0.29
0.85Alumbrera (37.5%)
Argentina
56.25
0.31
0.55Marlin
Guatemala
1.85
5.26
0.31Dee (40.0%)
United States
1.14
4.40
0.16TOTAL GOLD


49.58











GOLDCORP  | 63


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---

(in United States dollars, tabular amounts in
millions, except where
noted)


SILVER
Mt
Ag g/t
MozPeñasquito Mill
Mexico
546.98
30.12
529.65Peñasquito Heap Leach
Mexico
89.74
28.25
81.52Los Filos
Mexico
247.19
5.17
41.11Cerro Negro
Argentina
16.87
80.43
43.63Pueblo Viejo (40.0%)
Dominican Republic
58.35
20.73
38.89Camino Rojo
Mexico
84.52
13.80
37.49Marlin
Guatemala
1.85
269.44
16.00Dee (40.0%)
United States
1.14
6.62
0.24TOTAL SILVER


788.53COPPER
Mt
% Cu
MlbsEl Morro (70.0%)
Chile
419.34
0.49
4,552Alumbrera (37.5%)
Argentina
56.25
0.33
406Pueblo Viejo (40.0%)
Dominican Republic
58.35
0.11
142TOTAL COPPER


5,100LEAD
Mt
% Pb
MlbsPeñasquito Mill
Mexico
546.98
0.31
3,757TOTAL LEAD


3,757ZINC
Mt
% Zn
MlbsPeñasquito Mill
Mexico
546.98
0.75
9,081TOTAL ZINC


9,081





GOLDCORP INCMEASURED AND INDICATED RESOURCES(1)(2)(3)(4)(6)As of December 31,
2014Based on attributable ouncesGOLD
Mt
Au g/t
MozPorcupine
Canada
168.31
1.41
7.61Camino Rojo
Mexico
221.41
0.87
6.20Peñasquito Mill
Mexico
504.75
0.28
4.50Pueblo Viejo (40.0%)
Dominican Republic
49.83
2.62
4.20Los Filos
Mexico
123.70
1.04
4.13Red Lake
Canada
4.11
17.74
2.34Cerro Blanco
Guatemala
2.52
15.64
1.27Éléonore
Canada
5.19
6.34
1.06Noche Buena
Mexico
71.75
0.42
0.96Dee (40.0%)
United States
20.47
1.30
0.86El Morro (70.0%)
Chile
64.65
0.41
0.85Peñasquito Heap Leach
Mexico
116.69
0.21
0.77Cerro Negro
Argentina
3.80
5.32
0.65San Nicolas (21.0%)
Mexico
19.26
0.46
0.28El Sauzal
Mexico
2.86
2.29
0.21





GOLDCORP  | 64


---



---

(in United States dollars, tabular amounts in
millions, except where
noted)


GOLDCORP INCMEASURED AND INDICATED RESOURCES(1)(2)(3)(4)(6)As of December 31,
2014Based on attributable ouncesMusselwhite
Canada
0.98
5.62
0.18Marlin
Guatemala
0.62
4.29
0.09TOTAL GOLD


36.15SILVER
Mt
Ag g/t
MozPeñasquito Mill
Mexico
504.75
22.77
369.57Peñasquito Heap Leach
Mexico
116.69
17.18
64.45Camino Rojo
Mexico
221.41
7.37
52.46Noche Buena
Mexico
71.75
14.06
32.44Los Filos
Mexico
123.70
7.77
30.91Pueblo Viejo (40.0%)
Dominican Republic
49.83
15.26
24.45San Nicolas (21.0%)
Mexico
19.26
26.70
16.53Cerro Blanco
Guatemala
2.52
72.00
5.83Cerro Negro
Argentina
3.80
45.81
5.59Dee (40.0%)
United States
20.47
6.67
4.39Marlin
Guatemala
0.62
174.12
3.47TOTAL SILVER


610.11COPPER
Mt
% Cu
MlbsEl Morro (70.0%)
Chile
64.65
0.42
597San Nicolas (21.0%)
Mexico
19.26
1.24
527Pueblo Viejo (40.0%)
Dominican Republic
49.83
0.08
93TOTAL COPPER


1,216LEAD
Mt
% Pb
MlbsPeñasquito Mill
Mexico
504.75
0.22
2,395Camino Rojo
Mexico
221.41
0.08
388TOTAL LEAD


2,784ZINC
Mt
% Zn
MlbsPeñasquito Mill
Mexico
504.75
0.48
5,379Camino Rojo
Mexico
221.41
0.25
1,224San Nicolas (21.0%)
Mexico
19.26
1.68
713TOTAL ZINC


7,316


GOLDCORP  | 65


---



---

(in United States dollars, tabular amounts in
millions, except where
noted)


GOLDCORP INCINFERRED RESOURCES(1)(2)(3)(4)(6)As of December 31,
2014Based on attributable ouncesGOLD
Mt
Au g/t
MozLos Filos
Mexico
175.86
0.82
4.64El Morro (70.0%)
Chile
474.65
0.30
4.52Cochenour
Canada
9.30
11.55
3.45Éléonore
Canada
12.09
7.19
2.80Camino Rojo
Mexico
86.14
0.78
2.17Red Lake
Canada
3.00
19.58
1.89Porcupine
Canada
16.92
2.87
1.56Musselwhite
Canada
7.02
5.61
1.27Cerro Blanco
Guatemala
1.35
15.44
0.67Cerro Negro
Argentina
1.54
6.44
0.32Noche Buena
Mexico
17.67
0.42
0.24Peñasquito Heap Leach
Mexico
24.44
0.19
0.15Pueblo Viejo (40.0%)
Dominican Republic
1.33
2.51
0.11Peñasquito Mill
Mexico
17.47
0.13
0.08Dee (40.0%)
United States
3.87
0.68
0.08Marlin
Guatemala
0.09
7.17
0.02San Nicolas (21.0%)
Mexico
2.28
0.26
0.02El Sauzal
Mexico
0.04
1.33
—TOTAL GOLD


23.97SILVER
Mt
Ag g/t
MozLos Filos
Mexico
175.86
6.31
35.67Camino Rojo
Mexico
86.14
4.43
12.28Peñasquito Mill
Mexico
17.47
19.46
10.93Peñasquito Heap Leach
Mexico
24.44
13.72
10.78Noche Buena
Mexico
17.67
13.92
7.91Cerro Blanco
Guatemala
1.35
59.60
2.59Cerro Negro
Argentina
1.54
37.64
1.86San Nicolas (21.0%)
Mexico
2.28
17.40
1.27Marlin
Guatemala
0.09
358.29
1.08Pueblo Viejo (40.0%)
Dominican Republic
1.33
21.22
0.91Dee (40.0%)
United States
3.87
3.46
0.43TOTAL SILVER


85.70COPPER
Mt
% Cu
MlbsEl Morro (70.0%)
Chile
474.65
0.35
3,633San Nicolas (21.0%)
Mexico
2.28
1.24
62Pueblo Viejo (40.0%)
Dominican Republic
1.33
0.02
1TOTAL COPPER


3,696





GOLDCORP  | 66


---



---

(in United States dollars, tabular amounts in
millions, except where
noted)


GOLDCORP INCINFERRED RESOURCES(1)(2)(3)(4)(6)As of December 31,
2014Based on attributable ouncesLEAD
Mt
% Pb
MlbsPeñasquito Mill
Mexico
17.47
0.24
93Camino Rojo
Mexico
86.14
0.03
51TOTAL LEAD


143ZINC
Mt
% Zn
MlbsCamino Rojo
Mexico
86.14
0.17
315Peñasquito Mill
Mexico
17.47
0.48
186San Nicolas (21.0%)
Mexico
2.28
0.97
49TOTAL ZINC


550


*Numbers
 may not add up due to rounding


Goldcorp
December 31, 2014 Reserve and Resource Reporting Notes:1
All Mineral Reserves and
Mineral Resources have been calculated in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and National Instrument 43-101, or the AusIMM JORC equivalent.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
Reserves and Resources are
reported as of December 31, 2014, with the following conditions or exceptions:(i)(ii)(iii)
Reserves and Resources for
Pueblo Viejo are as per information provided by Barrick Gold Corporation.Reserves and Resources for Dee are as per information provided
by Barrick Gold Corporation.Resources for San Nicolas are as per information provided by Teck Resources Limited (2012
Study).5
Mineral Reserves are estimated
using appropriate recovery rates and US$ commodity prices of $1,300 per ounce of gold, $22 per ounce of silver, $3.00 per pound of copper, $0.90 per pound of lead, and $0.90 per pound of zinc, unless otherwise noted below:(i)
Alumbrera
$1,332/oz gold and $3.17/lb
copper(ii)
Pueblo Viejo, Dee
$1,100/oz gold, $17/oz silver, $3.00/lb
copper6
Mineral Resources are estimated
using US$ commodity prices of $1,500 per ounce of gold, $24 per ounce of silver, $3.50 per pound of copper, $1.00 per pound of lead, and $1.00 per pound of zinc, unless otherwise noted below;(i)
Pueblo Viejo, Dee
$1,400/oz gold, $19/oz silver, $3.50/lb
copper(ii)
San Nicolas
$1,275/oz gold, $22.50/oz silver, $2.75/lb
copper, $1.00/lb zinc(iii)
Éléonore
$1,300/oz
gold





Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred
Resources:





These tables use the terms “Measured”, “Indicated” and “Inferred” Resources. United States investors are advised that while such terms 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 be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic
studies. United States investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or any part
of an Inferred Mineral Resource exists, or is economically or legally
mineable.





Scientific and technical information contained in this MD&A 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”).





GOLDCORP  | 67


---



---

(in United States dollars, tabular amounts in
millions, except where noted)


CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS


This report 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. 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”, “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 be taken”, “occur” or “be
achieved” or the negative connotation thereof.


Forward-looking statements
are made based upon certain assumptions and other important 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, 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 price volatility, discrepancies
between actual and estimated production, mineral reserves and resources and metallurgical recoveries, mining operational and development risks, litigation risks, regulatory restrictions (including environmental regulatory restrictions and
liability), activities by governmental authorities (including changes in taxation), 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 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 the integration of acquisitions; risks related to international operations,
including economical 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;
environmental risks; future prices of gold, silver, copper, lead and zinc; possible variations in ore reserves, grade or recovery rates; mine development and operating risks; accidents, labour disputes and other risks of the mining industry; delays
in obtaining governmental approvals or financing or in the completion of development or construction activities; risks related to indebtedness and the service of such indebtedness, 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. 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 our operating environment. Goldcorp does not undertake to update any forward-looking statements that are included in this document, except in accordance with
applicable securities
laws.





CAUTIONARY NOTE REGARDING RESERVES AND RESOURCES


Scientific and technical information contained in this MD&A were 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”). All mineral reserves and mineral resources have been calculated in accordance with the standards
of the Canadian Institute of Mining, Metallurgy and Petroleum and NI 43-101, or the AusIMM JORC equivalent. All mineral resources are reported exclusive of mineral reserves and mineral resources which are not mineral reserves do not have
demonstrated economic viability. Information on data verification performed on the mineral properties mentioned in this MD&A that are considered to be material mineral properties to the Company are contained in Goldcorp’s Annual
Information Form for the year ended December 31, 2013 and the current technical report for those properties, all available at www.sedar.com.


GOLDCORP  | 68


---



---

(in United States dollars, tabular amounts in millions, except where
noted)


Cautionary Note to United States investors concerning estimates of measured, indicated and inferred resources: United States investors are advised that while the terms
“measured”, “indicated” and “inferred” resources 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 be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under
Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be
converted into mineral reserves. United States investors are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically or legally mineable.





GOLDCORP  | 69