##### 



Exhibit
2
   Managements Discussion and Analysis  of Financial Condition and Results of Operations  For the Year Ended December 31, 2006
 This Managements Discussion and Analysis should be read in conjunction with Goldcorps audited
consolidated financial statements for the year ended December 31, 2006 and related notes thereto
which have been prepared in accordance with Canadian generally accepted accounting principles. This
Managements Discussion and Analysis contains forward-looking statements that are subject to risk
factors set out in a cautionary note contained herein. All figures are in United States dollars
unless otherwise noted. This Managements Discussion and Analysis has been prepared as of March 26,
2007.
 2006 FINANCIAL/OPERATIONAL HIGHLIGHTS
 
    
    Record net earnings of $408.3 million ($0.94 per share), compared to $286 million
($0.91 per share) in 2005. Adjusted net earnings(1)amounted to $434.2 million
($1.00 per share) for 2006.
    
    Operating cash flows increased substantially to $791.3 million, compared to $465.8 million in 2005.
    
    Gold production increased almost 50% to 1,693,300 ounces (2005  1,136,300 ounces).
    
    Total cash costs of $33 per ounce (net of by-product copper and silver credits), compared to $22 per ounce in 2005.(2)
    
    Dividends paid of $79.1 million for the year.
    
    Cash and cash equivalents at December 31, 2006 totaled $555.2 million (December 31, 2005  $562.2 million).
 CORPORATE DEVELOPMENT HIGHLIGHTS
 
    
    On March 31, 2006, Goldcorp acquired the Éléonore gold project in Quebec from
Virginia Gold Mines Ltd. (Virginia) for total consideration of $406 million, by issuing
19.3 million common shares and warrants of Goldcorp.
    
    On May 12, 2006, Goldcorp closed on the agreement with Barrick Gold Corporation
(Barrick) to acquire Placer Dome Incs (Placer Domes) Canadian operations and other
assets for cash of approximately $1.6 billion.
    
    Goldcorp closed the early warrant exercise transaction during the second quarter.
Proceeds received were approximately $455 million, which were subsequently used to repay
credit facilities used to fund the acquisition of certain Placer Dome assets.
    
    On November 4, 2006, Goldcorp closed the agreement with Glamis Gold Ltd (Glamis) to
combine, thus creating one of the worlds largest gold companies. Each Glamis common share
was exchanged for 1.69 Goldcorp common share and C$0.0001 in cash for a total purchase
price of approximately $8.2 billion.
    
    On February 19, 2007, Goldcorp announced that it had signed a Letter of Intent to sell
Peak mine in Australia and Amapari mine in Brazil to GPJ Ventures Ltd in exchange for $200
million in cash and $100 million in share considerations. Goldcorp will own approximately
22% of the new company upon close of the transaction.
 
 (1)
    
    Adjusted net earnings are reported net earnings less the gain on sales of
subsidiary shares after tax of $88 million, less foreign exchange on
revaluation of future income tax liabilities of $5 million, less dilution
gain of $64 million and adding back the write down of mineral interests of
$175 million and non-hedge derivative after tax gain of $3 million and loss
on marketable securities of $5 million. Adjusted net earnings is a non-GAAP
measure, the Company believes that, in addition to conventional measures,
prepared in accordance with GAAP, 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.(2)
    
    The Company has included a non-GAAP performance measure, total
cash cost per gold ounce, throughout this document. The Company reports total
cash costs on a sales basis. In the gold mining industry, this is a common
performance measure but does not have any standardized meaning, and is a
non-GAAP measure. The Company follows the recommendations of the Gold
Institute standard. The Company believes that, in addition to conventional
measures, prepared in accordance with GAAP, 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.
 OVERVIEW
     ACQUISITION OF GLAMIS GOLD LTD




---



##### 



Mining Assets  Impairment and
Business Combination
 ACQUISITION OF CERTAIN PLACER DOME MINING ASSETS
    ACQUISITION OF VIRGINIA GOLD MINES INC
  ACQUISITION OF WHEATON RIVER MINERALS LTD




---



##### 



SUMMARIZED ANNUAL FINANCIAL RESULTS
 2006(1)
    
    
    2005(2)
    
    
    2004Revenues
    
    $
    1,710.0
    
    
    $
    896.4
    
    
    $
    191.0Gold(ounces) Produced
    
    
    1,693,300
    
    
    
    1,136,300
    
    
    
    628,000 Sold
    
    
    1,708,000
    
    
    
    1,344,600
    
    
    
    427,600Average realized gold price(per ounce)
    
    $
    610
    
    
    $
    452
    
    
    $
    409Average London spot gold price(per ounce)
    
    $
    604
    
    
    $
    444
    
    
    $
    409Earnings from operations
    
    $
    455.3
    
    
    $
    405.2
    
    
    $
    80.8Net earnings
    
    $
    408.3
    
    
    $
    285.7
    
    
    $
    51.3Earnings per shareBasic
    
    $
    0.94
    
    
    $
    0.91
    
    
    $
    0.27Diluted
    
    $
    0.93
    
    
    $
    0.83
    
    
    $
    0.27Cash flow from operating activities
    
    $
    791.3
    
    
    $
    465.8
    
    
    $
    53.1Total cash costs(per gold ounce)(3)
    
    $
    33
    
    
    $
    22
    
    
    $
    115Dividends paid
    
    $
    79
    
    
    $
    151
    
    
    $
    53Cash and cash equivalents
    
    $
    555.2
    
    
    $
    562.2
    
    
    $
    333.4Total assets
    
    $
    17,965.9
    
    
    $
    4,066.0
    
    
    $
    701.5
 
 (1)
    
    Includes Goldcorps share of results of Campbell, Musselwhite (68%),
Porcupine (51%) and La Coipa (50%) from May 12, 2006, the date of acquisition.
Also includes Goldcorps share of results of El Sauzal, Marlin, San Martin and
Marigold (67%) from November 4, 2006, the date of acquisition.(2)
    
    Includes, with the exception of net earnings, 100% of Wheatons results
for the period subsequent to February 14, 2005, the date of acquisition. Net
earnings include 82% of Wheatons results from February 15, 2005 to April 15,
2005 and 100% from April 16, 2005 onward.(3)
    
    The calculation of total cash costs per ounce of gold is net of by-product
sales revenue (by-product copper revenue for Peak and Alumbrera; by-product
silver revenue for La Coipa and Marlin at market silver prices; and by-product
silver revenue for Luismin of $3.90 per silver ounce sold to Silver Wheaton). Review of Annual Financial Results




---



##### 



Quarterly Financial Review
 2006(1)Q1
    
    
    Q2
    
    
    Q3
    
    
    Q4
    
    
    TotalRevenues
    
    $
    286.3
    
    
    $
    491.5
    
    
    $
    418.9
    
    
    $
    513.3
    
    
    $
    1,710.0Gold(ounces) Produced
    
    
    295,100
    
    
    
    378,500
    
    
    
    431,800
    
    
    
    587,900
    
    
    
    1,693,300 Sold
    
    
    288,400
    
    
    
    398,700
    
    
    
    421,400
    
    
    
    599,500
    
    
    
    1,708,000Average realized gold price(per ounce)
    
    $
    560
    
    
    $
    620
    
    
    $
    620
    
    
    $
    620
    
    
    $
    610Earnings from operations
    
    $
    140.5
    
    
    $
    219.5
    
    
    $
    143.9
    
    
    $
    (48.6
    )
    
    $
    455.3Net earnings
    
    $
    92.4
    
    
    $
    190.4
    
    
    $
    59.5
    
    
    $
    66.0
    
    
    $
    408.3Earnings per share(3)Basic
    
    $
    0.27
    
    
    $
    0.50
    
    
    $
    0.14
    
    
    $
    0.11
    
    
    $
    0.94Diluted
    
    $
    0.24
    
    
    $
    0.49
    
    
    $
    0.14
    
    
    $
    0.11
    
    
    $
    0.93Cash flow from operating activities
    
    $
    74.4
    
    
    $
    240.1
    
    
    $
    221.3
    
    
    $
    255.5
    
    
    $
    791.3Total cash costs(per gold ounce)(4)
    
    $
    (88
    )
    
    $
    (123
    )
    
    $
    84
    
    
    $
    160
    
    
    $
    33
 2005(2)Q1
    
    
    Q2
    
    
    Q3
    
    
    Q4
    
    
    TotalRevenues
    
    $
    122.8
    
    
    $
    301.6
    
    
    $
    203.7
    
    
    $
    268.3
    
    
    $
    896.4Gold(ounces) Produced
    
    
    275,400
    
    
    
    281,000
    
    
    
    283,700
    
    
    
    296,200
    
    
    
    1,136,300 Sold
    
    
    217,500
    
    
    
    543,100
    
    
    
    276,700
    
    
    
    307,300
    
    
    
    1,344,600Average realized gold price(per ounce)
    
    $
    430
    
    
    $
    432
    
    
    $
    444
    
    
    $
    492
    
    
    $
    452Earnings from operations
    
    $
    48.4
    
    
    $
    160.3
    
    
    $
    83.9
    
    
    $
    112.6
    
    
    $
    405.2Net earnings
    
    $
    29.5
    
    
    $
    98.0
    
    
    $
    56.5
    
    
    $
    101.7
    
    
    $
    285.7Earnings per share(3)Basic
    
    $
    0.12
    
    
    $
    0.30
    
    
    $
    0.17
    
    
    $
    0.30
    
    
    $
    0.91Diluted
    
    $
    0.11
    
    
    $
    0.28
    
    
    $
    0.15
    
    
    $
    0.27
    
    
    $
    0.83Cash flow from operating activities
    
    $
    80.2
    
    
    $
    163.9
    
    
    $
    84.8
    
    
    $
    136.9
    
    
    $
    465.8Total cash costs(per gold ounce)(4)
    
    $
    94
    
    
    $
    52
    
    
    $
    9
    
    
    $
    (73
    )
    
    $
    22
 
 (1)
    
    Includes Goldcorps share of results of Campbell, Musselwhite (68%), Porcupine
(51%) and La Coipa (50%) from May 12, 2006, the date of acquisition. Also includes
Goldcorps share of results of El Sauzal, Marlin, San Martin and Marigold (67%) from
November 4, 2006, the date of acquisition.(2)
    
    Includes, with the exception of net earnings, 100% of Wheatons results for the
period subsequent to February 14, 2005, the date of acquisition. Net earnings
include 82% of Wheatons results from February 15, 2005 to April 15, 2005 and 100%
from April 16, 2005 onward.(3)
    
    Sum of quarterly earnings per share may not equal the total for twelve months as
each quarterly amount is calculated independently of each other.(4)
    
    The calculation of total cash costs per ounce of gold is net of by-product sales
revenue (by-product copper revenue for Peak and Alumbrera; by-product silver revenue
for La Coipa and Marlin at market silver prices; and by-product silver revenue for
Luismin of $3.90 per silver ounce sold to Silver Wheaton). Review of Quarterly Financial Results
 (1)




---



##### 



(1)
    
    Adjusted net earnings are reported net earnings less the gain on sales of
subsidiary shares after tax of $88 million, less foreign exchange on revaluation of
future income tax liabilities of $21 million, less non-hedge derivative after tax
gain of $18 million, and adding back the write down of mineral interests of $175
million. Adjusted net earnings is a non-GAAP measure, the Company believes that,
in addition to conventional measures, prepared in accordance with GAAP, 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.




---



##### 



RESULTS OF OPERATIONS (1)
 AverageGold
    
    
    
    
    
    
    realized
    
    
    Earnings
    
    
    Total cashproduced
    
    
    Gold sold
    
    
    gold price
    
    
    (loss) from
    
    
    costs(3)Revenues
    
    
    (ounces)
    
    
    (ounces)
    
    
    (per ounce)
    
    
    operations
    
    
    (per ounce)Red Lake(2)
    
    
    2006
    
    
    $
    360.8
    
    
    
    592,900
    
    
    
    590,700
    
    
    $
    608
    
    
    $
    186.1
    
    
    $
    1952005
    
    
    
    362.0
    
    
    
    616,400
    
    
    
    814,200
    
    
    
    442
    
    
    
    242.9
    
    
    
    93Musselwhite
    
    
    2006
    
    
    
    62.6
    
    
    
    99,700
    
    
    
    101,400
    
    
    
    618
    
    
    
    3.7
    
    
    
    3492005
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Porcupine
    
    
    2006
    
    
    
    72.9
    
    
    
    113,500
    
    
    
    118,100
    
    
    
    618
    
    
    
    16.9
    
    
    
    4302005
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Luismin(3)
    
    
    2006
    
    
    
    159.6
    
    
    
    208,400
    
    
    
    207,000
    
    
    
    606
    
    
    
    37.8
    
    
    
    1312005
    
    
    
    90.7
    
    
    
    145,300
    
    
    
    148,600
    
    
    
    448
    
    
    
    19.7
    
    
    
    119El Sauzal
    
    
    2006
    
    
    
    45.1
    
    
    
    63,600
    
    
    
    71,000
    
    
    
    630
    
    
    
    14.3
    
    
    
    972005
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Alumbrera(3)
    
    
    2006
    
    
    
    593.1
    
    
    
    240,200
    
    
    
    237,700
    
    
    
    613
    
    
    
    334.2
    
    
    
    (1,176
    )2005
    
    
    
    299.2
    
    
    
    192,600
    
    
    
    180,300
    
    
    
    462
    
    
    
    134.4
    
    
    
    (643
    )Marlin(3)
    
    
    2006
    
    
    
    32.3
    
    
    
    42,300
    
    
    
    41,000
    
    
    
    627
    
    
    
    16.0
    
    
    
    1132005
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Amapari
    
    
    2006
    
    
    
    51.7
    
    
    
    84,200
    
    
    
    85,500
    
    
    
    604
    
    
    
    (189.6
    )
    
    
    5242005
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    La Coipa(3)
    
    
    2006
    
    
    
    60.6
    
    
    
    28,300
    
    
    
    34,000
    
    
    
    616
    
    
    
    8.5
    
    
    
    (243
    )2005
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Marigold
    
    
    2006
    
    
    
    19.2
    
    
    
    24,900
    
    
    
    30,700
    
    
    
    625
    
    
    
    6.3
    
    
    
    3082005
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Wharf
    
    
    2006
    
    
    
    40.6
    
    
    
    63,000
    
    
    
    63,400
    
    
    
    605
    
    
    
    12.3
    
    
    
    3402005
    
    
    
    37.1
    
    
    
    62,500
    
    
    
    80,800
    
    
    
    446
    
    
    
    3.9
    
    
    
    304Peak(3)
    
    
    2006
    
    
    
    79.7
    
    
    
    122,600
    
    
    
    114,500
    
    
    
    585
    
    
    
    21.4
    
    
    
    2152005
    
    
    
    58.8
    
    
    
    119,500
    
    
    
    120,700
    
    
    
    462
    
    
    
    17.0
    
    
    
    228San Martin
    
    
    2006
    
    
    
    8.3
    
    
    
    9,700
    
    
    
    13,000
    
    
    
    629
    
    
    
    2.1
    
    
    
    4272005
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Silver Wheaton
    
    
    2006
    
    
    
    158.5
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    75.7
    
    
    
    2005
    
    
    
    65.7
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    19.5
    
    
    
    Terrane
    
    
    2006
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (3.1
    )
    
    
    2005
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Other
    
    
    2006
    
    
    
    (35.0
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (87.3
    )
    
    
    2005
    
    
    
    (17.1
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (32.2
    )
    
    
    Total
    
    
    2006
    
    
    
    1,710.0
    
    
    
    1,693,300
    
    
    
    1,708,000
    
    
    
    610
    
    
    
    455.3
    
    
    
    332005
    
    
    
    896.4
    
    
    
    1,136,300
    
    
    
    1,344,600
    
    
    
    452
    
    
    
    405.2
    
    
    
    22
 
 (1)
    
    Results of operations in this section are from the date of acquisition as
reported on the financial statement; Operational Review section is on a pro forma
basis without adjusting for date of acquisition. Includes Goldcorps share of
results of Campbell, Musselwhite (68%), Porcupine (51%) and La Coipa (50%) from
May 12, 2006, the date of acquisition. Also includes Goldcorps share of results
of El Sauzal, Marlin, San Martin and Marigold (67%) from November 4, 2006, the
date of acquisition.(2)
    
    Red Lake operating results include those of the Campbell mine from May 12,
2006, the date of acquisition. The inclusion of higher costs from the Campbell
complex in 2006 is the primary reason for increased cash costs per ounce period
over period from prior year. The combined mines are presented as one mine going
forward. 2005 gold sale included 199,300 ounces of gold bullion inventory.(3)
    
    The calculation of total cash costs per ounce of gold is net of by-product
sales revenue (by-product copper revenue for Peak and Alumbrera; by-product
silver revenue for La Coipa and Marlin at market silver prices; and by-product
silver revenue for Luismin of $3.90 per silver ounce sold to Silver Wheaton).




---



##### 



OPERATIONAL REVIEW
 Red Lake gold mines, Canada
 Total
    
    
    
    TotalQ1
    
    
    Q2
    
    
    Q2(1)
    
    
    Q3
    
    
    Q4
    
    
    2006
    
    
    
    2005Oprating DataTonnes of ore milled
    
    
    184,700
    
    
    
    191,900
    
    
    
    137,100
    
    
    
    184,000
    
    
    
    208,300
    
    
    
    768,900
    
    
    
    
    675,500Average mill head grade (grams/tonne)
    
    
    29
    
    
    
    29
    
    
    
    34
    
    
    
    28
    
    
    
    27
    
    
    
    28
    
    
    
    
    38Average recovery rate
    
    
    97
    %
    
    
    97
    %
    
    
    96
    %
    
    
    96
    %
    
    
    96
    %
    
    
    97
    %
    
    
    
    97
    %Gold (ounces) Produced
    
    
    170,100
    
    
    
    167,600
    
    
    
    143,700
    
    
    
    156,400
    
    
    
    171,500
    
    
    
    665,600
    
    
    
    
    825,600 Sold
    
    
    168,900
    
    
    
    172,400
    
    
    
    150,100
    
    
    
    165,500
    
    
    
    154,400
    
    
    
    661,200
    
    
    
    
    1,021,700Average realized gold price (per ounce)
    
    $
    560
    
    
    $
    625
    
    
    $
    623
    
    
    $
    621
    
    
    $
    618
    
    
    $
    609
    
    
    
    $
    444Total cash costs (per ounce)
    
    $
    181
    
    
    $
    183
    
    
    $
    180
    
    
    $
    214
    
    
    $
    239
    
    
    $
    195
    
    
    
    $
    138Financial DataRevenues
    
    $
    94.6
    
    
    $
    107.8
    
    
    $
    93.8
    
    
    $
    103.6
    
    
    $
    96.0
    
    
    $
    402.0
    
    
    
    $
    454.2Earnings from operations
    
    $
    36.7
    
    
    $
    52.1
    
    
    $
    53.5
    
    
    $
    49.3
    
    
    $
    39.0
    
    
    $
    177.1
    
    
    
    $
    248.9
 
 (1)
    
    Campbell mine operations are included in Goldcorps operating results for
the period subsequent to May 12, 2006, the date of acquisition. This six week
column includes 100% of Red Lake complex results for the quarter plus Campbell
complex results from May 12, 2006 through to June 30, 2006. Prior period combined
data is shown for comparative purposes only and may not include all pro forma
financial adjustments required had the acquisition in fact taken place in January
1, 2005.   th




---



##### 



Musselwhite mine, Canada (1)
 Total
    
    
    
    TotalQ1
    
    
    Q2
    
    
    Q2 (2)
    
    
    Q3
    
    
    Q4
    
    
    2006
    
    
    
    2005Operating DataTonnes of ore milled
    
    
    240,800
    
    
    
    218,900
    
    
    
    118,900
    
    
    
    203,200
    
    
    
    222,000
    
    
    
    884,900
    
    
    
    
    1,005,100Average mill head grade (grams/tonne)
    
    
    4.71
    
    
    
    5.65
    
    
    
    5.87
    
    
    
    6.38
    
    
    
    5.44
    
    
    
    5.51
    
    
    
    
    5.42Average recovery rate (%)
    
    
    91
    %
    
    
    94
    %
    
    
    97
    %
    
    
    95
    %
    
    
    99
    %
    
    
    95
    %
    
    
    
    95
    %Gold (ounces) Produced
    
    
    33,200
    
    
    
    37,600
    
    
    
    21,700
    
    
    
    39,600
    
    
    
    38,400
    
    
    
    148,800
    
    
    
    
    170,400 Sold
    
    
    33,900
    
    
    
    37,800
    
    
    
    24,400
    
    
    
    38,200
    
    
    
    38,800
    
    
    
    148,700
    
    
    
    
    168,500Average realized gold price (per ounce)
    
    $
    553
    
    
    $
    618
    
    
    $
    617
    
    
    $
    636
    
    
    $
    600
    
    
    $
    603
    
    
    
    $
    444Total cash costs (per ounce)
    
    $
    417
    
    
    $
    375
    
    
    $
    361
    
    
    $
    436
    
    
    $
    470
    
    
    $
    425
    
    
    
    $
    324Financial DataRevenues
    
    $
    18.8
    
    
    $
    23.4
    
    
    $
    15.1
    
    
    $
    24.4
    
    
    $
    23.1
    
    
    $
    89.7
    
    
    
    $
    74.9Earnings from operations
    
    $
    (0.3
    )
    
    $
    4.5
    
    
    $
    1.9
    
    
    $
    1.5
    
    
    $
    0.3
    
    
    $
    6.0
    
    
    
    $
    1.4
 
 (1)
    
    Results from Musselwhite mine are only included in Goldcorps financial
results for the period subsequent to the date of acquisition May 12, 2006. Prior
period results are shown for comparative purposes only and may not include all
pro forma financial adjustments required had the acquisition in fact taken place
in January 1, 2005.(2)
    
    This six week column includes Musselwhites operations for the period May
12, 2006, the date of acquisition to June 30, 2006.




---



##### 



Porcupine mine, Canada (1)
 Total
    
    
    
    TotalQ1
    
    
    Q2
    
    
    Q2 (2)
    
    
    Q3
    
    
    Q4
    
    
    2006
    
    
    
    2005Operating DataTonnes of ore milled
    
    
    508,500
    
    
    
    554,700
    
    
    
    304,900
    
    
    
    538,400
    
    
    
    549,400
    
    
    
    2,151,000
    
    
    
    
    2,175,600Average mill head grade
(grams/tonne)
    
    
    2.17
    
    
    
    2.57
    
    
    
    2.59
    
    
    
    2.71
    
    
    
    2.73
    
    
    
    2.55
    
    
    
    
    2.87Average recovery rate (%)
    
    
    90
    %
    
    
    90
    %
    
    
    94
    %
    
    
    94
    %
    
    
    95
    %
    
    
    93
    %
    
    
    
    93
    %Gold (ounces) Produced
    
    
    31,400
    
    
    
    41,300
    
    
    
    23,500
    
    
    
    44,300
    
    
    
    45,700
    
    
    
    162,700
    
    
    
    
    190,900 Sold
    
    
    33,400
    
    
    
    42,000
    
    
    
    25,300
    
    
    
    44,700
    
    
    
    48,100
    
    
    
    168,200
    
    
    
    
    186,100Average realized gold price
(per ounce)
    
    $
    554
    
    
    $
    616
    
    
    $
    610
    
    
    $
    622
    
    
    $
    617
    
    
    $
    606
    
    
    
    $
    443Total cash costs (per ounce)
    
    $
    434
    
    
    $
    361
    
    
    $
    344
    
    
    $
    337
    
    
    $
    364
    
    
    $
    370
    
    
    
    $
    284Financial DataRevenues
    
    $
    18.5
    
    
    $
    26.0
    
    
    $
    15.3
    
    
    $
    27.9
    
    
    $
    29.7
    
    
    $
    102.1
    
    
    
    $
    82.5Earnings from operations
    
    $
    (0.8
    )
    
    $
    4.4
    
    
    $
    3.4
    
    
    $
    6.9
    
    
    $
    6.6
    
    
    $
    17.1
    
    
    
    $
    (0.8
    )
 
 (1)
    
    Results from Porcupine mine are only included in Goldcorps financial
results for the period subsequent to the date of acquisition May 12, 2006. Prior
period results are shown for comparative purposes only and may not include all
pro forma financial adjustments required had the acquisition in fact taken place
in January 1, 2005.(2)
    
    This column includes Porcupines operations for the period May 12, 2006,
the date of acquisition to June 30, 2006.




---



##### 



Luismin mines, Mexico
 Total
    
    
    
    TotalQ1
    
    
    Q2
    
    
    Q3
    
    
    Q4
    
    
    2006
    
    
    
    2005
    (1)Operating DataTonnes of ore milled
    
    
    255,800
    
    
    
    267,400
    
    
    
    276,700
    
    
    
    285,800
    
    
    
    1,085,700
    
    
    
    
    912,400Average mill head grade (grams/tonne) Gold
    
    
    6.18
    
    
    
    6.61
    
    
    
    6.50
    
    
    
    6.08
    
    
    
    6.34
    
    
    
    
    5.94 Silver
    
    
    348
    
    
    
    358
    
    
    
    316
    
    
    
    296
    
    
    
    328
    
    
    
    
    343Average recovery rate (%) Gold
    
    
    94
    %
    
    
    94
    %
    
    
    94
    %
    
    
    94
    %
    
    
    94
    %
    
    
    
    95
    % Silver
    
    
    87
    %
    
    
    89
    %
    
    
    89
    %
    
    
    89
    %
    
    
    89
    %
    
    
    
    89
    %Produced (ounces) Gold
    
    
    47,800
    
    
    
    53,600
    
    
    
    54,400
    
    
    
    52,600
    
    
    
    208,400
    
    
    
    
    164,900 Silver
    
    
    2,191,900
    
    
    
    2,388,400
    
    
    
    2,233,200
    
    
    
    2,118,200
    
    
    
    8,931,700
    
    
    
    
    7,729,800Sold (ounces) Gold
    
    
    46,500
    
    
    
    54,900
    
    
    
    53,400
    
    
    
    52,200
    
    
    
    207,000
    
    
    
    
    163,600 Silver
    
    
    2,171,000
    
    
    
    2,447,500
    
    
    
    2,213,500
    
    
    
    2,146,200
    
    
    
    8,978,200
    
    
    
    
    7,654,400Average realized price (per ounce) Gold
    
    $
    554
    
    
    $
    629
    
    
    $
    618
    
    
    $
    615
    
    
    $
    606
    
    
    
    $
    445 Silver (2)
    
    $
    3.90
    
    
    $
    3.90
    
    
    $
    3.90
    
    
    $
    3.90
    
    
    $
    3.90
    
    
    
    $
    3.90Total cash costs per gold ounce (2)
    
    $
    117
    
    
    $
    109
    
    
    $
    132
    
    
    $
    167
    
    
    $
    131
    
    
    
    $
    117Financial DataRevenues
    
    $
    34.2
    
    
    $
    44.1
    
    
    $
    41.5
    
    
    $
    39.8
    
    
    $
    159.6
    
    
    
    $
    99.8Earnings from operations
    
    $
    9.0
    
    
    $
    13.3
    
    
    $
    10.5
    
    
    $
    5.0
    
    
    $
    37.8
    
    
    
    $
    21.2
 
 (1)
    
    This column shows the 2005 full year data for comparative purposes only.
Luismins operations are included in Goldcorps financial results for the period
subsequent to February 14, 2005, the date of acquisition of Wheaton River
Minerals.(2)
    
    Luismin silver is sold to Silver Wheaton at a price of $3.90 per ounce.
The calculation of total cash costs per ounce of gold is net of by-product silver
sales revenue of $3.90 per silver ounce.




---



##### 



El Sauzal mine, Mexico (1)
 Total
    
    
    
    TotalQ1
    
    
    Q2
    
    
    Q3
    
    
    Q4
    
    
    Q4(2)
    
    
    2006
    
    
    
    2005Operating DataTonnes of ore mined
    
    
    678,500
    
    
    
    706,800
    
    
    
    610,800
    
    
    
    637,500
    
    
    
    414,600
    
    
    
    2,633,600
    
    
    
    
    2,141,400Tonnes of waste removed
    
    
    1,073,700
    
    
    
    1,250,500
    
    
    
    1,270,300
    
    
    
    1,163,300
    
    
    
    772,100
    
    
    
    4,757,800
    
    
    
    
    4,757,800Ratio of waste to ore
    
    
    1.6
    
    
    
    1.8
    
    
    
    2.1
    
    
    
    1.8
    
    
    
    1.9
    
    
    
    1.8
    
    
    
    
    1.8Tonnes of ore milled
    
    
    526,100
    
    
    
    556,400
    
    
    
    510,200
    
    
    
    515,000
    
    
    
    334,300
    
    
    
    2,107,700
    
    
    
    
    1,668,100Average mill head grade
(grams/tonne)
    
    
    3.86
    
    
    
    4.49
    
    
    
    5.01
    
    
    
    5.46
    
    
    
    6.28
    
    
    
    4.70
    
    
    
    
    3.87Average recovery rate
    
    
    93
    %
    
    
    94
    %
    
    
    94
    %
    
    
    94
    %
    
    
    94
    %
    
    
    94
    %
    
    
    
    92
    %Gold (ounces) Produced
    
    
    62,300
    
    
    
    75,400
    
    
    
    77,100
    
    
    
    84,800
    
    
    
    63,600
    
    
    
    299,600
    
    
    
    
    191,600 Sold
    
    
    62,000
    
    
    
    75,800
    
    
    
    77,000
    
    
    
    82,000
    
    
    
    71,000
    
    
    
    296,800
    
    
    
    
    197,600Average realized gold price
(per ounce)
    
    $
    556
    
    
    $
    624
    
    
    $
    612
    
    
    $
    625
    
    
    $
    630
    
    
    $
    607
    
    
    
    $
    454Total cash costs (per ounce)
    
    $
    114
    
    
    $
    100
    
    
    $
    108
    
    
    $
    94
    
    
    $
    97
    
    
    $
    103
    
    
    
    $
    137Financial DataRevenues
    
    $
    34.8
    
    
    $
    47.9
    
    
    $
    47.1
    
    
    $
    52.2
    
    
    $
    45.1
    
    
    $
    182.0
    
    
    
    $
    90.1Earnings from operations
    
    $
    20.0
    
    
    $
    31.8
    
    
    $
    30.7
    
    
    $
    36.9
    
    
    $
    14.3
    
    
    $
    119.4
    
    
    
    $
    40.0
 
 (1)
    
    Results from El Sauzal mine are only included in Goldcorps financial
results for the period subsequent to the date of acquisition November 4, 2006.
Prior period results are shown for comparative purposes only and may not include
all pro forma financial adjustments required had the acquisition in fact taken
place in January 1, 2005.(2)
    
    This column includes El Sauzals operations for the period November 4,
2006, the date of acquisition to December 31, 2006.




---



##### 



Marlin mine, Guatemala (1)
 Total
    
    
    
    TotalQ1
    
    
    Q2
    
    
    Q3
    
    
    Q4
    
    
    Q4 (2)
    
    
    2006
    
    
    
    2005Operating DataTonnes of ore milled
    
    
    213,000
    
    
    
    220,800
    
    
    
    271,900
    
    
    
    383,100
    
    
    
    290,000
    
    
    
    1,088,800
    
    
    
    
    116,000Average mill head grade (grams/tonne) Gold
    
    
    6.44
    
    
    
    4.19
    
    
    
    4.02
    
    
    
    5.13
    
    
    
    5.26
    
    
    
    4.92
    
    
    
    
    6.49 Silver
    
    
    82
    
    
    
    66
    
    
    
    63
    
    
    
    85
    
    
    
    88
    
    
    
    75
    
    
    
    
    80Average recovery rate (%) Gold
    
    
    88
    %
    
    
    85
    %
    
    
    89
    %
    
    
    87
    %
    
    
    86
    %
    
    
    87
    %
    
    
    
    82
    % Silver
    
    
    58
    %
    
    
    58
    %
    
    
    69
    %
    
    
    60
    %
    
    
    60
    %
    
    
    60
    %
    
    
    
    53
    %Produced (ounces) Gold
    
    
    43,300
    
    
    
    28,900
    
    
    
    33,700
    
    
    
    55,100
    
    
    
    42,300
    
    
    
    161,000
    
    
    
    
    23,900 Silver
    
    
    321,000
    
    
    
    273,300
    
    
    
    382,000
    
    
    
    622,100
    
    
    
    490,000
    
    
    
    1,598,400
    
    
    
    
    154,600Sold (ounces) Gold
    
    
    37,000
    
    
    
    34,800
    
    
    
    32,000
    
    
    
    50,000
    
    
    
    41,000
    
    
    
    153,800
    
    
    
    
    21,000 Silver
    
    
    240,000
    
    
    
    310,000
    
    
    
    335,000
    
    
    
    558,000
    
    
    
    508,000
    
    
    
    1,443,000
    
    
    
    
    113,000Average realized gold price
(per ounce)
    
    $
    560
    
    
    $
    625
    
    
    $
    597
    
    
    $
    621
    
    
    $
    627
    
    
    $
    602
    
    
    
    $
    513Total cash costs (per ounce) (3)
    
    $
    208
    
    
    $
    258
    
    
    $
    268
    
    
    $
    137
    
    
    $
    113
    
    
    $
    209
    
    
    
    $
    217Financial DataRevenues
    
    $
    23.1
    
    
    $
    25.5
    
    
    $
    23.1
    
    
    $
    38.2
    
    
    $
    32.3
    
    
    $
    109.9
    
    
    
    $
    11.7Earnings from operations
    
    $
    7.5
    
    
    $
    6.1
    
    
    $
    5.3
    
    
    $
    17.5
    
    
    $
    16.0
    
    
    $
    36.4
    
    
    
    $
    2.6
 
 (1)
    
    Results from Marlin mine are only included in Goldcorps financial results
for the period subsequent to the date of acquisition November 4, 2006. Prior
period results are shown for comparative purposes only and may not include all
pro forma financial adjustments required had the acquisition in fact taken place
in January 1, 2005.(2)
    
    This column includes Marlins operations for the period November 4, 2006,
the date of acquisition to December 31, 2006.(3)
    
    The calculation of total cash costs per ounce of gold sold is net of
by-product silver sales revenue. If the silver sales were treated as a
co-product, average total cash costs at Marlin for the year ended December 31,
2006, would be $270 per ounce of gold and $5 per ounce of silver (2005  $241 and
$4 respectively).




---



##### 



San Martin mine, Honduras (1)
 Total
    
    
    TotalQ1
    
    
    Q2
    
    
    Q3
    
    
    Q4
    
    
    Q4(2)
    
    
    2006
    
    
    2005Operating DataTonnes of ore mined
    
    
    1,258,500
    
    
    
    1,070,800
    
    
    
    794,300
    
    
    
    898,500
    
    
    
    527,100
    
    
    
    4,022,000
    
    
    
    5,200,100Tonnes of waste removed
    
    
    1,020,200
    
    
    
    1,180,400
    
    
    
    1,172,100
    
    
    
    1,083,000
    
    
    
    768,000
    
    
    
    4,455,700
    
    
    
    4,051,500Ratio of waste to ore
    
    
    0.81
    
    
    
    1.10
    
    
    
    1.48
    
    
    
    1.21
    
    
    
    1.46
    
    
    
    1.11
    
    
    
    0.78Tonnes of ore processed
    
    
    1,258,500
    
    
    
    1,070,800
    
    
    
    795,800
    
    
    
    898,500
    
    
    
    527,100
    
    
    
    4,023,600
    
    
    
    5,198,600Average mill head grade
(grams/tonne)
    
    
    0.74
    
    
    
    0.74
    
    
    
    0.86
    
    
    
    0.80
    
    
    
    0.78
    
    
    
    0.78
    
    
    
    0.68Average recovery rate
    
    
    57
    %
    
    
    55
    %
    
    
    54
    %
    
    
    56
    %
    
    
    55
    %
    
    
    55
    %
    
    
    59
    %Gold (ounces) Produced
    
    
    15,000
    
    
    
    17,300
    
    
    
    14,000
    
    
    
    13,300
    
    
    
    9,700
    
    
    
    59,600
    
    
    
    81,500 Sold
    
    
    15,700
    
    
    
    17,400
    
    
    
    14,500
    
    
    
    14,000
    
    
    
    13,000
    
    
    
    61,600
    
    
    
    80,800Average realized gold price
(per ounce)
    
    $
    556
    
    
    $
    627
    
    
    $
    611
    
    
    $
    627
    
    
    $
    629
    
    
    $
    605
    
    
    $
    444Total cash costs (per ounce)
    
    $
    325
    
    
    $
    359
    
    
    $
    303
    
    
    $
    419
    
    
    $
    427
    
    
    $
    350
    
    
    $
    294Financial DataRevenues
    
    $
    8.8
    
    
    $
    11.0
    
    
    $
    8.8
    
    
    $
    8.9
    
    
    $
    8.3
    
    
    $
    37.5
    
    
    $
    36.1Earnings from operations
    
    $
    1.3
    
    
    $
    2.3
    
    
    $
    2.4
    
    
    $
    1.0
    
    
    $
    2.1
    
    
    $
    7.0
    
    
    $
    3.4
 
 (1)
    
    Results from San Martin mine are only included in Goldcorps financial
results for the period subsequent to the date of acquisition November 4, 2006.
Prior period results are shown for comparative purposes only and may not include
all pro forma financial adjustments required had the acquisition in fact taken
place in January 1, 2005.(2)
    
    This column includes San Martins operations for the period November 4,
2006, the date of acquisition to December 31, 2006.




---



##### 



Alumbrera mine, Argentina
 Total
    
    
    
    TotalQ1
    
    
    Q2
    
    
    Q3
    
    
    Q4
    
    
    2006
    
    
    
    2005(1)Operating DataTonnes of ore mined
    
    
    2,366,600
    
    
    
    2,550,200
    
    
    
    2,668,600
    
    
    
    4,040,100
    
    
    
    11,625,500
    
    
    
    
    12,514,500Tonnes of waste removed
    
    
    8,059,500
    
    
    
    7,363,600
    
    
    
    8,029,900
    
    
    
    6,982,400
    
    
    
    30,435,400
    
    
    
    
    30,582,500Ratio of waste to ore
    
    
    3.4
    
    
    
    2.9
    
    
    
    3.0
    
    
    
    1.7
    
    
    
    2.6
    
    
    
    
    2.4Tonnes of ore milled
    
    
    3,308,600
    
    
    
    3,472,600
    
    
    
    3,400,500
    
    
    
    3,449,400
    
    
    
    13,631,100
    
    
    
    
    13,728,000Average mill head grade Gold (grams/tonne)
    
    
    0.76
    
    
    
    0.78
    
    
    
    0.76
    
    
    
    0.53
    
    
    
    0.71
    
    
    
    
    0.63 Copper (%)
    
    
    0.63
    %
    
    
    0.61
    %
    
    
    0.54
    %
    
    
    0.48
    %
    
    
    0.56
    %
    
    
    
    0.57
    %Average recovery rate (%) Gold
    
    
    77
    %
    
    
    79
    %
    
    
    78
    %
    
    
    75
    %
    
    
    78
    %
    
    
    
    78
    % Copper
    
    
    89
    %
    
    
    89
    %
    
    
    89
    %
    
    
    83
    %
    
    
    88
    %
    
    
    
    90
    %Produced Gold (ounces)
    
    
    62,300
    
    
    
    68,500
    
    
    
    65,200
    
    
    
    44,200
    
    
    
    240,200
    
    
    
    
    216,500 Copper (thousands of pounds)
    
    
    40,800
    
    
    
    41,800
    
    
    
    36,000
    
    
    
    30,300
    
    
    
    148,900
    
    
    
    
    154,900Sold Gold (ounces)
    
    
    51,500
    
    
    
    74,000
    
    
    
    58,200
    
    
    
    54,000
    
    
    
    237,700
    
    
    
    
    215,300 Copper (thousands of pounds)
    
    
    33,500
    
    
    
    46,700
    
    
    
    33,100
    
    
    
    31,200
    
    
    
    144,500
    
    
    
    
    152,000Average realized price Gold (per ounce)
    
    $
    577
    
    
    $
    608
    
    
    $
    628
    
    
    $
    639
    
    
    $
    613
    
    
    
    $
    452 Copper (per pound)
    
    $
    3.25
    
    
    $
    4.44
    
    
    $
    3.70
    
    
    $
    2.51
    
    
    $
    3.58
    
    
    
    $
    1.89Total cash costs (per gold ounce) (2)
    
    $
    (1,310
    )
    
    $
    (1,661
    )
    
    $
    (1,074
    )
    
    $
    (492
    )
    
    $
    (1,176
    )
    
    
    $
    (639
    )Financial DataRevenues
    
    $
    125.0
    
    
    $
    230.0
    
    
    $
    143.8
    
    
    $
    94.3
    
    
    $
    593.1
    
    
    
    $
    339.2Earnings from operations
    
    $
    78.4
    
    
    $
    143.5
    
    
    $
    78.1
    
    
    $
    34.2
    
    
    $
    334.2
    
    
    
    $
    158.0
 
 (1)
    
    This column shows the 2005 full year data for comparative purposes only.
Alumbreras operations are included in Goldcorps financial results for the
period subsequent to February 14, 2005, the date of acquisition of Wheaton River
Minerals.(2)
    
    The calculation of total cash costs per ounce of gold for Alumbrera is net
of by-product copper sales revenue. If copper production were treated as a
co-product, average total cash costs at Alumbrera for the year ended December 31,
2006 would be $215 per ounce of gold and $1.31 per pound of copper (December 31,
2005  $166 per ounce of gold and $0.83 per pound of copper).




---



##### 



Amapari mine, Brazil
 TotalQ1
    
    
    Q2
    
    
    Q3
    
    
    Q4
    
    
    2006Operating DataTonnes of ore mined
    
    
    362,400
    
    
    
    548,100
    
    
    
    555,000
    
    
    
    546,900
    
    
    
    2,012,400Tonnes of waste removed
    
    
    3,074,600
    
    
    
    3,220,900
    
    
    
    3,289,600
    
    
    
    3,036,400
    
    
    
    12,621,500Ratio of waste to ore
    
    
    8.5
    
    
    
    5.9
    
    
    
    5.9
    
    
    
    5.6
    
    
    
    6.3Tonnes of ore processed
    
    
    302,400
    
    
    
    475,600
    
    
    
    411,100
    
    
    
    390,100
    
    
    
    1,579,200Average grade of gold processed (grams/tonne)
    
    
    2.03
    
    
    
    2.00
    
    
    
    2.04
    
    
    
    2.68
    
    
    
    2.19Average recovery rate (%) (1)
    
    
    66
    %
    
    
    68
    %
    
    
    64
    %
    
    
    62
    %
    
    
    64
    %Gold (ounces) Produced (2)
    
    
    20,400
    
    
    
    18,900
    
    
    
    17,300
    
    
    
    27,600
    
    
    
    84,200 Sold
    
    
    22,600
    
    
    
    19,700
    
    
    
    17,900
    
    
    
    25,300
    
    
    
    85,500Average realized gold price (per ounce)
    
    $
    556
    
    
    $
    630
    
    
    $
    623
    
    
    $
    616
    
    
    $
    604Total cash costs (per ounce)
    
    $
    464
    
    
    $
    572
    
    
    $
    593
    
    
    $
    492
    
    
    $
    524Financial DataRevenues
    
    $
    12.6
    
    
    $
    12.3
    
    
    $
    11.2
    
    
    $
    15.6
    
    
    $
    51.7Loss from operations
    
    $
    (3.0
    )
    
    $
    (6.7
    )
    
    $
    (6.5
    )
    
    $
    (173.4
    )
    
    $
    (189.6
    )
 
 (1)
    
    Gold recovery is determined when the individual leach pads are reclaimed
and production is reconciled.(2)
    
    Tonnes of ore processed each quarter do not necessarily correlate to
ounces produced during the quarter, as there is a time delay between placing
tonnes on the leach pad and pouring ounces of gold.  1
    
 1
    
    Note that reported recoveries of 62% for the fourth quarter are on fully reclaimed
pads which were leached before the improvements could take effect.




---



##### 



La Coipa mine, Chile (1)
 Total
    
    
    
    TotalQ1
    
    
    Q2
    
    
    Q2(2)
    
    
    Q3
    
    
    Q4
    
    
    2006
    
    
    
    2005Operating DataTonnes of ore milled
    
    
    788,800
    
    
    
    738,000
    
    
    
    383,000
    
    
    
    638,900
    
    
    
    396,600
    
    
    
    2,562,300
    
    
    
    
    3,248,074Average mill head grade (grams/tonne) Gold
    
    
    1.19
    
    
    
    0.82
    
    
    
    0.84
    
    
    
    0.76
    
    
    
    1.02
    
    
    
    0.95
    
    
    
    
    1.01 Silver
    
    
    58
    
    
    
    54
    
    
    
    61
    
    
    
    74
    
    
    
    273
    
    
    
    94
    
    
    
    
    45Average recovery rate (%) Gold
    
    
    83
    %
    
    
    83
    %
    
    
    81
    %
    
    
    75
    %
    
    
    67
    %
    
    
    78
    %
    
    
    
    81
    % Silver
    
    
    52
    %
    
    
    63
    %
    
    
    62
    %
    
    
    57
    %
    
    
    67
    %
    
    
    64
    %
    
    
    
    54
    %Produced (ounces) Gold
    
    
    25,100
    
    
    
    16,600
    
    
    
    7,600
    
    
    
    11,900
    
    
    
    8,800
    
    
    
    62,400
    
    
    
    
    84,100 Silver
    
    
    769,500
    
    
    
    814,900
    
    
    
    365,100
    
    
    
    866,700
    
    
    
    2,326,400
    
    
    
    4,777,500
    
    
    
    
    2,547,300Sold (ounces) Gold
    
    
    27,000
    
    
    
    18,300
    
    
    
    9,200
    
    
    
    10,900
    
    
    
    13,900
    
    
    
    70,100
    
    
    
    
    89,100 Silver
    
    
    751,700
    
    
    
    762,500
    
    
    
    410,000
    
    
    
    654,900
    
    
    
    2,176,600
    
    
    
    4,345,700
    
    
    
    
    2,856,100Average realized price (per ounce) Gold
    
    $
    558
    
    
    $
    629
    
    
    $
    612
    
    
    $
    628
    
    
    $
    608
    
    
    $
    597
    
    
    
    $
    445 Silver
    
    $
    10.04
    
    
    $
    12.34
    
    
    $
    11.33
    
    
    $
    11.80
    
    
    $
    12.59
    
    
    $
    11.99
    
    
    
    $
    7.21Total cash costs per gold ounce (3)
    
    $
    194
    
    
    $
    44
    
    
    $
    197
    
    
    $
    89
    
    
    $
    (794
    )
    
    $
    (57
    )
    
    
    $
    220Financial DataRevenues
    
    $
    22.6
    
    
    $
    21.0
    
    
    $
    10.4
    
    
    $
    14.6
    
    
    $
    35.6
    
    
    $
    93.8
    
    
    
    $
    60.3Earnings from operations
    
    $
    7.3
    
    
    $
    4.3
    
    
    $
    (1.5
    )
    
    $
    (2.2
    )
    
    $
    12.2
    
    
    $
    21.6
    
    
    
    $
    11.6
 
 (1)
    
    Results from La Coipa mine are only included in Goldcorps financial
results for the period subsequent to the date of acquisition May 12, 2006. Prior
period results are shown for comparative purposes only and may not include all
pro forma financial adjustments required had the acquisition in fact taken place
in January 1, 2005.(2)
    
    This column includes La Coipas operations for the period May 12, 2006,
the date of acquisition to June 30, 2006.(3)
    
    The calculation of total cash costs per ounce of gold is net of by-product
silver sales revenue. If gold production were treated as a co-product, average
total cash costs for the year ended December 31, 2006 would be $305 per ounce
(December 31, 2005  $312 per ounce).




---



##### 



Wharf mine, United States
 Total
    
    
    TotalQ1
    
    
    Q2
    
    
    Q3
    
    
    Q4
    
    
    2006
    
    
    2005Operating DataTonnes of ore mined
    
    
    701,700
    
    
    
    729,100
    
    
    
    822,700
    
    
    
    714,500
    
    
    
    2,968,000
    
    
    
    2,761,400Tonnes of ore processed
    
    
    787,900
    
    
    
    715,300
    
    
    
    854,400
    
    
    
    682,800
    
    
    
    3,040,400
    
    
    
    2,635,300Average grade of gold processed (grams/tonne)
    
    
    1.01
    
    
    
    1.04
    
    
    
    0.91
    
    
    
    1.12
    
    
    
    1.02
    
    
    
    1.00Average recovery rate (%)
    
    
    75
    %
    
    
    75
    %
    
    
    75
    %
    
    
    75
    %
    
    
    75
    %
    
    
    75
    %Gold (ounces) Produced
    
    
    9,900
    
    
    
    15,500
    
    
    
    19,600
    
    
    
    18,000
    
    
    
    63,000
    
    
    
    62,500 Sold
    
    
    11,800
    
    
    
    14,800
    
    
    
    19,800
    
    
    
    17,000
    
    
    
    63,400
    
    
    
    80,800Average realized gold price (per ounce)
    
    $
    559
    
    
    $
    618
    
    
    $
    610
    
    
    $
    619
    
    
    $
    605
    
    
    $
    446Total cash costs (per ounce)
    
    $
    315
    
    
    $
    343
    
    
    $
    354
    
    
    $
    340
    
    
    $
    340
    
    
    $
    304Financial DataRevenues
    
    $
    7.2
    
    
    $
    9.7
    
    
    $
    12.7
    
    
    $
    11.0
    
    
    $
    40.6
    
    
    $
    37.1Earnings from operations
    
    $
    1.9
    
    
    $
    1.8
    
    
    $
    2.9
    
    
    $
    5.7
    
    
    $
    12.3
    
    
    $
    3.9




---



##### 



Marigold mine, United States - (1)
 Total
    
    
    
    TotalQ1
    
    
    Q2
    
    
    Q3
    
    
    Q4
    
    
    Q4 (2)
    
    
    2006
    
    
    
    2005Operating DataTonnes of ore mined
    
    
    1,073,200
    
    
    
    1,490,400
    
    
    
    1,364,400
    
    
    
    1,850,900
    
    
    
    1,103,200
    
    
    
    5,778,900
    
    
    
    
    5,472,900Tonnes of waste removed
    
    
    5,806,600
    
    
    
    4,741,800
    
    
    
    5,003,600
    
    
    
    3,844,500
    
    
    
    2,433,700
    
    
    
    19,396,500
    
    
    
    
    22,849,800Ratio of waste to ore
    
    
    5.4
    
    
    
    3.2
    
    
    
    3.7
    
    
    
    2.1
    
    
    
    2.2
    
    
    
    3.4
    
    
    
    
    4.2Tonnes of ore processed
    
    
    1,073,300
    
    
    
    1,490,500
    
    
    
    1,364,400
    
    
    
    1,850,900
    
    
    
    1,103,200
    
    
    
    5,779,100
    
    
    
    
    5,472,900Average head grade
(grams/tonne)
    
    
    0.71
    
    
    
    0.62
    
    
    
    0.82
    
    
    
    0.81
    
    
    
    0.69
    
    
    
    0.74
    
    
    
    
    0.98Average recovery rate
    
    
    70
    %
    
    
    70
    %
    
    
    70
    %
    
    
    70
    %
    
    
    70
    %
    
    
    70
    %
    
    
    
    70
    %Gold (ounces) Produced
    
    
    27,200
    
    
    
    17,100
    
    
    
    20,900
    
    
    
    34,600
    
    
    
    24,900
    
    
    
    99,800
    
    
    
    
    137,100 Sold
    
    
    26,000
    
    
    
    17,100
    
    
    
    20,400
    
    
    
    34,700
    
    
    
    30,700
    
    
    
    98,200
    
    
    
    
    139,800Average realized gold price
(per ounce)
    
    $
    555
    
    
    $
    616
    
    
    $
    620
    
    
    $
    621
    
    
    $
    625
    
    
    $
    602
    
    
    
    $
    450Total cash costs (per ounce)
    
    $
    280
    
    
    $
    316
    
    
    $
    303
    
    
    $
    315
    
    
    $
    308
    
    
    $
    304
    
    
    
    $
    216Financial DataRevenues
    
    $
    14.4
    
    
    $
    10.5
    
    
    $
    12.7
    
    
    $
    21.6
    
    
    $
    19.2
    
    
    $
    59.2
    
    
    
    $
    62.9Earnings from operations
    
    $
    3.3
    
    
    $
    3.0
    
    
    $
    3.1
    
    
    $
    6.6
    
    
    $
    6.3
    
    
    $
    16.0
    
    
    
    $
    19.4
 
 (1)
    
    Results from Marigold mine are only included in Goldcorps financial
results for the period subsequent to the date of acquisition November 4, 2006.
Prior period results are shown for comparative purposes only and may not include
all pro forma financial adjustments required had the acquisition in fact taken
place in January 1, 2005.(2)
    
    This column includes Marigolds operations for the period November 4,
2006, the date of acquisition to December 31, 2006.




---



##### 



Peak mine, Australia
 Total
    
    
    
    TotalQ1
    
    
    Q2
    
    
    Q3
    
    
    Q4
    
    
    2006
    
    
    
    2005 (1)Operating DataTonnes of ore milled
    
    
    173,700
    
    
    
    180,700
    
    
    
    173,300
    
    
    
    175,100
    
    
    
    702,800
    
    
    
    
    657,800Average mill head grade Gold (grams/tonne)
    
    
    6.61
    
    
    
    4.90
    
    
    
    4.99
    
    
    
    7.86
    
    
    
    6.08
    
    
    
    
    6.97 Copper (%)
    
    
    0.70
    %
    
    
    0.61
    %
    
    
    0.49
    %
    
    
    0.52
    %
    
    
    0.58
    %
    
    
    
    0.50
    %Average recovery rate Gold (%)
    
    
    90
    %
    
    
    90
    %
    
    
    83
    %
    
    
    91
    %
    
    
    90
    %
    
    
    
    91
    % Copper (%)
    
    
    80
    %
    
    
    79
    %
    
    
    58
    %
    
    
    72
    %
    
    
    74
    %
    
    
    
    77
    %Produced Gold (ounces)
    
    
    33,400
    
    
    
    25,500
    
    
    
    23,200
    
    
    
    40,500
    
    
    
    122,600
    
    
    
    
    133,400 Copper (thousands of pounds)
    
    
    2,131
    
    
    
    1,907
    
    
    
    1,103
    
    
    
    1,450
    
    
    
    6,591
    
    
    
    
    5,574Sold Gold (ounces)
    
    
    35,300
    
    
    
    26,300
    
    
    
    12,900
    
    
    
    40,000
    
    
    
    114,500
    
    
    
    
    131,200 Copper (thousands of pounds)
    
    
    1,915
    
    
    
    2,114
    
    
    
    
    
    
    
    1,590
    
    
    
    5,619
    
    
    
    
    4,677Average realized price Gold (per ounce)
    
    $
    558
    
    
    $
    631
    
    
    $
    526
    
    
    $
    597
    
    
    $
    585
    
    
    
    $
    459 Copper (per pound)
    
    $
    2.21
    
    
    $
    3.66
    
    
    $
    
    
    
    $
    3.52
    
    
    $
    3.10
    
    
    
    $
    1.64Total cash costs per gold ounce (2)
    
    $
    192
    
    
    $
    193
    
    
    $
    398
    
    
    $
    192
    
    
    $
    215
    
    
    
    $
    231Financial DataRevenues
    
    $
    22.6
    
    
    $
    22.9
    
    
    $
    6.3
    
    
    $
    27.9
    
    
    $
    79.7
    
    
    
    $
    62.9Earnings from operations
    
    $
    7.1
    
    
    $
    7.1
    
    
    $
    (1.0
    )
    
    $
    8.2
    
    
    $
    21.4
    
    
    
    $
    17.0
 
 (1)
    
    This column shows the 2005 full year data for comparative purposes only.
Peaks operations are included in Goldcorps financial results for the period
subsequent to February 14, 2005, the date of acquisition of Wheaton River
Minerals.(2)
    
    The calculation of total cash costs per ounce of gold is net of by-product
copper sales revenue. If gold production were treated as a co-product, average
total cash costs for the year ended December 31, 2006 would be $294 per ounce
(December 31, 2005  $314 per ounce).




---



##### 



Silver Wheaton Corp
 Total
    
    
    
    TotalOperating Data
    
    Q1
    
    
    Q2
    
    
    Q3
    
    
    Q4
    
    
    2006
    
    
    
    2005 (1)Ounces of silver sold Luismin
    
    
    2,171,000
    
    
    
    2,447,500
    
    
    
    2,213,500
    
    
    
    2,146,200
    
    
    
    8,978,200
    
    
    
    
    7,766,500 Zinkgruvan
    
    
    501,000
    
    
    
    482,900
    
    
    
    286,700
    
    
    
    415,200
    
    
    
    1,685,800
    
    
    
    
    1,673,600 Yauliyacu
    
    
    
    
    
    
    875,000
    
    
    
    1,020,000
    
    
    
    972,000
    
    
    
    2,867,000
    
    
    
    
    Total
    
    
    2,672,000
    
    
    
    3,805,400
    
    
    
    3,520,200
    
    
    
    3,533,400
    
    
    
    13,531,000
    
    
    
    
    9,440,100Average realized silver price (per ounce)
    
    $
    9.62
    
    
    $
    12.46
    
    
    $
    11.86
    
    
    $
    12.35
    
    
    $
    11.72
    
    
    
    $
    7.26Total cash costs (per ounce)
    
    $
    3.90
    
    
    $
    3.90
    
    
    $
    3.90
    
    
    $
    3.90
    
    
    $
    3.90
    
    
    
    $
    3.90Financial DataRevenues
    
    $
    25.7
    
    
    $
    47.4
    
    
    $
    41.8
    
    
    $
    43.6
    
    
    $
    158.5
    
    
    
    $
    70.8Earnings from operations
    
    $
    11.3
    
    
    $
    24.4
    
    
    $
    18.8
    
    
    $
    21.2
    
    
    $
    75.7
    
    
    
    $
    21.5
 
 (1)
    
    This column shows the 2005 full year data for comparative purposes only.
Silver Wheatons operations are included in Goldcorps financial results for the
period subsequent to February 14, 2005, the date of acquisition of Wheaton River
Minerals.     PROJECT DEVELOPMENT REVIEW
 Los Filos Project, Mexico




---



##### 



Peñasquito Project, Mexico
     Éléonore Project, Canada




---



##### 



Pueblo Viejo Project, Dominican Republic
    Cerro Blanco Project, Guatemala
  Dee Joint Venture, United States




---



##### 



EXPENSES
 2006
    
    
    2005
    
    
    2004Depreciation and depletion
    
    $
    324.2
    
    
    $
    135.3
    
    
    $
    21.4Corporate administration
    
    
    83.0
    
    
    
    43.9
    
    
    
    15.5Exploration
    
    
    29.0
    
    
    
    8.0
    
    
    
    6.7Write-down of mineral interests
    
    
    174.7
    
    
    
    
    
    
    
    
     OTHER INCOME (EXPENSE)
 2006
    
    
    2005
    
    
    2004Interest and other income
    
    $
    18.3
    
    
    $
    9.2
    
    
    $
    9.3Interest expense and financing fees
    
    
    (44.8
    )
    
    
    0.1
    
    
    
    0.1Gain on foreign exchange
    
    
    5.3
    
    
    
    0.5
    
    
    
    0.2Non-hedge derivative loss
    
    
    (4.1
    )
    
    
    
    
    
    
    Gain (loss) on marketable securities, net
    
    
    (5.0
    )
    
    
    10.2
    
    
    
    (9.0
    )Gain on sale of shares in subsidiaries, net
    
    
    109.8
    
    
    
    
    
    
    
    Dilution gains
    
    
    63.8
    
    
    
    18.7
    
    
    
    Other
    
    
    
    
    
    
    (3.6
    )
    
    
    143.3
    
    
    
    35.1
    
    
    
    0.6




---



##### 



INCOME AND MINING TAXES
   NON-CONTROLLING INTERESTS




---



##### 



NON-GAAP MEASURE  TOTAL CASH COST PER GOLD OUNCE CALCULATION
  2006
    
    
    2005
    
    
    2004Operating expenses per financial statements
    
    $
    643.8
    
    
    $
    304.0
    
    
    $
    66.6Industrial minerals operating expense
    
    
    
    
    
    
    (9.9
    )
    
    
    (11.7
    )Treatment and refining charges on concentrate sales
    
    
    73.9
    
    
    
    49.4
    
    
    
    By-product silver and copper sales, and other
    
    
    (643.2
    )
    
    
    (304.8
    )
    
    
    (3.5
    )Non-cash adjustments
    
    
    (17.5
    )
    
    
    (9.5
    )
    
    
    (2.2
    )Total cash costs
    
    $
    57.0
    
    
    $
    29.2
    
    
    $
    49.2Divided by ounces of gold sold
    
    
    1,708,000
    
    
    
    1,344,600
    
    
    
    427,600Total cash costs per ounce of gold
    
    $
    33
    
    
    $
    22
    
    
    $
    115
 LIQUIDITY AND CAPITAL RESOURCES




---



##### 



Derivative instruments
   Contractual obligations
  2007
    
    $
    7.62008
    
    
    6.92009
    
    
    3.32010
    
    
    1.22011
    
    
    1.120.1Thereafter
    
    
    Total minimum payments required
    
    $
    20.1




---



##### 



2007
    
    $
    135.02008
    
    
    290.02009
    
    
    2010
    
    
    500.0$
    925.0
 RELATED PARTY TRANSACTIONS
  RISKS AND UNCERTAINTIES
  Metal prices
   Currency fluctuations




---



##### 



Government regulation
  Foreign operations
     Environmental




---



##### 



CRITICAL ACCOUNTING POLICIES AND ESTIMATES
  Income and mining taxes
  Mining interests
    Reclamation and closure costs obligations
  Goodwill and impairment testing




---



##### 



RECENT CANADIAN ACCOUNTING PRONOUNCEMENTS
  Comprehensive income
  Financial instruments  recognition and measurement
   Hedges




---



##### 



Impact of adopting sections 1530, 3855 and 3865
   OUTLOOK
  SUBSEQUENT EVENTS AND PROPOSED TRANSACTIONS
  CONTROLS AND PROCEDURES
 Disclosure Controls and Procedures
  Internal Controls Over Financial Reporting
  
    
    pertain to the maintenance of records that, in reasonable detail, accurately and
fairly reflect the transactions and dispositions of the assets of the Company;
    
    provide reasonable assurance that transactions are recorded as necessary to
permit preparation of financial statements in accordance with GAAP; 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 annual financial statements or interim financial statements.
  Limitations of Controls and Procedures




---



##### 



CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
 This Managements Discussion and Analysis contains forward-looking statements, within the
meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable
Canadian Securities legislation. Forward-looking statements include, but are not limited to,
statements with respect to the future price of gold, silver and copper, 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, currency
exchange rate fluctuations, requirements for additional capital, government regulation of mining
operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and
limitations on insurance coverage. Generally, these forward-looking statements can be identified by
the use of forward-looking terminology such as plans, expects or does not expect, is
expected, budget, scheduled, estimates, forecasts, intends, anticipates or does not
anticipate, or believes, or variations of such words and phrases or state that certain actions,
events or results may, could, would, might or will be taken, occur or be achieved.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, performance or achievements of Goldcorp to be
materially different from those expressed or implied by such forward-looking statements, including
but not limited to: risks related to the integration of acquisitions; risks related to
international operations; risks related to joint venture operations; actual results of current
exploration activities; actual results of current reclamation activities; conclusions of economic
evaluations; changes in project parameters as plans continue to be refined; future prices of gold,
silver and copper; possible variations in ore reserves, grade or recovery rates; failure of plant,
equipment or processes to operate as anticipated; accidents, labor disputes and other risks of the
mining industry; delays in obtaining governmental approvals or financing or in the completion of
development or construction activities, 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, 2006, available on SEDAR at www.sedar.com. Although Goldcorp has attempted to
identify important factors that could cause actual results to differ materially from those
contained in forward-looking statements, there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that such statements will prove to be
accurate, as actual results and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue reliance on forward-looking
statements. Goldcorp does not undertake to update any forward-looking statements that are
incorporated by reference herein, except in accordance with applicable securities laws.
 CAUTIONARY NOTE REGARDING RESERVES AND RESOURCES
 Readers should refer to the annual information form of Goldcorp for the year ended December 31,
2005, dated March , 2006, and other continuous disclosure documents filed by Goldcorp since
January 1, 2006 available at www.sedar.com, for further information on mineral reserves and
resources, which is subject to the qualifications and notes set forth therein.