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Peasquito Site Tour | Management Presentation February 2019 Forward-Looking Statements This presentation contains forward -looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended,


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February 2019

Peñasquito Site Tour | Management Presentation

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Forward-Looking Statements

This presentation contains “forward-looking statements” within the meaning of Section 27A of the United States Securities Act of 1933, as amended, Section 21E of the United States Exchange Act of 1934, as amended, the United States Private Securities Litigation Reform Act of 1995, or in releases made by the United States Securities and Exchange Commission, all as may be amended from time to time, and "forward-looking information" under the provisions

  • f applicable Canadian securities legislation, concerning the business, operations and financial performance and condition of Goldcorp. Forward-looking statements include, but are not limited to, the future price of gold, silver, zinc,

copper and lead, the estimation of mineral reserves and mineral resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, targeted cost reductions, capital expenditures, free cash flow, costs and timing of the development of new deposits, success of exploration activities, permitting and certification time lines, hedging practices, currency exchange rate fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, health, safety and diversity initiatives, 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 words such as “plans”, “expects” , “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” , “believes”, or variations or comparable language of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, "should", “might” or “will”, “occur” or “be achieved” or the negative connotation thereof. Forward-looking statements are necessarily based upon a number of factors and assumptions 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 Goldcorp’s 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 mineral resources and metallurgical recoveries, mining operational and development risks, litigation risks, regulatory restrictions (including environmental regulatory restrictions and liability), changes in national and local government legislation, taxation, controls or regulations and/or change in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic developments in Canada, the United States, Mexico, Argentina, the Dominican Republic, Chile or other jurisdictions in which the Company does or may carry on business in the future, delays, suspension and technical challenges associated with capital projects, higher prices for fuel, steel, power, labour and other consumables, 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 believes its expectations are based upon reasonable assumptions and 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: future prices of gold, silver, zinc, copper and lead; mine development and operating risks; possible variations in ore reserves, grade or recovery rates; risks related to international operations, including economic 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; actual results of current reclamation activities; environmental risks; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; risks associated with restructuring and cost-efficiency initiatives; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; risks related to the integration of acquisitions; 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 most recent annual information form available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. 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

  • ther special items or of any disposition, monetization, merger, acquisition, other business combination or other transaction 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 Goldcorp's operating environment. Goldcorp does not intend or undertake to publicly update any forward-looking statements that are included in this document, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.

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(1) Based on analyst consensus as of January 10, 2019 (2) Based on TD Equity Research models with the exception of Brucejack which is based on Pretivm

Top 20 Gold Assets Owned by North American Gold Producers by NAV (US$B) (100% Basis)(1)

$3.2 $2.6 $2.4 $2.0 $1.6 $1.6 $1.4 $4.3 $1.7 $3.6 $3.6 $3.1 $3.0 $2.8 $2.7 $2.6 $2.0 $1.8 $1.6 $1.4 – $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 $4.5 Penasquito Kibali Pueblo Viejo Twin Creeks + Turquoise Ridge Brucejack Detour Lake Goldstrike Cortez Boddington Loulo-Gounkoto Carlin Malartic Ahafo Fekola Cerro Negro Merian Kalgoorlie Tasiast Veladero Tanami Newmont Goldcorp

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Safety Share

Online Induction

  • Passport Access card

Emergency Information

  • Emergency exits and evacuation

procedures Safety Share

  • Please follow your guide’s instructions

and stay with the group PP&E

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Management Participants

Peter Hughes Director, Sustainability Jesus Campos Director, Administration and Finance Brian Berney MGM Peñasquito - Mexico Shawn Campbell Director, Investor Relations Tim Kahl General Manager, Operations

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Peñasquito – A fully Integrated Business Leveraging Innovation and People

Quick Facts

Location Zacatecas, Mexico Ownership 100% Type of Mine Open pit (Chile Colorado & Peñasco) Processing Method Flotation and grinding, Cyanide certified Milling/Processing Capacity 130,000 tonnes per day Power Demand 195 megawatts Number of Employees & Contractors 6,673 2018 Gold Production 272,000 ounces 2018 AISC $648/oz Gold Reserves (P&P)1 9.1 million ounces Gold Resources (M&I)1 1.6 million ounces Gold Resources (Inferred)1 0.1 million ounces

1As of June 30, 2018. Refer to the reserve and resource statement on Goldcorp’s website for more details

Peñasquito – Located ~780km Northwest of Mexico City

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Health, Safety & Environment

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Driving down All Injury Frequency Rates (AIFR)

2019 Objective: 0.67

(22% reduction in reportables – 65 in 2018, targeting 52 in 2019)

2.39 1.51 1.08 0.61 0.67 2014 2015 2016 2017 2018

Historical AIFR (2014 to 2018)

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Sustainability at Peñasquito

  • Moving away from the mythology that the

Sustainable Division is the owner of Sustainability

  • We have defined our desired future state

and developed a Sustainability Strategy 2021

  • Long term vision that prioritizes actions based on

the risk assessment register and value add

  • This strategy includes a realistic and achievable

execution plan, with short, medium and long term targets

  • The strategy is aligned with other plans,

programs and strategies that are being implemented in Peñasquito

Reactive Proactive 2019 Predictive 2020 Sustainable Leadership 2021

FROM LICENSE TO OPERATE TO LICENSE TO PROSPER

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Category 1 (Major), 4 Category 2 (Serious), 27 Category 3 (Minor), 42

Peñasquito SEMS Audit Findings by Severity

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Category 1 (Major), 31 Category 2 (Serious), 69 Category 3 (Minor), 46

  • Goldcorp’s vision of Together, Creating Sustainable

Value, embeds sustainability considerations into everything we do.

  • Goldcorp has implemented the Sustainability

Excellence Management System (SEMS), which provides the framework and standards for sustainability management across our portfolio.

  • Core objectives of the SEMS include:
  • Regulatory compliance
  • Compliance with Goldcorp standards
  • Compliance with voluntary commitments
  • Responsible risk management
  • Continuous improvement

Commitment to Responsible Mining and Sustainability Excellence

2015 2018

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Environmental Performance: Focused on Dust Control

  • Water Distribution
  • Water Cannons
  • Water arches
  • Dust suppressant in conveyor systems

and tailings

  • Two super tankers – 300klitres
  • Technology
  • Continuous monitoring and alerts
  • Envirosuite: Predictive monitoring
  • Results
  • 27% Reduction in Camp

Concentrations

  • Yearly average compliance in

community stations

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Investing in our Local Communities

Potable Water Treatment Plant (feeds PQ Camp, Nueva Peñasco and Palmas Communities Cedros Rural Medical Unit WTP Cedros

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  • Implementation of ‘Proactive Social Investment Plan’
  • Over 600 scholarships issued per year
  • Funding of over 150 entrepreneurial initiatives
  • Transparency approach established: Open doors program, Water

Monitoring and dialogue roundtables

  • Local hiring program established
  • Over 600 community full time employees
  • Over 132 additional community members hired in 2018
  • Awards & Recognition:
  • Recipient of two Goldcorp Global Excellence awards for Open

Doors Program and Education strategy

  • Honorable Mention at CEMEFI Latam Awards for

Entrepreneurship Program

  • Community Grievances reduced by at least 60% in

2018

  • Completion of historical infrastructure commitments
  • Including Cedros Clinic, Vergel wells, Water treatment plants,

Nuevo Peñasco refurbishing plan

Corporate Social Responsibility & Partnerships

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Peñasquito Tailings Storage Facility – General Information

  • Centerline Raise Construction
  • North, South, and West Embankments
  • Downstream Raise Construction
  • East Embankment
  • Metrics:
  • Initial Foundation Elevation ~1,780 masl
  • Current Dam Elevation – 85 m
  • Final Dam Elevation – 142 m
  • Rate of Rise ~ 5 m/yr
  • Current Dam Surface Area ~ 5.58 Mm2
  • Rockfill Density ~ 2.55 ton/m3
  • Total Capacity – 822 Million tonnes
  • Dam perimeter ~ 12 km
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Peñasquito Tailing Storage Facility - Governance

  • Engineer of Record
  • Bi-annual dam safety inspections
  • Operations Technical Review Board (TRB)
  • Bi-annual inspections
  • Goldcorp Stewardship Reviews
  • Annual Inspections
  • Marsh (Insurance)
  • Annual Visit
  • Profepa and Conagua (Mexican Government)
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Geology

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Peñasquito Geology

  • Peñasquito is a breccia pipe deposit that

developed from intrusion-related hydrothermal activity

  • Regional geology of the operations areas is

dominated by Mesozoic sedimentary rocks

  • Intrusions by Tertiary stocks of

intermediate composition (granodiorite and quartz monzonite)

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Peñasquito Deposit

  • Two diatreme pipes Peñasco and Brecha Azul hosts for Au/Ag/Zn/Pb
  • Peñasco has a diameter of 900m by 800m Brecha Azul is 500m in diameter
  • Chile Colorado is mineralized stock work located southwest of Brecha
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Mining

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Gold and GEOs Produced by Year (Koz)

Source: LOM Production from NI 43-101 Technical Report (June 30, 2018) Pricing Assumptions: Gold: $1,300, Silver: $18.00, Zinc $1.15, Lead $1.00

362 578 718 557 383 439 620 426 443 478 237 1,577 1,720 1,675 1,432 1,374 1,528 1,713 1,716 1,546 1,440 751 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Gold Production (koz) GEO Production (koz)

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Grade Profile Driving Strong Gold Equivalent Production

0.42 0.44 0.63 0.78 0.0 0.2 0.4 0.6 0.8 1.0 2018A 2019E 2020E 2021E

Au, g/t

Gold

23.14 40.60 35.50 30.70 10 20 30 40 50 2018A 2019E 2020E 2021E

Ag, g/t

Silver

0.23% 0.47% 0.41% 0.27% 0.0% 0.1% 0.2% 0.3% 0.4% 0.5% 2018A 2019E 2020E 2021E

Pb (%)

Lead

0.60% 0.71% 0.75% 0.70% 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 2018A 2019E 2020E 2021E

Zn (%)

Zinc

Source: Forecast grades from NI 43-101 Technical Report (June 30, 2018)

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Cutoff NSR $/t

2019 2020 2020 2020 2021 2021 2022 2023 2024

Chile Colorado Pit Peñasco Pit

Peñasquito Open-Pit – Long Section

2019 2020 2020 2021 2021 2021 2022 2022 2023 2023 2023 2024 2024 2024 2025 2025 2026 2027 2028 2029 2019 2019

A’ A

A A ´

Mine Plan

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Peñasquito – Comprehensive Mining Fleet

Loading Hauling Drilling / Auxiliary

Bucyrus 495HR (x 5) Komatsu: (PC8000 x 2) (PC5500 x 1) Hitachi (EX2500 x 1) Komatsu WA1200 (x 4) Komatsu K930 (x 83) CAT777 (x 10) Water Trucks K930 (x 2) HD785 (x 7) Pit Viper 351 (x 9) Pit Viper 271 (x 1) Flexiroc D65 (x 4) Wheel Dozer WD900 (x7) Graders CAT24M (x 5) GD825 (x 3) Track Dozer D375 (x 4) D475 (x12)

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  • Fully autonomous drill solution – the drill is

given instructions and carries it out automatically

  • This system is supervised by a drill operator in a

safe and climate-controlled area

  • The drill can now operate through blasting and
  • ther interruptions, providing opportunities for

additional drilling hours

  • The drill can achieve a consistent higher

penetration rate while improving meters per

  • perating hour, and reducing operating costs

Parameter Change Op hours/calendar day/drill +25% MPOH +12% Productivity Gain - m/day +40%

Autonomous PV271 (2) 2019 (1) 2020 Retrofitted PV351 (2) 2018 (2) 2019 Quality of pattern, hence fragmentation Control Room for up to 12 drills

Peñasquito Evolves to Fully Autonomous Drilling

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Improvements to Near Pit Sizing and Conveying

  • Teeth configuration and weld overlay hardening has radically

improved sizer life from 3 Mt to over 14 Mt.

  • Better wear material selection

and design have allowed us to increase our shifting lengths from 70m to 100m, significantly improving the

  • verall tonnes and duration

between shiftings.

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Processing

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Effectively use process control to achieve equipment capacity Maximize installed power usage to break harder rock Harder rock needs more energy for breakage Investigations and improvements underway in four main focus areas:

  • Primary Crusher
  • Pocket redesign potential, air

cannons, potential for second crusher, increasing availability

  • HPGR
  • Throughput improvement potential

from 500 to 1400 tpoh

  • Augmented feed
  • Throughput improvement potential

from 1300 to 2100 tpoh

  • SAG
  • Improvements currently being tested

and validated

Peñasquito Comminution Debottlenecking

Hard Rock Maximize Energy Use of Process Controls

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28 Pyrite Gold & Silver Floatation & Treatment

Pyrite Roughers, Cleaners, Scavengers & Regrind

Peñasquito – Simplified Process Flow Sheet

Grinding & Classification Lead Gold Flotation & Treatment Zinc Gold Flotation & Treatment

2 x SAG Mills 1 x HPGR 4 x Ball Mills Lead Roughers, Cleaners & Scavengers Zinc Roughers, Cleaners, Scavengers Zinc/Gold Concentrate Thickener Open Pit Mined Ore Transported to Mill 1 x Primary Crusher

Crushing & Stockpiling

Coarse Ore Stockpiles Zinc/Gold Concentrate Filter Concentrate Storage Concentrate trucked to Port and Shipped Lead/Gold Concentrate Thickener Lead/Gold Concentrate Filter Concentrate Storage Concentrate trucked to Port and Shipped

Tailings Disposal

Tailings Dam Recycled Water Leach Pyrite Thickener Merrill Crowe Filter Gold & Silver Dore Regrind Hydro- cyclone

CPP Floatation

3 Step Floatation Concentrate to Gravity Concentrator Organic Carbon Rejection Directly to Tailings Dam

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Pyrite Leach Project

Key highlights

  • PLP First Gold achieved November 2018, with Commercial

Production achieved December 2018

  • CPP Commercial Production October 2018
  • Focus on safety and reliability, Project delivered with over 9.5

Million site-hours, Zero Lost Time Incidents (LTIs) and an Industry-Leading All Injury Frequency Rate (AIFR) of 0.09

  • 100% constructed by Mexican Workforce
  • Commissioning achieved two quarters ahead of schedule
  • Overall project completed 9% under budget
  • Ramping up to optimum recovery rates over the course of 2019

Peñasquito: Pyrite Leach and Carbon Pre-flotation Project

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Recovery Improvements and Expectations

  • Opportunity identified to increase recoveries

with no circuit modifications or capital through implementation of Management Operating System (MOS)

  • Focused on:
  • Improved communication between metallurgy

and operations

  • Daily analysis of recovery simulator vs actual

performance – feedback given and actions taken

  • Online remodelling of recoveries with actual

head grades

  • Average results (H1 2018 vs 2016):
  • ~6% more Pb in feed recovered
  • ~7%more Zn in feed recovered
  • >10% more Ag in feed recovered
  • Au recovered remained consistent, despite

drop in average head grade

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Zinc & Lead Concentrate Markets

  • Zinc concentrate treatment charges rose very quickly in

Q4 2018

  • Zinc concentrate market moved quite rapidly to a balanced market as

new mine supply came online

  • Chinese zinc smelters (~50% of the zinc smelting market) remained

largely absent as buyers in Q4 2018

  • Spot treatment charges rose above benchmark terms for the first time

since 2008

  • Lead concentrate market remains tight
  • Lead concentrate market will likely remain tight for the next few years

due to limited new concentrate supply coming online

  • Smelters have expanded silver and gold refining circuits, which should

continue to put pressure on precious metals refining charges

  • Recent crackdown by Chinese customs department on secondary

materials (slags, waste products, etc.) only enhances the attractiveness

  • f primary concentrates

Concentrate Market

$0 $50 $100 $150 $200 $250 $300 $350 Jan-08 Sep-08 May-09 Jan-10 Sep-10 May-11 Jan-12 Sep-12 May-13 Jan-14 Sep-14 May-15 Jan-16 Sep-16 May-17 Jan-18 Sep-18

Treatment Charge ($/dmt)

Zinc Concentrate Treatment Charges

"TC - Benchmark" "TC - Spot"

  • $100

$0 $100 $200 $300 $400 $500 Jan-08 Sep-08 May-09 Jan-10 Sep-10 May-11 Jan-12 Sep-12 May-13 Jan-14 Sep-14 May-15 Jan-16 Sep-16 May-17 Jan-18 Sep-18

Treatment Charge ($/dmt)

Lead Concentrate Treatment Charges

"TC - Benchmark" "TC - Spot"

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Continuous Improvement

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Deployment of Management Operating Systems

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Management Operating Systems (MOS) Report Generation

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Management Operating Systems (MOS) Utilization

Shift Change MOS:

  • Significantly improved

shift change utilization ratio outlined in the graph to the right.

  • Overall this project

has led to a sustained 6% increase in shift change production.

  • Implementation of short

interval control at the primary crusher

  • improved 1225 tpoh over

pre-implementation rates

  • Crusher now at

sustainable 7078 tpoh

  • Annualized - 4.8 Mt

improvement over pre- implementation performance.

Mine MOS Crusher MOS

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Peñasquito Continuous Improvement Initiatives

Three pillars in fatigue management process:

  • Preventative: Wearable device and

software analytics that can forecast fatigue

  • On-Task Monitoring: Non-intrusive

in-cab safety solution for a wide range of event detection

  • Root Cause Analysis: Collaborative

work between Operator, Medics, HR & Management to develop a Fatigue conscious work space

  • Implementation on over 500 pieces
  • f equipment
  • Awareness: based on proximity

and position

  • Using visual information to

anticipate danger

  • Avoidance: Based on Dynamic

Safety Zones

  • Audible alarm = call to action
  • Increased use of simulator training
  • Digital water truck monitoring (930

E and 785s with GPS OpenLoop)

  • LED Lighting spotting aid –

installation on electric shovels aids haul truck drivers in spotting Full Spectrum Fatigue Management Collision Awareness and Avoidance Operator Training and Aids

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Exploration

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Frisco Joint Venture

  • JV opens up significant parcel
  • f land in Mazapil valley
  • JV secures sections of Noche

Buena mineralization

  • Noche Buena has existing

resources

  • Soil sampling adjacent to

Noche Buena is encouraging (Santa Cruz)

  • 5 drill holes undertaken during

2018 indicate NB resources are

  • pen
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  • Located along the top of Mascaron Sierra

north of Peñasquito

  • Include two valleys (Santa Cruz and Coronel),
  • ld Noche Buena Mine and Noche Buena

Goldcorp project

  • Geochemical and geophysical anomalies exist

within the valleys

  • Recent Geochem work (Soil and plant

sampling) indicates potential extensions of mineralization into Frisco’s Santa Cruz property

  • Optimization of open pit scenarios is being

undertaken, which may help drive the exploration targets

  • First phase of drilling undertaken in second

half of 2018 in Santa Cruz indicates open mineralization

Noche Buena / Santa Cruz

N

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Peñasquito – 2018 Drilling Highlights and 2019 Targets

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Gracias

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Cautionary Note Regarding Reserves and Resources: Scientific and technical information contained in this presentation was reviewed and approved by Ivan Mullany, FAusIMM, Senior Vice President, Technical Services for Goldcorp, and a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Scientific and technical information in this press release relating to Canadian exploration results was reviewed and approved by Tim Smith, MSc, P.Geo., Director Exploration Canada for Goldcorp, and a "qualified person" as defined by National Instrument 43-101. Scientific and technical information in this press release relating to Latin American exploration results was reviewed and approved by Iain Kelso, P.Geo., Director Exploration Latam for Goldcorp, and a "qualified person" as defined by NI 43-101. All Mineral Reserves and Mineral Resources have been estimated in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") and NI 43-101, or the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves equivalent (“JORC”). All Mineral Resources are reported exclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Information on data verification performed on the mineral properties mentioned in this table 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, 2017 and the current technical report for each of those properties, all available at www.sedar.com. The Mineral Resource and Mineral Reserve estimates contained in this presentation have been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of United States securities laws and uses terms that are not recognized by the SEC. Canadian reporting requirements for disclosure of mineral properties are governed by the Canadian Securities Administrators’ NI 43-101. The definitions used in NI 43-101 are incorporated by reference from the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) — Definition Standards adopted by CIM Council on May 10, 2014 (the “CIM Definition Standards”). U.S. reporting requirements are governed by the SEC Industry Guide 7 (“Industry Guide 7”) under the United States Securities Act of 1933, as amended. These reporting standards have similar goals in terms of conveying an appropriate level of confidence in the disclosures being reported, but embody different approaches and definitions. For example, the terms “Mineral Reserve”, “Proven Mineral Reserve” and “Probable Mineral Reserve” are Canadian mining terms as defined in NI 43-101, and these definitions differ from the definitions in Industry Guide 7. Under Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority. Further, under Industry Guide 7, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. While the terms “Mineral Resource”, “Measured Mineral Resource”, “Indicated Mineral Resource” and “Inferred Mineral Resource” are defined in and required to be disclosed by NI 43-101, these terms are not defined terms under Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the SEC. United States readers are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. In addition, “Inferred Mineral Resources” have a great amount of uncertainty as to their existence and their economic and legal feasibility. A significant amount of exploration must be completed in order to determine whether an Inferred Mineral Resource may be upgraded to a higher category. Under Canadian regulations, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. United States readers are cautioned not to assume that all or any part of an Inferred Mineral Resource exists or is economically or legally mineable. Disclosure of “contained ounces” in a resource is permitted disclosure under Canadian regulations if such disclosure includes the grade or quality and the quantity for each category

  • f Mineral Resource and Mineral Reserve; however, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in place tonnage and grade without

reference to unit measures. Accordingly, information contained in this presentation containing descriptions of the Company’s mineral deposits may not be comparable to similar information made public by United States companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder.

APPENDIX A: RESERVE & RESOURCE REPORTING NOTES