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Actionable news in GG: GOLDCORP Inc,

Goldcorp: G)

The following excerpt is from the company's SEC filing.

September 30, 2015

, the Company’s principal producing mining properties were comprised of the Red Lake, Porcupine, Musselwhite and Éléonore gold mines in Canada; the Peñasquito gold/silver/lead/zinc mine and the Los Filos gold mine in Mexico; the Marlin gold/silver mine in Guatemala; the Cerro Negro gold/silver mine and the Alumbrera gold/copper mine (

interest) in Argentina; and the Pueblo Viejo gold/silver/copper mine (

interest) in the Dominican Republic. The Cerro Negro gold/silver mine and the Éléonore gold mine achieved commercial production effective January 1, 2015 and April 1, 2015, respectively.

On March 13, 2015, the Company acquired 100% of the outstanding shares of Probe Mines Ltd. ("Probe"), which owns the Borden gold project in Canada. The Company’s significant development projects at

included the Borden and Cochenour gold projects in Canada; the Camino Rojo gold/silver project in Mexico; and the El Morro gold/copper project ("El Morro Project") (

interest) in Chile.

On June 30, 2015, the Company disposed of its 25.9% equity interest in Tahoe Resources Inc. ("Tahoe") which was previously recognized as an investment in an associate.

The Wharf gold mine and Marigold gold mine in the United States were sold on February 20, 2015 and April 4, 2014, respectively and the results of Wharf and Marigold have been presented as discontinued operations for the three and

nine months ended September 30, 2015

and 2014.

The gold price traded between $1,077 and $1,175 per ounce during the third quarter. The Company realized an average gold price of $1,114 per ounce during the third quarter of 2015 compared to $1,189 per ounce during the second quarter, the lower realized average price was the result of ongoing negative sentiment in the market with expectations of higher interest rates in the United States before year end applying downward pressure on the gold price. Physical demand in India continued to be negatively affected by forecasts of reduced farm output due to lower than expected monsoon rains, while plentiful supply in China impacted local premiums. Geo-political tensions in the Middle East failed to provide any meaningful support to prices.

Gold production for the third quarter of 2015 was

922,200

ounces, an increase of 14,200 ounces, or 2%, from the second quarter of 2015. Gold production increased 42,900 ounces, or 98%, at Éléonore as operations continued to ramp up. Additionally, production increased by 27,800 ounces, or 32%, at Pueblo Viejo as both recoveries and tonnage processed improved following autoclave maintenance undertaken in the prior quarter. These increases were partially offset by a 61,200 ounce, or 21%, decrease at Peñasquito, due mainly to 18% lower gold ore grades and 6% lower mill throughput for sulphide production.

At Éléonore, plant throughput during the quarter averaged 6,500 tonnes per day and exceeded the design throughput of 7,000 tonnes per day for several days as a result of de-bottlenecking the plant and by supplementing mine production with the low grade ore stockpile, which is expected to be depleted in the fourth quarter of 2015. While recoveries in the third quarter were impacted by the presence of iron sulphides in certain production stopes, metallurgical studies are underway that are expected to minimize their effect on future recoveries.

Initial production stopes are encountering folding and faulting resulting in higher dilution, therefore lower gold grades mined. The folding is of varying intensities and is estimated to affect approximately 10% of the overall Éléonore deposit. The Éléonore team continues to work on adjusting stope designs to minimize these impacts. Variable folding and the effect of iron sulphides on gold recoveries have the potential to negatively impact 2015 Éléonore production guidance of between 250,000 and 270,000 ounces.

At Peñasquito, construction of the Northern Well Field ("NWF") remained suspended throughout the third quarter of 2015 due to an illegal blockade by a local community. Peñasquito continues to seek a fair resolution of this matter with the community, while taking steps to enforce its contractual rights. Peñasquito is also advancing alternatives for completion of the project without crossing through the affected community lands. Contingency planning is ongoing for fresh water supply to the Peñasquito mine until the NWF project is operational. The Company believes that there will be timely resolution of this matter to meet the future water needs of Peñasquito.

The Metallurgical Enhancement Project ("MEP") feasibility study continued, which included completion of pilot testing, confirming capital estimates and concentrate marketing studies. The MEP permits were approved and received from the authorities. The feasibility study remains on schedule to be completed in early 2016.

At Cochenour, exploration drilling continued to assess the core area of the deposit as well as at the tram level, where there have been changes in the orientation of the veins from prior interpretations. Detailed interpretation and analysis is ongoing to support final mine planning and

GOLDCORP |

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

infrastructure. Processing of mill feed from the initial sill-development work was consistent with expectations. Work is ongoing to define the timing of initial stope production and ramp up of Cochenour feed for processing at Red Lake.

All-in sustaining costs of $

per ounce for the third quarter of 2015 increased slightly from $846 per ounce for the second quarter of 2015 due to increased production costs as Éléonore and Cerro Negro continue to ramp up operations, and inventory carrying value reductions recognized at Los Filos and Peñasquito, partially offset by higher gold sales volumes and higher by-product credit sales.

The reported net loss attributable to shareholders of Goldcorp for the quarter was $(192) million, or $(0.23) per share, compared to net earnings of $392 million, or $0.47 per share, for the second quarter of 2015. The adjusted net loss for the third quarter was $(37) million, or $(0.04) per share, compared to adjusted net earnings of $65 million, or $0.08 per share, for the prior quarter. Both reported and adjusted earnings were impacted by lower metals prices, higher depreciation, depletion and amortization expense (“DD&A”) and higher production costs due to reductions in inventory carrying values at certain mines due in part to lower short term metals prices.

Goldcorp achieved positive free cash flows of $243 million for the third quarter of 2015 as compared to positive free cash flow of $174 million in the second quarter. Free cash flows increased from the prior quarter primarily due to a reduction in capital expenditures following completion of a major capital spending campaign as Cerro Negro and Éléonore achieved commercial production in 2015, partially offset by lower cash flows from operations as revenues were negatively impacted by lower realized prices and higher production costs.

CORPORATE DEVELOPMENTS – THIRD QUARTER HIGHLIGHTS

Project Corridor:

On August 27, 2015, the Company announced it had entered into an agreement to purchase New Gold Inc's ("New Gold") 30% interest in the El Morro project in Chile. Following the acquisition, Goldcorp will own 100% of the project. Goldcorp will pay New Gold $90 million in cash and a 4% gold stream on future gold production from El Morro. New Gold will make ongoing payments of $400 per ounce of gold delivered under the contract, subject to a 1% per annum adjustment (compounded annually, commencing on the first anniversary of the agreement), once 217,000 ounces have been delivered.

In conjunction with the acquisition of New Gold's 30% interest, Goldcorp and Teck Resources Limited ("Teck") announced an agreement on August 27, 2015, to combine their respective El Morro and Relincho projects, located approximately 40 kilometres apart in the Huasco Province in Chile, into a single project held by a 50/50 joint venture. The combined project will have the interim name of Project Corridor. Project Corridor is expected to provide a number of benefits, including reduced environmental footprint, lower cost and improved capital efficiency, an optimized mine plan and enhanced community benefits and community engagement. Both transactions are expected to close in the fourth quarter of 2015.

SUMMARIZED FINANCIAL RESULTS

(2)(3)

March 31

December 31

Consolidated financial information

Revenues

(1)(2)

(Loss) earnings from operations and associates

(2,988

Net (loss) earnings from continuing operations

(2,403

(1,001

Net earnings (loss) from discontinued operations

(2,396

(1,089

Net (loss) earnings attributable to shareholders of Goldcorp

Net (loss) earnings from continuing operations per share

– Basic

– Diluted

Net (loss) earnings per share

Cash flows from operating activities of continuing operations

Cash flows from operating activities including discontinued operations

Dividends paid

Cash and cash equivalents

Key performance measures

Gold produced

(ounces)

635,500

908,000

633,700

713,400

643,100

865,000

730,000

Gold sold

942,600

627,000

903,000

624,000

812,200

648,700

681,100

687,200

Silver produced

(thousands of ounces)

11,300

10,400

Copper produced

(thousands of pounds)

12,300

16,800

19,300

21,500

27,200

28,800

Lead produced

49,200

37,000

47,500

38,600

36,700

49,500

53,600

Zinc produced

111,500

81,000

105,500

91,900

82,500

87,900

68,900

80,900

Average realized gold price

(per ounce)

Average London spot gold price

Total cash costs – by-product

(per gold ounce)

Total cash costs – co-product

All-in costs

Adjusted net (loss) earnings

Adjusted operating cash flow

Including discontinued operations

651,700

724,800

679,900

890,900

768,900

641,400

639,500

827,500

684,000

707,900

725,700

Total cash costs – by-product

Total cash costs – co-product

All-in sustaining costs

All-in costs (per gold ounce)

Excludes pre-commissioning sales ounces from Cerro Negro, prior to January 1, 2015, and Éléonore, prior to April 1, 2015, as costs incurred, net of proceeds from sales, were recognized against capitalized project costs.

Wharf was classified as a discontinued operation for the three and nine months ended September 30, 2015. The 2014 and 2013 comparative information has been re-presented in accordance with the requirements of IFRS 5 – Non-current assets held for sale and discontinued operations. In addition, the Company's 66.7% interest in Marigold, the sale of which was completed on April 4, 2014, was classified as a discontinued operation for the 2014 and 2013 comparative periods.

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

Total cash costs per gold ounce on a by-product basis is calculated net of Goldcorp’s share of by-product sales revenues (by-product copper sales revenues for Alumbrera and Pueblo Viejo; by-product silver sales revenues for Marlin, Cerro Negro and Pueblo Viejo; by-product lead and zinc sales revenues and 75% of silver sales revenues for Peñasquito at market silver prices, and 25% of silver sales revenues for Peñasquito at $4.07 per silver ounce (2014 – $4.05 per silver ounce) sold to Silver Wheaton Corp.

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

REVIEW OF CONSOLIDATED FINANCIAL INFORMATION

Three Months Ended September 30, 2015

compared to the

three months ended September 30, 2014

Net loss attributable to shareholders of Goldcorp for the

per share, compared to a net loss attributable to shareholders of Goldcorp of $(44) million, or

$(0.05)

. Compared to the

, the net loss attributable to shareholders of Goldcorp for the

three months ended September 30, 2015

was impacted by the following factors:

Revenues increased by $

259 million

, primarily due to a $

256 million

increase in gold revenues resulting from a 61% increase in gold sales volumes, as Cerro Negro and Éléonore achieved commercial production in 2015 and mining at Peñasquito moved into the heart of the deposit with higher sulphide ore gold grades and continued positive grade reconciliation. The positive impact of increased gold sales volumes was partially offset by lower realized gold prices;

Production costs

142 million

, primarily due to Cerro Negro and Éléonore achieving commercial production in 2015. Excluding the impact of those mines, production costs decreased by $50 million due to El Sauzal entering reclamation in 2015 ($19 million), an $11 million reversal of accrued royalty expense at Marlin, and the favourable impact of the strengthening US dollar;

Depreciation and depletion

203 million

, due to Cerro Negro and Éléonore achieving commercial production, a higher depletion rate at Marlin resulting from a reduction of proven and probable gold reserves, the impact of reductions in the carrying value of inventory, primarily at Los Filos and Peñasquito, new assets put into service at Peñasquito and higher sales volumes;

The Company’s share of net earnings of associates of $7 million for the third quarter of 2015 was comprised of net earnings of $20 million from Pueblo Viejo, partially offset by $13 million of net losses at Alumbrera. In the third quarter of 2014, the Company's share of net earnings from associates was $15 million, comprised of net earnings of $10 million and $9 million from Pueblo Viejo and Tahoe, respectively, partially offset by a $4 million loss from Alumbrera. The Company disposed of its equity investment in Tahoe on June 30, 2015;

An impairment of mining interests of $19 million ($13 million, net of tax) was recognized against the carrying value of the El Sauzal mine in the third quarter of 2014;

Corporate administration, excluding share-based compensation expense, was $37 million, a $7 million decrease as compared to the third quarter of 2014, primarily due to the favourable impact of the weakening Canadian dollar. Share-based compensation expense was $14 million for the third quarter of 2015, a decrease of $5 million compared to the third quarter of 2014 primarily due to a decrease in value of the Company's performance share units ("PSUs") and phantom share units;

A $7 million increase in

es on derivatives which comprised net losses on the Company's foreign currency, heating oil and commodity contracts;

Finance costs increased by

primarily due to interest expense on the Company's borrowings that is no longer eligible for capitalization as a result of commercial production being achieved at Cerro Negro and Éléonore;

Other

income

was comparable with the third quarter of 2014 and was primarily comprised of interest income arising on the Company's cash and cash equivalents and loans held with Pueblo Viejo;

Income tax

totaled $

136 million

– income tax expense of $

83 million

) and was primarily impacted by:

A $158 million foreign exchange loss on the translation of deferred income tax assets and liabilities arising primarily from the Placer Dome and Glamis acquisitions in 2006 and the Camino Rojo and Cerro Negro acquisitions in 2010, compared to an $85 million foreign exchange loss in the third quarter of 2014. The foreign exchange related deferred income tax impacts resulted from the weakening Canadian Dollar, and Mexican and Argentine Pesos during the three months ended September 30, 2015 and 2014;

A $12 million deferred income tax recovery arising from a foreign exchange loss realized in Canadian dollar denomination on the repayment of the US dollar denominated credit facility;

A higher effective tax rate in the third quarter of 2015, after adjusting for the above noted items and non-deductible share-based compensation expense. The increase in the third quarter of 2015 was due to certain tax losses and assets that were not tax effected, a lower tax benefit of inflationary adjustments in Mexico, and lower non-taxable income from associates in the third quarter of 2015; and

Net earnings from discontinued operations of $4 million for the third quarter of 2014 was comprised of earnings from Wharf, which was sold on February 20, 2015.

Adjusted net loss amounted to

per share

, compared to adjusted net earnings of $70 million, or $0.09 per share, for the

, adjusted net loss was impacted by higher production costs, increased depreciation and depletion expense and lower gold realized prices, partially offset by higher gold sales volumes.

The total cash costs (by-product) for third quarter of 2015 and 2014 was $597 per gold ounce

. Total cash costs for the third quarter of 2015 were primarily impacted by increased production costs following achievement of commercial production at Cerro Negro and Éléonore in 2015, higher realized losses on the Company's derivative contracts and a decrease in by-product silver, copper, and zinc sales credits due to lower realized prices and lower copper sales volumes, offset by higher gold sales volumes and the favourable impact of the strengthening US dollar.

Adjusted net (loss) earnings and adjusted net (loss) earnings per share are non-GAAP performance measures. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, the Company and certain investors use this information to evaluate the Company’s performance. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Refer to page

for a reconciliation of adjusted net (loss) earnings to reported net (loss) earnings attributable to shareholders of Goldcorp.

The Company has included non-GAAP performance measures – total cash costs, by-product and co-product, per gold ounce, throughout this document. In the gold mining industry, total cash costs is a common performance measure but does not have any standardized meaning. The Company follows the recommendations of the Gold Institute Production Cost Standard. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, the Company and certain investors use this information to evaluate the Company’s performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Total cash costs on a by-product basis are calculated by deducting Goldcorp’s share of by-product silver, copper, lead and zinc sales revenues from Goldcorp’s share of production costs. Refer to page

for a reconciliation of total cash costs to reported production costs.

Three months ended September 30, 2015

compared to the three months ended June 30, 2015

per share, compared to net earnings attributable to shareholders of Goldcorp of $

. Compared to the prior quarter, the net loss attributable to shareholders of Goldcorp for the

, or 8%, due to a $

73 million

decrease in gold revenues, $12 million decrease in silver revenues and a $5 million decrease in lead and zinc revenues, net of refining charges. Gold revenues were impacted by lower volumes and lower realized prices, with silver, lead and zinc revenues also impacted by lower realized prices partially offset by increased sales volumes;

$18 million

, primarily due to inventory carrying value reductions at Los Filos and Peñasquito, and higher consumables and maintenance costs, partially offset by the reversal of royalty expense at Marlin, reduced power costs at Peñasquito and the favourable foreign exchange effect of the strengthening US dollar;

$38 million

, primarily due to inventory carrying value reductions and higher sales volumes from Marlin, Éléonore and Cerro Negro which incur a higher depreciation and depletion cost per ounce than the Company's other mines;

The Company’s share of net earnings of associates of $7 million for the third quarter of 2015 was comprised of net earnings of $20 million from Pueblo Viejo, partially offset by $13 million of net losses at Alumbrera.The Company’s share of net losses of associates of $19 million for the second quarter of 2015 was primarily comprised of net losses of $8 million and $7 million from Pueblo Viejo and Alumbrera, respectively. The Company's share of net losses from Pueblo Viejo in the prior quarter was impacted by a $15 million, after tax, impairment expense recognized on certain power assets;

Corporate administration, excluding share-based compensation expense, was $37 million, a $1 million decrease as compared to the prior quarter, primarily due to the favourable impact of the weakening Canadian dollar. Share-based compensation expense was $14 million for the third quarter of 2015, a decrease of $1 million compared to the second quarter due to an decrease in value of the Company's PSUs;

A $21 million loss on derivatives for the

comprised of net losses on foreign currency, heating oil, and commodity contracts, compared to $8m net gain on derivatives in the prior quarter;

A $99 million gain ($95 million, net of tax) on dilution of the Company's investment in Tahoe to 25.9% on April 1, 2015 as a result of Tahoe’s acquisition of Rio Alto;

A $315 million gain on disposition of mining interests in the second quarter of 2015 arising on the disposition of the Company's remaining 25.9% investment in Tahoe on June 30, 2015 for a total gain of $299 million ($264 million, net of tax), and the sale of the Arturo project for which the Company recognized a gain of $16 million ($11 million, net of tax);

primarily due to lower interest expense on debt held by Cerro Negro following repayment of certain third party debt in the prior quarter, lower interest expense on the Company's revolving credit facility due to repayment of draw downs in the prior quarter and lower accretion expense arising on the Company's reclamation obligations;

for the third quarter of 2015 was primarily comprised of interest income arising on the Company's cash and cash equivalent and loans held with Pueblo Viejo compared to other income of $3 million in the prior quarter;

$136 million

(three months ended June 30, 2015 – income tax expense of

A $158 million foreign exchange loss on the translation of deferred income tax assets and liabilities arising primarily from the Placer Dome and Glamis acquisitions in 2006 and the Camino Rojo and Cerro Negro acquisitions in 2010, compared to a $22 million foreign exchange loss in the second quarter of 2015. The foreign exchange related deferred income tax impacts resulted from the weakening Canadian dollar and Mexican and Argentine Peso a (three months ended June 30, 2015 – weakening Mexican peso, Argentine peso and strengthening Canadian dollar);

A $12 million deferred income tax recovery arising from a foreign exchange loss realized in Canadian dollar denomination on the repayment of the US dollar denominated credit facility compared to a $51 million deferred income tax expense arising on the disposition of Company’s investment in Tahoe in the second quarter of 2015;

A higher effective tax rate compared to the second quarter of 2015 after adjusting for the above noted items, the gain on the sale of the shares of Tahoe Resources Inc., and non-deductible share-based compensation expense. The increase in t

he third quarter of 2015 was due to certain tax losses and assets that were not tax effected in the third quarter and the favorable tax impact in the second quarter of 2015 of the elimination of the Ontario Resource Tax Credit. These impacts were partially offset by higher non-taxable income from associates in the third quarter of 2015 as compared to non-deductible losses from associates in the second quarter; and

Net loss from discontinued operations of $6 million for the second quarter of 2015 comprised of a deferred tax impact arising on the disposition of Wharf which was sold on February 20, 2015.

, compared to $65 million, or $0.08 per share, for the

. Compared to the prior quarter, the adjusted net loss resulted from lower revenues and increased production costs and depreciation and depletion.

Total cash costs (by-product) were $597 per gold ounce

, in the

, as compared to $547 per gold ounce in the prior quarter. The increase in cash costs per ounce was primarily due to increased production costs, partially offset by increased gold sales volumes and higher by-product credits as a result of increased sales volumes.

Nine months ended September 30, 2015 compared to the nine months ended September 30, 2014

Net earnings attributable to shareholders of Goldcorp for the nine months ended September 30, 2015 were $

113 million

per share, compared to net earnings attributable to shareholders of Goldcorp of $235 million, or $0.29 per share, for the nine months ended September 30, 2014. Compared to the nine months ended September 30, 2014, net earnings attributable to shareholders of Goldcorp for the nine months ended September 30, 2015 were impacted by the following factors:

Revenues increased by $702 million, or 27%, primarily due to a $715 million increase in gold revenues, partially offset by a $14 million decrease in zinc and copper revenues. The increase in gold revenues was primarily due to Éléonore and Cerro Negro achieving commercial production in 2015 and increased sales volumes from Peñasquito, partially offset by lower realized gold prices and the disposition of Wharf and Marigold in 2014. Zinc and copper revenues were negatively impacted by lower realized prices and lower copper volumes;

Production costs increased by $421 million, or 28%, primarily due to Cerro Negro and Éléonore achieving commercial production in 2015. Excluding the impact of those mines, production costs decreased by $76 million due to the favourable impact of the strengthening US dollar, El Sauzal entering reclamation in 2015 and the reversal of royalty expense at Marlin, partially offset by a $29 million increase in reductions to inventory carrying values;

Depreciation and depletion increased by $534 million, or 99%, due to Cerro Negro and Éléonore achieving commercial production, a higher depletion rate at Marlin resulting from a reduction of proven and probable gold reserves, the impact of reductions in the carrying value of inventory, primarily at Los Filos and Peñasquito, new assets put into service at Peñasquito and higher sales volumes;

A $10 million increase in exploration expense, primarily arising from drilling focused on HG Young at Red Lake;

The Company’s share of net earnings of associates of $23 million was primarily comprised of net earnings of $40 million from Pueblo Viejo, which was impacted by a net $19 million impairment expense on certain power assets and obsolete inventory, partially offset by a net loss of $25 million from Alumbrera. The Company’s share of net earnings of associates of $131 million in the nine months ended September 30, 2014 was comprised of $86 million of net earnings from Pueblo Viejo, $14 million of net earnings from Alumbrera and net earnings of $31 million from the Company's equity investments in Tahoe and Primero. The Company sold its investments in Primero and Tahoe on March 26, 2014 and June 30, 2015, respectively;

Corporate administration, excluding share-based compensation expense, was $115 million, a decrease of $14 million from the comparative 2014 period primarily due to certain cost savings initiatives and the favourable impact of the weaker Canadian dollar. Share-based compensation expense of $44 million for the nine months ended September 30, 2015 was $15 million lower than in the nine months ended September 30, 2014 due to a decrease in the fair value of the Company's PSUs and phantom share units;

A $49 million increase in the net loss on derivatives comprising realized and unrealized gains and losses on the Company's foreign currency, heating oil and commodity contracts;

Finance costs increased by $62 million primarily due to interest expense that is no longer eligible for capitalization as a result of Cerro Negro and Éléonore achieving commercial production;

Other income of $30 million comprised mainly of interest income arising on the Company's cash and cash equivalent and loans held with Pueblo Viejo and foreign exchange gains on accounts payable and debt denominated in Mexican and Argentine pesos, and Canadian dollars. Other expense of $12 million in the comparative period was mainly comprised of foreign exchange losses, partially offset by interest income;

Income tax expense for the nine months ended September 30, 2015 totaled $355 million (nine months ended September 30, 2014 – income tax expense of $185 million) and was primarily impacted by:

A $302 million foreign exchange loss on the translation of deferred income tax assets and liabilities arising primarily from the Placer Dome and Glamis acquisitions in 2006 and the Camino Rojo and Cerro Negro acquisitions in 2010, compared to a $167 million foreign exchange loss for the nine months ended September 30, 2014. The foreign exchange related deferred income tax impacts resulted from the weakening Canadian dollar and Mexican and Argentine pesos during both periods;

A $39 million deferred income tax expense arising on the disposition of Company’s investment in Tahoe in 2015;

A higher effective tax rate for the nine months ended September 30, 2015, after adjusting income taxes for the above noted items, the gain on the sale of the shares of Tahoe, and the non-deductible share-based compensation expense. The increase is due to lower tax benefits for foreign exchange losses on US dollar denominated debt in Argentina, lower income from associates not being subject to tax, higher non-deductible expenses, and a lower tax benefit of inflationary adjustments in Mexico in 2015. Additionally, the 2014 gain on sale of Primero was not subject to tax. These items explaining the increased 2015 rate were partially offset by the favourable tax impact on the elimination of the Ontario Resource Tax Credit in the second quarter of 2015; and

Net earnings from discontinued operations of $46 million for the nine months ended September 30, 2015 comprised of a $43 million net gain on the sale of Wharf and

of net earnings of Wharf until February 20, 2015, the date of disposition. Net earnings from discontinued operations of $2 million for the nine months ended September 30, 2014 included a $21 million net loss recognized on the sale of the Company's 66.7% share of Marigold, which was classified as a discontinued operation during 2014, offset by $23 million of total net earnings from Marigold and Wharf prior to disposition.

Adjusted net earnings amounted to $

, for the nine months ended September 30, 2015, compared to $443 million, or $0.54 per share, for the nine months ended September 30, 2014. Compared to the nine months ended September 30, 2014, adjusted net earnings decreased due to higher production costs and depreciation and depletion expense, partially offset by increased revenues primarily resulting from higher sales volumes.

Total cash costs (by-product) increased to $576 per gold ounce

, for the nine months ended September 30, 2015, as compared to $525 per gold ounce for the nine months ended September 30, 2014. The increase in cash costs was primarily due to higher production costs due to Cerro Negro and Éléonore achieving commercial production in 2015 and an increase in inventory carrying value reductions, an increase in realized losses on the Company's derivative contracts and a decrease in by-product sales credits primarily due to lower realized metal prices, partially offset by higher gold sales volumes.

Adjusted net (loss) earnings and adjusted net (loss) earnings per share are non-GAAP performance measures. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, the Company and certain investors use this information to evaluate the Company’s performance. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Refer to page 41 for a reconciliation of adjusted net (loss) earnings to reported net (loss) earnings attributable to shareholders of Goldcorp.

The Company has included non-GAAP performance measures – total cash costs, by-product and co-product, per gold ounce, throughout this document. In the gold mining industry, total cash costs is a common performance measure but does not have any standardized meaning. The Company follows the recommendations of the Gold Institute Production Cost Standard. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, the Company and certain investors use this information to evaluate the Company’s performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Total cash costs on a by-product basis are calculated by deducting Goldcorp’s share of by-product silver, copper, lead and zinc sales revenues from Goldcorp’s share of production costs. Refer to page 38 for a reconciliation of total cash costs to reported production costs.

RESULTS OF OPERATIONS

(per gold

ounce)

(per gold

(3)

77,600

75,500

99,600

98,600

71,000

70,800

74,300

68,400

70,100

62,500

62,300

86,700

85,200

236,800

225,700

129,500

144,000

70,300

69,000

64,100

66,500

41,800

39,000

45,400

44,500

135,700

157,600

19,000

16,300

22,300

22,800

21,600

115,000

127,400

112,200

111,400

Total – continuing operations

16,200

14,400

Total – including discontinued operations

275,800

274,400

284,100

289,600

199,400

198,600

209,600

203,700

189,100

186,400

205,200

198,100

163,000

128,500

690,400

698,100

426,700

435,600

198,500

193,600

192,800

194,100

37,100

127,700

125,100

134,200

130,000

359,600

448,500

47,900

78,400

79,400

292,200

356,700

325,500

332,100

2,543,600

2,657,800

1,912,300

1,899,700

15,300

46,200

43,300

21,800

21,900

2,555,000

2,673,100

1,980,300

1,964,900

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

Total cash costs per gold ounce on a by-product basis is calculated net of Goldcorp’s share of by-product sales revenues (by-product copper sales revenues for Alumbrera and Pueblo Viejo; by-product silver sales revenues for Marlin, Cerro Negro and Pueblo Viejo; and by-product lead and zinc sales revenues and 75% of silver sales revenues for Peñasquito at market silver prices, and 25% of silver sales revenues for Peñasquito at $4.07 per silver ounce (2014 – $4.05 per silver ounce) sold to Silver Wheaton).

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

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

Gold produced includes pre-commercial production ounces from Éléonore. However, sales and sales related revenues, prior to April 1, 2015, are excluded as they are credited against capitalized project costs.

El Sauzal entered reclamation effective January 1, 2015.

Wharf is classified as a discontinued operation for the three and nine months ended September 30, 2015. The 2014 comparative information has been re-presented in accordance with the requirements of IFRS 5 – Non-current assets held for sale and discontinued operations. In addition, the Company's 66.7% interest in Marigold, the sale of which was completed on April 4, 2014, was classified as a discontinued operation for the three and nine months ended September 30, 2014.

OPERATIONAL REVIEW

Red Lake mines, Canada

Operating Data

September 30 2015

June 30 2015

March 31 2015

September 30 2014

Tonnes of ore milled

160,600

150,800

133,700

186,900

164,400

Average mill head grade (grams/tonne)

Average recovery rate

Gold (ounces)

– Produced

90,800

107,400

130,300

– Sold

91,600

107,300

128,700

Average realized gold price (per ounce)

Total cash costs – by-product (per ounce)

All-in sustaining costs (per ounce)

Mining cost per tonne

189.36

212.64

232.95

193.36

216.70

Milling cost per tonne

General and administrative cost per tonne milled

Financial Data

Earnings from operations

Expenditures on mining interests

Included in tonnes of ore milled and gold ounces produced for the three months ended September 30, 2015 are 15,200 tonnes and 2,100 ounces, respectively, from the Company's Cochenour gold project. Tonnes of ore milled and gold ounces produced were nil for the three and six months ended June 30, 2015 (December 31, 2014 – 900 tonnes and 200 ounces, respectively).

Expenditures on mining interests includes expenditures incurred at the Company's Cochenour gold project which is classified as expansionary capital.

Gold production for the third quarter of 2015 of 77,600 ounces was 22,000 ounces, or 22%, lower than the third quarter of 2014 primarily due to 25% lower grades. The lower grades during the third quarter of 2015 were a result of several factors; the continued conversion of a greater portion of ore mined to long hole mining from selective cut and fill mining in the High Grade Zone has resulted in higher mined tonnes at a lower cost of approximately $20 per tonne mined but also at lower grades due to higher internal dilution that occurs with long hole mining as compared with selective cut and fill mining; the current High Grade Zone de-stress phase required mining lower grade areas; the remnant mining at the Campbell Complex, scheduled for completion in 2016, continues to have planned lower grades; higher mining rates in the Sulphide Zones, which is at a lower grade than other mining areas; and lower than expected grades from the Footwall Zone.

All-in sustaining costs for the third quarter of 2015 were $1,028 per ounce, an increase of $73 per ounce, or 8%, compared to the third quarter of 2014 due to lower gold production ($292 per ounce) and higher exploration expenditures ($47 per ounce), partially offset by a weaker Canadian dollar ($139 per ounce), lower sustaining capital expenditures ($105 per ounce) and lower operating costs ($22 per ounce). Higher exploration expenditures were attributable to the continued exploration activity at the HG Young discovery. The decrease in sustaining capital expenditures was due to lower capital development costs incurred at the Campbell Complex as well as lower capital equipment purchases.

The decrease in operating costs was due to reduced contractor costs from less definition drilling ($3 million), partially offset by higher energy usage ($1 million).

Gold production for the third quarter of 2015 was 13,200 ounces, or 15%, lower than the second quarter of 2015 due to 15% lower grades, partially offset by 6% higher mill throughput. The lower grades resulted from the remnant pillar mining at the Campbell Complex, the acceleration of development in the Sulphide Zones, and lower than expected gold grades in the Footwall Zone. The increase in tonnage was attributable to Cochenour pre-production development.

All-in sustaining costs for the third quarter of 2015 were $149 per ounce, or 17%, higher than the second quarter of 2015 due to lower gold production ($189 per ounce) and higher sustaining capital expenditures ($118 per ounce), partially offset by lower operating costs ($104 per ounce), a weaker Canadian dollar ($48 per ounce) and lower exploration expenditures ($6 per ounce). The increase in sustaining capital expenditures was due to timing of capital equipment purchases. The decrease in operating costs was primarily attributable to a decrease in employee and contractor costs as a higher portion of costs were attributable to capitalized development ($6 million).

Exploration development during the third quarter continued to advance north on the 14 Level at Campbell Complex to provide additional diamond drill platforms to further define the HG Young deposit. This exploration development and drilling will continue during the fourth quarter. Drilling during the quarter focused on near surface targets closest to the historic HG Young mine with encouraging results and sufficient drill density to define continuity on strike and down plunge. Exploration drilling also continued to expand the R, NXT, PLM Zones and the Far East Zones.

Porcupine mine, Canada

1,115,700

1,020,500

761,100

1,094,100

1,123,600

Hoyle Pond underground (tonnes)

92,100

76,000

71,700

122,000

73,300

Hoyle Pond underground (grams/tonne)

Dome underground (tonnes)

154,300

130,800

122,900

120,500

111,800

Dome underground (grams/tonnes)

Hollinger open pit (tonnes)

121,800

188,000

60,800

59,000

93,800

Hollinger open pit (grams/tonnes)

Stockpile (tonnes)

747,400

625,700

505,700

792,600

844,700

Stockpile (grams/tonne)

72,400

56,000

73,600

54,200

95,700

108.70

121.48

119.89

Earnings from operations

Earnings from operations for the three months ended December 31, 2014 were impacted by an increase in non-cash provisions related to the revision in estimates in the reclamation and closure cost obligations for the Porcupine mines' closed sites of $28 million.

Expenditures on mining interests includes expenditures incurred at the Company's...


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