Goldcorp Inc.

Goldcorp is now the world's lowest-cost, million-ounce gold producer. The acquisition of Wheaton River Minerals Ltd. has increased gold production, gold reserves and resources and given the company one of the fastest growth curves in the industry. It has strengthened Goldcorp's already solid balance sheet and lowered production costs per ounce even further. Goldcorp is in excellent financial condition. It has no debt, a large treasury, strong cash flow and earnings and pays a dividend 12 times per year. Goldcorp is completely unhedged.

Expert Comments:

Adrian Day, Global Analyst (1/27/15)
"Goldcorp Inc., one of our favorite operators (as opposed to the royalty companies), has acquired Probe Mines Limited, adding to its holdings in the Porcupine district. This offsets a couple of small divestitures it made last year, its share in the Marigold mine and more recent the Wharf mine. Goldcorp generally has done a good job at rationalizing its property portfolio. The company remains a good buy."

David Morgan, Silver Investor (1/21/15)
"Goldcorp Inc. announced the acquisition of Probe Mines Limited, namely for its principal asset, the Borden gold project. . .the company continues to execute its objective of increasing growth through exploiting opportunities in and near existing districts that it already has operations in. . .this looks to be an accretive deal."

Phil Russo, Raymond James (1/19/15)
"Goldcorp Inc. announced an all-share purchase of 100% of the outstanding shares of Probe Mines Limited for CA$526M. . .we continue to recommend investors accumulate shares of Goldcorp. . .a new company 'New Probe' will be created as a result of the transaction. . .the transaction is expected to close in late March 2015."

Adrian Day, Global Analyst (1/14/15)
"Goldcorp Inc., the fourth largest gold miner in the world, is well diversified with 12 mines throughout the Americas, including some held in partnership with other companies. . .we like the company for its disciplined management (it walked from acquiring Malartic mine when the bidding war got too hot), its strong balance sheet, political profile, and growth outlook. . .the ramp-up of production from its new mines, particularly Eleonore, should attract investors when they return to the sector."

Alec Kodatsky, CIBC World Markets (1/14/15)
"Goldcorp Inc. reported Q4/14 production of 886 Koz, largely in line with our forecast of 905 Koz. . .Q4/14 proved to be the strongest quarter of the year and a record quarter for the company. . .we continue to view Goldcorp as a high-quality company with a low-cost position, good balance sheet and generating positive free cash flow in the current price environment."

Chris Thompson, Raymond James (1/12/15)
"We are upgrading Goldcorp Inc. to a Strong Buy. . .the company's Q4/14 production results, 2015 guidance and 5-year outlook essentially reaffirmed our expectations for the company. With these results, we expect the market's confidence in the delivery of its long-touted production and cash flow growth, which are superior to its peers, to rise in 2015."

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