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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:

Richard Gray, Cormark Securities (2/20/15)
"Goldcorp Inc.'s Q4/14 production of 890,900 oz was a new record, up 36% versus Q3/14. . .the company continues to be our preferred senior tier producer, as a result of its longer-term growth profile and overall risk profile among its peers. We are maintaining our Buy rating."

J.P. Morgan (2/19/15)
"Goldcorp Inc. reiterated its 2015 gold production guidance between 3.3 and 3.6 Moz, representing a 20% (midpoint) increase from 2.87 Moz in 2014. . .its capex budget of $1.3B includes $235M at Cerro Negro, $215M at Peñasquito, $115M at Éléonore and $95M at Cochenour."

David Haughton, BMO Capital Markets (2/19/15)
"At Goldcorp Inc.'s Eleonore, rampup issues with the tailings filter press system have been resolved, and commercial production is now expected in late Q1/15. At Penasquito, the pyrite leach and concentrate enrichment processes enter the feasibility study phase at Q1/15E and are expected to be completed in early 2016. . .the company is rated Outperform."

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."

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