Exhibit 99.1

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

M ANAGEMENT’S D ISCUSSION AND A NALYSIS

OF F INANCIAL C ONDITION AND R ESULTS OF O PERATIONS

F OR T HE T HREE A ND S IX M ONTHS E NDED J UNE  30, 2018

This Management’s Discussion and Analysis (“MD&A”) should be read in conjunction with the condensed interim consolidated financial statements of Goldcorp Inc. (“Goldcorp” or “the Company”) for the three and six months ended June 30, 2018 and related notes thereto which have been prepared in accordance with International Accounting Standard 34 – Interim Financial Reporting of International Financial Reporting Standards (“GAAP” or “IFRS”) as issued by the International Accounting Standards Board (“IASB”). All figures are in United States (“US”) dollars unless otherwise noted. References to C$ are to Canadian dollars. This MD&A has been prepared as of July 25, 2018.

TABLE OF CONTENTS

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

CAUTIONARY STATEMENT REGARDI NG FORWARD-LOOKING STATEMENTS

This MD&A 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 ("SEC"), all as may be amended from time to time, and "forward-looking information" under the provisions of applicable Canadian securities legislation, concerning the business, operations and financial performance and condition of Goldcorp. Forward-looking statements include, but are not limited to, statements with respect to the future price of gold, silver, zinc, copper and lead, the estimation of Mineral Reserves and Mineral Resources (as each term is defined below), 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, timing and cost of construction and expansion projects, 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 other 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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(in United States dollars, tabular amounts in millions, except where noted)

CAUTIONARY STATEMENT REGARDING CERTAIN MEASURES OF PERFORMANCE

This MD&A presents certain measures, including "total cash costs: by-product", "total cash costs: co-product", "all-in sustaining costs", "adjusted operating cash flow", "EBITDA", "adjusted EBITDA" and "adjusted net debt", that are not recognized measures under IFRS. This data may not be comparable to data presented by other gold producers. For a reconciliation of these measures to the most directly comparable financial information presented in the consolidated financial statements prepared in accordance with IFRS, see Non-GAAP Financial Performance Measures in this MD&A. The Company believes that these generally accepted industry measures are realistic indicators of operating performance and are useful in performing year over year comparisons. However, these non-GAAP measures should be considered together with other data prepared in accordance with IFRS, and these measures, taken by themselves, are not necessarily indicative of operating costs or cash flow measures prepared in accordance with IFRS. This MD&A also contains information as to estimated future all-in sustaining costs. The estimates of future all-in sustaining costs are not based on total production cash costs calculated in accordance with IFRS, which forms the basis of the Company’s cash costs: by-product. The estimates of future all-in sustaining costs are anticipated to be adjusted to include sustaining capital expenditures, corporate administrative expense, exploration and evaluation costs and reclamation cost accretion and amortization, and exclude the effects of expansionary capital, tax payments, dividends and financing costs. Projected IFRS total production cash costs for the full year would require inclusion of the projected impact of future included and excluded items, including items that are not currently determinable, but may be significant, such as sustaining capital expenditures, reclamation cost accretion and amortization and tax payments. Due to the uncertainty of the likelihood, amount and timing of any such items, the Company does not have information available to provide a quantitative reconciliation of projected all-in sustaining costs to a total production cash costs projection.

CAUTIONARY NOTE REGARDING MINERAL RESERVES AND MINERAL RESOURCES

Scientific and technical information contained in this MD&A, including the Mineral Reserves and Mineral Resources, was reviewed and approved by Ivan Mullany, FAusIMM, Senior Vice-President, Technical Services for Goldcorp, and a "qualified person" as defined by Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("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. 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 MD&A that are considered to be material mineral properties to the Company are contained in Goldcorp’s most recent annual information form and the current technical report for each of those properties, all available on SEDAR at www.sedar.com.

Cautionary Note to United States investors concerning estimates of measured, indicated and inferred resources : The Mineral Resource and Mineral Reserve estimates contained in this MD&A have been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of United States securities laws and use terms that are not recognized by the SEC. Canadian reporting requirements for disclosure of mineral properties are governed by NI 43-101. The definitions used in NI 43-101 are incorporated by reference from the 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 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 "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 of 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 MD&A containing descriptions of Goldcorp’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.

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

FIN ANCIAL AND OPERATIONAL HIGHLIGHTS FOR THE THREE MONTHS ENDED JUNE 30, 2018

Net loss was $131 million, or $0.15 per share, which was impacted by non-cash foreign exchange losses of $178 million, or $0.20 per share, primarily arising on deferred tax balances. Operating cash flows and adjusted operating cash flows ⁽¹⁾ for the three months ended June 30, 2018 were $158 million and $310 million, respectively, compared to $158 million and $320 million, respectively, for the three months ended June 30, 2017.

Gold production of 571,000 ounces at all-in sustaining costs ⁽¹⁾ ("AISC") of $850 per ounce, compared to 635,000 ounces at AISC of $800 per ounce for the three months ended June 30, 2017 . Ramp-up of sustainable capacity at Éléonore and Cerro Negro continued and are expected to be key contributors to increasing production in the second half of the year.  Full year 2018 guidance reconfirmed for gold production of 2.5 million ounces (+/-5%) at AISC of $800 ⁽²⁾ per ounce (+/- 5%).

Project pipeline continues to advance in support of the Company's 20/20/20 growth plan. The Peñasquito Pyrite Leach project has completed construction with commissioning further accelerated to the third quarter of 2018, now two quarters ahead of schedule, while the Musselwhite Materials Handling project advanced to 76% completion, on schedule and 10% below budget.

Significant milestones reached at Coffee and Borden with the signing of agreements with First Nation communities.   On April 30, 2018, Goldcorp signed a collaboration agreement with Tr'ondëk Hwëch'in with respect to the Coffee project and, on June 6, 2018, signed an Impacts and Benefits Agreement with three First Nation communities with respect to the development and operation of the Borden project.

Successfully executed on the Company’s $250 million sustainable annual efficiency program, with target now increased by a further $100 million. Through the execution of numerous cost reduction and productivity improvements across the portfolio, the Company achieved its target of $250 million of sustainable efficiencies and extended the program, targeting additional improvements of $100 million by the end of 2019.

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

BUSINESS OVERVIEW

Goldcorp is a leading gold producer focused on responsible mining practices, with production from a portfolio of long-life, high quality assets throughout the Americas, which the Company believes positions it to deliver long-term value.

The Company’s principal producing mining properties are comprised of the Éléonore, Musselwhite, Porcupine and Red Lake mines in Canada; the Peñasquito mine in Mexico; the Cerro Negro mine in Argentina; and the Pueblo Viejo mine (40.0% interest) in the Dominican Republic. The Company's significant projects include the Borden, Century and Coffee projects in Canada, and the NuevaUnión (50% interest) and Norte Abierto (50% interest) projects in Chile.

The Company’s current sources of operating cash flows are primarily from the sale of gold, silver, zinc, copper and lead. Goldcorp's principal product is refined gold bullion sold primarily in the London spot market. In addition to gold, the Company also produces silver, zinc, copper and lead primarily from concentrate produced at the Peñasquito mine, which is sold to third party smelters and refineries.

Goldcorp has an investment-grade credit rating, supported by a strong balance sheet, and remains 100% unhedged to gold sales, providing full exposure to gold prices.

STRATEGY

Goldcorp's vision is to create sustainable value for its stakeholders by growing net asset value ("NAV") per share to generate long-term shareholder value. With a portfolio of long-life, high quality assets that provide economies of scale, coupled with low AISC per ounce and underpinned by a strong balance sheet, Goldcorp has optimized its portfolio of assets and is reinvesting in a strong pipeline of organic opportunities to drive increasing margins and returns on investment.

In 2016, the Company outlined its 20/20/20 growth plan under which it expects to deliver a 20% increase in gold production, a 20% increase in gold reserves and a 20% reduction in AISC per ounce by 2021. In the first quarter of 2018, the Company introduced its Beyond 20/20 program, which is focused on the potential for organic growth through the development of the Company's long-term portfolio, such as the Century project at the Porcupine camp, NuevaUnión and Norte Abierto.

Goldcorp is committed to being a responsible steward of the environment and building collaborative partnerships with communities, governments and all other stakeholders for mutual success.

Goldcorp believes its strong balance sheet provides the Company with flexibility and the ability to manage the risk of gold and commodity price volatility. The Company's capital allocation strategy focuses on investing in its pipeline of organic growth opportunities, further debt reduction and returning capital to its shareholders by paying a sustainable dividend. Furthermore, Goldcorp leverages its exploration spending in the most efficient way possible through investments in junior mining companies.

CORPORATE DEVELOPMENTS

Advanced Project Pipeline

In 2016, the Company committed over one billion dollars of capital in a pipeline of organic growth opportunities, which are expected to support the growth in NAV of the Company by increasing production and decreasing AISC per ounce.  These opportunities include Peñasquito’s Pyrite Leach project ("PLP"), Musselwhite’s Materials Handling project (“MHP”) and the Coffee project.  The first two of these opportunities have entered into the final stages of construction as the PLP and MHP were 98% and 76% complete, respectively, as at June 30, 2018.  Commissioning of the PLP is expected to commence in the third quarter of 2018, with first gold expected in the fourth quarter of 2018, two quarters ahead of schedule. At Musselwhite, the MHP is progressing as scheduled, with commissioning expected in the first quarter of 2019, and is expected to be approximately 10% under budget. In addition, significant milestones were reached during the second quarter of 2018 at the Coffee and Borden projects with the signing of a collaboration agreement with Tr'ondëk Hwëch'in relating to the Coffee project and an Impacts and Benefits Agreement with three First Nation communities with respect to the development and operation of the Borden project.  Lastly, during the second quarter of 2018, an underground extension at the Alumbrera mine was approved which is expected to be fully funded through Alumbrera’s operating cash flows. The extension has an expected 10-year mine life and is expected to commence operations in late 2019 . Due to the approval of the underground mine extension and the resulting improved cashflows from Alumbrera, the remaining $30 million provision, which the Company had previously recognized in respect of the Company’s obligation to fund its 37.5% share of Alumbrera’s reclamation closure costs, was reduced to $nil, resulting in a $30 million credit to net earnings in the second quarter of 2018.

Progress Towards Delivering $250 million of Sustainable Annual Efficiencies

Since announcing the program to achieve $250 million in annual sustainable efficiencies in 2016, the Company has embarked upon numerous cost reduction and productivity improvement initiatives across the portfolio. As at June 30, 2018, the Company has successfully executed these productivity and cost optimization programs and achieved $250 million in annual sustainable efficiencies. Building upon this momentum the Company is extending the program, targeting additional improvements of $100 million

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

to be achieved by the end of 2019. New productivity initiatives, such as decreasing stope cycle times at Red Lake, increasing mine to mill efficiencies at Peñasquito and improving underground equipment and operator productivity at Cerro Negro, have already been identified.  Along with the results from the initial $250 million efficiency program and an ongoing focus on cost at every location, these initiatives are expected to position the C ompany to achieve its 20 / 20 / 20 strategy.

MARKET OVERVIEW

Gold

The market price of gold is the primary driver of Goldcorp's profitability. The price of gold can fluctuate widely and is affected by a number of macroeconomic factors, including the sale or purchase of gold by central banks and financial institutions, interest rates, exchange rates, inflation or deflation, global and regional supply and demand and the political and economic conditions of major gold-producing and gold-consuming countries throughout the world.

The price of gold started the second quarter of 2018 at $1,325 per ounce and rallied quickly to a high of $1,365, testing resistance levels from the first quarter of 2018. However, the price was unable to sustain this rally and subsequently trended downwards over the next two months. Gold closed the second quarter of 2018 at a price of $1,250 per ounce for an overall quarterly loss of $75 per ounce, or 5.5%.  On an attributable basis, the Company realized an average gold price of $1,289 per ounce in the second quarter of 2018, a 3% increase compared to $1,256 per ounce in the second quarter of 2017, and a 4% decrease compared to $1,337 per ounce in the first quarter of 2018. Weakness in the gold price during the second quarter was driven predominantly by strength in the US dollar and expectations for higher interest rates over the second half of 2018 as the US Federal Reserve continues to wind down its Quantitative Easing program. The threat of a broad-based global trade war, and its impact on the market, remains to be seen with market participants currently giving more weight to US dollar strength, and corresponding weakness in emerging market currencies, most notably the Argentine Peso.

Currency Markets

The results of Goldcorp's mining operations are affected by changes in the US dollar exchange rate compared to currencies of the countries in which Goldcorp has foreign operations. The Company has exposure to the Canadian dollar relating to its Éléonore, Musselwhite, Porcupine and Red Lake operations and the Coffee and Century projects, exposure to the Mexican peso relating to its Peñasquito operation, exposure to the Argentine peso at its Cerro Negro operation, exposure to the Dominican Republic peso relating to its investment in Pueblo Viejo and exposure to the Chilean peso with respect to its NuevaUnión and Norte Abierto joint ventures.

Fluctuations in the US dollar can cause volatility of costs reported in US dollars. In addition, monetary assets and liabilities that are denominated in non-US dollar currencies, such as cash and cash equivalents and value-added taxes, are subject to currency risk. Goldcorp is further exposed to currency risk through non-monetary assets and liabilities of entities whose taxable profit or tax loss are denominated in non-US dollar currencies. Changes in exchange rates give rise to temporary differences resulting in deferred tax assets and liabilities with the resulting deferred tax charged or credited to income tax expense.

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

Goldcorp's financial risk management policy allows the hedging of foreign exchange exposure to reduce the risk associated with currency fluctuations. The Company enters into Mexican peso currency hedge contracts to purchase Mexican pesos at pre-determined US dollar amounts. These contracts are entered into to normalize operating expenses and capital expenditures at Peñasquito, expressed in US dollar terms.

Currency markets continued to experience general volatility during the second quarter of 2018. A strong US dollar and uncertainty in the future of the NAFTA trade agreement have resulted in a trend of depreciation of both the Canadian dollar and Mexican peso. Although the Canadian dollar weakened by 2% during the second quarter of 2018, strong economic data and the Central Bank of Canada’s restrictive monetary policy has enabled the Canadian dollar to outperform other G7 currencies. After a positive first quarter of 2018, the Mexican peso weakened by nearly 10%, as the Mexican economy proved more susceptible to NAFTA-related headline risk. Mexico elected the liberal government of Andrés Manuel López Obrador in early July 2018. The market reacted positively to the news, with the peso experiencing a modest appreciation following the election.

The Argentine peso has been the worst performing emerging market currency in 2018 through the end of the second quarter of 2018 as a large fiscal deficit, weak economic outlook, and significant inflation have combined to see the peso depreciate over 50% since the beginning of 2018. To gain control of the currency, Argentina’s Central Bank hiked target interest rates and the Government of Argentina entered a 36-month Stand-By Agreement (“SBA”) with the International Monetary Fund in June 2018, agreeing to a US $50 billion standby credit line. These actions led to a further rate spike, where the peso reached the historic low of 28.85 at June 30, 2018. The peso may further depreciate in the short term due to negative economic impacts from lower agricultural exports caused by severe drought and inflationary pressure from macroeconomic normalization.  The $50 billion SBA is expected to help stabilize the currency, and allow the government to continue its macroeconomic reforms, with economic growth expected to return in 2019 when agricultural conditions are expected to improve.

Foreign Exchange Rate Sources:

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

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

REVIEW OF SECOND QUAR TER FINANCIAL RESULTS

Three months ended June 30, 2018 compared to the three months ended June 30, 2017

The net loss for the three months ended June 30, 2018 was $131 million, or $0.15 per share, compared to net earnings of $135 million, or $0.16 per share, for the three months ended June 30, 2017. The net loss in the second quarter of 2018 compared to net earnings in the same period in 2017 was primarily due to an increase in deferred tax expense arising from currency devaluations, particularly in Argentina. Additionally, the second quarter of 2018 was impacted by a decrease in production volumes, primarily at Peñasquito due to planned mine sequencing, offset partially by increases at Cerro Negro and Éléonore as both mines continued to ramp up, and an increase in unrealized foreign exchange losses arising primarily on value added tax receivables denominated in local currencies as a result of the currency devaluations. The increase in deferred tax expense, decrease in production volumes and increase in unrealized foreign exchange losses for the second quarter of 2018 as compared to the same period in 2017 were offset partially by the impact of increases in average realized gold and by-product metal prices.

Net earnings and earnings per share for the three months ended June 30, 2018 and 2017 were affected by, among other things, the following significant non-cash or other items that management believes are not reflective of the performance of the underlying operations (items are denoted as having (increased)/decreased net earnings and net earnings per share in the three months ended June 30, 2018 and 2017):

Revenues decreased by $29 million, or 4%, primarily due to decreases in gold, silver and zinc sales volumes of 8%, 16% and 14%, respectively. These decreases were offset partially by increases in the average realized price of all three metals and lower treatment and refining charges. The decrease in gold sales volumes was primarily due to lower sales volumes at Peñasquito and the impact of the closure of Marlin in the second quarter of 2017, offset by higher sales volumes at Cerro Negro and Éléonore.  The decrease in gold sales volumes at Peñasquito was as a result of the planned transition from high-grade ore in Phase 5D at the bottom of the Peñasco pit, to lower grade ore from stockpiles and the remnants of Phase 5D, while the increase at Cerro Negro was due to higher mill head grade, as a result of improved dilution control and mine sequencing in Mariana Central and Eureka.  The increase in gold sales volume at Éléonore reflected the ongoing ramp up and contribution of higher grade ore from Horizon 5 during the second

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

quarter of 2018 . The decrease in silver sales volumes was due to the closure of Marlin while the decrease in zinc sales volumes was due to mine sequencing at Peñasquito .

Production Costs

Production costs in the second quarter of 2018 decreased by $14 million, or 3%, when compared to the same period in 2017 primarily due to the closure of Marlin in the second quarter of 2017 ($26 million) , the favourable impact of the weakening Argentine peso by 49% compared to the same period in the prior year at Cerro Negro, which was not fully offset by inflation, and a decrease in production costs at Peñasquito due to continuing cost optimization efforts, offset partially by an increase in production costs at Éléonore associated with its ramp up.

Depreciation and depletion increased by $17 million, or 7%, due to an increase in depreciation and depletion per ounce, offset partially by a decrease in sales volumes.  The increase in depreciation and depletion per ounce was mainly due to a higher depletable cost base at Peñasquito in 2018.  The decrease in sales volumes was primarily due to lower sales volumes at Peñasquito, offset partially by higher sales volumes at Éléonore and Cerro Negro.

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

The Company’s share of net earnings related to associates and joint venture decreased by $ 3 million in the three months ended June 30, 2018 compared to the same period in 2017 primarily due to a $ 29 million decrease in net earnings from Pueblo Viejo offset by an increase in the Company’s share of net earnings from Alumbrera. The decrease in net earnings from Pueblo Viejo was primarily due to lower revenues, increased production costs and higher depreciation and depletion. The increase in Pueblo Viejo’s production costs w as due to the impact of higher fuel, power and maintenance costs whereas the increase in depreciation and depletion was due to the impact of the reversal of the previously recognized impairment in the fourth quarter of 2017.  

The Company’s share of net earnings related to Alumbrera in the three months ended June 30, 2018 related to a $30 million reversal of the Company's provision to fund its share of Alumbrera’s reclamation costs to nil resulting from improved operating cashflows associated with a 10 year extension of Alumbrera’s mine life which was approved in April 2018.  The Company discontinued recognizing its share of earnings of Alumbrera effective January 1, 2016 but as of May 1, 2018 commenced recognizing its share of earnings for Alumbrera as the total cumulative losses of Alumbrera had been reversed.

Other Expense/Income

Other expense of $16 million for the three months ended June 30, 2018 included $27 million of foreign exchange losses arising primarily on value added tax receivables denominated in Argentine and Mexican pesos.  These losses were offset partially by interest income on loans held with Pueblo Viejo and a gain recognized upon the dilution of the Company’s interest in Leagold to 12% in May 2018. Upon dilution, the Company’s investment in associate was derecognized with the remaining investment in Leagold classified as an equity security and remeasured to fair value market value as at the date of dilution.

Other income of $4 million for the three months ended June 30, 2017 was comprised primarily of gains on dispositions of securities and interest income on loans held with Pueblo Viejo, offset partially by foreign exchange losses arising primarily on value added tax receivables denominated in Argentine pesos and accounts payable denominated in Mexican pesos.

Income Tax Expense

The income tax expense of $156 million for the three months ended June 30, 2018 resulted in a 624% tax rate (three months ended June 30, 2017 - $57 million income tax recovery and a negative 73% tax rate) and was impacted primarily by currency translations.

The impact of changes in foreign exchange rates on deferred tax balances, current tax balances, intra-group financing arrangements, and tax rate differences resulted in a $147 million income tax expense for the three months ended June 30, 2018 (three months ended June 30, 2017 - $51 million income tax recovery).  Other items resulted in a $4 million income tax expense for the three months ended June 30, 2018 (three months ended June 30, 2017 - $19 million income tax recovery).

Effective tax rate

Earnings before income taxes of $25 million for the three months ended June 30, 2018 was impacted by the following items: $7 million of non-deductible share-based compensation expense (three months ended June 30, 2017 - $8 million); $38 million of after-tax income related to associates and joint venture (primarily Pueblo Viejo and Alumbrera) that are not subject to further income tax in the accounts of the Company (three months ended June 30, 2017 - $41 million, primarily Pueblo Viejo); a $13 million gain on the dilution of the Leagold equity investment which is not subject to income tax (three months ended June 30, 2017 - $nil); and $27 million of non-cash foreign exchange losses which are not subject to income tax (three months ended June 30, 2017 - $4 million). Additionally, earnings before income taxes for the three months ended June 30, 2017 was impacted by a loss on disposition of mining interest of $6 million.

After adjusting for the above-mentioned items, the effective income tax rate for three months ended June 30, 2018 was 63% (three months ended June 30, 2017 – 24%).

AISC

AISC ⁽¹⁾ per ounce was $850 for the three months ended June 30, 2018, compared to $800 per ounce for the three months ended June 30, 2017. The increase in AISC per ounce was due primarily to lower gold sales ($122 per ounce) and lower by-product credits ($36 per ounce), offset partially by lower production costs ($96 per ounce) and lower sustaining capital ($14 per ounce). The decrease in gold sales was primarily due to lower sales at Peñasquito due to planned mine sequencing, and the impact of the closure of Marlin in the first half of 2017, offset partially by the increase in gold sales at Cerro Negro and Éléonore. The decrease in production costs was primarily due to the closure of Marlin in the second quarter of 2017, the favourable impact of the weakening Argentine peso compared to the same period in the prior year at Cerro Negro, which was not fully offset by inflation, and a decrease in production costs at Peñasquito due to continuing cost optimization efforts, offset partially by an increase in production costs at Éléonore associated with its ramp up. The decrease in sustaining capital was primarily due to timing of underground projects and improved mine sequencing at Éléonore, timing of expenditures at Cerro Negro, offset partially by planned ramp up in the tailings dam raise and the purchase of large equipment components at Peñasquito. The decrease in by-product credits was primarily due to lower by-product sales for all metals, which were impacted partially by the closure of Marlin in 2017 and lower copper volumes from Alumbrera, offset partially by a 16% increase in the average realized price of zinc.

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

GOLDCORP  |   12

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

REVIEW OF SECOND QUARTER FINANCIAL RESULTS

Six months ended June 30, 2018 compared to the six months ended June 30, 2017

The net loss for the six months ended June 30, 2018 was $64 million, or $0.07 per share, compared to net earnings of $305 million, or $0.36 per share, for the six months ended June 30, 2017. The net loss in the second quarter of 2018 compared to net earnings in the same period in 2017 was primarily due to an increase in deferred tax expense arising from currency devaluations, particularly in Argentina. Additionally, the net loss was impacted by a decrease in production volumes, primarily due to planned mine sequencing at Peñasquito, offset partially by increases at Cerro Negro and Éléonore, a decrease in net earnings relating to the Company's investment in Pueblo Viejo and an increase in unrealized foreign exchange losses arising primarily on value added tax receivables denominated in local currencies as a result of the currency devaluations. The increase in deferred tax expense, decrease in production volumes, decrease in net earnings relating to the Company’s investment in Pueblo Viejo and increase in unrealized foreign exchange losses for the second quarter of 2018 as compared to the same period in 2017 were offset partially by the impact of increases in average realized gold and zinc prices.

Net earnings and earnings per share for the six months ended June 30, 2018 and 2017 were affected by, among other things, the following significant non-cash or other items that management believes are not reflective of the performance of the underlying operations (items are denoted as having (increased)/decreased net earnings and net earnings per share in the six months ended June 30, 2018 and 2017):

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

Revenues decreased by $65 million, or 4%, primarily due to decreases in gold, silver and zinc sales volumes of 11%, 14% and 7%, respectively, offset partially by increases in the average realized prices of gold and zinc of 5% and 16%, respectively, and lower treatment and refining charges .   The decrease in gold sales volumes was primarily due to lower sales volumes at Peñasquito and the impacts of the sale of Los Filos and closure of Marlin, offset partially by higher gold sales volumes at Cerro Negro and Él é onore . The decrease in silver sales volumes was also due to the impacts of the closure of Marlin in 2017 , while the decrease in zinc sales volumes was due to lower production at Pe ñ asquito.  The decrease in gold and zinc sale s volumes at Peñasquito was primarily due to the planned transition from high-grade ore in Phase 5D at the bottom of the Peñasco pit, to lower grade ore from stockpiles and the remnants of Phase 5D , while the increase in gold sales volumes at Cerro Negro was mainly due to higher mill grade as a result of improved dilution control and mine sequencing in Mariana Central and Eureka .

Production Costs

Production costs for the six months ended June 30, 2018 decreased by $70 million, or 7%, when compared to the same period in 2017 primarily due to the closure of Marlin in the second quarter of 2017 ($61 million), the divestiture of Los Filos in April 2017 ($39 million), the favourable impact of the weakening Argentine peso by 37% compared to the same period in 2017 at Cerro Negro which was not fully offset by inflation, and lower production costs at Peñasquito as a result of its cost optimization efforts, offset partially by an increase in production costs at Cerro Negro primarily due to an increase in royalties due to higher sales, and higher employee costs, and an increase in production costs at Éléonore associated with its ramp up.

Depreciation and depletion increased by $22 million, or 5%, due to an increase in depreciation and depletion per ounce, offset partially by a decrease in sales volumes.  The increase in depreciation and depletion per ounce was mainly due to a higher depletable cost base at Peñasquito in 2018.  The decrease in sales volumes was primarily due to the impacts of the sale of Los Filos in April 2017, the closure of Marlin in the second quarter of 2017, and lower sales volumes at Peñasquito, offset partially by higher sales volumes at Éléonore and Cerro Negro.

The Company’s share of net earnings related to associates and joint venture decreased by $5 4 million in the six months ended June 30, 2018 compared to the same period in 2017 primarily due to a $47 million decrease in net earnings from Pueblo Viejo . The decrease in net earnings from Pueblo Viejo was driven by lower revenues, an increase in tax expense arising from the settlement of a Dominican Republic tax audit, higher production costs due to the impact of higher fuel, power and maintenance costs and higher depreciation and depletion due to the impact of the reversal of the previously recognized impairment in the fourth quarter of 2017 .  

The Company’s share of net earnings related to Alumbrera in both the six months ended June 30, 2018 and 2017 related to a reduction in the Company's provision to fund its share of Alumbrera’s reclamation costs.  The reduction in the six months ended June 30, 2018 reduced the provision to nil and was the result of improved operating cashflows associated with a 10-year extension of Alumbrera’s mine life which was approved in April 2018.  The Company discontinued recognizing its share of earnings of Alumbrera effective January 1, 2016 but as of May 1, 2018 commenced recognizing its share of earnings for Alumbrera as the total cumulative losses of Alumbrera had been reversed.

Other Expense/Income

Other expense of $3 million for the six months ended June 30, 2018 was comprised primarily of $20 million of foreign exchange losses arising primarily on value added tax receivables denominated in Argentine and Mexican pesos, offset partially by interest income on loans held with Pueblo Viejo and a gain associated with the dilution of the Company’s investment in Leagold to 12%.

Other income of $23 million for the six months ended June 30, 2017 was comprised primarily of interest income on loans held with Pueblo Viejo, foreign exchange gains arising primarily on value added tax receivables denominated in Mexican pesos and gains on dispositions of securities.

Income Tax Expense

The income tax expense of $160 million for the six months ended June 30, 2018 resulted in a 167% tax rate (six months ended June 30, 2017 - $105 million income tax recovery and a negative 53% tax rate) and was impacted primarily by currency translations.

The impact of changes in foreign exchange rates on deferred tax balances, current tax balances, intra-group financing arrangements, and tax rate differences resulted in a $135 million income tax expense for the three months ended June 30, 2018 (six months ended June 30, 2017 - $126 million income tax recovery).  Other items resulted in a $3 million income tax expense for the six months ended June 30, 2018 (six months ended June 30, 2017 - $18 million income tax recovery).

Effective tax rate

Earnings before income taxes of $96 million for the six months ended June 30, 2018 were impacted by the following items: $14 million of non-deductible share-based compensation expense (six months ended June 30, 2017 - $17 million); $47 million of after-tax income related to associates and joint venture (primarily Pueblo Viejo and Alumbrera) that are not subject to further income tax in the accounts of the Company (six months ended June 30, 2017 - $101 million); a $13 million gain on the dilution of the Leagold equity investment which is not subject to income tax (six months ended June 30, 2017 - $nil); and $20 million of non-cash foreign exchange losses which are not subject to income tax (six months ended June 30, 2017 - $17 million of foreign exchange gains). Additionally, earnings before income taxes for the six months ended June 30, 2017 was impacted by a $6 million loss on disposition of mining interest and a net impairment reversal of $3 million.

After adjusting for the above-mentioned items, the effective income tax rate for six months ended June 30, 2018 was 31% (six months ended June 30, 2017 – 38%).

AISC

AISC ⁽¹⁾ per ounce was $830 for the six months ended June 30, 2018, compared to $800 per ounce for the six months ended June 30, 2017. The increase in AISC per ounce was primarily due to lower gold sales ($103 per ounce) and lower by-product credits ($38 per ounce), offset partially by lower production costs ($113 per ounce). The decrease in gold sales was primarily due to lower sales at Peñasquito due to planned mine sequencing, and the impacts of the sale of Los Filos and closure of Marlin in the first half of 2017, offset partially by an increase in gold sales at Cerro Negro and Éléonore associated with their ramp-up. The decrease in production costs was primarily due to the sale of Los Filos and closure of Marlin in 2017 and the favourable impact of the weakening Argentine peso compared to the same period in 2017 at Cerro Negro which was not fully offset by inflation. The decrease in by-product credits was primarily due to lower by-product sales for all metals, including the impact of the closure of Marlin, and lower copper volumes from Alumbrera, offset partially by 16% increase in the average realized price of zinc.

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

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

Cash flow provided by operating activities for the three months ended June 30, 2018 was consistent with the same period in the prior year due to higher average realized prices of gold and zinc of 3% and 16%, respectively, offset partially by a decrease in earnings from mine operations, primarily due to decreases in sales volumes of gold, silver and zinc, and an increase in income taxes paid.

The increase in cash flow of $44 million provided from operating activities in the six months ended June 30, 2018 compared to the same period in the prior year was primarily due to the impact of higher average realized metal prices and positive changes in other operating activities, offset partially by negative changes in working capital, predominately attributed to income taxes payable.

The increase in cash flow used in investing activities for the three and six months ended June 30, 2018 compared to the same periods in 2017 was due mainly to an increase in expenditures on mining interests of $85 million and $172 million, respectively, and net proceeds received in 2017 on the sale of Los Filos and Cerro Blanco, offset partially by cash used in connection with the acquisition of the Cerro Casale project in 2017.

Expenditures on mining interests (including deposits on mining interest expenditures) were as follows:

The increase in expenditures on mining interests during the three and six months ended June 30, 2018 compared to the same periods in the prior year was due primarily to an increase in expansionary capital of $89 million and $178 million, respectively, related primarily to the construction of the PLP at Peñasquito.

Cash flow provided by financing activities for the three months ended June 30, 2018 increased as compared to the same period in 2017 primarily due to a net credit facility draw down of an aggregate $140 million as compared to a net credit facility repayment of $16 million in the same period in 2017.  Cash flow provided by financing activities for the six months ended June 30, 2018 increased as compared to the same period in 2017 primarily due to a net credit facility draw down of an aggregate $190 million as compared to a net credit facility draw down of $54 million in the same period in 2017.  

On March 14, 2018, the Company entered into three one-year non-revolving term loan agreements, totaling $400 million. The term loans bear interest at LIBOR plus 0.65%, reset monthly, and are repayable before March 14, 2019 without penalty. The proceeds from the term loans were used to repay the $500 million note that was due on March 15, 2018.

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

On June 29, 2018, the Company completed the extension of its $3.0 billion credit facility term by one year to June 30, 2023. The unsecured, floating rate facility bears interest at LIBOR plus 140 basis points when drawn and 20 basis points on the undrawn amount, based on Goldcorp’s current bond ratings, and is intended to be used for liquidity and general corporate purposes.

At June 30, 2018, the Company's net debt and adjusted net debt ⁽¹⁾ was $2.4 billion and $2.3 billion, respectively. At June 30, 2018, excluding cash and cash equivalents held at associates of $111 million, the Company had $3.0 billion of available liquidity, comprised of $0.2 billion of cash and cash equivalents and short-term investments, and $2.8 billion available on its $3.0 billion credit facility.

The Company may from time to time seek to retire or repurchase its outstanding debt in open market purchases, privately negotiated transactions or otherwise. Such repurchases, if any, will depend upon prevailing market conditions, the Company's liquidity requirements, contractual restrictions and other factors. The amount of debt retired or repurchased may be material.

Outstanding Share Data

As at July 25, 2018, there were 869 million common shares of the Company issued and outstanding and 5 million stock options outstanding, which are exercisable into common shares at exercise prices ranging between C$20.27 per share to C$31.03 per share, and 3 million restricted share units outstanding.

GUIDANCE ⁽¹⁾  

Goldcorp expects to produce 2.5 million ounces (+/- 5%) of gold and AISC are expected to be $800 per ounce (+/- 5%) in 2018, consistent with previous 2018 guidance.  With the dilution of Goldcorp’s interest in Leagold and cessation of operations at Alumbrera beginning in the third quarter, the Company will not report production from these “other mines” for the remainder of 2018.

The Company’s 20/20/20 plan remains unchanged. As previously guided, gold production is expected to increase 20% to 3.0 million ounces by 2021 compared to baseline production of 2.5 million ounces in 2017. AISC are expected to decrease by 20% to approximately $700 per ounce over the same period driven by the ongoing focus on cost efficiencies and productivity improvements. Gold mineral reserves are expected to increase by 20% to 60 million ounces by 2021 supported by the exploration potential and ongoing programs across the Company's operating assets, joint ventures and projects.

Complete production and cost guidance to 2021 is provided below.

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

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

OPERATIONA L REVIEW

The Company’s principal producing mining properties are comprised of the Éléonore, Musselwhite, Porcupine and Red Lake mines in Canada; the Peñasquito mine in Mexico; the Cerro Negro mine in Argentina; and the Pueblo Viejo mine (40.0% interest) in the Dominican Republic.

Operating results of operating segments are reviewed by the Company's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segments and to assess their performance. The Company considers each individual operating mine as an operating segment for financial reporting purposes except for Alumbrera and Leagold. Alumbrera and Leagold are not considered to be reportable operating segments as their financial results do not meet the quantitative threshold required for segment disclosure purposes. As a result, Alumbrera and Leagold are included in Other. The operating results presented below include the results of Leagold up to May 24, 2018, the date on which the Company ceased to have significant influence over Leagold.

The Company’s 100% interest in the HG Young project is included in the Red Lake reporting operating segment while the Borden and Century projects are included in the Porcupine reportable operating segments. The Company's 50% interests in the NuevaUnión and Norte Abierto projects in Chile, and 100% interest in the Coffee project in the Yukon, are included in Other.

The Company’s principal product is gold bullion which is sold primarily in the London spot market. Concentrate produced at Peñasquito and Alumbrera, containing both gold and by-product metals, is sold to third party smelters and traders.

GOLDCORP  |   21

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