Financial and Operational Results
•As a result of the previously announced acquisition of the Company by Newmont Mining Corporation ("Newmont") for approximately $10 billion, Goldcorp recognized a non-cash impairment of $3,879 million (net of tax) representing the difference between the book value of the Company's shareholder's equity and the Newmont offer. Accordingly, the net loss for the fourth quarter of 2018 was $3,984 million or $4.58 per share, compared to net earnings of $242 million or $0.28 per share, for the fourth quarter of 2017.

• Adjusted net earnings(1)(2) were $61 million, or $0.07 per share, for the fourth quarter of 2018, compared to $116 million, or $0.14 per share, for the fourth quarter of 2017.
• Gold production during the fourth quarter of 2018 of 630,000 ounces at an all-in sustaining costs(1)(3) ("AISC") of $765 per ounce, compared to 646,000 ounces at an AISC of $870 per ounce for the fourth quarter of 2017.
• Significant project milestones were achieved during the quarter. Peñasquito's Pyrite Leach Project achieved its first gold pour in November and commercial production in December; Porcupine's Borden Project achieved permitting milestones as it advances towards commercial production, expected in the second half of 2019; the Coffee Project advanced to the late stages of permitting and project engineering.
• Ramp ups of Cerro Negro and Éléonore completed during the fourth quarter. Cerro Negro exited the year at 4,000 tonnes of ore mined per day, completing the ramp up of mine to nameplate capacity, while Éléonore exited the year at 6,600 tonnes of ore mined per day and 35,000 ounces per month, in line with targeted annual gold production of 400,000 ounces.

Financial and Operating Results
($ millions unless stated otherwise)
Year ended December 31 Quarter ended December 31 2018 2017 2018 2017
Gold production (ounces) (1) 2,294,000 2,569,000 630,000 646,000
Gold sales (ounces) (1) 2,255,000 2,534,000 600,000 633,000
Operating cash flows $ 791 $ 1,211 $ 169 $ 511
Net (loss) earnings $ (4,149) $ 658 $ (3,984) $ 242
Net (loss) earnings per share $ (4.77) $ 0.76 $ (4.58) $ 0.28
Adjusted net earnings (1)(2) $ 63 $ 360 $ 61 $ 116
Adjusted net earnings per share (1)(2) $ 0.07 $ 0.42 $ 0.07 $ 0.14
Cash costs: by-product (per ounce) (1)(3) $ 548 $ 499 $ 489 $ 462
AISC (per ounce) (1)(3) $ 851 $ 824 $ 765 $ 870

Non-Cash Impairment Expense of Mining Interest

As previously announced on January 14, 2019, Goldcorp entered into an arrangement agreement with Newmont under which Newmont will acquire all of the outstanding common shares of Goldcorp in a stock-for-stock transaction valued at approximately $10.0 billion. This compared to Goldcorp's pre-impairment book value of its shareholders' equity of $13.9 billion, resulting in a difference of $3.9 billion. As a result, the company recognized a non-cash impairment expense of $4.8 billion ($3.9 billion, net of tax). The non-cash impairment was recorded entirely against the carrying values of Peñasquito, Cerro Negro, Red Lake, and Éléonore; and related to historic acquisition and construction costs of these mines.

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