Gold Fields (GFI) investor relations material

Executive summary

• Attributable gold production rose 24% year-over-year to 1,136koz, with strong operational delivery and no fatalities reported in H1 2025.

• Interim dividend of 700 SA cents ($0.70) per share declared, up 133% year-over-year, reflecting robust cash generation and a 34% payout ratio.

• Salares Norte ramp-up progressing as planned, with commercial production expected in Q3 and steady state in Q4 2025.

• Gold Road Resources acquisition signed, consolidating Gruyere ownership, with closing expected in October 2025.

• Safety performance improved, with zero fatalities and two serious injuries reported.

Financial highlights

• Revenue increased 64% to $3,478m, driven by higher gold sales and a 40% increase in realized gold prices.

• Headline and normalized earnings reached approximately $1 billion each, with headline earnings up 220% to $1,027m ($1.15/share).

• Adjusted free cash flow from operations was $1,143m, up 256% year-over-year, reversing a prior outflow.

• All-in sustaining cost (AISC) was $1,682/oz (down 4% YoY); all-in cost (AIC) was $1,957/oz (down 5% YoY).

• Net debt to EBITDA improved to 0.37x, with net debt at $1,487m.

Outlook and guidance

• 2025 production guidance unchanged at 2.25–2.45Moz, with AISC of $1,500–$1,650/oz and AIC of $1,780–$1,930/oz.

• Group capital expenditure guidance maintained at $1,490m–$1,550m.

• Focus for H2 on safe ramp-up at Salares Norte, completing Gold Road acquisition, and advancing Windfall project.

• Long-term guidance and strategic updates to be provided at Capital Markets Day in November.

• Costs expected to decrease in H2 2025 as ramp-up and project transitions stabilize.