Gold Fields (GFI) Mining Forum Americas 2026 summary

Strategic overview and portfolio highlights

• Operates eight mines and one project across six countries, with 2025 attributable production of 2.44Moz and adjusted free cash flow of $2.97bn.

• Maintains a clear strategy focused on safety, operational excellence, and disciplined capital allocation for upper quartile returns.

• Achieved zero fatalities and serious injuries in H1 2026, emphasizing safety leadership and risk management.

• Portfolio includes long-life assets in Australia, South Africa, Ghana, Peru, and Chile, with Salares Norte and Windfall as key growth drivers.

• Five-year guidance targets production ramp-up to 3Moz by 2031, with stable costs and margin expansion.

Proposed combination with Northern Star

• Proposal offers Northern Star shareholders 0.3125 shares and A$7.25 cash per share, representing up to a 22% premium.

• Pro forma ownership would be ~67% existing shareholders and ~33% Northern Star shareholders.

• Intends to pursue non-core asset disposals with at least $4bn in expected proceeds to accelerate deleveraging.

• Estimated $4–5bn in synergies from operational, supply chain, and G&A efficiencies.

• Combined group would become the world’s second-largest gold producer with 4.1Moz annual output and ~80% of production from Australia, North America, and Chile.

Growth, operational performance, and project pipeline

• Salares Norte achieved steady state, with 2026 guidance revised up to 550–600koz and H1 2026 AISC at $269/oz.

• St Ives mine targets 400koz+ annual production, with major brownfields and renewables projects to lift margins.

• South Deep in South Africa holds 31Moz in reserves, with solar expansion and new mining zones planned.

• Gruyere, Granny Smith, Agnew, and Tarkwa mines are undergoing expansions and productivity enhancements.

• Windfall project in Québec is advancing, with district-scale exploration and first gold expected in H1 2029.