Gold Fields (GFI) Mining Forum Americas 2026 summary

Strategic overview and growth focus

• Operates eight mines and one project across six countries, listed on JSE and NYSE, with 2025 attributable production of 2.44 million ounces and 2026 guidance of 2.4–2.6 million ounces.

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

• Achieved zero fatalities for 30 months and no 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 3 million ounces by 2031, with stable costs and margin expansion.

Proposed Northern Star combination

• Submitted a non-binding, indicative proposal for Northern Star: 0.3125 shares plus AUD 7.25 cash per share, implying a $27 offer and up to a 22% premium.

• Pro forma ownership would be ~67% existing shareholders and ~33% Northern Star shareholders, with a mix and match cash facility.

• Combined entity would be the world’s second-largest gold producer with 4.1 million ounces production and 77 million ounces reserves, with 80% of production from Australia, North America, and Chile.

• Estimated $4–$5 billion in risk-adjusted synergies from operational, supply chain, and G&A efficiencies.

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

Synergy and operational rationale

• Unique synergy potential due to asset proximity in Western Australia, enabling lower haulage and processing costs.

• Half of synergies from tax reset, accelerating depreciation and cash flows; operational synergies from optimized ore feed and underutilized mills.

• Additional value from supply chain, procurement, and G&A savings.

• Combined business trades at the lowest EV/EBITDA multiple among peers, with potential for re-rating.

• Commitment to disciplined pursuit; standalone business remains compelling if deal does not proceed.