Gold Fields (GFI) Q3 2026 TU earnings summary

Executive summary

• Q3 attributable gold-equivalent production was 605koz, in line with plan and down from 634koz in Q2; stronger output at five operations partly offset lower production elsewhere.

• No fatalities were recorded; a serious injury occurred at Windfall in July.

Financial highlights

• AISC was $1,965/oz, broadly flat QoQ from $1,957/oz; AIC rose 3% QoQ to $2,266/oz.

• Net debt was $981m at September 30, or $410m excluding lease liabilities; net debt to adjusted EBITDA was 0.13x.

• The realized gold price was $4,278/oz, down from $4,505/oz in Q2; higher royalties, producer-country currencies and input costs contributed to cost inflation.

Outlook and guidance

• 2026 production guidance of 2.4–2.6Moz is affirmed, with output expected at the upper end on stronger Q4 production.

• Full-year AISC guidance remains $1,800–$2,000/oz and AIC guidance $2,075–$2,300/oz; capital expenditure guidance is $1.6–$1.8bn, including $1.3–$1.4bn sustaining capex.

• Q4 drivers include higher planned grades at St Ives, sale of gold held at Gruyere at quarter-end, and continued improvement at Tarkwa and Gruyere.

• Windfall FID is expected by February 2027; site preparation is underway.