Wrap Text
Operational update for the quarter ended 30 September 2025
GOLD FIELDS LIMITED - OPERATIONAL UPDATE FOR THE QUARTER ENDED 30 SEPTEMBER 2025
Gold Fields Limited
Reg. No. 1968/004880/06
Incorporated in the Republic of South Africa
JSE, NYSE, DIFX Share Code: GFI
ISIN Code:ZAE000018123
(Gold Fields or the Company)
Operational update for the quarter ended 30 September 2025:
- Attributable production 6% higher (QoQ) at 621koz
- All-in sustaining costs (AISC) 10% lower (QoQ) at US$1,557/oz
- All-in costs (AIC) 11% lower (QoQ) at US$1,835/oz
JOHANNESBURG, 5 November 2025: Gold Fields Limited (NYSE & JSE: GFI) issues the following operational
update for the quarter ended 30 September 2025. Detailed financial and operational results are provided
on a six-monthly basis i.e. at the end of June and December.
Statement by Mike Fraser, CEO
Gold Fields delivered another solid performance in the third quarter, maintaining the positive momentum
of the first half of the year. We continued to focus on our multi-year safety improvement plan and
although we have had five consecutive quarters fatality-free, we had three serious injuries in the quarter,
demonstrating the need for continued focus and effort in our safety journey.
Group attributable production increased 6% quarter-on-quarter (QoQ) (+22% year-on-year (YoY)) while All-in
costs (AIC) decreased by 11% QoQ (-4% YoY). All-in sustaining costs (AISC) declined by 10% QoQ and 8% YoY.
Importantly, we remain on track to achieve our full-year production and cost guidance.
Net debt decreased by US$696m during the quarter to US$791m at the end of September 2025
(net debt at 30 June 2025: US$1,487m), driven by strong cash generation, partially offset by the payment of
the interim dividend of US$361m. Gold Fields remains in a robust financial position with a net debt to EBITDA
ratio of 0.17x at the end of Q3 2025, compared to 0.37x in Q2 2025.
Post the quarter-end, Gold Fields completed the acquisition of Gold Road Resources and paid US$1.45bn
(A$2.23bn),net of cash received, the special dividend paid by Gold Road upon transaction close and the disposal
of the Northern Star Resources shares that were acquired as part of the transaction. The purchase was funded
using a fully underwritten bridge facility of US$2.3bn (A$3.48bn) that was executed on 15 July 2025. Taking into
account the acquisition of Gold Road Resources and the disposal of the Northern Star Resources shares,
we remain comfortably below a net debt: EBITDA ratio of 1.0x.
On 26 September 2025, Gold Fields announced the monetisation of the Northern Star Resources shares acquired as
part of the Gold Road Resources acquisition for total proceeds of A$1.1bn which were used to repay a portion of
the bridge facility. Separately, Gold Fields also disposed of its 19.5% stake in Galiano Gold for a total
consideration of C$151m.
Safe, reliable, cost-effective operations
Our operations continued to deliver strongly against plan during the quarter. Group attributable gold-equivalent
production increased 6% QoQ to 621koz (Q2 2025: 585koz), and was 22% higher YoY (Q3 2024: 510koz).
Further improvement is expected in Q4 2025 as the Salares Norte mine ramps up to steady-state production levels,
and we consolidate 100% of the Gruyere mine post the acquisition of Gold Road Resources.
Group AIC for Q3 2025 decreased by 11% QoQ to US$1 835/oz (Q2 2025: US$2,054/oz) primarily driven by higher gold
sales volumes. and was 4% lower YoY (Q3 2024: US$1,909/oz), reflecting higher gold sold and lower capital
expenditure. AISC for the quarter was US$1 557/oz, 10% lower QoQ (Q2 2025: US$1,739/oz) and 8% lower YoY
(Q3 2024: US$1,694/oz),benefiting from increased gold production.
The Australian assets performed in line with plan during Q3 2025. As in 2024, St Ives is expected to deliver a
strong fourth quarter, although the increase from Q3 2025 will be less pronounced than in 2024.
Following the completion of the Gold Road transaction on 14 October 2025, attributable production from Gruyere
will be 100% for most of Q4 2025. On a like-for-like basis (50%), Gruyere's production is expected to increase in
Q4 2025.
Tarkwa's production increased 15% QoQ to 123koz in Q3 2025 (Q2 2025: 107koz), driven by higher feed grade
resulting from an increased proportion of mined ore (vs lower-grade stockpile ore) in the processing mix.
Production in Q2 2025 was affected by higher waste stripping, which led to a greater reliance on low-grade stockpiles.
Tarkwa's production is expected to increase further in Q4 2025.
South Deep had another steady performance in Q3 2025, producing 78koz and meeting its plan for the quarter.
AIC were flat QoQ and only 3% higher YoY, illustrating the extent of the asset's leverage to increasing volumes.
The team continues to make good progress in improving stope turnaround which is key to driving efficiency and
realising incremental gains.
Salares Norte continued to make good progress in its ramp-up. After producing 50koz eq in Q1 2025, the mine increased
output by 46% QoQ to 73koz eq in Q2 2025 and by a further 53% QoQ to 112koz eq in Q3 2025. Production is expected to
increase further in Q4 2025, positioning Salares Norte well to achieve its 2025 guidance of 325koz eq - 375koz eq,
at an AISC of US$975/oz eq - US$1,125/oz eq.
The mine achieved commercial levels of production during Q3 2025, and is making good progress towards steady-state
levels of production, which is expected by year-end. 2026 is set to be the first full year of steady-state production,
during which the mine is expected to produce 550koz eq - 580koz eq at an AISC of US$825/oz eq - US$875/oz eq.
Have a positive social and environmental impact
Gold Fields is in the process of finalising an internal mid-point review of its 2030 ESG targets, to ensure these
targets remain context-based and aligned to our strategic aspirations for the business, and support the growth of
our asset base.
The preliminary outcomes of the review show that we have made good progress towards our targets with tangible benefits
for the business and our stakeholders. The benchmarking work we have undertaken also shows that Gold Fields is either
leading or aligned with our global peers. The outcomes of this review will be published with our FY 2025 results in
February 2026.
Construction of the St Ives renewables plant (comprising 35MW solar and 42MW wind capacity) continued during Q3 2025,
with the project now 80% complete. All solar PV panels have been installed and electrical connections are underway.
The components for the wind turbines have arrived in Australia and are currently being delivered to site. Once
completed it is expected to deliver over 70% of the mine's electricity requirements and reduce its electricity costs
to one third of the current costs.
At Granny Smith, the 11MW solar plant commissioned in Q2 2025 operated at full capacity during Q3 2025. The site now
has a total of 19MW of solar capacity and 9MW battery storage, with 20% of its electricity being generated from solar
power in September.
In August 2025, Gold Fields reported conformance with the Global Industry Standard on Tailings Management (GISTM),
achieving over 95% compliance across all tailings storage facilities in the Group. Gold Fields remains committed to
achieving 80% compliance prior to the transition of the Damang asset to the Government of Ghana in April 2026.
Growing the quality and value of our portfolio
Gold Road transaction
In May 2025, Gold Fields announced that it had entered into a binding Scheme Implementation Deed to acquire 100% of the
issued and outstanding share capital of Gold Road Resources, thereby consolidating full ownership of the Gruyere mine.
In September 2025, Gold Road Resources shareholders voted in favour of the transaction, and the Supreme Court of
Western Australia subsequently approved the Scheme, which was then lodged with the Australian Securities and
Investments Commission. As a result, all conditions were satisfied and the Scheme became effective on 26 September
2025.
The Scheme was implemented on 14 October 2025, upon which Gold Road shareholders received a fixed cash consideration of
A$2.08306 per share (representing A$2.52 per share) less a fully franked special dividend of A$0.43694 per share and a
variable cash consideration of A$0.98117 per share linked to Gold Road's shareholding in Northern Star Resources.
Owning 100% of Gruyere, along with the surrounding land package enables Gold Fields to optimise the life-of-mine plan
and unlock additional value from the asset.
Windfall progress
During Q3 2025, the Windfall team made good progress in advancing the permitting approvals process for the project.
Project execution readiness activities also continued to advance. The Final Investment Decision will be progressed,
subject to approval of the Environmental Impact Assessment.
Changes to Mineral Resources and Mineral Reserves prices
As part of our annual process, we have revised our Mineral Resources and Mineral Reserves gold prices, increasing the
Reserve gold price from US$1 500/oz to US$2 000/oz and the Resources gold price from US$1 725/oz to US$2 300/oz. The
revision was mainly due to the higher gold consensus prices, gold price trends and inflation. While we have revised our
gold price assumptions upward to reflect recent trends, we continue to apply a conservative approach to ensure Mineral
Reserves remain resilient to potential price volatility. This balance recognises the strong price trends of recent
years while safeguarding long-term value.
A full portfolio Resources & Reserves update will be provided as part of the 2025 financial year-end reporting cycle in
March 2026. The updated attributable Mineral Resources and Mineral Reserves for Tarkwa are outlined below in light of
the upcoming mining lease renewal process.
Tarkwa life-of-mine extension
Tarkwa remains one of the cornerstone assets of the Gold Fields portfolio. Through proactive engagements with the
Government of Ghana, we have initiated the process to renew the Tarkwa mining lease due to expire in April 2027. A key
component of this process has been updating of Tarkwa's life-of-mine plan and the mine's declared Mineral Resources and
Reserves.
For 2025, managed Mineral Reserves have increased to 7.4 million ounces from 4.3 million ounces, while managed Mineral
Resources (inclusive of Reserves) have grown to 11.2 million ounces from 8.9 million ounces. Gold Fields' attributable
share, allowing for the Government of Ghana's 10% free-carry interest, represents 6.6 million ounces of Reserves
(up from 3.8 million ounces) and 9.3 million ounces of Measured and Indicated, and 0.7 million ounces of Inferred
Resources, inclusive of Reserves. This increase of approximately 70% in attributable Reserves is driven by the removal
of key operational constraints, including a reduced Akontansi open pit stand-off distance from infrastructure and the
higher Reserve gold price.
A key focus for the team in the near to medium term is to optimise Tarkwa's operating costs to drive margin and cash
generation and to further increase mineable inventory.
Exploration update
Greenfields exploration remains a core pillar of Gold Fields' growth strategy, aimed at building a long-term pipeline
of high-quality, early-stage opportunities that will underpin production in 2035 and beyond. We continue to pursue
early-stage exposure to high-margin, low-capex gold systems through disciplined capital allocation across joint
ventures, equity positions, and 100%-owned assets. In 2025, Gold Fields is advancing 19 active projects across four
continents, testing more than 40 exploration targets.
Exploration in Australia gained momentum during September 2025. The maiden drill rig has commenced at Edinburgh Park
(Queensland), while airborne geochemical surveys have begun across West Tanami. In New South Wales, four East Lachlan
targets have advanced to drill-ready status. The Gold Road integration is nearing completion, resulting in a 200%
increase in Gold Fields' Australian greenfields landholding, and the addition of an experienced exploration team -
enhancing our discovery capability heading into 2026.
Momentum also continues to build across our landholding in Canada. A 38,000m greenfields drill programme commenced in
July 2025, with strong progress at Windfall and surrounding regional targets. The Phoenix Joint Venture with Bonterra
has now exceeded 70,000m of drilling.
At Santa Cecilia in Chile, drilling through our joint venture with Torq Resources has confirmed a large, mineralised
gold-copper porphyry system at Los Gemelos and Pircas. This marks an important milestone which validates the geological
model and scale potential. Post quarter-end, Gold Fields proceeded with the second stage of the earn-in option for the
Santa Cecilia project by contributing US$11m to cover all of the project costs, including a diamond drilling programme.
In Peru, social permitting progressed well across the Moquegua and Leonidas projects, strengthening relationships with
local communities and paving the way for initial drilling in 2026.
Leadership changes
After eight years at Gold Fields, Martin Preece retired on 31 August 2025. Following Martin's retirement, Francois
Swanepoel, who was previously Chief Technical Officer (CTO), was appointed as Chief Operating Officer (COO). I would
like to thank Martin for his valuable contribution and congratulate Francois on his new role. Jason Sander, who has
extensive Technical and industry experience, was appointed as Acting Chief Technical Officer.
FY2025 guidance remains unchanged
Our priority for the remainder of 2025 is to ensure safe, reliable and cost-effective delivery against our production
guidance for the year.
Gold Fields remains on track to meet the original production and cost guidance provided in February 2025. Attributable
gold-equivalent production is expected to be in the upper end of the guidance range of 2.250Moz - 2.450Moz. AISC are
expected to be between US$1,500/oz - and US$1,650/oz, and AIC are expected to be between US$1,780/oz - US$1,930/oz.
Mike Fraser
Chief Executive Officer
5 November 2025
[About this statement of Mineral Resources and Mineral Reserves]
The Mineral Resource and Reserve estimates in this release are reported in accordance with the requirements of the
SAMREC Code and Securities and Exchange Commission's (SEC) S-K 1300. Estimates are disclosed on an attributable basis
as at December 31, 2025. Tonnage, grade, contained metal, and classification (Measured, Indicated, Inferred for Mineral
Resources; Proved, Probable for Mineral Reserves) are disclosed for each category, for both Mineral Reserves and
Mineral Resources (inclusive and exclusive of Mineral Reserves).
Disclosed Inclusive Mineral Resources and Mineral Resources Exclusive of Mineral Reserves have been estimated. All
Mineral Resources have demonstrated economic viability by initial study with a cost of capital and operating costs
better than 50%, with an expectation to not require more than 25% contingency and have demonstrated a reasonable
prospect of economic extraction (RPEE). Only Measured and Indicated Mineral Resources have been used to estimate
Mineral Reserves, subject to the application of appropriate modifying factors and have demonstrated positive economics
based on a prefeasibility study level life-of-mine Mineral Reserve plan that has a capital and operating cost estimate
of better than 25% and does not require more than 15% contingency. Inferred Mineral Resources are not included in the
Mineral Reserve economic analysis or the Mineral Reserves estimates. No Measured Mineral Resource was estimated as
Probable Mineral Reserve.
The Mineral Reserve estimates are 90% attributable to Gold Fields at a gold price of US$2,000/oz, and the estimate
disclosure is delivered to the process plant on the ROM.
Tarkwa Attributable Mineral Reserves
Tonnes (Mt) Grade (g/t) Metal (Moz)
Classification 2025 2024 2025 2024 2025 2024
Proved 45.2 33.7 1.2 1.1 1.7 1.2
Probable 171.0 104.4 0.9 0.8 4.9 2.7
Total 216.2 138.0 1.0 0.9 6.6 3.8
The Mineral Resource estimates are 90% attributable to Gold Fields at a gold price of US$2,300/oz, and the estimate
disclosure is in situ.
Tarkwa Attributable Mineral Resources Inclusive of Reserves
Tonnes (Mt) Grade (g/t) Metal (Moz)
Classification 2025 2024 2025 2024 2025 2024
Measured 48.0 47.5 1.3 1.3 2.0 2.0
Indicated 216.5 175.9 1.0 1.0 7.3 5.9
Measured and Indicated 264.5 223.4 1.1 1.1 9.3 7.8
Inferred 14.5 4.2 1.6 1.4 0.7 0.2
Tarkwa Attributable Mineral Resources Exclusive of Reserves
Tonnes (Mt) Grade (g/t) Metal (Moz)
Classification 2025 2024 2025 2024 2025 2024
Measured 4.3 12.0 1.6 1.5 0.2 0.6
Indicated 55.8 74.3 1.2 1.3 2.2 3.1
Measured and Indicated 60.1 86.3 1.3 1.3 2.4 3.7
Inferred 14.5 4.2 1.6 1.4 0.7 0.2
The estimates have been prepared under the supervision of Mr Alex Trueman, VP Geology, a Gold Fields employee, a member
of AusIMM in good standing, FAusIMM(CP), P.Geo., PRMA, who is a Competent Person/Qualified Person with the prescribed
relevant experience as defined by the SAMREC Code and SEC S-K 1300. Mr Trueman has reviewed and provided prior written
consents to the inclusion of the information in this release in the format presented.
Key statistics
United States Dollar
Quarter
September June September
Figures in millions unless otherwise stated 2025 2025 2024
Gold produced - attributable oz (000) 621 585 510
Gold produced - managed oz (000) 638 602 529
Gold sold - managed oz (000) 683 559 525
Tonnes milled/treated 000 10,882 10,734 10,172
Revenue US$/oz 3,468 3,281 2,493
Cost of sales before gold inventory change
and amortisation and depreciation US$/tonne 63 60 54
AISC# US$/oz 1,557 1,739 1,694
Total AIC# US$/oz 1,835 2,054 1,909
Net debt US$m 791 1,487 1,123
Net debt (excluding lease liabilities) US$m 360 1,055 684
Net debt to adjusted EBITDA ratio 0.17 0.37 0.47
At 30 September 2025, all operations are wholly owned except for Tarkwa and Damang in Ghana (90.0%),
South Deep in South Africa (96.43%) and Cerro Corona in Peru (99.5%).
# AISC and total AIC in the key statistics table include all Gold Fields operations, projects and
offices.
Figures may not add as they are rounded independently.
All-in cost reconciliation
United States Dollar
Quarter
September June September
Figures in millions unless otherwise stated 2025 2025 2024
Total AIC for mining operations US$/oz 1,730 1,936 1,840
Windfall US$/oz 72 91 49
Corporate and other US$/oz 33 27 20
Total AIC US$/oz 1,835 2,054 1,909
Currencies and metal prices
United States Dollar
Quarter
September June September
Figures in millions unless otherwise stated 2025 2025 2024
US$1-ZAR 17.63 18.29 17.97
A$-US$ 0.65 0.64 0.67
US$-C$ 0.73 0.72 0.73
Gold price (US$/oz) 3,468 3,281 2,493
Copper price (US$/tonne) 9,792 9,519 9,204
Silver price (US$/oz) 39 34 28
Stock data for the quarter ended September 2025
Number of shares in issue NYSE - (GFI)
- at 30 September 2025 895,024,247 Range - Quarter US$23.36 - US$42.30
- average for the period 895,024,247 Average Volume - Quarter 3,232,351 shares/day
Free float 100 per cent JSE Limited - (GFI)
ADR ratio 1:1 Range - Quarter ZAR419.32 - ZAR729.09
Bloomberg/Reuters GFISJ/GFLJ.J Average volume - Quarter 2,242,482 shares/day
Salient features and cost benchmarks
United States Dollar South
African
Rand
Total Peru Chile Ghana South Africa
Mine
operations Salares
and Salares Cerro Norte South South
Figures are in millions unless otherwise stated Norte Corona Project Tarkwa Damang Deep Deep
Operating results
September 10 882 1,563 368 3,826 1,214 801 801
Ore milled/treated (000 tonnes) Jun 2025 10,735 1,674 296 3,802 1,173 824 824
Sept 2024 10,172 1,539 6 3,733 1,254 789 789
Sept 2025 1.8 0.8 9.5 1.0 0.6 3.0 3.0
Yield (grams per tonne) Jun 2025 1.7 1.0 7.7 0.9 0.7 3.1 3.1
Sept 2024 1.6 0.8 1.1 1.1 0.8 2.8 2.8
Sept 2025 638.2 41.4 112.2 122.9 22.7 77.7 2,418
Gold produced (000 managed equivalent ounces) Jun 2025 602.0 51.8 73.4 106.6 26.0 81.0 2,518
Sept 2024 529.0 41.5 0.2 128.9 33.2 71.7 2,229
Gold produced (000 attributable equivalent ounce) Sept 2025 20.7 41.2 112.2 110.6 20.4 75.0 2,331
Jun 2025 620.7 51.6 73.4 95.9 23.4 78.1 2,428
Sept 2024 510.1 41.3 0.2 116.0 29.9 69.1 2,149
Gold sold (000 managed equivalent ounces) Sept 2025 683.1 44.1 116.7 121.2 22.7 86.3 2,685
Jun 2025 558.7 50.3 72.8 104.6 26.0 72.1 2,243
Sept 2024 524.9 35.2 0.1 131.3 34.1 70.8 2,203
Cost of sales before amortisation and depreciation (million) Sept 2025 (762.3) (44.0) (73.4) (148.3) (57.9) (114.5) (2,032.4)
Jun 2025 (602.8) (48.3) (38.4) (156.2) (43.9) (90.4) (1,653.4)
Sept 2024 (561.9) (36.1) 4.7 (127.3) (60.8) (94.0) (1,694.2)
Cost of sales before gold inventory change and amortisation
and depreciation (Dollar per tonne) Sept 2025 63 40 165 30 52 132 2,337
Jun 2025 60 42 140 32 28 124 2,269
Sept 2024 54 35 697 36 28 118 2,131
Sustaining capital (million) Sept 2025 (244.3) (0.7) (42.5) (73.8) - (32.8) (582.6)
Jun 2025 (255.5) (0.4) (79.2) (62.3) 0.1 (27.3) (499.7)
Sept 2024 (225.8) (4.6) (37.5) (53.3) - (26.6) (480.6)
Non-sustaining capital (million) Sept 2025 (108.4) (11.0) (25.8) - - - -
Jun 2025 (92.8) (3.1) (36.9) - - - -
Sept 2024 (67.8) (0.3) (46.5) - - - -
Total capital expenditure (million) Sept 2025 (352.7) (11.7) (68.3) (73.8) - (32.8) (582.6)
Jun 2025 (348.3) (3.5) (116.1) (62.3) 0.1 (27.3) (499.7)
Sept 2024 (293.6) (4.9) (84.0) (53.3) - (26.6) (480.6)
AISC (Dollar per ounce) Sept 2025 1,530 (4) 724 2,102 2,990 1,804 1,029,496
Jun 2025 1,730 424 1,638 2,329 2,070 1,801 1,059,492
Sept 2024 1,677 396 453,930 1,667 2,008 1,747 1,012,837
Total AIC (Dollar per ounce) Sept 2025 1,730 475 982 2,102 2,990 1,804 1,029,496
Jun 2025 1,937 606 2,215 2,329 2,070 1,801 1,059,492
Sept 2024 1,840 502 1,002,151 1,667 2,008 1,747 1,012,837
Average exchange rates were US$1 = R17.63, US$1 = R18.29 and US$1 = R17.97 for the September 2025, June 2025 and September 2024 quarters.
The Australian/US Dollar exchange rates were A$1 = US$0.65, A$1 = US$0.64 and AS$1 = US$0.67 for the September 2025, June 2025 and September 2024 quarters.
Figures may not add as they are rounded independently.
Salient features and cost benchmarks continued
United States Dollar Australian Dollar
Australia Australia
Granny Gruyere Granny Gruyere
Figures are in millions unless otherwise stated Agnew St Ives Smith 50% Agnew St Ives Smith 50%
Operating results
Ore milled/treated
(000 tonnes) Sept 2025 305 1,075 348 1,383 305 1,075 348 1,383
Jun 2025 323 1,160 364 1,118 323 1,160 364 1,118
Sept 2024 298 986 402 1,164 298 986 402 1,164
Yield (grams per tonne) Sept 2025 6.3 2.6 6.2 0.9 6.3 2.6 6.2 0.9
Jun 2025 5.4 2.7 6.1 1.0 5.4 2.7 6.1 1.0
Sept 2024 6.3 2.6 5.8 0.9 6.3 2.6 5.8 0.9
Gold produced (000 managed equivalent ounces) Sept 2025 62.1 89.1 69.5 40.6 62.1 89.1 69.5 40.6
Jun 2025 56.1 99.2 71.4 36.5 56.1 99.2 71.4 36.5
Sept 2024 60.9 83.8 74.4 34.4 60.9 83.8 74.4 34.4
Gold produced (000 attributable equivalent ounces) Sept 2025 62.1 89.1 69.5 40.6 62.1 89.1 69.5 40.6
Jun 2025 56.1 99.2 71.4 36.5 56.1 99.2 71.4 36.5
Sept 2024 60.9 83.8 74.4 34.4 60.9 83.8 74.4 34.4
Gold sold (000 managed equivalent ounces) Sept 2025 71.2 100.5 79.4 41.0 71.2 100.5 79.4 41.0
Jun 2025 50.1 83.5 61.6 37.7 50.1 83.5 61.6 37.7
Sept 2024 60.3 86.2 74.4 32.5 60.3 86.2 74.4 32.5
Cost of sales before amortisation and depreciation (million) Sept 2025 (74.2) (138.5) (69.3) (42.1) 114.1) (213.5) (106.3) (64.8)
Jun 2025 (58.1) (77.2) (54.4) (35.8) (90.7) (120.1) (84.8) (56.0)
Sept 2024 (61.8) (100.0) (61.5) (25.2) (92.5) (149.5) (91.9) (37.6)
Cost of sales before gold inventory change and amortisation
and depreciation (Dollar per tonne) Sept 2025 206 114 173 26 315 175 264 39
Jun 2025 182 96 173 34 284 150 271 53
Sept 2024 196 91 148 22 293 137 221 33
Sustaining capital (million) Sept 2025 (11.7) (25.3) (24.1) (33.2) (18.0) (38.6) (36.8) (51.0)
Jun 2025 (9.4) (24.0) (22.1) (31.0) (14.6) (37.3) (34.2) (48.5)
Sept 2024 (7.0) (52.2) (16.3) (28.4) (10.3) (78.2) (24.4) (42.6)
Non-sustaining capital (million) Sept 2025 (11.4) (57.4) (2.8) - (17.4) (88.7) (4.3) -
Jun 2025 (17.5) (34.0) (1.2) - (27.5) (53.2) (1.9) -
Sept 2024 (8.6) (8.0) (4.4) - (12.9) (12.0) (6.5) -
Total capital expenditure (million) Sept 2025 (23.1) (82.7) (26.9) (33.2) (35.4) (127.3) (41.1) (51.0)
Jun 2025 (26.9) (58.0) (23.3) (31.0) (42.1) (90.5) (36.1) (48.5)
Sept 2024 (15.6) (60.2) (20.7) (28.4) (23.2) (90.2) (30.9) (42.6)
AISC (Dollar per ounce) Sept 2025 1,370 1,670 1,316 1,924 2,105 2,564 2,015 2,951
Jun 2025 1,597 1,556 1,468 1,966 2,493 2,424 2,287 3,072
Sept 2024 1,302 1,896 1,180 1,928 1,945 2,838 1,764 2,884
Total AIC (Dollar per ounce) Sept 2025 1,654 2,317 1,384 1,924 2,541 3,562 2,121 2,951
Jun 2025 2,018 2,063 1,506 1,937 3,154 3,217 2,346 3,027
Sept 2024 1,519 2,056 1,253 1,949 2,271 3,077 1,873 2,915
Average exchange rates were US$1 = R17.63, US$1 = R18.29 and US$1 = R17.97 for the September 2025, June 2025 and
September 2024 quarters.
The Australian/US Dollar exchange rates were A$1 = US$0.65, A$1 = US$0.64 and AS$1 = US$0.67 for the September 2025,
June 2025 and September 2024 quarters.
Figures may not add as they are rounded independently.
Review of operations
Quarter ended 30 September 2025 compared with quarter ended 30 June 2025 and quarter ended 30 September 2024
Figures may not add as they are rounded independently.
Gruyere
September June September
2025 2025 Variance 2024 Variance
Mine physicals in table on a 100% basis
Ore mined 000
tonnes 2,040 2,408 (15)% 1,806 13%
Waste (Capital) 000
tonnes 13,217 12,853 3% 12,339 7%
Waste (Operational) 000
tonnes 1,393 1,983 (30)% 38 3,566%
Total waste mined 000
tonnes 14,610 14,836 (2)% 12,377 18%
Total tonnes mined 000
tonnes 16,650 17,244 (3)% 14,183 17%
Grade mined g/t 1.03 1.05 (2)% 1.29 (20)%
Gold mined 000'oz 67.8 81.3 (17)% 75.2 (10)%
Strip ratio waste/ore 6.7 6.2 8% 6.9 (3)%
Tonnes milled 000
tonnes 2,620 2,236 17% 2,329 12%
Yield g/t 0.93 1.02 (9)% 0.92 1%
Gold produced 000'oz 78.0 73.0 7% 68.8 13%
Gold sold 000'oz 80.5 75.5 7% 65.0 24%
AIC and capital in table on a 50% basis
AISC A$/oz 2,951 3,072 (4)% 2,884 2%
US$/oz 1,924 1,966 (2)% 1,928 -%
AIC A$/oz 2,951 3,027 (3)% 2,915 1%
US$/oz 1,924 1,937 (1)% 1,949 (1)%
Sustaining capital expenditure A$m 51.0 48.5 5% 42.6 20%
US$m 33.2 31.0 7% 28.4 17%
Non-sustaining capital expenditure A$m - - -% - -%
US$m - - -% - -%
Total capital expenditure A$m 51.0 48.5 5% 42.6 20%
US$m 33.2 31.0 7% 28.4 17%
Gruyere included on a 100% basis following the Gold Road acquisition from 26 September 2025
September 2025 quarter compared with the June 2025 quarter
Gold production increased by 7% to 78,000 ounces in the September quarter from 73,000 ounces in the June quarter.
The increase was driven by a 17% increase in tonnes milled which was partially offset by a 9% decrease in yield as a
result of a lower proportion of ore mined from the higher-grade Stage 4 of the Gruyere pit.
AIC decreased by 3% to A$2,951/oz (US$1,924oz) in the September quarter from A$3,027/oz (US$1,937oz) in the June
quarter due to higher gold sales partially offset by increased capital expenditure.
Total capital expenditure (on a 50% basis) increased by 5% to A$51m (US$33m) in the September quarter compared to A$49m
(US$31m) in the June quarter, with increased pre-strip mining at stage 6 of the Gruyere pit.
September 2025 quarter compared with the September 2024 quarter
The higher gold production in the September 2025 quarter when compared to the September 2024 quarter was primarily due
to lower tonnes milled in the September 2024 quarter, which was a result of reduced availability of fresh rock from the
Gruyere pit as mining activities focused on catching up the pre-strip shortfall following the major rainfall event in
early 2024.
Overall material movement was higher in the September 2025 quarter as the mining contractor continued to build
efficiency and capability to achieve the required output.
The 1% higher AIC in the September 2025 quarter compared to the September 2024 quarter was due to higher capital
expenditure as a result of increased capital waste tonnes mined combined with higher contractor mining costs, partially
offset by higher gold sales.
Higher capital expenditure in the September 2025 quarter was mainly due to increased capital waste mining.
Review of operations continued
Granny Smith
September June September
2025 2025 Variance 2024 Variance
Underground ore mined 000
tonnes 357 361 (1)% 385 (7)%
Underground waste mined 000
tonnes 131 125 5% 138 (5)%
Total tonnes mined 000
tonnes 488 486 -% 523 (7)%
Grade mined - underground g/t 6.66 6.47 3% 6.16 8%
Gold mined 000'oz 76.4 75.1 2% 76.3 -%
Tonnes milled 000
tonnes 348 364 (4)% 402 (13)%
Yield g/t 6.22 6.10 2% 5.76 8%
Gold produced 000'oz 69.5 71.4 (3)% 74.4 (7)%
Gold sold 000'oz 79.4 61.6 29% 74.4 7%
AISC A$/oz 2,015 2,287 (12)% 1,764 14%
US$/oz 1,316 1,468 (10)% 1,180 12%
AIC A$/oz 2,121 2,346 (10)% 1,873 13%
US$/oz 1,384 1,506 (8)% 1,253 10%
Sustaining capital expenditure A$m 36.8 34.2 8% 24.4 51%
US$m 24.1 22.1 9% 16.3 48%
Non-sustaining capital expenditure A$m 4.3 1.9 126% 6.5 (34)%
US$m 2.8 1.2 133% 4.4 (36)%
Total capital expenditure A$m 41.1 36.1 14% 30.9 33%
US$m 26.9 23.3 15% 20.7 30%
September 2025 quarter compared with the June 2025 quarter
Gold production decreased by 3% to 69,500oz in the September quarter from 71,400oz in the June quarter due to a 4%
decrease in tonnes processed.
AIC decreased by 10% to A$2,121/oz (US$1,384/oz) in the September quarter from A$2,346/oz (US$1,506/oz) in the June
quarter due to higher gold sales partially offset by higher capital expenditure.
Total capital expenditure increased by 14% to A$41m (US$27m) in the September quarter from A$36m (US$23m) in the June
quarter. During the September quarter A$4m (US$3m) was spent on a new fresh air intake system to support the Z135 and
Z150 extraction levels.
September 2025 quarter compared with the September 2024 quarter
The lower gold production in the September 2025 quarter, when compared to the September 2024 quarter, was mainly due to
lower tonnes milled.
Higher AIC compared to the September 2024 quarter was mainly due to increased capital expenditure and higher cost of
sales before amortisation and depreciation, partially offset by higher gold sold.
Lower capital expenditure in the September 2024 quarter was due to lower development activity in the Z135 area, arising
from ventilation restrictions and increased ground support requirements.
Review of operations continued
St Ives
September June September
2025 2025 Variance 2024 Variance
Underground
Ore mined 000
tonnes 573 581 (1)% 522 10%
Waste mined 000
tonnes 227 247 (8)% 210 8%
Total tonnes mined 000
tonnes 800 828 (3)% 732 9%
Grade mined g/t 3.44 3.73 (8)% 4.35 (21)%
Gold mined 000'oz 63.4 69.6 (9)% 73.0 (13)%
Surface
Ore mined 000
tonnes 559 681 (18)% 12 4558%
Waste (Capital) 000
tonnes - 800 (100)% 3,966 (100)%
Waste (Operational) 000
tonnes 1,174 1,192 (2)% - -
Total waste mined 000
tonnes 1,174 1,992 (41)% 3,966 (70)%
Total tonnes mined 000
tonnes 1,733 2,673 (35)% 3,978 (56)%
Grade mined g/t 1.59 2.11 (25)% 1.02 56%
Gold mined 000'oz 28.7 46.1 (38)% 0.4 7075%
Strip ratio waste/ore 2.1 2.9 (28)% 344.1 (99)%
Total (underground and surface)
Total ore mined 000
tonnes 1,132 1,262 (10)% 534 112%
Total grade mined g/t 2.53 2.85 (11)% 4.28 (41)%
Total tonnes mined 000
tonnes 2,533 3,501 (28)% 4,710 (46)%
Total gold mined 000'oz 92.0 115.7 (20)% 73.4 25%
Tonnes milled 000 tonnes 1,075 1,160 (7)% 986 9%
Yield - underground g/t 3.24 3.42 (5)% 4.08 (21)%
Yield - surface g/t 1.80 1.89 (5)% 1.19 51%
Yield - combined g/t 2.58 2.66 (3)% 2.64 (2)%
Gold produced 000'oz 89.1 99.2 (10)% 83.8 6%
Gold sold 000'oz 100.5 83.5 20% 86.2 17%
AISC A$/oz 2,564 2,424 6% 2,838 (10)%
US$/oz 1,670 1,556 7% 1,896 (12)%
AIC A$/oz 3,562 3,217 11% 3,077 16%
US$/oz 2,317 2,063 12% 2,056 13%
Sustaining capital expenditure A$m 38.6 37.3 3% 78.2 (51)%
US$m 25.3 24.0 5% 52.2 (52)%
Non-sustaining capital expenditure A$m 88.7 53.2 67% 12.0 639%
US$m 57.4 34.0 69% 8.0 618%
Total capital
expenditure A$m 127.3 90.5 41% 90.2 41%
US$m 82.7 58.0 43% 60.2 37%
September 2025 quarter compared with the June 2025 quarter
Gold production decreased by 10% to 89,100oz in the September quarter from 99,200oz in the June quarter due to a 7%
decrease in ore milled as a result of plant shutdowns for maintenance during the September quarter and a 3% decrease in
yield.
Increased capital expenditure and cost of sales before amortisation and depreciation, partially offset by higher gold
sold, resulted in an 11% increase in AIC to A$3,562/oz (US$2,317/oz) in the September quarter from A$3,217/oz
(US$2,063/oz) in the June quarter. The increase in cost of sales before amortisation and depreciation was mainly due to
higher maintenance costs as a result of the plant shutdowns and increased mining contractor rates at the underground
operations.
Total capital expenditure increased by 41% to A$127m (US$83m) in the September quarter from $91m (US$58m) in the June
quarter. During the September quarter A$69m (US$45m) was spent on the Renewables Power Project
(June quarter - A$37m/US$24m).
September 2025 quarter compared with the September 2024 quarter
Gold production was higher in the September 2025 quarter compared to the September 2024 quarter mainly due to higher
tonnes milled.
AIC was higher compared to the September 2024 quarter, primarily due to increased capital expenditure, as well as
higher commodity input prices and employee and contractor costs. These increases were partially offset by higher gold
sales achieved in the September 2025 quarter.
The increased capital expenditure compared to the September 2024 quarter reflects increased spend on the Renewables
Power Project.
Review of operations continued
Agnew
September June September
2025 2025 %Variance 2024 Variance
Underground
Ore mined 000
tonnes 298 254 17% 277 8%
Waste mined 000
tonnes 279 246 13% 272 3%
Total tonnes mined 000
tonnes 577 500 15% 549 5%
Grade mined g/t 7.10 6.13 16% 6.66 7%
Gold mined 000'oz 68.0 50.2 35% 59.3 15%
Tonnes milled 000 tonnes 305 323 (6)% 298 2%
Yield - underground g/t 6.34 5.39 18% 6.35 -%
Gold produced 000'oz 62.1 56.1 11% 60.9 2%
Gold sold 000'oz 71.2 50.1 42% 60.3 18%
AISC A$/oz 2,105 2,493 (16)% 1,945 8%
US$/oz 1,370 1,597 (14)% 1,302 5%
AIC A$/oz 2,541 3,154 (19)% 2,271 12%
US$/oz 1,654 2,018 (18)% 1,519 9%
Sustaining capital expenditure A$m 18.0 14.6 23% 10.3 75%
US$m 11.7 9.4 24% 7.0 67%
Non-sustaining capital expenditure A$m 17.4 27.5 (37)% 12.9 35%
US$m 11.4 17.5 (35)% 8.6 33%
Total capital
expenditure A$m 35.4 42.1 (16)% 23.2 53%
US$m 23.1 26.9 (14)% 15.6 48%
September 2025 quarter compared with the June 2025 quarter
Gold production increased by 11% to 62,100oz in the September quarter from 56,100oz in the June quarter due to an 18%
increase in yield, partially offset by a 6% decrease in tonnes milled, driven by fresh rock availability, with
lower-grade stockpiles processed and depleted in the June quarter.
Higher gold sold and lower capital expenditure resulted in a 19% decrease in AIC to A$2,541/oz (US$1,654/oz) in the
September quarter from A$3,154/oz (US$2,018/oz) in the June quarter.
Total capital expenditure decreased by 16% to A$35m (US$23m) in the September quarter from A$42m (US$27m) in the June
quarter, following decreased mine development in the lower Kath area of the Waroonga complex.
September 2025 quarter compared with the September 2024 quarter
Gold production in the September 2025 quarter was 2% higher than the September 2024 quarter.
The higher AIC in the September 2025 quarter compared to the September 2024 quarter was due to lower capital
expenditure in the September 2024 quarter, partially offset by increased gold sold in the September 2025 quarter.
The lower capital expenditure in September 2024 was due to decreased development at Waroonga following unfavourable
ground conditions in the lower levels of the Kath ore body.
Review of operations continued
South Deep
September June September
2025 2025 Variance 2024 Variance
Ore mined 000
tonnes 432 411 5% 449 (4%)
Waste mined 000
tonnes 90 81 11% 83 8%
Total tonnes 000
tonnes 522 492 6% 532 (2%)
Grade mined - underground reef g/t 6.14 6.03 2% 6.34 (3%)
Grade mined - underground total g/t 5.08 5.04 1% 5.35 (5%)
Gold mined kg 2,655 2,478 7% 2,847 (7%)
000'oz 85.4 79.7 7% 91.5 (7%)
Development m 3,011 3,322 (9%) 3,346 (10%)
Secondary support m 3,574 4,038 (11%) 3,614 (1%)
Backfill m3 142,132 164,256 (13%) 102,141 39%
Ore milled - underground reef 000
tonnes 420 414 1% 433 (3%)
Ore milled - underground waste 000
tonnes 48 81 (41%) 49 (2%)
Total underground tonnes milled 000
tonnes 468 495 (5%) 482 (3%)
Ore milled - surface 000
tonnes 333 329 1% 307 8%
Total tonnes milled 000
tonnes 801 824 (3%) 789 2%
Yield - underground reef g/t 5.64 5.99 (6%) 5.08 11%
Surface yield g/t 0.14 0.12 17% 0.09 56%
Total yield g/t 3.02 3.06 (1%) 2.82 7%
Gold produced kg 2,418 2,518 (4%) 2,229 8%
000'oz 77.7 81.0 (4%) 71.7 8%
Gold sold kg 2,685 2,243 20% 2,203 22%
000'oz 86.3 72.1 20% 70.8 22%
AISC R/kg 1,029,496 1,059,492 (3%) 1,012,837 2%
US$/oz 1,804 1,801 -% 1,747 3%
AIC R/kg 1,029,496 1,059,492 (3%) 1,012,837 2%
US$/oz 1,804 1,801 -% 1,747 3%
Sustaining capital expenditure Rm 582.6 499.7 17% 480.6 21%
US$m 32.8 27.3 20% 26.6 23%
Non-sustaining capital expenditure Rm - - -% - -%
US$m - - -% - -%
Total capital expenditure Rm 582.6 499.7 17% 480.6 21%
US$m 32.8 27.3 20% 26.6 23%
September 2025 quarter compared with the June 2025 quarter
Gold produced decreased by 4% to 2,418kg (77.7Koz) in the September quarter from 2,518kg (81.0Koz) in the June quarter,
driven by lower than planned plant recovery and yield. Tonnes milled from underground decreased by 5% to 468kt in the
September quarter from 495kt in the June quarter due to ore phasing despite an increase in mined volumes.
AIC R/kg decreased by 3% to R1,029,496/kg (US$1,804/oz) mainly due to higher gold sold in the current quarter,
partially offset by higher capital expenditure.
Capital expenditure increased by 17% to R583m (US$33m) in the September quarter from R500m (US$27m) in the June
quarter. The main expenditure items relate to the winders, underground infrastructure maintenance (tips) and the
underground collision avoidance system (CAS L9).
September 2025 quarter compared with the September 2024 quarter
Gold produced increased by 8% in the September 2025 quarter driven by improved plant recovery and mine call factors.
AIC R/kg increased by 2% mainly due to the higher cost of sales before amortisation and depreciation and capital
expenditure in the September 2025 quarter partially offset by higher gold sold in the September 2025 quarter.
Capital expenditure increased by 21% in the September 2025 quarter. The main expenditure items relate to an increase in
infrastructure and the underground collision avoidance system.
Review of operations continued
Damang
September June September
2025 2025 Variance 2024 Variance
Ore mined 000
tonnes 284 10 2740% - -%
Waste (Operational) 000
tonnes 5,815 516 1027% - -%
Total tonnes mined 000
tonnes 6,099 526 1060% - -%
Strip ratio waste/
ore 20.5 53.3 (62)% - -%
Grade mined g/t 1.07 0.78 37% - -%
Gold mined 000'oz 9.8 0.2 4800% - -%
Tonnes milled 000
tonnes 1,214 1,173 3% 1,254 (3)%
Yield g/t 0.58 0.69 (16)% 0.82 (29)%
Gold produced 000'oz 22.7 26.0 (13)% 33.2 (32)%
Gold sold 000'oz 22.7 26.0 (13)% 34.1 (33)%
AISC US$/oz 2,990 2,070 44% 2,008 49%
AIC US$/oz 2,990 2,070 44% 2,008 49%
September 2025 quarter compared with the June 2025 quarter
Gold production decreased by 13% to 22,700oz in the September quarter from 26,000oz in the June quarter mainly due to
lower yield. Yield decreased by 16% to 0.58g/t in the September quarter from 0.69g/t in the June quarter due to lower
feed grade from stock piles. A total of 1,064kt was fed from the stockpiles at a grade of 0.66g/t and 150kt at a grade
of 1.17 from ex-pit in the September quarter compared with 1,163kt at a grade of 0.74g/t from stockpiles and 10kt at a
grade of 0.78g/t from ex-pit in the June quarter.
Mining volumes continued to increase during the September 2025 quarter following the resumption of open pit mining
activities in the month of June 2025.
AIC increased by 44% to US$2,990/oz in the September quarter from US$2,070/oz in the June quarter mainly due to lower
gold sold, and higher cost of sales before amortisation and depreciation relating to the increase in tonnes mined.
September 2025 quarter compared with the September 2024 quarter
Gold production decreased by 32% in the September 2025 quarter mainly due to lower yield and lower tonnes milled. A
total of 1,064kt was fed from the stockpiles at a grade of 0.66g/t and 150kt at a grade of 1.17 from ex-pit in the
September 2025 quarter, compared with 1,254kt at a grade of 0.96g/t from stockpiles in the September 2024 quarter.
AIC increased by 49% in the September 2025 quarter mainly due to lower gold sold.
Review of operations continued
Tarkwa
September June September
2025 2025 Variance 2024 Variance
Ore mined 000
tonnes 2,730 2,499 9% 3,809 (28)%
Waste (Capital) 000
tonnes 13,269 9,860 35% 8,428 57%
Waste (Operational) 000
tonnes 9,069 11,138 (19)% 13,364 (32)%
Total waste mined 000
tonnes 22,338 20,998 6% 21,792 3%
Total tonnes mined 000
tonnes 25,068 23,497 7% 25,601 (2)%
Strip ratio waste/
ore 8.2 8.4 (2)% 5.7 44%
Grade mined g/t 1.33 1.12 19% 1.18 13%
Gold mined 000'oz 116.8 90.1 30% 144.1 (19)%
Tonnes milled 000
tonnes 3,826 3,802 1% 3,733 2%
Yield g/t 1.00 0.87 15% 1.07 (7)%
Gold produced 000'oz 122.9 106.6 15% 128.9 (5)%
Gold sold 000'oz 121.2 104.6 16% 131.3 (8)%
AISC US$/oz 2,102 2,329 (10)% 1,667 26%
AIC US$/oz 2,102 2,329 (10)% 1,667 26%
Sustaining capital expenditure US$m 73.8 62.3 18% 53.3 38%
Non-sustaining capital expenditure US$m - - -% - -%
Total capital expenditure US$m 73.8 62.3 18% 53.3 38%
September 2025 quarter compared with the June 2025 quarter
Gold production increased by 15% to 122,900oz in the September quarter from 106,600oz in the June quarter due to higher
yield. Yield increased by 15% to 1.0g/t in the September quarter from 0.87g/t in the June quarter due to higher feed
grade. In the September quarter, 2.27/Mt was fed from ex-pit at a grade of 1.32g/t and 1.55Mt from stockpile at a grade
of 0.79g/t, while 2.18/Mt was fed from ex-pit at a grade of 1.11g/t and 1.62Mt from stockpile at a grade of 0.78g/t in
the June quarter.
AIC decreased by 10% to US$2,102/oz in the September quarter from US$2,329/oz in the June quarter, mainly due to higher
gold sold, partially offset by higher capital expenditure as a result of an increase in mining volumes.
Total capital expenditure increased by 18% to US$74m in the September quarter from US$62m in the June quarter due to
higher capital waste tonnes mined in the September quarter.
September 2025 quarter compared with the September 2024 quarter
Gold production decreased by 5% in the September 2025 quarter, mainly due to a 7% lower yield. In the September 2025
quarter, 2.27/Mt was fed from ex- pit at a grade of 1.32g/t and 1.55Mt from stockpile at a grade of 0.79g/t, while
3.01/Mt was fed from ex-pit at a grade of 1.23g/t and 0.73Mt from stockpile at a grade of 0.78g/t in the September 2024
quarter.
AIC increased by 26% in the September 2025 quarter due to lower gold sold, higher cost of sales before amortisation and
depreciation, higher capital expenditure and higher royalties.
Total capital expenditure increased by 38% in the September 2025 quarter due to higher capital waste tonnes mined in
the September 2025 quarter.
Review of operations continued
Salares Norte
September June September
2025 2025 Variance 2024 Variance
Ore mined 000
tonnes - 543 (100)% 254 (100)%
Waste (capital) 000
tonnes 5,612 5,755 (2)% 3,347 68%
Waste (operational) 000
tonnes - 266 (100)% 297 (100)%
Total waste mined 000
tonnes 5,612 6,021 (7)% 3,644 54%
Total tonnes mined 000
tonnes 5,612 6,564 (15)% 3,898 44%
Strip ratio waste/
ore - 11.09 (100)% 14.34 (100)%
Grade mined - gold g/t - 5.42 (100)% 3.93 (100)%
Grade mined - silver g/t - 161.79 (100)% 86.58 (100)%
Gold mined 000'oz - 94.6 (100)% 32.1 (100)%
Silver mined 000'oz - 2,823.3 (100)% 707.1 (100)%
Tonnes milled 000
tonnes 368 296 24% 6 6,033%
Gold recoveries per cent 84% 85% (1)% - -%
Silver recoveries per cent 66% 69% (4)% - -%
Yield - Gold g/t 8.7 7.6 14% 1.0 770%
- Silver per cent 67.6 14.8 357% 6.3 973%
- Combined eq g/t 9.5 7.7 23% 1.1 764%
Gold produced 000'oz 103.1 72.0 43% 0.2 51450%
Silver produced 000'oz 798.4 140.9 467% 1.2 66433%
Total equivalent gold produced 000'
eq oz 112.2 73.4 53% 0.2 56000%
Total equivalent gold sold 000'
eq oz 116.7 72.8 60% 0.1 116600%
AISC US$/oz 724 1,638 (56)% 453,930 (100)%
AISC US$/
eq oz 942 1,669 (44)% 425,211 (100)%
AIC US$/oz 982 2,215 (56)% 1,002,151 (100)%
AIC US$/
eq oz 1,180 2,235 (47)% 938,580 (100)%
Sustaining capital expenditure US$m 42.5 79.2 (46)% 37.5 13%
Non-sustaining expenditure US$m 25.8 36.9 (30)% 46.5 (45)%
Total capital expenditure US$m 68.3 116.1 (41)% 84.0 (19)%
September 2025 quarter compared with the June 2025 quarter
Gold and silver production in the September quarter was 103,100oz of gold and 798,400oz of silver respectively,
resulting in gold-equivalent production of 112,200oz, a 53% increase compared to the June quarter, which is in line
with the ramp-up plan.
On 31 August 2025, the operation achieved commercial levels of production, following the sustained improvement of the
plant throughput and metallurgical recoveries, marking a key milestone in the ramp-up phase.
AIC decreased by 56% to US$982/oz in the September quarter from US$2,215/oz in the June quarter due to higher gold sold
and lower capital expenditure.
Total capital expenditure decreased by 41% to US$68m in the September quarter from US$116m in the June quarter, mainly
due to the higher expenditure related to the additional work identified at the plant in preparation for winter
conditions.
September 2025 quarter compared with September 2024 quarter
Gold-equivalent production in the September 2025 quarter increased significantly when compared to the September 2024
quarter as the September 2024 quarter was used to set the plant up for a safe and sustainable restart and ramp-up
following the impact of the 2024 winter on ramp-up activities.
The higher capital expenditure in the September 2024 quarter related to ramp-up capital and additional capital due to
the impact of the 2024 winter on the processing facility.
Review of operations continued
Cerro Corona
September June September
2025 2025 Variance 2024 Variance
Ore mined 000
tonnes 5,155 4,273 21% 3,223 60%
Waste mined 000
tonnes 388 1,083 (64)% 3,913 (90)%
Total tonnes mined 000
tonnes 5,543 5,356 3% 7,136 (22)%
Strip ratio waste/
ore 0.22 0.25 (12)% 1.2 (82)%
Grade mined - gold g/t 0.51 0.66 (23)% 0.59 (14)%
Grade mined - copper per cent 0.36 0.38 (5)% 0.36 -%
Gold mined 000'oz 84.0 91.2 (8)% 60.9 38%
Copper mined 000
tonnes 18,420 16,305 13% 11,705 57%
Tonnes milled 000
tonnes 1,563 1,674 (7)% 1,539 2%
Gold recovery per cent 74.9 76.5 (2)% 60.1 25%
Copper recovery per cent 91.2 91.7 (1)% 89.0 2%
Yield - Gold g/t 0.51 0.64 (20)% 0.44 16%
- Copper per cent 39% 40% (3)% 38% 3%
- Combined eq g/t 0.82 0.96 (15)% 0.84 (2)%
Gold produced 000'oz 24.7 33.0 (25)% 20.8 19%
Copper produced tonnes 5,883 6,487 (9)% 5,586 5%
Total equivalent gold produced 000'
eq oz 41.4 51.8 (20)% 41.5 -%
Total equivalent gold sold 000'
eq oz 44.1 50.3 (12)% 35.2 25%
AISC US$/oz (4) 424 (101)% 396 (101)%
AISC US$/
eq oz 1,372 1,385 (1)% 1,489 (8)%
AIC US$/oz 475 606 (22)% 502 (5)%
AIC US$/
eq oz 1,667 1,501 11% 1,541 8%
Sustaining capital expenditure US$m 0.7 0.4 75% 4.6 (85)%
Non-sustaining capital expenditure US$m 11.0 3.1 255% 0.3 3567%
Total capital expenditure US$m 11.7 3.5 234% 4.9 139%
September 2025 quarter compared with the June 2025 quarter
Gold-equivalent production decreased by 20% to 41,400oz in the September quarter from 51,800oz in the June quarter,
mainly due to lower tonnes milled as well as lower gold and copper grades processed, in line with the mine sequence.
AIC per gold ounce sold decreased by 22% to US$475/oz in the September quarter from US$606/oz in the June quarter,
mainly due to lower cost of sales before amortisation and depreciation and higher by-product credits to cost, partially
offset by lower gold sales and higher capital expenditure.
Total capital expenditure increased by 234% to US$12m in the September quarter from US$4m in the June quarter, mainly
due to an increase in construction activities related to the in-pit tailings deposition system.
September 2025 quarter compared with the September 2024 quarter
Gold-equivalent production was similar in the September 2025 quarter compared to the September 2024 quarter.
AIC per gold ounce sold decreased by 5% in the September 2025 quarter mainly due to higher by-product credits to cost,
and higher gold sales, partially offset by higher capital expenditure.
Total capital expenditure increased by 139% in the September 2025 quarter, mainly due to the in-pit tailings deposition
system construction. In the previous year, no tailings storage facility was constructed.
Underground and surface
Ounces with metric tonnes and grade Total
Mine
operations Peru Chile Ghana
and Salares Cerro Salares South Granny Gruyere
Norte Corona Norte Tarkwa Damang Deep Agnew St Ives Smith 50%
Tonnes mined
(000 tonnes)*
- underground ore Sept 2025 1,660 - - - - 432 298 573 357 -
Jun 2025 1,607 - - - - 411 254 581 361 -
Sept 2024 1,634 - - - - 449 277 522 385 -
- underground waste Sept 2025 728 - - - - 90 279 227 131 -
Jun 2025 700 - - - - 81 246 247 125 -
Sept 2024 703 - - - - 83 272 210 138 -
- surface ore Sept 2025 9,750 5,155 - 2,730 284 - - 559 - 1,022
Jun 2025 9,209 4,273 543 2,499 10 - - 681 - 1,204
Sept 2024 8,201 3,223 254 3,809 - - - 12 - 903
- total Sept 2025 12,138 5,155 - 2,730 284 522 577 1,359 488 1,022
Jun 2025 11,516 4,273 543 2,499 10 492 500 1,509 486 1,204
Sept 2024 10,538 3,223 254 3,809 - 532 549 744 523 903
Grade mined
(grams per tonne)
- underground ore Sept 2025 5.5 - - - - 6.1 7.1 3.4 6.7 -
Jun 2025 5.3 - - - - 6.0 6.1 3.7 6.5 -
Sept 2024 5.7 - - - - 6.3 6.7 4.3 6.2 -
- surface ore Sept 2025 0.9 0.5 - 1.3 1.1 - - 1.6 - 1.0
Jun 2025 1.2 0.7 5.4 1.1 0.8 - - 2.1 - 1.0
Sept 2024 1.0 0.6 3.9 1.2 - - - 1.0 - 1.3
- total Sept 2025 1.5 0.5 - 1.3 1.1 5.1 7.1 2.5 6.7 1.0
Jun 2025 1.8 0.7 5.4 1.1 0.8 5.0 6.1 2.9 6.5 1.0
Sept 2024 1.8 0.6 3.9 1.2 - 5.3 6.7 4.3 6.2 1.3
Gold mined
(000 ounces)*
- underground ore Sept 2025 293.1 - - - - 85.4 68.0 63.4 76.4 -
Jun 2025 274.6 - - - - 79.7 50.2 69.6 75.1 -
Sept 2024 300.1 - - - - 91.5 59.3 73.0 76.3 -
- surface ore Sept 2025 273.2 84.0 - 116.8 9.8 - - 28.7 - 34.1
Jun 2025 363.0 91.2 94.6 90.1 0.2 - - 46.1 - 40.6
Sept 2024 275.0 60.9 32.1 144.1 - - - 0.4 - 37.6
- total Sept 2025 566.3 84.0 - 116.8 9.8 85.4 68.0 92.1 76.4 34.1
Jun 2025 637.6 91.2 94.6 90.1 0.2 79.7 50.2 115.7 75.1 40.6
Sept 2024 575.1 60.9 32.1 144.1 - 91.5 59.3 73.4 76.3 37.6
Ore milled/treated
(000 tonnes)
- underground ore Sept 2025 1,653 - - - - 420 305 581 348 -
Jun 2025 1,683 - - - - 414 323 581 364 -
Sept 2024 1,629 - - - - 433 298 496 402 -
- underground waste Sept 2025 48 - - - - 48 - - - -
Jun 2025 81 - - - - 81 - - - -
Sept 2024 49 - - - - 49 - - - -
- surface ore Sept 2025 9,182 1,563 368 3,826 1,214 333 - 494 - 1,383
Jun 2025 8,971 1,674 296 3,802 1,173 329 - 579 - 1,118
Sept 2024 8,494 1,539 6 3,733 1,254 307 - 490 - 1,164
- total Sept 2025 10,882 1,563 368 3,826 1,214 801 305 1,075 348 1,383
Jun 2025 10,735 1,674 296 3,802 1,173 824 323 1,160 364 1,118
Sept 2024 10,172 1,539 6 3,733 1,254 789 298 986 402 1,164
Yield
(Grams per tonne)
- underground ore Sept 2025 5.1 - - - - 5.6 6.3 3.2 6.2 -
Jun 2025 5.0 - - - - 6.0 5.4 3.4 6.1 -
Sept 2024 5.2 - - - - 5.1 6.3 4.1 5.8 -
- surface ore Sept 2025 1.3 0.8 9.5 1.0 0.6 0.1 - 1.8 - 0.9
Jun 2025 1.1 1.0 7.7 0.9 0.7 0.1 - 1.9 - 1.0
Sept 2024 0.9 0.8 1.1 1.1 0.8 0.1 - 1.2 - 0.9
- combined Sept 2025 1.8 0.8 9.5 1.0 0.6 3.0 6.3 2.6 6.2 0.9
Jun 2025 1.7 1.0 7.7 0.9 0.7 3.1 5.4 2.7 6.1 1.0
Sept 2024 1.6 0.8 1.1 1.1 0.8 2.8 6.3 2.6 5.8 0.9
Gold produced
(000 ounces)*
- underground ore Sept 2025 268.4 - - - - 76.3 62.1 60.5 69.5 -
Jun 2025 271.2 - - - - 79.7 56.1 64.0 71.4 -
Sept 2024 271.1 - - - - 70.8 60.9 65.0 74.4 -
- surface ore Sept 2025 369.8 41.4 112.2 122.9 22.7 1.5 - 28.5 - 40.6
Jun 2025 330.9 51.8 73.4 106.6 26.0 1.3 - 35.3 - 36.5
Sept 2024 257.9 41.5 0.2 128.9 33.2 0.9 - 18.8 - 34.4
- total Sept 2025 638.2 41.4 112.2 122.9 22.7 77.8 62.1 89.0 69.5 40.6
Jun 2025 602.0 51.8 73.4 106.6 26.0 81.0 56.1 99.2 71.4 36.5
Sept 2024 529.0 41.5 0.2 128.9 33.2 71.7 60.9 83.8 74.4 34.4
Cost of sales before gold inventory change and
amortisation and depreciation (US Dollar per tonne) Sept 2025 174 - - - - 196 206 140 173 -
Jun 2025 158 - - - - 172 182 123 173 -
Sept 2024 162 - - - - 173 196 141 148 -
- surface Sept 2025 43 40 165 30 52 43 - 84 - 26
Jun 2025 40 42 140 32 28 52 - 69 - 34
Sept 2024 33 35 697 36 28 33 - 41 - 22
- total Sept 2025 63 40 165 30 52 132 206 114 173 26
Jun 2025 60 42 140 32 28 124 182 96 173 34
Sept 2024 54 35 697 36 28 118 196 91 148 22
* Excludes surface material at South Deep.
Forward-looking statements
This announcement contains forward-looking statements within the meaning of the "safe harbour" provisions of the
Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in
this announcement may be forward-looking statements. Forward-looking statements may be identified by the use of words
such as "aim", "anticipate", "will", "would", "expect", "may", "could", "believe", "target", "estimate", "project"
and words of similar meaning.
These forward-looking statements, including among others, those relating to Gold Fields' future business strategy,
development activities (including the permitting, development and operations of the Windfall Project) and other
initiatives, anticipated benefits of acquisitions or joint ventures (including the acquisition of Gold Road Resources
Limited), the ability to successfully renew, extend and/or retain mining rights, licences or other interests
(including the satisfaction of licence conditions), ability to conclude divestments on favourable terms (if at all),
business prospects, financial positions, production and operational guidance, climate and ESG-related statements,
targets and metrics, are necessary estimates reflecting the best judgement of the senior management of Gold Fields and
involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by
the forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they
relate to future events and circumstances and should be considered in light of various important factors, including
those set forth in Gold Fields' Integrated Annual Report 2024 filed with the Johannesburg Stock Exchange and the Annual
Report on Form 20-F filed with the United States Securities and Exchange Commission (SEC) on 27 March 2025
(SEC File no. 001-31318). Readers are cautioned not to place undue reliance on such statements. These forward-looking
statements speak only as of the date they are made. Gold Fields undertakes no obligation to update publicly or release any
revisions to these forward-looking statements to reflect events or circumstances after the date of this announcement or
to reflect the occurrence of unanticipated events. These forward-looking statements have not been reviewed or reported on by the
Company's external auditors.
This presentation includes certain non-International Financial Reporting Standards (IFRS) financial measures,
including adjusted earnings before interest, taxes, depreciation, and amortisation (adjusted EBITDA),
All-in Sustaining Cost (AISC), All-in Cost (AIC), normalised profit attributable to the owners of the parent,
normalised profit per share attributable to the owners of the parent, net debt (including and excluding lease liabilities),
sustaining capital expenditure, non-sustaining capital expenditure, adjusted free cash flow and adjusted free cash flow
from operations. These measures may not be comparable to similarly-titled measures used by other companies and are not
measures of Gold Fields financial performance under IFRS. These measures should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with IFRS. The financial information contained in this
presentation has not been reviewed or reported on by Gold Fields' external auditors.
Administration and corporate information
Corporate Secretary Investor and media enquiries
Anre Weststrate Jongisa Magagula
Mobile: +27 83 635 5961 Mobile: +27 67 419 5903
Email: anre.weststrate@goldfields.com Email: jongisa.magagula@goldfields.com
Registered office Thomas Mengel
Johannesburg Mobile: +27 72 493 5170
Gold Fields Limited Email: thomas.mengel@goldfields.com
150 Helen Road
Sandown Kershnee Govender
Sandton Mobile: +27 83 564 4090
2196 Email: kershnee.govender@goldfields.com
Postnet Suite 252 Email: investor.relations@goldfields.com
Private Bag X30500 Email: media@goldfields.com
Houghton
2041
Tel: +27 11 562 9700 Transfer Secretaries
South Africa
Office of the United Kingdom Secretaries Computershare Investor Services (Proprietary) Limited
London Rosebank Towers
St James's Corporate Services Limited 15 Biermann Avenue
Second Floor Rosebank
107 Cheapside Johannesburg
London 2196
EC2V 6DN
United Kingdom Private Bag X9000
Tel: +44 (0) 20 3869 0706 Saxonwold
Email: general@corpserv.co.uk 2132
Tel: +27 11 370 5000
American depository receipts transfer agent Fax: +27 11 688 5248
Shareholder correspondence should be mailed to:
BNY Mellon United Kingdom
P O Box 43006 MUFG Corporate Markets (formerly Link Group)
Providence RI Central Square
02940-3078 29 Wellington Street
Leads
LSI 4DL
United Kingdom
Overnight correspondence should be sent to: Tel: +44 (0) 371 664 0300
BNY Mellon Email: shareholderenquiries@cm.mpms.mufg.com
150 Royall St., Suite 101
Canton, MA 02021 Calls are charged at the standard geographic rate and will vary by
Tel: 866 247 3871 Domestic provider. Calls outside the United Kingdom will be charged at the
Tel: 201 680 6825 Foreign applicable international rate. Lines are open between 09:00 - 17:30,
Email: shrrelations@cpushareownerservices.com Monday to Friday excluding public holidays in England and Wales.
Email: shareholderenquiries@cm.mpms.mufg.com
Sponsor
J.P. Morgan Equities South Africa Proprietary Limited
1 Fricker Road
Illovo, Johannesburg 2196
South Africa
Website
www.goldfields.com
Listings
JSE / NYSE
YGH Suleman† (Chairperson) MJ Fraser• (Chief Executive Officer) AT Dall• (Chief Financial Officer) A Andani#†
ZBM Bassa† MC Bitar@† TP Goodlace† SL McCrae^^† JF MacKenzie*† JE McGill^† MI Rawlinson*† PG Sibiya† CAT Smit†
^ Australian * British @Chilean #Ghanaian ^^Canadian
†Independent Director •Non-independent Director
Date: 05-11-2025 07:05:00
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