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TRADING STATEMENT AND OPERATIONAL PERFORMANCE UPDATE FOR THE SIX MONTHS ENDED 30 JUNE 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)
TRADING STATEMENT AND OPERATIONAL PERFORMANCE UPDATE FOR THE SIX MONTHS ENDED 30
JUNE 2025
In compliance with paragraph 3.4(b)(iii) of the JSE Listings Requirements, Gold
Fields advises that headline earnings per share (HEPS) for the six months ended 30
June 2025 (H1 2025) are expected to be in the range of US$1.09 to US$1.21 per share,
which is 203% to 236% higher than HEPS reported for the six months ended 30 June
2024 (H1 2024) of US$0.36 per share.
Basic earnings per share (EPS) for H1 2025 are expected to be in the range of US$1.09
to US$1.21 per share which is 153% to 181% higher than the EPS reported for H1 2024
of US$0.43 per share.
Normalised earnings* per share for H1 2025 are expected to be in the range of US$1.06
to US$1.18 per share which is 165% to 195% higher than the normalised earnings
reported for H1 2024 of US$0.40 per share.
The increase in headline, basic and normalised earnings expected in H1 2025 is
primarily driven by higher gold volumes sold in conjunction with higher gold prices
received compared to H1 2024. The earnings were partially offset by increased cost
of sales due to general mining inflation and higher volumes mined.
Gold volumes sold are expected to increase further in the second half of 2025 (H2
2025) with the continued ramp-up at Salares Norte and planned higher H2 2025
production at the Gruyere, St Ives and Tarkwa mines.
Further detail will be provided as part of the H1 2025 financial and operational
results to be released by Gold Fields on Friday, 22 August 2025.
* Normalised earnings are defined as profit excluding gains and losses on foreign
exchange, financial instruments and non-recurring items after taxation and non-
controlling interest effect.
Q2 2025 operational performance
Q2 2025 Group attributable gold equivalent production is expected to be 585koz (Q1
2025: 551koz), with all-in costs (AIC) of US$2,054/oz (Q1 2025: US$1,861/oz). All-
in sustaining cost (AISC) for Q2 2025 is expected to be US$1,739/oz (Q1 2025:
US$1,625/oz). AIC and AISC were impacted by elevated waste stripping at Tarkwa and
timing of gold sales, with 45koz of gold produced only being sold after the end of
period.
Salares Norte has continued to make progress with its ramp up and the processing
plant has operated successfully throughout the winter period to date. Salares Norte
produced 73koz-eq in Q2 2025, a 46% increase from the 50koz-eq produced in Q1 2025.
The mine remains on track to reach commercial levels of production in Q3 2025 and
steady state levels of production in Q4 2025.
Tarkwa's gold production was lower in Q2 2025 as ore feed was supplemented with low-
grade stockpiles as the mine prioritized waste stripping during the quarter. Tarkwa's
production is expected to increase during H2 2025.
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H1 2025 operational performance
Group attributable gold equivalent production for H1 2025 at 1,136koz is expected
to be 24% higher than the corresponding period in 2024 (H1 2024: 918koz). AIC for
H1 2025 is expected to be 5% lower year-on-year at US$1,957/oz (H1 2024: US$2,060/oz)
and AISC expected to be 4% lower at US1,682/oz (H1 2024: US$1,745/oz). AIC benefited
from higher volumes of gold sold during H1 2025 and lower non-sustaining capital
expenditure, partially offset by an increase in sustaining capital expenditure
(mainly at Salares Norte, Gruyere and Granny Smith).
2025 Guidance unchanged
Gold Fields remains on track to meet its 2025 production and cost guidance provided
in February 2025. Attributable gold equivalent production is expected to be between
2.25Moz - 2.45Moz. AISC is expected to be between US$1,500/oz - US$1,650/oz, and AIC
is expected to be between US$1,780/oz - US$1,930/oz.
Expectations for Group capital expenditure remain unchanged, with total capital
expenditure for the year expected to be between US$1,490m – US$1,550m including
sustaining capital betweenUS$940m – US$970m.
The operational performance and the financial information on which this trading
statement is based have not been reviewed, and reported on, by the Company's external
auditors.
ENDS
4 August 2025
Sponsor:
J.P. Morgan Equities South Africa (Pty) Ltd
Investor enquiries contact:
Jongisa Magagula
Tel: +27 11 562 9775
Mobile: +27 67 419 9503
Email: Jongisa.Magagula@goldfields.com
Thomas Mengel
Tel: +27 11 562 9849
Mobile: +27 72 493 5170
Email: Thomas.Mengel@goldfields.com
Media enquiries contact:
Kershnee Govender
Tel: +27 11 562 9700
Email: keershnee.govender@goldfields.com
About Gold Fields
Gold Fields is a globally diversified gold producer with nine operating mines in
Australia, South Africa, Ghana, Chile and Peru, and one project in Canada. In 2024
the Company reported total attributable annual gold-equivalent production of
2.07Moz, Proved and Probable gold Mineral Reserves of 44.3Moz, Measured and Indicated
Mineral Resources of 30.4Moz (excluding Mineral Reserves (EMR)) and Inferred Mineral
Resources EMR of 11.6Moz.
Page 2 of 3
The Company's shares are listed on the Johannesburg Stock Exchange (JSE) and American
depositary shares trading on the New York Stock Exchange (NYSE).
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, including
the proposed acquisition of Gold Road Resources Limited, anticipated benefits of
acquisitions or joint ventures, 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), all-in costs net of by-products, net debt, free
cash-flow and adjusted free-cash flow. 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.
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Date: 04-08-2025 02:45:00
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