Gold Fields Limited · JSE:GFI
Gold Fields — Non-Deal Roadshow (October 2026)
71 slides from Gold Fields's roadshow presentation, October 2026
Slide 1: Australia investor roadshow
Australia investor roadshow Global gold major with a strong Australian platform Mike Fraser, Chief Executive Officer October 2026
Slide 2: Important Notices
Important Notices Forward looking statements and non-IFRS measures Forward looking statements This presentation 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 histo
Slide 3: Acknowledgement of Country
ACKNOWLEDGEMENT OF COUNTRY Gold Fields acknowledges the Indigenous Australian peoples of the lands where we conduct our business activities. We wish to pay our deepest respects to all their ancestors and members of their communities, past and present, and to their emerging leaders. Our passion and c
Slide 4: Who we are
Who we are GLOBAL GOLD MAJOR, WITH THE CAPABILITY TO DELIVER RELIABLE OPERATIONS AND GROWTH • Eight operating mines across five countries delivering 2.4 Moz of attributable production in 2025, and a high-grade underground development project in North America SUSTAINABLE GROWTH FOCUS • Strategy groun
Slide 5: Table of contents
Table of contents 1 Introduction to Gold Fields 2 Gold Fields in Australia 3 Proposed combination with Northern Star 4 Portfolio overview Australian assets International assets Gold Fields | Australia Investor Roadshow | October 2026 5
Slide 6: 1. Introduction to Gold Fields
1. Introduction to Gold Fields
Slide 7: Gold Fields is a leading global gold producer
Gold Fields is a leading global gold producer A world-class miner with a premier diversified portfolio LARGEST GLOBAL GOLD PRODUCERS – LTM (ATTRIBUTABLE BASIS, MOZ) 1,2 SNAPSHOT 5.5 US$33bn (A$47bn) Baa3 / BBB- 3.4 3.2 3.1 Market capitalisation5 Moody / S&P credit rating 2.7 2.6 1.9 ~US$250m (A$360m
Slide 8: A global business of scale and quality
A global business of scale and quality Eight operations and one project across three continents Gold Fields Group, LTM Jun-26 Global portfolio Attributable production: 2.6Moz AISC: US$1,749/oz 2026 guidance: Production 2.4 to 2.6Moz at AISC of US$1,800/oz – US$2,000/oz LTM Jun-26 attributable gold p
Slide 9: A clear strategy for a best-in-class gold producer
A clear strategy for a best-in-class gold producer Creating enduring value beyond mining through sustainable growth on a per share basis WHY WHAT HOW Our purpose Our strategy Our culture of care and accountability The Gold Fields Way is the mechanism through DELIVER which we activate and embed this
Slide 10: Safety, our core value
Safety, our core value Zero fatalities and zero serious injuries in H1 2026 Key focus areas Embedding vital behaviours and consistent safety standards 0 Strengthening visible leadership - including rollout of Visible Felt Leadership coaching to middle FATALITIES managers Critical risk management - i
Slide 11: Gold Fields' proven executive team
Gold Fields’ proven executive team The right leadership, with an ideal blend of global and Australian experience Mike Fraser ✓ Alex Dall Chief Executive Officer & Executive Director Chief Financial Officer & Executive Director Over 30 years experience in the mining sector, with 2 years at Gold Field
Slide 12: A global portfolio underpinned by long life, quality assets
A global portfolio underpinned by long life, quality assets Confident, transparent long-term outlook with above-peer growth and cost discipline 5-Year Estimates: Production and Cost Guidance Gold production CAGR (FY24 to FY30e) (Attributable Production in Moz, costs US$/oz real)(1,2,3,5) Gold Fields
Slide 13: Australia is the largest production centre in the global portfolio
Australia is the largest production centre in the global portfolio Four large scale, stable mines representing 45% of group production LTM1,2 1.2Moz 10.6Moz US$2.3bn US$2.3bn Over LTM Jun-26: 45%1,2 of Group production Mineral Reserves at December 20251 adjusted pre-tax free cash flow from the four
Slide 14: International portfolio of long-life, low-cost assets
International portfolio of long-life, low-cost assets Four mines and one project, US$3.8bn of adjusted FCF in 20261 and 37.7Moz of Reserves 1.5Moz 37.7Moz US$3.8bn US$2.5bn Over LTM Jun-26: 55%2 of Group production Mineral Reserves at December 2025 adjusted free cash flow from the four operating val
Slide 15: Proven and continuing execution delivery at key projects
Proven and continuing execution delivery at key projects Gold Fields has significant experience building and commissioning large-scale gold mines Cerro Corona Gruyere Salares Norte Windfall Peru Australia Chile Canada 6.9 Mtpa | OP | LTM prod: 127koz eq 9.5 Mtpa | OP | LTM prod: 271koz 2.0 Mtpa | OP
Slide 16: Growth to 3Moz by 2031, with a pipeline that sustains it
Growth to 3Moz by 2031, with a pipeline that sustains it Growing production into the mid 2030s and building a pipeline into the 2040s HORIZON 1 HORIZON 2 HORIZON 3 Present to 2030 2031 to 2035 Beyond 2035 Clear path to 3Moz Sustain 2.5 to 3Moz pa Pipeline into the 2040s • Catalysts: Salares Norte, G
Slide 17: Deep pipeline of greenfields opportunities
Deep pipeline of greenfields opportunities Gold Fields’ exploration pipeline extends beyond its existing WA footprint Australian greenfields opportunities International greenfields opportunities Lily Creek (100%) Founders Metals Guiana Shield frontier (Suriname) WEST TANAMI • US$100M for 19.9% equit
Slide 18: Disciplined capital allocation enhances returns
Disciplined capital allocation enhances returns Fund the mines, protect the balance sheet, pay the dividend, allocate the surplus US$4.2bn adjusted group Long life, quality portfolio generating strong operating cash flow Delivered against the framework in H1 2026 free cash flow generation over LTM J
Slide 19: Delivering sector leading returns
Delivering sector leading returns Underscoring the effectiveness of its strategic execution and disciplined capital allocation Historical Return on Capital Employed (ROCE) (%) Delivering superior returns compared to global gold peers Underlying EBIT divided by Total Assets minus Current Liabilities
Slide 20: 2. Gold Fields in Australia
2. Gold Fields in Australia
Slide 21: Proud history and a long-term future in Australia
Proud history and a long-term future in Australia Extensive 25-year history in, and a lasting commitment to, the Australian economy Entrenched history of growing in Australia Cumulative 25-year production (Moz)1 Years producing in Australia 2001 Established Australian platform with acquisition of St
Slide 22: Australia is a critical component within the global business
Australia is a critical component within the global business More than 5,100 employees and contractors underpin Gold Fields’ presence in Australia Executive committee based in Australia Francois Swanepoel Kelly Carter Mariette Steyn Gold Fields Group Chief Operating Officer EVP Legal & Governance EV
Slide 23: Large-scale, Australian production platform
Large-scale, Australian production platform Ability to deliver confidence and transparency in our outlook, setting us apart from ASX peers Gold Fields Australian group 5-Year Production and Cost Guidance (Production in koz & All in Sustaining Cost in US$/oz real)1 AISC (US$/oz Au real, RHS) St Ives
Slide 24: Strategic operational footprint in Western Australia
Strategic operational footprint in Western Australia Gold Fields has one of the most strategically located portfolios among its ASX100 peers Tenements and Mills within ~280 km of Gold Fields’ Assets1 Australia Snapshot Meekatharra 11 Moz 2.4 g/t Nil Contained Au Reserves Reserve grade Third-party re
Slide 25: Delivering consistent and repeatable replacement
Delivering consistent and repeatable replacement Gold Fields has discovered >3x initial Reserves since acquisition, supporting life extensions Western Australia total endowment over time (Moz)1 44 Moz Cumulative production Mineral Reserve Mineral Resource Total endowment to date 44 30 32 34 36 34 37
Slide 26: Peer benchmarking to Gold Fields' Australian business
Peer benchmarking to Gold Fields’ Australian business A leading Australian gold producer, with the strength and backing of a global business LTM Au production (Koz)1 LTM FCF (US$m)1,2 Reserve price (US$/oz)1,2,4,5 Reserves (Moz)6 Total Mill Capacity (Mtpa)7 Reserve Au Grade8 (g/t) 3 1,818 28.4 1.4 3
Slide 27: Peer valuation benchmarking
Peer valuation benchmarking Implied valuation of Gold Fields’ Australian business based on ASX100 peers Key metric: EV5 / LTM EBITDA EV5 / LTM FCF EV5 / LTM Production3 GFI Australia A$5.0bn1 / #1 A$2.1bn2 / #1 1.1Moz / #2 metric / rank: 12.7x 59.4x A$49,816/oz 8.7x 36.5x A$33,709/oz 8.5x 18.9x A$28
Slide 28: 3. Proposed combination with Northern Star
3. Proposed combination with Northern Star
Slide 29: Combination creates a quality, diversified portfolio
Combination creates a quality, diversified portfolio 2nd largest global Diversified, Material unique Unrivalled growth World-class gold gold producer high-quality synergy potential pipeline with a production hub in portfolio solid balance sheet Western Australia 4.1Moz ~80% US$4-5bn3 800Kozpa+ 8 LTM
Slide 30: Proposal summary
Proposal summary Facilitates immediate and ongoing value uplift for both sets of shareholders PROPOSED NBIO TERMS VALUE DRIVEN AND DISCIPLINED STRATEGY ⚫ Northern Star shareholders would receive: Disciplined capital allocation ⚫ 0.3125 Gold Fields ASX CDIs1 ● Gold Fields will remain disciplined and
Slide 31: Unique and compelling industrial logic
Unique and compelling industrial logic Combining to create a stronger platform, delivering sooner ▪ Gold Fields has a proven and settled leadership team Proven delivery from an established team ▪ Northern Star CEO / CFO / CDO / GC transition underway and ongoing, during a critical period of project
Slide 32: Creation of a global gold champion
Creation of a global gold champion ~US$10bn pro forma EBITDA and ~US$50bn combined market capitalisation Gold majors LTM Jun-26 production (koz) and reserves1 (Moz) Gold majors LTM Jun-26 EBITDA2 (US$bn) Production Reserves Illustrative Pro-forma EBITDA adjusted for Northern Star’s existing hedge bo
Slide 33: Creation of a new global gold production centre
Creation of a new global gold production centre Combination creates unparalleled landholding position in a world-class province Largest owner(s): Largest owner(s): Largest owner(s): LTM prod: 2.4 Moz | Reserves: 31Moz | Area: 9,475km2 LTM prod: 2.6 Moz | Reserves: 45Moz | Area: 732km2 LTM prod: 2.1
Slide 34: Opportunity to reassess resources near existing infrastructure
Opportunity to reassess resources near existing infrastructure Kalgoorlie/Kambalda region Agnew and Yandal Granny Smith and Carosue Dam Nameplate capacity: 3.5Mtpa LTM Jun-26 utilisation2: ~40% Jundee mill Granny Smith mill Kanowna Belle Mill Ramone 100km 50km Mt Charlotte Fimiston Mill Julius Fimis
Slide 35: Select operational synergies
Select operational synergies Physical ore-routing and processing opportunities create value beyond standalone plans Agnew + Thunderbox St. Ives + South Kalgoorlie Agnew Exclusive Resources1 SKO Exclusive Resources2 Kanowna Belle Tonnage Grade Tonnage Grade Exclusive M&I Exclusive M&I (kt) (Au g/t) (
Slide 36: Benchmarking potential synergy unlock
Benchmarking potential synergy unlock Northern Star’s merger with Saracen provides a compelling lesson today Merger: Gold Fields / Northern Star Northern Star / Saracen (proposal) (approved MOE) Tax Optimisation and cost savings 2,000 ~5,500 – ~7,0002 Synergies (A$mm) 1,160 840 NPV (A$mm) NPV (A$mm)
Slide 37: Benchmarking the combined portfolio
Benchmarking the combined portfolio A high-quality portfolio, strengthened by the combination Gold Fields’ contribution to Production – LTM Jun-26 (koz) the pro-forma portfolio 541 530 480 434 355 307 300 300-330 275 75% 268 234 234 227 212 202 155 73 1H assets by production AISC – LTM Jun-26 (US$/o
Slide 38: 4. Portfolio overview
4. Portfolio overview
Slide 39: St Ives
St Ives A generational asset: Western Australia's most consistent large- scale producer, with a fully funded, self- help path to >400koz at a reducing cost base
Slide 40: St Ives: A generational asset, built to last
St Ives: A generational asset, built to last Consistent producer with 3.9Moz of reserves and low historical reserve conversion cost Annual Gold Production (koz)1 St Ives 345-385 LOCATION 372 370 350-360 Western Australia , 100% owned 331 MINERAL RESERVE & RESOURCE 3.9Moz Mineral Reserve at end 2025,
Slide 41: Consistently produced +300koz over 25 years
Consistently produced +300koz over 25 years A high-performing Western Australian producer with reliable delivery Major Producing Assets in Australia — Number of Years with Production Exceeding 300koz (since 2001)1 Cumulative production since 2001 (Moz) 15.7 10.7 10.6 9.7 11.2 10.8 7.5 6.6 25 25 21 2
Slide 42: A funded path to 400koz at a first-quartile cost
A funded path to 400koz at a first-quartile cost Rising volumes and a falling cost base, underwritten by committed improvement projects 5-Year Production and Cost Guidance (Production in koz & All in Sustaining Cost in US$/oz real)1 Production Range (koz Au) All in Sustaining Cost Range (US$/oz Au)
Slide 43: Invincible: discovered, drilled, and still growing
Invincible: discovered, drilled, and still growing Invincible growing to 3.4Mtpa base feed, with 300km of drilling planned Invincible North Invincible Invincible South 4km RL (m) 250 Lake Lefroy, RL 300 Invincible Hardy Footwall South 0 Drake IFDDMD00144 Fenton Dundas 18 m @ 12 g/t IFDDMD00055 Gibso
Slide 44: Agnew
Agnew Exploration compounder: One of Western Australia’s highest-grade underground mines with a ~25-year record of gold Reserve replacement
Slide 45: Agnew: Outsized discovery record
Agnew: Outsized discovery record One of Australia’s highest-grade underground mines (5.8g/t) which keeps finding more Annual Gold Production (koz)1 Agnew LOCATION 245 245 230-240 Northern Goldfields, Western Australia, 230 205-230 100% owned MINERAL RESERVE & RESOURCE 5Mt Mineral Reserve at 5.8g/t f
Slide 46: Agnew reserve replacement and mined grade
25 years of gold reserve replacement Consistently achieving mined grade of ~6.0g/t 15-Year Mined grade Western Australian gold-only underground operations – FY26 / CY25 (g/tonne) (Underground mined grade)1 Peer operations Gold Fields 8 8 6.9 6.8 6.4 6.3 >100% - mined above reserve grade 6.5 6.1 6.1
Slide 47: Grade-led margins, consistently delivered
Grade-led margins, consistently delivered A steady ~230koz producer with exceptional grades 5-Year Production and Cost Guidance (Production in koz & All in Sustaining Cost in US$/oz real)1 Asset Objectives: Production Range (koz Au) All in Sustaining Cost Range (US$/oz Au) • Maintain production >225
Slide 48: Waroonga at depth, plus a prospective land package
Waroonga at depth, plus a prospective land package Depth extensions and regional targets that keep replacing reserves Waroonga deposit continues to extend at depth. Target exploration and drilling 714km2 tenement package which continues to produce planned to define and unlock the system more mines t
Slide 49: Granny Smith
Granny Smith The most reliable mine in the region: >275koz p.a. for 15 years at an AISC below US$1,300/oz from a high-grade orebody
Slide 50: Granny Smith: The most reliable mine in the region
Granny Smith: The most reliable mine in the region >275koz p.a. for 15 years at a low AISC, from a high-grade orebody and regional opportunities Annual Gold Production (koz)1 Granny Smith 284 287 LOCATION 262 250-260 Eastern Goldfields, Western Australia, 225-250 100% owned MINERAL RESERVE & RESOURC
Slide 51: 15-year runway gives earnings visibility
15-year runway gives earnings visibility Long-dated, high-margin ounces with sector-low cost visibility 5-Year Production and Cost Guidance (Production in koz & All in Sustaining Cost in US$/oz real)1 Asset Objectives: Production Range (koz Au) All in Sustaining Cost Range (US$/oz Au) • Maintain > 2
Slide 52: Filling the mill from the district
Filling the mill from the district A hub-and-spoke satellite pipeline that turns spare capacity into ounces Northern Tenements Granny Smith Exploration • Strong track record of exploration success (+5 Moz Mineral Reserve since acquisition in 2013) Granny • Highest reserve life since acquisition Smit
Slide 53: Wallaby keeps extending
Wallaby keeps extending Grade at depth plus spare mill capacity generating low-capital intensive growth 1 US$70 million definition programme across Zone 150 5.8 Moz Wallaby and Zone 160 over three years, with drilling ongoing production(1) Materials handling and autonomous haulage to enable 2 lower-
Slide 54: Gruyere
Gruyere The largest reserve in the region: Stabilisation is the immediate priority, with a path to above 400koz per annum from the consolidated land package
Slide 55: Gruyere: The region's largest reserve, now 100% owned
Gruyere: The region's largest reserve, now 100% owned Consolidation allows full potential to be unlocked, with pathway to >400kozpa Annual Gold Production (koz, Gruyere 100% basis)1,2 LOCATION 322 300-320 300-320 Eastern Goldfields, Western Australia, 100% owned 296 288 MINERAL RESERVE & RESOURCE 82
Slide 56: Stabilise first: improved productivity is the near-term prize
Stabilise first: improved productivity is the near-term prize A self-help operational turnaround that re-rates the asset before any growth capital 5-Year Production and Cost Guidance (Production in koz & All in Sustaining Cost in US$/oz real)1 Asset Objectives: Production Range (koz Au) All in Susta
Slide 57: Large holding across highly prospective Yamarna belt
Large holding across highly prospective Yamarna belt District-scale exploration upside unlocked by consolidation 155 km Exploration – Large new land package tenement extent • Highly prospective land package from Gold Road acquisition • Early-stage exploration commenced • Studies underway on Gilmour
Slide 58: International assets
International assets
Slide 59: Salares Norte: Steady state achieved, annual guidance revised up
Salares Norte: Steady state achieved, annual guidance revised up Transforming Gold Fields’ growth profile through successful ramp-up and cash generation Annual Production (koz eq)1 Salares Norte 700 550-6002 LOCATION Atacama, Chile, 100% owned 600 Discovered by Gold Fields in 2011 STEADY STATE 500 S
Slide 60: South Deep: Stable growth with improving margins
South Deep: Stable growth with improving margins One of the largest gold deposits in the world, generating significant cash Annual Gold Production (koz) South Deep 500 450 LOCATION South Africa, 93.1% owned 400 305-340 MINERAL RESERVE 322 300-320 350 174.5 Mt at 4.9 g/t for 27.6 Moz 309 300 267 MINI
Slide 61: South Deep: South of Wrench has potential to deliver c. 20% uplift
South Deep: South of Wrench has potential to deliver c. 20% uplift South of Wrench investment will unlock greater mining flexibility and resilience 1 North of Wrench: Immediate priority is to optimise stope extraction sequence to address geotechnical constraints and create foundation for sustainable
Slide 62: Windfall District: expanding beyond the mine
Windfall District: expanding beyond the mine EIA and provincial permits expected imminently; FID and construction ready Windfall District LOCATION Urban-Barry district of Québec, Canada HISTORY Measured two-stage acquisition with forecast production of +300 koz p.a. for more than 20 years at first q
Slide 63: Windfall District: A large-scale, high-grade project
Windfall District: A large-scale, high-grade project De-risked project with >2.3 million metres drilled and C$1bn invested to date Top 20 global gold mines by head grade (g/t Au)2 >2.3 Million Metres Macassa Drilled to date Eagle River Island Mponeng ~16km Salares Norte Segovia Underground developme
Slide 64: Windfall District: expanding beyond the mine
Windfall District: expanding beyond the mine A secured, underexplored district with permits, budget and team in place District scale, infrastructure leverage and multiple pathways to growth Gold Fields | Australia Investor Roadshow | October 2026 64
Slide 65: Tarkwa: One of Africa's largest open pit gold mines
Tarkwa: One of Africa’s largest open pit gold mines Large-scale, open-pit gold asset with multi-decade potential Annual Gold Production (koz)1 Tarkwa Tarkwa11 600 551 LOCATION 537 Western Region, Ghana 500 475 470-490 HISTORY 425-470 Acquired in 1993, Gold Fields now owns 90% of Tarkwa, which has pr
Slide 66: Cerro Corona: pivoting toward life extension opportunities
Cerro Corona: pivoting toward life extension opportunities Open-pit cutback commencing in 2027 for +60koz AuEq; stockpile processing until 2030 Annual Production (koz eq) Cerro Corona 300 LOCATION 250 239 Cajamarca region, Peru; 99.5% owned by Gold Fields HISTORY 200 Finalised acquisition of Cerro C
Slide 67: Appendix
Appendix
Slide 68: Gold Fields Mineral Reserves and Mineral Resources
Gold Fields Mineral Reserves and Mineral Resources As at 31 December 2025, attributable to Gold Fields Total Measured and Indicated Mineral Asset Mineral Reserve (Proved and Probable) Inferred Mineral Resource Mineral Resource Resource Mt g/t Moz Mt g/t Moz Mt g/t Moz Moz Gold St Ives 38.6 3.11 3.85
Slide 69: Important Notices
Important Notices Mineral Resources, Mineral Reserves and Exploration Results Gold Fields Mineral Resources and Mineral Reserves The Mineral Resources and Mineral Reserves for Gold Fields included in this presentation as at 31 December 2025 were estimated and reported in accordance with the SAMREC C
Slide 70: Information to Support the Disclosure of Exploration Results in this Presentation
Information to Support the Disclosure of Exploration Results in this Presentation Drillhole intercept details Intercept calculation methods From Project Intercept calculation criteria Property Deposit Zone/Project Drillhole ID Hole type To (m) Width (m) ETW (m) Grade (g/t Au) (m) St Ives Invincible
Slide 71: Thank you
Gruyere, Australia Thank you Investor relations: Investor.Relations@goldfields.com │ www.goldfields.com Members of ICMM and the World Gold Council Gold Fields | Australia Investor Roadshow | October 2026