Gold Fields Limited · JSE:GFI
Gold Fields — BMO Global Metals, Mining and Critical Minerals Conference 2026
16 slides from Gold Fields's conference presentation, February 2026
Slide 1: Gold Fields BMO Global Metals, Mining and Critical Minerals Conference
Tarkwa open pit, Ghana Gold Fields BMO Global Metals, Mining and Critical Minerals Conference February 2026 Mike Fraser: CEO
Slide 2: Note to investors
Note to investors 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
Slide 3: Strong operating and financial performance in 2025
Strong operating and financial performance in 2025 SAFETY IMPROVEMENT PLAN • Safety Improvement Plan starting to deliver positive outcomes FY 2025 PRODUCTION AND COST GUIDANCE ACHIEVED • FY 2025 attributable gold-equivalent production of 2.44Moz (+18% YoY) at the upper end of guidance (2.25Moz – 2.4
Slide 4: Clear strategy to create a best-in-class pure-play gold producer
Clear strategy to create a best-in-class pure-play gold producer THE WHY THE WHAT THE HOW Our purpose Our strategy Our culture of care and accountability Operate in a safe, reliable and Gold Fields Way is the mechanism through cost-effective way which we activate and embed this culture. It is made u
Slide 5: Globally diverse portfolio of quality assets
Globally diverse portfolio of quality assets FY 2025 att. gold production contribution Gold Fields Group Chile: 16% Mines: 9 Projects: 1 Australia: Countries: 6 Peru: 7% 44% Att. production: 2,438koz (Au eq) AIC: US$1,927/oz South Adjusted free cash flow from ops*: US$3,164m Africa: 12% Adjusted fre
Slide 6: Growing the value and quality of our portfolio
Growing the value and quality of our portfolio • Gold Fields made disciplined investments across our growth levers during 2025, to improve the quality of our portfolio • We continue to grow our Resource and Reserve base to underpin production into the 2040s BROWNFIELDS GREENFIELDS BOLT-ON M&A: DEVEL
Slide 7: Successful ramp-up of Salares Norte
Successful ramp-up of Salares Norte 2025 progress • Uninterrupted operations despite similar weather conditions to 2024 • Commercial levels of production achieved in Q3 2025 • Steady-state levels of production achieved in Q4 2025 • Successful progress of the chinchilla capture and relocation program
Slide 8: Progressing Windfall to Final Investment Decision
Progressing Windfall to Final Investment Decision Laying the foundation for a multi-decade, camp-scale mining footprint: • Final Investment Decision Key deliverables for 2026 H1 2026 • Project Start (Q2 2026) • Finalize execution plan in H1 2026 • Start camp build (Q2 2026) • Award of main Environme
Slide 9: Gold Road acquisition: consolidating a high-quality asset
Gold Road acquisition: consolidating a high-quality asset • Acquired Gold Road Resources in H2 2025 for US$1.42bn net of cash received, special dividend paid by GOR and the disposal of the Northern Star shares • Full ownership enables Gold Fields to grow Gruyere’s production to c.400koz pa through:
Slide 10: Reversing the Trend of Declining Reserves
Reversing the Trend of Declining Reserves • 2025 Gold Mineral Resource (exclusive of Reserve) • Measured & Indicated: +12% to 34.2Moz • Inferred: +10% to 12.8Moz • 2025 Gold Mineral Reserve increased by 4.0Moz (9%) • Australian assets replaced depletion +4.0 Moz (+9%) 50,30.0 Z150 discovery 3,240.0
Slide 11: Clear capital allocation framework
Clear capital allocation framework Aligned with our strategy Capital allocation priorities 1 Spend necessary capital to ensure safe, reliable and cost-effective operations 2 Maintain our investment grade credit rating 3 Base dividend of 35% of free cash flow before discretionary growth investments w
Slide 12: Disciplined approach to capital allocation
Disciplined approach to capital allocation Cash flow generation Allocation of 2025 FCF (US$m) Returned US$1.7bn to shareholders 4368,336 Net debt of US$1.4bn (net debt/EBITDA of 0.26x) at 31 December 2025 vs. net debt of US$2.1bn (net debt/EBITDA of 0.73x) at 31 December 2024 (1028,50) 1961,629 (137
Slide 13: Shareholder returns
Shareholder returns Returns to shareholders Total returns Base dividend US$1.7bn US$1.4bn 35% of FCF 44% of FCF before before growth growth 31,9 6.3% Returns history (R per share) 54% of FCF Special dividend Share buy-back US$0.2bn 6% of FCF US$0.1bn before growth 3% of FCF before growth 10,0 220% i
Slide 14: Group guidance and outlook
Group guidance and outlook 2026 guidance CMD guidance Delta Attributable production 2.40Moz – 2.60Moz Au eq 2.40Moz – 2.60Moz Au eq Total capital expenditure US$1.9bn – US$2.1bn US$1.9bn Foreign exchange All-in Sustaining Costs US$1,800/oz – US$2,000/oz US$1,690/oz – US$1,890/oz Foreign exchange and
Slide 15: Key priorities for 2026
Key priorities for 2026 ADVANCE ORGANIC OPPORTUNITIES GRUYERE GRANNY SMITH ST. IVES • Progress Golden Highway • Enabling infrastructure • Invincible Underground life- and integrate Yamarna land • Advance the material handling extension study • Advance open pit cutback vs. system study • Advance the
Slide 16: Thank you Questions?
Thank you Questions? 16 16
Gold Fields — BMO Global Metals, Mining and Critical Minerals Conference 2026 on 6ix