Gold Fields Limited · JSE:GFI
Gold Fields — Denver Gold Forum 2025
19 slides from Gold Fields's conference presentation, 2025
Slide 1: Gold Fields: Denver Gold Forum
Windfall Mine, Québec Canada Gold Fields: Denver Gold Forum 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: A global gold miner with quality assets
A global gold miner with quality assets H1 2025 att. gold production contribution Gold Fields Group (H1 2025) Chile: 11% Mines: 9 Projects: 1 Peru: 9% Countries: 6 Australia: Att. production: 1,136koz 45% AIC: US$1,957/oz South Africa: 13% Adjusted free cash flow from ops*: US$1,143m Adjusted free c
Slide 4: Safety improvement roadmap delivering improved performance
Safety improvement roadmap delivering improved performance • Benefits of safety improvement roadmap becoming visible Serious and fatal injuries 10 • Zero fatalities; 2 serious injuries in H1 2025 9 • Multi-year safety programme focuses on: 8 • Empowering leaders 7 • Improving safety and risk systems
Slide 5: Strategy
Strategy Building off a quality asset base • Our portfolio is anchored by four multi-decade assets which provide the production baseload • An additional four assets offer upside optionality • Through greenfields and brownfields exploration and M&A, we continue to improve the quality of our portfolio
Slide 6: Investment case
Investment case Production growth 2024 - 2026 INVESTMENT HIGHLIGHTS 19% 17% • Best-in-class growth 7% • Industry leading free-cash-flow generation and strong track record of -2% -5% -5% per share value creation -18% • Globally diversified portfolio with Gold Fields Peer 1 Peer 2 Peer 3 Peer 4 Peer 5
Slide 7: Globally diversified portfolio with limited geopolitical risk
Globally diversified portfolio with limited geopolitical risk % of production from OECD member countries (based on 2026E gold production forecasts) 100% 100% Inclusion of Windfall at steady state levels 80% 52% 52% 45% 69% 20% Peer 1 Peer 2 Gold Fields Peer 3 Peer 4 Peer 5 Peer 6 Source: RBC Researc
Slide 8: Focus on per share value creation and shareholder returns
Focus on per share value creation and shareholder returns Gold Fields free cash-flow per share (US$/share) Dividend yield: 2025E and 2026E 1.06 6.7% 4.7% 0.68 4.3% 3.7% 0.52 0.48 2.5% 0.41 2.1% 2.0% 1.7% 1.4% 1.4% 1.0% 1.1% 0.6% 0.6% Peer 1 Gold Fields Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 2021 2022 20
Slide 9: Attractive valuation
Attractive valuation P/CFPS 2026E EV/EBITDA: 2026E 9.3x 12.3x 9.6x 7.1x 6.0x 6.1x 7.9x 7.3x 5.1x 5.2x 6.9x 4.8x 5.7x 5.2x Peer 1 Peer 2 Peer 3 Gold Fields Peer 4 Peer 5 Peer 6 Peer 1 Gold Fields Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Source: RBC Research, S&P Capital IQ Source: RBC Research, S&P Capital
Slide 10: Growing the quality of our portfolio
Growing the quality of our portfolio Salares Norte plant, Chile 10
Slide 11: Catalysts for portfolio optimisation
Catalysts for portfolio optimisation GRUYERE GRANNY SMITH ST. IVES AGNEW AIC & AISC • Opportunity: Life extension • Opportunity: Life extension • Opportunity: Unlock • Opportunity: Life extension • Levers: and address haulage Invincible orebody’s full • Levers: Pit and plant optimization constrain
Slide 12: Levers to grow the value and quality of our portfolio
Levers to grow the value and quality of our portfolio Mineral Resource and Mineral Reserve base to maintain production of 2.0 – 3.0Moz per annum into the mid 2030’s. BROWNFIELDS GREENFIELDS BOLT-ON M&A: EXPLORATION: EXPLORATION: • Recent additions include: • US$63m spent on brownfields • We have rei
Slide 13: Attractive near-term growth in Salares Norte and Windfall
Attractive near-term growth in Salares Norte and Windfall SALARES NORTE WINDFALL H1 2025 progress Focus areas • Uninterrupted operations through the winter period in 2025 • EIA permitting • On track to achieve commercial production in Q3 2025 • Impact Benefit Agreement negotiations • Good progress t
Slide 14: Gold Road acquisition: Consolidating a high-quality asset
Gold Road acquisition: Consolidating a high-quality asset I N D I C AT I V E T I M E L I N E SID IER Materials Review 1st court Scheme Scheme 2nd court Effectiv Special Implementation signed received submitted to period date materials meeting date e date dividend date ASIC ends issued paid 5 May 21
Slide 15: Greenfields exploration portfolio
Greenfields exploration portfolio Key developments during H1 2025 • Onyx Gold (Canada): Stake lifted to 9.4%; standout intercepts incl. 91m @ 1.8 g/t and 60m @ 2.5 g/t Au • Vior (Canada): Participated in C$39M raise and maintained ~20.7% stake; supporting 60,000m Belleterre campaign • Hamelin Gold (
Slide 16: Clear capital allocation framework
Clear capital allocation framework Capital allocation priorities 1 Maintain our investment grade credit rating 2 Spend necessary capital to ensure safe, reliable and cost-effective production 3 Pay a base dividend of 30% - 45% of normalised earnings Remaining free cash flow must compete based on ret
Slide 17: Outlook and conclusion
Outlook and conclusion Exploration team at Salares Norte, Chile 17
Slide 18: 2025 Group guidance and outlook
2025 Group guidance and outlook 2025 guidance unchanged Production 2.25Moz – 2.45Moz Total capital expenditure US$1.49bn – US$1.55bn All-in Sustaining Costs US$1,500/oz – US$1,650/oz All-in Costs US$1,780/oz – US$1,930/oz IMPROVE SAFETY ENSURE PREDICTABLE CONTINUE TO IMPROVE UPCOMING PERFORMANCE DEL
Slide 19: Thank you
WORLD GOLD COUNCIL