Slide 1: Gold Fields H1 2022 Results
Gold Fields H1 2022 Results Chris Griffith: CEO Recently commissioned solar plant at Gruyere in Australia 1
Slide 2: Important information
Important information Forward Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934 with respect to Gold Fields’ financial condition, results of operati
Slide 3: H1 2022 results agenda
H1 2022 results agenda H1 2022 highlights Chris Griffith Safety and sustainability Chris Griffith Operations Chris Griffith Financials Paul Schmidt Salares Norte update Chris Griffith Yamana transaction update Chris Griffith Conclusion Chris Griffith 3 Gold Fields | H1 2022 results | 25 August 2022
Slide 4: Highlights for H1 2022
Highlights for H1 2022 Strong operational performance and cash flow generation • Safety: Zero fatalities in H1 2022 • ESG: Gruyere solar plant commissioned post half year-end, South Deep on track for Q3 • Operations: 9% YoY increase in attributable equivalent gold production • Financial: US$498m in
Slide 5: A globally diversified gold miner
A globally diversified gold miner H1 2022 Snapshot Gold Fields Group Mines: 9 H1 2022 att. gold production contribution Projects: 1 Americas: Countries: 5 11% South Att. production: 1,201koz (+9% YoY) Africa: 13% AIC: US$1,352/oz (+6% YoY) Australia: 44% Adjusted free cash flow from ops: US$518m (+3
Slide 6: Safety & Sustainability (ESG)
z SAFETY & SUSTAINABILITY (ESG) Wind turbines at our Agnew mine in Western Australia
Slide 7: Improving safety and health performance
Improving safety and health performance Safety, Health and Covid-19 Serious & Fatal Serious and fatal injuries & severity rate Severity rate injuries Safety 30 44 50 45 25 40 • Fatal incidents: Last fatality in April 2021 20 30 32 35 30 • H1 2022: 3 Serious Injuries 15 23 19 25 26 17 20 • TRIFR*: H1
Slide 8: Gold Fields' decarbonisation journey continues
Gold Fields’ decarbonisation journey continues Project Status Gruyere 12MW solar Commissioned on 31 July 2022 Construction 95% complete South Deep 50MW solar • Commissioning in Q3 2022 12MW solar plant at Gruyere In feasibility St Ives micro-grid feasibility • Public consultations held with local co
Slide 9: Recognition of our ESG achievements
Recognition of our ESG achievements 2021: 3rd / 70 mining companies Top 30 Responsible Investment Index 2021: 13th / 114 precious metals Inclusion in 2022 Bloomberg gender- companies equality index 2021: “Good performance” in IAR 2021: A rating Awards 2022: E 2, S 1, G 1 2021: WDP A- FTSE4Good 2021:
Slide 10: Operations
z OPERATIONS Tarkwa open pit in Ghana
Slide 11: Group: Strong operational performance
Group Strong operational performance Group - production and AIC 1 400 +9% 1 600 Att. Production increased 9% YoY 1 200 1 400 1 200 1 000 1 000 800 600 800 1,201koz 600 400 400 200 200 0 0 H1 2019 H2 2019 H1 2020 H2 2020 H1 2021 H2 2021 H1 2022 Adjusted free cash flow margin 21% Production AIC H1 202
Slide 12: Australia: Stellar operational performance
Australia Stellar operational performance Australia - production and AIC 600,0 +10% 1 400,0 Production +10% YoY 500,0 1 200,0 400,0 300,0 1 000,0 800,0 527koz 600,0 200,0 400,0 100,0 200,0 0,0 0,0 H1 2019 H2 2019 H1 2020 H2 2020 H1 2021 H2 2021 H1 2022 Adjusted free cash flow Production AIC margin H
Slide 13: West Africa: Steady performance
West Africa Steady performance koz West Africa - production and AIC US$/oz 500 -4% 1 400 Production decreased 4% 450 1 200 400 350 1 000 300 250 800 driven by decrease at 200 600 Damang and Asanko 150 400 100 200 50 0 0 H1 2019 H2 2019 H1 2020 H2 2020 H1 2021 H2 2021 H1 2022 Adjusted free cash flow
Slide 14: Americas: Material improvement in production
Americas Material improvement in production koz (Au eq) US$/eq oz Americas - production and AIC 180 160 +31% 1 400 Production increased 31% 1 200 140 1 000 120 100 800 80 600 Driven by higher grades and 60 400 recoveries 40 20 200 0 0 H1 2019 H2 2019 H1 2020 H2 2020 H1 2021 H2 2021 H1 2022 Productio
Slide 15: South Africa: Great performance – exceeding guidance
South Africa Great performance – exceeding guidance koz South Africa - production and AIC US$/oz +28% 180 1 800 160 1 600 Production increased 28% 140 1 400 120 1 200 100 1 000 80 800 60 40 600 400 Ahead of planned ramp up 20 200 0 0 H1 2019 H2 2019 H1 2020 H2 2020 H1 2021 H2 2021 H1 2022 Production
Slide 16: South Deep: Encouraging productivity trends continue
South Deep Encouraging productivity trends continue t/rig/month Long hole stoping tons/rig/month m/rig/month Development and destress m/rig/month +4% 16000 +11% -7% 100 +8% 14 345 +18% 88 13 358 90 85 14000 12 968 +20% 11 966 80 72 12000 70 60 10000 60 50 8000 7 040 6 708 50 6000 40 33 30 4000 20 20
Slide 17: Finance
z FINANCE Drill rig at sunrise on Lake Lefroy at St Ives in Western Australia
Slide 18: Strong financial performance
Strong financial performance Normalised earnings per share 0,58 +14% Normalised earnings Adjusted free cash flow 0,56 0,56 0,54 US$498m US$293m 0,52 +16% YoY +63% YoY 0,50 0,49 0,48 0,46 Interim dividend Net debt 0,44 R3.00/share US$851m 0,42 +43% YoY Net debt to EBITDA 0.33x 0,40 H1 2021 H1 2022 Go
Slide 19: Strong internal cash generation
Strong internal cash generation The mines generated US$0.5bn in cash flow H1 2022 Adjusted free cash flow from ops. South Deep 73.1 104.3 US$518m Tarkwa Damang 50.1 Despite higher tax payments Cerro Corona 55.8 +30% YoY St Ives 158.9 Agnew 62.1 Granny Smith 101.8 Gruyere 62.1 GFA (149.9) Free cash f
Slide 20: AIC increase due to capex and inflation
AIC increase due to capex and inflation Offset by increase in gold sold and weakening exchange rates AISC +5% YoY US$1,148/oz At 2021 exchange rates: US$1,196/oz (+9% YoY) 1,410 1,370 AIC +6% YoY US$1,352/oz At 2021 exchange rates: US$1,404/oz (+10% YoY) FY 2022 AIC guidance US$1,370/oz – US$1,410/o
Slide 21: Strong cash flow leads to healthy balance sheet
Strong cash flow leads to healthy balance sheet US$m Available facilities at 30 June 2022 3 500 Net debt 3 000 2 500 US$851m 2 000 1 500 Down from US$969m at Dec 2021 1 000 500 0 US$ facilities Rand facilities A$ facilities Total facilities Utilised Unutilised Net debt to EBITDA US$m Maturity schedu
Slide 22: Salares Norte Update
z SALARES NORTE UPDATE Salares Norte plant: Thickeners, CIP and leaching tanks
Slide 23: Salares Norte
Salares Norte Impacted by Covid and severe weather. Potential delay into Q2 2023 Key developments • Progress: 77% at end-June (62% at end of 2021) • Total capex of US$608m spent by end-June. Capex of US$145m spent in H1 Total project • Covid continued to have an impact on the project in Q2 • Severe
Slide 24: Salares Norte – potential impacts of a delay
Salares Norte – potential impacts of a delay Impacted by Covid and severe weather. Potential delay into Q2 2023 2023 production build-up: Current guidance Date of first gold 2023 production (koz eq) 140 9 120 100 31 March 2023 200 80 123 60 6 30 April 2023 165 40 31 May 2023 118 57 20 1 6 0 Q1 2023
Slide 25: Salares Norte in pictures
Salares Norte in pictures Processing plant Processing plant Thickeners, CIP and leaching tanks Material handling area Filter Plant 25 Gold Fields | H1 2022 results | 25 August 2022
Slide 26: Salares Norte mining footprint
Salares Norte mining footprint 26 Gold Fields | H1 2022 results | 25 August 2022
Slide 27: Yamana Acquisition Update
z YAMANA ACQUISITION UPDATE Mara processing plant, Argentina
Slide 28: Why we are acquiring Yamana
Why we are acquiring Yamana What We See Why This Deal Gold Fields has consistently invested to grow the value Winning Combination and quality of its portfolio Complementary portfolios greater than the sum of its parts We have strong conviction in our ability to deliver superior value from Yama
Slide 29: Yamana Gold acquisition update
Yamana Gold acquisition update Salient dates Base case scenario* Publication of circulars End September/early October Shareholder votes End October/Early November Transaction close Mid November *Base case subject to regulatory approval process SARB approval for the transaction has been obtained Cond
Slide 30: Conclusion
z CONCLUSION The Damang Pit Cutback
Slide 31: Delivering on our promises
Delivering on our promises • Continue to focus on safety • Delivering on our ESG commitments • Strong production performance (+9%) • Strong financial performance • Normalised earnings: US$498m (+16%) • Adjusted free cash flow: US$293m (+63%) • Dividends at 35% of normalised earnings: US$174m (+43%)
Slide 32: 2022 Group outlook and guidance unchanged
2022 Group outlook and guidance unchanged FY 2022 Group guidance – excluding Asanko • Attributable equivalent gold production: 2.25Moz – 2.29Moz • Costs • AISC: US$1,140/oz – US$1,180/oz • AIC: US$1,370/oz – US$1,410/oz • AIC (excl. Salares Norte): US$1,230/oz – US$1,270/oz • Capex • 2022: Total cap
Slide 33: Thank you
THANK YOU Questions? 33
Slide 34: Appendix 1: Cost and inflation breakdown per region
Appendix 1: Cost and inflation breakdown per region Cost Breakdown Australia Ghana Peru South Africa Group Inflation Weighted inflation Salaries & wages 20% 15% 21% 34% 21% 4%-14% 1.9% Mine contractors 33% 44% 46% 12% 34% 6%-8% 2.3% Consumable stores 13% 25% 16% 31% 20% 11%-100% 5.1% Utilities 7% 6%
Slide 35: Appendix 2: South Deep production plan – Mining area gold contribution
Appendix 2: South Deep production plan – Mining area gold contribution Contribution per area 2017 2018 2019 2020 2021 2022 plan H1 2022 Current Mine 54% 45% 40% 37% 30% 21% 19% NoW 46% 55% 60% 63% 70% 79% 81% 90-1bW 13% 95-3W Pillar retreat 90-1aW 95-3W 7% 95-2W 95-1W LEGEND 1% 2018 2019 2020 Mining