Slide 1: Gold Fields FY 2022 Results
Gold Fields FY 2022 Results Martin Preece: Interim CEO Recently commissioned 50MW solar plant at South Deep 1
Slide 2: Important information
Important information 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 ma
Slide 3: FY 2022 results agenda
FY 2022 results agenda FY 2022 salient features and recent developments Martin Preece Safety and sustainability Martin Preece Operations Martin Preece Financials Paul Schmidt Salares Norte update Martin Preece Conclusion Martin Preece 3 Gold Fields | FY 2022 results | 23 February 2023
Slide 4: The Gold Fields value proposition
The Gold Fields value proposition • A clearly defined purpose, vision and strategy • A track record of meeting production and cost guidance • Disciplined capital allocation • Strong balance sheet (Net debt/EBITDA: 0.29x) • Commitment to dividends (new policy: 30% - 45% of normalised earnings) from 2
Slide 5: Salient features for FY 2022 and recent developments
Salient features for FY 2022 and recent developments • Safety: One fatality in 2022 • ESG: Gruyere and South Deep solar plants commissioned during 2022 • Operations: 3% YoY increase in attributable equivalent gold production • Financial: Adjusted free cashflow of US$431m, All-in cost up 2% YoY • Bal
Slide 6: A globally diversified gold miner
A globally diversified gold miner FY 2022 Snapshot Gold Fields Group Mines: 9 FY 2022 att. gold production contribution Projects: 1 Americas: Countries: 5 11% South Att. production: 2,399koz (+3% YoY) Africa: 13% AIC: US$1,320/oz (+1% YoY) Australia: 44% Adjusted free cash flow from ops: US$855m (-6
Slide 7: ESG
z ESG Tailings dam at Gruyere mine in Western Australia
Slide 8: Gold Fields' 2030 ESG targets – 2022 Status
Gold Fields’ 2030 ESG targets –2022 Status SAFETY, HEALTH, 1 WELLBEING & ENVIRONMENT 2 GENDER DIVERSITY 3 STAKEHOLDER VALUE CREATION • Zero fatalities • 30% women representation • 30% of total value created benefits host • Zero serious injuries communities • Zero serious environmental incidents • 6
Slide 9: Gold Fields' decarbonisation journey continues
Gold Fields’ decarbonisation journey continues Project Status Gruyere 12MW solar Commissioned on 31 July 2022 South Deep 50MW solar Commissioned in Q3 2022 12MW solar plant at Gruyere 100% of Cerro Corona’s electricity supply has been Cerro Corona green power classified as renewable In feasibility •
Slide 10: Recognition of our ESG achievements
Recognition of our ESG achievements 2022: 5th / 218 mining FTSE/JSE Responsible Investment Top companies 30 Index 2022: 11th / 96 gold mining Inclusion in 2022 Bloomberg gender- companies equality index 2022: “Good performance” in IAR 2022: AA rating Awards 2022: E 2, S 1, G 1 2022: CDP Water A- 202
Slide 11: OPERATIONS
z OPERATIONS Drill rig on Lake Lefroy, St Ives
Slide 12: Group: Strong operational performance
Group Strong operational performance Group - production and AIC Att. Production increased +3% 3 000 1 400 2 500 1 200 3% YoY 1 000 2 000 800 2,399koz 1 500 600 1 000 400 All-in Costs of US$1,320/oz 500 200 0 0 +2% YoY FY 2019 FY 2020 FY 2021 FY 2022 Production AIC FY 2022 Adjusted free cash flow fro
Slide 13: Australia: Stellar operational performance
Australia Stellar operational performance Australia - production and AIC Production +4% YoY 1 200 +4% 1 400 1 000 1 200 1,061koz 1 000 800 800 600 600 All-in Costs of US$1,150/oz 400 200 400 200 Flat YoY 0 0 FY 2019 FY 2020 FY 2021 FY 2022 FY 2022 Adjusted free cash flow Production AIC US$431m FY 20
Slide 14: South Africa: Great performance – exceeding guidance
South Africa Great performance – exceeding guidance South Africa - production and AIC Production increased +12% 350,0 1 600,0 300,0 250,0 1 400,0 1 200,0 12% 1 000,0 200,0 800,0 Meeting revised guidance 150,0 600,0 100,0 400,0 All-in Costs of US$1,356/oz 50,0 200,0 0,0 FY 2019 FY 2020 FY 2021 FY 202
Slide 15: 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% -9% 100 +8% 14 345 +18% 88 90 85 14000 12 968 13 101 +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 16: Ghana: Steady performance
Ghana Steady performance Production decreased West Africa - production and AIC 1 000 900 -4% 1 400 4% 1 200 800 1 000 driven by decrease at Damang 700 600 800 500 600 All-in Costs of US$1,220/oz 400 300 200 400 +10% YoY 200 100 0 FY 2019 FY 2020 FY 2021 FY 2022 0 FY 2022 Adjusted free cash Productio
Slide 17: Peru: Material improvement in production
Peru Material improvement in production Americas - production and AIC Production increased 350 1 200 +5% 300 1 000 5% 250 200 800 Driven by higher recoveries 600 150 100 400 All-in Costs of US$998/eq. oz 200 50 -4% YoY 0 0 FY 2019 FY 2020 FY 2021 FY 2022 Production AIC FY 2022 Adjusted free cash flo
Slide 18: FINANCE
z FINANCE Gruyere processing plant
Slide 19: Financials: Salient features
Financials: Salient features Normalised earnings Adjusted free cash flow Strong cost performance US$860m US$431m AIC: US$1,320/oz -7% YoY -7% YoY +2% YoY Final dividend Net debt Impairments driven primarily by increased discount rates in R4.45/share US$704m Ghana and Peru Total dividend declared of
Slide 20: Sector leading cost performance
Sector leading cost performance Tight cost control and currency tailwinds counter double-digit mining inflation AISC +4% YoY US$1,105/oz Adjusted to 2022 guidance exchange rates: US$1,160/oz still within guidance (US$1,140/oz – US$1,180/oz) AIC +2% YoY US$1,320/oz Adjusted to 2022 guidance exchange
Slide 21: Strong internal cash generation
Strong internal cash generation The mines had another year of healthy cash flow generation FY 2022 Adjusted free cash flow from ops. St Ives 262 Agnew 112 US$855m Granny Smith 194 Gruyere 106 Gold Fields Australia (243) Adjusted free cash flow South Deep 129 Tarkwa 161 US$431m Damang 58 After spendi
Slide 22: Strong cash flow leads to healthy balance sheet
Strong cash flow leads to healthy balance sheet Available facilities at 31 Dec 2022 3 500 Net debt 3 000 2 500 2 000 US$704m 1 500 Down from US$969m at Dec 2021 1 000 500 0 US$ facilities Rand facilities ZAR A$ facilities Total facilities Utilised Unutilised Net debt to EBITDA Maturity schedule at 3
Slide 23: Honouring our commitment to shareholder returns
Honouring our commitment to shareholder returns Per share Payout Ratio Interim Dividend R3.00/share 34.8% Final Dividend R4.45/share* 61.9% Total Dividend R7.45/share 47.2% Trailing Dividend Yield 4.3% *Final dividend includes US$101m top-up dividend relating to 50% of the net proceeds from the Yama
Slide 24: SALARES NORTE UPDATE
z SALARES NORTE UPDATE Salares Norte plant: Thickeners, CIP and leaching tanks
Slide 25: Salares Norte
Salares Norte Impacted by Covid, severe weather and shortage of skilled labour Key developments • Progress: 87% at the end of 2022 (62% at end of 2021) Total project • Total capex of US$758m spent by end-2022. Capex of US$286m spent during 2022 • Covid, severe weather and shortage of skills impacted
Slide 26: Salares Norte: project update
Salares Norte: project update Further slight delay due to compounding effects of covid, weather and skills sourcing issues Key metrics Latest estimate Reason for change Ongoing skills sourcing issues faced by main First production Q4 2023 contractor (previous delay due to Covid and weather) 2023: 15
Slide 27: Salares Norte in pictures
Salares Norte in pictures Salares Norte mining area Salares Norte plant Brecha Principal Salares Norte plant Salares Norte tailings storage facility Gold Fields Board Presentation | February 2023
Slide 28: CONCLUSION
z CONCLUSION Rehabilitated TSF at Damang in Ghana
Slide 29: 2023 Group outlook and guidance
2023 Group outlook and guidance FY 2023 Group guidance – excluding Asanko • Attributable equivalent gold production: 2.25Moz – 2.30Moz • Costs • AISC: US$1,300/oz – US$1,340/oz • AIC: US$1,480/oz – US$1,520/oz • Capex • 2023: Total capex: US$1.11bn – US$1.17bn • Exchange rate assumptions: A$: 0.70;
Slide 30: THANK YOU
THANK YOU Questions? Members of: 30
Slide 31: Appendix 1: Inflation breakdown per region
Appendix 1: Inflation breakdown per region December 2022 CPI (Ghana, Peru and 2022 Effective mining inflation 2022 Effective mining inflation as at Inflation breakdown Chile – US based) forecast as at June 2022 December 2022 Australia 7.8% 11.9% 12.3% South Africa 7.2% 8.3% 9.6% Ghana 6.5% 11.5% 12.
Slide 32: Appendix 2: Group Reserve and Resources
Appendix 2: Group Reserve and Resources • Decrease in Group R&R in 2022 driven primarily by depletion and cost inflation • Gold Reserve price increased to US$1,400/oz and Resource price increased to US$1,600/oz due to ongoing inflationary pressures Attributable Proved and Probable Attributable Prove
Slide 33: Appendix 3: Once-off items
Appendix 3: Once-off items Impairments Amount Tarkwa US$325.2m Cerro Corona US$63.1m Far South East US$113.6m Other US$3.1m Yamana break fee Yamana break fee Amount Amount Cash Flow treatment Income Statement treatment Yamana break fee cash amount US$300m Gross Yamana break fee US$300m Canadian Reve
Slide 34: Appendix 4: Impairments recognised at year-end
Appendix 4: Impairments recognised at year-end • Impairments driven primarily by increased discount rates and inflationary pressures during 2022 Asset Impairment size Reason for impairment Increase in discount rate from 8.3% US$325m pre-tax to 15.9% due to increase in Ghana Tarkwa US$220m post-tax c
Slide 35: Appendix 5: Salares Norte project capex recon
Appendix 5: Salares Norte project capex recon Project extension (US$127m) Gold Fields | FY 2022 results | 23 February 2023 35
Slide 36: Appendix 6: Key drivers of FY 2023 AISC increase
Appendix 6: Key drivers of FY 2023 AISC increase Cost driver US$/oz increase Inflation: 7% US$80/oz Salares Norte: capital stripping US$70/oz Agnew: Study costs and development US$10/oz Gruyere: Pre-strip of stages 4 & 5 of the pit and pebble crusher US$10/oz upgrade Decrease in Group managed produc
Slide 37: Appendix 7: Gold Fields baseload production
Appendix 7: Gold Fields baseload production Region/Asset Annual production (koz) Australia 1,000koz South Deep 380koz Tarkwa 500koz Salares Norte 500koz Total 2,200koz – 2,400koz Gold Fields | FY 2022 results | 23 February 2023 37
Slide 38: Appendix 8: Improving safety and health performance
Appendix 8: Improving safety and health performance Our concept of zero harm does not only cover physical Serious & Fatal injuries and health, but includes the psychological injuries Serious and fatal injuries & severity rate Severity rate wellbeing of our People 30 44 50 45 25 40 Safety 30 32 35 20