Slide 1: Gold Fields H1 2026 Results
Gold Fields H1 2026 Results Mike Fraser: CEO Alex Dall: CFO 25 August 2026
Slide 2: Note to investors: Forward Looking Statements
Note to investors 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 historical fact included in this presentation may be
Slide 3: Agenda
Agenda Focused on delivery, value and growth 01 Highlights 02 Operational performance 03 Financial performance and capital allocation 04 Growth 05 Strategy and outlook 06 Q&A Gold Fields | H1 2026 Results 3
Slide 4: Highlights
Highlights
Slide 5: Strong performance delivered in H1 2026
Strong performance delivered in H1 2026 With increased production, cash flow and earnings STRONG CASH FLOW GENERATION 01 OPERATIONAL DELIVERY 02 03 GROWTH AND PORTFOLIO ENABLING COMPETITIVE OPTIMISATION SHAREHOLDER RETURNS • Zero fatalities and serious injuries recorded • 134% increase in Adjusted F
Slide 6: Operational performance
(@) cmmeveses Operational performance
Slide 7: Safety
Safety Our safety improvement plan launched in 2024 continues to progress Key focus areas Embedding vital behaviours and consistent safety standards 0 Strengthening visible leadership - including rollout of Visible Felt Leadership FATALITIES coaching to middle managers Critical risk management - inc
Slide 8: Operational performance
Operational performance* Reliable delivery tracking to meet annual production and cost guidance ATTRIBUTABLE PRODUCTION TOTAL CASH COSTS ALL IN SUSTAINING COSTS ↑ 1.267Moz (+12%) (H1 2025: 1,136Moz) ↑ US$1,180/oz (+10%) ↑ US$1,893/oz (+13%) (H1 2025: US$1,068/oz) (H1 2025: US$1,682/oz) ALL IN COSTS
Slide 9: Production volumes (koz)
Production volumes (koz) Salares Norte outperformed while recovery plans continue at Tarkwa and Gruyere H1 2025 VS H1 2026 ATTRIBUTABLE PRODUCTION (koz) Ramp up successfully completed Inclusion at Transitioned 100% instead 213 out of the of 50% portfolio in In line with plan April as transitioning f
Slide 10: Costs: All-in-Sustaining Cost (AISC) analysis
Costs All-in-Sustaining Cost (AISC) analysis GROUP AISC: H1 2025 VS H2 2026 (US$/oz) EXTERNAL FACTORS MANAGEMENT FOCUS 94 55 122 ( 6%) 104 210 ( 3%) 32 43 ( 7%) ( 6%) ( 13%) 1,901 ( 3%) (7) (21) 1,893 ( 2%) ( 1%) 1,682 (182) (240) ( 11%) ( 14%) H1 – 2025 FX Inflation Royalties By-Product Oil Price H
Slide 11: Social and environmental impact
Social and environmental impact Shared value strengthens the foundation of long-life assets STAKEHOLDER VALUE CREATION MITIGATING CLIMATE CHANGE Total value created for US$941m Renewable Energy • St Ives Renewables Energy stakeholders 26% directed to host 181 GWh Project substantially US$4.96bn comm
Slide 12: Financial performance and capital allocation
Financial performance and capital allocation
Slide 13: Financial performance
Financial performance Higher gold price and sales volumes deliver a step change in earnings and cash ADJUSTED FCF BEFORE HEADLINE EARNINGS PER SHARE ADJUSTED FCF DISCRETIONARY INVESTMENTS ↑ US$2,08 (+81%) ↑ US$2,510m (+101%) ↑ US$2,225m (+134%) (H1 2025: US$1.15) (H1 2025: US$952m) (H1 2025: US$1,25
Slide 14: Cash cost to AISC reconciliation
Cash cost to AISC reconciliation A competitive underlying cash cost, with sustaining investment the largest step to AISC H1 2026 FROM IFRS COST OF SALES TO AIC US$/oz gold sold Cost of sales breakdown (continuing and discontinued ops) Before gold inventory change and D&A (continuing ops) Cost of sal
Slide 15: Disciplined capital allocation strategy
Disciplined capital Disciplined Capitalallocation Allocation Strategy More than 61% of adjusted free cash flow paid to shareholders DISTRIBUTION OF CASH FLOW FROM OPERATION Net cash from operations of $3.1bn Cash from operations net of changes in working capital Cash Sust YTD Capital Allocation Prio
Slide 16: Additional shareholder return programme
Additional shareholder Additional returns return programme 1 Over and above the base dividend we are topping up shareholder returns November 2025 February 2026 March 2026 April–July 2026 August 2026 February 2027 Programme established Allocated amount Increased US$253m special dividend US$300m of bu
Slide 17: Liquidity and balance-sheet strength
Liquidity and Financial balance-sheet strength Performance Substantial cash resources, low leverage and long-dated funding preserve strategic flexibility Funding and liquidity Net cash (excluding Leases) Net debt Total cash Net debt / EBITDA (US$22m) US$437m US$2.2bn 0.06x Covenant: max 3.5x H1 2025
Slide 18: Transformation programme
Transformation programme How value is identified, delivered and sustained Programme Overview – Practical value streams moving to delivery to improve operating capabilities and lock in gains 01 02 03 04 PRIORITISE AND EXECUTE AND IDENTIFY VALUE LOCK IN MOBILISE TRACK Baseline performance, benchmark S
Slide 19: Growth
Growth
Slide 20: Salares Norte is delivering high-margin growth at scale
Salares Norte is delivering high-margin growth at scale Steady-state delivery today, with further upside from mine development and exploration H1 production | +173% YoY 337koz eq H1 adjusted free cash flow US$1.19bn H1 AISC US$269*/oz eq * Net of by products 2026 FOCUS AREAS 2026 ANNUAL PRODUCTION F
Slide 21: Windfall continues to advance
Windfall continues to advance Engineering and execution readiness progressing ahead of EIA approval and FID EIA APPROVAL PROJECT IBA SIGNED EXPECTED DE-RISKING H2 2026 CONTINUES • One of Canada's highest-grade development-stage gold deposits • Considerable growth prospects along strike and down plun
Slide 22: Windfall: Depth extensions to deliver consistently high grades
Windfall: Depth extensions to deliver consistently high grades Reserve growth opportunity through conversion and extension WSW Surface (400 mRL) ENE Ma sè es r Sh Main ea rZ Resource conversion Depth: 400 m on e drilling WST-26-3271 New intercepts 2.4 m at 22.9 g/t Previously reported Lynx Assays pe
Slide 23: Windfall District: Expanding beyond the mine
Windfall District: Expanding beyond the mine A secured, underexplored district, budget and team in place to test it A scalable discovery platform A scalable discovery platform ✓ District secured: 2,500 km² controlling land position. ✓ Underexplored: 70% of drilling concentrated on 10% of the landhol
Slide 24: St Ives offers a staged pathway to unlock long-life growth
St Ives offers a staged pathway to unlock long-life growth Through scale of Invincible, diversified ore feed and preserve processing optionality 3.4Mtpa STAGED GROWTH PATHWAY Materials handling to increase 01 02 03 04 Invincible production from 2.0 to 3.4Mtpa (90koz) ENABLE INVINCIBLE DIVERSIFY PROT
Slide 25: Unlocking growth and returns from other existing assets
Unlocking growth and returns from other existing assets Multiple pathways to extend mine life, lift production and enhance long-term value GRUYERE GRANNY SMITH • Stage 8 / underground trade-off to secure • Extend Wallaby at depth through Zones 150 medium-term ore and 160 • Progress Gilmour open-pit
Slide 26: Greenfields expansion, building the next generation of growth
Greenfields expansion, building the next generation of growth Expanding a diversified exploration pipeline to support growth beyond 2035 FOUNDERS METALS — EMERGING GOLD DISTRICT • Interest increased to 19.9% following Antino exploration success • Maintains exposure to district consolidation and disc
Slide 27: Strategy and outlook
Strategy and outlook
Slide 28: Update on Tarkwa lease renewal
Update on Tarkwa lease renewal Renewal application submitted – formal response pending • Current mining leases expire in April 2027 - renewal application submitted in November 2025 • Comprehensive commercial proposal submitted to the Government of Ghana in July 2026 • Proposal supports continued inv
Slide 29: Annual guidance maintained
Annual guidance maintained H1 delivery has strengthened the base Expected to Production 2.40Moz – 2.60Moz Maintained be towards upper end Expected to be AISC US$1,800/oz – US$2,000/oz Maintained towards midpoint Maintained guidance reflects Towards lower the strong H1 AIC US$2,075/oz – US$2,300/oz M
Slide 30: A compelling investment proposition
A compelling investment proposition Offering high cash flow yields and an attractive valuation 2027 Free cash flow yield (%) QUALITY PORTFOLIO Consensus estimates, calendarised to December year end • Salares Norte strengthens mix and diversification. 12 10.1% Experienced team to execute Windfall Pro
Slide 31: ICMM
4 ICMM
Slide 32: Appendix
(@) cmmeveses Appendix
Slide 33: Individual asset performance
Individual asset performance Performance Salient features Measure H1 2025 H1 2026 % change Gruyere PRODUCTION (Au koz) 144.2 119.7 (17) • Production 17% lower on reduced mining productivity, (US$/oz high contractor turnover and Q1 rainfall AISC Au) 1,878 3,081 64 • Recovery initiatives gained tracti
Slide 34: Individual asset performance
Individual asset performance Performance Highlights Measure H1 2025 H1 2026 % change Salares Norte PRODUCTION (Au koz) 120.8 294.3 144 • Ramp-up completed and steady-state production established AISC (US$/oz 1,689 269 (84) • Plant delivering above nameplate with better-than- Au) planned reconciled h
Slide 35: Note to Investors, Mineral Resources, Mineral Reserves, and Exploration Results
Note to Investors, Mineral Resources, Mineral Reserves, and Exploration Results For the Windfall long section and St Ives Mineral Reserve figures 01 ABOUT THE DRILLING PROGRAMME 02 CAUTIONARY STATEMENT 03 COMPETENT PERSON CONSENT The results shown represent resource conversion and These Exploration