Gold Fields Limited Q4 FY2020 earnings call

• Impact of COVID: Relatively unscathed, with only 2 operations having production interruptions, costing ~80,000 ounces. Focused on people's health and mental health. - Production: Increased production by 2% to 2.236 million ounces. Mine cash flow $868 million, net cash flow from core business $631 million. - Project progress: Salares Norte tracking well, ahead of plan with pure construction activities up over 15%. - Reserves: Attributable reserves increased to 52.1 million ounces. - ESG priorities: Safety and health, diversity and inclusion, carbon emissions, etc.

Australia: Produced over 1 million ounces, with cash flow of $498 million and all-in costs of $957 per ounce. West Africa: Produced just under 800,000 ounces, with all-in costs of about $1,060 and cash flow over $250 million. Americas (Cerro Corona): Produced 206,000 ounces, down from previous year due to COVID, affecting waste mining plan. South Africa (South Deep): Lost ~32,000 ounces due to COVID, with cash flow of $34 million.

• Attributable production for 2021: 2.3 million to 2.35 million ounces. - All-in sustaining costs: Slightly up due to various activities. - Capital expenditure: ~$1.2 billion, with $500 million for Salares Norte.

• COVID impact on production, potential mandated shutdowns. - Chinchilla relocation issues affecting Salares Norte activities. - Potential delays in Salares Norte due to differing COVID protocols in regions.

Q: Where geographically are you seeing cost inflation and changes to cutoff grades?

A: Not seeing big inflationary increases; sticking to stable assumptions for cutoff grades around $1,300 gold price.

Q: Key sources of hidden value and catalyst for unlocking them?

A: Delivering guidance at cost envelope, fully exposed to gold price, rising production from South Deep and Salares.