Gold Fields Limited Q2 FY2025 earnings call

• Safety performance improved with 24% improvement in gold production, though there were 2 serious injuries. Completed 90% of EB&Co recommendations. - On track to deliver production and cost guidance for 2025; H1 unit costs slightly elevated but improved in H2. Salares Norte ramp-up progressing as planned. - Strong performance from Salares Norte; completed Gold Road acquisition, expected to conclude in October. Identified opportunities for portfolio optimization like life extension at Gruyere. - Completed midterm review of ESG commitments; made progress in safety, health, environmental improvement, gender diversity. Delivered $2.9 billion of value created for stakeholders. - Declared interim dividend of ZAR 7.00 per share, 133% higher than last year; base dividend of ZAR 7 per share, 34% of normalized earnings.

Gold Fields saw a 24% improvement in gold production in H1 2025 compared to the same period last year. Salares Norte had a 46% quarter-on-quarter improvement. Production in H1 was around 48% of the midpoint of the 2025 guidance. All-in cost decreased by $100 from $2,060 an ounce to $1,957. Operating costs increased by $230, with $60 due to including Salares Norte and the rest from increased volumes and mining contractor rates in Australia. Sustaining capital increased due to winterization at Salares Norte and higher volumes at Australian mines.

Production and cost guidance for 2025 remains intact. H1 production at 48% of midpoint. H2 expected to benefit all-in cost. Confident in delivery of 2025 guidance. Capital Markets Day in November to provide longer-term outlook and portfolio optimization details.

• Decarbonization challenges due to technology lag in the industry for reducing diesel usage. - Ongoing safety risks with 2 serious injuries in H1. - Uncertainties around Northern Star share price impact on Gold Road acquisition and potential risks associated with share positions.

Q: How do you approach building and sustaining leadership strength across Gold Fields?

A: Invested in leadership development, partnered with experts like EB&Co, and balanced internal growth with external talent.

Q: What's the mechanism for Gold Road and Northern Star share position?

A: Value of offer floats with Northern Star share price, 5-day VWAP calculation around court hearing, then will offload shares.

Q: Guidance on Salares Norte commercial production?

A: Group technical team doing metal accounting review; once comfortable with recoveries, will declare commercial production.

Q: Decarbonization challenges?

A: Slow OEM reaction to low-carbon fleet solutions; pursuing alternatives like material handling systems at Granny Smith.