Gold Fields Limited Q4 FY2025 earnings call

• Safe delivery during the year, 7 serious injuries, completed 23 Elizabeth Broderick & Co recommendations. • Attributable production up 18% to 2.44 million ounces, within guidance. • All-in costs and all-in sustaining costs within guidance, impacted by higher sustaining capital, royalties, and stronger producing currencies. • Completed acquisition of Gold Road Resources, consolidated Gruyere. • Progressed Windfall towards FID, updated execution plan, advanced host community conversations and environmental approvals. • Identified asset optimization opportunities. • Significantly increased returns to shareholders, special dividend of ZAR 4.50 per share and share buyback of $100 million. • ESG performance: 0 serious environmental incidents for 7 years, 27% employees women, 28% in leadership, 20% in core operating roles; 15% absolute emission reduction, 74% water recycling; completed midterm review of 2030 targets.

Attributable production was up 18% year-on-year to 2.44 million ounces, at the upper end of guidance. All-in costs and all-in sustaining costs were within guidance but marginally higher than 2024. Gruyere saw an increase of 42,000 ounces due to 100% inclusion and increased tonnes milled. Granny Smith production down in line with plan. St Ives production up 12%, all-in cost up 14% but all-in sustaining cost down 5%. Agnew production up 7% but capital spend up 21% leading to 14% cost increase. South Deep production up nearly 16%, diluting cost increase by 3%. Damang production down 28% due to processing stockpiles. Tarkwa production down 12% due to prioritizing waste stripping. Salares Norte gave 16% increase, mill running well. Cerro Corona attributable production down 3% due to copper gold price factor.

• 2026 guidance remains intact against Capital Markets Day disclosures: production targeted between 2.4 million and 2.6 million ounces, total capital between $1.9 billion and $2.1 billion, all-in sustaining costs between $1,800 and $2,000 per ounce, all-in cost $2,075 million to $2,300. • 2026 focus: continue safety performance, predictable delivery, improve portfolio quality by advancing greenfields program and Windfall to FID. • Windfall key deliverables in 2026: finalize execution plan, complete main environmental by end of H1, secondary permitting by end of June, sign impact benefit agreement. • Gold Road acquisition focus: advance studies to optimize deposit, accelerate access to high-grade material, invest in further drilling across Yamana package. • Reserve replacement: delivered additional 4 million ounces in reserves over the year, 9% improvement in reserve position.

• Cost inflation, including impacts of producers' strengthening currencies, increasing royalty rates. • Uncertainty around royalty bill in Ghana and lease renewal negotiations, which could impact costs and operations. • Labor pressure in Australia, particularly in mining contractors. • Potential productivity issues in construction projects, especially related to Windfall.

Q: What is the most troublesome KPI on your radar at the moment? And how are you anticipating moving the needle on it?

A: Cost inflation and issues in Ghana (Tarkwa lease renewal and Damang mine transition) are troublesome. Focus on arresting cost inflation through asset optimization and progressing Ghana-related issues.

Q: Could you outline the current exploration road map and clarify if excess liquidity is being prioritized to these operations?

A: Prioritize brownfields exploration, especially at Windfall, and greenfields exploration, including investment in Antino project. Excess liquidity is being used to build longer-term pipeline through drill bit.

Q: Explain the rationale for a $100 million buyback on a market cap of $47 billion?

A: To balance shareholder returns, as North American shareholders prefer buybacks, approximates about 6% of total shareholder returns.

Q: Do you plan on doing any joint ventures with Zijin Mining?

A: Have productive relationship with Zijin, not closed to working with peer groups if sharing values and standards.

Q: What is the rationale for the $100 million buyback?

A: Competing shareholder priorities, North American shareholders prefer buybacks.

Q: Explain the current situation in Ghana regarding royalty bill and lease renewal?

A: Royalty bill in front of parliament, lease agreement at Tarkwa has stability provisions, conversation ongoing about fair sharing of value.

Q: What is the CapEx number for 2026 in the Australian region?

A: Significant increases at Gruyere, Granny Smith, Agnew, St Ives due to various investments.

Q: Would you consider having a more rigid special dividend policy?

A: Special dividend is a function of maintaining strong balance sheet, reinvesting in business, and total dividend in relation to peers.

Q: Update on underground drilling results at Gruyere?

A: Early days, program ongoing to size up ore body.

Q: Explain yield differences at St Ives and Gruyere?

A: St Ives yield up due to more mined material replacing stockpile, Gruyere yield down due to higher stockpile processing.

Q: Discuss outstanding permits for Agua Amarga and impact of Chilean administration on Salares?

A: No additional permits needed for Agua Amarga, Chilean administration easing regulatory burdens may help Salares.

Q: Expectation of proposed royalty increase in Ghana on future royalty payments?

A: Likely to lead to higher royalty payments beyond 2027.

Q: How are you treating lease renegotiation for reserve calculation at Tarkwa?

A: Applied full life of mine reserves, lease renewal could impact reserve calculation but confident of finding right path.

Q: Confidence in CapEx number for Windfall given feasibility not done?

A: Feasibility study for first phase done, working on second phase, capital cost based on updated estimates, biggest risk may be exchange rates and productivity.