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TRADING STATEMENT AND OPERATIONAL PERFORMANCE UPDATE FOR THE TWELVE MONTHS ENDED 31 DECEMBER 2025
Gold Fields Limited
Reg. No. 1968/004880/06)
Incorporated in the Republic of South Africa)
JSE, NYSE, DIFX Share Code: GFI
ISIN Code:ZAE000018123
(Gold Fields or the Company)
TRADING STATEMENT AND OPERATIONAL PERFORMANCE UPDATE FOR THE TWELVE MONTHS ENDED 31
DECEMBER 2025
In compliance with paragraph 3.4(b)(iii) of the JSE Listings Requirements, Gold
Fields advises that headline earnings per share (HEPS) for the twelve months ended
31 December 2025 (FY 2025) are expected to be in the range of US$2.79 to US$2.97 per
share, which is 110% to 123% higher than HEPS reported for the twelve months ended
31 December 2024 (FY 2024) of US$1.33 per share. The strong earnings performance
reflects a combination of materially higher gold prices, increased volumes of gold
sold and the full consolidation of Gruyere, which was partially offset by higher
cost of sales in line with general mining inflation, increased royalties due to the
higher gold price, and higher volumes mined.
Basic earnings per share (EPS) for FY 2025 are expected to be in the range of US$3.87
to US$4.11 per share, which is 178% to 196% higher than the EPS reported for FY 2024
of US$1.39 per share.
Normalised earnings* per share for FY 2025 are expected to be in the range of US$2.91
to US$3.09 per share, which is 112% to 126% higher than the normalised earnings
reported for FY 2024 of US$1.37 per share.
Further detail will be provided as part of the FY 2025 financial and operational
results to be released by Gold Fields on Thursday, 19 February 2026.
* Normalised earnings are defined as profit excluding gains and losses on foreign
exchange, financial instruments and non-recurring items after taxation and non-
controlling interest effect.
Q4 2025 operational performance
Q4 2025 Group attributable gold equivalent production is expected to be 681koz (Q3
2025: 621koz), with all-in costs (AIC) of US$1,969/oz (Q3 2025: US$1,835/oz). All-
in sustaining cost (AISC) for Q4 2025 is expected to be US$1,673/oz (Q3 2025:
US$1,557/oz). Group attributable production in Q4 2025 includes 100% of Gruyere's
production compared to 50% of Gruyere's production in Q3 2025.
After reaching commercial production in Q3 2025, Salares Norte achieved steady-state
levels of production during Q4 2025. Salares Norte produced 161koz-eq in Q4 2025, a
43% increase from the 112koz-eq produced in Q3 2025.
FY 2025 operational performance
Group attributable gold equivalent production for FY 2025 of 2,438koz is expected
to be 18% higher than the corresponding period in 2024 (FY 2024: 2,071koz) and at
the upper-end of the guidance range (2.25Moz - 2.45Moz). AIC for FY 2025 is expected
to be 3% higher year-on-year at US$1,927/oz (FY 2024: US$1,873/oz) and AISC is
expected to be 1% higher at US1,645/oz (FY 2024: US$1,629/oz), with both AIC and
AISC within guidance. AIC benefited from higher volumes of gold sold during FY 2025,
offset by an increase in cost of sales before amortisation and depreciation (mainly
at Salares Norte) and sustaining capital expenditure (mainly at Gruyere, Granny
Smith, Tarkwa and Salares Norte).
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The operational performance and the financial information on which this trading
statement is based have not been reviewed and reported on by the Company's external
auditors.
ENDS
6 February 2026
Sponsor:
J.P. Morgan Equities South Africa (Pty) Ltd
Investor enquiries contact:
Jongisa Magagula
Tel: +27 11 562 9775
Mobile: +27 67 419 9503
Email: Jongisa.Magagula@goldfields.com
Thomas Mengel
Tel: +27 11 562 9849
Mobile: +27 72 493 5170
Email: Thomas.Mengel@goldfields.com
Media enquiries contact:
Kershnee Govender
Tel: +27 11 562 9700
Email: keershnee.govender@goldfields.com
About Gold Fields
Gold Fields is a globally diversified gold producer with nine operating mines in
Australia, South Africa, Ghana, Chile and Peru, and one project in Canada. In 2024
the Company reported total attributable annual gold-equivalent production of
2.07Moz, Proved and Probable gold Mineral Reserves of 44.3Moz, Measured and Indicated
Mineral Resources of 30.4Moz (excluding Mineral Reserves (EMR)) and Inferred Mineral
Resources EMR of 11.6Moz.
The Company's shares are listed on the Johannesburg Stock Exchange (JSE) and American
depositary shares trading on the New York Stock Exchange (NYSE).
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
may be forward-looking statements. Forward-looking statements may be identified by
the use of words such as "aim", "anticipate", "will", "would", "expect", "may",
"could", "believe", "target", "estimate", "project" and words of similar meaning.
These forward-looking statements, including among others, those relating to Gold
Fields' future business strategy, development activities and other initiatives,
anticipated benefits of acquisitions, business prospects, financial
positions, production and operational guidance are necessary estimates
reflecting the best judgement of the senior management of Gold Fields and involve a
number of risks and uncertainties that could cause actual results to differ
materially from those suggested by the forward-looking statements. By their nature,
forward-looking statements involve risk and uncertainty because they relate to future
events and circumstances and should be considered in light of various important
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factors, including those set forth in Gold Fields' Integrated Annual Report 2024
filed with the Johannesburg Stock Exchange and the Annual Report on Form 20-F filed
with the United States Securities and Exchange Commission (SEC) on 27 March 2025
(SEC File no. 001-31318). Readers are cautioned not to place undue reliance on such
statements. These forward-looking statements speak only as of the date they are
made. Gold Fields undertakes no obligation to update publicly or release any
revisions to these forward-looking statements to reflect events or circumstances
after the date of this announcement or to reflect the occurrence of unanticipated
events. These forward-looking statements have not been reviewed or reported on by
the Company's external auditors.
This presentation includes certain non-International Financial Reporting Standards
(IFRS) financial measures, including, All-in Sustaining Cost (AISC), All-in Cost
(AIC), and normalised profit per share attributable to the owners of the parent,.
These measures may not be comparable to similarly-titled measures used by other
companies and are not measures of Gold Fields financial performance under IFRS.
These measures should not be considered in isolation or as a substitute for measures
of performance prepared in accordance with IFRS. The financial information contained
in this presentation has not been reviewed or reported on by Gold Fields' external
auditors.
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Date: 06-02-2026 11:36:00
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