GOLD FIELDS LIMITED - OPERATIONAL UPDATE FOR THE QUARTER ENDED 30 SEPTEMBER 2026

Evidence from the filing

• Gold Fields expects a stronger fourth quarter to support delivery at the upper end of its 2026 production guidance range of 2.4Moz to 2.6Moz.

  “We expect a stronger fourth quarter, driven by higher planned grades at St Ives, the sale of gold held at Gruyere at quarter-end, continued improvement at Tarkwa and continued strong performance from Salares Norte. These factors underpin our expectation to deliver to the upper end of the full-year production guidance range of 2.4Moz to 2.6Moz.”

• AISC and AIC are expected to remain within their original full-year guidance ranges of US$1,800–US$2,000/oz and US$2,075–US$2,300/oz despite external cost pressures.

  “Despite cost pressures mainly due to external factors, AISC and AIC are expected to be between US$1,800 and US$2,000/oz, and US$2,075 and US$2,300/oz respectively, within our original guidance.”

• Windfall received the environmental authorisation required to proceed to construction and full project development, subject to applicable conditions and permits.

  “On 30 October 2026, the Quebec's Ministry of the Environment, the Fight Against Climate Change, Biodiversity Protection, Wildlife and Parks issued the Certificate of Authorisation (Global CA) for Windfall, confirming completion of the environmental and social impact assessment process and authorising construction, subject to applicable conditions and permits.”

• Gold Fields will progress Windfall’s Final Investment Decision and expects to publish its resources, reserves, construction and ramp-up schedule, and development capital estimate by February 2027.

  “We will now progress the Final Investment Decision (FID) for the project and expect to publish the Windfall Mineral Resources and Mineral Reserves, planned construction and ramp-up schedule as well as the capital estimate for project development by February 2027 alongside our 2026 reviewed results.”

• Net debt of 0.13x adjusted EBITDA leaves the balance sheet able to fund sustaining capital, discretionary and growth investments while supporting shareholder returns.

  “At 0.13x net debt to adjusted EBITDA, the balance sheet remains robust and continues to afford the business flexibility to fund sustaining capital, discretionary and growth investments while supporting our commitment to upper quartile shareholder returns.”

• Q3 attributable gold-equivalent production was 3% lower year over year at 605koz, showing continued production contraction.

  “Attributable gold-equivalent production 3% lower (YoY) at 605koz (Q3 2025: 621koz)”

• Group AISC rose 26% year over year to US$1,965/oz, highlighting substantial cost inflation despite remaining within guidance.

  “All-in sustaining costs (AISC) 26% higher YoY US$1,965/oz (Q3 2025: US$1,557/oz)”

• Net debt increased to US$981 million from US$437 million after an US$878 million interim dividend and US$215 million of quarterly share buy-backs.

  “Net debt increased to US$981 million at 30 September 2026 (30 June 2026: US$437 million), or US$410 million excluding lease liabilities, following the payment of the interim dividend of US$878 million and the execution of US$215 million of share buy-backs during the quarter.”

• Tarkwa’s expiring leases face significant renewal uncertainty in timing, outcome and terms, with no confirmed government-feedback timetable.

  “While we continue to seek engagement with the government, we are still awaiting feedback on our proposal and have no confirmed timeframe for this response or any further negotiations. Additionally, we continue to experience increased levels of regulatory activity at Tarkwa. With less than six months remaining on the term of the leases, significant uncertainty remains as to the timing, outcome and terms of any renewal.”

• Agnew production fell 19% quarter over quarter because of ventilation interruptions, while AIC increased 16% to US$2,673/oz.

  “Agnew produced 47koz, 19% lower QoQ (Q2 2026: 58koz) mainly due to ventilation interruptions at Waroonga resulting in lower feed grades to the mill. AIC increased by 16% QoQ to US$2,673/oz (Q2 2026: US$2,309/oz) on lower gold sales, partially offset by lower capital expenditure and lower cost of sales.”

More on Gold Fields Limited