Financial Data and Key Metrics Changes - The company reported a 24% increase in gold production compared to the same period last year, leading to a 256% improvement in cash flow from operations [7][27] - Adjusted free cash flow reached $952 million, a significant turnaround from an outflow of $58 million in the prior period [28] - The all-in cost decreased by $100 from $2,060 per ounce to $1,957 per ounce, despite an increase in operating costs [12][27] Business Line Data and Key Metrics Changes - Salares Norte showed a 46% improvement quarter on quarter, with commercial production expected in Q3 and steady state planned for Q4 [7][19] - South Deep experienced a 31% improvement in attributable production half on half, driven by improved underground mining and stope turnover [13] - St. Ives saw a 33% improvement in attributable production due to enhanced open pit volumes and grades [14] Market Data and Key Metrics Changes - The company benefited from a 40% increase in realized gold prices, which significantly contributed to the improved financial performance [7][27] - The company generated $2.1 billion from operations before taxes, with $463 million paid in taxes to various governments [28] Company Strategy and Development Direction - The company's strategy focuses on delivering safe, reliable, and cost-effective operations while enhancing the quality of its portfolio through exploration and M&A activities [2][3] - The company aims to grow cash flow per share, allowing for a balance between returning funds to shareholders and investing in business growth [3][5] - The acquisition of Gold Road is expected to enhance the company's growth prospects and consolidate ownership of Gruyere [39][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production and cost guidance for 2025, despite slightly elevated unit costs in H1 [4][8] - The company is focused on improving safety performance and cultural changes within the organization [6][45] - Management anticipates continued strong performance in the second half of the year, driven by ongoing operational improvements and strategic investments [46] Other Important Information - The company declared an interim dividend of $0.70 per share, a 133% increase from the equivalent period last year [5][27] - Significant progress has been made in ESG commitments, including a 14% reduction in carbon emissions since 2016 and improvements in gender diversity [9][10] Q&A Session Summary Question: How does the company approach building and sustaining leadership strength? - The company has invested heavily in leadership development and has made organizational changes to enhance culture and capability [49][50] Question: What are the expectations for grade and recoveries at Salares Norte in the second half? - Management indicated that improvements in recovery rates are expected due to the commissioning of a larger capacity furnace, with a target to align with long-term grade profiles [56][58][59] Question: What is the status of the Gold Road acquisition and the Northern Star share position? - The value of the offer for Gold Road will float with Northern Star's share price, and the company plans to offload the position to avoid unnecessary risk [61][64] Question: What is the company's position on capital expenditure and the CapEx cycle? - The company is prioritizing capital allocation to ensure the most value-accretive options are pursued while balancing investments, debt reduction, and shareholder returns [67][68] Question: What updates can be provided on the Windfall project and permitting? - The company is on track with the EIA process and expects to go to public consultation in October, aiming for approval in 2026 [98]

Financial Data and Key Metrics Changes - The company reported a 24% improvement in gold production compared to the same period last year, leading to a 256% improvement in cash flow from operations [7][27] - Adjusted free cash flow reached $952 million, a significant increase from an outflow of $58 million in the prior period [28] - The interim dividend was announced at $0.70 per share, representing a 133% increase from the equivalent period last year [5][27] Business Line Data and Key Metrics Changes - Salares Norte showed a 46% improvement quarter on quarter, with commercial production expected in Q3 and steady state planned for Q4 [7][19] - South Deep experienced a 31% improvement in attributable production half on half, driven by improved underground mining and stope turnover [14] - St. Ives saw a 33% improvement in attributable production due to enhanced open pit volumes and grades [15] Market Data and Key Metrics Changes - The company benefited from a 40% increase in realized gold prices, which significantly contributed to the overall financial performance [7][27] - The all-in cost decreased from $2,060 per ounce to $1,957 per ounce, attributed to strong production and operational efficiencies [12] Company Strategy and Development Direction - The company's strategy focuses on safe, reliable, and cost-effective operations while enhancing the quality of its portfolio through exploration and M&A activities [2][3] - The acquisition of Gold Road is expected to conclude in October, consolidating ownership of Gruyere and enhancing growth prospects [5][39] - The company is committed to improving its ESG commitments, including gender diversity and decarbonization efforts [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production and cost guidance for 2025, with ongoing improvements in safety performance [4][43] - The company is focused on delivering predictable results and improving safety culture while ramping up production at Salares Norte [43][44] - Future capital allocation will prioritize investments that enhance long-term value while maintaining returns to shareholders [67] Other Important Information - The company has made significant progress in its ESG initiatives, including a 14% reduction in carbon emissions since 2016 [9] - The company is actively exploring brownfield and greenfield opportunities to extend the life of its assets and enhance portfolio quality [35][41] Q&A Session Summary Question: How does the company approach building and sustaining leadership strength? - The company has invested heavily in leadership development and has made organizational changes to enhance its culture and capability [47][48] Question: What is the outlook for Salares Norte's grade and recoveries in the second half? - The company has implemented a larger capacity furnace to improve recoveries and aims to align processing with long-term grade profiles [55][56] Question: What is the status of the Gold Road acquisition and Northern Star share position? - The value of the offer for Gold Road will float with Northern Star's share price, and the company plans to manage this position carefully [60][62] Question: What is the expected CapEx for Salares Norte and other projects? - Salares Norte's CapEx is expected to decrease significantly in the second half, with adjustments made to group capital guidance to reflect this [85][86] Question: What is the status of the Windfall project and permitting process? - The company is on track with the EIA process and expects to go to public consultation in October, aiming for approval in 2026 [96]

Financial Performance - Gold Fields reported headline earnings of US$1,027 million, a 220% year-over-year increase, equating to US$1.15 per share[71] - Normalised earnings reached US$998 million, up 181% year-over-year, or US$1.12 per share[71] - Adjusted free cash flow was US$952 million, compared to a US$58 million outflow in H1 2024[71] - An interim dividend of 700 South African cents per share was declared, a 133% year-over-year increase[16, 71] - Net debt decreased to US$1,487 million, down from US$2,086 million at the end of December 2024[79] Production and Costs - Attributable gold production was 1,136 koz[7] - All-in Cost (AIC) was US$1,957/oz[7, 24] - Adjusted free cash flow from operations was US$1,143 million[7] - The company is on track to meet its 2025 production guidance of 2.25Moz – 2.45Moz and AIC guidance of US$1,780/oz – US$1,930/oz[24] Asset Performance - South Deep's attributable production increased by 31% to 148 koz, with AIC decreasing by 7% to US$1,770/oz[36] - Salares Norte produced 124 koz eq, with an AIC of US$2,345/oz eq and a free cash flow margin of 32%[7, 52]

Market Movements - US stock index futures are all up, with Dow futures rising by 0.33%, S&P 500 futures by 0.28%, and Nasdaq futures by 0.22% [1] - European indices also show positive movement, with Germany's DAX up 0.08%, UK's FTSE 100 up 0.05%, France's CAC40 up 0.25%, and the Euro Stoxx 50 up 0.30% [2][3] - WTI crude oil increased by 0.31% to $63.72 per barrel, while Brent crude oil rose by 0.19% to $67.80 per barrel [4] Federal Reserve Insights - Market is focused on Jerome Powell's upcoming speech at the Jackson Hole Economic Symposium, which is anticipated to be a pivotal moment for future Fed monetary policy [5] - According to CME FedWatch, traders are betting on a 73.5% probability of a 25 basis point rate cut at the Fed's September meeting, with at least one more cut expected this year [5] - Analysts warn that if Powell does not confirm or suggest a rate cut, it could lead to significant repricing of bond yields and risk assets [5] Company Performance - Goldman Sachs predicts Powell will not explicitly signal a rate cut in his speech, while Yardeni Research estimates the probability of a September cut at only 40% [6] - HSBC suggests that despite tariffs impacting US corporate profit margins, the rapid adoption of AI could help reduce operational costs by 1%, potentially offsetting 25% of the cost increase from tariffs [6] - UBS indicates that the effective tariff rate in the US has exceeded 18%, with expectations of a stabilization around 15% by mid-2026, suggesting that companies are beginning to pass on tariff costs to consumers [6] Individual Company News - Gold Fields (GFI.US) reported a net profit of $1.02 billion for the first half of the year, doubling from $389 million year-over-year, and announced an interim dividend of 7 Rand ($0.3948) per share [8] - Zoom (ZM.US) achieved its strongest growth in 11 quarters, with enterprise sales up 7% to $730.7 million, exceeding analyst expectations [9] - Ross Stores (ROST.US) reported sales of $5.53 billion for the quarter, a 2% increase year-over-year, and adjusted EPS of $1.56, surpassing market expectations [9] - Chinese stocks are mostly up in pre-market trading, with notable gains for Miniso (MNSO.US) up over 8%, NIO (NIO.US) up over 5%, and Pinduoduo (PDD.US) up over 4% [10]

Core Viewpoint - South African gold producer Gold Fields (GFI.US) reported significant profit growth in the first half of the year, driven by record gold prices and increased production, while also announcing an increase in interim dividends [1][2] Financial Performance - The company achieved a net profit of $1.02 billion for the six months ending June 30, a substantial increase from $389 million in the same period last year [1] - Core profit rose from $320.7 million to $1.027 billion year-on-year [1] - Basic earnings per share increased from $0.43 to $1.15, falling within the forecast range of $1.09 to $1.21 [1] - The interim dividend was set at 7 Rand ($0.3948) per share, significantly up from 3 Rand in the first half of 2024 [1] Production Metrics - Gold equivalent production in Q2 reached 585,000 ounces, up from 551,000 ounces in the previous quarter, aligning with the production guidance [1] - Total production for the first half of the year grew by 24%, reaching 1.136 million ounces [1] - All-in sustaining costs increased from $1,861 per ounce in Q1 to $2,054 per ounce, consistent with expectations [1] Market Conditions - The increase in production was supported by operational improvements at mines in Chile, South Africa, Peru, and Australia, which had previously faced production cuts due to adverse weather and geological conditions [2] - Gold prices have seen a strong upward trend, rising approximately 27% this year following a significant increase in 2024, driven by heightened demand for safe-haven assets amid trade tensions and geopolitical risks [2] - The average gold selling price for the company rose by 40% year-on-year to $3,089 per ounce, marking a historical high [2] Future Outlook - The company maintains its full-year gold equivalent production guidance of 2.25 to 2.45 million ounces [2] - It confirmed its cost forecast, projecting all-in sustaining costs to remain in the range of $1,500 to $1,650 per ounce for the year [2]

Core Viewpoint - Gold Fields Limited (GFI) is expected to report its second-quarter and first-half fiscal 2025 results on August 22, with earnings estimates remaining stable at 59 cents per share [1][2]. Group 1: Earnings and Production Performance - GFI's second-quarter production for 2025 is projected at 585,000 ounces, reflecting a 6% year-over-year increase, while total production for the first half of 2025 reached 1,136,000 ounces, a 24% increase compared to the previous year [5][7]. - The company anticipates headline earnings per share for the first half of 2025 to be between $1.09 and $1.21, representing a significant increase of 203-236% from 36 cents per share in the same period last year [8][9]. - Normalized earnings per share are expected to range from $1.06 to $1.18, indicating a 165-195% rise from 40 cents in the first half of 2024 [9]. Group 2: Cost and Pricing Dynamics - The all-in costs for GFI in the second quarter of 2025 are projected at $2,054 per ounce, up from $1,861 per ounce in the prior-year quarter, while the all-in sustaining cost is expected to be $1,739 per ounce, a 7% increase year-over-year [7][8]. - Rising mining costs have contributed to the increase in all-in costs, which may offset some of the gains from higher gold volumes and prices [9]. Group 3: Market Performance and Valuation - GFI shares have increased by 122% year-to-date, outperforming the industry growth of 72%, as well as competitors Franco-Nevada Corporation (FNV) and Agnico Eagle Mines Limited (AEM), which gained 47.5% and 66.5% respectively [10]. - GFI is currently trading at a forward price/sales ratio of 3.11, which is lower than the industry average of 3.40, while FNV and AEM are trading at higher ratios of 19.54 and 6.07 respectively [13]. Group 4: Strategic Developments - Gold Fields is on track to meet its gold production guidance of 2.25-2.45 million ounces, indicating a year-over-year growth of 13.5% [15]. - The company is enhancing its portfolio through strategic acquisitions, including the full ownership of the Windfall project in Quebec and the pending acquisition of Gold Road, which will provide full ownership of the Gruyere mine in Australia [15][16]. - The ramp-up at Salares Norte in Chile is progressing, with commercial production expected in the third quarter of 2025 [15].

Core Insights - Harmony Gold Mining Co. Ltd. (HMY) and Gold Fields Limited (GFI) are benefiting from a surge in gold prices, currently above $3,300 per ounce, driven by global economic uncertainties and investor demand for safe-haven assets [1][2] - Gold prices have increased approximately 27% this year, with central banks accumulating gold reserves amid geopolitical tensions and trade policy changes [2] - A comparison of HMY and GFI is relevant for investors looking for exposure in the precious metals sector [1] Harmony Gold Mining Co. Ltd. (HMY) - HMY is South Africa's largest gold producer by volume, with production of approximately 1.56 million ounces in fiscal 2024 [4] - The Wafi-Golpu project in Papua New Guinea has an estimated gold reserve of 13 million ounces and is seen as a potential game-changer for HMY [5] - The Eva Copper project in Australia, acquired in 2022, is expected to produce 55,000-60,000 tons of copper annually and is part of HMY's strategy to transition into a low-cost gold and copper mining company [6] - HMY's net cash increased by about 53% to $592 million at the end of Q3 fiscal 2025 [7] - HMY has a dividend policy to pay 20% of net free cash generated, with a current dividend yield of 1.4% and a five-year annualized dividend growth rate of approximately 19.4% [8] Gold Fields Limited (GFI) - GFI's gold production increased roughly 19% year-over-year to 551,000 ounces in Q1 2025, with a production guidance of 2.25-2.45 million ounces for the year [10] - The acquisition of Osisko Mining in October 2024 strengthens GFI's portfolio and expands its presence in Quebec [11] - GFI's Windfall project in Quebec targets an annual production of 300,000 ounces of gold [12] - GFI's net debt decreased to $1,981 million at the end of Q1 2025, and it offers a dividend yield of 2.5% with a five-year annualized dividend growth rate of about 17.3% [15] Valuation and Performance - Year-to-date, HMY stock has increased by 71%, while GFI stock has risen by 91.8%, outperforming the Zacks Mining – Gold industry's increase of 55.4% [16] - HMY trades at a forward earnings multiple of 4.93, representing a 60% discount compared to the industry average of 12.4 [17] - GFI trades at a forward earnings multiple of 8.74, which is below the industry average [19] - The Zacks Consensus Estimate for HMY's 2025 EPS implies a year-over-year rise of 190.8%, while GFI's EPS growth is estimated at 93.9% [20][24] Investment Considerations - Both HMY and GFI are well-positioned to capitalize on the current gold price environment, with HMY appearing to have a more attractive valuation and stronger growth projections [26]

Core Points - CanadaBeauce Gold Fields (BGF) is a mineral exploration company focused on gold in southern Quebec and recently attended the inauguration of the Promenade des Mines and Séraphin-Bolduc Dredge historic site, celebrating the town's mining heritage [1][3] - BGF made a symbolic donation to the Municipality of Saint-Simon-les-Mines, including a historical artifact and documents related to the Séraphin-Bolduc Dredge, which was the largest placer gold mine in Eastern North America during the 1960s [2][6] - The company aims to trace old placer gold workings back to a bedrock source to uncover economic lode gold deposits, with its flagship property being the Saint-Simon-les-Mines gold project, which is historically significant as the site of Canada's first gold rush [6] Company Overview - Beauce Gold Fields is focused on exploring and developing the largest placer gold district in Eastern North America, with a geological model suggesting that placer gold formed in stressed quartz pockets within layered domed Axis of Antiforms [6] - The company is currently drilling recently discovered antiform systems believed to have contributed to extensive auriferous placer deposits in Beauce, with historical production of large gold nuggets ranging from 50oz to 71oz [6]

Group 1 - Guolian Minsheng (01456) expects a net profit of RMB 1.129 billion for the first half of 2025, representing a year-on-year increase of approximately 1183% [1] - NIO-SW (09866) saw a rise of over 10% as its sub-brand, Lido, officially launched pre-sales for its new model L90, priced starting at RMB 279,900, which is competitive against similar models [1] - China CNR (01766) rose over 7% following a profit warning, with the rail transit equipment industry showing high demand and Q2 performance exceeding expectations [1] Group 2 - Coal stocks experienced a broad increase, with companies like China Qinfa (00866) and China Shenhua (01088) rising over 4%, driven by strong coal prices amid high temperatures [1] - Zijin Mining (02899) saw a rise of 1.5%, with expected net profit growth of about 54% year-on-year for the first half of the year, although short-term impacts from copper tariffs are anticipated [1] Group 3 - WanGuo Data-SW (09698) increased over 6% after its REIT completed offline inquiries with a subscription multiple of 166 times, indicating significant valuation potential [2] - Hengrui Medicine (01276) rose over 4%, reaching a new high, with expectations that its performance and business development will act as key catalysts [2] - China Shipbuilding Defense (00317) increased over 5% as the merger of two shipbuilding companies approaches completion, with Q2 performance exceeding expectations [2] Group 4 - Bitcoin-related stocks saw significant gains, with Bit Origin (BTOG.US) rising 51.72% and SharpLink Gaming (SBET.US) increasing 17.15%, driven by a surge in Bitcoin prices [3] - Gold stocks strengthened amid geopolitical tensions, with Gold ETF (GLD.US) rising 0.96% and Barrick Mining (B.US) increasing 0.71% [3] Group 5 - British Petroleum (BP.US) rose 3.55% as the company anticipates an increase in Q2 oil production and strong trading performance [7] - Huami Technology (ZEPP.US) surged over 69%, projecting a 30% revenue growth for Q2, marking its first growth in three years [7]

Group 1 - Gold Fields (GFI) is currently outperforming the Basic Materials sector with a year-to-date gain of approximately 82%, compared to the sector's average return of 12.3% [4] - The Zacks Rank for Gold Fields is 1 (Strong Buy), indicating a positive earnings outlook and strong analyst sentiment, with a 26.9% increase in the consensus estimate for full-year earnings over the past three months [3][4] - Gold Fields belongs to the Mining - Gold industry, which has an average year-to-date gain of 50.8%, positioning GFI above the average performance of its industry [6] Group 2 - FUCHS SE - Unsponsored ADR (FUPBY) is another Basic Materials stock that has shown strong performance, with a year-to-date increase of 32.1% and a Zacks Rank of 2 (Buy) [5] - The Chemical - Specialty industry, to which FUCHS SE belongs, is currently ranked 90 and has only gained 6% year-to-date, indicating that FUPBY is outperforming its industry [6] - Investors are encouraged to continue tracking both Gold Fields and FUCHS SE for their solid performance in the Basic Materials sector [7]