Summary of Gold Fields Capital Markets Day Company Overview - **Company**: Gold Fields (NYSE:GFI) - **Event**: 2025 Capital Markets Day - **Date**: November 12, 2025 Key Industry Insights - Gold Fields aims to position itself as a long-term, reliable gold producer, focusing on sustainable performance rather than short-term hype [2][3] - The company emphasizes a multi-generational business model, with a clear five-year plan to enhance its production profile and extend the life of its assets [3][4] Core Business Strategies - **Production Profile**: Gold Fields believes it has a best-in-class production profile and aims to outperform its peers [3] - **Capital Allocation**: The company plans to invest significantly in its operations, with a focus on improving cash flow per share rather than merely increasing production volume [4][5] - **Safety and Culture**: A strong emphasis is placed on safety, with investments aimed at changing organizational culture to ensure safe operations [10][11] Financial Guidance - Gold Fields expects to deliver significant cash flow over the next five years, even with a conservative gold price assumption nearly $1,000 below current spot prices [5][28] - The company has set a production target of 2.5-3 million ounces by the end of the decade, with over 70% of production expected to come from its current portfolio beyond 2035 [24][29] Growth Opportunities - **Brownfields Exploration**: The company is investing over $100 million annually in Brownfields exploration, which has proven to be a cost-effective way to extend reserve life [36][37] - **Greenfields Exploration**: Gold Fields is also focusing on Greenfields exploration, targeting high-margin discoveries with the potential for significant production [40][41] - **M&A Activity**: Recent acquisitions, including the Windfall project and Gold Road, are seen as strategic moves to enhance portfolio quality and extend mine life [48][49] Capital Expenditure - Gold Fields plans to allocate approximately $2 billion in discretionary capital over the next five years, with a significant portion aimed at life extension projects [30][32] - The company is also investing in material handling systems to reduce costs and extend the life of existing operations [33][55] Market Position and Valuation - Despite a strong production and cost outlook, Gold Fields continues to trade at a relative discount compared to its peers, presenting an opportunity for future outperformance [34][35] - The company has a long history of successful operations and aims to build sustainable value for the long term [35] Conclusion - Gold Fields is committed to a strategic approach that balances immediate operational needs with long-term growth objectives, focusing on safety, capital efficiency, and portfolio quality to drive shareholder value [20][35]

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]