Gold Fields (GFI) investor relations material

Strategic direction and portfolio evolution

• Focus remains on long-term, steady, and reliable performance, prioritizing quality and cash flow per share over production growth.

• Portfolio has shifted to a globally diversified, mechanized asset base, with 70% of production expected from OECD countries within five years.

• Three-pillar strategy: safe and cost-effective operations, positive social/environmental impact, and portfolio quality growth.

• 2035 strategic aspirations set with clear, quantitative goals for people, culture, community trust, portfolio quality, and peer outperformance.

• Portfolio optimization and disciplined capital allocation underpin a roadmap for growth, with $2B discretionary investment over five years and a focus on brownfields, greenfields, and bolt-on M&A.

Financial guidance and capital allocation

• Five-year production guidance is 2.5–3.0 million ounces, with AISC targeted at $1,500–$1,650/oz and AIC at $1,780–$1,930/oz.

• $2 billion in discretionary capital investments planned over five years, focused on life extension and cost reduction, with flexibility to defer if conditions change.

• Windfall growth capital estimated at $1.7–$1.9 billion, with project FID and permitting targeted for 2026.

• Sustaining capital to average $350–$400/oz, with higher capital intensity in Australia due to ore body nature.

• Updated dividend policy links payouts to free cash flow before discretionary investments, targeting a 35% payout ratio and a minimum $0.50/share annual dividend, with up to $500M in additional returns over two years.

Growth levers and project pipeline

• Brownfields exploration remains a core strength, with over $100 million/year spent and reserve life extended at key assets.

• Greenfields exploration reinvigorated, targeting $50 million/year and over 20 projects globally, aiming for new district-scale discoveries post-2035.

• Recent M&A includes full acquisition of Windfall and Gruyere, both seen as accretive and providing life extension and operational synergies.

• Discretionary CapEx mainly allocated to life extension at Salares Norte, material handling at St. Ives and Granny Smith, and renewables at South Deep.

• Windfall project expected to deliver over 300,000 oz/year over 10 years, with significant district exploration potential and low-carbon energy secured.