Gold Fields (GFI) Q1 2025 earnings summary

Executive summary

• Achieved 12 months without fatalities and one serious injury in Q1 2025, reflecting improved safety performance and ongoing initiatives.

• Q1 2025 gold-equivalent production was 551,000 oz, up 19% year-over-year but down 14% sequentially, in line with plan and full-year guidance.

• Strong cash flow generation supported by favorable gold prices, enabling net debt reduction despite $346 million in dividend payouts.

• Binding agreement to acquire 100% of Gold Road Resources, consolidating Gruyere Mine ownership, expected to close in H2 2025.

• Key focus areas included ramp-up at Salares Norte, Windfall project advancement, and Damang Mine lease extension.

Financial highlights

• Gold-equivalent production reached 551,000 oz in Q1 2025, meeting quarterly targets and up 19% year-over-year.

• All-in sustaining costs (AISC) for Q1 2025 were $1,625/oz, down 7% year-over-year but up 15% quarter-over-quarter.

• Net debt reduced to $1,981m from $2,086m at end-2024, even after $346m in dividend payments.

• Salares Norte production increased 13% sequentially, aligning with ramp-up plans.

• Revenue per ounce rose to $2,900 from $2,079 year-over-year.

Outlook and guidance

• On track to meet full-year production and cost guidance: 2.25Moz–2.45Moz at AISC of $1,500–$1,650/oz and AIC of $1,780–$1,930/oz.

• Salares Norte commercial production expected to commence in July (Q3 2025), following a shift from Q2 due to metallurgical criteria.

• Windfall project feasibility study update and board approval targeted for Q1 2026, with capital spending planned for 2026–2027.

• Group capex for 2025 expected at $1,490m–$1,550m, with sustaining capital at $940m–$970m.

• Salares Norte 2025 guidance: 325koz–375koz at AISC $975–$1,125/oz-eq; steady-state in 2026.