Gold Fields (GFI) Q3 2025 earnings summary

Executive summary

• Attributable production increased 6% quarter-on-quarter and 22% year-on-year to 621koz, supported by Salares Norte ramp-up and stable operations elsewhere.

• All-in cost decreased 11% quarter-on-quarter and 4% year-on-year; all-in sustaining cost decreased 10% quarter-on-quarter and 8% year-on-year.

• Net debt fell by $696m to $791m, with a net debt to EBITDA ratio of 0.17x, reflecting strong cash generation and robust financial health.

• The acquisition of Gold Road Resources was completed post-quarter, consolidating 100% ownership of Gruyere and funded by a $2.3bn bridge facility.

• Salares Norte achieved commercial production in September and is expected to reach steady state by year-end, targeting 550–580koz eq at AISC of $825–$875/oz eq.

Financial highlights

• Revenue per ounce increased to $3,468, up from $3,281 in the previous quarter and $2,493 a year ago.

• Net debt reduced to $791m from $1,487m in Q2 2025 and $1,123m in Q3 2024.

• All-in sustaining cost (AISC) was $1,557/oz, down from $1,739/oz in Q2 2025 and $1,694/oz in Q3 2024.

• All-in cost (AIC) was $1,835/oz, down from $2,054/oz in Q2 2025 and $1,909/oz in Q3 2024.

• Cash generation and net debt reduction were strong, aided by a 45,000-ounce gold sales rollover and Galiano Gold proceeds.

Outlook and guidance

• Full-year 2025 guidance remains on track, with production expected in the upper half of the 2.25–2.45Moz range and costs within guidance.

• AISC guidance is $1,500–$1,650/oz and AIC is $1,780–$1,930/oz for FY2025.

• Salares Norte is expected to reach steady-state production in 2026, targeting 550–580koz eq at AISC of $825–$875/oz eq.

• Windfall permitting is progressing, but delays could impact the 2028 plan; guidance remains conservative regarding Windfall.