Wrap Text
OPERATIONAL UPDATE FOR THE QUARTER ENDED 30 SEPTEMBER 2026
Gold Fields Limited
(Incorporated in the Republic of South Africa,
Registration Number 1968/004880/06)
JSE, NYSE, DIFX Share Code: GFI
ISIN: ZAE000018123
("Gold Fields" or "the Group")
OPERATIONAL UPDATE FOR THE QUARTER ENDED 30 SEPTEMBER 2026
- Attributable gold-equivalent production 3% lower (YoY) at 605koz (Q3 2025: 621koz)
- All-in sustaining costs (AISC) 26% higher YoY US$1,965/oz (Q3 2025: US$1,557/oz)
- All-in costs (AIC) 23% higher (YoY) at US$2,266/oz (Q3 2025: US$1,835/oz)
JOHANNESBURG, 05 November 2026: Gold Fields Limited (NYSE and JSE: GFI) issues the following operational update
for the quarter ended 30 September 2026. Detailed financial and operational results are provided on a six-monthly
basis i.e. at the end of June and December.
STATEMENT BY CEO, MIKE FRASER
Highlights
- The Group delivered another safe quarter, with attributable gold-equivalent production of 605koz in Q3 2026,
in line with plan.
- Salares Norte performed strongly through the winter months, producing 136koz of gold-equivalent ounces at an
all-in sustaining cost (AISC) of US$437/oz.
- Gruyere, St Ives, Tarkwa, South Deep and Cerro Corona all delivered quarter-on-quarter production increases.
- Group AISC of US$1,965/oz was broadly unchanged from Q2 2026 and remained within full-year cost guidance.
- Windfall received its Certificate of Authorisation, confirming completion of the environmental and social
impact assessment process and providing authorisation to proceed to construction and full project development.
- Additional share buy-backs of US$554 million were completed as at 3 November 2026, bringing total shares
repurchased under the Additional Shareholder Returns Programme to US$854 million.
- The Group maintained a strong balance sheet, with net debt to adjusted EBITDA of 0.13x at 30 September 2026.
- The Group remains on track to deliver on the upper end of full-year production guidance, supported by a
stronger fourth quarter expected, as a result of higher grades planned at St Ives and further improved
performance at Gruyere,Tarkwa and Salares Norte.
Delivering safe, reliable and cost-effective production
Gold Fields delivered a steady third quarter, with attributable gold-equivalent production of 605koz and AISC
of US$1,965/oz. Performance was supported by consistent delivery at St Ives and South Deep, alongside improved
production at Tarkwa and Gruyere. This was partially offset by planned lower production at Salares Norte and
lower grades at Agnew.
Group AISC of US$1,965/oz was in line with the June quarter (Q2 2026: US$1,957/oz) and 26% higher than the
corresponding quarter in 2025 (Q3 2025: US$1,557/oz) primarily due to external factors - including higher gold
price linked royalties, stronger producer country currencies and higher input costs, together with lower
year-on-year (YoY) gold sales in the quarter under review. Group AIC increased by 3% quarter-on-quarter (QoQ)
to US$2,266/oz (Q2 2026: US$2,204/oz) and was 23% higher YoY. The QoQ increase in AIC reflects lower gold sold
and higher spend at Windfall, which contributed US$144/oz to Group AIC (Q2 2026: US$118/oz), partially offset
by lower capital expenditure at the mining operations.
We recorded no fatalities during the quarter, extending the fatality-free delivery achieved throughout 2025 and
the first half of 2026. One serious injury was recorded at the Windfall Project in July 2026, the Group's first
this year. This serves as a reminder that despite our progress, we must remain vigilant and continue strengthening
our safety practices as we work towards eliminating serious injuries and fatalities.
Our Safety Improvement Programme continues to advance, with a focus on moving beyond hazard awareness and
visible leadership towards embedding risk-based work practices and verifying the effectiveness of critical
controls at the point of work. During the quarter, we:
- Advanced critical control verification across the nine critical risks associated with approximately 90%
of the Group's serious potential incidents
- Extended Visible Felt Leadership training to middle managers, including business partner leaders and
- Launched our supervisory development programme, and continued the Group-wide roll-out of our safety,
risk and occupational health standards
At Windfall, where the workforce is expected to expand materially ahead of construction, we are integrating
project governance, business partner management and Group standards into the project safety management framework.
We remain firmly focused on ensuring that everyone leaves work safe and well each day.
Financial strength and shareholder returns
Net debt increased to US$981 million at 30 September 2026 (30 June 2026: US$437 million), or US$410 million
excluding lease liabilities, following the payment of the interim dividend of US$878 million and the execution
of US$215 million of share buy-backs during the quarter.
At 0.13x net debt to adjusted EBITDA, the balance sheet remains robust and continues to afford the business
flexibility to fund sustaining capital, discretionary and growth investments while supporting our commitment
to upper quartile shareholder returns.
Following completion of US$300 million in share buy-backs between March and July 2026, we continued to buy
back shares under the Additional Shareholder Returns Programme, which was announced in November 2025 and
expanded in August 2026. As at 3 November 2026, we had repurchased a further 15.5 million shares at an average
price of R592.98 per share, bringing the total value of shares repurchased to US$854 million.
These share buy-backs, together with the special dividend of US$253 million, paid in February 2026, brings the
total returned to shareholders under the Additional Shareholder Returns Programme to US$1.11 billion of the
US$1.25 billion allocated to the programme. We will continue to assess the level of additional shareholder returns
against cash generation and our capital allocation framework.
Growing the quality and value of our portfolio
Approval of the Environmental Impact Assessment for the Windfall Project
On 30 October 2026, the Quebec's Ministry of the Environment, the Fight Against Climate Change, Biodiversity
Protection, Wildlife and Parks issued the Certificate of Authorisation (Global CA) for Windfall, confirming
completion of the environmental and social impact assessment process and authorising construction, subject
to applicable conditions and permits. The Global CA provides the authorisation required to proceed to
construction and full project development. It follows signing of the Uukiimau Agreement with the Cree First
Nation of Waswanipi, the Cree Nation Government and the Grand Council of the Crees (the Cree First Nation)
in June 2026. We thank the Government of Quebec, the Cree First Nation Nation and COMEX for their rigorous
review and partnership.
We will now progress the Final Investment Decision (FID) for the project and expect to publish the Windfall
Mineral Resources and Mineral Reserves, planned construction and ramp-up schedule as well as the capital
estimate for project development by February 2027 alongside our 2026 reviewed results.
Windfall is one of the highest-grade projects in Canada and is expected to produce approximately 300,000 ounces
of gold per annum once ramped up, with considerable growth prospects along strike and down plunge. It represents
a district scale opportunity with Gold Fields holding a land package of approximately 2,500km2 in the Urban Barry
and Quevillon areas. The regional exploration programme is advancing targets across the district with the aim
of discovering additional ounces.
Update on the conditional, non-binding indicative proposal for the acquisition of Northern Star
On 13 September 2026, Gold Fields submitted a non-binding, indicative and conditional proposal to the Board of
Northern Star Resources to acquire 100% of Northern Star's shares by way of a scheme of arrangement.
We confirmed the principal terms of the proposal in our SENS announcement on 28 September 2026.
In its letter of 24 September 2026, the Northern Star Board stated that it was not appropriate to engage in
further discussions at that time.
While we see compelling industrial logic and synergy opportunity with the proposed combination, any potential
transaction would need to be consistent with our disciplined approach to capital allocation and our clear
requirement that the transaction creates compelling value for Gold Fields' shareholders. Although we remain
open to engagement, there can be no certainty that further engagement with the Northern Star Board will occur,
that the proposal will progress, or that a transaction will ultimately be concluded.
Acquisition of BHP's Kambalda Nickel West Concentrator
During October 2026, we entered into formal agreements with BHP to acquire the Kambalda Nickel Concentrator,
surrounding tenements and mineralisation rights in the Goldfields region of Western Australia. Given our
long-term commitment to the region, this strategic processing asset, its associated infrastructure and the
prospective ground adjacent to St Ives are a natural fit for Gold Fields. The acquisition reflects our
disciplined and innovative approach to improving the quality of our portfolio and is expected to be completed
during 2027.
Update on the renewal of the Tarkwa mining leases
In November 2025, we submitted an early application for the renewal of the five Tarkwa mining leases expiring
in April 2027. In July 2026, we submitted a comprehensive commercial proposal to the government of Ghana to
support the lease renewals and the long-term sustainability of the mine.
While we continue to seek engagement with the government, we are still awaiting feedback on our proposal
and have no confirmed timeframe for this response or any further negotiations. Additionally, we continue
to experience increased levels of regulatory activity at Tarkwa. With less than six months remaining on
the term of the leases, significant uncertainty remains as to the timing, outcome and terms of any renewal.
We continue to consider all options available to us with respect to the renewals, including the exercise of
our legal rights under the leases, our Development Agreement and at law.
Gold Fields has partnered with Ghana to deliver safe and responsible operations at Tarkwa for over 30 years,
upholding high standards of operational discipline, environmental stewardship and social performance over
this period. Our deep knowledge of the asset, combined with our financial strength and world-class technical
and operational expertise, makes us well-positioned to continue investing in and optimising Tarkwa, and to
extend the mine life beyond current known reserves. We will continue to pursue the lease renewals to support
this objective.
Having a positive impact on our communities and the environment
Host community value creation
Our Group Legacy Programmes continue to deliver measurable outcomes across the portfolio, from technical
skills development in Chile, where governance of the Atacama talent platform is now chaired by the Regional
Government, to expanded healthcare access in Ghana, with more than 2,000 people enrolled in the National
Health Insurance Scheme to date.
Performance by operation
Gruyere produced 70koz in Q3 2026, 6% higher QoQ (Q2 2026: 67koz), on the back of a 3% increase in tonnes
milled and an improvement in yield, as the improvement initiatives continued to gain momentum.
AIC decreased by 10% QoQ to US$2,815/oz due to lower cost of sales and lower capital expenditure, following
the purchase of two new excavators in Q2 2026.
Granny Smith produced 67koz, 3% lower QoQ (Q2 2026: 69koz), consistent with the mine schedule, and 3% lower
YoY on lower grade of ore milled. AIC increased by 13% QoQ to US$2,297/oz, driven by a 32% increase in capital
expenditure. Development activity in the Z135 area continued, supporting the asset's production outlook.
St Ives produced 90koz, 4% higher QoQ (Q2 2026: 86koz) on increased ore processed, following the elimination
of ventilation constraints at Invincible. AIC was broadly stable at US$2,848/oz, increasing by 1% QoQ, mainly
due to higher cost of sales before amortisation and depreciation. Total capital expenditure decreased by 8% QoQ
to US$62m, with lower expenditure on mine development at the Invincible and Hamlet mines, and was 25% lower
YoY as the St Ives Renewables Project nears completion.
Agnew produced 47koz, 19% lower QoQ (Q2 2026: 58koz) mainly due to ventilation interruptions
at Waroonga resulting in lower feed grades to the mill. AIC increased by 16% QoQ to US$2,673/oz
(Q2 2026: US$2,309/oz) on lower gold sales, partially offset by lower capital expenditure and lower cost of sales.
Capital expenditure decreased by 9% QoQ to US$23m with lower mine development expenditure at Waroonga.
South Deep delivered another quarter of improvement, with production increasing by 5% QoQ to 80.7koz
(Q2 2026: 76.5koz) and 4% YoY. This was driven by an increase in total tonnes mined and higher grades,
which also supported higher underground ore milled. AIC remained stable QoQ at US$2,226/oz
(Q2 2026: US$2,225/oz), as the benefit of higher gold sales volumes was largely offset by higher
capital expenditure.
Tarkwa produced 101koz, 4% higher QoQ (Q2 2026: 98koz) as milled tonnes increased by 5% on higher plant
availability and utilisation. AIC increased by 3% QoQ to US$2,559/oz, mainly due to a higher gold-in-process
charge as stockpiles were depleted, partially offset by higher gold sold.
Salares Norte produced 136koz gold-equivalent. ounces, 21% higher YoY but 17% lower QoQ (Q2 2026: 164koz)
due to lower planned tonnes milled during the winter period in the quarter. Metallurgical recovery was up 1.2% over Q2 2026.
AISC remained competitively low at US$437/oz. The operation remains well-positioned to deliver between 550koz
and 600koz gold-equivalent production in 2026.
Cerro Corona produced 29koz gold-equivalent, 1% higher QoQ (Q2 2026: 29koz), on higher tonnes milled and a
higher price factor, partially offset by lower gold head grade. Production was 29% lower YoY, reflecting
the processing of low-grade stockpiles that commenced in November 2025 in line with the mine's planned profile.
AIC per gold ounce sold decreased by 44% QoQ to US$1,075/oz (Q2 2026: US$1,928/oz) on lower cost of sales,
higher by-product credits and higher gold sold.
2026 guidance affirmed
We expect a stronger fourth quarter, driven by higher planned grades at St Ives, the sale of gold held at
Gruyere at quarter-end, continued improvement at Tarkwa and continued strong performance from Salares Norte.
These factors underpin our expectation to deliver to the upper end of the full-year production guidance range
of 2.4Moz to 2.6Moz.
Despite cost pressures mainly due to external factors, AISC and AIC are expected to be between US$1,800 and
US$2,000/oz, and US$2,075 and US$2,300/oz respectively, within our original guidance.
As indicated in our H1 2026 results, capital expenditure guidance is now expected to be US$1,600-US$1,800 million,
following reclassification of certain Windfall expenditure from capital expenditure to exploration expense.
Accordingly, while capital expenditure is expected to decrease, a portion of the reduction will be offset
by higher growth exploration expenditure. Sustaining capital expenditure guidance remains unchanged at
US$1,300-US$1,400 million.
With a strong balance sheet, an active shareholder returns programme and a clear growth pipeline, we remain
well-positioned to continue delivering on our strategy and creating value for our shareholders.
Mike Fraser
Chief Executive Officer
5 November 2026
Key statistics
United States
Dollar
Figures in millions unless otherwise stated September 2026 June 2026 September 2025
Gold produced - attributable oz (000) 605 634 621
Gold produced - managed oz (000) 621 650 638
Gold sold - managed oz (000) 613 643 683
Tonnes milled/treated 000 11,066 10,631 10,882
Revenue US$/oz 4,278 4,505 3,468
AISC# US$/oz 1,965 1,957 1,557
Total AIC# US$/oz 2,266 2,204 1,835
Net debt US$m 981 437 791
Net debt (excluding lease liabilities) US$m 410 (22) 360
Net debt to adjusted EBITDA ratio 0.13 0.06 0.17
At 30 September 2026, all operations are wholly owned except for Tarkwa and Damang (up to 18 April 2026)
in Ghana (90.0%), South Deep in South Africa (93.10%) and Cerro Corona in Peru (99.5%).
# AISC and total AIC in the key statistics table include all Gold Fields operations, projects and offices
Figures may not add as they are rounded independently.
The remainder of the Q3 2026 Operational Update booklet is available and can be accessed on the Company's
website at www.goldfields.com.
Forward-looking statements
This announcement contains forward-looking statements within the meaning of the "safe harbour" provisions
of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical
fact included in this announcement may be forward-looking statements. Forward-looking statements may be
identified by the use of words such as "aim", "anticipate", "will", "would", "expect", "may", "could",
"believe", "target", "estimate", "project" and words of similar meaning.
These forward-looking statements, including among others, those relating to Gold Fields' future business
strategy, development activities (including the approvals, permitting, development operations and final
investment decisions relating to the Windfall Project) and other initiatives, anticipated benefits of
acquisitions or joint ventures, (including as to whether the proposed combination with Northern Star will be
completed, the terms and timing and anticipated benefits or synergies of the proposed combination), ability
to successfully renew, extend and/or retain mining rights, licences, development or fiscal stability agreements
(including, in particular, the renewal of the Tarkwa mining leases and Development Agreement), or other interests
(including the satisfaction of licence conditions), ability to conclude divestments on favourable terms (if at all),
business prospects, financial positions, production and operational guidance, climate and ESG-related statements,
targets and metrics, are necessary estimates reflecting the best judgement of the senior management of Gold Fields
and involve a number of risks and uncertainties that could cause actual results to differ materially from those
suggested by the forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty
because they relate to future events and circumstances and should be considered in light of various important factors,
including those set forth in Gold Fields' Integrated Annual Report 2025 filed with the Johannesburg Stock Exchange and
the Annual Report on Form 20-F filed with the United States Securities and Exchange Commission (SEC) on 30 March 2026
(SEC File no. 001-31318). Readers are cautioned not to place undue reliance on such statements. These forward-looking
statements speak only as of the date they are made. Gold Fields undertakes no obligation to update publicly or release
any revisions to these forward-looking statements to reflect events or circumstances after the date of this announcement
or to reflect the occurrence of unanticipated events. These forward-looking statements and any other financial information
contained in this announcement have not been reviewed or reported on by the Company's external auditors. This announcement
is the responsibility of the Gold Fields Board of Directors.
Non-IFRS measures
This announcement includes certain non-International Financial Reporting Standards (IFRS) financial measures,
including net debt (including and excluding lease liabilities), adjusted EBITDA, sustaining capital expenditure,
non-sustaining capital expenditure, all-in sustaining cost (AISC) and total all-in cost (AIC). These measures may
not be comparable to similarly-titled measures used by other companies and are not measures of Gold Fields financial
performance under IFRS. These measures should not be considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS. The financial information contained in this announcement has not been
reviewed or reported on by Gold Fields' external auditors.
The key non-IFRS measures used include net debt (including and excluding lease liabilities), adjusted EBITDA,
sustaining capital expenditure, non-sustaining capital expenditure, all-in sustaining cost (AISC) and total
all-in cost (AIC). The applicable criteria on the basis of which this information has been prepared is set out
in the notes accompanying the announcement.
About Gold Fields
Gold Fields is a globally diversified gold producer with eight operating mines in Australia, South Africa,
Ghana, Chile and Peru, and one project in Canada. As at December 2025, the Company reported total attributable
annual gold-equivalent production of 2.44Moz, proved and probable gold Mineral Reserves of 48.3Moz, measured
and indicated gold Mineral Resources of 31.6Moz (excluding Mineral Reserves) and inferred Gold Mineral Resources
of 12.2Moz (excluding Mineral Reserves). The Company's shares are listed on the Johannesburg Stock Exchange (JSE)
and American depositary shares trade on the New York Stock Exchange (NYSE).
By order of the board
JF MacKenzie (Chairperson)
5 November 2026
JF MacKenzie*† (Chairperson), MJ Fraser (Chief Executive Officer), AT Dall† (Chief Financial Officer), A Andani#†
ZBM Bassa†, MC Bitar@†, TP Goodlace†, SL McCrae^^†, JE McGill^†, MI Rawlinson*†, PG Sibiya† and CAT Smit†
^ Australian * British @Chilean #Ghanaian ^^Canadian
†Independent director, Non-independent director
Sponsor:
J.P. Morgan Equities South Africa (Pty) Ltd
Interim Company secretary:
A.Ndoni
Transfer secretaries:
Computershare Investor Services (Proprietary) Limited
www.goldfields.com
Date: 05/11/2026 07:05:00
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