JSE-listed Gold Fields has reported strong results for the year ended December 31, 2025, delivering a more predictable performance, keeping guidance unchanged throughout the year, delivering production at the upper end of guidance and costs within the guided range.

Group attributable gold-equivalent production increased by 18% year-on-year to 2.44-million ounces, underpinned by strong performances across the portfolio.

The company notes that the Salares Norte mine, in Chile, delivered a particularly strong second-half performance, reaching commercial production in the third quarter and steady state by year-end, with the mine delivering above the upper end of its guidance.

The company explains that improved operational performance, coupled with the higher gold price, resulted in a strong financial performance for the financial year.

The group generated adjusted free cash flow of $2.97-billion, compared with $605-million in 2024, and headline earnings of $2.58-billion, compared with $1.19-billion in 2024.

Gold Fields says it continued to deliver on its capital allocation priorities during the year. The group spent $1.03-billion – $427/oz – in sustaining capital to maintain the integrity of its asset base.

In line with the company’s updated dividend policy, Gold Fields has declared a final dividend of R18.50 a share – or $1.16 a share – which is 164% higher than the final dividend paid for 2024.

When combined with the interim dividend of R7 a share, the total dividend of R25.50 a share – $1.60 a share – equates to 35% of free cash flow before discretionary investments, in line with the company’s targeted 35%.

In addition to the base dividend, Gold Fields says it will distribute $353-million in additional returns.

This will comprise $253-million in special dividends and $100-million in share buybacks, broadly aligned with the preferences and composition of the company’s shareholder register.

Combined with the base dividend, this results in a total distribution to shareholders of $1.7-billion, which equates to 54% of adjusted free cash flow.

Normalised profit increased by 119% year-on-year to $2.68-billion, or $3 a share, driven by higher gold sales volumes and higher realised gold prices.

During the period, the group generated adjusted free cash flow of $2.97-billion – after considering all costs and project capital expenditure (capex) – compared with $605-million in 2024.

The mines generated adjusted free cash flow from operations of $3.17-billion, compared with $1.99-billion in financial year 2024.

Net debt decreased by $644-million, despite the $1.45-billion payment, net of the Northern Star share sale, for the acquisition of Gold Road Resources in October.

Gold Fields says it ended 2025 with a robust balance sheet, with net debt of $1.44-billion and a net debt to adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) ratio of 0.26x.

Excluding lease liabilities, net debt was $959-million at the end of the 2025 financial year.

In May 2025, Gold Fields issued $750-million seven-year notes with a 5.854% coupon.

The proceeds were used to repay amounts outstanding under the $750-million bridge facilities utilised to fund the acquisition of Osisko Mining in 2024.

In October 2025, the company used a bridge facility to fund the acquisition of Gold Road Resources, which was subsequently partially repaid using the proceeds of a A$1.25-billion multi-currency term loan arranged in December 2025.

At the end of December 2025, the group’s capital structure consisted of a $1.2-billion sustainability-linked revolving credit facility – $637-million undrawn – a $500-million bond maturing in 2029, the $750-million notes maturing in 2032, the A$1.25-billion multi-currency term loan terminating in December 2030, several smaller in country facilities and $1.78-billion in cash.

OPERATIONS

Gold Fields says its operational delivery was more predictable in 2025, enabling the company to track its operating plans and achieve guidance for the year.

The company notes that costs remained elevated, driven by general industry inflation, higher royalties owing to increased realised gold prices, stronger producer currencies and higher capex.

All-in cost (AIC) increased by 3% year-on-year to $1 927/oz and all-in sustaining cost (AISC) increased by 1% year-on-year to $1 645/oz as higher royalties and capex offset the impact of increased gold sold.

Through its asset optimisation programme, Gold Fields says it identified a number of improvement opportunities at key assets which are expected to mitigate inflationary impacts going forward.

Gold Fields says the Gruyere mine, in Australia, had a difficult fourth quarter, with ground instability and rock fall incidents resulting in the resequencing of mining activities to lower-grade areas of the Gruyere pit.

Head grade was further impacted as lower-grade stockpiles were processed to supplement ore feed.

The mine also experienced increased workforce turnover during the second half of the year, resulting in unplanned downtime of production equipment and a decrease in tonnes mined for the period.

While these challenges are expected to continue impacting operations at Gruyere in the first quarter of 2026, Gold Fields says the team has identified action plans to improve mining performance.

These include improving mining fleet equipment availability, implementing optimisation initiatives to unlock mining efficiencies, and engaging with business partners to strengthen retention and recruitment strategies.

Despite the current challenges, Gold Fields says the company forecasts an increase in Gruyere’s production for the new financial year, with production to be weighted to the second half of the year.

Additionally, the waste stripping campaign at the Tarkwa gold mine, in Ghana, continued during 2025. As a result, the company notes that production decreased by 12% as lower-grade stockpiles were used to supplement the ore feed.

AIC increased by 26% year-on-year, driven by lower volumes of gold sold, general mining inflation, a 31% increase in royalties paid and increased capex.

The company says a key focus in the near to medium term is to optimise Tarkwa’s mining costs by improving mining efficiencies, reconfiguring the mining fleet and optimising the mine design.

It explains that Tarkwa remains one of the cornerstone assets of the Gold Fields portfolio.

Through proactive engagements with the government of Ghana, the company says it has initiated the process to renew the Tarkwa mining lease, which is due to expire in April 2027.

The company says it submitted a comprehensive application for the renewal of the Tarkwa mining leases in November 2025 and that discussions with the government have started.

Gold Fields says Ghana has proposed mining policy reforms aimed at increasing local participation and State revenues from the industry, which are expected to influence the outcome of these lease renewal discussions.

The company says a key component of this process has been updating Tarkwa’s life-of-mine plan and the mine’s declared mineral resources and mineral reserves.

In November 2025, Gold Fields published an out-of-cycle mineral resources and mineral reserves declaration for Tarkwa.

Gold Fields says a key focus for the team in the near to medium term is to optimise Tarkwa’s operating costs to enhance margins and cash generation and to further increase mineable inventory.

Further, the South Deep mine, in South Africa, delivered a strong performance in 2025, with production of 309 000 oz – a 16% year-on-year increase and at the top end of its guidance range.

As a highly mechanised, long-life orebody, Gold Fields says South Deep remains a cornerstone asset, with the team focused on improving stope turnaround times and driving incremental performance gains.

Meanwhile, the company reports that Salares Norte had a successful ramp-up in 2025.

The mine produced 397 000 oz of gold-equivalent, which is above the guidance range of between 325 000 oz and 375 000 oz of gold-equivalent.

Encouragingly, Gold Fields says the plant continued to operate uninterrupted through the winter months, despite still being in the ramp-up phase and experiencing weather events similar to 2024.

AISC was $1 144/oz of gold-equivalent, within the guidance range provided in February 2025. Salares Norte delivered $808-million in free cash flow for the year, which was the highest in the group.

“We feel that this is a very strong set of results and really delivers the intent that we started at the beginning of 2025,” said CEO Mike Fraser during a media roundtable conference call on February 19.

2026 GUIDANCE

Gold Fields notes that attributable gold-equivalent production for this year is expected to be between 2.4-million and 2.6-million ounces – compared with the 2.44-million ounces delivered in 2025.

AISC is expected to be between $1 800/oz and $2 000/oz, and AIC is expected to be between $2 075/oz and $2 300/oz.

The company says this year is another year in which capex levels will remain elevated, given the capital budgeted for the Windfall project, in Canada, as well as sustaining capex across the portfolio required to maintain the production base of the group.

Total capex for the group for this year is expected to be between $1.9-billion and $2.1-billion.

Sustaining capex is expected to be between $1.3-billion and $1.4-billion, while non-sustaining capex is expected to be between $240-million and $340-million, with the largest component of this being the Windfall project capital of C$495-million, which equates to about $361-million.

Gold Fields says guidance for this year remains unchanged from that provided at the company’s Capital Markets Day in November 2025 for production.

However, the company says it has seen increases in AISC and AIC, driven primarily by the strengthening of exchange rates in Australia and South Africa as well as the impact of higher gold prices on royalty payments.

BOARD CHANGES

Gold Fields has also advised shareholders that it has elected John Fraser MacKenzie, an independent nonexecutive director, and as chairperson of the board and of the nomination and governance committee, with effect from May 25, following the conclusion of the company’s 2026 AGM.

Gold Fields says MacKenzie is an experienced mining executive with over 30 years’ experience in mining operations and executive leadership across multiple commodities and jurisdictions and is currently nonexecutive chairperson of Capstone Copper Corporation.

The election of MacKenzie follows the retirement of Yunus Suleman as independent nonexecutive director and chairperson of the board and the nomination and governance committee, effective May 25.

Suleman joined the Gold Fields board on September 1, 2016, and was appointed chairperson of the board in June 2022.

During his tenure, he also served as chairperson of the audit committee and later as chairperson of the nomination and governance committee.

Under his leadership, the board strengthened its governance framework, enhanced its focus on ethics, risk oversight and strategic decision-making, and endorsed a strategy prioritising safe and reliable production, sustainable social and environmental outcomes, and portfolio value enhancement.

 “Gold Fields is delighted to have someone of MacKenzie’s calibre assuming the role of board chair, and I wish him success in his new responsibilities,” says Suleman.