JSE-listed Gold Fields is expecting its headline earnings per share (HEPS) for the 12 months ended December 31, 2025, to be between $2.79 and $2.97, representing a 110% to 123% increase on the HEPS of $1.33 reported for the previous year, the company said in a trading statement and operational update published on February 6.

The strong earnings performance is reflective of higher gold prices, increased volumes of gold sold and the full consolidation of the Gruyere mine, in Australia, which was partially offset by higher cost of sales in line with general mining inflation, increased royalties owing to the higher gold price and higher volumes mined, Gold Fields said.

Basic earnings per share (EPS) for 2025 are expected to be between $3.87 and $4.11 a share, up 178% to 196% on the basic EPS of $1.39 a share reported for 2024. Normalised EPS are expected to be between $2.91 and $3.09 a share, which is 112% to 126% higher than the 2024 level of $1.37.

Normalised earnings are defined as profit excluding gains and losses on foreign exchange, financial instruments, and non-recurring items after taxation and non-controlling interest effect.

Group attributable gold equivalent production for the fourth quarter of 2025 is expected to be 681 000 oz, compared with 621 000 oz in the third quarter.

All-in costs (AIC) are expected to be $1 969/oz, up from $1 835/oz in the third quarter, while all-in sustaining costs (AISC) are expected to be $1 673/oz, compared with $1 557/oz in the third quarter. The fourth-quarter figures include 100% of Gruyere’s production, up from 50% in the previous quarter.

After reaching commercial production in the third quarter of 2025, the Salares Norte mine, in Chile, achieved steady-state levels during the fourth quarter, producing 161 000 oz of gold equivalent, a 43% increase from 112 000 oz in the third quarter.

For the full 12 months of 2025, group attributable gold equivalent production is expected to be more than 2.4-million ounces, 18% higher than the about two-million ounces produced in 2024 and at the upper end of the company’s guidance range of 2.25-million to 2.45-million ounces.

The AIC for the year is expected to be $1 927/oz, 3% higher than 2024 levels of $1 873/oz, and AISC is expected to be $1 645/oz, up 1% from $1 629/oz in 2024. Both metrics remain within guidance, Gold Fields said.

Gold Fields said the AIC benefited from higher volumes of gold sold during the year, offset by an increase in cost of sales before amortisation and depreciation, mainly at Salares Norte, and sustaining capital expenditure, mainly at Gruyere, Granny Smith (in Australia), Tarkwa (in Ghana) and Salares Norte.

The company said its full-year 2025 financial and operational results will be published on February 19.