Wrap Text
Operational update for the quarter ended 31 March 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 Company")
Operational update for the quarter ended 31 March 2026
- Attributable gold-equivalent production 15% higher (YoY) at 633koz (Q1 2025: 551koz)
- All-in sustaining costs (AISC) 13% higher US$1,829/oz (Q1 2025: US$1,625/oz)
- All-in costs (AIC) 10% higher (YoY) at US$2,046/oz (Q1 2025: US$1,861/oz)
JOHANNESBURG, 07 May 2026: Gold Fields Limited (NYSE & JSE: GFI) issues the following operational update for
the quarter ended 31 March 2026. Detailed financial and operational results are provided on a six-monthly
basis i.e. at the end of June and December.
Statement by Mike Fraser, CEO
Gold Fields delivered a solid start to 2026, building on the positive safety, operational and financial delivery
of 2025. We remain steadfast in our belief that fatality and serious-injury-free mining is achievable and are
encouraged to report that no fatalities or serious injuries were recorded in Q1 2026. Safety requires ongoing
focus, and we continued to progress our multi-year Safety Improvement Plan (SIP) during the quarter. We are
building capability at every leadership level, further improving effective risk and safety management systems
and fostering continued collaboration with our business partners.
We remain on track to meet our full-year production and cost guidance with Group attributable gold-equivalent
production for the quarter 15% higher year-on-year (YoY) (-7% quarter-on-quarter (QoQ)). All-in costs (AIC)
increased by 10% YoY (4% QoQ) while all-in sustaining costs (AISC) rose by 13% YoY (9% QoQ). These costs were in
line with planned additional discretionary activity but negatively impacted by higher royalties, stronger producer
currencies and recent global inflationary price impacts.
Despite this, we delivered strong cash flow generation in the quarter, driven by increased sales volumes and higher
gold prices. Net debt decreased by 34% YoY to US$1,304m as at 31 March 2026 (Q1 2025: US$1,981m). This is after
payment of the final dividend of US$1,234m, on 16 March 2026. Gold Fields remains in a solid financial position,
with a net debt to adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) of 0.19x at
the end of Q1 2026, compared to 0.26x at 31 December 2025.
In February 2026, we announced that US$100m had been allocated to a share buyback programme as part of the
implementation of our revised capital allocation framework, aimed at delivering sector-leading shareholder returns.
Share repurchases under the programme have been limited, mainly due to the high volatility in global markets since
the beginning of the US-Iran war. This volatility adversely affected gold and gold equity prices. We continue to
look for opportunities to execute this programme with discipline.
Delivering on our strategy
During Q1 2026, we continued to execute our three-pillar strategy with specific priority areas as follows:
- Ensuring the physical and psychosocial safety of our people
- Reliable delivery against our production and cost guidance
- Transforming and simplifying our business
- Progressing the Windfall project to Final Investment Decision (FID)
- Progressing the renewal of the Tarkwa mining lease, and transitioning the Damang mine to the government of Ghana
- Further improving the quality of our portfolio.
Operate in a safe, reliable and cost-effective way
Ensuring the physical and psychosocial safety of our people
In 2026, we are focused on implementing our new Group Safety and Risk Standards and further cascading Visible Felt
Leadership behaviours to middle management and frontline supervisors through targeted training and coaching.
We continue to embed our psychosocial risk framework and health standard to reduce workplace exposures, prevent
occupational illness and protect the wellbeing of our people.
Simplification of our business
Delivering on our strategy requires targeted investment in our people, processes and systems and to set up our
business for the future. During Q1 2026, good progress was made to prepare the business to accelerate our
transformation objectives, which include:
- Embedding our functional operating model, including the integration of our supply chain capabilities
- Simplification of our ways of work, including standardisation of systems and processes and
- Targeted asset optimisation to lift productivity and cost effectiveness of our operations, including within
the supply chain function
Reliable and cost-effective operations
Our operations delivered largely according to plan during the quarter, underpinned by strong delivery from Salares
Norte following achievement of steady-state operations in Q4 2025. Group attributable gold-equivalent production
increased to 633koz, compared to 551koz in Q1 2025 and slightly decreased compared to 681koz in Q4 2025.
Salares Norte's first full year of production commenced positively, with strong performance in the second half of
2025 continuing into the quarter. Production was 173koz gold-equivalent, an increase of 245% YoY (Q1 2025: 50koz
gold-equivalent), and an increase of 8% QoQ (Q4 2025: 160koz gold-equivalent). This was driven by higher throughput,
and higher gold and silver recoveries.
Gruyere again had a soft Q1 2026. Gold production was 25% lower YoY at 53koz (Q1 2025: 71koz). This was primarily
due to heavy rainfall, affecting ex-pit mining activities and lower equipment and operator availabilities.
Ore production rates improved through the quarter, with run rates restored by the end of the period. A recovery
plan is being implemented to support improved operational performance and underpin full-year production guidance.
Agnew delivered 45koz, a 31% decrease YoY (Q1 2025: 66koz). Production was impacted by seismic events in the Kath
orebody, Agnew's primary high-grade source, which required additional rehabilitation and slowed stoping cycles.
An unplanned paste reticulation line replacement further compounded mine sequence challenges. In Q2 2026, the
operation is focused on clearing the pastefill backlog and increasing mined tonnes to offset lower grade feed,
to support a return to more stable production levels.
Labour availability and workforce stability continue to present challenges across our Australian operations,
impacting productivity. Workforce initiatives are progressing, supporting a more resilient and productive
operating environment.
Tarkwa's production decreased by 25% YoY to 94koz during the quarter (Q1 2025: 126koz,) driven by lower yield
and lower tonnes milled. This was due to a lower average feed grade as the mill processed a higher proportion of
low-grade stockpile material versus ex-pit ore. In addition, throughput was constrained by reduced plant
availability following unplanned downtime.
We remain confident in achieving our full-year production guidance. While Gruyere, Agnew and Tarkwa faced operational
challenges this quarter, each site is executing a defined recovery plan. These measures position us for stronger
performance through the balance of the year.
The balance of the operations delivered production in line with the plan.
Group costs were higher in Q1 2026, reflecting a combination of external cost pressures and planned additional
discretionary investment. Key drivers included higher consumable pricing, higher royalties linked to increased
realised gold prices, stronger producer currencies and higher capital expenditure.
AIC rose by 10% YoY to US$2,046/oz (Q1 2025: US$1,861/oz), while AISC increased by 13% YoY to US$1,829/oz
(Q1 2025:US$1,625/oz). These increases were largely attributable to higher royalties and non-sustaining capital
expenditure, partially offset by the positive impact of higher gold sales volumes. The net foreign exchange impact
was US$116/oz for the quarter, while royalties increased by US$48/oz compared with Q1 2025, driven by higher gold
prices.
Group sustaining capital expenditure full-year guidance remains unchanged. As a result, while Q1 costs reflect
elevated market-driven pressures, the Group remains well positioned to manage cost performance over the balance
of the year as capital spend normalises and operating efficiencies are delivered.
Have a positive impact on our communities and the environment
Following the outcome of our midpoint review, we refined and extended our strategic sustainability commitments and
targets to 2035 and beyond, building from our 2030 trajectory. For our social commitments, this evolution reflects
a stronger emphasis on how social performance is delivered and sustained, while our environmental commitments adopt
a more targeted, context-driven approach.
Our refined 2035 commitments are as follows:
- Deliver positive social impact by protecting our people, fostering respect and delivering positive impact for
society
- Deliver positive environmental impact by mitigating climate change, preserving natural resources and preventing
serious environmental harm
Deliver positive social impact
Progressing vesting of the Thusano Trust
During the quarter, we continued to make significant progress in the implementation of the Thusano Trust, our long-term
employee ownership initiative in South Africa, established in 2010. The Trust has reached more than 46,000
beneficiaries, following the vesting of shares in December 2025.At vesting date, the shares were valued at R11.1 billion.
Native Title Agreement signed
Our host communities are a vital part of our business, and we continue to strengthen these relationships through
meaningful and respectful collaboration. In Australia, we signed a Native Title Agreement with the Wangkatja Tjungula
Aboriginal Corporation (WTAC) in December 2025, establishing a formal framework for cooperation that recognises native
title rights and supports long-term shared outcomes on Country.
The agreement follows many years of engagement and was marked by a ceremony at Granny Smith mine that took place during
the quarter, reflecting a shared commitment to recognise and respect traditional custodianship, while creating enduring
benefits that extend beyond the life of our mining operations.
Deliver positive environmental impact
Mitigating climate change
Construction of the St Ives renewable project, comprising a 42MW wind farm and a 35MW solar plant, is 94% complete,
with five of the seven wind turbines erected. Grid export commissioning is planned for mid-2026, subject to the
conclusion of the required commissioning and connection agreements and energy market approvals.
Preventing serious environmental harm
Responsible tailings management remains a core focus. We aim to maintain meaningful conformance with the Global
Industry Standard on Tailings Management (GISTM) achieved in 2025.
During Q1 2026, we advanced targeted initiatives across Tarkwa, Gruyere and Cerro Corona to strengthen performance,
enhance flexibility and optimise storage capacity.
Growing the quality of our portfolio
Tarkwa life-of-mine extension
Tarkwa remains a long life quality asset within the Gold Fields portfolio. Following the submission of a comprehensive
mining lease renewal application in November 2025, we continued to engage with the government of Ghana on the renewal
of the five Tarkwa mining leases which are due to expire in April 2027. These discussions are taking place within an
evolving policy and fiscal environment, including proposed amendments to mining legislation, fiscal measures and
changes to the gold royalty regime introduced in March 2026.
Our focus remains on a meaningful partnership for Gold Fields and the government of Ghana to achieve a positive,
mutually beneficial outcome that supports the long-term sustainability of the Tarkwa mine.
Transition of Damang
The Damang mine was formally transferred to the government of Ghana on 18 April 2026 following the expiry of the
12-month mining lease that was granted to Gold Fields in April 2025. This transition was executed safely and
responsibly, with a strong focus on our people, our host communities, and maintaining operational stability.
In parallel, the environmental and social rehabilitation assessment has been completed and submitted to the
Environmental Protection Agency, with final approval expected. We have made provision for the associated
rehabilitation obligations, and a marginal top-up of the rehabilitation funds held in trust is anticipated once the
final requirements are confirmed.
I would also like to acknowledge and thank the Damang teams for their professionalism, commitment, and resilience
throughout this transition. We wish you every success for the future.
Mining contractor in Ghana
As previously disclosed in our 2025 Annual Financial Statements, we received notices of dispute from our mining
contractor, Engineers and Planners (E&P), during March 2026 for historical claims relating to the Tarkwa and
Damang mining contracts (see note 39 of the 2025 Annual Financial Statements)
Following engagement with E&P the matters are now progressing to arbitration. We are committed to resolving
these matters in an orderly manner, while maintaining operational stability at Tarkwa.
Windfall project update
During the quarter, we reached an in-principle agreement with the Cree parties across all the Chapters of the Impact
Benefit Agreement (IBA). This agreement, once signed and executed, will represent a shared commitment to building a
transparent, respectful and enduring partnership for the responsible and sustainable development of natural resources
at Windfall.
Gold Fields participated in the Environmental and Social Impact Review Committee (COMEX) public hearings on 21 and
29 April 2026, which were the final step in the environmental impact assessment (EIA) process prior to issuing of the
final reports by COMEX. We are confident that we remain on track to obtain the final EIA approval during 2026 and
final investment decision thereafter. We will provide a full update at H1 2026 results in August 2026.
Investing to improve portfolio quality and extend life
At our November 2025 Capital Markets Day, we outlined disciplined investment options with potential to deliver
long-term value through targeted life extension initiatives and cost optimisation.
Key investments over the next five years include:
- Materials handling infrastructure at St Ives and Granny Smith
- Agua Amarga pre-stripping and supporting investment to extend the production profile at Salares Norte
- South of Wrench development at South Deep
- Renewables investment to secure a low-cost power supply at South Deep and
- Critical investments at our Australian operations, including development to support the greater Invincible complex
at St Ives and the Gruyere Golden Highway project
Through Q1, we progressed planned study activities across the portfolio and will provide an update on material decision
points as available.
Greenfields update
Greenfields exploration remains a core pillar of Gold Fields' growth strategy, building a pipeline of high-quality
opportunities to support production beyond 2035. In Q1 2026, the portfolio comprised 21 active projects, including
13 in drilling, with clear prioritisation of top-tier opportunities across equity investments, joint ventures and
100% owned assets.
We advanced multiple drill programmes in Eastern Australia while continuing to rationalise the portfolio. In South
America, permitting is advancing across Villa Tati in Chile and the Moquegua projects in southern Peru, positioning
both for initial drilling in H2 2026.
In Canada, regional drilling and generative work continue across the Windfall district, with the Phoenix JV advancing
toward earn-in completion. We also increased our equity position in Founders Metals to ~12.5% through on-market
purchases, representing a selective investment outside our core jurisdictions into a high-quality, district-scale
opportunity. Overall, the portfolio is focused and disciplined, with capital allocation driven by global portfolio
ranking and a clear push to accelerate priority targets to drilling while continuing to screen lower-priority assets.
2026 guidance remains unchanged
We remain on track to meet the original production and cost guidance provided in February 2026.
Attributable gold-equivalent production for 2026 is expected to be between 2.40Moz and 2.60Moz. AISC and AIC are
expected to be between US$1,800/oz and US$2,000/oz, and US$2,075/oz and US$2,300/oz respectively.
Total capital expenditure for the Group for the year is expected to be between US$1,900m and US$2,100m in 2026.
Sustaining capital expenditure is expected to be between US$1,300m and US$1,400m, with the remainder
allocated to non-sustaining capital expenditure.
We continue to monitor the macro environment closely and assess potential impacts on our operations, costs and security
of supply. There have been significant increases in a number of our key commodities since the Iran war commenced.
Since February we have seen increases as outlined below:
- Diesel increases of between approximately 30% to 70%
- Explosive increases of approximately 10%
- Cyanide increases of approximately 10%
- Freight increases of approximately 40%
- LNG increases of approximately 30%
The forecast impact of this, assuming an oil price of US$100/bl is between US$40/oz to US$50/oz on a portfolio level.
We are confident that we can remain within our guidance range but if prices move higher, this will place significant
pressure on our ability to deliver cost within the guidance range.Management have initiated several measures to mitigate
these cost pressures, including asset optimisation and broader cost optimisation initiatives such as strategic sourcing.
In this volatile context, we maintain a cautious outlook, while taking practical steps to protect delivery.
The above is subject to the forward-looking statement on page 18 of this operating update.
Mike Fraser
Chief Executive Officer
07 May 2026
Key statistics
United States Dollar
Quarter
Figures in millions unless otherwise stated March 2026 December 2025 March 2025
Gold-equivalent produced - attributable oz (000) 633 681 551
Gold-equivalent produced - managed oz (000) 649 699 569
Gold-equivalent sold - managed oz (000) 649 694 567
Tonnes milled/treated 000 11,650 11,816 10,159
Revenue US$/oz 4,855 4,184 2,900
AISC# US$/oz 1,829 1,673 1,625
Total AIC# US$/oz 2,046 1,969 1,861
Net debt US$m 1,304 1,442 1,981
Net debt (excluding lease liabilities) US$m 824 959 1,549
Net debt to adjusted EBITDA ratio 0.19 0.26 0.59
At 31 March 2026, all operations are wholly owned except for Tarkwa and Damang in Ghana (90.0%), South Deep in South
Africa (93.10%) and Cerro Corona in Peru (99.5%). Gold produced and sold throughout this report includes copper gold
equivalents of approximately 2% and silver gold equivalents of approximately 4% of Group production, respectively.
# 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.
For the detailed Q1 2026 Operational Update, please find link to the website: https://www.goldfields.com/
By order of the board YGH Suleman (Chair)
07 May 2026
YGH Suleman+(Chairperson) MJ Fraser-(Chief Executive Officer) AT Dall-(Chief Financial Officer) A Andani#+
ZBM Bassa+ MC Bitar@+ TP Goodlace+ SL McCrae^^+ JF MacKenzie*+ JE McGill^+ MI Rawlinson*+ PG Sibiya+ CAT Smit+
^ Australian * British @Chilean #Ghanaian ^^Canadian
+Independent Director -Non-independent Director
Sponsor:
J.P. Morgan Equities South Africa (Pty) Ltd
Company secretary:
A.Weststrate
Transfer secretaries:
Computershare Investor Services (Proprietary) Limited
www.goldfields.com
Date: 07-05-2026 07:05:00
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