OPERATIONS 
Exploration
Gold Fields views exploration as one of the most cost-effective ways of adding Mineral Reserves and extending the lives of our mines.
We have had great success with our brownfields exploration efforts over the years – particularly in Australia, where we built the production base to 1Moz per annum and extended the average LOM to eight years.
More recently, we reinvigorated our focus on greenfields activities as a component of our exploration strategy through targeted expansion within the regions we already operate. In this, we are looking to emulate our discovery-to-construction success at Salares Norte, for example. We also continue to screen for prospective early-stage opportunities that could include a wider selection of regions, based on strict criteria. We will only action discrete, value-accretive opportunities on a case-by-case basis, including 100% acquisition, JV earn-in arrangements and strategic equity placements.
Near-mine (brownfields) exploration
Near-mine exploration is critical to Gold Fields’ strategy and has played an important role in building and maintaining a robust production profile across the regions. Brownfields exploration, which includes resource definition drilling but not grade-control, offers one of the lowest-cost opportunities for adding ounces and improving cash-flow, specifically on a per-share basis.
This is particularly true for our Australian assets, where the average cost of Mineral Reserves ounce addition was US$51/oz for the three-year period from 2022 to 2024 – making it an extremely efficient use of capital.
Brownfields exploration allows Gold Fields to leverage our operational infrastructure and regional management teams and enables us to take advantage of our operational capabilities, including our proven ability to develop and mine orogenic ore bodies.
In 2024, Gold Fields spent US$72m at our mines (2023: US$95m, excluding Asanko) and a further US$12m in district exploration near our Windfall project, which supported a total of 294km of drilling (2023: 299km). We incurred the majority of this spending – A$80m (US$53m) (2023: A$84m (US$56m)) – at our Australian mines. Our exploration spend in Chile was US$11m in 2024 (2023: US$30m), with the focus on adding life to Salares Norte, and US$4m in Ghana (2023: US$6m, excluding Asanko).
For 2025, we planned US$104m for near-mine exploration and Mineral Resource conversion. Of this, US$65m is expected to be spent at our Australian operations, US$15m at Salares Norte in Chile and US$19m at the Windfall project in Canada.
The details of the near-mine exploration activities at
our operations are included
in Performance of our operations
Greenfields exploration
Greenfields exploration has become a prominent part of our growth strategy by ensuring a pipeline of highquality, early-stage opportunities to sustain our production profile. Our exploration team drives disciplined growth in existing jurisdictions while actively screening for new opportunities under defined parameters.
Gold Fields’ exploration portfolio includes 100% landholdings and JVs in Australia, Chile and Peru, complemented by strategic equity positions in Tesoro Gold (17.5%), Torq Resources (14.9%), Chakana Copper (17.2%), Hamelin Gold (14.9%), Killi Resources (10.9%) and Great Southern Mining (4.7%).
With the acquisition of Osisko Mining, we also inherited a portfolio of listed holdings, including a 20.7% interest in Vior Mining and a 15.6% interest in O3 Mining. The interest in O3 Mining was sold to Agnico Eagle on 23 January 2025 for C$31m (US$21m).
In Québec, Canada, drilling at the Quévillon and Phoenix JV projects (70/30 earn-in with Bonterra, inherited from Osisko) targeted early-stage prospects to unlock the belt’s potential. Ongoing geophysical surveys and generative work will drive an expanded 2025 exploration programme.
In Chile, we made progress with the Santa Cecilia JV by finalising a definitive earn-in agreement with Torq Resources for the option to earn up to 75% in the Santa Cecilia project. Priority drilling for 6,000m is set for H1 2025 to advance this high-potential copper-gold prospect. Additionally, a maiden 5,000m drilling programme began at the 100%-owned landholding near Salares Norte.
In Q4 2024, exploration activities advanced across Australia. Our JVs, including Edinburgh Park (Great Southern Mining), East Lachlan (Gold and Copper Resources) and West Tanami (Killi Resources), made good progress in land access. We completed geochemical, airborne and ground geophysics surveys, paving the way for increased activity in 2025.
Our greenfields portfolio is displayed in the map below.
Non-core investments
Gold Fields’ strategy is premised on continually improving the quality of our production base. This not only entails acquiring assets that will enhance the quality of the portfolio but also disposing of assets which we view as non-core or not in line with our long-term strategy.
During 2024, we streamlined the portfolio by:
Other strategic investments include a 30.5% stake in Lunnon Metals, valued at A$16.6m at end-December 2024, and a 0.3% share in Mineral Resources valued at A$22.4m.
| Investment | Commodity | Gold Fields holding | Value (31 Dec 2024) | Status |
| Hamelin Gold | Gold | 14.86% | A$1.4m | Hamelin Gold ramps-up West Tanami drilling – new gold zones and fresh targets |
| Great Southern Mining | Gold | 4.67% | A$0.9m | A$15m JV to advance the Edinburgh Park project – new targets identified, drilling planned for H2 2025 |
| Lefroy Exploration | Gold | 8.84% | A$1.5m | A 50/50 JV between Lefroy and Gold Fields owns land adjacent to our St Ives gold mine in Western Australia |
| Killi Resources | Gold | 10.94% | A$0.8m | West Tanami JV – land access advanced, with A$13m (US$8.6m) earn-in underway and regional geophysics surveys completed |
| Chakana Copper | Gold, copper | 17.18% | C$0.9m | Chakana Reshapes Soledad: drops Condor Concessions, focuses on high-grade targets |
| Torq Resources | Gold, copper | 14.87% | C$1.0m | Torq Resources and Gold Fields finalise Santa Cecilia JV – up to US$48m investment for 75% stake; drilling started in February 2025 |
| Tesoro Gold | Gold | 17.54% | A$6.6m | Gold Fields funding directed to regional exploration to uncover new targets at the El Zorro project |
| Vior Inc (Associate) | Gold | 20.68% | C$12.5m | Belleterre Gold project accelerated with new leadership, US$4.9m funding, and high-grade gold discoveries |
| Bonterra Resources | Gold | n/a | n/a | Drilling at the Quévillon and Phoenix JV projects to earn up to 70%, for C$30m spend over three years targeting early-stage prospects to unlock Windfall district scale potential |
