GOLD FIELDS’ NON-CORE INVESTMENTS (31 DECEMBER 2020)

Investment	Shareholding %		Market value   (US$m)
Galiano Gold (formerly Asanko Gold)	9.8		25
Rusoro Mining	25.7		4
Chakana Copper1	16.8		7
Magamatic Resources	10.9		3
Lefroy Exploration	18.0		4
Orsu Metals	6.1		1
Woodjam Copper	16.3		3
Maverix Metals warrants			13
Total value			60

1	This shareholding was increased to 19.9% in February 2021

Gold Fields’ overriding strategic objective is to improve the quality of its portfolio by lowering Group AIC, thereby increasing our free cash-flow (FCF) to create value for our stakeholders. To achieve this, we employ various elements in the portfolio management process, including:

• Acquiring or developing lower-cost (than Group average), longer-life assets
• Extending the life of current assets through near-mine brownfields exploration
• Focusing on in-country opportunities to leverage off our existing footprint, infrastructure and skills set
• Disposing of higher-cost, shorter-life assets

All assets in our portfolio are subject to the Group's annual strategic planning process, which assesses how each operation can best maximise cashflow, life-of-mine and margin.

The composition and geographic distribution of Gold Fields’ portfolio The composition and geographic distribution of Gold Fields’ portfolio of assets fundamentally changed in 2013. The most significant changes were the unbundling of the legacy South African gold mines into Sibanye Gold in February 2013, as well as the acquisition of the Yilgarn South Assets (Darlot, Granny Smith and Lawlers) from Barrick Gold in Western Australia during October of that year. Before this, our South African assets accounted for 50% of total production. Now, our Australian mines comprise just under half of our portfolio.

We have been on an investment drive since 2017 to improve the sustainability of our production base. During this time, we invested US$347m into the Damang Reinvestment project, spent A$350m to acquire 50% of the Gruyere project and A$329m to build the mine, paid US$185m for a 45% interest in the Asanko mine in Ghana, and invested US$13m to restructure South Deep. Furthermore, in 2020, our Board gave the go-ahead for construction of the US$860m Salares Norte mine in Chile after spending US$161m in the preceding four years on project and exploration costs.

We promote the sustainability of our portfolio by investing in nearmine exploration, which averaged between US$50m – US$80m a year over the past five years. Since 2013, our Mineral Reserves position has remained relatively stable at around 50Moz as our successful exploration drives have replaced and exceeded the volumes of depleted Mineral Reserves.

Now, Gold Fields has a portfolio of nine mines and one project. We believe that a portfolio of no more than 10 mines is optimal, allowing management to properly focus on operations and maintain safe and profitable production of between 2.0Moz – 2.5Moz per year for the next 10 years.

ATTRIBUTABLE GOLD-EQ PRODUCTION

	2010	2015	2020
Americas	9%	13%	9%
Australia	22%	44%	46%
South Africa	50%	9%	10%
West Africa	19%	34%	38%

ATTRIBUTABLE GOLD-EQ MINERAL RESERVES

	2010	2015	2020
Americas	5%	3%	13%
Australia	5%	8%	14%
South Africa	79%	74%	61%
West Africa	11%	15%	12%