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GOLD FIELDS LIMITED INTEGRATED ANNUAL REPORT 2021

Mineral Resources and Mineral Reserves summary

The management of the Company's Mineral Resources and Mineral Reserves is central to delivering on its strategic goals and key performance targets. The Group continued with its strategy of focusing on near-mine exploration to extend mine life during the year.

For the first time in a number of years, Gold Fields was not able to replace all mined Mineral Reserves through exploration and mine extensional drilling. Nevertheless, Gold Fields added significant Mineral Reserves and Mineral Resources to reduce the impact of depletion.

Cost pressures, manifesting in rising cut-off grades, had a major impact on the overall reduction in Mineral Resources and Mineral Reserves. Studies are ongoing as to how Gold Fields can address this impact through project ramp-ups and expansions, as well as increased efficiencies.

Gold Fields has kept Mineral Resource and Mineral Reserve pricing assumptions constant from 2020. In an environment where metal prices continue to increase, there is room to consider allowing the use of higher metal prices to offset cost pressures when estimating Mineral Resources and Mineral Reserves.

The emphasis at all mine sites is to drive the Mineral Resources to Mineral Reserves conversion, strive for Mineral Reserves growth that replaces annual depletion, improve cash-flow and cost per ounce, and to deliver on the strategic opportunities to extend the life-of-mines.

2021 PERFORMANCE

The Covid-19 pandemic again affected the Mineral Resource and Mineral Reserve reporting cycle. Nevertheless, the regions were able to complete the drilling, resource modelling, technical studies and life-of-mine planning as scheduled. In 2021, Mineral Reserves decreased post-depletion by 3.2Moz on a managed basis (2.9Moz attributable), net of depletion of approximately 2.4Moz.

The Group-managed gold Mineral Resource, including FSE in the Philippines, is 121.1Moz (2020: 124.1Moz) and the gold-managed Mineral Reserve is 51.1Moz (2020: 54.3Moz) for our operating mines and the Salares Norte project, but excluding the Asanko JV in both 2020 and 2021.

The attributable gold Mineral Resource for operating mines and Salares Norte, but excluding both Asanko and FSE, decreased year-on-year by 3% to 94.1Moz (2020: 96.7Moz). The attributable gold Mineral Reserve reflects a 6% decrease to 47.4Moz (2020: 50.3Moz), both net of 2.3Moz attributable annual production depletion during 2021.

Notable Mineral Resource highlights during 2021 were increases of 7% at Agnew, 10% at Gruyere (50% owned) net of annual depletion. This was offset by a 1.5Moz decrease (-2%) at South Deep and 0.9Moz decline (-8%) at Tarkwa and 1.1 Moz (-20%) at Damang. These decreases were primarily due to depletion, increased cut-off grades and geology model updates at Damang based on new drilling results.

Mineral Reserve highlights include increases of 10% at Agnew and 28% at Gruyere, also net of annual depletion. These increases were offset by a Mineral Reserve decrease of 2.6Moz (-8%) at South Deep, 0.3Moz (-5%) at Tarkwa, 0.4Moz at Damang and 0.3Moz at St Ives, all including annual depletion. Small positive and negative changes were observed at other operations.

Total attributable copper Resources, excluding the FSE project, are 742Mlbs (2020: 809Mlbs) and Reserves are 474Mlbs (2020: 563Mlbs). The attributable copper Resources for the FSE project has not changed (3,968MIb).

Total attributable silver Resources for Salares Norte are 45.8Moz (2020: 43.7Moz) and Reserves are 39.0Moz (2020: 39.3Moz).

The gold price used for the 2021 estimates held steady at US$1,500/oz for Mineral Resources and US$1,300/oz for Mineral Reserves and are aligned with the long-term market consensus forecast and prices used by peer group companies. Copper and silver prices used for the estimates were unchanged year-on-year at US$3.2/lb and US$20/oz, respectively, for Mineral Resources and US$2.8/lb and US$17.5/oz, respectively, for Mineral Reserves.

GOVERNANCE

The consolidated summary of Gold Fields' Mineral Resources and Mineral Reserves in this section should be read in conjunction with the Gold Fields Mineral Resource and Mineral Reserve Supplement (the Supplement), which can be found on our website at www.goldfields.com/ integrated-annual-reports.php. The Supplement sets out important and detailed technical information on the Company's Mineral Resources and Mineral Reserves as at 31 December 2021. It is prepared in line with the South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves, 2016 edition (SAMREC Code) and other leading standards as well as stock exchange regulations. Supplementary information is also available in Gold Fields SK1303/20F and Technical Report Summaries lodged on the NYSE EDGAR repository, however, there are some differences in the formatting of the documents due to different reporting guidelines.

The Mineral Reserve and Mineral Resource statements were prepared under the supervision of and reviewed by the Group Competent Persons, Richard Butcher and Julian Verbeek, who are members of Gold Fields' Corporate Technical Services team. Richard and Julian both consent to the disclosure of these statements in the form that they are presented. Details of experience and affiliation are provided in the Supplement.

MINERAL RESOURCES AND MINERAL RESERVES ESTIMATES

as at 31 December 2021

Gold Managed Mineral Resources (100%)   Managed Mineral Reserves (100%)     Attributable R&R (%)
31 Dec 2021 Dec 2020 31 Dec 2021 Dec 2020   31 Dec 2021
Tonnes 
(Mt)
Grade 
(g/t)
Gold 
(Moz)
Gold 
(Moz)
Tonnes 
(Mt)
Grade 
(g/t)
Gold 
(Moz)
(Moz) (%) Resource Reserve
(Moz)
Australia region                      
Agnew 19.9 5.34 3.414 3.178 5.1 6.13 1.013 0.917 100 3.414 1.013
Granny Smith 44.5 5.67 8.102 7.936 12.6 5.47 2.216 2.167 100 8.102 2.216
St Ives 37.2 4.06 4.861 4.964 20.1 3.74 2.412 2.665 100 4.861 2.412
Gruyere (50%) 84.8 1.35 3.691 3.356 54.5 1.27 2.226 1.738 100 3.691 2.226
Total Australia region 186.4 3.35 20.068 19.433 92.4 2.65 7.867 7.487 100 20.068 7.867
South Africa region                      
South Deep 354.4 5.37 61.177 62.684 201.5 4.97 32.188 34.834 90.5 55.362 29.129
Total South Africa region 354.4 5.37 61.177 62.684 201.5 4.97 32.188 34.834   55.362 29.129
Americas region                      
Cerro Corona 96.5 0.54 1.676 1.890 58.3 0.59 1.108 1.368 99.53 1.668 1.103
Salares Norte 29.1 4.36 4.075 3.913 20.8 5.19 3.467 3.476 100 4.075 3.467
Total Americas region 125.5 1.42 5.751 5.803 79.1 1.80 4.575 4.844   5.744 4.570
West Africa region (excluding Asanko)                      
Damang 75.6 1.88 4.575 5.693 17.3 1.15 0.637 1.031 90 4.117 0.573
Tarkwa 267.3 1.14 9.776 10.640 193.6 0.93 5.804 6.095 90 8.799 5.224
Total West Africa region 342.9 1.30 14.351 16.333 210.9 0.95 6.442 7.127 90 12.916 5.797
Total Gold Managed 1 009.2 3.12 101.347 104.254 583.8 2.72 51.072 54.292  
Total Gold Attributable 940.8 3.11 94.089 96.680 543.3 2.71 47.363 50.276   94.089 47.363

Copper Tonnes 
(Mt)
Grade 
(% Cu)
Copper 
(Mlb)
Copper 
(Mlb)
Tonnes 
(Mt)
Grade 
(% Cu)
Copper 
(Mlb)
(Mlb) % Copper 
(Mlb)
 
Cerro Corona (Cu) only 96.5 0.35 746 812 58.3 0.37 476 565 99.53 742 474

Silver Tonnes 
(Mt)
Grade 
(g/t)
Ag 
(Moz)
Ag 
(Moz)
Tonnes 
(Mt)
Grade 
(g/t)
Ag 
(Moz)
Ag 
(Moz)
  Silver
(Moz)
Salares Norte Ag 29.1 49.03 45.835 43.662 20.76 58.41 38.990 39.26 100 45.84 38.99
Total Au including equiv. oz (managed) 142.940 149.088 52.343 56.082   111.820 48.630
Total Au including equiv. oz (attributable) 111.820 116.020 48.630 52.061   111.820 48.630