Mineral Resources and Reserves summary

Managing our Mineral Resources and Mineral Reserves is central to delivering on our strategic goals and key performance targets. To support this, the Group continued to focus on near-mine exploration to extend mine life during the year.

As in 2021, Gold Fields was not able to replace all mined Mineral Reserves through exploration and mine extensional drilling. Nevertheless, we added significant Mineral Reserves and Mineral Resources to reduce the impact of depletion. Replacing Mineral Reserves through extensional drilling and exploration is a multi-year commitment, and it is not realistic to expect a smooth replacement trajectory. Gold Fields remains committed to a Mineral Reserves replacement programme at its operations.

Cost pressures and mining depletion had a negative impact on Mineral Resources and Mineral Reserves across all operations, resulting in an overall decline. We are conducting studies to identify how we can address this impact through project ramp-ups, expansions and increased efficiencies. We continue to plan for exploration and extensional drilling to define additional Mineral Resources and Mineral Reserves in the 2023 planning cycle. Despite the decrease in Mineral Resources and Mineral Reserves, Gold Fields is well placed to continue delivering on production guidance in the near term.

In 2022, due to continued mining inflationary pressures, Gold Fields increased Mineral Resources and Mineral Reserves pricing assumptions for gold by US$100/oz to US$1,600/oz and US$1,400/oz, respectively, and updated exchange rates. Refer to the Gold Fields Mineral Resources and Mineral Reserves Supplement (MRMR Supplement) for details of pricing and other modifying factor assumptions. Due to the timing of this increase, the changes in pricing assumptions were applied primarily to financial modelling and have not flowed through to all aspects of mine planning and optimisation for our Australian and Ghanaian operations. Our South African and South American operations have completed the planning and optimisation process using the updated pricing assumptions.

All our mine sites continue to drive Mineral Resources to Mineral Reserves conversion, strive for Mineral Reserves growth to replace annual depletion, improve cash-flow and cost per ounce, and deliver on strategic opportunities to extend the lives-of-mine.

2022 PERFORMANCE

The Covid-19 pandemic again affected the Mineral Resources and Mineral Reserves reporting cycle. Nevertheless, our regions completed their drilling, resource modelling, technical studies and life-of-mine planning as scheduled.

As at end-2022, Group attributable Proved and Probable Mineral Reserves are estimated at 46.1Moz gold (2021: 47.4Moz), 398Mlbs copper (2021: 474Mlbs) and 42.2Moz silver (2021: 39.0Moz).

Gold Mineral Reserves decreased by 1.2Moz on an attributable basis net depletion of approximately 2.55Moz. Copper Mineral Reserves decreased by 76Mlb on an attributable basis net depletion of 110Mlbs. Silver Reserves at our Salares Norte project in Chile increased by 3.2Moz.

Group attributable Measured and Indicated Mineral Resources excluding Mineral Reserves (EMR) are 31.1Moz gold (2021: 32.2Moz), 300.0Mlbs copper (2021: 264.3Mlbs) and 2.5Moz silver (2021: 7.1Moz).

Group attributable Inferred Mineral Resources EMR are 11.2Moz gold (2021: 11.9Moz), 1.1Mlbs copper (2021: 2.0Mlbs) and 0.5Moz silver (2021: 0.9Moz).

In 2022, the carrying value for the Far Southeast deposit in the Philippines was written down to nil. Consequently, Inferred Mineral Resources of 7.9Moz gold and 3,968Mlbs copper were written down and are not reflected in the figures provided above.

The Mineral Resources and Mineral Reserves figures provided above include our operating mines but exclude the Asanko JV in Ghana. The Asanko mine is operated by our JV partner Galiano Gold and does not currently have a life-of-mine plan verified by Gold Fields. The mine is not considered material to Gold Fields' portfolio.

Mineral Reserves changes include increases of 0.3Moz (12%) at St Ives and 0.1Moz (8%) at Agnew, both net of annual depletion. These increases were offset by Mineral Reserves decreases of 0.2Moz (-9%) at Gruyere, 0.1Moz (-4%) at Granny Smith, 0.4Moz (-2%) at South Deep, 0.3Moz (-47%) at Damang, 0.4Moz (-7%) at Tarkwa and 0.2Moz (-21%) at Cerro Corona, all including annual depletion. Silver Reserves increased by 3.2Moz (8%) at Salares Norte and Copper Reserves decreased by 76Mlb (-16%) at Cerro Corona.

Measured and Indicated Mineral Resources EMR gold changes during 2022 include decreases of 2.1Moz (-52%) at Granny Smith, 0.4Moz (-29%) at Agnew, 0.4Moz (-12%) at Tarkwa and 0.4Moz (-64%) at Salares Norte. This was offset by increases of 2.1Moz (11%) at South Deep and 0.1Moz (19%) at Cerro Corona. Copper increased by 35Mlbs (13%) at Cerro Corona and silver decreased by 4.7Moz (65%) at Salares Norte.

Inferred Mineral Resources EMR gold changes during 2022 include decreases of 0.1Moz (-16%) at Gruyere, 0.2Moz (-10%) at Granny Smith, 0.5Moz (-46%) at Agnew, 0.1Moz (-21%) at Tarkwa and 0.1Moz (-59%) at Salares Norte. This was offset by an increase of 0.2Moz (14%) at St Ives. Silver increased by 0.4Moz (43%) at Salares Norte.

The decreases in Mineral Resources and Mineral Reserves were primarily due to depletion and increased cut-off grades due to mining inflation, along with the removal of pillars from Granny Smith. Depletions from Mineral Resources can occur due to mining of mineralised material not in reserve, which may be opportunistic, incrementally costed or part of the business plan guided by grade control drilling completed during the year.

GOVERNANCE

The consolidated summary of Gold Fields' Mineral Resources and Mineral Reserves in this section should be read with the Gold Fields MRMR Supplement and Gold Fields annual report on Form 20-F, which can be found on our website at www.goldfields.com/integrated-annual-reports.php. The MRMR Supplement sets out important and detailed technical information on the Company's Mineral Resources and Mineral Reserves as at 31 December 2022. 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 and stock exchange regulations, including S-K 1300 from the US SEC. Supplementary information is also available in the Technical Report Summaries filed as exhibits to Gold Fields' annual report on Form 20-F. While there are some differences in the formatting of the documents due to different reporting guidelines, they are nevertheless substantially similar.

The Mineral Reserves and Mineral Resources statements were prepared under the supervision of and reviewed by the Group Competent Persons, Julian Verbeek and Jason Sander, who are members of Gold Fields' Corporate Technical Services team. They both consent to the disclosure of these statements in the form they are presented. Details of experience and affiliation are provided in the MRMR Supplement.

MINERAL RESERVES AND MINERAL RESOURCES ESTIMATES