Key Board focus areas for 2024

We made significant progress in 2024 in building a structured and well-resourced foundation to achieve near-term targets and long-term aspirations. The Board oversaw a major organisational shift from a three-layered model (Group, regions, operations) to a two-layered global functional guidance model (Group, operations), which has been successfully implemented with ongoing integration efforts. This new structure enhances functional leadership, standardises operations and provides greater agility, as demonstrated by the seamless integration of the Windfall project team.

Leadership was further strengthened by appointing Alex Dall as CFO, along with new Executive
Vice-Presidents (EVPs) in Sustainable Development and Strategy, Planning and Corporate Development. These changes, alongside the appointment of CEO Mike Fraser and four other EVPs in 2023, have created a geographically flexible leadership team. The Board is confident this team is well positioned to enable the delivery of leading operational, social and financial results and is working to ensure strong succession planning for key roles.

In 2024, the Group revised its committee structures and memberships to enhance governance effectiveness, ensure diversity of thought and strengthen oversight for long-term value creation. We are implementing structured succession plans to integrate fresh perspectives and expertise, including the appointment of NEDs, Zarina Bassa and Shannon McCrae, in August 2024 to bolster the Board’s financial, geological and mining expertise. A review of committee structures led to changes including the reconstitution of the Capital Projects, Control and Review Committee as the Technical Committee and the transitioning of the Strategy and Investment Committee to a permanent committee.

The retirements of Steven Reid and Peter Bacchus at the Group’s May 2025 AGM will prompt further adjustments to Board committee chairmanships and memberships to maintain strong strategic oversight.

Sustainability has long been part of how Gold Fields does business, and the Board approved a dedicated strategic pillar to reflect this commitment in 2021, supported by a range of 2030 ESG targets. The Board receives updates on progress against these targets quarterly and, through the SET and SHSD Committees, provides oversight of stakeholder engagement and relations. These priorities were embedded into the Group strategy because they are key to the sustainability of the business and lead to better outcomes for our stakeholders.

Given that the strategies, programmes and initiatives to achieve our 2030 ESG targets were established based on the knowledge and expectations of technology maturity in 2021, the Group initiated a
mid-term review to assess our progress, future business models and technology readiness profiles. The review will be completed in 2025.

The Group's portfolio is well positioned for sustained performance and includes at least four
multi-decade assets with sufficient Mineral Reserves and Mineral Resources to support production of 2Moz – 3Moz well into the mid-2030s. These assets – St Ives in Australia, South Deep in South Africa, Tarkwa in Ghana, and the Windfall project in Canada – form the foundation of our long-term production strategy. With Tarkwa’s proposed JV with Iduapriem, if approved, and the Windfall project’s pending environmental approval and Board endorsement, all four assets are expected to remain significant contributors to our portfolio for well over a decade.

Salares Norte has the potential to become a multi-decade asset if ongoing exploration efforts successfully identify additional Mineral Resources to extend its current 10-year LOM. Further growth potential exists at the Windfall project, which was acquired with an extensive exploration portfolio. The other three operations in Western Australia are assets with upside optionality.

Our two maturing assets, Cerro Corona and Damang, remain profitable and will continue to generate solid FCF. The Company is committed to optimising value at these operations while pursuing responsible transition strategies that benefit all stakeholders. The Board continues to apply Gold Fields’ Capital Allocation Framework in determining future investments.

Gold Fields presents a compelling long-term investment opportunity, offering near-term growth alongside a strong pipeline of development and exploration projects that will deliver sustainable returns for the decade and beyond. This growth will be driven by our existing portfolio of assets, the Windfall project and the proposed Tarkwa/Iduapriem JV. We expect to create additional value from 2025 onwards as Salares Norte ramps-up with a cost structure that is materially lower than the Group average. The Board continues to provide oversight over the successful ramp-up of the mine.

The Windfall deal and the proposed Tarkwa/Iduapriem JV, if approved, are examples of the bolt-on M&A approach we are leveraging to ensure the longer-term growth of our portfolio. Through the Strategy and Investment Committee, the Board has mandated the Company to continue assessing similar value-enhancing opportunities. Brownfields (near-mine) exploration has served the Company well, particularly at our Australian operations, where an annual investment of approximately A$70m (US$46m) over the past decade has led to continuous Mineral Reserve replacement and life extensions.

Greenfields exploration is playing an increasing role in our growth strategy by ensuring a pipeline of high-quality, 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.