2024
Gold Fields Limited
Integrated Annual Report
Mineral Resources and Mineral Reserves summary
Managing our Mineral Resources and Mineral Reserves is central to achieving our strategic goals. In 2024, Gold Fields maintained its focus on near-mine exploration to extend mine life. While we could not fully replace all mined Mineral Reserves through exploration and extensional drilling, we made significant additions that mitigated the impact of depletion. Our successful exploration at St Ives’ Invincible Underground resulted in a 1.1Moz pre-depletion Reserve discovery.
Replacement of Mineral Reserves through extensional drilling and exploration is a multi-year endeavour, and replacement rates will naturally fluctuate. Gold Fields remains committed to a structured Mineral Reserve replacement strategy.
Cost pressures and mining depletion contributed to some operations’ net decline in Mineral Resources and Mineral Reserves. To address this, we are conducting studies on AO, project ramp-ups, mine expansions and operational efficiencies. In 2025, we will focus on targeted exploration and extensional drilling to further define and grow our Mineral Resource and Mineral Reserve base.
In 2024, we applied gold price assumptions of US$1,725/oz for Mineral Resources and US$1,500/oz for Mineral Reserves, alongside updated exchange rates for the Australian Dollar and South African Rand. These changes influenced local currency gold prices.
For more information, refer to our 2024 Mineral Resources and Mineral Reserves Supplement.
Across our operations, we continue to prioritise Mineral Resource-to- Mineral Reserve conversion, sustainable Mineral Reserve growth, and operational efficiency. These efforts aim to offset annual depletion, improve cash-flow and cost per ounce, and unlock strategic opportunities to extend mine life.
2024 performance
The LOM Mineral Reserves encompass the first two years of the business plan schedule. As of the end of 2024, the Group’s attributable Proved and Probable Mineral Reserves are estimated at 44.3Moz gold (2023: 44.6Moz), 271Mlbs copper (2023: 336Mlbs) and 46.0Moz silver (2023: 41.9Moz).
Gold Mineral Reserves decreased by 0.4Moz, net of annual depletion of approximately 2.0Moz. Copper Mineral Reserves decreased by 65Mlbs, primarily due to a net depletion of 58Mlbs. In contrast, silver Mineral Reserves at Salares Norte increased by 4Moz.
Attributable Mineral Reserves saw notable increases, particularly at St Ives, where exploration added 0.7Moz (+28%), net of annual depletion. Granny Smith and Agnew successfully replaced production, while decreases were recorded at Gruyere (-0.1Moz, -6%), South Deep (-0.2Moz, -1%), Tarkwa (-0.5Moz, -12%) and Cerro Corona (-0.2Moz, -20%), all including annual depletion. Salares Norte showed no material change.
Silver Mineral Reserves at Salares Norte grew by 4Moz (+10%), while copper Mineral Reserves at Cerro Corona declined by 65Mlbs (-19%). Meanwhile, Damang was removed from Mineral Reserves (though it is still in Mineral Resources), as its remaining stockpiles no longer met Gold Fields’ conservative Mineral Reserve economic criteria.
Group attributable Measured and Indicated Mineral Resources exclusive of Mineral Reserves (EMR) amounted to 30.4Moz gold (2023: 30.3Moz) and 2.8Moz silver (2023: 2.2Moz). Inferred Mineral Resources EMR were 11.6Moz gold (2023: 10.2Moz) and 0.1Moz silver (2023: 0.1Moz).
Gold Measured and Indicated Mineral Resources increased across several operations, including Granny Smith (+0.1Moz, +6%), Gruyere (+0.2Moz, +38%), St Ives (+0.04Moz, +4%), Agnew (+0.1Moz, +12%), Tarkwa (+0.3Moz, +7%), and Damang (+0.3Moz, +12%), while South Deep showed no material change. Silver Measured and Indicated Mineral Resources at Salares Norte grew by 0.7Moz (+31%).
Growth in Inferred Mineral Resources was also recorded, with Gruyere (+0.5Moz, +75%), Granny Smith (+0.1Moz, +10%), St Ives (+0.7Moz, +64%) and Damang (+0.2Moz, +37%) contributing to the 1.4Moz overall increase in gold Inferred Resources. Tarkwa showed no material change, while silver at Salares Norte decreased by 0.03Moz (-35%).
In October 2024, Gold Fields acquired 100% of Osisko Mining, securing full ownership of the Windfall project. The project’s Mineral Resources and Mineral Reserves will be incorporated into the 2025 Group estimates following an updated feasibility study and environmental permitting process.
Governance
This consolidated summary of Gold Fields’ Mineral Resources and Mineral Reserves should be read alongside the Mineral Resources and Mineral Reserves Supplement and Form 20-F, both available on our website. The Mineral Resources and Mineral Reserves Supplement provides detailed technical information on our year-end Mineral Resources and Mineral Reserves. It is prepared in accordance with the South African Code for the Reporting of Exploration Results, Mineral Resources, and Mineral Reserves, 2016 edition, as well as other leading global standards, including the US SEC’s SK-1300. Additional technical details can be found in the Technical Report Summaries, which are filed as exhibits to our Form 20-F.
While differences in formatting exist due to varying regulatory requirements, the core information remains consistent across these documents. The Mineral Resources and Mineral Reserves statements were prepared under supervision of Group Competent Persons Alex Trueman and Jason Sander, both members of Gold Fields’ Corporate Technical Services team. They consent to the disclosure of these statements in the form they are presented. Further details on their qualifications and affiliations are provided in the Mineral Resources and Mineral Reserves Supplement.
