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Our operating environment

Of all the external factors impacting the Group's performance, the most critical is the gold price. The performance of bullion has been beneficial to Gold Fields over the past few years - rising steadily since 2015, but accelerating markedly since 2019 and, particularly, over the past 18 months. The gold price provided a strong tailwind to our financial performance. The average gold price received during 2024 improved to US$2,418/oz - a 25% increase from US$1,942/oz in 2023, which was a marked rise on the average price of US$1,785/oz in 2022. The gold price ended 2024 at just over US$2,625/oz, a record high year-end close and a 25.5% return for the year. Since then, it experienced further growth and, in March 2025, hit a record high of over US$3,000/oz.

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Our stakeholders

Through transparent, inclusive and mutually respectful engagement and consistently delivering our commitments, we aim to ensure our communities and stakeholders recognise and trust us for purpose-led social impact and nature-based solutions that aim to enhance lives. We want to be the gold mining company that investors choose to invest in as we deliver superior returns, host governments and communities prefer to partner with as we consistently and responsibly create Shared Value, and people and local businesses want to work with as we ensure safe, respectful workplaces and rewarding careers. Our ability to create enduring value relies on the support and input of our stakeholders which, in turn, is informed by understanding their needs and expectations. We believe honest and mutually beneficial stakeholder relationships are essential for our operations to achieve sustainable returns that benefit all. As such, we aim to consistently deliver on our sustainability commitments.

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Material matters

We review and update our GRI-aligned materiality analysis annually, which is driven and informed by Gold Fields' purpose and our commitment to best practices in sustainability, reporting standards and frameworks. Material matters are those issues that could substantially impact Gold Fields' outward influence on society, our host communities and the environment (including human rights), as well as our ability to deliver on the Group's three strategic pillars and create value for our stakeholders over the short, medium and long term.

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Risks and opportunities

We acknowledge the impact and influence of the broader global context, as well as that of the internal dynamics of the countries we operate in and the capacities and constraints of our operating assets. These impacts provide both risks and opportunities to our business. We identify and respond to both longer-term strategic and emerging risks and opportunities and shorter-term potential impacts - prioritising them as needed, including them in strategic planning reviews, and adjusting mitigating actions to protect the sustainability of our business.

Gold Fields' approach to enterprise risk management is based on the requirements of King IV, the South African Corporate Governance Code of Conduct and ISO 31000, the international guideline on risk management. The Group also subscribes to the risk management requirements of the ICMM's 10 Mining Principles.

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