CEO STATEMENT Statement by Mike Fraser, CEO

Tragically we had to report two fatalities in the first six months of this year (H1 2024). We again extend our deepest condolences to the families and loves ones of our deceased colleagues.

Our operational performance was disappointing with attributable production declining by 20% due to unplanned events, the delayed ramp-up at Salares Norte and the backfill issues at South Deep.

In line with our dividend policy of paying out between 30% – 45% of normalised profit as dividends, we are pleased to declare an interim dividend of 300 SA cents per share (40% of normalised earnings) (H1 2023: 325 SA cents per share or 35% of normalised earnings).

I am confident of an improved performance in the second half of the year as we implement enhancements to our safety processes and systems, progress ramp up of Salares Norte and realise the benefits of operational recovery plans under way at South Deep, Gruyere, St Ives and Cerro Corona.

Our portfolio of quality assets is operated and managed by talented and dedicated teams and our focus remains on setting up these assets to deliver safe, reliable and cost-effective production, sustainably. Our asset optimisation initiatives and improvements in organisational capability further support the focus on safe, cost-effective and reliable operating performance.

From 1 July 2024 we implemented a redesigned operating model, moving from a three-layered (Group, region, asset) structure to a two-layered (Group, asset), function-led operating model, which will enable safe and reliable portfolio performance. The new operating model also provides more agility as our portfolio evolves to enable the delivery of our strategy.

Through continued investments in our existing assets, bolt-on acquisitions and exploration we are confident of further improving the quality of our portfolio.

Health & safety

The safety and wellbeing of our people remains our number one value, and it is with deep regret that two of our colleagues lost their lives whilst working at our operations in H1 2024. As previously reported, a trackless engineering supervisor was fatally injured at South Deep in January in an incident involving trackless mining equipment underground. A second incident occurred at the St Ives mine in April 2024, when a colleague employed by a contractor was fatally injured in a mobile equipment related incident at a construction site on the mine. We extend our deepest condolences to the family, friends and colleagues of our two deceased colleagues.

I absolutely believe that a fatality-free mining business is possible and that we can deliver on our promise that everyone who works at Gold Fields goes home safe and healthy, every day. In February 2024, we commissioned DSS+ (formerly Du Pont) to conduct an independent review of the group's safety culture, processes, systems and practices. The review found many good practices within the Group, including pockets of excellence that we are seeking to leverage across our global assets. The review, however, also highlighted areas where improvement is clearly required. On the basis of the review, we have developed and are implementing our multi-year safety improvement roadmap.

Operational performance

Group performance in H1 2024 was impacted by weather-related events and operational challenges at some of our assets. As a result, attributable gold production was 20% lower year-on-year (YoY) to 918koz (H1 2023: 1,154koz).

The lower volumes significantly impacted unit costs with all-in costs (AIC) increasing by 47% YoY to US$2,060/oz (H1 2023: US$1,398/oz) and all-in sustaining cost (AISC) increasing by 44% YoY to US$1,745/oz (H1 2023: US$1,215/oz). Both AIC and AISC are forecast to improve in H2 2024 with the delivery of higher volumes.

Granny Smith and Agnew in Australia and Tarkwa and Damang in Ghana were the stand-out performers in the Group, delivering on their operational plans during the first half of the year. Lower Group production was driven by:

• South Deep, where increased backfill rehandling and challenging ground conditions impacted stope access, stope turnaround, planned volumes and grade profile
• Gruyere, following a significant rainfall event in H1 2024 that saw mining and processing operations suspended for approximately six weeks
• St Ives, which had planned for a lower first half production but was further impacted by a delay in the development of two new open pits at the mine, Swiftsure and Invincible Footwall South. Consequently, St Ives is planning a stronger, second half production performance;
• Cerro Corona, which experienced inclement weather in Q1 2024 affecting the stability of the North wall of the pit, resulting in a resequencing of mining to lower grade areas. The stability of the North wall has been addressed. The copper-gold price ratio also impacted the gold-equivalent production performance
• Slower than planned ramp-up at Salares Norte due to the early onset of winter and a difficult ramp-up in the winter period.

Salares Norte update

In June 2024, we announced that early onset of severe winter weather conditions had impacted ramp-up at Salares Norte leading to freezing of material in the process plant pipes and causing temporary shutdown of the plant. Ramp-up was therefore temporarily suspended and production guidance revised to 90koz – 180koz.

Over the past few months, we have been working on progressing all activities required for the plant restart, including thawing of frozen material, and unblocking of plant piping. Salares Norte continued to experience low temperatures which has slowed down progress on these activities.

We are currently focused on setting up the plant for a safe and sustainable restart and ramp up. We expect to complete all adverse weather mitigation activities (including heat tracing installation) by the first quarter of next year. This should ensure safe and continuous operations through winter conditions, in line with the design criteria of the plant.

The plant is scheduled to restart by 30 September 2024 and deliver production of 40koz - 50koz in 2024. Any unforeseen delays to this restart date will impact production volumes for 2024.

Total project costs (excluding capitalised borrowing costs) for Salares Norte up to 30 June 2024 were US$1,176m, within the guided range of US1,180m - US$1,200m. Additional capital costs associated with the project include capitalised borrowing costs, capitalised depreciation and ramp-up capital totalling US$190m to 30 June 2024. Ramp-up capital is expected to increase following the delays in the ramp-up.

Sustaining capital for Salares Norte for H1 2024 was approximately US$58m for mining activities.

Despite the delays in ramp up, Salares Norte remains a high-quality asset that will have one of the industry's lower cost profiles. It is expected to contribute meaningfully to our future cash flows and is value accretive to Gold Fields.

The chinchilla capture and relocation plan remains suspended for Rocky Area 3 at Salares Norte, while the regulator examines the requested evidence of chinchilla presence at the rockery. Gold Fields has not undertaken any capture and relocation activities during the winter months at Salares Norte, with the programme expected to resume in October in close collaboration with environmental experts and the regulator.

South Deep update

South Deep produced 3,633kg (117koz) in H1 2024 compared to 4,743kg (152koz) in the comparative period. Lower production was due to backfill rehandling challenges and poor ground conditions. Backfill seepage constrained access to stopes, while the backfill rehandling added complexity to the planning and mining process. This had an impact on stope turnaround and delayed access to the higher grade areas of the mine.

South Deep is making progress accelerating backfill placement to address the historic backfill leakage and is assessing various solutions to reduce backfill leakages going forward. Other recovery activities are focused on improving long hole stope drilling and overall productivity.

Having thoroughly assessed the recovery trajectory for South Deep for the remainder of the year, we are revising 2024 production guidance from 9,500kg – 9,700kg (305koz – 312koz) to 7,800kg – 8,200kg (250koz – 264koz) to set up the mine for an improved 2025 performance. Lower volumes will impact unit costs with all-in costs (AIC) and all-in sustaining costs (AISC) guidance for 2024 revised to US$1,890/ oz – US$1,980/oz, respectively.

With its significant resource endowment and long life, improvement measures are focused on being sustainable so that the mine is set up for longevity and quality ounces.

Financial performance

Normalised earnings for the six months ended June 2024 decreased by 22% YoY to US$355m, or US$0.40 per share (H1 2023: US$454m, or US$0.51 per share), mainly driven by a higher gold price received which was more than offset by lower gold sold.

During H1 2024, there was an adjusted free cash outflow of US$58m (after taking into account all costs and project capex), compared to an inflow of US$140m in H1 2023. The mines generated adjusted free cash flow from operations of US$321m in H1 2024 compared to US$482m in H1 2023.

While our balance sheet remains robust, with a net debt to EBITDA ratio of 0.53x at the end of June 2024, our net debt increased by US$129m during H1 2024 to US$1,153m. This increase was driven by US$42m in Windfall pre-construction capital and the US$199m final dividend payment. Excluding lease liabilities, the core net debt was US$720m at the end of H1 2024.

In May 2024, Gold Fields repaid its US$500m 2024 bond using a combination of cash and undrawn facilities. At the end of June 2024, the Group's capital structure consisted of a US$1.2bn sustainability linked revolving credit facility (US$534m of which was undrawn), a US$500m bond which matures in 2029 and US$528m in cash.

ESG highlights

During H1 2024, we continued to progress our ESG priority areas.

In terms of gender diversity, the number of women among our employees remained at 25% at the half year, with over 57% of these women working in core mining roles. Our female representation at executive level is 33%.

With a focus on community value creation, it is pleasing to note that over half of our workforce (52%) lives in our host communities, while the Company sourced 40% of its H1 2024 procurement from companies based in these communities.

On 7 August 2024, our St Ives mine signed a landmark native title agreement with the Ngadju People, who are the determined native title holders of the lands and waters surrounding Norseman, which spans approximately 102,000km² and includes the St Ives mine. The agreement will see significant value delivered to the Ngadju People over the life-of-mine through compensation payments and other initiatives and benefits, including an initial payment in recognition of historical mining activities that have occurred on Ngadju lands, as well as providing comprehensive processes for the identification and preservation of Aboriginal cultural heritage sites.

We continued to make strides in our decarbonisation journey, with renewable energy accounting for 17,1% of electricity consumption at Group level for the six months under review. Scope 1 and 2 CO₂ emissions during H1 2024 declined by 6.2% below 2023 levels. However, due to lower gold production, emission intensity per oz produced was 19% higher than in 2023.

Construction of the following renewable plants has commenced:

• Granny Smith: 11 MW solar farm and 7MW battery expansion, to be commissioned in Q4 2024;
• St Ives: 35MW solar farm and 42MW wind, to start in Q1 2026;
• Salares Norte: 7MW solar farm, to be commissioned in Q1 2025.

We have commenced with a mid-term review of our 2030 ESG targets across our six priority areas, namely safety wellbeing and environment; gender diversity; stakeholder value creation; decarbonisation; tailings management; and water stewardship. As well as assessing our performance against our existing targets, the review will consider potential changes to existing priorities, and what is required to extend our targets out to 2035. The findings and outcomes of the review will be published in early 2025.

Board and executive appointments

We are pleased to have made a number of crucial leadership appointments since the beginning of the year, including the appointment of Martin Preece as COO, Mariette Steyn as EVP Sustainable Development and Chris Gratias as EVP Strategy and Corporate Development.

We have made good progress on the appointment of a permanent CFO, to replace Paul Schmidt who retired at the end of April 2024, An announcement on this appointment will be made imminently. Alex Dall will continue as interim CFO until the permanent CFO is appointed.

At Board level, we announced the appointment of two non-executive directors with effect from 2 August 2024. Shannon McCrae, a Canadian, who brings 25 years of experience in the resources industry, and South African Zarina Bassa, who adds extensive corporate and regulatory accounting experience and who is also joining the Board's Audit Committee. These appointments strengthen the Board's capacity to oversee the increasingly complex operating and regulatory environment facing global mining companies.

The way forward: Continuing to improve the quality of our portfolio

Gold Fields has a well-established, portfolio of mines that is expected to produce over 2.2Moz per annum for the next decade. This portfolio is anchored by four long-life assets – St Ives, Tarkwa, South Deep and Windfall – which all have significant Reserve endowments and are expected to form base production for multiple decades.

These assets are complemented by Agnew and Granny Smith in Australia which are two of our most consistent producers and will continue to contribute into the next decade. Although Gruyere has had a tough start to 2024, operational momentum is improving, and it will continue to be a valuable contributor until at least the end of the decade.

Salares Norte, once ramped up, will contribute a significant cash windfall for at least 3 – 4 years. We are undertaking extensive exploration drilling to identify opportunities to extend the Salares Norte life of mine and are on track to spend approximately US$23m on exploration drilling in the area during 2024.

Our strategy is premised on continually upgrading and improving the quality of our production base. This not only entails acquiring assets that will enhance the quality of the portfolio, but also disposing of assets which we view as non-core and do not fit with our long-term vision.

During H1 2024, we streamlined our portfolio by selling equity stakes and holdings in assets that we believe were better served in other companies' hands. In January, we sold our 24% interest in Rusoro Mining for an upfront consideration of US$62m.

We also concluded the sale of our 45% stake in the Asanko Gold Mine in March for gross proceeds of US$170m, comprised of US$65m in cash, three deferred cash payments and a 19.9% shareholding in Galiano. After the close of the Q2 trading period, we finalised the sale of our 40% stake and terminated our option agreement to buy an additional 20% in the Far Southeast asset in the Philippines. While the asset had been fully impaired in Gold Fields' books, we received an upfront payment of US$1m together with a US$10m contingent consideration.

While Damang continues to contribute healthy cash flow to the Group, we continue to assess our options for the asset. Although there a sizeable Resource below the current Damang Pit, a further cutback will entail material capital investment and we do not believe that this is the most optimal use of our capital. As such, we are exploring alternative options for the asset but will only do so in a responsible and sustainable manner.

Cerro Corona is also maturing, with 2025 being the last year of mining before the mine only processes stockpiles from 2026 onwards. While it will continue to produce gold and generate cash flow until 2031, we have begun to consider options for Cerro Corona's future.

Gold Fields has a healthy pipeline of attractive growth opportunities which will enhance the quality of the overall portfolio by lowering average AIC and increasing the free cash-flow generation of the business.

Osisko acquisition

On 12 August 2024 we announced the acquisition of all the Osisko Mining shares for C$4.90 per share or transaction consideration of approximately C$2.2bn (US$1.6bn and enterprise value of C$1.5bn (US$1.1bn). The acquisition consolidates the Gold Fields' interest in a world-class, advanced-stage project that we understand well, having jointly owned the asset with Osisko since May 2023. With assets situated in Québec, Canada, Gold Fields will firmly solidify its presence in this Tier-1 mining jurisdiction in one of the largest gold deposits in Canada, and a top ten gold deposit globally by head grade.

Full ownership of Windfall enables us to streamline decision-making and increase flexibility with respect to the project's development and subsequent operation.

Based on Osisko's December 2022 feasibility study, Windfall is expected to produce circa 300,000 ounces per annum at an all-in sustaining cost of below US$800 per ounce (2023 real terms). Our technical and project development work over the last year has progressed our understanding of the asset and confirms our view that Windfall is expected to become one of the lowest cost mines in our portfolio.

We believe that Windfall is on track to become our next high-quality, low-cost underground gold mine, with considerable growth prospects along strike and down plunge, well beyond delineated mineral reserves and the current 10-year projected mine life set out in Osisko's Windfall Feasibility Study. The highly prospective Urban Barry and Quévillon district exploration camps (circa 2,233km²), is anticipated to provide a range of additional opportunities beyond the scope of the Windfall Feasibility Study.

Development of Windfall is well advanced. As at May 2023 (when we announced the joint venture partnership with Osisko), Osisko had invested more than C$800m in Windfall. Since then, the partners (through their respective 50% shares) have each invested an additional ~C$158m (total of ~C$316m) on the development of the Project. As a result, Windfall today includes over two million meters of drilling, a submitted Environmental Impact Assessment permitting application in process, studies, significant underground development and major surface infrastructure.

The Project is now under its fourth bulk sample permit, with underground infrastructure including 14km of underground development to 671 metres of vertical depth into ore, four main ventilation raises and 57 drill bays, an underground pumping station and a garage currently under construction. Concurrently, extensive surface civil works have already been undertaken, including a lined waste pad, three lined water treatment ponds, a water treatment facility currently under construction, administrative offices, communication tower, temporary 300-person camp, and recreation area.

Environmental permitting for full scale construction of the Project is underway, with a new round of questions recently received from the Québec Ministry of the Environment, and final approval expected in 2025. In parallel, discussions have continued towards the execution of an Impact and Benefit Agreement with the Cree First Nation of Waswanipi and the Cree Nation Government in due course, as part of the project development process.

During January 2024, the 85 km long 69 kV hydro-electric power line – built, owned and operated by the Waswanipi Cree First Nation – was completed on schedule, and grid power was successfully connected to the Project. This will significantly reduce both power costs and greenhouse gas emissions at the site.

Tarkwa/Iduapriem JV

In March 2023, Gold Fields announced the proposed joint venture between Tarkwa and AngloGold Ashanti's neighbouring Iduapriem mine in Ghana. In addition to leveraging operating efficiencies to unlock higher grades and enabling an extension of life to at least 18 years, the proposed joint venture is expected to create compelling shared value for all stakeholders.

Since the announcement, Gold Fields and AngloGold Ashanti have had extensive engagement with the Government of Ghana with respect to the proposed transaction. While significant progress has been made, final Parliamentary approval has not yet been finalised. We continue to actively pursue completion of the joint venture and will keep the market updated with any developments in this regard.

Exploration

Exploration plays an important role in Gold Fields' strategy of continually enhancing the quality of our production base. It ensures the longevity of our business by providing a pipeline of attractive opportunities that will potentially be brought into production in the longer term.

Our greenfields exploration strategy focuses on targeted expansion within our current operational jurisdictions while continuously screening for new opportunities in select areas based on strict criteria. Our strategies include 100% acquisition, JV earn-in arrangements and equity partnerships. Our greenfields budget is US$40m, with approximately US$9.4m spent in H1.

The Group's greenfields exploration portfolio includes 100% landholdings and joint ventures in Australia, Chile, and Peru, all advancing through early-stage exploration activities, permitting, and access agreements. We also hold strategic positions in several junior exploration companies, including Tesoro Gold (18.9%), Chakana Copper (18.4%), Torq Resources (15.0%), Hamelin Gold (14.9%), Killi Resources (10.9%) and Great Southern Mining (4.6%).

Notable highlights in H1 2024 include participating in Chakana Copper's capital raise (US$0.62m) to fund a maiden drill test of the Mega Gold target, with results pending. Additionally, we announced an option and joint venture on Killi Resources' West Tanami project in Western Australia, where Gold Fields may earn an 85% interest through expenditure of US$8.6m over seven years, including a US$0.33m investment in the company. We have also commenced our earn-in at the Edinburgh Park project in Queensland, making good progress with land access and geophysical programmes.

In August, Torq Resources announced a proposed US$48m earn-in option and joint venture agreement with Gold Fields to advance the exploration and development of Torq's Santa Cecilia copper-gold project in Chile. Under the agreement, Gold Fields is to be granted a two-stage option to acquire up to a 75% interest in the Santa Cecilia Project in exchange for spending US$48m in spending over a maximum of six years.

Gold Fields has also entered into three option and joint venture agreements with Gold & Copper Resources to earn up to an 80% interest in three separate areas of the Orange gold project in New South Wales, Australia. Gold Fields must initially spend a minimum of A$9m over three years across the three areas, with rights to earn up to 75% in any or all of the projects by sole funding commitments over 7-8 years (and an additional 5% for funding certain study work).

During H2 2024, Gold Fields will continue generative activities, including screening third-party opportunities in Australia, West Africa, and the Americas.

Capital allocation framework

Capital allocation is a key element of Gold Fields' strategic decisionmaking process. In this regard, we have refined our capital allocation framework to guide how capital is deployed and ensure the most attractive return on this capital. In terms of this framework, our capital allocation priorities are as follows:

• Maintaining our investment grade credit rating
• Spending the necessary capital to ensure safe and reliable production
• Paying a base dividend. Gold Fields has a dividend policy of paying out 30% – 45% of normalised earnings.

After satisfying the above capital allocation priorities, discretionary growth investments need to compete with additional returns to shareholders. Discretionary growth investments could include exploration, life extension of existing assets, organic growth opportunities and inorganic M&A opportunities.

2024 production and cost guidance

Given the operational headwinds experienced in H1 2024, we are reducing 2024 guidance. There will be a significant increase in production during H2 2024, with attributable gold equivalent production expected to be between 1.11Moz – 1.21Moz for the six-month period. Consequently, H2 2024 unit costs are expected be lower than those reported for H1 2024, with AISC forecast of US$1,460/oz – US$1,580/oz and AIC set to be US$1,630/oz – US$1,750/oz for the second half.

Taking the second half guidance into account, Group attributable gold equivalent production for 2024 is now expected to be between 2.05Moz – 2.15Moz, with the decrease from previous guidance primarily driven by South Deep and Cerro Corona which has been negatively impacted by the copper price factor.

Given the relatively slow progress made with the Salares Norte ramp-up during the winter months, we now expect the mine to produce between 40koz-eq – 50koz-eq in 2024, which has also contributed to the reduced Group guidance.

Group AISC is expected to be between US$1,580/oz – US$1,670/oz while AIC is guided to be between US$1,820/oz – US$1,910/oz for the year. These include approximately US$30/oz for the 2024 capital expenditure on the St Ives renewable energy project. Excluding the costs for this project, the range for AISC is US$1,550/oz – US$1,640/oz and US$1,790oz – US$1,880/oz for AIC.

Mike Fraser
Chief Executive Officer

23 August 2024