COMMENTARYCorporate announcements

PIC acquires over 20% shareholding in Gold Fields

On 18 June 2023 Gold Fields Gold Fields Limited has received formal notification that the Public Investment Corporation SOC Limited (PIC) has, in aggregate, acquired an interest in the ordinary shares of the company, such that the total interest in the ordinary shares of the Company held by PIC now amounts to 20.099% of the total issued ordinary shares of the company.

This makes the PIC, which among others oversees the investments of the South African Government Employee Pension Fund, the largest shareholder in Gold Fields.

Revision to Salares Norte and Group 2024 guidance

On 13 June 2023, Gold Fields reported that the ramp-up at the Salares Norte Project had been further negatively impacted by the early onset of winter events which have persisted in recent weeks. These weather events resulted in the freezing of material in the piping of the process plant causing temporary shutdown of the plant. These impacts have been greater than planned owing to the early onset and extended duration of winter conditions during the commissioning and ramp-up phase.

The plant has been restarted, however, commissioning and ramp-up during the winter period are expected to continue to be challenging, creating uncertainty on production levels during the winter months. Calendar year 2024 production guidance for the Project is therefore being revised down from the previously indicated gold-equivalent ounces range of 220koz — 240koz, to 90koz — 180koz.

The bottom end of this range (90koz) is largely independent of weather events until late August 2024 and assumes the following for ramp-up from now until the end of 2024:

No production until the end of the winter period with testing of sub-systems only until end of August 2024.
Ramp-up resumes on 1 September 2024.
No significant weather events resulting in multiday stoppages from September 2024 onwards (weather-related downtime is considered in the ramp-up factor).
Circuit C commissioning continues from September 2024 onwards, with this circuit fully operational by mid-October 2024.
Conservative metallurgical recoveries.

The top end of the range (180koz) assumes the following for ramp-up from now until the end of 2024:

Ramp-up resumes on 15 June 2024.
No significant weather events that result in multi-day stoppages for the rest of 2024 (weather-related downtime is considered in the ramp-up factor)
Circuit C commissioning continues from July 2024 onwards with this circuit fully operational by August 2024.
Conservative metallurgical recoveries.

The design criteria of the plant will be capable of handling such winter weather events at steady state and total Project capital costs remain in line with guidance of US$1,180m – US$1,200m.

Due to the Salares Norte production revision, Gold Fields is revising 2024 Group production guidance from 2.33Moz — 2.43Moz to 2.20Moz — 2.30Moz. All-in costs (AIC) for the group in 2024 are revised from the US$1,600/oz — US$1,650/oz range previously guided to US$1,675/oz — US$1,740/oz, while guidance for all-in sustaining costs (AISC) is revised to US$1,470/oz — US$1,530/oz (compared to US$1,410/oz — US$1,460/oz previously guided).

Update on Salares Norte chinchilla capture and relocation plan

On 17 May 2024, Gold Fields advised shareholders that Salares Norte had received an urgent and transitionary measure (MUT) from Chile's Superintendence of Environment (SMA) ordering temporary suspension of the dismantling of Rocky Area No 3 (R3) as part of its approved Chinchilla rescue and relocation plan. On 5 June 2024, Salares Norte received an updated notice from the SMA extending the suspension of dismantling R3 for a further 120 days.

Mining operations and project activities are continuing, and the focus remains on ramp-up of the project, respecting the buffer zones established to avoid any potential disturbance to this species and complying with all other regulatory requirements established by the authority.

As part of the initial MUT issued on 14 May 2024, the SMA requested additional information detailing the monitoring activities undertaken at R3. Salares Norte submitted this information which included endoscopic probe search and night camera recordings. Gold Fields continues to engage with the SMA to progress the Chinchilla capture and relocation plan.

In accordance with the approved capture and relocation plan, Gold Fields is not planning to undertake any capture and relocation activities during the winter months at Salares Norte. The Company remains committed to the safe capture and relocation of the protected Chinchilla species and Salares Norte continues to work with the SMA and independent environmental experts on all aspects of this programme.

Outcome of Gold Fields 2024 Annual General Meeting

At the hybrid Annual General Meeting of Gold Fields, held on Thursday, 30 May 2024 at 13:30, all resolutions were passed by the requisite majority. Of the total issued share capital of 895,024,247, the total number of shares present/represented, including proxies at the meeting were 753,884,667 shares, being 84,23% of the total votable shares.

The detailed voting outcome is recorded in the SENS release at: https://www.profiledata.co.za/JSE_SENS_PDF/history/2024/05/30/ SENS_20240530_S490183.pdf.

Cash dividend

In line with the Company's dividend policy, the Board has approved and declared an interim dividend number 100 of 300 SA cents per ordinary share (gross) in respect of the six months ended 30 June 2024. The interim dividend will be subject to the dividend withholding tax of 20% (twenty per cent).

In accordance with paragraph 11.17 of the JSE Listings Requirements, the following additional information is disclosed:

The dividend has been declared out of income reserves;
The gross local dividend amount is 300 SA cents per ordinary share for shareholders exempt from dividends tax;
The dividend withholding tax of 20% (twenty per cent) will be applicable to this dividend;
The net local dividend amount is 240 SA cents per ordinary share for shareholders liable to pay the dividends tax;
Gold Fields currently has 895,024,247 ordinary shares in issue; and
Gold Fields' income tax number is 9160035607.

Shareholders are advised of the following dates in respect of the final dividend:

Interim dividend number 100: 300 SA cents per share;
Declaration date: Tuesday, 20 August 2024;
Last date to trade cum-dividend: Tuesday, 10 September 2024;
Sterling and US Dollar conversion date: Wednesday, 11 September 2024;
Shares commence trading ex-dividend: Wednesday, 11 September 2024;
Record date: Friday, 13 September 2024; and
Payment of dividend: Monday, 16 September 2024.

Share certificates may not be dematerialised or rematerialised between Wednesday, 11 September 2024 and Friday, 13 September 2024, both dates inclusive.