Gold Fields

Review of Operations

Quarter ended 31 December 2020 compared with quarter ended 30 September 2020

Figures may not add as they are rounded independently.

South Africa region

South Deep
Dec
2020
Sept
2020
%
Variance
Ore mined 000
tonnes
304 341 (11)%
Waste mined 000
tonnes
45 25 81%
Total tonnes 000
tonnes
349 366 (5)%
Grade mined – underground reef g/t 6.30 6.37 (1)%
Grade mined – underground total g/t 5.49 5.94 (8)%
Gold mined kg 1,915 2,174 (12)%
  000'oz 61.6 69.9 (12)%
Destress m2 10,054 10,533 (5)%
Development m 1,012 995 2%
Secondary support m 2,577 3,322 (22)%
Backfill m3 68,821 113,027 (39)%
Ore milled – underground reef 000
tonnes
324 329 (2)%
Ore milled – underground waste 000
tonnes
37 6 551%
Ore milled – surface 000
tonnes
380 228 67%
Total tonnes milled 000
tonnes
741 563 32%
Yield – underground reef g/t 5.76 6.07 (5)%
Surface yield g/t 0.13 0.08 54%
Total yield g/t 2.58 3.59 (28)%
Gold produced kg 1,914 2,019 (5)%
  000'oz 61.5 64.9 (5)%
Gold sold kg 1,965 2,049 (4)%
  000'oz 63.2 65.9 (4)%
AISC – revised interpretation guidance (WGC November 2018) R/kg 734,814 572,447 28%
  US$/oz 1,443 1,055 37%
AIC R/kg 761,455 583,344 31%
  US$/oz 1,494 1,075 39%
Sustaining capital expenditure Rm 357.1 130.6 173%
  US$m 22.1 7.7 186%
Non-sustaining capital expenditure Rm 52.3 22.3 134%
  US$m 3.2 1.3 142%
Total capital expenditure Rm 409.4 152.9 168%
  US$m 25.4 9.1 180%

South Deep ramped up production post COVID-19 lockdown and interruptions and has maintained momentum.

Gold production decreased by 5% to 1,914kg (61,500oz) in the December quarter from 2,019kg (64,900oz) in the September quarter as a result of milling lower reef tonnes at lower grade as per plan.

Gold mined decreased by 12% to 1,915kg (61,600oz) in the December quarter from 2,174kg (69,900oz) in the September quarter mainly as a result of a planned maintenance upgrade of the main shaft man winder brake which had a consequential impact on mining activities in the last two weeks of December.

Reef yield decreased by 5% to 5.76g/t in the December quarter from 6.07g/t in the September quarter due to treating lower grade material, which was impacted by ore phasing between broken and trammed tonnes.

Development increased by 2% to 1,012m in the December quarter from 995m in the September quarter, while destress decreased by 5% to 10,054m2 in the December quarter from 10,533m2 in the September quarter. Seismicity related stoppages impacted destress progress, however, destress resources were diverted to development.

Secondary support and backfill decreased quarter-on-quarter by 22% and 39%, respectively. The reduction in backlog secondary support is in line with the business plan. Whilst there is a reduction in backfill placed, priority voids have been filled with only 30,000ml available for filling.

All-in cost increased by 31% to R761,455/kg (US$1,494/oz) in the December quarter from R583,344/kg (US$1,075/oz) in the September quarter mainly driven by less gold sold, higher cost of sales before amortisation and depreciation and higher capital expenditure relating to cash flow phasing attributable to supply chain constraints as a result of COVID-19 in the previous quarter. The main drivers behind the increase was delivery of fleet (R96m), man winder drum upgrade (R28m), construction of a plant perimeter wall (R13m), the expansion and civils for on-site power generation (R12m) and the increase in new mine development quarter-on-quarter (R25m).

West Africa region

Ghana

Tarkwa

Dec
2020
Sept
2020
%
Variance
Ore mined 000
tonnes
2,922 2,613 12%
Waste (Capital) 000
tonnes
14,016 12,804 9%
Waste (Operational) 000
tonnes
4,938 6,281 (21)%
Total waste mined 000
tonnes
18,954 19,085 (1)%
Total tonnes mined 000
tonnes
21,876 21,698 1%
Strip ratio waste/
ore
6.5 7.3 (11)%
Grade mined g/t 1.54 1.40 10%
Gold mined 000'oz 144.6 117.7 23%
Tonnes milled 000
tonnes
3,452 3,468 – %
Yield g/t 1.15 1.14 – %
Gold produced 000'oz 127.2 127.3 – %
Gold sold 000'oz 127.2 127.3 – %
AISC – revised interpretation guidance (WGC November 2018) US$/oz 996 1,099 (9)%
AIC US$/oz 996 1,099 (9)%
Sustaining capital expenditure US$m 38.2 41.5 (8)%
Non-sustaining expenditure US$m – %
Total capital expenditure US$m 38.2 41.5 (8)%

Gold production decreased marginally to 127,200oz in the December quarter from 127,300oz in the September quarter. Realised yield increased to 1.15g/t in the December quarter from 1.14g/t in the September quarter.

Total tonnes mined, including capital waste stripping, increased by 1% to 21.9 million tonnes in December quarter from 21.7 million tonnes in September quarter due to improved equipment performance. Ore mined increased by 12% to 2.9 million tonnes in December quarter from 2.6 million tonnes in September quarter. Capital waste increased by 9% to 14.0 million tonnes in the December quarter from 12.8 million tonnes in the September quarter. Operational waste decreased by 21% to 4.9 million tonnes in December quarter from 6.3 million tonnes in September quarter due to increased focus on capital waste mining to exposed ore for January 2021.

The additional gold mined as a result of the December quarter face positions was stockpiled in order to sustain gold production in 2021 as the focus on capital waste strip continues. Stockpile on hand at the end of the December quarter was 9.9Mt at an average grade of 0.83g/t compared to 10.5Mt at an average grade of 0.76g/t at the end of the September quarter.

All-in cost decreased by 9% to US$996/oz in the December quarter from US$1,099/oz in the September quarter due to lower cost of sales before amortisation and depreciation and lower capital expenditure.

Capital expenditure decreased by 8% to US$38.2m in the December quarter from US$41.5m in the September quarter.

Damang
Dec
2020
Sept
2020
%
Variance
Ore mined 000
tonnes
2,204 2,265 (3)%
Waste (Capital) 000
tonnes
– %
Waste (Operational) 000
tonnes
5,254 5,609 (6)%
Total waste mined 000
tonnes
5,254 5,609 (6)%
Total tonnes mined 000
tonnes
7,458 7,874 (5)%
Strip ratio waste/ore 2.4 2.5 (4)%
Grade mined g/t 1.81 1.57 15%
Gold mined 000'oz 128.0 114.6 12%
Tonnes milled 000
tonnes
1,205 1,167 3%
Yield g/t 1.89 1.65 15%
Gold produced 000'oz 73.3 61.9 19%
Gold sold 000'oz 73.3 61.9 19%
AISC – revised interpretation guidance (WGC November 2018) US$/oz 824 710 16%
AIC US$/oz 824 732 13%
Sustaining capital expenditure US$m 4.9 5.3 (7)%
Non-sustaining expenditure US$m 1.4 (100)%
Total capital expenditure US$m 4.9 6.6 (26)%

Gold production increased by 19% to 73,300oz in the December quarter from 61,900oz in the September quarter mainly due to higher yield and mill throughput. Yield increased by 15% to 1.89g/t in the December quarter from 1.65g/t in the September quarter due to higher grades mined from Damang Pit Cutback (DPCB), as mining progressed into the main ore body. The ore mined from DPCB was predominantly within the highly mineralised lithologies after mining transitioned through the bulk of the remaining Huni Sandstone during the quarter.

Total tonnes mined decreased by 5% to 7.5Mt in the December quarter from 7.9Mt in the September quarter in line with the plan. Ore tonnes mined also decreased by 3% to 2.2Mt in the December quarter from 2.3Mt in the September quarter.

Ore tonnes mined remained higher than tonnes processed. This is in line with the mining sequence as per the Damang reinvestment project (DRP) whereby more ore tons are mined during the current stage to ensure enough ore is available for a consistent plant feed at approximately 4.5Mt per annum going forward as mining progresses deeper into the pit and physical space at the bottom of the pit becomes confined.

Gold mined increased by 12% to 128.0koz in the December quarter from 114.6koz in the September quarter due to higher grade mined in the exposed ore areas.

Mined grade increased by 15% to 1.81g/t in the December quarter from 1.57g/t in the September quarter due to mining in the main orebody at DPCB.

The December quarter gold mined of 128koz is on the back of 2.2Mt mined at a grade of 1.81g/t. Given the plant capacity constraint and timing of mining, only 1.2Mt was fed to the plant. Medium and lower grades of ore were stockpiled while prioritising the highest grade ore through the plant.

All-in cost increased by 13% to US$824/oz in the December quarter from US$732/oz in the September quarter mainly due to higher cost of sales before amortisation and depreciation resulting from a lower gold in process credit of US$21m in the December quarter compared to US$41m in the September quarter. This increase was partially offset by higher gold sold and lower capital expenditure.

Sustaining capital expenditure decreased by 7% to US$4.9m in the December quarter from US$5.3m in the September quarter due to timing of expenditure. Non-sustaining capital expenditure decreased by 100% to nil in the December quarter from US$1.4m in the September quarter due to timing of expenditure as the Far East Tailings Storage Facility (FETSF) was completed ahead of schedule.

Asanko (Equity accounted Joint Venture)
Dec
2020
Sept
2020
%
Variance
Ore mined 000
tonnes
1,964 958 105%
Waste (Capital) 000
tonnes
1,175 3,161 (63)%
Waste (Operational) 000
tonnes
10,597 8,160 30%
Total waste mined 000
tonnes
11,772 11,321 4%
Total tonnes mined 000
tonnes
13,736 12,279 12%
Strip ratio waste/ore 6.0 11.8 (49)%
Grade mined g/t 1.42 1.35 5%
Gold mined 000'oz 89.4 41.6 115%
Tonnes milled 000
tonnes
1,438 1,467 (2)%
Yield g/t 1.42 1.04 37%
Gold produced 000'oz 65.6 49.0 34%
Gold sold 000'oz 60.7 53.9 12%
AISC – revised interpretation guidance (WGC November 2018) US$/oz 1,174 1,488 (21)%
AIC US$/oz 1,418 1,760 (19)%
Sustaining capital expenditure US$m 9.7 7.0 40%
Non-sustaining expenditure US$m 12.5 12.1 4%
Total capital expenditure US$m 22.2 19.1 17%

All figures in table on a 100% basis.

Gold production increased by 34% to 65,600oz (100% basis) in the December quarter from 49,000oz (100% basis) in the September quarter mainly due to higher yield. Yield increased by 37% to 1.42g/t in the December quarter from 1.04g/t in the September quarter.

Total tonnes mined increased by 12% to 13.7Mt in the December quarter from 12.3Mt in the September quarter on the back of improved contractor equipment performance. Ore tonnes mined increased by 105% to 2Mt in the December quarter from 1Mt in the September quarter as more ore was exposed and mined from Esaase main and Akwasiso pits.

Waste tonnes mined increased by 4% to 11.8Mt in the December quarter from 11.3Mt in the September quarter. This was in line with sustained waste stripping for exposure of ore source.

All-in cost decreased by 19% to US$1,418/oz in the December quarter from US$1,760/oz in the September quarter due to higher ounces sold and lower cost of sales before amortisation and depreciation, partially offset by higher capital expenditure.

Sustaining capital expenditure increased by 40% to US$9.7m in the December quarter from US$7.0m in the September quarter mainly due to timing of expenditure on the TSF raise. Non-sustaining capital expenditure increased by 4% to US$12.5m in the December quarter from US$12.1m in the September quarter due to timing of expenditure on the Tetrem re-allocation project (Tetrem RAP).

South America region

Peru

Cerro Corona

Dec
2020
Sept
2020
%
Variance
Ore mined 000
tonnes
1,343 1,700 (21)%
Waste mined 000
tonnes
3,975 2,645 50%
Total tonnes mined 000
tonnes
5,319 4,345 22%
Grade mined – gold g/t 0.96 0.87 11%
Grade mined – copper per cent 0.47 0.40 17%
Gold mined 000'oz 41.5 47.5 (13)%
Copper mined 000
tonnes
6,265 6,799 (8)%
Tonnes milled 000
tonnes
1,680 1,751 (4)%
Gold recovery per cent 59.1 67.1 (12)%
Copper recovery per cent 87.2 87.2 – %
Yield – Gold g/t 0.48 0.56 (13)%
          – Copper per cent 0.37 0.36 3%
          – Combined eq g/t 0.89 0.90 (1)%
Gold produced 000'oz 25.0 30.1 (17)%
Copper produced tonnes 5,895 5,973 (1)%
Total equivalent gold produced 000'
eq oz
47.9 50.5 (5)%
Total equivalent gold sold 000'
eq oz
51.9 40.6 28%
AISC – revised interpretation guidance (WGC November 2018) US$/oz 513 271 90%
AISC US$/
eq oz
1,220 953 28%
AIC US$/oz 834 594 40%
AIC US$/
eq oz
1,392 1,146 21%
Sustaining capital expenditure US$m 9.6 5.2 85%
Non-sustaining expenditure US$m 8.4 7.4 13%
Total capital expenditure US$m 18.0 12.6 43%

Gold equivalent gold production decreased by 5% to 47,900oz in the December quarter from 50,500oz in the September quarter due to lower tonnes processed and lower gold recovery as a result of higher arsenic content.

A waste recovery plan commenced in the December quarter, which included the development of the 5th mining front by increasing the mining fleet (1 excavator and 8 trucks). However, irrespective of the fact that total tonnes mined increased by 22% to 5.3Mt in the December quarter from 4.3Mt in the September quarter, it was not possible to achieve the recovery plan due to the COVID-19 2nd wave and the abnormally high impact of the rainy season. The objective of the waste recovery plan is to mitigate part of the COVID-19 impacts during 2020 and recover part of the 9Mt delayed tonnes. The recovery will take place over the next 3 years, at a rate of 3Mtn per year of accelerated stripping and low grade stockpile build-up.

Gold yield decreased by 13% to 0.48g/t in the December quarter from 0.56g/t in the September quarter although gold grade mined was higher by 11%. The decrease was mainly due to a decrease in gold recovery of 12% due to the high arsenic content and the processing of about 0.4Mt of low grade stockpiles The copper yield increased by 3% to 0.37% in the December quarter from 0.36% in the September quarter on the back of an increase in copper head grade processed at a similar recovery.

All-in cost per gold ounce increased by 40% to US$834/oz in the December quarter from US$594/oz in the September quarter driven by higher operating expenses due to higher tonnes mined, negative impact of inventory, drawdown of low grade ore and higher capital expenditure driven by accelerated construction of waste storage facilities and infrastructure relocation as part of the 2030 LoM plan, partially offset by higher gold ounces sold. All-in cost per equivalent ounce increased by 21% to US$1,392 per equivalent ounce in the December quarter from US$1,146 per equivalent ounce in the September quarter due to the same reasons above.

Chile

Salares Norte

Gold Fields spent US$65m at Salares Norte during Q4 2020 comprising US$55m in capital expenditure, US$8m on exploration and US$2m investment in working capital. Construction progressed 6.8% during the quarter vs. plan of 5.0%, while total project progress was also ahead of plan at 7.6% (plan: 6.3%). Detailed engineering progressed 11.9% during the quarter against plan of 7.0%, contributing to project engineering being 97.2% complete at 31 December (plan: 90.0%).

Camp Phase II construction remained three months ahead of schedule throughout the course of Q4 and an additional dormitory was built to accommodate COVID-19 distancing protocols. Diversion channel earthworks and precast installation were completed during the quarter, while the mine pioneering works and equipment mobilisation progressed as planned and positioned the team to begin pre stripping activities in January 2021. Mass earthworks construction began in earnest during Q4 2020 with the contractor focusing their efforts on the plant and truck shop areas.

During Q4 2020, Gold Fields spent US$8.4m on district exploration and drilled a total of 2,815 metres.

Australia region

St Ives
Dec
2020
Sept
2020
%
Variance
Underground
Ore mined 000
tonnes
428 467 (8)%
Waste mined 000
tonnes
167 161 4%
Total tonnes mined 000
tonnes
596 628 (5)%
Grade mined g/t 5.15 5.64 (9)%
Gold mined 000'oz 70.9 84.7 (16)%
Surface
Ore mined 000
tonnes
446 461 (3)%
Surface waste (Capital) 000
tonnes
883 11 7952%
Surface waste (Operational) 000
tonnes
751 1,628 (54)%
Total waste mined 000
tonnes
1,634 1,639 – %
Total tonnes mined 000
tonnes
2,080 2,100 (1)%
Grade mined g/t 2.74 1.76 56%
Gold mined 000'oz 39.2 26.1 51%
Strip ratio waste/ore 3.7 3.6 3%
Total (Underground and Surface)
Total ore mined 000
tonnes
874 929 (6)%
Total grade mined g/t 3.92 3.71 6%
Total tonnes mined 000
tonnes
2,676 2,728 (2)%
Total gold mined 000'oz 110.1 110.8 (1)%
Tonnes milled 000 tonnes 1,180 1,122 5%
Yield – underground g/t 4.26 4.18 2%
Yield – surface g/t 1.64 1.24 32%
Yield – combined g/t 2.80 2.51 12%
Gold produced 000'oz 106.4 90.5 18%
Gold sold 000'oz 109.8 86.9 26%
AISC – revised interpretation guidance (WGC November 2018) A$/oz 1,123 1,071 5%
  US$/oz 816 785 4%
AIC A$/oz 1,160 1,149 1%
  US$/oz 843 839 1%
Sustaining capital expenditure A$m 23.7 15.0 58%
  US$m 17.2 11.2 54%
Non-sustaining capital expenditure A$m 4.1 6.7 (39)%
  US$m 3.0 4.7 (36)%
Total capital
expenditure
A$m 27.8 21.7 28%
  US$m 20.2 15.8 28%

Gold production increased by 18% to 106,400oz in the December quarter from 90,500oz in the September quarter due to increased total tonnes processed and increased grade of open pit ore mined.

Grade mined from the underground mines decreased by 9% to 5.15g/t in the December quarter from 5.64g/t in the September quarter due to reduced volumes from the high-grade areas of the Hamlet North mine.

Capital waste tonnes mined in the open pits increased to 883,000t in the December quarter from 11,000t in the September quarter, with pre-strip activities at Neptune stage 7 pit commencing during the December quarter. Operational waste tonnes decreased by 54% to 0.75Mt in the December quarter from 1.6Mt in the September quarter with emphasis on pre-strip activities at Neptune stage 7 pit.

Surface mined grade increased by 56% to 2.74g/t in the December quarter from 1.76g/t in the September quarter with high grade ore sourced from Neptune stage 6 pit.

All-in cost increased by 1% to A$1,160/oz (US$843/oz) in the December quarter from A$1,149/oz (US$839/oz) in the September quarter due to increased capital expenditure and higher cost of sales before amortisation and depreciation, partially offset by increased gold sold.

Capital expenditure increased by 28% to A$28m (US$20m) in the December quarter from A$22m (US$16m) in the September quarter following the commencement of Neptune stage 7 pre-strip activities during the December quarter. Non-sustaining capital expenditure decreased by 39% to A$4m (US$3m) in the December quarter from A$7m (US$5m) in the September quarter due to decreased near mine exploration drilling in the December quarter.

Agnew
Dec
2020
Sept
2020
%
Variance
Underground ore mined 000
tonnes
296 297 – %
Underground waste mined 000
tonnes
170 184 (7)%
Total tonnes mined 000
tonnes
466 480 (3)%
Grade mined – underground g/t 6.89 6.39 8%
Gold mined 000'oz 65.5 61.0 7%
Tonnes milled 000
tonnes
324 334 (3)%
Yield g/t 6.26 5.78 8%
Gold produced 000'oz 65.3 62.1 5%
Gold sold 000'oz 69.6 58.4 19%
AISC – revised interpretation guidance (WGC November 2018) A$/oz 1,226 1,448 (15)%
  US$/oz 893 1,039 (14)%
AIC A$/oz 1,244 1,513 (18)%
  US$/oz 907 1,085 (16)%
Sustaining capital expenditure A$m 13.2 16.8 (21)%
US$m 9.7 12.0 (19)%
Non-sustaining capital expenditure A$m 1.2 3.8 (67)%
  US$m 1.0 2.7 (63)%
Total capital expenditure A$m 14.4 20.6 (30)%
  US$m 10.7 14.7 (27)%

Gold production increased by 5% to 65,300oz in the December quarter from 62,100oz in the September quarter due to an increase in grade of ore mined and processed.

Mined grade increased by 8% to 6.89g/t in the December quarter from 6.39g/t in the September quarter, with mining of the higher grade Waroonga North lower and Kath areas continuing, together with improved grades achieved from the New Holland Sheba area.

All-in cost decreased by 18% to A$1,244/oz (US$907/oz) in the December quarter from A$1,513/oz (US$1,085/oz) in the September quarter due to increased gold sold and lower capital expenditure, partially offset by increased cost of sales before amortisation and depreciation.

Capital expenditure decreased by 30% to A$14m (US$11m) in the December quarter from A$21m (US$15m) in the September quarter with decreased capital development in the Sheba and Kath areas, and decreased exploration drilling.

Granny Smith
Dec
2020
Sept
2020
%
Variance
Underground ore mined 000
tonnes
424 405 5%
Underground waste mined 000
tonnes
165 180 (9)%
Total tonnes mined 000
tonnes
589 586 1%
Grade mined – underground g/t 5.28 5.63 (6)%
Gold mined 000'oz 72.0 73.3 (2)%
Tonnes milled 000
tonnes
417 425 (2)%
Yield g/t 4.96 5.06 (2)%
Gold produced 000'oz 66.4 69.1 (4)%
Gold sold 000'oz 68.8 62.5 10%
AISC – revised interpretation guidance (WGC November 2018) A$/oz 1,413 1,342 5%
  US$/oz 1,023 965 6%
AIC A$/oz 1,463 1,451 1%
  US$/oz 1,062 1,044 2%
Sustaining capital expenditure A$m 18.9 18.4 3%
  US$m 13.7 13.0 5%
Non-sustaining capital expenditure A$m 3.4 6.8 (49)%
  US$m 2.7 4.9 (46)%
Total capital expenditure A$m 22.3 25.1 (11)%
  US$m 16.3 18.0 (9)%

Gold production decreased by 4% to 66,400oz in the December quarter from 69,100oz in the September quarter due to decreased grades mined and processed.

Grade mined decreased by 6% to 5.28g/t in the December quarter from 5.63g/t in the September quarter with lower grade stopes mined during the quarter, in line with the mining sequence. In addition, high grade development ore was mined in the September quarter.

All-in cost increased by 1% to A$1,463/oz (US$1,062/oz) in the December quarter from A$1,451/oz (US$1,044/oz) in the September quarter due to higher cost of sales before amortisation and depreciation, partially offset by lower capital expenditure and an increase in gold sold.

Capital expenditure decreased by 11% to A$22m (US$16m) in the December quarter from A$25m (US$18m) in the September quarter. Non-sustaining capital expenditure decreased by 49% to A$3m (US$3m) in the December quarter from A$7m (US$5m) September quarter due to decreased non sustaining exploration drilling in the December quarter.

Gruyere
Dec
2020
Sept
2020
%
Variance
Ore mined 000
tonnes
2,268 1,858 22%
Waste (Capital) 000
tonnes
5,656 5,140 10%
Waste (Operational) 000
tonnes
407 548 (26)%
Total waste mined 000
tonnes
6,063 5,688 7%
Total tonnes mined 000
tonnes
8,331 7,546 10%
Grade mined g/t 1.18 1.03 15%
Gold mined 000'oz 86.4 61.4 41%
Strip ratio waste/ore 2.7 3.1
Tonnes milled 000
tonnes
2,106 1,889 12%
Yield g/t 1.05 0.92 14%
Gold produced 000'oz 70.8 55.9 27%
Gold sold 000'oz 69.2 56.8 22%
AISC – revised interpretation guidance (WGC November 2018) A$/oz 1,324 1,505 (12)%
  US$/oz 960 1,076 (11)%
AIC A$/oz 1,340 1,518 (12)%
  US$/oz 971 1,085 (11)%
Sustaining capital expenditure – 50% basis A$m 11.7 12.7 (8)%
  US$m 8.4 8.9 (5)%
Non-sustaining capital expenditure – 50% basis A$m 0.6 0.3 59%
  US$m 0.4 0.3 57%
Total capital expenditure – 50% basis A$m 12.3 13.1 (6)%
  US$m 8.8 9.2 (3)%

Mine physicals in table on a 100% basis.

Gold production increased by 27% to 70,800oz in the December quarter from 55,900oz in the September quarter due to increased grade of ore mined and processed, as well as increased ore processed.

Mining activity increased during the quarter, following a build-up of contractor mobile equipment on site during the September quarter with mining operations moving into Stages 2 and 3.

Ore tonnes mined increased by 22% to 2.27Mt in the December quarter from 1.86Mt in the September quarter with the bulk of ore from Stage 1 of the pit.

Capital waste mined increased by 10% to 5.66Mt in the December quarter from 5.14Mt in the September quarter with pre-strip activities at Stages 2 and 3 of the pit continuing.

Operational waste mined decreased by 26% to 0.41Mt in the December quarter from 0.55Mt in the September quarter due to the lower strip ratio of Stage 1 of the pit.

Yield increased by 14% to 1.05g/t in the December quarter from 0.92g/t in the September quarter following the increased grade of ore mined from Stage 1 of the pit.

Tonnes processed increased by 12% to 2.11Mt in the December quarter from 1.89Mt in the September quarter with increased availability at the processing plant following an extended planned shutdown and a ball mill bearing failure in the September quarter.

All-in cost decreased by 12% to A$1,340/oz (US$971/oz) in the December quarter from A$1,518/oz (US$1,085/oz) in the September quarter due to higher gold sold and lower capital expenditure, partially offset by higher cost of sale before amortisation and depreciation.

Capital expenditure (on a 50% basis) decreased by 6% to A$12m (US$9m) in the December quarter from A$13m (US$9m) in the September quarter with a reduction in costs associated with the first tailings facility lift which is now complete.