GOLD FIELDS LTD earnings calls

question order and queues

Q (Jongisa Magagula): She proposed the order for live Chorus Call questions and webcast questions. She said they would start with Ephrem and Raj, then alternate with webcast submissions.

A: There is no management response in this turn; the moderator set the question order and the call proceeded as proposed.

Salares performance and Windfall scale

Q (Ephrem Ravi · Citi): Is Salares likely to exceed the 500–550 guidance this year and could ASICs rise as grade normalizes? Also, with strong free cash flow, can Windfall be scaled up beyond its planned size?

A: Management said Salares has shown higher grade reconciliation, better plant recoveries and higher silver prices, and they now expect full-year production more likely in the range of 550 to 600. On costs, ASIC will depend on silver prices and on ongoing productivity and cost optimization work. For Windfall, they said changing the approved scope now would require restarting the environmental approval process, so they will develop the first phase first and then study scale-up after approvals.

"And today, we've said that it's more likely to be in the range of 550 to 600." — Michael Fraser

capital returns, Australian projects, Windfall spend

Q (Raj Ray · BMO): Is the $500 million additional capital return spread over the rest of 2026 and 2027? How much was spent on the Australian material handling projects in H1 and when does spend ramp up? At Windfall, are amounts being expensed this year part of the $1.9 billion capex or additional?

A: Alex said the $500 million is allocated but may not be spent in the next 6 months; they may use some for a special dividend and will top up the program as cash is generated. On Windfall, Mike said the project is not approved so related costs are expensed now and some of that capital will be included in the initial estimate when the project is ready to approve; feasibility timing is tied to the EIA. Alex said they spent approximately $20 million in H1 on St. Ives' decline for the conveyor and that rate will continue each 6 months, with bigger spend when long-lead items and enabling infrastructure are ordered; Granny Smith is still finalizing feasibility.

"So Raj, the way we're going to look at it is we've allocated $500 million additional." — Alex Dall (CFO)

one more question

Q (Jongisa Magagula): She noted there was time for one more question and that Tanya was next in the queue before webcast questions.

A: There is no management response in this turn; the moderator confirmed the next questioner and the call moved on to Tanya.

Windfall timing, capex, bolt-on strategy

Q (Tanya Jakusconek · Scotiabank): If the EIA is not in place by fall, when does the Windfall schedule slip and by how much? With delays and inflation, might capex exceed $2 billion? Also, how do you define 'bolt-on' opportunities?

A: Mike said if they don't have an EIA by the end of this calendar year they are looking toward slippage at least to the back end of 2029 or later and that the lack of approvals is already impacting winter execution; they are ready to mobilize civil works and camp when cleared. On capex, he said the higher guidance reflected new scope items (for example a $50 million nitrate treatment plant requested by the environmental agency) and labor changes, and they will provide revised schedule and capital once they have the EIA. On bolt-ons, he said they look for assets that add incremental value, prefer producing high-quality assets, will be discerning and opportunistic, and are unlikely to pursue near-term development projects unless they fit a longer-term plan; Alex also said they will prioritize paying down revolving facilities and may consider paying other debt if advantageous.

"And therefore, if we don't have an EIA by the end of this calendar year, we're certainly looking towards slippage at least to the back end of 2029 and if not later." — Michael Fraser