Gold Fields consolidates 100% ownership of the Windfall Project
Full ownership of Windfall enables Gold Fields 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 of gold per annum at an all- in sustaining cost (“AISC”) of US$758 per ounce (2023 real terms). Windfall is expected to become one of the lowest cost mines in Gold Fields’ portfolio.
Gold Fields believes that Windfall is on track to become its 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 life extension upside, through expected resource conversion and onsite exploration success, together with significant regional exploration potential in the highly prospective Urban Barry and Quévillon district exploration camps (circa 2,233km2), is anticipated to provide a range of additional opportunities to Gold Fields’ pipeline beyond the scope of the Windfall Feasibility Study.
The Transaction will enable Gold Fields to pursue a more flexible, optimised camp-wide exploration programme for which it will accrue 100% of the benefits. The near-mine, exploration upside is further enhanced by Osisko’s joint venture with Bonterra Resources Inc. (“Bonterra”), which, upon completion of the joint venture earn-in, secures a 70% interest over an additional ~225km2 of prospective exploration ground adjacent to the Windfall deposit and proposed location of key project infrastructure.
Development of Windfall is well advanced. As at May 2023 (when Gold Fields announced the joint venture partnership with Osisko), Osisko had invested more than C$800 million in Windfall. Since then, the partners (through their respective 50% shares) have each invested an additional ~C$158 million (total of ~C$316 million) on the development of the Project.
As a result, Windfall today includes over 2 million meters of drilling, a submitted EIA permitting application in process, studies, significant underground development and major surface infrastructure.
