Gold Fields expects H1 2025 headline earnings 203% to 236% higher
Gold Fields advises that headline earnings for the six months ended 30 June 2025 (H1 2025) are expected to be 203% to 236% higher than HEPS reported for the six months ended 30 June 2024 (H1 2024).
Basic earnings per share (EPS) for H1 2025 are expected to be 153% to 181% higher than the EPS reported for H1 2024. Normalised earnings for H1 2025 are expected to be 165% to 195% higher than the normalised earnings reported for H1 2024.
The increase in headline, basic and normalised earnings expected in H1 2025 is primarily driven by higher gold volumes sold in conjunction with higher gold prices received compared to H1 2024. The earnings were partially offset by increased cost of sales due to general mining inflation and higher volumes mined.
Gold volumes sold are expected to increase further in the second half of 2025 (H2 2025) with the continued ramp-up at Salares Norte and planned higher H2 2025 production at the Gruyere, St Ives and Tarkwa mines.
Further detail will be provided as part of the H1 2025 financial and operational results to be released by Gold Fields on Friday, 22 August 2025.
Q2 2025 operational performance
Q2 2025 Group attributable gold equivalent production is expected to be 585koz (Q1 2025: 551koz), with all-in costs (AIC) of US$2,054/oz (Q1 2025: US$1,861/oz). All-in sustaining cost (AISC) for Q2 2025 is expected to be US$1,739/oz (Q1 2025: US$1,625/oz). AIC and AISC were impacted by elevated waste stripping at Tarkwa and timing of gold sales, with 45koz of gold produced only being sold after the end of period.
Salares Norte has continued to make progress with its ramp up and the processing plant has operated successfully throughout the winter period to date. Salares Norte produced 73koz-eq in Q2 2025, a 46% increase from the 50koz-eq produced in Q1 2025. The mine remains on track to reach commercial levels of production in Q3 2025 and steady state levels of production in Q4 2025.
Tarkwa’s gold production was lower in Q2 2025 as ore feed was supplemented with low- grade stockpiles as the mine prioritized waste stripping during the quarter. Tarkwa’s production is expected to increase during H2 2025.
Group attributable gold equivalent production for H1 2025 at 1,136koz is expected to be 24% higher than the corresponding period in 2024 (H1 2024: 918koz). AIC for H1 2025 is expected to be 5% lower year-on-year at US$1,957/oz (H1 2024: US$2,060/oz) and AISC expected to be 4% lower at US1,682/oz (H1 2024: US$1,745/oz). AIC benefited from higher volumes of gold sold during H1 2025 and lower non-sustaining capital
expenditure, partially offset by an increase in sustaining capital expenditure
(mainly at Salares Norte, Gruyere and Granny Smith).
2025 Guidance unchanged
Gold Fields remains on track to meet its 2025 production and cost guidance provided in February 2025. Attributable gold equivalent production is expected to be between 2.25Moz – 2.45Moz. AISC is expected to be between US$1,500/oz – US$1,650/oz, and AIC is expected to be between US$1,780/oz – US$1,930/oz.
Expectations for Group capital expenditure remain unchanged, with total capital expenditure for the year expected to be between US$1,490m – US$1,550m including sustaining capital betweenUS$940m – US$970m.
The operational performance and the financial information on which this trading statement is based have not been reviewed, and reported on, by the Company’s external auditors.
