Gold Fields H1 2020 results Nick Holland: CEO 20 August 2020
Forward looking statement Certain statements in this document constitute “forward looking statements” within the meaning of Section 27A of the US Securities Act of 1933 and Section 21E of the US Securities Exchange Act of 1934. In particular, the forward looking statements in this document include among others those relating to the Damang Exploration Target Statement; the Far Southeast Exploration Target Statement; commodity prices; demand for gold and other metals and minerals; interest rate expectations; exploration and production costs; levels of expected production; Gold Fields’ growth pipeline; levels and expected benefits of current and planned capital expenditures; future reserve, resource and other mineralisation levels; and the extent of cost efficiencies and savings to be achieved. Such forward looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the company to be materially different from the future results, performance or achievements expressed or implied by such forward looking statements. Such risks, uncertainties and other important factors include among others: economic, business and political conditions in South Africa, Ghana, Australia, Peru and elsewhere; the ability to achieve anticipated efficiencies and other cost savings in connection with past and future acquisitions or joint ventures, exploration and development activities; decreases in the market price of gold and/or copper; hazards associated with underground and surface gold mining; labour disruptions; availability terms and deployment of capital or credit; changes in government regulations, particularly taxation and environmental regulations; and new legislation affecting mining and mineral rights; changes in exchange rates; currency devaluations; the availability and cost of raw and finished materials; the cost of energy and water; inflation and other macro-economic factors, industrial action, temporary stoppages of mines for safety and unplanned maintenance reasons; and the impact of the AIDS and other occupational health risks experienced by Gold Fields’ employees. These forward looking statements speak only as of the date of this document. Gold Fields undertakes no obligation to update publicly or release any revisions to these forward looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events. Further details of potential risks and uncertainties affecting Gold Fields are described in Gold Fields’ filings with the Johannesburg Securities Exchange and the US Securities and Exchange Commission, including in Gold Fields’ Annual Report on Form-20F for the year ended 31 December 2017, Gold Fields’ Integrated Annual Report 2017 and Gold Fields’ Annual Financial Report 2017 H1 2020 results | 20 August 2020 2
H1 2020 highlights Delivering the higher gold price ● Covid-19 impact largely contained thus far ● Net cash flow of US$320m ● Mine net cash flow of US$405m ● Net debt (excluding lease liabilities) down to US$876m ● Normalised earnings more than doubled to US$323m ● Interim dividend of R1.60/share = FY 2019 dividend ● Salares Norte commenced – funding plan secured after US$250m equity raise AIC down to US$1,065/oz in H1 2020 from US$1,106/oz in H1 2019 H1 2020 results | 20 August 2020 3
Covid-19 update Current status South West Americas Australia Group Africa Africa Tested 11 801 11 3 952 4 327 20 091 Positive 857 - 330 256 1 443 Negative 10 400 11 3 503 4 021 17 935 Awaiting results 544 - 119 56 719 Active cases 464 - 148 46 658 In hospital 13 - - - 13 Recovered 393 - 181 210 784 Died 1 - 1 1 3 ● The relatively high number of positive cases reflects the high prevalence rate of the pandemic in neighbouring communities at our operations in Peru, Ghana and South Africa ● Testing among our workforce is also more stringent than in public health facilities in these countries Note: "Awaiting results", "Active cases" and "In hospital" refers to the current figures. South Africa includes the corporate office. West Africa includes Galiano/Asanko H1 2020 results | 20 August 2020 4
A globally diversified gold miner H1 2020 results Gold Fields Group Mines: 9 Projects: 1 Countries: 5 Att. production: 1,087koz AIC: US$1,065/oz Mine net cash flow: US$405m inflow Net cash flow**: US$320m inflow West Africa region Mines es: Tarkwa, Damang and Asanko Att. production: 384koz AIC: US$1,093/oz Net cash flow*: US$139m inflow Americas region Mi Mine: Cerro Corona (Peru) Australia region Att. production: 108koz (Au eq) AIC: US$984/eq oz Mines es: St Ives, Granny Smith, South Africa region Net cash flow*: US$49m inflow Agnew and Gruyere Pro roject: Salares Norte (Chile) Mi Mine: South Deep Att. production: 494koz Att. production: 100koz AIC: US$960/oz AIC: US$1,234/oz Net cash flow*: US$208m inflow Net cash flow*: US$5m inflow *Net cash flow = Cash flow from operating activities less net capital expenditure and environmental payments and lease payments **Net cash flow = Cash flow from operating activities less net capital expenditure, environmental payments, lease payments and redemption of Asanko preference shares H1 2020 results | 20 August 2020 5
Delivered on reinvestment plan ● The Group has more or less achieved cost and production guidance over last 7 years ● Implemented the turnaround at South Deep which included a labour restructuring ● Reinvested in the future of the business ̵ Delivered Gruyere which was ramped up ahead of plan – low cost, long life mine ̵ Delivered the Damang Reinvestment Plan ahead of schedule (on most metrics) – getting into the main part of the orebody (Tarkwa phyllites) which is expected to result in significant production and cost improvements from H2 2020 ̵ Delivered a favourable feasibility study for Salares Norte which has progressed to construction phase H1 2020 results | 20 August 2020 6
Strong organic growth within the portfolio ● Extended the life-of-mine of Cerro Corona to 2030 ̵ Exploring potential upside ● St Ives: life extension driven by growth at the Invincible complex ● Exploration success at Agnew – best position the mine has been in for many years ● Have addressed concerns around the Reserve position ̵ Reserves outside of SA exceed 20Moz – c.10 year mine life ̵ Production outlook of 2.0-2.5Moz for the next 8-10 years ̵ Organic growth opportunities at all of our assets ̵ Replaced depletion and slightly added to Tarkwa’s Reserves in 2019 – first time in 10 years • Starting to see some exploration success ̵ Continue to replace depletion and add Reserves in Australia • Discovery cost per ounce is c.A$80/oz, compared to cost of acquiring ounces of >US$300/oz H1 2020 results | 20 August 2020 7
Tarkwa potential Untapped Down Dip Potential along 22km Strike Length And Room For New Discoveries N Awonaben (PAMTA) Pepe – Atuabo – Mantraim –Tebberebie- Pepe Central Pepe East 1 Kottraverchy Pit Ulap-Pepe Dozer Build Yard Ulap Nth Ext 2 Akon Nth Pepe East 2 Ulap Nth Ext 1 West Hill Kottra-Ridge West Corridor 0 1 2 3 Kilometer Down dip Extension Potential Kobada Inferred Resources Indicated Resources Continue testing Pepe East down-dip Measured Resources potential. Potential multi million ounce ‘order of magnitude’ exploration target H1 2020 results | 20 August 2020 8
Damang complex W-E Section (25896mN) Assay (g/t) 0.3 0.6 1.0 2.0 Aug FC 771 RL As-mined (17 th Aug) Huni Sandstone 25896m Tarkwa Phyllite N Intrusive/Dolerite DRP LoM Banket Hangingwall Banket K1 Banket K2 Banket Footwall H1 2020 results | 20 August 2020 9
Greater Agnew Project Gold Fields has made 2 strategic investments for the long term at Agnew ● A$112m sustainable power solution – hybrid Gas, Solar, Wind Power solution ● A$38m for new accommodation camp – investment for our people Next Investment Phase (2021-2023): Reserves, Process plant upgrade, Increased gold production Underpinned by continued exploration success H1 2020 results | 20 August 2020 10
Resource Potential – Greater Waroonga 2013 2019 North South Order of magnitude Resource Potential of Priority 1 500koz to 1.0Moz (over 3-year window) Order of magnitude Resource Potential of Priority 2 500koz to 1.0Moz (Over 5-year plus window) Saint Main/FBH Stated boreholes South are selected to indicate the potential grade Waroonga range and North Lower Kath Lower mineralisation width Kim/South/FBH Link FBHOD486017 11.25m at 20.61g/t H1 2020 results | 20 August 2020 11
Resource Potential – New Holland Greater New Holland Complex 2013 2017 EMSD1873W1 2019 3m @ 32.64g/t North South Himitsu 200 Series Hidden Secret EMSD1867 4.07m @ 7.45g/t Genesis Lower Sheba South & Spitfire Sheba North Sheba Lower EMSD1632 – 5.3m 300m @ 26.85g/t EMSD1632 – 3.56m @ 3.52g/t Priority 1 Order of magnitude Resource Potential of 600koz to 1.2Moz (over 3-year window) Stated boreholes are Order of magnitude Resource Potential of 600koz to 1.0Moz (over 5-year plus window) Priority 2 selected to indicate the potential grade range and mineralisation width H1 2020 results | 20 August 2020 12
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