GFI · Gold Fields Limited

Gold Fields delivered a solid Q1 2026 operational performance with group attributable gold-equivalent production rising 15% year-on-year to 633koz, driven primarily by Salares Norte's strong ramp-up to 173koz (+245% YoY) following steady-state achievement in Q4 2025. This offset softer quarters at Gruyere (-25% YoY due to rainfall), Agnew (-31% YoY from seismic events and paste issues), and Tarkwa (-25% YoY from lower grades and downtime). CEO Mike Fraser emphasized no fatalities or serious injuries, advancing the Safety Improvement Plan, while costs rose with AISC at US$1,829/oz (+13% YoY) and AIC at US$2,046/oz (+10% YoY) due to higher royalties from elevated gold prices, stronger currencies, inflation, and discretionary spend. Despite cost pressures, strong sales volumes and gold prices generated robust cash flow, slashing net debt 34% YoY to US$1,304m post a US$1,234m final dividend, improving the net debt/EBITDA ratio to 0.19x from 0.26x at year-end. The company affirmed full-year production and cost guidance, with recovery plans at challenged sites positioning for H2 strength as capex normalizes. Strategically, progress includes Windfall IBA agreement in principle, Tarkwa lease renewal talks amid Ghana policy changes, Damang transition completed April 18, and a US$100m buyback limited by US-Iran war-induced volatility. Sustainability advances feature St Ives renewables at 94% complete and tailings enhancements, underscoring portfolio quality focus.