Deleke Edeleke

Deleke Edeleke from Marotodi Capital Markets inquired about Gold Fields' most challenging Key Performance Indicators (KPIs) and the strategies to improve them, alongside the current exploration roadmap and how excess liquidity is prioritized for these operations.

Answer

CEO Mike Fraser identified cost inflation (due to producer currencies, royalties, and general pressures) and the situation in Ghana (Tarkwa lease renewal, Damang transition) as key challenges. Regarding exploration, he noted M&A is expensive but opportunistic, brownfield exploration offers the lowest cost per ounce (prioritized at Windfall), and greenfield exploration is being ramped up, citing Salares Norte's success and the Antino project investment as examples of creating value through the drill bit.

Deleke Edeleke asked about the most troublesome Key Performance Indicator (KPI) on Gold Fields' radar and the company's strategy to address it, as well as the current exploration roadmap and whether excess liquidity is being prioritized for these operations.

Answer

CEO Mike Fraser identified cost inflation, strengthening producer currencies, and increasing royalty rates as key challenges, along with progressing the Tarkwa lease renewal and Damang mine transition in Ghana. He emphasized prioritizing brownfield exploration for low-cost reserve replacement, particularly at Windfall, and ramping up greenfield exploration, citing Salares Norte as a successful example and the investment in the Antino project.