GOLD FIELDS (GFI) Company Report

Gold Fields Limited is hosting its inaugural Capital Markets Day on November 12, 2025, to provide a five-year outlook on production, costs, and capital expenditure, and an update on the Windfall Project.
The company's Board of Directors has approved a revised dividend policy, targeting a base dividend of 35% of free cash flow before discretionary growth investments, with a minimum dividend of US$0.50 per share annually.
Gold Fields expects to provide additional shareholder returns of up to US$500 million over the next two years, which will be delivered through share buybacks and/or special dividends.

Nov 12, 2025, 6:02 PM

Gold Fields Outlines Five-Year Growth Plan and Updated Capital Allocation Strategy

GFI

Guidance Update

New Projects/Investments

Dividends

Gold Fields presented a five-year outlook, projecting a production growth profile to reach the 2.5-3 million ounce range by the end of the decade, with a clear pathway to the upper part of 3 million ounces.
The company plans significant capital allocation, including $2 billion in discretionary investments over the next five years for future growth and life extension, and $1.7 billion - $1.9 billion for the Windfall project.
An updated base dividend policy targets a payout ratio of 35% of free cash flow before growth investments, with a minimum of $0.50 per share per annum. Gold Fields also proposes up to $500 million in additional shareholder returns over two years, through buybacks or special dividends, to be declared in February 2026.
The company forecasts generating approximately $20 billion of cash flow from operations over the next five years at consensus gold prices and expects to achieve a net cash position by the end of 2026.

Nov 12, 2025, 1:00 PM

Gold Fields Limited Reports Strong Q3 2025 Operational Performance and Reaffirms Full-Year Guidance

GFI

Earnings

Guidance Update

M&A

Gold Fields Limited reported a 6% increase in attributable production to 621koz for the quarter ended September 30, 2025, with All-in sustaining costs (AISC) 10% lower at US$1,557/oz and All-in costs (AIC) 11% lower at US$1,835/oz quarter-on-quarter.
The company's net debt significantly decreased by US$696 million during the quarter to US$791 million at the end of September 2025, resulting in a net debt to EBITDA ratio of 0.17x.
Gold Fields completed the acquisition of Gold Road Resources post quarter-end for US$1.45 billion (net of cash received and disposals), consolidating full ownership of the Gruyere mine.
Full-year 2025 guidance remains unchanged, with attributable gold-equivalent production expected at the upper end of 2.250Moz - 2.450Moz, and AISC between US$1,500/oz - US$1,650/oz.
The company revised its Mineral Resources and Mineral Reserves gold prices upwards and reported an approximate 70% increase in attributable Reserves for Tarkwa to 6.6 million ounces.

Nov 7, 2025, 5:25 PM

Gold Fields Completes Gold Road Acquisition Conditions and Northern Star Share Sale

GFI

M&A

New Projects/Investments

Takeover Bid

Gold Fields Limited announced the completion of all conditions precedent for its acquisition of 100% of Gold Road Resources Limited, with the scheme becoming effective on September 26, 2025.
The acquisition values Gold Road's equity at approximately A$3.3 billion (excluding the special dividend) and will see Gold Road shareholders receive a total Scheme Consideration of A$3.06423 per Gold Road share.
Gold Fields successfully monetized the Northern Star shares acquired through the transaction, generating A$1.1 billion in proceeds from a block trade at A$22.05 per share to repay acquisition financing.
The scheme is anticipated to be implemented, and payments made to eligible Gold Road shareholders, on October 14, 2025.