Gold Fields Limited (GFI): Business Model Canvas [Dec-2025 Updated]

You're looking to dissect the engine room of Gold Fields Limited (GFI) as of late 2025, and honestly, the story is all about execution finally paying off. After a long ramp, the Salares Norte mine is delivering, which directly fueled that impressive 63% rise in H1 2025 GAAP EPS to $1.15. As your former BlackRock analyst, I can tell you this canvas shows a company laser-focused on balancing that growth-think the Windfall project progressing toward FID-with tight cost discipline, aiming for an All-in Sustaining Cost (AISC) between US$1,500/oz and US$1,650/oz for the year. Dive below to see exactly how their key partnerships, resources, and revenue streams line up to support this strategy.

Gold Fields Limited (GFI) - Canvas Business Model: Key Partnerships

The Key Partnerships for Gold Fields Limited are critical for maintaining operational continuity, securing future growth, and upholding the social license to operate across its global portfolio.

Government Relations and Sovereign Interests

Partnerships with host governments are formalized through mining agreements and ownership structures. In Ghana, Gold Fields Limited operates the Tarkwa and Damang gold mines, holding a 90 percent stake in each, with the Government of Ghana retaining a 10 percent carried interest. The Damang mine agreement involves a new 12-month mining lease, set to expire in April 2026, facilitating a transition to Ghanaian ownership, while the Tarkwa mine's current leases are set to expire in 2027. Gold Fields Ghana contributed about GH₵4.4billion (US$295million) to the government in 2024. For the first-half 2025, the company paid more than GH₵3.2billion to the Ghana Revenue Authority, comprising corporate tax of GH₵1.6billion, royalties of GH₵587million, and dividends of GH₵506million, among other payments.

Acquisition and Former Joint Venture Partner

The relationship with Gold Road Resources transitioned from a joint venture to full ownership in late 2025. Gold Fields Limited completed the acquisition of 100 percent of Gold Road Resources in October 2025 via a scheme of arrangement valued at A$3.7 billion, with a final cash offer of A$3.52 per share. This move consolidated ownership of the Gruyere mine, which previously had a 50:50 joint venture structure. The Gruyere gold mine recorded a record production of 321,984 ounces in 2023. The consolidation is expected to add over 160,000+ ounces of annual gold production to Gold Fields' attributable output.

Strategic Exploration Partnerships

Gold Fields Limited engages in strategic partnerships to advance exploration in new jurisdictions. The agreement with Torq Resources for the Santa Cecilia Project in Chile is structured as a staged earn-in option. Gold Fields can earn up to a 75 percent indirect interest by funding up to US$48 million over six years. The initial stage requires funding US$18 million over the first 30 months to earn up to 51 percent, with a committed minimum spend of US$6 million earning an initial 10 percent interest. Gold Fields elected to proceed to Stage 2 of the option on October 20, 2025.

The nature of these exploration partnerships can be summarized:

Technical and Safety Consultants

External expertise is used to enhance operational standards, particularly in safety. A diagnostic review conducted by dss+ (formerly DuPont) on Gold Fields' safety systems identified areas for improvement, including the need for greater standardization across operations. In response, Gold Fields is expanding formal risk containment training, conducted by an independent expert, to all operations during 2025. The deployment of Level 9 Collision Avoidance Systems (CAS) underground at South Deep is scheduled for completion in 2025, while the Australian mines will pilot Level 8 CAS systems during 2025.

Local Community Groups and Social License

Securing the social license to operate involves deep engagement with host communities. Gold Fields identifies approximately 60 communities surrounding its nine mines, where an estimated 800,000 people reside. The company has a legacy of community investment, having created and distributed US$6.3 billion in meaningful contributions to host communities since 2018. In 2024, the investment in Socio-Economic Development (SED) projects totaled US$16.6 million. Furthermore, 52 percent of the total workforce of 22,890 people in 2024 was sourced from host communities, and 794 host community businesses were supported through training and procurement that year.

Key metrics related to community value creation include:

• Estimated people in host communities: 800,000
• Number of host communities identified: Approximately 60
• Total SED investment in 2024: US$16.6 million
• Total community contribution since 2018: US$6.3 billion
• Host community workforce percentage (2024): 52 percent
• Host community businesses supported (2024): 794

Gold Fields Limited (GFI) - Canvas Business Model: Key Activities

Gold Fields Limited (GFI) focuses its key activities on the full cycle of precious metal extraction, from the ground to the final refined product across its global portfolio.

Gold and copper extraction, processing, and smelting across nine global mines.

The core activity involves operating the existing asset base, which includes mines in Ghana, South Africa, Australia, and South America. Group-wide attributable gold-equivalent production for 2025 is guided to be in the upper end of the range of 2.250Moz - 2.450Moz.

The company is actively managing cost pressures across these operations. The All-in Sustaining Cost (AISC) guidance for the Group in 2025 is between US$1,500/oz - US$1,650/oz. For the third quarter of 2025, the reported AISC was US$1,557/oz.

The following table summarizes the 2025 production and cost guidance for the Group and key assets:

Salares Norte ramp-up to commercial production in Q3 2025.

The Salares Norte mine in Chile is a critical activity for near-term production growth. The mine achieved commercial levels of production during Q3 2025. Production in the third quarter was 112,000 ounces equivalent, marking a 53% increase quarter over quarter.

The 2025 production guidance for Salares Norte is set between 325,000 oz eq - 375,000 oz eq, with an expected AISC range of US$975/oz eq - US$1,125/oz eq. The company budgeted US$23 million on exploration drilling and Greenfields activities specifically at Salares Norte for 2025.

Aggressive exploration and reserve replacement, with an A$100 million budget in Australia.

Exploration is focused on near-mine conversion and greenfields opportunities to sustain the production profile. The total planned near-mine exploration budget for 2025 was US$104 million group-wide.

Key exploration spending allocations for 2025 include:

• Near-mine exploration in Australia: US$65 million.
• Exploration drilling and Greenfields at Salares Norte: US$23 million.
• Exploration at the Windfall project in Canada: US$19 million.

The company is also gaining full ownership of the Gruyere gold mine in Western Australia through the acquisition of Gold Road Resources, announced on May 5, 2025.

Windfall Project development in Canada, progressing toward a Final Investment Decision (FID).

Gold Fields Limited is advancing the 100%-owned Windfall Project in Québec, Canada, following the acquisition of Osisko Mining in October 2024 for C$2.02 billion. The revised capital expenditure estimate for the project is $1.7-$1.9 billion.

Key development milestones for 2025 and beyond include:

• Obtaining required environmental approvals: Expected in H2 2025.
• Advancing engineering work ahead of FID.
• Final Investment Decision (FID) expected: Q1 2026.
• Construction of the processing plant: Expected to take 18 to 24 months.
• First production expected: 2028.

Once in stable production, the Windfall Project is expected to add 300,000 ounces of gold per year.

Group-wide asset optimization to mitigate inflationary cost pressures.

Optimization efforts are evident in specific asset plans and overall cost management. The Cerro Corona mine in South America is set to end mining in 2025, transitioning to processing stockpiles from 2026 onwards while continuing to generate cash flow until 2031.

The company is also pursuing renewable energy projects, such as the St Ives renewable power project in Australia, with a non-sustaining capital expenditure of A$167 million (US$110 million) included in the 2025 guidance.

Gold Fields Limited (GFI) - Canvas Business Model: Key Resources

You're looking at the core assets Gold Fields Limited (GFI) is relying on to drive performance through late 2025. These aren't just line items; they are the physical and financial foundations supporting the strategy right now. Honestly, the quality of the reserve base and the cash generation are what really matter for near-term stability.

The operational footprint is geographically diverse, which helps manage regional risks. Gold Fields Limited (GFI) currently operates 9 mines across 5 core countries, with a key development project in a sixth jurisdiction.

Here is a breakdown of the physical and financial assets underpinning the business:

• The global portfolio includes 9 operating mines located in South Africa, Ghana, Australia, Peru, and Chile, alongside the Windfall project in Canada.
• As of 31 December 2024, the attributable Proved and Probable Mineral Reserves stood at 44.3 million ounces of gold.
• The company demonstrated strong financial footing with an adjusted free cash inflow of US$952 million for the first half of 2025 (H1 2025).

The growth pipeline is centered on bringing high-quality ounces online. The near-term focus is definitely on ramping up the newest operations.

Also important is the investment in sustainable infrastructure, which is a key part of the long-term capital allocation. The St Ives microgrid project in Australia is a prime example of this commitment.

The St Ives Renewable Energy Project is a landmark AUS$296 million investment. This hybrid system is designed to significantly reduce operational emissions.

• The system integrates a 42MW wind farm (7 turbines) and a 35MW solar installation spanning 2.5km².
• The infrastructure is projected to supply over 70% of the St Ives mine's electricity needs.
• The goal is to reduce the mine's carbon emissions by approximately 50% by 2030.
• Turbine components were expected to arrive in Western Australia in August 2025, with construction and commissioning on track for completion in 2026.

Finance: review the Q3 2025 operational report against the 2025 guidance targets by next Tuesday.

Gold Fields Limited (GFI) - Canvas Business Model: Value Propositions

You're looking at what Gold Fields Limited (GFI) offers to its customers-the investors and the communities it operates within-as of late 2025. It's all about reliable output, cost control, asset quality, and returning cash.

Production Reliability and Cost Discipline

Gold Fields Limited is delivering on its promise of steady growth, which is a big deal when you consider the industry's general volatility. For the full fiscal year 2025, attributable gold-equivalent production is expected to land in the upper end of the guidance range, targeting between 2.250Moz - 2.450Moz. This isn't just a forecast; the momentum is real. For instance, the third quarter of 2025 saw attributable production hit 621,000 ounces, marking a 22% year-on-year increase from Q3 2024.

Keeping costs tight is the other side of that coin. The company is targeting FY2025 All-in Sustaining Costs (AISC) to be between US$1,500/oz - US$1,650/oz. To show you they are tracking well, the AISC for the third quarter of 2025 actually declined to US$1,557/oz. That disciplined execution helps secure margins, even with inflation running hot across the sector.

Here's a quick look at the key operational targets for 2025:

High-Quality, Long-Life Asset Portfolio

The quality of the ounces matters just as much as the quantity. Gold Fields Limited anchors its portfolio with assets known for high-grade material and long mine lives. You see this clearly at Salares Norte in Chile, which boasts high-sulphidation epithermal mineralization, with ore grades reported around 8.1 g/t. This asset is a key driver for margin resilience.

The value proposition from these specific assets is quantifiable:

• Salares Norte 2025 gold-equivalent production guidance is set between 325koz-eq - 375koz-eq.
• Salares Norte AISC guidance for 2025 is very competitive at US$975/oz-eq - US$1,125/oz-eq.
• At Tarkwa in Ghana, production increased by 11% quarter-on-quarter to 128,900 oz in the September 2024 quarter, with grades up 9% to 1.07 g/t.

The overall portfolio is structured to offer longevity; the Mineral Reserve base supports an aspirational production profile exceeding 2Moz annually, extending life beyond 14 years on a portfolio basis.

Commitment to ESG and Host Communities

For Gold Fields Limited, the social license to operate is a core value driver, backed by measurable commitments. The long-term ESG target is to distribute 30% of the value created to host communities by 2030. They are already ahead of their interim goals; in 2024, the company actually distributed 35% of the national value created to host communities, which amounted to US$1.27bn out of a total national value distribution of US$4.2bn.

This commitment is also tied to financial discipline, which underpins shareholder confidence. The revised dividend policy is subject to maintaining an adjusted net debt-to-adjusted EBITDA ratio below 1 times.

Superior Shareholder Returns

The operational improvements and asset quality translate directly into superior returns for you, the shareholder. The company's H1 2025 performance was strong, generating adjusted free cash flow of US$952m, a massive swing from the US$58m outflow seen in H1 2024. This cash generation supports a clear return framework.

The new dividend policy targets a base dividend of 35% of free cash flow before discretionary growth investments, with a floor set at a minimum return of 50 U.S. cents a share annually. You saw this in action with the interim dividend declared in August 2025, which was 700 SA cents per share. Plus, Gold Fields Limited plans to return an additional up to $500 million to shareholders through buybacks or special dividends over the next two years.

Finance: draft 13-week cash view by Friday.

Gold Fields Limited (GFI) - Canvas Business Model: Customer Relationships

Gold Fields Limited (GFI) manages distinct relationship types across its value chain, each requiring tailored engagement to ensure operational continuity and financial performance.

Direct, managed relationships with key financial institutions for large-scale bullion sales

The relationship with the market for large-scale bullion sales is transactional, underpinned by realized pricing and consistent delivery against production targets. Gold Fields Limited realized an average gold price of $3,281/oz in the first half of 2025 (H1 2025), which was up 40% year-on-year (Y/Y). This strong realized price, coupled with increased production, drove H1 2025 Sales to USD 3,477.5 million. To manage cash flow timing with financial partners, approximately 45koz of the gold produced during H1 2025 was only sold and shipped after the period end, with these sales expected to benefit All-in Costs (AIC) and All-in Sustaining Costs (AISC) during the second half of 2025 (H2 2025).

Transparent and consistent communication with equity investors on production and cost guidance

Investor engagement centers on providing clear, updated guidance and demonstrating execution against those targets. Gold Fields Limited remains on track to meet the original full-year 2025 attributable gold-equivalent production guidance of between 2.250Moz - 2.450Moz. The company reported 551koz in attributable gold-equivalent production for the first quarter of 2025 (Q1 2025). For the first half of 2025 (H1 2025), attributable production rose 24% year-on-year (Y/Y) to 1,136koz. The balance sheet strength is a key communication point; net debt decreased by US$696m during Q3 2025 to US$791m, resulting in a net debt to EBITDA ratio of 0.17x at the end of September 2025.

Here's the quick math on the guidance versus recent performance:

The company declared an interim dividend for H1 2025 of 700 SA cents per share, a 133% increase from the previous year.

Long-term engagement with host governments and communities to maintain social license

Maintaining the social license to operate is quantified through significant value distribution and local procurement. Gold Fields Limited created between US$677m and US$1.27bn in community value annually for the past seven years, totaling over US$6.3bn since 2018. In 2024, 35% (or US$1.27bn) of the US$4.2bn of national value distributed benefited host communities. The commitment is to share 30% of the value distributed with host communities by 2030.

Local economic integration is a focus, evidenced by procurement statistics:

• Total procurement spend in 2024 was US$2.8bn.
• Spend with host community suppliers and contractors in 2024 was US$1.12bn, representing 41% of the total spend, exceeding the annual target of 29%.
• In 2024, 52% of the total workforce, which equates to 9,697 people, was from host communities.
• Socio-economic development (SED) investment in host communities in 2024 amounted to US$16.6m.

The company is working to resolve the Tarkwa lease extension by 2026.

Strategic, transactional relationships with central banks for reserve accumulation

Specific details regarding strategic, transactional relationships with central banks for reserve accumulation are not explicitly detailed in the latest operational updates. The primary transactional focus detailed relates to the sale of produced gold into the commercial market, as evidenced by the realized average price of $3,281/oz in H1 2025. The Salares Norte mine is expected to achieve steady-state production in 2026, producing 550koz eq - 580koz eq.

Finance: draft 13-week cash view by Friday.

Gold Fields Limited (GFI) - Canvas Business Model: Channels

You're looking at how Gold Fields Limited moves its metal from the ground to the market, which is a critical part of their value capture. For a major producer like Gold Fields Limited, the channels are a mix of established commodity trading routes and direct institutional relationships.

Direct sales to global bullion banks and precious metals refiners

The bulk of Gold Fields Limited's physical gold moves through established channels involving global bullion banks and specialized precious metals refiners. These entities purchase the refined or unrefined product directly from the company's operations or through its marketing desks. For the first half of 2025, Gold Fields Limited reported total sales of USD 3,477.5 million. The company's attributable gold-equivalent production for that same period was 1,136 thousand ounces (koz). This volume represents the physical material being channeled through these primary buyers. The All-in Cost (AIC) for H1 2025 was reported at US$1,957/oz, while the All-in Sustaining Cost (AISC) was US$1,682/oz. These costs are directly tied to the realized price achieved through these sales channels.

Direct sales to central banks and sovereign wealth funds

While Gold Fields Limited does not typically report sales directly to central banks or sovereign wealth funds (SWFs), these entities are major consumers in the broader gold market, absorbing significant physical supply. Industry data suggests that central banks and SWFs absorb approximately 1,000 tons annually, which is at least a quarter of global mined production. Furthermore, a 2025 survey indicated that 95% of central banks plan to expand their gold reserves over the coming year. This sustained institutional demand provides a strong underlying floor for the gold price, which directly impacts the realized revenue Gold Fields Limited achieves through its primary sales channels. The gold price itself reached a historic peak of approximately $3,500 per ounce in April 2025, and briefly touched $4,381 per troy ounce in October 2025.

Commodity exchanges and markets for the sale of gold and copper concentrate

Gold Fields Limited sells its gold, and also its copper concentrate, into the broader commodity markets, often via the same banking partners mentioned above who then use the exchanges. The company's Q3 2025 attributable production reached 621 koz. The full-year 2025 production guidance remains on track to hit the upper end of the range between 2.250 Moz and 2.450 Moz. The company's assets in Chile and Peru, such as Cerro Corona, produce copper alongside gold, with copper sales flowing through concentrate off-take agreements into the relevant commodity markets. For instance, Cerro Corona's gold-equivalent production increased 9% in Q1 2025 due to higher gold and copper grades processed. The company is tracking to meet its 2025 AISC guidance of US$1,500/oz - US$1,650/oz.

Investor relations platforms (JSE, NYSE) for equity and debt capital

The Johannesburg Stock Exchange (JSE) and the New York Stock Exchange (NYSE) are the platforms Gold Fields Limited uses to access capital from investors, not for selling physical metal. The company's shares trade on both exchanges under the ticker GFI. A key event in 2025 was the successful conclusion of a debt capital raise on May 13, 2025, where Gold Fields Limited raised US$750 million in seven-year notes with a coupon rate of 5.854%. The net proceeds were used to repay outstanding bridge facilities related to the Osisko Mining Inc. acquisition. The company also declared a gross interim dividend of 700 SA cents per share for H1 2025. The target base dividend policy is 35% of free cash flow before discretionary growth investments, with a minimum annual return of $0.50/share.

Here's a quick look at some key operational and financial metrics relevant to the sales performance:

The flow of product is supported by operational consistency, as seen in the cost performance:

• All-in Sustaining Costs (AISC) for Q3 2025 decreased 11% Quarter-on-Quarter to US$1,835/oz.
• AISC for Q3 2025 was 8% lower Year-on-Year compared to Q3 2024's US$1,694/oz.
• AISC for Q3 2025 was US$1,557/oz, a 10% decrease Quarter-on-Quarter from Q2 2025's US$1,739/oz.
• Salares Norte AISC guidance is US$975/oz eq - US$1,125/oz eq for 2025.

The company's ability to sell its output is directly linked to its operational success, like the ramp-up at Salares Norte, which produced 112 koz eq in Q3 2025. This production is expected to increase further in Q4 2025.

Gold Fields Limited (GFI) - Canvas Business Model: Customer Segments

The customer segments for Gold Fields Limited are diverse, reflecting its position as a global producer of both gold and copper concentrate.

Global Bullion Banks and Financial Institutions.

This segment represents the primary off-takers for the majority of Gold Fields Limited's mined gold. The company's operational output directly feeds into the global commodity trading system.

• Attributable gold-equivalent production for the first half of 2025 (H1 2025) reached 1,136koz.
• Full-year 2025 attributable gold-equivalent production guidance is set between 2.250 million oz and 2.450 million oz.
• The company's H1 2025 sales revenue was USD 3,477.5 million.
• Gold Fields Limited was unhedged in 2025 regarding gold and copper price hedges.

Central Banks and Sovereign Wealth Funds.

While direct sales figures to this segment are not publicly itemized, the segment is a key destination for large volumes of physical gold, particularly during periods of high geopolitical tension or reserve diversification, as seen in late 2025 market conditions.

• The company generated an adjusted free cash flow from operations of US$952 million during H1 2025.
• Profit attributable to owners of the parent for H1 2025 was US$1,027m.

Precious Metals Refiners and Industrial Processors (for gold and copper concentrate).

This segment includes specialized entities that process the raw output, including the copper concentrate byproduct from certain operations. Gold Fields Limited's operations are geographically distributed, which informs the origin of the material sold to these processors.

The Cerro Corona mine in Peru and other assets contribute copper, which is sold to industrial processors. Gold Fields Limited reported that gold produced and sold includes copper gold equivalents of approximately 3% of Group production as of March 31, 2025.

Equity and Debt Investors seeking gold exposure and dividend yield.

This segment comprises institutional and retail shareholders holding Gold Fields Limited shares on the JSE and NYSE, seeking capital appreciation and income via dividends.

The company announced a $500m Shareholder Returns Programme for 2025. The interim dividend declared in August 2025 was 700 SA cents per share, a 133% increase from the previous year, representing 34% of normalised earnings. The total 2024 dividend was 1,000 SA cents per share, representing a dividend yield of 3.58%.

Gold Fields Limited (GFI) - Canvas Business Model: Cost Structure

You're looking at the cost side of the Gold Fields Limited (GFI) equation for late 2025. Honestly, managing costs in this environment-with persistent industry inflation-is a tightrope walk, but the numbers show where the pressure points and the cost advantages lie.

The overall target for the year is clear. Gold Fields Limited (GFI) is tracking well against its full-year guidance, which is the key metric for cost control right now. The expected All-in Sustaining Costs (AISC) for the full 2025 fiscal year is set in the range of US$1,500/oz - US$1,650/oz. To give you a real-time check, the AISC for the third quarter of 2025 actually came in a bit better at US$1,557/oz, which was 10% lower quarter-on-quarter.

Mining operating costs, covering things like labor and consumables, are definitely feeling the heat from inflation. This general industry inflation is cited as a reason unit costs remained elevated during the first half of 2025. Still, the company is actively working to mitigate these impacts through asset optimization programs.

Capital expenditure is a major component, split between keeping the lights on (sustaining) and growing the business (non-sustaining). Total capital expenditure for 2025 is budgeted to be elevated, expected between US$1,490m - US$1,550m. Sustaining capital, which is what you need just to maintain the current production base, is budgeted at US$940m - US$970m.

Growth projects are soaking up significant non-sustaining capital. The Salares Norte mine ramp-up is a big driver here. For 2025, GFI budgeted US$23m specifically for exploration drilling and Greenfields activities at Salares Norte. It's worth noting that Salares Norte has its own much lower cost guidance for the year, expected at an AISC of US$975/oz-eq - US$1,125/oz-eq. The Windfall project is also seeing pre-development capital spend in 2025, though it's no longer an equity-accounted investment following the full acquisition in 2024.

Royalties and taxes are a direct function of the realized gold price, which has been high. Unit costs in H1 2025 were pushed up by increased royalties linked to those higher prices. For context on the tax base, the profit attributable to owners of the parent for H1 2025 was US$1,027m.

Here's a quick look at the key 2025 cost and capital figures we have:

The exploration and reserve replacement expenditure is ongoing, which you see reflected in the specific drilling budget for Salares Norte. Also, remember that the H1 2025 AISC of US$1,682/oz was impacted by lower volumes and higher sustaining capital spend, but that figure is expected to improve in H2 2025 as ounces sold catch up.

You should definitely track the quarterly movements in sustaining capital, especially as Salares Norte moves toward steady-state production by year-end, which should normalize those project-related costs. Finance: draft the 13-week cash view incorporating the latest capex phasing by Friday.

Gold Fields Limited (GFI) - Canvas Business Model: Revenue Streams

Gold Fields Limited (GFI)'s revenue streams are fundamentally tied to the global commodity markets for its primary and co-products. The core of the revenue generation comes from the sale of its mined output.

Primary revenue is derived from the sale of gold bullion and dore. This stream is highly sensitive to both the volume of gold-equivalent ounces sold and the realized average price per ounce. For the first half of 2025 (H1 2025), Gold Fields Limited reported total sales (revenue) of US$3,477.5 million. This figure represents a substantial 64% increase year-on-year compared to H1 2024's revenue of US$2,123.9 million.

The significant revenue uplift in H1 2025 was driven by two main factors:

The company also generates revenue from the sale of copper concentrate, which is treated as a co-product from certain operations, such as the Cerro Corona mine. While the specific revenue amount from copper for H1 2025 is embedded within the total sales figure, the underlying metal price is a key driver. For context, the copper price in US$/tonne during Q1 2025 was reported at US$9,346.

The accounting treatment for this co-product is specific:

• Sales of copper concentrate are provisionally priced.
• The selling price is subject to final adjustment over a period typically ranging from 30 to 90 days after delivery.
• Revenue recognition occurs on the date of shipment.
• The initial revenue recorded uses the forward LME price to the estimated final pricing date, net of refining and treatment charges.
• Variations between the provisional price used for revenue recognition and the final realized price are classified as provisional price adjustments and included as a component of revenue.

Gold Fields Limited continues to project full-year attributable gold-equivalent production for 2025 to be between 2.250Moz - 2.450Moz.