Gold Fields Limited

Good afternoon ladies and gentlemen and welcome to the Goldfields Q4 results presentation. All participants will be in listen only mode. There will be an opportunity to ask questions later during the conference call. If you should need assistance during the call, please signal an operator by pressing star then zero. Please note that this event is being recorded. I will now hand the conference over to Chief Executive Officer Mike Fraser. Please go ahead, sir.

Thank you very much. Good afternoon, good morning, and good evening for those that have joined the presentation of our financial year 2025 results. And on behalf of the team at Goldfields, I'm really pleased to deliver a very strong set of results for the group. Going into the presentation, I have with me our Chief Financial Officer, Alex Doll. Also joining in the room is Jonggisa Magogula, Executive Vice President of Corporate Affairs, as well as Chris Gracious, our EVP of Strategy and Business Development. As going into the presentation, we will run through a short presentation that will be shared between myself and Alex, and then we will spend some time at the back end addressing questions. I would like to first draw your attention to the disclaimer on the forward-looking statements. Just going into some of the highlights, I think first and foremost, as I said, we are very proud to deliver a strong operating and financial performance for 2025. I think firstly and most pleasingly, we delivered a safe delivery during the year. And it's quite clear that our safety improvement plan is starting to deliver positive outcomes for the group. In terms of production, attributable production was up 18% year-on-year to 2.44 million ounces, and that was at the upper end of our guidance of 2.25 to 2.45 million ounces. That was assisted by strong performance across many of our assets, but most importantly through the strong contribution and ramp-up of our solaris norte mine in Chile. Our all-in costs and all-in sustaining costs were within guidance and were marginally higher than 2024. Most of the impact was due to higher sustaining capital, but also due to royalties and stronger producing currencies. If we look at the work that we've done on improving our portfolio, as I said, calling out Solartis, Norte achieved commercial production in quarter three 2025 and steady state production during quarter four. And certainly Solartis' ramp up has been a very pleasing part of the delivery during 2025. In addition, during the year, we completed the acquisition of Gold Road Resources that was completed in quarter three That allowed us to consolidate 100% of Gruyere and the surrounding tenements and I will touch on the outlook for Gruyere in a short while. We also continued the progressing of windfall towards FRD. We worked on updating the execution plan as well as advancing conversations with our host community on advancing the impact and benefit agreement as well as progressing the final environmental approvals. In addition, in terms of our portfolio and as communicated our Capital Markets Day in November, we've identified a number of asset optimization opportunities across our assets and we have started embedding those into our plans for 2026. Also, finally, to talk to the fact that we have significantly increased returns to shareholders and that has been communicated in our results today. This follows our decision to revamp our capital allocation policy in November, which we communicated as part of Capital Markets Day, where we now are delivering 35% of free cash flow before discretionary investments. In addition, we announced a special dividend of R4.50 per share, as well as a share buyback of $100 million to be delivered during the course of the next 12 months. That delivers a total shareholder return of R31.85 per share, which in our view delivers an upper quartile yield of over 6%. We also have decided to allocate an additional $250 million to our top-up program over the next two years, which increases that total program to around $750 million, of which $353 million is delivered now in this result. So overall, I think the key message is that we've had a safe, reliable operating delivery during 2025, and that has delivered strong cash flow generation, which has allowed us to continue to reinvest in our business and return additional cash to our shareholders. Just again to remind everyone of our portfolio, Goldfields today is a global gold miner with assets in high quality jurisdictions. We have nine mines and one project across six countries and these are all in attractive mining jurisdictions. We have delivered adjusted free cash flow of just under $3 billion during 2025 with around 44% of our production from Australia. and key growth in Chile and Canada through Solaris Norte and our windfall project. If we move on to operational performance for 2025, Again, just most importantly, we're proud of the fact that we've been able to get everyone home safe and well at the end of every day. We have had, however, seven serious injuries across the year, which again just galvanises us to focus even more on delivering safe outcomes across our business. Pleasingly, we have also completed all 23 of the Elizabeth Broderick and Company recommendations. These have now been implemented, and now we are working on continuous improvement of our culture. As I mentioned, attributable production at 2.44 million ounces above at 18% improvement year-on-year, and that meant that we were able to deliver within our original production and cost guidance that we set at the beginning of 2025. Our costs, all-in costs were up 3% and all-in sustaining costs up 1%, largely due to increases in royalty paid as well as strengthening producer currencies offset by dilution of higher ounces produced as well as higher quality ounces coming out of Solaris Norte. I think the highlight, as again we call out, is despite the challenges we had in 2024, the safe ramp-up at Saladas Norte meant that we were able to deliver well above the market guidance during 2025. That enabled us to deliver a 175% increase in cash flow from operations. As Alex will show a little later, some of that is just allocation differences from the from Solaris Norte between operational cash flow and group cash flow. So when you look at our net group cash flow, that is up nearly four times from 2024. Just going on to our ESG performance briefly, we've spoken about the positive impact of our safety improvement plan that we're implementing. We also had zero serious environmental incidents and that's been consistent for the last seven years. We have also made good progress on our gender diversity with now 27% of our employees being women with 28% in leadership and of that 20% of our women are in core operating roles. Due to the strong cash generation, we were able to share significantly to our stakeholders, and 1.4 billion of the total 5.7 billion that has been created was delivered to host communities. We have also delivered significant work in building out our group legacy programs in Peru, Ghana, Chile, and in South Africa, with the Australian legacy program currently being scoped. In terms of decarbonisation, we've delivered 15% absolute emission reduction against our 26 baseline and a 5% net increase against the 26 baseline. We've also been able to achieve full conformance against the global GISTM on tailings management. And under water stewardship, we've had 74% water recycling against our target of 73%. We've also completed our mid-term review of our 2030 targets. I think two key changes that we are considering is changing our decarbonisation target to an intensity reduction target, which will allow us to more actively move in line with the portfolio changes, and also setting context-based water targets, given that some of our water operating areas, we certainly have saline and hyposaline operating environments. Just calling out our production very briefly, we have a couple of things to call out. Gruyere, you see an increase of 42,000 ounces, mainly due to the inclusion of 100% in quarter four, as well as an increase in tons milled. Granny Smith was down in line with our business plan, but what we are seeing is increasing grades as we're mining deeper. St. Ives, we saw the benefit of higher production tons milled and an increase in the yield because of more fresh material going through the mill than stockpiles. South Deep, pleasingly, were up 16%, largely driven by improved mining grades as well as improved stope turnover, which allowed us to get greater consistency in feed through the system. Demand was down largely due to the fact we were processing stockpiles through the year, and that was due to lower yield. And talk were down largely due to the fact that we had prioritized stockpile feed through the mill rather than fresh material. And then the other big kicker for us is obviously Salatus Norte giving us a 16% increase. I'll now hand over to Alex to give us a rundown on the cost changes year on year.

Thanks, Mike. We've seen a 3% year-on-year increase in oil and costs. This is higher volumes offsetting inflation as well as investing in our future at windfall. The higher operating costs are driven by the inclusion of Solaris Norto as it reached commercial levels of production. They're accounting for Gruyere at 100% for the fourth quarter of the year, as well as higher mining costs, driven by both volumes and contractor rate increases. The higher sustaining capital is primarily due to the investment in the winterization projects at Solaris Norto to ensure that we got through the winter. And the higher growth expenditure at windfall is due to a full year of consolidated costs after the acquisition of a Cisco mining at Q4 2024. And then we see the significant impact of the higher gold volumes on decreasing our cost base. Thank you Mike.