Gold Fields Limited

Good day everybody and thank you for joining us for the presentation of Goldfield's results for the six months to 30th of June 2026. My name is Mike Fraser and joining today in our Johannesburg office is Alex Dahl, our Chief Financial Officer and John Gieser Magogula, EVP of External Affairs. So today our message is very simple. Our operations delivered a solid first half performance. We converted this in conjunction with a higher and supportive gold market into very strong cash flows, and that in turn allowed us to deliver higher returns to our shareholders. I wanted to just bring your attention to the forward-looking statements, which include some non-IFRS measures, and I'll ask you to take notes of the slide on page two. So in terms of the agenda for today, I will cover the highlights and the operational performance. Alex will cover the financials and capital allocation and also touch on some of the transformation initiatives underway to create a more reliable and agile organization. And finally, I'll close on growth strategy and the outlook before we open for questions. So turning to the highlights of the first half. So firstly, we had a strong path and most importantly, we had no fatalities and no serious injuries across the group. This is a real manifestation of the fact that our safety improvement program that we launched in 2024 is really gaining momentum and delivering encouraging results across our businesses. we were also able to deliver a 12% increase in attributable production to 1.267 million ounces. This was firstly led by Solaris Norte, which really delivered a 173% increase on the equivalent period, which was an extremely strong performance, as well as strong delivery from Granny Smith. Importantly, South Deep also continued to demonstrate productivity improvements in the underground and delivered 151,000 ounces in line with its plan. This was supported by improved de-stress mining, improved development, as well as improved slope turnover. Our sales volumes in the six months was 18% higher, and our average realized gold price was 51% higher at $4,678. This drove adjusted free cash flow of $2,225 billion more than double the prior period and this translates into a free cash flow yield of 11%. Our cash cost rose 10% and all in sustaining costs were up 13% to $18.93 an ounce. This was mainly driven by external factors including royalties, stronger producing currencies and inflation. This also, the cash costs reflected the high discretionary capital that we flagged at our Capital Markets Day in November. Alex will unpack the movement in costs a little bit further when he presents. Just moving to our transformation program, we acknowledge that we can't stand still. And so our transformation program is really driving a focus on productivity, improving efficiencies, cost competitiveness and organisational resilience and simplicity. We believe that this focus on the transformation will really ultimately transform into more sustainable and improved performance over time. When turning to cash generation, we wanted to make it very clear that we are translating the strongest cash generation into benefits to our shareholders. we have paid out 50% of our operating cash flow in the six months, with an interim base dividend of R16.25 per share, which is up 132% year-on-year. In addition, we have completed $300 million of buybacks that were completed between the period of March to July. In terms of our top-up shareholder return program, today we also announced an additional $500 million that was allocated to our top-up program, which takes the total program to $1.25 billion that have been allocated since we first announced this in November of 2025. As we said, the top-up program will be assessed every six months as cash is generated. Today we've delivered $553 million of the $1.25 billion. $253 million in a special dividend that was allocated in February, and $300 million in buybacks. Our net debt to EBITDA finished at 0.06 times at the end of June, down 0.37 times a year ago, and we continue to invest in the business. Windfall is one of the highest grade ore bodies in Canada and our next growth frontier, and I'll talk a little bit about that later. An important milestone was achieved with the signing of the IBA and we've also progressed detailed engineering and execution readiness to de-risk this project. Our portfolio optimisation also continues. We've completed the demand exit and have completed $182 million of non-core disposals in the half. In the first half, we strengthened our financial capacity. Our production is tracking towards the upper end of our gardens. Our all-in sustaining costs and all-in costs are expected towards the mid and lower end of their gardens ranges. Our operating delivery is translating into cash, balance sheet strength and capacity to fund growth as well as returning cash to shareholders. I now turn onto our operational performance starting with safety. Importantly, as I mentioned earlier, we had no fatalities or serious injuries in the first half. This is a real manifestation of the discipline of our teams in achieving these outcomes. This is a combination of visible felt leadership, critical risk identification and critical control verification. focusing on a disciplined planning of work and embedding the right behaviours in the execution of work. We continue to track hazard and near-miss reporting with enterprise-wide learning from our incidents. Our focus is now extending from the lagging indicators to the quality of critical control verification and focus on the lead indicators. We are also focusing on psychological safety. and creating a safe operating culture within our safety improvement program, ensuring that everyone goes home safe and well every day. Just moving on to our operating performance. So we, as I mentioned earlier, we delivered 1.25 million ounces of attributable production. and with total cash costs up around 10%, all in costs up 9% as we had slightly lower capital costs coming out of windfall and capital expenditure in total up 6% and our production and costs on track to meet annual guidance. Solaris Norte, as I mentioned, was at a standout performance, now at a steady state. Granny Smith produced 147,000 ounces, up 10%, with high bond grades and improved underground productivity, and South Deep delivered in line with plan due to improved de-stress rates and shortened stop turnaround times. Despite a slight reduction in grade, the mine produced more ounces on a managed basis in the period. Moving on to our production profile and this just shows the bridge of high output and improved quality mix, led by low cost ounces from Solaris. Cerro Corona was in line with the plan and lower year on year as we now transition to stockpile processing. As Solaris achieved steady state, they achieved 173% high production. with plant operating successfully throughout the winter conditions that we had similar to prior years. And this reinforces the capability of that operation and the team in delivering through some extreme conditions. TACO is slightly lower year on year as we realize lower more feed grades as we process more stockpile and move more waste material than all during the six months. We also had some adverse weather conditions affecting load haul and drilling in the period. We are seeing improved performance in the second quarter and expect to see a step change in the second half of the calendar year. South Deep is performing in line with plan and continue to see strong underground performance. Agnew was impacted by the seismic event that we experienced in the beginning of 2026 and we are seeing encouraging signs of the recovery which we expect to continue in H2.

Just moving on to all in sustaining costs.

As I mentioned, our all-interest planning cost was at $18.93 an ounce, impacted by slightly high strip ratios across some of our assets and structural cost impacts of mining at death. We did have some uncontrollable factors, which Alex will talk to, including higher royalties, some inflationary impacts, and offset by the impact of by-product credits, particularly at Celadus Norte. We have seen a change in the cost base with Solatus and Orta now moving to commercial level of production and Gruyere now consolidated at 100% rather than 50%. There were some impacts on mining cost inflation at Gruyere and Taupo in particular, and Alex again will cover that, but what we are seeing is higher volumes, better recoveries and focus on value-driven spend, again, which Alex will unpack as part of our transformation journey, on decarbonisation with the St Ives Renewable Energy Project due to come on stream at the second half of this year, and a very key focus on water and where we have achieved 93% recycling of water across our assets. I now hand over to Alex to talk through the financial outcomes.