Gold Fields : Six months ended 30 June 2021

Media Release

UNAUDITED RESULTS

SIX MONTHS ENDED 30 JUNE 2021

SALIENT FEATURES

US$180 million

free cash flow*

US$399 million

free cash flow from operations

1.104 million

ounces of attributable gold production

US$1,274

per ounce of all-in cost

US$1,093

per ounce of all-in sustaining costs

• Cash flow from operating activities less net capital expenditure, environmental payments, lease payments and redemption of Asanko preference shares.

STATEMENT BY NEWLY APPOINTED CEO OF GOLD FIELDS, CHRIS GRIFFITH

H1 2021

The past four and a half months as the new CEO has been an interesting one. Living in the current COVID-19 world means the majority of my interactions with my team and the operations has been virtual. But, we have achieved a lot in these past months. Firstly, the operations have had a good six months, despite the ongoing challenges presented by the pandemic. We continue to deliver the higher gold price to the bottom line, with a further increase in normalised earnings. Despite the ramp up in project capex at Salares Norte, the business has generated strong free cash flow in H1 2021. We maintain both our production and cost guidance for the full year and expect to have a strong H2 2021.

We also want to pay tribute to Vumile Mgcine, our colleague at South Deep, who we lost in a mining incident in April of this year. There is no more tragic reminder of the overriding importance of safety at our mines than the death of a colleague. This year we also lost 15 colleagues (as at 6 August 2021) to COVID-19 in South Africa and Peru. Our heartfelt condolences go out to the families, friends and colleagues of all the colleagues we have lost.

A large part of my time in recent months has been focused on interrogating the strategy of the Company. I'm pleased to say, that, as I anticipated, the business is in a strong position. We have a solid production profile above 2Moz a year for the next decade. However, during that time we anticipate that our annual production will grow to 2.7Moz by 2024 before declining as some of our mines come to the end of their lives. We believe that we must now start looking at ways of preserving the value we have created beyond 2024.

We will maintain our current strategic focus on a portfolio of quality assets in good geographical and political jurisdictions, growing our Mineral Reserve and Resource base, as well as focusing on value creation and capital discipline. This strategy has worked well for us over the past number of years.

In addition we will increase our efforts to maximise the value potential from our existing assets and organic growth options, work to increase the value and quality of our portfolio of assets and build on our leading commitment to Environmental, Social, Governance (ESG). This may entail value-accretive acquisition opportunities to enhance our pipeline of projects as well as in-production assets to expand our current production base beyond 2030.

Our work on these strategic focus areas will continue in the coming months and we will provide a more holistic strategic view at the appropriate time.

JOHANNESBURG, 19 August 2021: Gold Fields Limited (NYSE & JSE: GFI) today announced profit attributable to owners of the parent for the six months to 30 June 2021 of US$387m (US$0.44 per share). This compared with profit of US$156m (US$0.18 per share) for the six months to 30 June 2020. Normalised profit of US$431m for the six months to 30 June 2021 compared with profit of US$323m for the six months to 30 June 2020.

An interim dividend of 210 SA cents per share (gross) is payable on 13 September 2021.

Gold Fields H1
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Results

COVID-19 update

While the impact of the COVID-19 pandemic on our operational performance has been relatively limited, the impact on our workforce has been devastating, particularly amid the so-called third wave of the pandemic and the spread of new variants of the virus in Q2 2021. So far this year (as at 6 August 2021), we have recorded 13 deaths among our workforce at South Deep in South Africa and two in Peru. This brings the total number of COVID-19 related deaths in the Company to 18 since the beginning of the pandemic in early 2020.

Critically, we are seeking to accelerate COVID-19 vaccination among our workforce and are collaborating closely with our host governments in doing so. South Deep and Salares Norte have been the most successful to date. As at 10 August, almost 74% of employees and 80% of contractors, over 3,200 people, received their first dose of the Pfizer vaccine at South Deep, while at Salares Norte 98% of employees and contractors have been vaccinated as part of government's vaccination campaign. At our other operations, the roll-out of vaccines has been slower in line with host government programmes.

Apart from the vaccination campaigns, we continue to support our workforce through, amongst others, educational awareness programmes, implementing stringent safety protocols, rapid testing and offering medical assistance if employees contract the virus. Since the beginning of the pandemic, Gold Fields has undertaken almost 127,000 tests among its 20,000 strong workforce. To date we have had 4,500 COVID-19 positive cases among employees and contractors. Currently active cases are 92, of which five are receiving care in hospitals.

The table below provides an overview of the number of COVID-19 infections at our mines to date, as well as recovery rates, vaccinations and other data.

COVID-19 report (as at 6 August 2021)	Total
Tested	126,390
Positive	4,500
Negative	121,834
Awaiting results1	56
Active cases1	92
Hospitalised1	5
Recovered	4,390
Vaccinated2	6,721
Died	18

1. "Awaiting results" , "Active cases" and "Hospitalised" refers to the current figures.
2. Has received at least one vaccination. Private vaccinations by employees are not always declared.

Numbers exclude Asanko/Galiano.

During 2020 our operations spent approximately US$30m on COVID-19 related initiatives and interventions such as specialised camp accommodation, testing equipment and facilities, additional labour costs and transport facilities. A further US$3m was spent on donations to assist governments and communities in their fight against the pandemic. In H1 this year the respective figures were US$12.1m and US$1.7m, as we continued investing in employee and community focused support programmes and projects.

H1 2021 in review

Attributable gold equivalent production for the six months ended 30 June 2021 increased by 2% YoY to 1,104koz (H1 2020: 1,087koz). This was a strong performance from the operations given that H1 2020 had an extra 10 production days (5% more) following the decision in Q2 2020 to align the production month-end with the calendar month-end.

All-in sustaining costs (AISC) for the Group for H1 2021 of US$1,093/oz compared to US$987/oz in H1 2020, an increase of 11% YoY, driven primarily by the strengthening of both the South African Rand and the Australian Dollar. The average US Dollar/Rand exchange rate strengthened by 12% from R16.50 for the six months ended 30 June 2020 to R14.54 for the six months ended 30 June 2021. The average Australian/US Dollar exchange rate strengthened by 17% from A$1.00

• US$0.66 to A$1.00 = US$0.77. If the all-in sustaining costs are normalised for the strengthening of the currencies by using the same exchange rates as in the first six months of 2020, the all-in sustaining

costs would be US$1,002/oz for the six months ended 30 June 2021, representing a 2% increase. All-in cost (AIC) for H1 2021 were 20% higher YoY at US$1,274/oz (H1 2020: US$1,065/oz) primarily due to the strengthening of both the South African Rand and the Australian Dollar as well as the ramp up of project capital at Salares Norte during H1 2021. Normalising for the exchange rate differences by using the same exchange rates as in the first six months of 2020, the total all-in cost would be US$1,164/oz for the six months ended 30 June 2021, a 9% increase when compared with the six months ended 30 June 2020.

Gold Fields continued to deliver the average 10% higher gold price over the period to the bottom line, despite the increase in net operating costs. Normalised earnings for the six months ended June 2021 increased by 33% YoY to US$431m, or US$0.49 per share, compared to US$323m, or US$0.37 per share, for H1 2020.

Consequently, we have further increased our interim dividend. In line with our dividend policy of paying out between 25% and 35% of normalised profit as dividends, we have declared an interim dividend of 210 SA cents per share which compared with the 2020 interim dividend of 160 SA cents per share.

Strong cash generation and further improved balance sheet

During H1 2021, Gold Fields, generated free cash flow of US$180m for the six month period (after taking into account all costs in the business and all project capex), which compares to the free cash flow of US$320m in H1 2020. This is a notable achievement, given the increase in project capex at Salares Norte and higher tax payments in the six months ended 30 June 2021. Looking at the core operations, the Group generated free cash flow from operations of US$399m in H1 2021, which compares to US$405m in H1 2020, mainly due to the higher tax payments, partially offset by the higher earnings.

The net debt balance at the end of June 2021 was US$1.097bn and our net debt to EBITDA ratio was 0.49x. This compares with a net debt balance of US$1.069bn and a net debt to EBITDA ratio of 0.56x at the end of December 2020. Excluding lease liabilities, the core net debt was US$663m at the end of H1 2021.

Regional overview

The Australian region produced 246koz at AIC of A$1,554/oz (US$1,197/oz) and AISC of A$1,452/oz (US$1,118/oz) during Q2 2021, bringing production for H1 2021 to 481koz at AIC of A$1,542/oz (US$1,189/oz).

Our mines in Ghana produced 219koz (including 45% of Asanko) at AIC of US$1,150/oz and AISC of US$1,123/oz during Q2 2021. For the six months ended 30 June 2021, Ghana produced 440koz at AIC of US$1,114/oz.

Cerro Corona produced 53koz (gold equivalent) at AIC of US$1,165 per gold equivalent ounce and AISC of US$1,014 per gold equivalent ounce during the June quarter, resulting in 99koz (gold equivalent) being produced in H1 2021 at AIC of US$1,162 per gold equivalent ounce.

South Deep had an improved second quarter after the impacts of the second wave of COVID-19 were felt during Q1 2021. The mine produced 68koz during the second quarter at AIC of R658,180/kg (US$1,443/oz) and AISC of R615,178/kg (US$1,350/oz), bringing H1 2021 production to 128koz at AIC of R674,965/kg (US$1,444/oz). Encouragingly, trends continued to improve across key leading indicators during the quarter.

Update on Salares Norte

Salares Norte continues to track well against the project schedule. During Q2 2021, US$75m in capex was spent on the project, bringing total capex incurred on the project to date to US$230m. Total project progress stood at 41.9% at the end of June, ahead of the project plan of 41.4%. The ongoing impact of COVID-19 and severe weather has started to use up the time contingency that was built into the initial plan. The percentage completion is expected to be at c65% 'Total Project' completion at Dec 2021 compared to 70% previously guided. c4% of the non-critical project completion will be deferred to 2022 to preserve camp capacity for contractors employed on critical path activities given the COVID-19 restrictions in place. Project completion remains on track for Q1 2023. Relocation of the remaining Chinchilla on our property remains on hold until further notice from the authorities.

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Gold Fields H1
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Results

Construction progressed by 7.5% during Q2 2021, bringing the overall construction progress at the end of June to 30.8%, compared to the planned 31.1%. Severe weather conditions (snow and high winds) impacted construction activities during the month of June, while a pick-up in COVID-19 cases in the country impacted the availability of the workforce.

The remaining mass earthworks were completed during the June quarter. Good progress was made on construction of the process plant during Q2 2021, with installation of the leach and CIP tanks continuing. Foundational works for the Sag Mill, Ball Mill and thickeners continued to plan, while structural steel installation and construction of the reclaim tunnel progressed.

Approximately 4.9Mt of pre-strip was moved during Q2 2021 bringing the total volumes moved for the six months ended June 2021 to 6.1Mt.

The team remains focused on exploring the greater district, with US$5.0m spent on district exploration during the June 2021 quarter. 3,890 metres were drilled during Q2 2021 (plan: 2,700 metres), bringing total metres drilled during the first half of the year to 12,470 metres, comfortably ahead of the planned 10,800 metres.

Environment, Social, Governance (ESG)

In February this year, Gold Fields released its high-level environmental, social and governance (ESG) priorities accompanied by wide-ranging objectives and strategic intents. These high-level priorities and goals will be incorporated in an ESG Charter with detailed 2030 targets to be released later this year. This remains a key priority for Gold Fields as our critical stakeholders, including investors, are demanding that the impact of ESG issues is disclosed transparently, that mitigation measures are in place and that management of these issues is fully aligned with the strategy of the business.

During Q2 2021, Standard & Poor's (S&P), which manages the sustainability assessment of companies for the annual Dow Jones Sustainability Index (DJSI), undertook a rerating of Gold Fields' sustainability performance. As a result, Gold Fields is now ranked the third best mining company, among 75 surveyed. Previously we were fourth behind Teck, Newmont and Anglo American.

Outlook for 2021

FY 2021 production and cost guidance, as provided in February 2021, remains intact.

Attributable gold equivalent production is expected to be between 2.30Moz and 2.35Moz. AISC is expected to be between US$1,020/oz and US$1,060/oz, withAIC expected to be US$1,310/oz to US$1,350/ oz. If we exclude the very significant project capex at Salares Norte, AIC is expected to be US$1,090/oz to US$1,130/oz. The exchange rates used for our 2021 guidance are: US$/R15.50 and US$/A$0.75.

As reported in the Q1 update, two mines within the Group have been impacted by COVID-19 during H1 2021. As a result, production at South Deep is expected to be 300kg (9.3koz) lower at 8,700kg (280.0koz). Gold production at Cerro Corona is expected to be 20koz lower at 110koz, with copper production remaining at similar levels. However, the higher copper price has more than offset this impact on a gold- equivalent ounce basis. Consequently, Group guidance remains intact.

Potential further COVID-19-related disruptions increase the risk to Group production and cost guidance.

Chris Griffith

Chief Executive Officer

19 August 2021

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Gold Fields H1
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Key statistics

			United States Dollars
			Quarter		Six months ended
Figures in millions unless otherwise stated		June 2021	March 2021	June 2020	June 2021	June 2020
Gold produced*	oz (000)	563	541	550	1,104	1,087
Tonnes milled/treated	000	10,627	10,378	11,227	21,005	21,573
Revenue (excluding Asanko)	US$/oz	1,820	1,778	1,709	1,799	1,637
Cost of sales before gold inventory
change and amortisation and depreciation		44			44
(excluding Asanko)	US$/tonne	43	35	37
All-in sustaining costs#	US$/oz	1,107	1,078	998	1,093	987
Total all-in cost#	US$/oz	1,297	1,249	1,070	1,274	1,065
Net debt	US$m	1,097	1,224	1,239	1,097	1,239
Net debt (excluding lease liabilities)	US$m	663	788	876	663	876
Net debt to EBITDA ratio		0.49	0.59	0.84	0.49	0.84
Cash flow from operating activities less
net capital expenditure, environmental
payments, lease payments and redemption	US$m				180.4	320.3
of Asanko preference shares
Profit attributable to owners of the parent	US$m				387.4	155.5
Profit per share attributable to owners	US c.p.s.					18
of the parent				44
Headline earnings attributable to owners
of the parent	US$m				395.5	173.4
Headline earnings per share attributable	US c.p.s.					20
to owners of the parent				45
Normalised profit attributable to owners
of the parent	US$m				430.5	323.4
Normalised profit per share attributable	US c.p.s.					37
to owners of the parent				49

• Gold produced in this table is attributable and includes Gold Fields share of 45% in Asanko.
  # Refer to pages 36 - 39.
  At 30 June 2021, all operations are wholly owned except for Tarkwa and Damang in Ghana (90.0%), South Deep in South Africa (96.43%), Cerro Corona in Peru (99.5%), Gruyere JV (50%) and Asanko JV (45% equity share).
  Gold produced and sold throughout this report includes copper gold equivalents of approximately 5% of Group production. Figures may not add as they are rounded independently.

STOCK DATA FOR THE SIX MONTHS ENDED 30 June 2021

Number of shares in issue			NYSE - (GFI)
- at 30 June 2021	887,717,348		Range - Quarter	US$8.86 - US$12.21
- average for the six months	886,888,524		Average volume - Six months	7,111,646 shares/day
Free float	100 per cent	JSE LIMITED - (GFI)
ADR ratio	1:1		Range - Quarter	ZAR127.09 - ZAR173.58
Bloomberg/Reuters	GFISJ/GFLJ.J		Average volume - Six months	3,451,182 shares/day

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Gold Fields H1
2021
Results

Certain forward-looking statements

This report contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 (the Securities Act) and Section 21E of the U.S. Securities Exchange Act of 1934 (the Exchange Act) with respect to Gold Fields' financial condition, results of operations, business strategies, operating efficiencies, competitive position, growth opportunities for existing services, plans and objectives of management, markets for stock and other matters.

These forward-looking statements, including, among others, those relating to the future business prospects, revenues, income and production and operational guidance of Gold Fields, wherever they may occur in this report, are necessarily estimates reflecting the best judgement of the senior management of Gold Fields and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. As a consequence, these forward-looking statements should be considered in light of various important factors, including those set forth in this report. Important factors that could cause actual results to differ materially from estimates or projections contained in the forward-looking statements include, without limitation:

• changes in the market price of gold, and to a lesser extent copper and silver;
• material changes in the value of Rand and non-U.S. Dollar currencies;
• difficulties, operational delays, cost pressures and impact from labour relations following its restructuring at the South Deep operation in South Africa;
• the ability of the Group to comply with requirements that it provide benefits to affected communities;
• the effect of relevant government regulations, particularly labour, environmental, tax, royalty, health and safety, water, regulations and potential new legislation affecting mining and mineral rights;
• court decisions affecting the South African mining industry, including, without limitation, regarding the interpretation of mineral rights legislation and the treatment of health and safety claims;
• the challenges associated with replacing annual mineral reserve and resource depletion as well as growing its reserve and resource base to extend the life of operations;
• the ability to achieve anticipated efficiencies and other cost savings in connection with past and future acquisitions or joint ventures;
• the success of the Group's business strategy, development activities and other initiatives, particularly at the Salares Norte project;
• changes in technical and economic assumptions underlying Gold Fields' mineral reserve estimates;
• supply chain shortages and increases in the prices of production imports;
• changes in health and safety regulations that could lead to claims or liability for regulatory breaches;
• the occurrence of operational disruptions such as stoppages related to environmental and industrial accidents and pollution incidents;
• loss of senior management or inability to hire or retain sufficiently skilled employees or sufficient representation among Historically Disadvantaged Persons in management positions;
• power cost increases as well as power stoppages, fluctuations and usage constraints;
• regulation of greenhouse gas emissions and climate change;
• high debt levels posing a risk to viability and making the Group more vulnerable to adverse economic and competitive conditions;
• the ability of the Group to protect its information technology and communication systems and the personal data it retains as well as the failure of such systems;
• the ability to obtain, renew and comply with, water use licences and water quality discharge standards;
• the occurrence of future acid mine drainage related pollution;
• geotechnical challenges due to the ageing of certain mines and a trend toward mining deeper pits and more complex, often deeper underground, deposits;
• economic, political or social instability in the countries where Gold Fields operates;
• downgrades in the credit rating of South Africa and its impact on Gold Fields' ability to secure financing;
• reliance on outside contractors to conduct some of its operations;
• ageing infrastructure, unplanned breakdowns and stoppages that may delay production, increase costs and industrial accidents;
• the inability to modernise operations and remain competitive within the mining industry;
• the effects of regional re-watering at South Deep;
• the effects of a failure of a dam at a tailings facility and the closure of adjacent mines;
• actual or alleged breach or breaches in governance processes, fraud, bribery or corruption at Gold Fields' operations that leads to censure, penalties or negative reputational impacts;
• the occurrence of labour disruptions and industrial actions;
• the adequacy of the Group's insurance coverage;
• financial flexibility could be limited by South African exchange control regulations;
• difficulty controlling theft of gold and copper bearing materials and illegal mining on some Gold Fields properties;
• the costs and burdens associated with tenements in Australia which are subject to native title claims, including any compensation payable to native title holders;
• the impact of HIV/AIDS, tuberculosis and the spread of other contagious diseases, such as coronavirus (COVID-19);
• the identification of a material weakness in disclosure and internal controls over financial reporting;
• difficulty with participating in future issues of securities, or in bringing an action against Gold Fields, for shareholders outside South Africa;
• liquidity risks in trading ordinary shares on JSE Limited;
• Gold Fields' ability to pay dividends or make similar payments to its shareholders; and
• shareholders' equity interests in Gold Fields becoming diluted upon the exercise of outstanding share options.

Further details of potential risks and uncertainties affecting Gold Fields are described in Gold Fields' filings with the Johannesburg Stock Exchange and the United States Securities and Exchange Commission, including the Integrated Annual Report 2020 and the annual report on Form 20-F for the fiscal year ended 31 December 2020. Gold Fields undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this report or to reflect the occurrence of unanticipated events. These forward-looking statements have not been reviewed or reported on by the Company's external auditors.

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